XML 57 R16.htm IDEA: XBRL DOCUMENT
v3.22.4

Other borrowings | 12 Months Ended
--- | ---
Dec. 31, 2022
Subordinated Debt [Abstract] |
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 has entered into certain other subordinated debt agreements. These instruments are outlined below as of December 31, 2022 (in thousands):
Name | Date Established | Maturity | Total Debt Outstanding | Interest Rate at December 31, 2022 | Coupon Structure
Trust preferred securities |  |  |  |  |
Pinnacle Statutory Trust I | December 29, 2003 | December 30, 2033 | $ | 10,310 |  | 7.54 | % | 3-month LIBOR + 2.80%
Pinnacle Statutory Trust II | September 15, 2005 | September 30, 2035 | 20,619 |  | 6.13 | % | 3-month LIBOR + 1.40%
Pinnacle Statutory Trust III | September 07, 2006 | September 30, 2036 | 20,619 |  | 6.40 | % | 3-month LIBOR + 1.65%
Pinnacle Statutory Trust IV | October 31, 2007 | September 30, 2037 | 30,928 |  | 7.62 | % | 3-month LIBOR + 2.85%
BNC Capital Trust I | April 03, 2003 | April 15, 2033 | 5,155 |  | 7.33 | % | 3-month LIBOR + 3.25%
BNC Capital Trust II | March 11, 2004 | April 07, 2034 | 6,186 |  | 6.93 | % | 3-month LIBOR + 2.85%
BNC Capital Trust III | September 23, 2004 | September 23, 2034 | 5,155 |  | 6.48 | % | 3-month LIBOR + 2.40%
BNC Capital Trust IV | September 27, 2006 | December 31, 2036 | 7,217 |  | 6.43 | % | 3-month LIBOR + 1.70%
Valley Financial Trust I | June 26, 2003 | June 26, 2033 | 4,124 |  | 7.82 | % | 3-month LIBOR + 3.10%
Valley Financial Trust II | September 26, 2005 | December 15, 2035 | 7,217 |  | 6.26 | % | 3-month LIBOR + 1.49%
Valley Financial Trust III | December 15, 2006 | January 30, 2037 | 5,155 |  | 6.14 | % | 3-month LIBOR + 1.73%
Southcoast Capital Trust III | August 05, 2005 | September 30, 2035 | 10,310 |  | 6.23 | % | 3-month 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 adjustment |  | (8,940) |  |  |
Total subordinated debt and other borrowings |  | $ | 424,055 |  |  |
(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. Interest on each of the trust preferred securities Pinnacle Financial has issued is currently based on a floating rate tied to 3-month LIBOR plus some spread. 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 redemptions were 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.

X
- 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
Name: | us-gaap_SubordinatedBorrowingsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SubordinatedLongtermDebtCurrentAndNoncurrentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration