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Premises and Equipment and Lease Commitments (Tables) | 6 Months Ended
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Jun. 30, 2023
Premises and Equipment and Lease Commitments [Abstract] |
Schedule of Premises and Equipment | Premises and equipment at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands):
| Range of Useful Lives |  | June 30, 2023 |  | December 31, 2022
Land | Not applicable |  | $ | 31,598 |  |  | $ | 71,741 |
Buildings | 15 years | - | 30 years |  | 100,874 |  |  | 206,434 |
Leasehold improvements | 15 years | - | 20 years |  | 67,065 |  |  | 62,209 |
Furniture and equipment | 3 years | - | 20 years |  | 173,863 |  |  | 144,979 |
|  |  |  |  | 373,400 |  |  | 485,363 |
Less: accumulated depreciation and amortization |  |  |  |  | 128,547 |  |  | 157,478 |
|  |  |  |  | $ | 244,853 |  |  | $ | 327,885 |
Schedule of Lease Assets and Liabilities | Right-of-use assets and lease liabilities relating to Pinnacle Financial's operating and finance leases are as follows at June 30, 2023 and December 31, 2022 (in thousands):
| June 30, 2023 |  | December 31, 2022
Right-of-use assets: |  |  |
Operating leases | $ | 236,689 |  |  | $ | 126,767 |
Finance leases | 1,205 |  |  | 1,318 |
Total right-of-use assets | $ | 237,894 |  |  | $ | 128,085 |
Lease liabilities: |  |  |
Operating leases | $ | 243,906 |  |  | $ | 133,108 |
Finance leases | 2,309 |  |  | 2,458 |
Total lease liabilities | $ | 246,215 |  |  | $ | 135,566 |
Schedule of Lease Costs and Other Information | The total lease cost related to operating leases and short term leases is recognized on a straight-line basis over the lease term. For finance leases, right-of-use assets are amortized on a straight-line basis over the lease term and interest imputed on the lease liability is recognized using the effective interest method. The components of Pinnacle Financial's total lease cost were as follows for the three and six months ended June 30, 2023 and 2022 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost | $ | 6,997 |  |  | $ | 4,086 |  |  | $ | 11,731 |  |  | $ | 8,073 |
Short-term lease cost | 89 |  |  | 98 |  |  | 174 |  |  | 211 |
Finance lease cost: |  |  |  |  |  |  |
Interest on lease liabilities | 42 |  |  | 48 |  |  | 86 |  |  | 96 |
Amortization of right-of-use asset | 56 |  |  | 56 |  |  | 113 |  |  | 112 |
Sublease income | (323) |  |  | (337) |  |  | (666) |  |  | (660) |
Net lease cost | $ | 6,861 |  |  | $ | 3,951 |  |  | $ | 11,438 |  |  | $ | 7,832 |
The weighted average remaining lease term and weighted average discount rate for operating and finance leases at June 30, 2023 and December 31, 2022 are as follows:
| June 30, 2023 |  | December 31, 2022
Weighted average remaining lease term |  |  |
Operating leases | 11.87 years |  | 10.44 years
Finance leases | 5.34 years |  | 5.84 years
Weighted average discount rate |  |  |
Operating leases | 4.04 | % |  | 3.11 | %
Finance leases | 7.22 | % |  | 7.22 | %
Cash flows related to operating and finance leases during the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Operating cash flows related to operating leases | $ | 6,399 |  |  | $ | 3,835 |  |  | $ | 10,858 |  |  | $ | 7,669 |
Operating cash flows related to finance leases | 42 |  |  | 48 |  |  | 86 |  |  | 96 |
Financing cash flows related to finance leases | 74 |  |  | 70 |  |  | 149 |  |  | 139 |
Schedule of Future Minimum Finance Lease Payments | Future undiscounted lease payments for operating and finance leases with initial terms of more than 12 months are as follows at June 30, 2023 (in thousands):
| Operating Leases |  | Finance Leases
2023 | $ | 15,014 |  |  | $ | 244 |
2024 | 30,478 |  |  | 527 |
2025 | 28,159 |  |  | 527 |
2026 | 25,724 |  |  | 527 |
2027 | 24,540 |  |  | 527 |
Thereafter | 189,769 |  |  | 439 |
Total undiscounted lease payments | 313,684 |  |  | 2,791 |
Less: imputed interest | (69,778) |  |  | (482) |
Net lease liabilities | $ | 243,906 |  |  | $ | 2,309 |
Schedule of Future Minimum Operating Lease Payments | Future undiscounted lease payments for operating and finance leases with initial terms of more than 12 months are as follows at June 30, 2023 (in thousands):
| Operating Leases |  | Finance Leases
2023 | $ | 15,014 |  |  | $ | 244 |
2024 | 30,478 |  |  | 527 |
2025 | 28,159 |  |  | 527 |
2026 | 25,724 |  |  | 527 |
2027 | 24,540 |  |  | 527 |
Thereafter | 189,769 |  |  | 439 |
Total undiscounted lease payments | 313,684 |  |  | 2,791 |
Less: imputed interest | (69,778) |  |  | (482) |
Net lease liabilities | $ | 243,906 |  |  | $ | 2,309 |

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