Other borrowings

3 Months Ended

Mar. 31, 2023

Note 11. 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 and has entered into certain other subordinated debt agreements. These instruments are outlined below as of March 31, 2023 (in thousands):


Name	Date Established	Maturity	Total Debt Outstanding		Interest Rate at March 31, 2023		Coupon Structure
Trust preferred securities
PNFP Statutory Trust I	December 29, 2003	December 30, 2033	$	10,310	7.71	%	3-month LIBOR + 2.80% (1)
PNFP Statutory Trust II	September 15, 2005	September 30, 2035	20,619		6.56	%	3-month LIBOR + 1.40% (1)
PNFP Statutory Trust III	September 7, 2006	September 30, 2036	20,619		6.81	%	3-month LIBOR + 1.65% (1)
PNFP Statutory Trust IV	October 31, 2007	September 30, 2037	30,928		7.72	%	3-month LIBOR + 2.85% (1)
BNC Capital Trust I	April 3, 2003	April 15, 2033	5,155		8.08	%	3-month LIBOR + 3.25% (1)
BNC Capital Trust II	March 11, 2004	April 7, 2034	6,186		7.68	%	3-month LIBOR + 2.85% (1)
BNC Capital Trust III	September 23, 2004	September 23, 2034	5,155		7.23	%	3-month LIBOR + 2.40% (1)
BNC Capital Trust IV	September 27, 2006	December 31, 2036	7,217		6.86	%	3-month LIBOR + 1.70% (1)
Valley Financial Trust I	June 26, 2003	June 26, 2033	4,124		8.23	%	3-month LIBOR + 3.10% (1)
Valley Financial Trust II	September 26, 2005	December 15, 2035	7,217		6.36	%	3-month LIBOR + 1.49% (1)
Valley Financial Trust III	December 15, 2006	January 30, 2037	5,155		6.53	%	3-month LIBOR + 1.73% (1)
Southcoast Capital Trust III	August 5, 2005	September 30, 2035	10,310		6.66	%	3-month LIBOR + 1.50% (1)

Subordinated Debt



Pinnacle Financial Subordinated Notes	September 11, 2019	September 15, 2029	300,000		4.13	%	Fixed (2)





Debt issuance costs and fair value adjustments			(8,719)
Total subordinated debt and other borrowings			$	424,276

(1) Expected to transition to 3-month term SOFR plus a comparable tenor spread adjustment when 3-month LIBOR is no longer published on a future adjustment date.

(2) Migrates to three month LIBOR + 2.775% (or an alternative benchmark rate plus comparable spread in the event that three month LIBOR is no longer published on such adjustment date) beginning September 15, 2024 through the end of the term.