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Other borrowings | 12 Months Ended
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Dec. 31, 2020
Debt Instrument [Line Items] |
Subordinated Borrowings Disclosure | Note 9. 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. These instruments are outlined below as of December 31, 2020 (in thousands):
Name | Date Established | Maturity | Total Debt Outstanding | Interest Rate at December 31, 2020 | Coupon Structure
Trust preferred securities |  |  |  |  |
Pinnacle Statutory Trust I | December 29, 2003 | December 30, 2033 | $ | 10,310 |  | 3.03 | % | 30-day LIBOR + 2.80%
Pinnacle Statutory Trust II | September 15, 2005 | September 30, 2035 | 20,619 |  | 1.64 | % | 30-day LIBOR + 1.40%
Pinnacle Statutory Trust III | September 07, 2006 | September 30, 2036 | 20,619 |  | 1.90 | % | 30-day LIBOR + 1.65%
Pinnacle Statutory Trust IV | October 31, 2007 | September 30, 2037 | 30,928 |  | 3.07 | % | 30-day LIBOR + 2.85%
BNC Capital Trust I | April 03, 2003 | April 15, 2033 | 5,155 |  | 3.49 | % | 30-day LIBOR + 3.25%
BNC Capital Trust II | March 11, 2004 | April 07, 2034 | 6,186 |  | 3.09 | % | 30-day LIBOR + 2.85%
BNC Capital Trust III | September 23, 2004 | September 23, 2034 | 5,155 |  | 2.64 | % | 30-day LIBOR + 2.40%
BNC Capital Trust IV | September 27, 2006 | December 31, 2036 | 7,217 |  | 1.94 | % | 30-day LIBOR + 1.70%
Valley Financial Trust I | June 26, 2003 | June 26, 2033 | 4,124 |  | 3.35 | % | 30-day LIBOR + 3.10%
Valley Financial Trust II | September 26, 2005 | December 15, 2035 | 7,217 |  | 1.71 | % | 30-day LIBOR + 1.49%
Valley Financial Trust III | December 15, 2006 | January 30, 2037 | 5,155 |  | 1.94 | % | 30-day LIBOR + 1.73%
Southcoast Capital Trust III | August 05, 2005 | September 30, 2035 | 10,310 |  | 1.74 | % | 30-day LIBOR + 1.50%
Subordinated Debt |  |  |  |  |
Pinnacle Bank Subordinated Notes | July 30, 2015 | July 30, 2025 | 60,000 |  | 3.34 | % | 3-month LIBOR + 3.128%
Pinnacle Bank Subordinated Notes | March 10, 2016 | July 30, 2025 | 70,000 |  | 3.34 | % | 3-month LIBOR + 3.128%
Pinnacle Financial Subordinated Notes | November 16, 2016 | November 16, 2026 | 120,000 |  | 5.25 | % | Fixed (1)
Pinnacle Financial Subordinated Notes | September 11, 2019 | September 15, 2029 | 300,000 |  | 4.13 | % | Fixed (2)
Debt issuance costs and fair value adjustment |  | (12,420) |  |  |
Total subordinated debt and other borrowings |  | $ | 670,575 |  |  |
(1) Migrates to three month LIBOR + 3.884% beginning November 16, 2021 through the end of the term. (2) Migrates to three month LIBOR + 2.775% beginning September 15, 2024 through the end of the term. 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 PPP loans, which totaled approximately $1.8 billion at December 31, 2020. There are no amounts outstanding on this facility at December 31, 2020. Effective January 1, 2020, Pinnacle Financial used $80.0 million of the net proceeds from the 2019 subordinated debt offering to redeem certain other subordinated notes, including the $20.0 million aggregate principal amount of Avenue subordinated notes and $60.0 million aggregate principal amount of BNC subordinated notes.

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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