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Loans and Allowance for Loan Losses (Tables) | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans at June 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | June 30, 2024 |  | December 31, 2023
Commercial real estate: |  |  |  |
Owner occupied |  | $ | 4,217,351 |  |  | $ | 4,044,896
Non-owner occupied |  | 8,184,184 |  |  | 7,535,494
Consumer real estate – mortgage |  | 4,874,846 |  |  | 4,851,531
Construction and land development |  | 3,621,563 |  |  | 4,041,081
Commercial and industrial |  | 12,328,622 |  |  | 11,666,691
Consumer and other |  | 542,584 |  |  | 536,398
Subtotal |  | $ | 33,769,150 |  |  | $ | 32,676,091 |
Allowance for credit losses |  | (381,601) |  |  | (353,055) |
Loans, net |  | $ | 33,387,549 |  |  | $ | 32,323,036 |
Loan Classification Categorized by Risk Rating Category | The following tables present loan balances classified within each risk rating category by primary loan type and year of origination or most recent renewal as of June 30, 2024 and December 31, 2023, as well as the gross loan charge-offs by primary loan type and year of origination or most recent renewal for the six months ended June 30, 2024 (in thousands):
| 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Total |
June 30, 2024 |  |  |  |  |  |  |  |  |
Commercial real estate - owner occupied |  |  |  |  |  |  |  |  |
Pass | $ | 379,699 |  | $ | 792,938 |  | $ | 1,105,574 |  | $ | 817,200 |  | $ | 474,621 |  | $ | 504,405 |  | $ | 68,183 |  | $ | 4,142,620 |  |
Special Mention | 7,203 |  | 3,933 |  | 28,213 |  | 7,887 |  | 5,302 |  | 12,614 |  | — |  | 65,152 |  |
Substandard (1) | — |  | 3,159 |  | 962 |  | — |  | 83 |  | 769 |  | — |  | 4,973 |  |
Substandard-nonaccrual | 344 |  | 849 |  | — |  | 1,709 |  | 1,060 |  | 644 |  | — |  | 4,606 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total Commercial real estate - owner occupied | $ | 387,246 |  | $ | 800,879 |  | $ | 1,134,749 |  | $ | 826,796 |  | $ | 481,066 |  | $ | 518,432 |  | $ | 68,183 |  | $ | 4,217,351 |  |
Current period gross charge-offs | $ | — |  | (2,808) |  | (4,480) |  | (1,522) |  | — |  | (94) |  | — |  | $ | (8,904) |  |
Commercial real estate - non-owner occupied |  |  |  |  |  |  |  |  |
Pass | $ | 631,593 |  | $ | 1,039,519 |  | $ | 2,974,632 |  | $ | 2,015,973 |  | $ | 573,872 |  | $ | 682,179 |  | $ | 101,983 |  | $ | 8,019,751 |  |
Special Mention | 39,971 |  | — |  | 34,240 |  | — |  | 28,849 |  | 5,477 |  | — |  | 108,537 |  |
Substandard (1) | 2,962 |  | 13,483 |  | — |  | — |  | — |  | 72 |  | — |  | 16,517 |  |
Substandard-nonaccrual | — |  | — |  | 124 |  | 38,289 |  | — |  | 473 |  | 493 |  | 39,379 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total Commercial real estate - non-owner occupied | $ | 674,526 |  | $ | 1,053,002 |  | $ | 3,008,996 |  | $ | 2,054,262 |  | $ | 602,721 |  | $ | 688,201 |  | $ | 102,476 |  | $ | 8,184,184 |  |
Current period gross charge-offs | $ | (1,081) |  | — |  | — |  | (2,000) |  | — |  | — |  | — |  | $ | (3,081) |  |
Consumer real estate – mortgage |  |  |  |  |  |  |  |  |
Pass | $ | 182,185 |  | $ | 535,361 |  | $ | 934,265 |  | $ | 1,014,570 |  | $ | 419,459 |  | $ | 471,990 |  | $ | 1,281,288 |  | $ | 4,839,118 |  |
