PINNACLE FINANCIAL PARTNERS INC, 10-K filed on 2/26/2024
Annual Report
v3.24.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 22, 2024
Jun. 30, 2023
Document Information [Line Items]      
Auditor Name Crowe LLP    
Auditor Location Denver, Colorado    
Auditor Firm ID 173    
Cover [Abstract]      
Document Type 10-K    
Document Period End Date Dec. 31, 2023    
Entity File Number 000-31225    
Entity Registrant Name Pinnacle Financial Partners Inc.    
Entity Tax Identification Number 62-1812853    
Entity Central Index Key 0001115055    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Public Float     $ 4,267,838,784
Entity Common Stock, Shares Outstanding   76,939,919  
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Incorporation, State or Country Code TN    
Entity Address, Address Line One 150 Third Avenue South, Suite 900,    
Entity Address, City or Town Nashville,    
Entity Address, State or Province TN    
Entity Address, Postal Zip Code 37201    
City Area Code (615)    
Local Phone Number 744-3700    
Entity Interactive Data Current Yes    
Document Annual Report true    
Document Transition Report false    
Document Financial Statement Error Correction [Flag] false    
Common Class A      
Cover [Abstract]      
Title of 12(b) Security Common Stock, par value $1.00    
Trading Symbol PNFP    
Security Exchange Name NASDAQ    
Noncumulative Preferred Stock      
Cover [Abstract]      
Title of 12(b) Security Depositary Shares (each representing 1/40th interest in a share of 6.75% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series B)    
Trading Symbol PNFPP    
Security Exchange Name NASDAQ    
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets [Abstract]    
Cash and noninterest-bearing due from banks $ 228,620 $ 268,649
Restricted cash 86,873 31,447
Interest-bearing due from banks 1,914,856 877,286
Cash and cash equivalents 2,230,349 1,177,382
Securities Purchased under Agreements to Resell 558,009 513,276
Securities available-for-sale, at fair value 4,317,530 3,558,870
Securities held-to-maturity (fair value of $2.8 billion and $2.7 billion, net of allowance for credit losses of $1.7 million and $1.6 million at Dec. 31, 2023 and 2022, respectively) 3,006,357 3,079,050
Consumer loans held-for-sale 104,217 42,237
Commercial loans held-for-sale 9,280 21,093
Loans 32,676,091 29,041,605
Less allowance for credit losses (353,055) (300,665)
Loans, net 32,323,036 28,740,940
Premises and equipment, net 256,877 327,885
Equity method investment 445,223 443,185
Accrued interest receivable 217,491 161,182
Goodwill 1,846,973 1,846,973
Core deposits and other intangible assets 27,465 34,555
Other real estate owned 3,937 7,952
Other assets 2,613,139 2,015,441
Total assets 47,959,883 41,970,021
Deposits:    
Non-interest-bearing 7,906,502 9,812,744
Interest-bearing 11,365,349 7,884,605
Savings and money market accounts 14,427,206 13,774,534
Time Deposits 4,840,753 3,489,355
Total deposits 38,539,810 34,961,238
Securities sold under agreements to repurchase 209,489 194,910
Federal Home Loan Bank advances 2,138,169 464,436
Subordinated debt and other borrowings 424,938 424,055
Accrued interest payable 66,967 19,478
Other liabilities 544,722 386,512
Total liabilities 41,924,095 36,450,629
Stockholders' Equity Attributable to Parent [Abstract]    
Preferred stock, no par value; 10.0 million shares authorized; 225,000 shares non-cumulative perpetual preferred stock, Series B, liquidation preference $225.0 million, issued and outstanding at Dec. 31, 2023 and 2022, respectively 217,126 217,126
Common stock, par value $1.00; 180.0 million shares authorized; 76.8 million and 76.5 million shares issued and outstanding at Dec. 31, 2023 and 2022, respectively 76,767 76,454
Additional paid-in capital 3,109,493 3,074,867
Retained earnings 2,784,927 2,341,706
Accumulated other comprehensive loss, net of taxes (152,525) (190,761)
Total shareholders' equity 6,035,788 5,519,392
Total liabilities and shareholders' equity $ 47,959,883 $ 41,970,021
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets [Abstract]    
Securities held-to-maturity, fair value $ 2,775,184 $ 2,744,946
Allowance for credit losses - securities held-to-maturity $ (1,707) $ (1,608)
Stockholders' equity:    
Preferred stock, par value (in dollars per share) $ 0 $ 0
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 225,000 225,000
Preferred stock, shares outstanding (in shares) 225,000 225,000
Common stock, par value (in dollars per share) $ 1.00 $ 1.00
Common stock, shares authorized (in shares) 180,000,000 180,000,000
Common stock, shares issued (in shares) 76,767,000 76,454,000
Common stock, shares outstanding (in shares) 76,767,000 76,454,000
v3.24.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income:      
Loans, including fees $ 1,950,365,000 $ 1,182,492,000 $ 924,043,000
Securities:      
Taxable 140,308,000 67,063,000 34,769,000
Tax-exempt 97,625,000 81,522,000 64,848,000
Federal funds sold and other 165,070,000 42,858,000 7,554,000
Total interest income 2,353,368,000 1,373,935,000 1,031,214,000
Interest expense:      
Deposits 983,118,000 204,119,000 54,116,000
Securities sold under agreements to repurchase 3,744,000 794,000 239,000
Federal Home Loan Bank advances and other borrowings 104,388,000 39,729,000 44,458,000
Total interest expense 1,091,250,000 244,642,000 98,813,000
Net interest income 1,262,118,000 1,129,293,000 932,401,000
Provision for credit losses 93,596,000 67,925,000 16,126,000
Net interest income after provision for credit losses 1,168,522,000 1,061,368,000 916,275,000
Noninterest income:      
Total noninterest income 433,253,000 416,124,000 395,734,000
Noninterest expense:      
Salaries and employee benefits 531,828,000 510,175,000 436,006,000
Equipment and occupancy 138,980,000 109,672,000 95,250,000
Other real estate (benefit) expense, net 315,000 280,000 (712,000)
Marketing and other business development 23,914,000 21,073,000 12,888,000
Postage and supplies 11,143,000 10,168,000 8,195,000
Amortization of intangibles 7,090,000 7,810,000 8,518,000
Other noninterest expense 174,499,000 120,821,000 99,959,000
Total noninterest expense 887,769,000 779,999,000 660,104,000
Income before income taxes 714,006,000 697,493,000 651,905,000
Income tax expense 151,854,000 136,751,000 124,582,000
Net income 562,152,000 560,742,000 527,323,000
Preferred stock dividends 15,192,000 15,192,000 15,192,000
Net income available to common shareholders $ 546,960,000 $ 545,550,000 $ 512,131,000
Per share information:      
Basic net income per common share $ 7.20 $ 7.20 $ 6.79
Diluted net income per common share $ 7.14 $ 7.17 $ 6.75
Weighted average common shares outstanding:      
Basic 76,016,370 75,735,404 75,468,339
Diluted 76,647,543 76,133,865 75,927,147
Service charges on deposit accounts      
Noninterest income:      
Total noninterest income $ 49,223,000 $ 44,675,000 $ 41,311,000
Investment services      
Noninterest income:      
Total noninterest income 52,432,000 46,441,000 37,917,000
Insurance sales commissions      
Noninterest income:      
Total noninterest income 13,670,000 12,186,000 10,516,000
Gains on mortgage loans sold, net      
Noninterest income:      
Total noninterest income 6,511,000 7,268,000 32,424,000
Investment gains (losses) on sales, net      
Noninterest income:      
Total noninterest income (19,674,000) 156,000 759,000
Trust fees      
Noninterest income:      
Total noninterest income 26,683,000 23,511,000 20,724,000
Income from equity method investment      
Noninterest income:      
Total noninterest income 85,402,000 145,466,000 122,274,000
Other noninterest income      
Noninterest income:      
Total noninterest income 132,958,000 135,964,000 129,794,000
Gain loss on sale of fixed assets      
Noninterest income:      
Total noninterest income $ 86,048,000 $ 457,000 $ 15,000
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income: $ 562,152 $ 560,742 $ 527,323
Other comprehensive income (loss), net of tax:      
Changes in fair value on available-for-sale securities, net of tax 48,038 (283,382) (32,509)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax (7,414) 1,002 (18,373)
Accretion of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax (7,454) (5,477) (7,575)
Net gain on cash flow hedges reclassified from other comprehensive income into net income, net of tax (9,689) (9,975) (9,645)
Net loss (gain) on sale of investment securities reclassified from other comprehensive income into net income, net of tax 14,755 (115) (561)
Total other comprehensive income (loss), net of tax 38,236 (297,947) (68,663)
