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Equity method investment
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity method investment
Note 2. Equity method investment

A summary of BHG's financial position as of September 30, 2024 and December 31, 2023 and results of operations as of and for the three and nine months ended September 30, 2024 and 2023, were as follows (in thousands):
 As of
 September 30, 2024December 31, 2023
Assets$3,737,126 $4,304,835 
Liabilities3,224,579 3,749,821 
Equity interests512,547 555,014 
Total liabilities and equity$3,737,126 $4,304,835 
 For the three months ended
September 30,		For the nine months ended
September 30,
 2024202320242023
Revenues$202,114 $311,276 $708,182 $924,560 
Net income$34,058 $48,125 $105,623 $152,163 

At September 30, 2024, technology, trade name and customer relationship intangibles associated with Pinnacle Bank's investment in BHG, net of related amortization, totaled $5.8 million compared to $6.0 million as of December 31, 2023. Amortization expense of $60,000 and $178,000, respectively, was included for the three and nine months ended September 30, 2024 compared to $88,000 and $262,000, respectively, for the same periods in the prior year. Accretion income of $34,000 and $108,000, respectively, was included in the three and nine months ended September 30, 2024 compared to $43,000 and $183,000, respectively, for the same periods in the prior year.

During the three and nine months ended September 30, 2024, Pinnacle Bank received dividends of $24.8 million and $71.7 million, respectively, from BHG compared to $5.6 million and $33.2 million, respectively, received during the three and nine months ended September 30, 2023. Earnings from BHG are included in Pinnacle Financial's consolidated tax return. Profits from intercompany transactions are eliminated. During the three and nine months ended September 30, 2024 and 2023, Pinnacle Bank purchased no loans from BHG. At September 30, 2024 and December 31, 2023, there were $177.7 million and $263.0 million, respectively, of BHG joint venture program loans held by Pinnacle Bank. These loans were purchased from BHG by Pinnacle Bank at par and BHG and Pinnacle Bank share proportionately in the credit risk of the acquired loans based on the rate on the loan and the rate of the purchase. The yield on this portfolio to Pinnacle Bank is between 4.50% and 6.00% per annum. During the three and nine months ended September 30, 2024, Pinnacle Bank sold $10.2 million and $30.7 million, respectively, of BHG joint venture program loans back to BHG at par.