Special Mention | — |  | — |  | — |  | 374 |  | — |  | — |  | — |  | 374 |  |
Substandard (1) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard-nonaccrual | 62 |  | 3,848 |  | 9,053 |  | 3,686 |  | 1,708 |  | 12,274 |  | 4,723 |  | 35,354 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total Consumer real estate – mortgage | $ | 182,247 |  | $ | 539,209 |  | $ | 943,318 |  | $ | 1,018,630 |  | $ | 421,167 |  | $ | 484,264 |  | $ | 1,286,011 |  | $ | 4,874,846 |  |
Current period gross charge-offs | $ | — |  | — |  | (90) |  | (120) |  | (42) |  | (70) |  | (340) |  | $ | (662) |  |
Construction and land development |  |  |  |  |  |  |  |  |
Pass | $ | 607,112 |  | $ | 793,051 |  | $ | 1,693,842 |  | $ | 475,317 |  | $ | 9,549 |  | $ | 7,786 |  | $ | 33,020 |  | $ | 3,619,677 |  |
Special Mention | 711 |  | — |  | 323 |  | — |  | — |  | — |  | — |  | 1,034 |  |
Substandard (1) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard-nonaccrual | — |  | 244 |  | 595 |  | — |  | 13 |  | — |  | — |  | 852 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total Construction and land development | $ | 607,823 |  | $ | 793,295 |  | $ | 1,694,760 |  | $ | 475,317 |  | $ | 9,562 |  | $ | 7,786 |  | $ | 33,020 |  | $ | 3,621,563 |  |
Current period gross charge-offs | $ | — |  | — |  | — |  | — |  | — |  | — |  | — |  | $ | — |  |
Commercial and industrial |  |  |  |  |  |  |  |  |
Pass | $ | 1,918,409 |  | $ | 2,500,204 |  | $ | 1,972,714 |  | $ | 986,495 |  | $ | 274,748 |  | $ | 301,777 |  | $ | 4,076,131 |  | $ | 12,030,478 |  |
Special Mention | 17,569 |  | 73,056 |  | 54,269 |  | 11,259 |  | 484 |  | 2,016 |  | 49,890 |  | 208,543 |  |
Substandard (1) | 22,104 |  | 2,267 |  | 1,345 |  | 25,305 |  | 17 |  | 9,064 |  | 12,585 |  | 72,687 |  |
Substandard-nonaccrual | 1,792 |  | 5,283 |  | 5,190 |  | 2,088 |  | 84 |  | 1,108 |  | 1,367 |  | 16,912 |  |
Doubtful-nonaccrual | 2 |  | — |  | — |  | — |  | — |  | — |  | — |  | 2 |  |
Total Commercial and industrial | $ | 1,959,876 |  | $ | 2,580,810 |  | $ | 2,033,518 |  | $ | 1,025,147 |  | $ | 275,333 |  | $ | 313,965 |  | $ | 4,139,973 |  | $ | 12,328,622 |  |
Current period gross charge-offs | $ | — |  | (5,758) |  | (8,144) |  | (3,522) |  | (692) |  | (260) |  | (12,393) |  | $ | (30,769) |  |
Consumer and other |  |  |  |  |  |  |  |  |
Pass | $ | 124,618 |  | $ | 27,226 |  | $ | 23,165 |  | $ | 54,379 |  | $ | 30,750 |  | $ | 829 |  | $ | 281,073 |  | $ | 542,040 |  |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard (1) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard-nonaccrual | 398 |  | 9 |  | 14 |  | 26 |  | 30 |  | 2 |  | 65 |  | 544 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total Consumer and other | $ | 125,016 |  | $ | 27,235 |  | $ | 23,179 |  | $ | 54,405 |  | $ | 30,780 |  | $ | 831 |  | $ | 281,138 |  | $ | 542,584 |  |
| 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Total |
Current period gross charge-offs | $ | — |  | (163) |  | (68) |  | (1,841) |  | (1,067) |  | (16) |  | (3,063) |  | $ | (6,218) |  |
Total loans |  |  |  |  |  |  |  |  |
Pass | $ | 3,843,616 |  | $ | 5,688,299 |  | $ | 8,704,192 |  | $ | 5,363,934 |  | $ | 1,782,999 |  | $ | 1,968,966 |  | $ | 5,841,678 |  | $ | 33,193,684 |  |
Special Mention | 65,454 |  | 76,989 |  | 117,045 |  | 19,520 |  | 34,635 |  | 20,107 |  | 49,890 |  | 383,640 |  |
Substandard (1) | 25,066 |  | 18,909 |  | 2,307 |  | 25,305 |  | 100 |  | 9,905 |  | 12,585 |  | 94,177 |  |
Substandard-nonaccrual | 2,596 |  | 10,233 |  | 14,976 |  | 45,798 |  | 2,895 |  | 14,501 |  | 6,648 |  | 97,647 |  |
Doubtful-nonaccrual | 2 |  | — |  | — |  | — |  | — |  | — |  | — |  | 2 |  |
Total loans | $ | 3,936,734 |  | $ | 5,794,430 |  | $ | 8,838,520 |  | $ | 5,454,557 |  | $ | 1,820,629 |  | $ | 2,013,479 |  | $ | 5,910,801 |  | $ | 33,769,150 |  |
Current period gross charge-offs | $ | (1,081) |  | (8,729) |  | (12,782) |  | (9,005) |  | (1,801) |  | (440) |  | (15,796) |  | $ | (49,634) |  |
| 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total |
December 31, 2023 |  |  |  |  |  |  |  |  |
Commercial real estate - owner occupied |  |  |  |  |  |  |  |  |
Pass | $ | 785,834 |  | $ | 1,123,425 |  | $ | 871,389 |  | $ | 502,260 |  | $ | 267,595 |  | $ | 357,339 |  | $ | 56,680 |  | $ | 3,964,522 |  |
Special Mention | 1,595 |  | 37,324 |  | 5,300 |  | 2,252 |  | 5,306 |  | 4,701 |  | — |  | 56,478 |  |
Substandard (1) | 5,528 |  | 9,331 |  | 3,262 |  | 1,145 |  | 568 |  | 610 |  | — |  | 20,444 |  |
Substandard-nonaccrual | 1,781 |  | 615 |  | 686 |  | 53 |  | — |  | 317 |  | — |  | 3,452 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total Commercial real estate - owner occupied | $ | 794,738 |  | $ | 1,170,695 |  | $ | 880,637 |  | $ | 505,710 |  | $ | 273,469 |  | $ | 362,967 |  | $ | 56,680 |  | $ | 4,044,896 |  |
Commercial real estate - non-owner occupied |  |  |  |  |  |  |  |  |
Pass | $ | 1,304,109 |  | $ | 2,682,275 |  | $ | 1,737,275 |  | $ | 713,979 |  | $ | 505,767 |  | $ | 370,420 |  | $ | 107,841 |  | $ | 7,421,666 |  |
Special Mention | — |  | 30,229 |  | — |  | 6,745 |  | 216 |  | 5,335 |  | — |  | 42,525 |  |
Substandard (1) | 25,723 |  | 2,969 |  | — |  | — |  | 1,195 |  | 73 |  | — |  | 29,960 |  |
Substandard-nonaccrual | — |  | 153 |  | 40,180 |  | — |  | — |  | 489 |  | 521 |  | 41,343 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total Commercial real estate - non-owner occupied | $ | 1,329,832 |  | $ | 2,715,626 |  | $ | 1,777,455 |  | $ | 720,724 |  | $ | 507,178 |  | $ | 376,317 |  | $ | 108,362 |  | $ | 7,535,494 |  |
Consumer real estate – mortgage |  |  |  |  |  |  |  |  |
Pass | $ | 573,120 |  | $ | 976,006 |  | $ | 1,056,720 |  | $ | 448,420 |  | $ | 207,790 |  | $ | 318,505 |  | $ | 1,253,091 |  | $ | 4,833,652 |  |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard (1) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard-nonaccrual | 688 |  | 2,265 |  | 2,951 |  | 2,525 |  | 5,265 |  | 3,671 |  | 514 |  | 17,879 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total Consumer real estate – mortgage | $ | 573,808 |  | $ | 978,271 |  | $ | 1,059,671 |  | $ | 450,945 |  | $ | 213,055 |  | $ | 322,176 |  | $ | 1,253,605 |  | $ | 4,851,531 |  |
Construction and land development |  |  |  |  |  |  |  |  |
Pass | $ | 1,153,137 |  | $ | 1,930,062 |  | $ | 884,060 |  | $ | 12,102 |  | $ | 5,580 |  | $ | 6,369 |  | $ | 41,886 |  | $ | 4,033,196 |  |
Special Mention | 2,728 |  | — |  | — |  | 4,467 |  | — |  | — |  | — |  | 7,195 |  |
Substandard (1) | — |  | — |  | — |  | — |  | — |  | 82 |  | — |  | 82 |  |
Substandard-nonaccrual | — |  | 608 |  | — |  | — |  | — |  | — |  | — |  | 608 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total Construction and land development | $ | 1,155,865 |  | $ | 1,930,670 |  | $ | 884,060 |  | $ | 16,569 |  | $ | 5,580 |  | $ | 6,451 |  | $ | 41,886 |  | $ | 4,041,081 |  |
Commercial and industrial |  |  |  |  |  |  |  |  |
Pass | $ | 3,778,326 |  | $ | 2,103,473 |  | $ | 1,127,096 |  | $ | 325,176 |  | $ | 215,158 |  | $ | 142,806 |  | $ | 3,753,575 |  | $ | 11,445,610 |  |
Special Mention | 11,125 |  | 22,806 |  | 12,457 |  | 532 |  | 144 |  | 1,847 |  | 45,025 |  | 93,936 |  |
Substandard (1) | 10,142 |  | 2,243 |  | 25,311 |  | 145 |  | 359 |  | 9,028 |  | 60,986 |  | 108,214 |  |
Substandard-nonaccrual | 10,436 |  | 4,193 |  | 1,583 |  | 409 |  | 359 |  | 735 |  | 1,215 |  | 18,930 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | 1 |  | — |  | — |  | — |  | 1 |  |
Total Commercial and industrial | $ | 3,810,029 |  | $ | 2,132,715 |  | $ | 1,166,447 |  | $ | 326,263 |  | $ | 216,020 |  | $ | 154,416 |  | $ | 3,860,801 |  | $ | 11,666,691 |  |
Consumer and other |  |  |  |  |  |  |  |  |
Pass | $ | 136,809 |  | $ | 28,774 |  | $ | 66,126 |  | $ | 37,015 |  | $ | 541 |  | $ | 656 |  | $ | 266,402 |  | $ | 536,323 |  |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard (1) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
| 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total |
Substandard-nonaccrual | — |  | — |  | — |  | — |  | — |  | — |  | 75 |  | 75 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total Consumer and other | $ | 136,809 |  | $ | 28,774 |  | $ | 66,126 |  | $ | 37,015 |  | $ | 541 |  | $ | 656 |  | $ | 266,477 |  | $ | 536,398 |  |
Total loans |  |  |  |  |  |  |  |  |
Pass | $ | 7,731,335 |  | $ | 8,844,015 |  | $ | 5,742,666 |  | $ | 2,038,952 |  | $ | 1,202,431 |  | $ | 1,196,095 |  | $ | 5,479,475 |  | $ | 32,234,969 |  |
Special Mention | 15,448 |  | 90,359 |  | 17,757 |  | 13,996 |  | 5,666 |  | 11,883 |  | 45,025 |  | 200,134 |  |
Substandard (1) | 41,393 |  | 14,543 |  | 28,573 |  | 1,290 |  | 2,122 |  | 9,793 |  | 60,986 |  | 158,700 |  |
Substandard-nonaccrual | 12,905 |  | 7,834 |  | 45,400 |  | 2,987 |  | 5,624 |  | 5,212 |  | 2,325 |  | 82,287 |  |
Doubtful-nonaccrual | — |  | — |  | — |  | 1 |  | — |  | — |  | — |  | 1 |  |
Total loans | $ | 7,801,081 |  | $ | 8,956,751 |  | $ | 5,834,396 |  | $ | 2,057,226 |  | $ | 1,215,843 |  | $ | 1,222,983 |  | $ | 5,587,811 |  | $ | 32,676,091 |  |
(1) Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have doubts about the borrower's ability to comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by Pinnacle Bank's primary regulators for loans classified as substandard, excluding loan modifications made to borrowers experiencing financial difficulty. Potential problem loans, which are not included in nonaccrual loans, amounted to approximately $62.0 million at June 30, 2024, compared to $127.4 million at December 31, 2023.
