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v3.20.2

Other borrowings (Tables) | 6 Months Ended
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Jun. 30, 2020
Subordinated Debt [Abstract] |
Schedule of Other Borrowings | Pinnacle Financial has twelve wholly-owned subsidiaries that are statutory business trusts created for the exclusive purpose of issuing 30-year capital trust preferred securities, and Pinnacle Financial and Pinnacle Bank have entered into certain other subordinated debt agreements. On April 22, 2020, Pinnacle Financial established a credit facility with the Federal Reserve Bank in conjunction with the SBA Paycheck Protection Program, with available borrowing capacity equal to the outstanding balance of Paycheck Protection Program loans, which totaled approximately $2.2 billion at June 30, 2020. Pinnacle Financial also had a $75.0 million revolving credit facility with no outstanding borrowings as of June 30, 2020 that matured on July 24, 2020 and was not renewed. These instruments are outlined below as of June 30, 2020 (in thousands):
Name | Date Established | Maturity | Total Debt Outstanding | Interest Rate at June 30, 2020 | Coupon Structure
Trust preferred securities |  |  |  |  |
Pinnacle Statutory Trust I | December 29, 2003 | December 30, 2033 | $ | 10,310 |  | 3.10 | % | 30-day LIBOR + 2.80%
Pinnacle Statutory Trust II | September 15, 2005 | September 30, 2035 | 20,619 |  | 1.71 | % | 30-day LIBOR + 1.40%
Pinnacle Statutory Trust III | September 7, 2006 | September 30, 2036 | 20,619 |  | 1.96 | % | 30-day LIBOR + 1.65%
Pinnacle Statutory Trust IV | October 31, 2007 | September 30, 2037 | 30,928 |  | 3.16 | % | 30-day LIBOR + 2.85%
BNC Capital Trust I | April 3, 2003 | April 15, 2033 | 5,155 |  | 4.47 | % | 30-day LIBOR + 3.25%
BNC Capital Trust II | March 11, 2004 | April 7, 2034 | 6,186 |  | 4.07 | % | 30-day LIBOR + 2.85%
BNC Capital Trust III | September 23, 2004 | September 23, 2034 | 5,155 |  | 3.62 | % | 30-day LIBOR + 2.40%
BNC Capital Trust IV | September 27, 2006 | December 31, 2036 | 7,217 |  | 2.01 | % | 30-day LIBOR + 1.70%
Valley Financial Trust I | June 26, 2003 | June 26, 2033 | 4,124 |  | 4.33 | % | 30-day LIBOR + 3.10%
Valley Financial Trust II | September 26, 2005 | December 15, 2035 | 7,217 |  | 1.80 | % | 30-day LIBOR + 1.49%
Valley Financial Trust III | December 15, 2006 | January 30, 2037 | 5,155 |  | 2.49 | % | 30-day LIBOR + 1.73%
Southcoast Capital Trust III | August 5, 2005 | September 30, 2035 | 10,310 |  | 1.81 | % | 30-day LIBOR + 1.50%
Subordinated Debt |  |  |  |  |
Pinnacle Bank Subordinated Notes | July 30, 2015 | July 30, 2025 | 60,000 |  | 4.88 | % | Fixed (1)
Pinnacle Bank Subordinated Notes | March 10, 2016 | July 30, 2025 | 70,000 |  | 4.88 | % | Fixed (1)
Pinnacle Financial Subordinated Notes | November 16, 2016 | November 16, 2026 | 120,000 |  | 5.25 | % | Fixed (2)
Pinnacle Financial Subordinated Notes | September 11, 2019 | September 15, 2029 | 300,000 |  | 4.13 | % | Fixed (3)
Other Borrowings |  |  |  |  |
Revolving credit facility (4) | April 22, 2020 | July 24, 2020 | — |  |  | 30-day LIBOR + 1.50%
Paycheck Protection Program Liquidity Facility | April 22, 2020 | September 30, 2020 | 47,082 |  | 0.35 | % | Fixed
Debt issuance costs and fair value adjustments |  |  | (13,034) |  |  |
Total subordinated debt and other borrowings |  |  | $ | 717,043 |  |  |
(1) Migrates to three month LIBOR + 3.128% beginning July 30, 2020 through the end of the term. (2) Migrates to three month LIBOR + 3.884% beginning November 16, 2021 through the end of the term. (3) Migrates to three month LIBOR + 2.775% beginning September 15, 2024 through the end of the term. (4) Borrowing capacity on the revolving credit facility is $75.0 million. At June 30, 2020, there were no amounts outstanding under this facility. An unused fee of 0.30% is assessed on the average daily unused amount of the line. This credit facility matured on July 24, 2020 and was not renewed.

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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