Total comprehensive income $ 600,388 $ 262,795 $ 458,660
v3.24.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Preferred Stock
Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI Attributable to Parent
Accounting Standards Update 2016-13
Accounting Standards Update 2016-13
Retained Earnings
Balance (in shares) at Dec. 31, 2020     75,850,000          
Balance at Dec. 31, 2020 $ 4,904,611 $ 217,126 $ 75,850 $ 3,028,063 $ 1,407,723 $ 175,849    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of employee common stock options, stock appreciation rights, and related tax benefits (in shares) 45,125   45,000          
Exercise of employee common stock options, stock appreciation rights, and related tax benefits $ 1,001   $ 45 956        
Dividends, Preferred Stock, Cash 15,192       (15,192)      
Common dividends paid 55,504       (55,504)      
Issuance of restricted common shares, net of forfeitures (in shares)     213,000          
Issuance of restricted common shares, net of forfeitures 0   $ 213 (213)        
Restricted shares withheld for taxes & related tax benefit     88,000          
Issuance of restricted common shares, net of forfeitures (3,790)   $ 88 (3,878)        
Restricted shares withheld for taxes (in shares)     (53,000)          
Issuance of restricted common shares, net of forfeitures (4,131)   $ (53) (4,078)        
Stock-based compensation expense 24,952     24,952        
Net income 527,323       527,323      
Other Comprehensive Income (Loss) (68,663)         (68,663)    
Balance (in shares) at Dec. 31, 2021     76,143,000          
Balance at Dec. 31, 2021 $ 5,310,607 217,126 $ 76,143 3,045,802 1,864,350 107,186    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of employee common stock options, stock appreciation rights, and related tax benefits (in shares) 15,959   16,000          
Exercise of employee common stock options, stock appreciation rights, and related tax benefits $ 328   $ 16 312        
Dividends, Preferred Stock, Cash 15,192       (15,192)      
Common dividends paid 68,194       (68,194)      
Issuance of restricted common shares, net of forfeitures (in shares)     250,000          
Issuance of restricted common shares, net of forfeitures 0   $ 250 (250)        
Restricted shares withheld for taxes & related tax benefit     96,000          
Issuance of restricted common shares, net of forfeitures (5,462)   $ 96 (5,558)        
Restricted shares withheld for taxes (in shares)     (51,000)          
Issuance of restricted common shares, net of forfeitures (5,042)   $ (51) (4,991)        
Stock-based compensation expense 39,552     39,552        
Net income 560,742       560,742      
Other Comprehensive Income (Loss) (297,947)         (297,947)    
Balance (in shares) at Dec. 31, 2022     76,454,000          
Balance at Dec. 31, 2022 $ 5,519,392 217,126 $ 76,454 3,074,867 2,341,706 (190,761)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of employee common stock options, stock appreciation rights, and related tax benefits (in shares) 40,188   40,000          
Exercise of employee common stock options, stock appreciation rights, and related tax benefits $ 971   $ 40 931        
Dividends, Preferred Stock, Cash 15,192       (15,192)      
Common dividends paid 68,737       (68,737)      
Issuance of restricted common shares, net of forfeitures (in shares)     235,000          
Issuance of restricted common shares, net of forfeitures 0   $ 235 (235)        
Restricted shares withheld for taxes & related tax benefit     97,000          
Issuance of restricted common shares, net of forfeitures (3,725)   $ 97 (3,822)        
Restricted shares withheld for taxes (in shares)     (59,000)          
Issuance of restricted common shares, net of forfeitures (4,186)   $ (59) (4,127)        
Stock-based compensation expense 41,879     41,879        
Net income 562,152       562,152      
Cumulative effect of change in accounting principle [1]             $ (35,002) $ (35,002)
Other Comprehensive Income (Loss) 38,236         38,236    
Balance (in shares) at Dec. 31, 2023     76,767,000          
Balance at Dec. 31, 2023 $ 6,035,788 $ 217,126 $ 76,767 $ 3,109,493 $ 2,784,927 $ (152,525)    
[1] Represents the impact of Banker's Healthcare Group's adoption of ASU 2016-13. See Note 2. Equity Method Investment.
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net income $ 562,152 $ 560,742 $ 527,323
Operating activities:      
Net amortization/accretion of premium/discount on securities 58,792 65,838 59,066
Depreciation, amortization and accretion 78,698 62,298 53,256
Provision for credit losses 93,596 67,925 16,126
Gains on mortgage loans sold, net (6,511) (7,268) (32,424)
Investment losses (gains) on sales, net 19,674 (156) (759)
Gain on other equity investments, net (8,732) (10,605) (23,109)
Gain on remeasurement of previously held noncontrolling interest 0 (5,500) 0
Stock-based compensation expense 41,879 39,552 24,952
Deferred tax expense (benefit) 72,368 19,740 (12,232)
Losses (gains) on disposition of other real estate and other investments 13 (179) (1,168)
Gain on sale of fixed assets (86,048) (457) (15)
Income from equity method investment (85,402) (145,466) (122,274)
Dividends received from equity method investment 36,694 63,114 69,996
Excess tax benefit from stock compensation (208) (3,027) (2,475)
Gains on commercial loans sold, net (643) (2,275) (4,143)
(Increase) decrease in other assets (262,851) (82,436) 73,542
Increase (decrease) in other liabilities 7,944 (26,620) (60,315)
Net cash provided by operating activities 478,404 604,925 657,444
Investing activities:      
Payments to Acquire Debt Securities, Available-for-sale 1,114,808 699,293 2,107,794
Proceeds from Sale of Debt Securities, Available-for-sale 312,574 29,501 37,457
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale 139,251 417,348 617,054
Payments to Acquire Held-to-maturity Securities 0 968,449 186,260
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities 43,639 74,770 40,442
Net decrease (increase) in securities purchased under agreements to resell (44,733) 486,724 (1,000,000)
Increase in loans, net 3,812,426 5,634,350 1,027,185
Proceeds from Sale, Loan and Lease, Held-for-Investment 117,216 0 0
Purchases of premises and equipment and software 78,256 63,522 23,178
Purchase of bank owned life insurance 244,000 100,000 0
Proceeds from bank owned life insurance settlement 3,992 1,951 1,656
Proceeds from sales of software, premises, and equipment 198,920 698 281
Acquisitions, net of cash acquired 0 30,896 0
Proceeds from sale of other real estate 6,018 994 6,090
Proceeds from (payments for) derivative instruments 0 (95,734) 99,710
Payments to Acquire Federal Home Loan Bank Stock (36,829) (12,389)  
Proceeds from sale (purchase) of Federal Home Loan Bank stock     12,602
Purchase of other intangible assets 0 825 0
Increase in other investments 92,997 90,967 83,830
Net cash used in investing activities (4,602,439) (6,684,439) (3,612,955)
Financing activities:      
Net increase in deposits 3,578,604 3,661,396 3,599,084
Net increase in securities sold under agreements to repurchase 14,579 42,351 24,395
Federal Home Loan Bank: Advances 3,425,000 500,000 0
Federal Home Loan Bank: Repayments/maturities 1,750,001 925,000 200,001
Repayments of Notes Payable 0 (29,547) (250,000)
Principal payments of finance lease obligation 311 281 261
Issuance of common stock pursuant to restricted stock unit agreement, net of shares withheld for taxes (3,725) (5,462) (3,790)
Proceeds From Stock Options Exercised, Net of Repurchase of Restricted Shares (3,215) 4,714 3,130
Common dividends paid 68,737 68,194 55,504
Preferred stock dividends paid 15,192 15,192 15,192
Net cash provided by financing activities 5,177,002 3,155,357 3,095,601
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 1,052,967 (2,924,157) 140,090
Cash, cash equivalents and restricted cash, beginning of year 1,177,382 4,101,539 3,961,449
Cash, cash equivalents and restricted cash, end of year 2,230,349 1,177,382 4,101,539
Commercial Loan [Member]      
Operating activities:      
Payments for Origination and Purchases of Loans Held-for-sale (368,588) (498,312) (564,647)
Proceeds from Sale of Loans Held-for-sale 381,045 497,180 582,305
Consumer Loan [Member]      
Operating activities:      
Payments for Origination and Purchases of Loans Held-for-sale (1,754,147) (1,578,168) (2,037,897)
Proceeds from Sale of Loans Held-for-sale $ 1,698,679 $ 1,589,005 $ 2,112,336
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Note 1.  Summary of Significant Accounting Policies