Past Due Balances by Loan Classification | The table below presents the aging of past due balances by loan segment at June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024 | 30-59 days past due |  | 60-89 days past due |  | 90 days or more past due |  | Total past due |  | Current |  | Total loans
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |
Owner occupied | $ | 2,963 |  |  | $ | 2,002 |  |  | $ | 2,551 |  |  | $ | 7,516 |  |  | $ | 4,209,835 |  |  | $ | 4,217,351 |
Non-owner occupied | 263 |  |  | 1,020 |  |  | 39,255 |  |  | 40,538 |  |  | 8,143,646 |  |  | 8,184,184 |
Consumer real estate – mortgage | 7,859 |  |  | 12,537 |  |  | 13,357 |  |  | 33,753 |  |  | 4,841,093 |  |  | 4,874,846 |
Construction and land development | 1,137 |  |  | — |  |  | 839 |  |  | 1,976 |  |  | 3,619,587 |  |  | 3,621,563 |
Commercial and industrial | 13,948 |  |  | 6,284 |  |  | 17,784 |  |  | 38,016 |  |  | 12,290,606 |  |  | 12,328,622 |
Consumer and other | 3,184 |  |  | 1,658 |  |  | 1,468 |  |  | 6,310 |  |  | 536,274 |  |  | 542,584 |
Total | $ | 29,354 |  |  | $ | 23,501 |  |  | $ | 75,254 |  |  | $ | 128,109 |  |  | $ | 33,641,041 |  |  | $ | 33,769,150 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |
Owner occupied | $ | 1,671 |  |  | $ | 507 |  |  | $ | 3,398 |  |  | $ | 5,576 |  |  | $ | 4,039,320 |  |  | $ | 4,044,896 |
Non-owner occupied | 40,577 |  |  | 489 |  |  | 153 |  |  | 41,219 |  |  | 7,494,275 |  |  | 7,535,494 |
Consumer real estate – mortgage | 21,585 |  |  | 1,352 |  |  | 10,824 |  |  | 33,761 |  |  | 4,817,770 |  |  | 4,851,531 |
Construction and land development | 621 |  |  | 28 |  |  | 608 |  |  | 1,257 |  |  | 4,039,824 |  |  | 4,041,081 |
Commercial and industrial | 14,197 |  |  | 28,221 |  |  | 16,890 |  |  | 59,308 |  |  | 11,607,383 |  |  | 11,666,691 |
Consumer and other | 5,286 |  |  | 1,868 |  |  | 1,496 |  |  | 8,650 |  |  | 527,748 |  |  | 536,398 |
Total | $ | 83,937 |  |  | $ | 32,465 |  |  | $ | 33,369 |  |  | $ | 149,771 |  |  | $ | 32,526,320 |  |  | $ | 32,676,091 |
Details of Changes in the Allowance for Loan Losses | The following table details the changes in the allowance for credit losses for the three and six months ended June 30, 2024 and 2023, respectively, by loan classification (in thousands):
| Commercial real estate - owner occupied | Commercial real estate - non-owner occupied | Consumer real estate - mortgage | Construction and land development | Commercial and industrial | Consumer and other |  | Total
Three months ended June 30, 2024: |  |  |  |  |  |  |  |
Balance at March 31, 2024 | $ | 29,690 |  | $ | 72,581 |  | $ | 75,814 |  | $ | 33,734 |  | $ | 151,172 |  | $ | 8,346 |  |  | $ | 371,337 |
Charged-off loans | (8,810) |  | (1,081) |  | (39) |  | — |  | (15,961) |  | (2,911) |  |  | (28,802) |
Recovery of previously charged-off loans | 125 |  | 14 |  | 437 |  | 2 |  | 3,927 |  | 1,402 |  |  | 5,907 |
Provision for credit losses on loans | 8,842 |  | 7,450 |  | 4,035 |  | (3,701) |  | 14,876 |  | 1,657 |  |  | 33,159 |
Balance at June 30, 2024 | $ | 29,847 |  | $ | 78,964 |  | $ | 80,247 |  | $ | 30,035 |  | $ | 154,014 |  | $ | 8,494 |  |  | $ | 381,601 |
