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Federal Home Loan Bank Advances | 12 Months Ended
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Dec. 31, 2022
Advance from Federal Home Loan Bank [Abstract] |
Federal Home Loan Bank Advances | Note 8. Federal Home Loan Bank Advances Pinnacle Bank is a member of the Federal Home Loan Bank of Cincinnati (FHLB) and as a result, is eligible for advances from the FHLB pursuant to the terms of various borrowing agreements, which assist Pinnacle Bank in the funding of its home mortgage and commercial real estate loan portfolios. Pinnacle Bank has pledged certain qualifying residential mortgage loans and, pursuant to a blanket lien, certain qualifying commercial mortgage loans with an aggregate carrying value of approximately $7.6 billion as collateral under the borrowing agreements with the FHLB. At December 31, 2022 and 2021, Pinnacle Bank had outstanding advances from the FHLB totaling approximately $464.4 million and $888.7 million, respectively. The scheduled maturities of FHLB advances at December 31, 2022 and interest rates are as follows (in thousands):
| Scheduled maturities |  | Weighted average interest rates(1)
2023 | $ | — |  |  | — | %
2024 | — |  |  | — | %
2025 | 116,250 |  |  | 4.85 | %
2026 | — |  |  | — | %
2027 | — |  |  | — | %
Thereafter | 350,012 |  |  | 2.36 | %
| 466,262 |  |  |
Deferred costs | (1,826) |  |  |
Total Federal Home Loan Bank advances | $ | 464,436 |  |  |
Weighted average interest rate |  |  | 2.98 | %
(1)Some FHLB Cincinnati advances include variable interest rates and could increase in the future. The table reflects rates in effect as of December 31, 2022. At December 31, 2022, Pinnacle Bank had accommodations which allow it to borrow from the Federal Reserve Bank of Atlanta's discount window and purchase Federal funds from several of its correspondent banks on an overnight basis at prevailing overnight market rates. These accommodations are subject to various restrictions as to their term and availability, and in most cases, must be repaid within less than a month. At December 31, 2022, Pinnacle Bank had approximately $3.8 billion in borrowing availability with the FHLB, $4.8 billion with the Federal Reserve Bank discount window, and approximately $155.0 million with other correspondent banks with whom Pinnacle Bank has arranged lines of credit. At December 31, 2022, Pinnacle Bank was not carrying any balances with the Federal Reserve Bank discount window or correspondent banks under these arrangements.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 Reference 4: 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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