Nature of Business — Pinnacle Financial Partners, Inc. (Pinnacle Financial) is a financial holding company whose primary business is conducted by its wholly-owned subsidiary, Pinnacle Bank (Pinnacle Bank).  Pinnacle Bank is a Tennessee state-chartered commercial bank headquartered in Nashville, Tennessee. Pinnacle Bank also holds a 49% interest in Bankers Healthcare Group, LLC (BHG), a company that primarily serves as a full-service commercial loan provider to healthcare and other professional practices and providers but also makes consumer loans for various purposes. The investment in BHG previously held by Pinnacle Financial was contributed to Pinnacle Bank effective September 30, 2022. Pinnacle Bank provides a full range of banking services, including investment, mortgage, insurance and comprehensive wealth management services, in its 17 primarily urban markets and their surrounding communities.

On March 1, 2022, Pinnacle Bank acquired the remaining 80% outstanding membership interest of JB&B Capital, LLC (JB&B) for a cash price of $32.0 million. JB&B is a commercial equipment financing business headquartered in Knoxville, TN. Pinnacle Bank had previously acquired 20% of JB&B in 2017. Pinnacle Financial accounted for the acquisition of JB&B under the acquisition method in accordance with Accounting Standards Codification (ASC) Topic 805, Business Combinations. Accordingly, the purchase price is allocated to the fair value of the assets acquired and liabilities assumed as of the date of the acquisition. Determining the fair value of assets and liabilities, particularly illiquid assets and liabilities, is a complicated process involving significant judgment regarding estimates and assumptions used to calculate estimated fair value. At the acquisition date, JB&B's net assets were initially recorded at a fair value of $12.9 million, consisting mainly of loans and leases receivable. JB&B's $29.5 million of indebtedness was also paid off in connection with consummation of the acquisition. The preexisting noncontrolling interest of JB&B held by Pinnacle Bank was remeasured at a fair value of $8.0 million on the acquisition date resulting in a gain on remeasurement of $5.5 million that was recorded in other noninterest income during the year ended December 31, 2022. The purchase price allocations for the acquisition of JB&B were finalized during the first quarter of 2023.