| Commercial real estate - owner occupied | Commercial real estate - non-owner occupied | Consumer real estate - mortgage | Construction and land development | Commercial and industrial | Consumer and other |  | Total
Three months ended June 30, 2023: |  |  |  |  |  |  |  |
Balance at March 31, 2023 | $ | 23,598 |  | $ | 41,914 |  | $ | 39,160 |  | $ | 37,599 |  | $ | 153,629 |  | $ | 17,941 |  |  | $ | 313,841 |
Charged-off loans | — |  | — |  | (300) |  | — |  | (14,179) |  | (4,406) |  |  | (18,885) |
Recovery of previously charged-off loans | 6 |  | 1,159 |  | 944 |  | 30 |  | 4,417 |  | 2,557 |  |  | 9,113 |
Provision for credit losses on loans | 2,893 |  | 12,035 |  | 19,570 |  | 1,226 |  | 4,551 |  | (6,885) |  |  | 33,390 |
Balance at June 30, 2023 | $ | 26,497 |  | $ | 55,108 |  | $ | 59,374 |  | $ | 38,855 |  | $ | 148,418 |  | $ | 9,207 |  |  | $ | 337,459 |
Six months ended June 30, 2024: |  |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | 28,690 |  | $ | 57,687 |  | $ | 71,354 |  | $ | 39,142 |  | $ | 148,212 |  | $ | 7,970 |  |  | $ | 353,055 |
Charged-off loans | (8,904) |  | (3,081) |  | (662) |  | — |  | (30,769) |  | (6,218) |  |  | (49,634) |
Recovery of previously charged-off loans | 142 |  | 28 |  | 681 |  | 9 |  | 6,749 |  | 2,915 |  |  | 10,524 |
Provision for credit losses on loans | 9,919 |  | 24,330 |  | 8,874 |  | (9,116) |  | 29,822 |  | 3,827 |  |  | 67,656 |
Balance at June 30, 2024 | $ | 29,847 |  | $ | 78,964 |  | $ | 80,247 |  | $ | 30,035 |  | $ | 154,014 |  | $ | 8,494 |  |  | $ | 381,601 |
Six months ended June 30, 2023: |  |  |  |  |  |  |  |
Balance at December 31, 2022 | $ | 26,617 |  | $ | 40,479 |  | $ | 36,536 |  | $ | 36,114 |  | $ | 144,353 |  | $ | 16,566 |  |  | $ | 300,665 |
Charged-off loans | — |  | — |  | (430) |  | — |  | (24,828) |  | (7,649) |  |  | (32,907) |
Recovery of previously charged-off loans | 14 |  | 1,189 |  | 1,615 |  | 251 |  | 8,128 |  | 4,648 |  |  | 15,845 |
Provision for credit losses on loans | (134) |  | 13,440 |  | 21,653 |  | 2,490 |  | 20,765 |  | (4,358) |  |  | 53,856 |
Balance at June 30, 2023 | $ | 26,497 |  | $ | 55,108 |  | $ | 59,374 |  | $ | 38,855 |  | $ | 148,418 |  | $ | 9,207 |  |  | $ | 337,459 |
Schedule of Collateral Dependent Loans Individually Evaluated for ACL | The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, as of June 30, 2024 and December 31, 2023 (in thousands):
| Real Estate | Business Assets | Other | Total
June 30, 2024 |  |  |  |
Commercial real estate: |  |  |  |
Owner occupied | $ | 8,891 |  | $ | — |  | $ | — |  | $ | 8,891 |
Non-owner occupied | 55,398 |  | — |  | — |  | 55,398 |
Consumer real estate – mortgage | 37,638 |  | — |  | — |  | 37,638 |
Construction and land development | 910 |  | — |  | — |  | 910 |
Commercial and industrial | — |  | 31,276 |  | 810 |  | 32,086 |
Consumer and other | — |  | — |  | 63 |  | 63 |
Total | $ | 102,837 |  | $ | 31,276 |  | $ | 873 |  | $ | 134,986 |
December 31, 2023 |  |  |  |
Commercial real estate: |  |  |  |
Owner occupied | $ | 22,284 |  | $ | — |  | $ | — |  | $ | 22,284 |
Non-owner occupied | 69,577 |  | — |  | — |  | 69,577 |
Consumer real estate – mortgage | 20,389 |  | — |  | — |  | 20,389 |
Construction and land development | 668 |  | — |  | — |  | 668 |
Commercial and industrial | — |  | 31,625 |  | 552 |  | 32,177 |
