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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the financial instruments carried at fair value on a recurring basis as of December 31, 2024 and 2023, by caption on the consolidated balance sheets and by FASB ASC 820 valuation hierarchy (as described above) (in thousands):

			Total carrying value in the consolidated balance sheet						Quoted market prices in an active market (Level 1)						Models with significant observable market parameters (Level 2)						Models with significant unobservable market parameters (Level 3)
December 31, 2024
Investment securities available-for-sale:
U.S. Treasury securities			$	1,405,478					$	—					$	1,405,478					$	—
U.S. Government agency securities			214,066						—						214,066						—
Mortgage-backed securities			1,962,359						—						1,962,359						—
State and municipal securities			1,506,557						—						1,506,222						335
Asset-backed securities			45,338						—						45,338						—
Corporate notes and other			448,571						—						435,682						12,889
Total investment securities available-for-sale			5,582,369						—						5,569,145						13,224
Other investments			198,721						—						22,170						176,551
Mortgage servicing rights			11,854						—						—						11,854
Other assets			177,100						—						177,100						—
Total assets at fair value			$	5,970,044					$	—					$	5,768,415					$	201,629
Other liabilities			$	98,311					$	—					$	98,311					$	—
Total liabilities at fair value			$	98,311					$	—					$	98,311					$	—

			Total carrying value in the consolidated balance sheet						Quoted market prices in an active market (Level 1)						Models with significant observable market parameters (Level 2)						Models with significant unobservable market parameters (Level 3)
December 31, 2023
Investment securities available-for-sale:
U.S. Treasury securities			$	893,412					$	—					$	893,412					$	—
U.S. Government agency securities			262,730						—						262,730						—
Mortgage-backed securities			947,390						—						947,390						—
State and municipal securities			1,585,895						—						1,585,416						479
Asset-backed securities			191,635						—						191,635						—
Corporate notes and other			436,468						—						436,468						—
Total investment securities available-for-sale			4,317,530						—						4,317,051						479
Other investments			179,487						—						22,347						157,140
Other assets			197,541						—						197,541						—
Total assets at fair value			$	4,694,558					$	—					$	4,536,939					$	157,619
Other liabilities			$	79,068					$	—					$	79,068					$	—
Total liabilities at fair value			$	79,068					$	—					$	79,068					$	—

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The following table presents assets measured at fair value on a nonrecurring basis as of December 31, 2024 and 2023 (in thousands):

December 31, 2024			Total carrying value in the consolidated balance sheet						Quoted market prices in an active market (Level 1)						Models with significant observable market parameters (Level 2)						Models with significant unobservable market parameters (Level 3)
Other real estate owned			$	1,278					$	—					$	—					$	1,278
Collateral dependent loans (1)			84,273						—						—						84,273
Total			$	85,551					$	—					$	—					$	85,551
December 31, 2023
Other real estate owned			$	3,937					$	—					$	—					$	3,937
Collateral dependent loans (1)			52,167						—						—						52,167
Total			$	56,104					$	—					$	—					$	56,104

(1)The carrying values of collateral dependent loans at December 31, 2024 and 2023 are net of valuation allowances of $54.7 million and $18.6 million, respectively.

Rollforward of the Balance Sheet Amounts, Unobservable Input Reconciliation

			For the year ended December 31,
			2024																		2023
			Available-for-sale Securities						Other investments						Mortgage Servicing Rights						Available-for-sale Securities						Other investments
Fair value, Jan. 1			$	479					$	157,140					$	—					$	629					$	130,982
Total net realized gains included in income			52						3,153						11,854						4						3,112
Change in unrealized gains/losses included in other comprehensive income (loss)			17						—						—						5						—
Transfers into Level 3			12,841						—						—						—						—
Purchases			—						32,538						—						—						32,515
Issuances			—						—						—						—						—
Settlements			(165)						(16,280)						—						(159)						(9,469)
Transfers out of Level 3			—						—						—						—						—
Fair value, Dec. 31			$	13,224					$	176,551					$	11,854					$	479					$	157,140
Total net realized gains included in income			$	52					$	3,153					$	11,854					$	4					$	3,112

Carrying Amounts, Estimated Fair Value and Placement in the Fair Value Hierarchy of Financial Instruments

The following table presents the carrying amounts, estimated fair value and placement in the fair value hierarchy of Pinnacle Financial's financial instruments at December 31, 2024 and 2023. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash, cash equivalents, interest-bearing due from banks and restricted cash, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as non-interest bearing demand, interest-bearing demand, and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity (in thousands).

			Carrying/ Notional Amount						Estimated Fair Value (1)						Quoted market prices in an active market (Level 1)						Models with significant observable market parameters (Level 2)						Models with significant unobservable market parameters (Level 3)
December 31, 2024
Financial assets:
Securities purchased with agreement to resell			$	66,449					$	66,451					$	—					$	—					$	66,451
Securities held-to-maturity			2,798,899						2,560,252						—						2,560,252						—
Loans, net			35,071,282						34,440,683						—						—						34,440,683
Consumer loans held-for-sale			175,627						175,838						—						175,838						—
Commercial loans held-for-sale			19,700						19,724						—						19,724						—
Financial liabilities:
Deposits and securities sold under agreements to repurchase			43,073,236						42,190,235						—						—						42,190,235
Federal Home Loan Bank advances			1,874,134						1,874,588						—						—						1,874,588
Subordinated debt and other borrowings			425,821						431,996						—						—						431,996
December 31, 2023
Financial assets:
Securities purchased with agreement to resell			$	558,009					$	461,375					$	—					$	—					$	461,375
Securities held-to-maturity			3,006,357						2,775,184						—						2,775,184						—
Loans, net			32,323,036						31,863,583						—						—						31,863,583
Consumer loans held-for-sale			104,217						104,626						—						104,626						—
Commercial loans held-for-sale			9,280						9,316						—						9,316						—
Financial liabilities:
Deposits and securities sold under agreements to repurchase			38,749,299						37,954,938						—						—						37,954,938
Federal Home Loan Bank advances			2,138,169						2,166,912						—						—						2,166,912

			Carrying/ Notional Amount						Estimated Fair Value (1)						Quoted market prices in an active market (Level 1)						Models with significant observable market parameters (Level 2)						Models with significant unobservable market parameters (Level 3)
Subordinated debt and other borrowings			424,938						462,399						—						—						462,399

(1)Estimated fair values are consistent with an exit-price concept. The assumptions used to estimate the fair values are intended to approximate those that a market-participant would realize in a hypothetical orderly transaction.

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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