Basis of Presentation — These consolidated financial statements include the accounts of Pinnacle Financial and its direct and indirect wholly-owned subsidiaries. Certain statutory trust affiliates of Pinnacle Financial, as noted in Note 9, are included in these consolidated financial statements pursuant to the equity method of accounting. Significant intercompany transactions and accounts are eliminated in consolidation.

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the allowance for credit losses and the determination of any impairment of goodwill or intangible assets. It is reasonably possible Pinnacle Financial's estimate of the allowance for credit losses and determination of impairment of intangible assets could change as a result of the uncertainty in current macroeconomic conditions. The resulting change in these estimates could be material to Pinnacle Financial's consolidated financial statements.

Impairment — Long-lived assets, including purchased intangible assets subject to amortization, such as core deposit intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Pinnacle Financial had $27.5 million and $34.6 million of long-lived intangibles at December 31, 2023 and 2022, respectively.

Goodwill is evaluated for impairment at least annually and more frequently if events and circumstances indicate that the asset might be impaired. ASC 350, Intangibles - Goodwill and Other, provides an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If an entity performs a qualitative assessment and determines it is necessary, or if a qualitative assessment is not performed, the entity is required to perform a one-step test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized for that reporting unit (if any). If, based on a qualitative assessment, an entity determines that the fair value of a reporting unit is more than its carrying amount, the one-step goodwill impairment test is not required.
Pinnacle Financial performed a qualitative assessment of goodwill as of December 31, 2023 by examining changes in macroeconomic conditions, industry and market conditions, overall financial performance, cost factors and other relevant entity-specific events, including changes in the share price of Pinnacle Financial's common stock. The results of the qualitative assessment indicated that it was more likely than not that the estimated fair value of Pinnacle Financial's sole reporting unit exceeded its carrying value amount at December 31, 2023 and, therefore, no goodwill impairment was recorded.

Should Pinnacle Financial's common stock price decline below book value per share and remain below book value per share for an extended duration or other impairment indicators become known, additional impairment testing of goodwill may be required. Should it be determined in a future period that the goodwill has become impaired, then a charge to earnings will be recorded in the period such determination is made. The following table presents activity for goodwill and other intangible assets (in thousands):
 GoodwillCore deposit and
other intangible assets		Total
Balance at December 31, 2022$1,846,973 $34,555 $1,881,528 
Acquisitions and purchase of other intangible asset— — — 
Amortization— (7,090)(7,090)
Balance at December 31, 2023$1,846,973 $27,465 $1,874,438 
 
The following table presents the gross carrying amount and accumulated amortization for the core deposit and other intangible assets (in thousands):
 December 31, 2023December 31, 2022
Gross carrying amount$117,211 $117,211 
Accumulated amortization(89,746)(82,656)
Net book value$27,465 $34,555 
 
