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Other borrowings | 3 Months Ended
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Mar. 31, 2024
Subordinated Debt [Abstract] |
Other Borrowings | Note 11. 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 has entered into certain other subordinated debt agreements. These instruments are outlined below as of March 31, 2024 (in thousands):
Name | Date Established | Maturity | Total Debt Outstanding | Interest Rate at March 31, 2024 | Coupon Structure at March 31, 2024
Trust preferred securities |  |  |  |
PNFP Statutory Trust I | December 29, 2003 | December 30, 2033 | $ | 10,310 |  | 8.39 | % | 3-month SOFR + 2.80% (1)
PNFP Statutory Trust II | September 15, 2005 | September 30, 2035 | 20,619 |  | 6.96 | % | 3-month SOFR + 1.40% (1)
PNFP Statutory Trust III | September 7, 2006 | September 30, 2036 | 20,619 |  | 7.21 | % | 3-month SOFR + 1.65% (1)
PNFP Statutory Trust IV | October 31, 2007 | September 30, 2037 | 30,928 |  | 8.44 | % | 3-month SOFR + 2.85% (1)
BNC Capital Trust I | April 3, 2003 | April 15, 2033 | 5,155 |  | 8.83 | % | 3-month SOFR + 3.25% (1)
BNC Capital Trust II | March 11, 2004 | April 7, 2034 | 6,186 |  | 8.43 | % | 3-month SOFR + 2.85% (1)
BNC Capital Trust III | September 23, 2004 | September 23, 2034 | 5,155 |  | 7.98 | % | 3-month SOFR + 2.40% (1)
BNC Capital Trust IV | September 27, 2006 | December 31, 2036 | 7,217 |  | 7.26 | % | 3-month SOFR + 1.70% (1)
Valley Financial Trust I | June 26, 2003 | June 26, 2033 | 4,124 |  | 8.67 | % | 3-month SOFR + 3.10% (1)
Valley Financial Trust II | September 26, 2005 | December 15, 2035 | 7,217 |  | 7.08 | % | 3-month SOFR + 1.49% (1)
Valley Financial Trust III | December 15, 2006 | January 30, 2037 | 5,155 |  | 7.31 | % | 3-month SOFR + 1.73% (1)
Southcoast Capital Trust III | August 5, 2005 | September 30, 2035 | 10,310 |  | 7.06 | % | 3-month SOFR + 1.50% (1)
Subordinated Debt |  |  |  |
Pinnacle Financial Subordinated Notes | September 11, 2019 | September 15, 2029 | 300,000 |  | 4.13 | % | Fixed (2)
Debt issuance costs and fair value adjustments | (7,836) |  |  |
Total subordinated debt and other borrowings | $ | 425,159 |  |  |
(1) Rate transitioned to three month term SOFR plus a comparable tenor spread adjustment beginning after July 1, 2023 as three month LIBOR ceased to be published effective July 1, 2023. (2) Previously was to migrate to three month LIBOR + 2.775%, but will now migrate to an alternative benchmark rate plus comparable spread beginning September 15, 2024 through the end of the term as three month LIBOR ceased to be published effective July 1, 2023.

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- 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 -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478878/942-470-45-1 + Details
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- References No definition available. + Details
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