Consumer and other | — |  | — |  | — |  | — |
Total | $ | 112,918 |  | $ | 31,625 |  | $ | 552 |  | $ | 145,095 |
Modifications | The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 and the six months ended June 30, 2023, disaggregated by class of loans and type of modification granted and describes the financial effect of the modifications made to borrowers experiencing financial difficulty (in thousands):
| Three months ended June 30, 2024
| Term Extension
| Amortized Cost Basis | % of Total Loan Type | Financial Effect
Commercial real estate: |  |  |
Owner occupied | $ | — |  | — |  |
Non-owner occupied | — |  | — |  |
Consumer real estate – mortgage | — |  | — |  |
Construction and land development | — |  | — |  |
Commercial and industrial | 18,715 |  | 0.15 | % | Added a weighted average 0.51 years to the term of the modified loans
Consumer and other | — |  | — |  |
Total | $ | 18,715 |  |  |
| Six months ended June 30, 2024
| Term Extension
| Amortized Cost Basis | % of Total Loan Type | Financial Effect
Commercial real estate: |  |  |
Owner occupied | $ | — |  | — |  |
Non-owner occupied | — |  | — |  |
Consumer real estate – mortgage | — |  | — |  |
Construction and land development | — |  | — |  |
Commercial and industrial | 18,715 |  | 0.15 | % | Added a weighted average 0.92 years to the term of the modified loans
Consumer and other | — |  | — |  |
Total | $ | 18,715 |  |  |
| Six months ended June 30, 2023
| Payment Delay
| Amortized Cost Basis | % of Total Loan Type | Financial Effect
Commercial real estate: |  |  |
Owner occupied | $ | — |  | — |  |
Non-owner occupied | — |  | — |  |
Consumer real estate – mortgage | — |  | — |  |
Construction and land development | — |  | — |  |
Commercial and industrial | 2,401 |  | 0.02 | % | Provided a 90 day forbearance period for payoff
Consumer and other | — |  | — |  |
Total | $ | 2,401 |  |  |
No loans were modified to borrowers experiencing financial difficulty during the three months ended June 30, 2023. During the three months ended June 30, 2024, no loans experienced a payment default subsequent to being granted a modification in the prior twelve months. Pinnacle Financial charged off $2.8 million of owner occupied commercial real estate and $1.1 million of non-owner occupied commercial real estate loans that were previously modified and subsequently defaulted during the six months ended June 30, 2024. The table below presents the aging of past due balances as of June 30, 2024 and June 30, 2023 of loans made to borrowers experiencing financial difficulty that were modified in the previous twelve months:
June 30, 2024 | 30-59 days past due | 60-89 days past due | 90 days or more past due | Current | Total modified loans
Commercial real estate: |  |  |  |  |
Owner occupied | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Non-owner occupied | — |  | — |  | — |  | 13,483 |  | 13,483 |
Consumer real estate – mortgage | — |  | — |  | — |  | — |  | — |
Construction and land development | — |  | — |  | — |  | — |  | — |
Commercial and industrial | — |  | — |  | 3,226 |  | 18,715 |  | 21,941 |
Consumer and other | — |  | — |  | — |  | — |  | — |
Total | $ | — |  | $ | — |  | $ | 3,226 |  | $ | 32,198 |  | $ | 35,424 |
