Securities (Tables)

12 Months Ended

Dec. 31, 2016

Securities [Abstract]

Summary of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities

The amortized cost and fair value of securities available-for-sale and held-to-maturity at December 31, 2016 and 2015 are summarized as follows (in thousands):

December 31, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available-for-sale:
U.S Treasury securities	$	250	$	-	$	-	$	250
U.S. Government agency securities		22,306		-		537		21,769
Mortgage-backed securities		988,008		4,304		15,686		976,626
State and municipal securities		211,581		4,103		2,964		212,720
Asset-backed securities		79,318		111		849		78,580
Corporate notes		8,608		39		46		8,601
	$	1,310,071	$	8,557	$	20,082	$	1,298,546
Securities held-to-maturity:
State and municipal securities		25,251		87		105		25,233
	$	25,251	$	87	$	105	$	25,233
December 31, 2015
Securities available-for-sale:
U.S Treasury securities	$	-	$	-	$	-	$	-
U.S. Government agency securities		131,499		3		3,309		128,193
Mortgage-backed securities		581,998		5,948		5,030		582,916
State and municipal securities		158,072		7,094		124		165,042
Asset-backed securities		49,598		8		805		48,801
Corporate notes		9,541		589		17		10,113
	$	930,708	$	13,642	$	9,285	$	935,065
Securities held-to-maturity:
State and municipal securities		31,377		257		48		31,586
	$	31,377	$	257	$	48	$	31,586

At December 31, 2016, approximately $902.9 million of Pinnacle Financial's investment portfolio was pledged to secure public funds and other deposits and securities sold under agreements to repurchase. At December 31, 2016, repurchase agreements comprised of secured borrowings totaled $85.7 million and were secured by $85.7 million of pledged U.S. government agency securities, municipal securities, asset backed securities, and corporate debentures. As the fair value of securities pledged to secure repurchase agreements may decline, Pinnacle Financial regularly evaluates its need to pledge additional securities for the counterparty to remain adequately secured.

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities as of December 31, 2016 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories in the following summary (in thousands):

	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	2,533	$	2,556	$	594	$	594
Due in one year to five years		60,311		61,591		10,186		10,182
Due in five years to ten years		122,753		123,769		10,586		10,567
Due after ten years		57,148		55,424		3,885		3,890
Mortgage-backed securities		988,008		976,626		-		-
Asset-backed securities		79,318		78,580		-		-
	$	1,310,071	$	1,298,546	$	25,251	$	25,233

Classification of Investments According to Term of Unrealized Losses of Less than Twelve Months or Twelve Months or Longer

At December 31, 2016 and 2015, included in securities were the following investments with unrealized losses. The information below classifies these investments according to the term of the unrealized loss of less than twelve months or twelve months or longer (in thousands):

	Investments with an Unrealized Loss of less than 12 months				Investments with an Unrealized Loss of 12 months or longer				Total Investments with an Unrealized Loss
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2016
U.S. Treasury securities	$	-	$	-	$	-	$	-	$	-	$	-
U.S. government agency securities		-		-		20,820		537		20,820		537
Mortgage-backed securities		801,213		15,073		43,148		613		844,361		15,686
State and municipal securities		87,277		3,068		312		1		87,589		3,069
Asset-backed securities		14,510		32		34,097		817		48,607		849
Corporate notes		4,810		46		-		-		4,810		46
Total temporarily-impaired securities	$	907,810	$	18,219	$	98,377	$	1,968	$	1,006,187	$	20,187
December 31, 2015
U.S. Treasury securities	$	-	$	-	$	-	$	-	$	-	$	-
U.S. government agency securities		61,903		1,702		65,538		1,607		127,441		3,309
Mortgage-backed securities		338,230		2,789		103,003		2,241		441,233		5,030
State and municipal securities		6,509		38		6,135		134		12,644		172
Asset-backed securities		41,466		798		3,539		7		45,005		805
Corporate notes		2,554		17		-		-		2,554		17
Total temporarily-impaired securities	$	450,662	$	5,344	$	178,215	$	3,989	$	628,877	$	9,333