Cash Equivalents and Cash Flows — Cash on hand, cash items in process of collection, amounts due from banks, Federal funds sold, short-term discount notes and securities purchased under agreements to resell, with original maturities within ninety days, are included in cash and cash equivalents. The following supplemental cash flow information addresses certain cash payments and noncash transactions for each of the years in the three-year period ended December 31, 2023 as follows (in thousands):
 For the years ended December 31,
 202320222021
Cash Payments: 
Interest$1,042,542 $236,463 $110,119 
Income taxes paid99,890 128,850 108,304 
Noncash Transactions:   
Loans charged-off to the allowance for credit losses76,725 54,176 54,996 
Loans foreclosed upon with repossessions transferred to other real estate2,016 230 1,098 
Loans foreclosed upon with repossessions transferred to other repossessed assets561 — — 
Available-for-sale securities transferred to held-to-maturity portfolio— 1,059,737 — 
Proceeds receivable from restructure of bank owned life insurance policies141,547 — — 
Right-of-use assets recognized in the period in exchange for lease obligations205,776 42,413 17,642 

Securities — Securities are classified based on management's intention on the date of purchase. All debt securities classified as available-for-sale are recorded at fair value with any unrealized gains and losses reported in accumulated other comprehensive income (loss), net of the deferred income tax effects. Securities that Pinnacle Financial has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at historical cost and adjusted for amortization of premiums and accretion of discounts.

Interest and dividends on securities, including amortization of premiums and accretion of discounts calculated under the effective interest method, are included in interest income.  For certain securities, amortization of premiums and accretion of discounts is computed based on the anticipated life of the security which may be shorter than the stated life of the security. Realized gains and losses from the sale of securities are determined using the specific identification method and are recorded on the trade date of the sale.
Periodically, available-for-sale securities may be sold or the composition of the portfolio realigned to improve yields, quality or marketability, to implement changes in investment or asset/liability strategy, including maintaining collateral requirements and raising funds for liquidity purposes or in preparation of anticipated changes in market interest rates. Additionally, if an available-for-sale security loses its investment grade, tax-exempt status, the underlying credit support is terminated or collection otherwise becomes uncertain based on factors known to management, Pinnacle Financial will consider selling the security, but will review each security on a case-by-case basis as these factors become known.

Allowance for Credit Losses - Securities Held-to-Maturity — Expected credit losses on debt securities classified as held-to-maturity are measured on a collective basis by major security type. Pinnacle has a zero loss expectation for certain securities within the portfolio, including U.S. treasury securities in addition to U.S government agency securities and residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, and accordingly, no allowance for credit losses is estimated for these securities. The remainder of the portfolio consists substantially of municipal securities rated A or higher by the ratings agencies. The estimates of expected credit losses for the municipal securities and corporate notes and other securities are based on historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The credit models utilized rely on regression analyses to predict probability of default (PD) based on projected macroeconomic factors, including unemployment rates and gross domestic product (GDP), among others. A reasonable and supportable period of twenty-four months and reversion period of eight months is utilized to estimate credit losses on held-to-maturity municipal and corporate securities. The allowance is increased through provision for credit losses and decreased by charge-offs, net of recoveries of amounts previously charged-off.

Allowance for Credit Losses - Securities Available-for-Sale — For any securities classified as available-for-sale that are in an unrealized loss position at the balance sheet date, Pinnacle Financial assesses whether or not it intends to sell the security, or more likely than not will be required to sell the security, before recovery of its amortized cost basis. If either criteria is met, the security's amortized cost basis is written down to fair value through net income. If neither criteria is met, Pinnacle Financial evaluates whether any portion of the decline in fair value is the result of credit deterioration. Such evaluations consider the extent to which the amortized cost of the security exceeds its fair value, changes in credit ratings and any other known adverse conditions related to the specific security. If the evaluation indicates that a credit loss exists, an allowance for credit losses is recorded through provision for credit losses for the amount by which the amortized cost basis of the security exceeds the present value of cash flows expected to be collected, limited by the amount by which the amortized cost exceeds fair value. Any impairment not recognized in the allowance for credit losses is recognized in other comprehensive income.

Loans held-for-sale — Loans originated and intended for sale are carried at the lower of cost or estimated fair value as determined on a loan-by-loan basis. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Realized gains and losses are recognized when legal title to the loans has been transferred to the purchaser and sales proceeds have been received and are reflected in the accompanying consolidated statement of income in gains on mortgage loans sold, net of related costs such as compensation expenses, for mortgage loans, and as a component of other noninterest income for commercial loans held-for-sale.

Loans — Pinnacle Financial uses the following loan segments for financial reporting purposes: owner occupied commercial real estate mortgage, non-owner occupied commercial real estate, consumer real estate mortgage, construction and land development, commercial and industrial and consumer and other. The appropriate classification is determined based on the underlying collateral utilized to secure each loan. These classifications are consistent with those utilized in the Quarterly Report of Condition and Income filed by Pinnacle Bank with the Federal Deposit Insurance Corporation (FDIC).

Loans are reported at their outstanding principal balances, net of applicable purchase accounting and any deferred fees or costs on originated loans. Interest income on loans is accrued based on the principal balance outstanding. Loan origination fees, net of certain loan origination costs, are deferred and recognized as an adjustment to the related loan yield using a method which approximates the interest method. At December 31, 2023 and 2022, net deferred loan fees of $4.8 million and $26.1 million, respectively, were included as a reduction to loans on the accompanying consolidated balance sheets.