June 30, 2023 | 30-59 days past due | 60-89 days past due | 90 days or more past due | Current | Total modified loans
Commercial real estate: |  |  |  |  |
Owner occupied | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Non-owner occupied | — |  | — |  | — |  | — |  | — |
Consumer real estate – mortgage | — |  | — |  | — |  | — |  | — |
Construction and land development | — |  | — |  | — |  | — |  | — |
Commercial and industrial | — |  | — |  | — |  | 2,401 |  | 2,401 |
Consumer and other | — |  | — |  | — |  | — |  | — |
Total | $ | — |  | $ | — |  | $ | — |  | $ | 2,401 |  | $ | 2,401 |
Financing Receivable, Nonaccrual | The table below presents the amortized cost basis of loans on nonaccrual status and loans past due 90 or more days and still accruing interest at June 30, 2024 and December 31, 2023. Also presented is the balance of loans on nonaccrual status at June 30, 2024 for which there was no related allowance for credit losses recorded (in thousands):
| June 30, 2024 |  | December 31, 2023
| Total nonaccrual loans |  | Nonaccrual loans with no allowance for credit losses |  | Loans past due 90 or more days and still accruing |  | Total nonaccrual loans |  | Nonaccrual loans with no allowance for credit losses |  | Loans past due 90 or more days and still accruing
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |
Owner occupied | $ | 4,606 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,452 |  |  | $ | 122 |  |  | $ | — |
Non-owner occupied | 39,379 |  |  | — |  |  | — |  |  | 41,343 |  |  | 40,669 |  |  | — |
Consumer real estate – mortgage | 35,354 |  |  | 1,376 |  |  | — |  |  | 17,879 |  |  | — |  |  | 781 |
Construction and land development | 852 |  |  | — |  |  | — |  |  | 608 |  |  | — |  |  | — |
Commercial and industrial | 16,914 |  |  | — |  |  | 3,029 |  |  | 18,931 |  |  | 519 |  |  | 3,802 |
Consumer and other | 544 |  |  | — |  |  | 1,028 |  |  | 75 |  |  | — |  |  | 1,421 |
Total | $ | 97,649 |  |  | $ | 1,376 |  |  | $ | 4,057 |  |  | $ | 82,288 |  |  | $ | 41,310 |  |  | $ | 6,004 |
Summary of Loan Portfolio Credit Risk Exposure | Pinnacle Financial analyzes its commercial loan portfolio to determine if a concentration of credit risk exists to any industries. Pinnacle Financial utilizes broadly accepted industry classification systems in order to classify borrowers into various industry classifications. Pinnacle Financial has a credit exposure (loans outstanding plus unfunded lines of credit) exceeding 25% of Pinnacle Bank's total risk-based capital to borrowers in the following industries at June 30, 2024 with the comparative exposures for December 31, 2023 (in thousands):
| June 30, 2024 |  |
| Outstanding Principal Balances |  | Unfunded Commitments |  | Total exposure |  | Total Exposure at December 31, 2023
Lessors of nonresidential buildings | $ | 4,647,723 |  |  | $ | 996,939 |  |  | $ | 5,644,662 |  |  | $ | 5,916,335 |
Lessors of residential buildings | 2,327,255 |  |  | 754,989 |  |  | 3,082,244 |  |  | 3,179,041 |
New Housing For-Sale Builders | 599,894 |  |  | 760,300 |  |  | 1,360,194 |  |  | 1,396,653 |
Music Publishers | 885,440 |  |  | 425,793 |  |  | 1,311,233 |  |  | 1,219,781 |

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