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Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity 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, 2018 and 2017 are summarized as follows (in thousands):
 
Amortized Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
December 31, 2018
 
 
 
 
 
 
 
Securities available-for-sale:
 
 
 
 
 
 
 
U.S Treasury securities
$
30,325

 
$
—

 
$
25

 
$
30,300

U.S. Government agency securities
71,456

 
49

 
1,346

 
70,159

Mortgage-backed securities
1,336,469

 
3,110

 
28,634

 
1,310,945

State and municipal securities
1,244,471

 
3,785

 
18,602

 
1,229,654

Asset-backed securities
379,107

 
820

 
4,345

 
375,582

Corporate notes
69,399

 
170

 
2,523

 
67,046

 
$
3,131,227

 
$
7,934

 
$
55,475

 
$
3,083,686

Securities held-to-maturity:
 

 
 

 
 

 
 

State and municipal securities
194,282

 
152

 
1,303

 
193,131

 
$
194,282

 
$
152

 
$
1,303

 
$
193,131

 
 
 
 
 
 
 
 
December 31, 2017
 

 
 

 
 

 
 

Securities available-for-sale:
 

 
 

 
 

 
 

U.S Treasury securities
$
30,505

 
$
—

 
$
60

 
$
30,445

U.S. Government agency securities
182,500

 
67

 
1,766

 
180,801

Mortgage-backed securities
1,270,625

 
5,318

 
12,124

 
1,263,819

State and municipal securities
774,949

 
12,251

 
2,588

 
784,612

Asset-backed securities
173,346

 
262

 
316

 
173,292

Corporate notes
81,615

 
1,346

 
647

 
82,314

 
$
2,513,540

 
$
19,244

 
$
17,501

 
$
2,515,283

Securities held-to-maturity:
 

 
 

 
 

 
 

State and municipal securities
20,762

 
114

 
46

 
20,830

 
$
20,762

 
$
114

 
$
46

 
$
20,830

 
In 2018, Pinnacle Financial transferred, at fair value, $179.8 million of municipal securities from the available-for-sale portfolio to the held-to-maturity portfolio. The related net unrealized after tax losses of $2.2 million remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. No gains or losses were recognized at the time of the transfer. At December 31, 2018, approximately $1.2 billion 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, 2018, repurchase agreements comprised of secured borrowings totaled $104.7 million and were secured by $104.7 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, 2018 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
$
47,546

 
$
47,474

 
$
325

 
$
326

Due in one year to five years
45,037

 
44,925

 
5,710

 
5,700

Due in five years to ten years
100,401

 
98,424

 
7,980

 
7,935

Due after ten years
1,222,667

 
1,206,336

 
180,267

 
179,170

Mortgage-backed securities
1,336,469

 
1,310,945

 
—

 
—

Asset-backed securities
379,107

 
375,582

 
—

 
—

 
$
3,131,227

 
$
3,083,686

 
$
194,282

 
$
193,131
Classification of Investments According to Term of Unrealized Losses of Less than Twelve Months or Twelve Months or Longer
At December 31, 2018 and 2017, 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, 2018
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
30,054

 
$
22

 
$
246

 
$
3

 
$
30,300

 
$
25

U.S. government agency securities
13,697

 
328

 
42,539

 
1,018

 
56,236

 
1,346

Mortgage-backed securities
203,299

 
2,134

 
882,231

 
26,500

 
1,085,530

 
28,634

State and municipal securities
805,821

 
18,643

 
198,610

 
4,078

 
1,004,431

 
22,721

Asset-backed securities
268,677

 
4,118

 
11,828

 
227

 
280,505

 
4,345

Corporate notes
26,272

 
1,538

 
25,915

 
985

 
52,187

 
2,523

Total temporarily-impaired securities
$
1,347,820

 
$
26,783

 
$
1,161,369

 
$
32,811

 
$
2,509,189

 
$
59,594

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury securities
$
29,948

 
$
60

 
$
—

 
$
—

 
$
29,948

 
$
60

U.S. government agency securities
173,677

 
1,766

 
—

 
—

 
173,677

 
1,766

Mortgage-backed securities
607,408

 
5,042

 
285,561

 
7,082

 
892,969

 
12,124

State and municipal securities
115,403

 
1,408

 
50,083

 
1,226

 
165,486

 
2,634

Asset-backed securities
68,742

 
198

 
14,136

 
118

 
82,878

 
316

Corporate notes
22,168

 
547

 
11,944

 
100

 
34,112

 
647

Total temporarily-impaired securities
$
1,017,346

 
$
9,021

 
$
361,724

 
$
8,526

 
$
1,379,070

 
$
17,547