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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):
NameDate EstablishedMaturityTotal Debt OutstandingInterest Rate at December 31, 2022Coupon Structure
Trust preferred securities
Pinnacle Statutory Trust IDecember 29, 2003December 30, 2033$10,310 7.54 %3-month LIBOR + 2.80%
Pinnacle Statutory Trust IISeptember 15, 2005September 30, 203520,619 6.13 %3-month LIBOR + 1.40%
Pinnacle Statutory Trust IIISeptember 07, 2006September 30, 203620,619 6.40 %3-month LIBOR + 1.65%
Pinnacle Statutory Trust IVOctober 31, 2007September 30, 203730,928 7.62 %3-month LIBOR + 2.85%
BNC Capital Trust IApril 03, 2003April 15, 20335,155 7.33 %3-month LIBOR + 3.25%
BNC Capital Trust IIMarch 11, 2004April 07, 20346,186 6.93 %3-month LIBOR + 2.85%
BNC Capital Trust IIISeptember 23, 2004September 23, 20345,155 6.48 %3-month LIBOR + 2.40%
BNC Capital Trust IVSeptember 27, 2006December 31, 20367,217 6.43 %3-month LIBOR + 1.70%
Valley Financial Trust IJune 26, 2003June 26, 20334,124 7.82 %3-month LIBOR + 3.10%
Valley Financial Trust IISeptember 26, 2005December 15, 20357,217 6.26 %3-month LIBOR + 1.49%
Valley Financial Trust IIIDecember 15, 2006January 30, 20375,155 6.14 %3-month LIBOR + 1.73%
Southcoast Capital Trust IIIAugust 05, 2005September 30, 203510,310 6.23 %3-month LIBOR + 1.50%
Subordinated Debt
Pinnacle Financial Subordinated NotesSeptember 11, 2019September 15, 2029300,000 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.