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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present financial instruments measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, 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)
September 30, 2025 |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,593,558 |  |  | $ | — |  |  | $ | 1,593,558 |  |  | $ | — |
U.S. Government agency securities | 203,816 |  |  | — |  |  | 203,816 |  |  | — |
Mortgage-backed securities | 2,618,190 |  |  | — |  |  | 2,618,190 |  |  | — |
State and municipal securities | 1,690,538 |  |  | — |  |  | 1,690,538 |  |  | — |
Agency-backed securities | 195 |  |  | — |  |  | 195 |  |  | — |
Corporate notes and other | 305,509 |  |  | — |  |  | 292,582 |  |  | 12,927 |
Total investment securities available-for-sale | 6,411,806 |  |  | — |  |  | 6,398,879 |  |  | 12,927 |
Other investments | 238,395 |  |  | — |  |  | 22,750 |  |  | 215,645 |
Mortgage servicing rights | 10,684 |  |  | — |  |  | — |  |  | 10,684 |
Other assets | 203,557 |  |  | — |  |  | 203,557 |  |  | — |
Total assets at fair value | $ | 6,864,442 |  |  | $ | — |  |  | $ | 6,625,186 |  |  | $ | 239,256 |
Other liabilities | $ | 78,561 |  |  | $ | — |  |  | $ | 78,561 |  |  | $ | — |
Total liabilities at fair value | $ | 78,561 |  |  | $ | — |  |  | $ | 78,561 |  |  | $ | — |
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 |
Agency-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 |  |  | $ | — |
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 September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025 | 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 | $ | 5,129 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,129 |
Collateral dependent loans (1) | 113,230 |  |  | — |  |  | — |  |  | 113,230 |
Total | $ | 118,359 |  |  | $ | — |  |  | $ | — |  |  | $ | 118,359 |
December 31, 2024 |  |  |  |  |  |  |
Other real estate owned | $ | 1,278 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,278 |
Collateral dependent loans (1) | 84,273 |  |  | — |  |  | — |  |  | 84,273 |
Total | $ | 85,551 |  |  | $ | — |  |  | $ | — |  |  | $ | 85,551 |
(1) The carrying values of collateral dependent loans at September 30, 2025 and December 31, 2024 are net of valuation allowances of $34.5 million and $54.7 million, respectively.
Rollforward of the Balance Sheet Amounts, Unobservable Input Reconciliation | The table below includes a rollforward of the balance sheet amounts for the three and nine months ended September 30, 2025 and 2024 (including the change in fair value) for financial instruments classified by Pinnacle Financial within Level 3 of the valuation hierarchy measured at fair value on a recurring basis including changes in fair value due in part to observable factors that are part of the valuation methodology (in thousands):
| For the Three months ended September 30, |  | For the Nine months ended September 30,
| 2025 | 2024 |  | 2025 | 2024
| Available-for-sale securities | Other investments | Mortgage servicing rights |  | Available-for-sale securities | Other investments | Mortgage servicing rights |  |  | Available-for-sale securities | Other investments | Mortgage servicing rights | Available-for-sale securities | Other investments | Mortgage servicing rights
Fair value, beginning of period | $ | 13,086 |  | $ | 199,420 |  | $ | 10,903 |  |  | $ | 13,197 |  | $ | 168,312 |  | $ | 11,301 |  |  |  | $13,224 | $176,551 | $11,854 | $479 | $157,140 | $—
Total realized gains (losses) included in income | 14 |  | 4,822 |  | (219) |  |  | 13 |  | 2,414 |  | (343) |  |  |  | 40 | 8,396 | (1,170) | 39 | 1,879 | 10,958
Changes in unrealized gains/losses included in other comprehensive income (loss) | — |  | — |  | — |  |  | 2 |  | — |  | — |  |  |  | 2 | — | — | 18 | — | —
Transfers into Level 3 | — |  | — |  | — |  |  | — |  | — |  | — |  |  |  | — | — | — | 12,841 | — | —
Purchases | — |  | 12,879 |  | — |  |  | — |  | 5,608 |  | — |  |  |  | — | 37,501 | — | — | 22,910 | —
Issuances | — |  | — |  | — |  |  | — |  | — |  | — |  |  |  | — | — | — | — | — | —
Settlements | (173) |  | (1,476) |  | — |  |  | — |  | (6,078) |  | — |  |  |  | (339) | (6,803) | — | (165) | (11,673) | —
Transfers out of Level 3 | — |  | — |  | — |  |  | — |  | — |  | — |  |  |  | — | — | — | — | — | —
Fair value, end of period | $ | 12,927 |  | $ | 215,645 |  | $ | 10,684 |  |  | $ | 13,212 |  | $ | 170,256 |  | $ | 10,958 |  |  |  | $12,927 | $215,645 | $10,684 | $13,212 | $170,256 | $10,958
Total net realized gains (losses) included in income | $ | 14 |  | $ | 4,822 |  | $ | (219) |  |  | $ | 13 |  | $ | 2,414 |  | $ | (343) |  |  |  | $40 | $8,396 | $(1,170) | $39 | $1,879 | $10,958
Carrying Amounts, Estimated Fair Value and Placement in the Fair Value Hierarchy of Financial Instruments | The following tables present the carrying amounts, estimated fair value and placement in the fair value hierarchy of Pinnacle Financial's financial instruments at September 30, 2025 and December 31, 2024. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash, cash equivalents, 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 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)
September 30, 2025 |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |
Securities purchased with agreement to resell | $ | 83,120 |  |  | $ | 83,121 |  |  | $ | — |  |  | $ | — |  |  | $ | 83,121 |
Securities held-to-maturity | 2,644,802 |  |  | 2,432,068 |  |  | — |  |  | 2,432,068 |  |  | — |
Loans, net | 37,498,163 |  |  | 37,082,950 |  |  | — |  |  | — |  |  | 37,082,950 |
Consumer loans held-for-sale | 163,129 |  |  | 163,509 |  |  | — |  |  | 163,509 |  |  | — |
Commercial loans held-for-sale | 12,267 |  |  | 12,296 |  |  | — |  |  | 12,296 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits and securities sold under |  |  |  |  |  |  |  |  |
agreements to repurchase | 46,052,697 |  |  | 45,108,617 |  |  | — |  |  | — |  |  | 45,108,617 |
Federal Home Loan Bank advances | 1,777,003 |  |  | 1,802,117 |  |  | — |  |  | — |  |  | 1,802,117 |
Subordinated debt and other borrowings | 426,483 |  |  | 429,775 |  |  | — |  |  | — |  |  | 429,775 |
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 |
(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.

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- 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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