As part of our routine credit monitoring process, commercial loans receive risk ratings by the assigned financial advisor and are subject to validation by our independent loan review department. Risk ratings are categorized as pass, special mention, substandard, substandard-nonaccrual or doubtful-nonaccrual. Pinnacle Financial believes that its categories follow those outlined by the FDIC, Pinnacle Bank's primary federal regulator. At December 31, 2023, approximately 79.2% of Pinnacle Financial's loan portfolio was specifically assigned a risk rating. Certain consumer loans and commercial relationships that possess certain qualifying characteristics, including individually smaller balances, are generally not assigned an individual risk rating but are evaluated collectively for credit risk as a homogeneous pool of loans and individually as either accrual or nonaccrual based on the performance of the loan.
Loans are placed on nonaccrual status when there is a significant deterioration in the financial condition of the borrower, which generally is the case but is not limited to when the principal or interest is more than 90 days past due, unless the loan is both well-secured and in the process of collection. All interest accrued but not collected for loans that are placed on nonaccrual status is reversed against current interest income. Interest income is subsequently recognized only if certain cash payments are received while the loan is classified as nonaccrual, but interest income recognition is reviewed on a case-by-case basis to determine if the payment should be applied to interest or principal pursuant to regulatory guidelines. A nonaccrual loan is returned to accruing status once the loan has been brought current as to principal and interest and collection is reasonably assured or the loan has been well-secured through other techniques.
 
Loans are charged off when management believes that the full collectability of the loan is unlikely. As such, a loan may be partially charged-off after a "confirming event" has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely.

Purchased loans, including loans acquired through a merger, are initially recorded at fair value on the date of purchase. At the time of acquisition, management evaluates all purchased loans using a variety of factors such as current classification or risk rating, past due status and history as a component of the fair value determination. For purchased loans that have not experienced more-than-insignificant credit deterioration since origination, management evaluates each reviewed loan using an internal grading system with a grade assigned to each loan at the date of acquisition. To the extent that any purchased loan is not specifically reviewed, such loan is assumed to have characteristics similar to the characteristics of the specifically reviewed acquired portfolio of purchased loans. Purchased loans that have experienced more than insignificant credit deterioration since origination ("purchased credit deteriorated loans") are individually evaluated by management to determine the estimated fair value of each loan. In determining the estimated fair value of such loans, management considers a number of factors including, among other things, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value of the underlying collateral, estimated holding periods, and net present value of cash flows expected to be received.

Allowance for Credit Losses - Loans — Pinnacle Financial estimates its allowance for credit losses in accordance with the Current Expected Credit Losses (CECL) methodology. Pinnacle Financial's management assesses the adequacy of the allowance on a quarterly basis. This assessment includes procedures to estimate the allowance and test the adequacy and appropriateness of the resulting balance. The level of the allowance is based upon management's evaluation of historical default and loss experience, current and projected economic conditions, asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrowers' ability to repay a loan (including the timing of future payments), the estimated value of any underlying collateral, composition of the loan portfolio, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. The level of the allowance for credit losses maintained by management is believed adequate to absorb all expected future losses inherent in the loan portfolio at the balance sheet date. The allowance is increased through provision for credit losses and decreased by charge-offs, net of recoveries of amounts previously charged-off. During the second quarter of 2023, Pinnacle Financial implemented updated CECL models in an effort to ensure that risk in its portfolio at an individual loan level continues to be adequately captured given the uncertain state of the economy. The implementation of the new model had no material effect on the overall allowance for credit losses in the quarter of implementation.

The allowance for credit losses is measured on a collective basis for pools of loans with similar risk characteristics. Pinnacle Financial has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses:
•Owner occupied commercial real estate mortgage loans - Owner occupied commercial real estate mortgage loans are secured by commercial office buildings, industrial buildings, warehouses or retail buildings where the owner of the building occupies the property. For such loans, repayment is largely dependent upon the operation of the borrower's business.
•Non-owner occupied commercial real estate loans - These loans represent investment real estate loans secured by office buildings, industrial buildings, warehouses, retail buildings, and multifamily residential housing. Repayment is primarily dependent on lease income generated from the underlying collateral.
•Consumer real estate mortgage loans - Consumer real estate mortgage loans consist primarily of loans secured by 1-4 family residential properties, including home equity lines of credit. Repayment is primarily dependent on the personal cash flow of the borrower.
•Construction and land development loans - Construction and land development loans include loans where the repayment is dependent on the successful completion and eventual sale, refinance or operation of the related real estate project. Construction and land development loans include 1-4 family construction projects and commercial construction endeavors such as warehouses, apartments, office and retail space and land acquisition and development.
•Commercial and industrial loans - Commercial and industrial loans include loans to business enterprises issued for commercial, industrial and/or other professional purposes. These loans are generally secured by equipment, inventory, and accounts receivable of the borrower and repayment is primarily dependent on business cash flows. Loans granted under the Paycheck Protection Program (PPP), which are fully guaranteed by the SBA, are included in this category.
•Consumer and other loans - Consumer and other loans include all loans issued to individuals not included in the consumer real estate mortgage classification. Examples of consumer and other loans are automobile loans, consumer credit cards and loans to finance education, among others. Many consumer loans are unsecured. Repayment is primarily dependent on the personal cash flow of the borrower.
For commercial real estate, consumer real estate, construction and land development, and commercial and industrial loans, Pinnacle Financial primarily utilizes a probability of default (PD) and loss given default (LGD) modeling approach. These models utilize historical correlations between default experience, loan level attributes and certain macroeconomic factors as determined through a statistical regression analysis. All loan segments modeled using this approach incorporate one or more macroeconomic drivers. Macroeconomic factors used in the model include the unadjusted and seasonally adjusted unemployment rate, gross domestic product, commercial property price index, consumer credit, commercial real estate price index, household debt ratio, household financial obligations ratio, and certain home price indices. Projections of these macroeconomic factors, obtained from an independent third party, are utilized to predict quarterly rates of default based on the statistical PD models. Adjustments are made to predicted default rates as considered necessary for each loan segment based on other quantitative and qualitative information not utilized as a direct input into the statistical models. The predicted quarterly default rates are then applied to the estimated future exposure at default (EAD), as determined based on contractual amortization terms and estimated prepayments. An estimated LGD, determined based on historical loss experience, is then applied to the quarterly defaulted balances for each loan segment to estimate future losses of the loan's amortized cost.

