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Federal Home Loan Bank Advances
 12 Months Ended
Dec. 31, 2023
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 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 $7.8 billion as collateral under the borrowing agreements with the FHLB.

At December 31, 2023 and 2022, Pinnacle Bank had outstanding advances from the FHLB totaling approximately $2.1 billion and $464.4 million, respectively. The scheduled maturities of FHLB advances at December 31, 2023 and interest rates are as follows (in thousands):
 Scheduled maturities
Weighted average interest rates(1)
2024$— — %
2025366,250 4.97 %
2026162,500 4.00 %
2027237,500 4.14 %
20281,375,000 3.97 %
Thereafter12 2.75 %
2,141,262 
Deferred costs(1,070)
Fair value hedging adjustment(2,023)
Total Federal Home Loan Bank advances$2,138,169 
Weighted average interest rate 4.17 %
(1)Some FHLB advances include variable interest rates and could increase in the future. The table reflects rates in effect as of December 31, 2023.

At December 31, 2023, 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, 2023, Pinnacle Bank had approximately $2.8 billion in borrowing availability with the FHLB, $6.8 billion with the Federal Reserve Bank discount window, and approximately $105.0 million with other correspondent banks with whom Pinnacle Bank has arranged lines of credit. At December 31, 2023, Pinnacle Bank was not carrying any balances with the Federal Reserve Bank discount window or correspondent banks under these arrangements.