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Other borrowings | 3 Months Ended
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Mar. 31, 2022
Subordinated Debt [Abstract] |
Other Borrowings | Note 11. 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 has entered into certain other subordinated debt agreements. These instruments are outlined below as of March 31, 2022 (in thousands):
Name | Date Established | Maturity | Total Debt Outstanding | Interest Rate at March 31, 2022 | Coupon Structure
Trust preferred securities |  |  |  |
Pinnacle Statutory Trust I | December 29, 2003 | December 30, 2033 | $ | 10,310 |  | 3.72 | % | 30-day LIBOR + 2.80%
Pinnacle Statutory Trust II | September 15, 2005 | September 30, 2035 | 20,619 |  | 2.40 | % | 30-day LIBOR + 1.40%
Pinnacle Statutory Trust III | September 7, 2006 | September 30, 2036 | 20,619 |  | 2.66 | % | 30-day LIBOR + 1.65%
Pinnacle Statutory Trust IV | October 31, 2007 | September 30, 2037 | 30,928 |  | 3.68 | % | 30-day LIBOR + 2.85%
BNC Capital Trust I | April 3, 2003 | April 15, 2033 | 5,155 |  | 3.49 | % | 30-day LIBOR + 3.25%
Name | Date Established | Maturity | Total Debt Outstanding | Interest Rate at March 31, 2022 | Coupon Structure
BNC Capital Trust II | March 11, 2004 | April 7, 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 |  | 2.70 | % | 30-day LIBOR + 1.70%
Valley Financial Trust I | June 26, 2003 | June 26, 2033 | 4,124 |  | 4.07 | % | 30-day LIBOR + 3.10%
Valley Financial Trust II | September 26, 2005 | December 15, 2035 | 7,217 |  | 2.32 | % | 30-day LIBOR + 1.49%
Valley Financial Trust III | December 15, 2006 | January 30, 2037 | 5,155 |  | 2.03 | % | 30-day LIBOR + 1.73%
Southcoast Capital Trust III | August 5, 2005 | September 30, 2035 | 10,310 |  | 2.50 | % | 30-day LIBOR + 1.50%
Subordinated Debt |  |  |  |
Pinnacle Financial Subordinated Notes | September 11, 2019 | September 15, 2029 | 300,000 |  | 4.13 | % | Fixed (1)
Debt issuance costs and fair value adjustments | (9,676) |  |  |
Total subordinated debt and other borrowings | $ | 423,319 |  |  |
(1) Migrates to three month LIBOR + 2.775% (or an alternative benchmark rate plus comparable spread in the event that three month LIBOR is no longer published on such adjustment date) beginning September 15, 2024 through the end of the term. On July 30, 2021, Pinnacle Bank redeemed $130.0 million aggregate principal amount of subordinated notes due July 30, 2025. Additionally on November 16, 2021, Pinnacle Financial redeemed $120.0 million aggregate principal amount of subordinated notes due November 16, 2026. The redemption was funded with existing cash on hand. Pursuant to regulatory guidelines, once the maturity date on subordinated notes is within five years, a portion of the notes will no longer be eligible to be included in regulatory capital, with an additional portion being excluded each year over the five year period approaching maturity On April 22, 2020, Pinnacle Financial established a credit facility with the Federal Reserve Bank in conjunction with the SBA Paycheck Protection Program. There are no amounts outstanding under this facility at March 31, 2022, and as of July 30, 2021, no new extensions of credit are allowed under the facility.

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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 https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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- References No definition available. + Details
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