Losses are predicted over a period of time determined to be reasonable and supportable, and at the end of the reasonable and supportable period losses are reverted to long term historical averages. The reasonable and supportable period and reversion period are re-evaluated each quarter by Pinnacle Financial and are dependent on the current economic environment among other factors. At December 31, 2023, a reasonable and supportable period of fifteen months was utilized for all loan segments, followed by a twelve month straight line reversion to long term averages.

For the consumer and other loan segment, a loss rate approach is utilized. For these loans, historical charge off rates are applied to projected future balances, as determined in the same manner as EAD for the statistically modeled loan segments. For credit cards, which have no amortization terms or contractual maturities and are unconditionally cancellable, future balances are estimated based on expected payment volume applied to the current balance.

The estimated loan losses for all loan segments are adjusted for changes in qualitative factors not inherently considered in the quantitative analyses. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management but measured by objective measurements period over period. The data for each measurement may be obtained from internal or external sources. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements over time. The resulting qualitative adjustments are applied to the relevant collectively evaluated loan portfolios. These adjustments are based upon quarterly trend assessments in portfolio concentrations, policy exceptions, associate retention, independent loan review results, competition and peer group credit quality trends. The qualitative allowance allocation, as determined by the processes noted above, is increased or decreased for each loan segment based on the assessment of these various qualitative factors. Additional qualitative considerations are made for any identified risk which did not exist within our portfolio historically and therefore may not be adequately addressed through evaluation of such risk factor based on historical portfolio trends as previously discussed.

Loans that do not share similar risk characteristics with the collectively evaluated pools are evaluated on an individual basis and are excluded from the collectively evaluated pools. Individual evaluations are generally performed for loans greater than $1.0 million which have experienced significant credit deterioration. Such loans are evaluated for credit losses based on either discounted cash flows or the fair value of collateral. For loans individually evaluated for which repayment is expected to be provided substantially through the operation or sale of the collateral, Pinnacle Financial has elected the practical expedient under ASC 326 to estimate expected credit losses based on the fair value of the collateral, with selling costs considered in the event sale of the collateral is expected.

The starting point for the estimate of the allowance for credit losses on loans is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. Pinnacle Financial uses a probability of default/loss given default model to determine the allowance for credit losses on loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses on loans because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses on loans is generally not recorded upon modification. Occasionally, a loan modification will be granted by providing principal forgiveness on certain loans. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses on loans. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses on loans.

In some cases, a loan restructuring will result in providing multiple types of modifications. Typically, one type of modification, such as a payment delay or term extension, is granted initially. If the borrower continues to experience financial difficulty, another modification, such as principal forgiveness or an interest rate reduction, may be granted. Additionally, multiple types of modifications may be made on the same loan within the current reporting period. Such a combination is at least two of the following: a payment
delay, term extension, principal forgiveness and interest rate reduction. Upon determination that a modified loan (or portion of the loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses on loans is adjusted by the same amount.

In assessing the adequacy of the allowance for credit losses on loans, Pinnacle Financial considers the results of Pinnacle Financial's ongoing independent loan review process. Pinnacle Financial undertakes this process both to ascertain those loans in the portfolio with elevated credit risk and to assist in its overall evaluation of the risk characteristics of the entire loan portfolio. Its loan review process includes the judgment of management, independent internal loan reviewers and reviews that may have been conducted by third-party reviewers including regulatory examiners. Pinnacle Financial incorporates relevant loan review results in the allowance.

In accordance with CECL, losses are estimated over the remaining contractual terms of loans, adjusted for prepayments. The contractual term excludes expected extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that a modification will be executed or such renewals, extensions or modifications are included in the original loan agreement and are not unconditionally cancellable by Pinnacle Financial.

Credit losses are estimated on the amortized cost basis of loans, which includes the principal balance outstanding, purchase discounts and premiums, deferred loan fees and costs and accrued interest receivable. Accrued interest receivable is presented separately on the balance sheets and as allowed under Accounting Standards Update (ASU) 2016-13 Financial Instruments - Credit Losses is excluded from the tabular loan disclosures in Note 5.

While policies and procedures used to estimate the allowance for credit losses on loans, as well as the resultant provision for credit losses charged to income, are considered adequate by management and are reviewed periodically by regulators, model validators and internal audit, they are necessarily approximate and imprecise. There are factors beyond Pinnacle Financial's control, such as changes in projected economic conditions, real estate markets or particular industry conditions which may materially impact asset quality and the adequacy of the allowance for credit losses on loans and thus the resulting provision for credit losses.

Allowance for Credit Losses on Off Balance Sheet Credit Exposures — Pinnacle Financial estimates expected credit losses over the contractual term of obligations to extend credit, unless the obligation is unconditionally cancellable. The allowance for off balance sheet exposures is adjusted through the provision for credit losses. The estimates are determined based on the likelihood of funding during the contractual term and an estimate of credit losses subsequent to funding. Estimated credit losses on subsequently funded balances are based on the same assumptions as used to estimate credit losses on existing funded loans.

Transfers of Financial Assets — Transfers of financial assets are accounted for as sales when control over the assets has been surrendered or in the case of a loan participation, a portion of the asset has been surrendered and meets the definition of a "participating interest". Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from Pinnacle Financial, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) Pinnacle Financial does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity.

Premises and Equipment and Leaseholds — Premises and equipment are carried at cost less accumulated depreciation and amortization computed principally by the straight-line method over the estimated useful lives of the assets or the expected lease terms for leasehold improvements, whichever is shorter. Useful lives for all premises and equipment range between three and thirty-five years.

