Subordinated Debt and Other borrowings (Tables)

3 Months Ended

Mar. 31, 2020

Subordinated Debt [Abstract]

Schedule of Subordinated Debt and 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. Pinnacle Financial also has a $75.0 million revolving credit facility, of which it had no outstanding borrowings as of March 31, 2020. Pinnacle Financial and the lender amended this credit facility on April 22, 2020 to, among other things, extend the maturity date to July 24, 2020. Additionally, Pinnacle Financial and Pinnacle Bank have entered into certain other subordinated debt agreements as outlined below as of March 31, 2020 (in thousands):

Name	Date Established	Maturity	Total Debt Outstanding		Interest Rate at March 31, 2020		Coupon Structure
Trust preferred securities
Pinnacle Statutory Trust I	December 29, 2003	December 30, 2033	$	10,310	3.64	%	30-day LIBOR + 2.80%
Pinnacle Statutory Trust II	September 15, 2005	September 30, 2035	20,619		2.77	%	30-day LIBOR + 1.40%
Pinnacle Statutory Trust III	September 7, 2006	September 30, 2036	20,619		3.10	%	30-day LIBOR + 1.65%
Pinnacle Statutory Trust IV	October 31, 2007	September 30, 2037	30,928		3.59	%	30-day LIBOR + 2.85%
BNC Capital Trust I	April 3, 2003	April 15, 2033	5,155		5.25	%	30-day LIBOR + 3.25%
BNC Capital Trust II	March 11, 2004	April 7, 2034	6,186		4.68	%	30-day LIBOR + 2.85%
BNC Capital Trust III	September 23, 2004	September 23, 2034	5,155		4.23	%	30-day LIBOR + 2.40%
BNC Capital Trust IV	September 27, 2006	December 31, 2036	7,217		3.07	%	30-day LIBOR + 1.70%
Valley Financial Trust I	June 26, 2003	June 26, 2033	4,124		4.33	%	30-day LIBOR + 3.10%
Valley Financial Trust II	September 26, 2005	December 15, 2035	7,217		2.23	%	30-day LIBOR + 1.49%
Valley Financial Trust III	December 15, 2006	January 30, 2037	5,155		3.50	%	30-day LIBOR + 1.73%
Southcoast Capital Trust III	August 5, 2005	September 30, 2035	10,310		2.87	%	30-day LIBOR + 1.50%
Subordinated Debt
Pinnacle Bank Subordinated Notes	July 30, 2015	July 30, 2025	60,000		4.88	%	Fixed (1)
Pinnacle Bank Subordinated Notes	March 10, 2016	July 30, 2025	70,000		4.88	%	Fixed (1)
Pinnacle Financial Subordinated Notes	November 16, 2016	November 16, 2026	120,000		5.25	%	Fixed (2)
Pinnacle Financial Subordinated Notes	September 11, 2019	September 15, 2029	300,000		4.13	%	Fixed (3)
Other Borrowings
Revolving credit facility (4)	April 25, 2019	April 24, 2020	—				30-day LIBOR + 1.50%
Debt issuance costs and fair value adjustments			(13,337)
Total subordinated debt and other borrowings			$	669,658

(1) Migrates to three month LIBOR + 3.128% beginning July 30, 2020 through the end of the term.

(2) Migrates to three month LIBOR + 3.884% beginning November 16, 2021 through the end of the term.

(3) Migrates to three month LIBOR + 2.775% beginning September 15, 2024 through the end of the term.

(4) Borrowing capacity on the revolving credit facility is $75.0 million. At March 31, 2020, there were no amounts outstanding under this facility. An unused fee of 0.30% is assessed on the average daily unused amount of the loan. On April 22, 2020, the facility was amended to extend the maturity date to July 24, 2020.