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Other borrowings

12 Months Ended

Dec. 31, 2024

Subordinated Debt [Abstract]

Subordinated Borrowings Disclosure

Note 10.  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 Pinnacle Financial has entered into certain other subordinated debt agreements. These instruments are outlined below as of December 31, 2024 (in thousands):

Name			Date Established			Maturity			Total Debt Outstanding			Interest Rate at December 31, 2024			Coupon Structure
Trust preferred securities
Pinnacle Statutory Trust I			December 29, 2003			December 30, 2033			$	10,310		7.41		%	3-month SOFR + 2.80%(1)
Pinnacle Statutory Trust II			September 15, 2005			September 30, 2035			20,619			5.99		%	3-month SOFR + 1.40%(1)
Pinnacle Statutory Trust III			September 07, 2006			September 30, 2036			20,619			6.24		%	3-month SOFR + 1.65%(1)
Pinnacle Statutory Trust IV			October 31, 2007			September 30, 2037			30,928			7.47		%	3-month SOFR + 2.85%(1)
BNC Capital Trust I			April 03, 2003			April 15, 2033			5,155			8.17		%	3-month SOFR + 3.25%(1)
BNC Capital Trust II			March 11, 2004			April 07, 2034			6,186			7.77		%	3-month SOFR + 2.85%(1)
BNC Capital Trust III			September 23, 2004			September 23, 2034			5,155			7.32		%	3-month SOFR + 2.40%(1)
BNC Capital Trust IV			September 27, 2006			December 31, 2036			7,217			6.29		%	3-month SOFR + 1.70%(1)
Valley Financial Trust I			June 26, 2003			June 26, 2033			4,124			7.69		%	3-month SOFR + 3.10%(1)
Valley Financial Trust II			September 26, 2005			December 15, 2035			7,217			6.11		%	3-month SOFR + 1.49%(1)
Valley Financial Trust III			December 15, 2006			January 30, 2037			5,155			6.58		%	3-month SOFR + 1.73%(1)
Southcoast Capital Trust III			August 05, 2005			September 30, 2035			10,310			6.09		%	3-month SOFR + 1.50%(1)

Name

Date Established

Maturity

Total Debt Outstanding

Interest Rate at December 31, 2024

Coupon Structure

Subordinated Debt

Pinnacle Financial Subordinated Notes

September 11, 2019

September 15, 2029

300,000

7.40

%

3-month SOFR + 3.04%(2)

Debt issuance costs and fair value adjustment

(7,174)

Total subordinated debt and other borrowings

$

425,821

(1) Rate transitioned to three month 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 migrated to three month SOFR + 3.04% beginning September 15, 2024 through the end of the term as three month LIBOR ceased to be published effective July 1, 2023.

X

- 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

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X

- References

No definition available.

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