Pinnacle Financial, or a subsidiary of Pinnacle Financial, is the lessee with respect to multiple office locations. At December 31, 2023, all such leases were being accounted for as operating leases within the accompanying consolidated financial statements, with the exception of one lease agreement classified as a finance lease. Pinnacle Financial recognizes right-of-use assets and lease liabilities reflecting the present value of future minimum lease payments under its lease agreements in accordance with Accounting Standards Update 2016-02, Leases.
 
Other Real Estate Owned — Other real estate owned (OREO) represents real estate foreclosed upon or acquired by deed in lieu of foreclosure by Pinnacle Bank through loan defaults by customers as well as properties acquired in connection with the acquisition of BNC that had previously been held for future expansion but were subsequently transferred to OREO. Substantially all of these amounts relate to lots, homes and residential development projects that are either completed or are in various stages of construction for which Pinnacle Financial believes it has adequately supported the value recorded. Upon its acquisition by Pinnacle Bank, the property is recorded at fair value, based on appraised value, less selling costs estimated as of the date acquired. The difference from the loan balance related to the property, if any, is recognized as a charge-off through the allowance for credit losses. Additional OREO losses for subsequent downward valuation adjustments and expenses to maintain OREO are determined on a specific property basis and are included as a component of noninterest expense. Net gains or losses realized at the time of disposal are reflected in noninterest expense.
Included in the accompanying consolidated balance sheet at December 31, 2023 and 2022 is $3.9 million and $8.0 million, respectively, of OREO with no related property-specific valuation allowances in either period. During the years ended December 31, 2023 and 2022, Pinnacle Financial had a net foreclosed real estate expense of $315,000 and $280,000, respectively, compared to net foreclosed real estate benefit of $712,000, during the year ended December 31, 2021.
 
Other Assets — Included in other assets as of December 31, 2023 and 2022, is approximately $10.8 million and $6.6 million, respectively, of computer software related assets, net of amortization. This software supports Pinnacle Financial's primary data systems and relates to amounts paid to vendors for installation and development of such systems. These amounts are amortized on a straight-line basis over periods of three to seven years. For the years ended December 31, 2023, 2022, and 2021, Pinnacle Financial's amortization expense was approximately $3.3 million, $2.8 million and $1.6 million, respectively. Software maintenance fees are capitalized in other assets and amortized over the term of the maintenance agreement.

Pinnacle Financial is required to maintain certain minimum levels of equity investments with certain regulatory and other entities in which Pinnacle Bank has outstanding borrowings, including the Federal Home Loan Bank of Cincinnati (FHLB). At December 31, 2023 and 2022, the cost of these investments was $117.0 million and $80.2 million, respectively. Pinnacle Financial determined that cost approximates the fair value of these investments. Additionally, Pinnacle Financial has recorded certain investments in other non-public entities and funds at fair value of $157.1 million and $131.0 million at December 31, 2023 and 2022, respectively. During 2023, 2022 and 2021, Pinnacle Financial recorded net gains of $3.1 million, $10.6 million and $23.1 million, respectively, on these investments due to changes in their fair value. Pinnacle Financial has an investment in twelve statutory business trusts valued at $4.0 million as of December 31, 2023. The statutory business trusts were established to issue preferred securities, the dividends for which are paid with interest payments Pinnacle Financial makes on subordinated debentures it issued to the statutory business trusts.
 
Pinnacle Bank is the owner and beneficiary of various life insurance policies on certain key executives and certain current and former directors and associates, including policies that were acquired in mergers. Collectively, these policies are reflected in other assets in the accompanying consolidated balance sheets at their respective cash surrender values. At December 31, 2023 and 2022, the aggregate cash surrender value of these policies was approximately $995.2 million and $881.9 million, respectively. Noninterest income related to these policies was $15.8 million, $21.0 million, and $18.9 million, during the years ended December 31, 2023, 2022 and 2021, respectively.

Also, as part of Pinnacle Bank's compliance with the Community Reinvestment Act (CRA), it has investments in low income housing entities totaling $260.5 million and $228.4 million, net, as of December 31, 2023 and 2022, respectively. Included in its CRA investments are investments of $162.1 million and $138.0 million at December 31, 2023 and 2022, respectively, net of amortization, that qualify for federal low income housing tax credits. The investments are accounted for under the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received. The amortization and benefits are recognized as a component of income tax expense in the consolidated statements of income. The investments are recorded using the cost method.
 
Derivative Instruments — In accordance with ASC Topic 815, Derivatives and Hedging, all derivative instruments are recorded on the accompanying consolidated balance sheet at their respective fair values. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings in the period of change.

Pinnacle Financial enters into interest rate swaps (swaps) to facilitate customer transactions and meet their financing needs. Upon entering into these instruments to meet customer needs, Pinnacle Financial enters into offsetting positions with large U.S. financial institutions in order to minimize the risk to Pinnacle Financial. These swaps are derivatives, but are not designated as hedging instruments.
 
Pinnacle Financial enters into forward cash flow hedge relationships in the form of interest rate swap agreements to manage its future interest rate exposure. These derivative contracts have been designated as a hedge and, as such, changes in the fair value of the derivative instrument are recorded in other comprehensive income (loss). Pinnacle Financial also enters into fair value hedge relationships to mitigate the effect of changing interest rates on the fair values of securities and FHLB advances. The gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. Pinnacle Financial prepares written hedge documentation for all derivatives which are designated as hedges. The written hedge documentation includes identification of, among other items, the risk management objective, hedging instrument, hedged item and methodologies for assessing and measuring hedge effectiveness and ineffectiveness, along with support for management's assertion that the hedge will be highly effective.
 
For designated hedging relationships, Pinnacle Financial performs retrospective and prospective effectiveness testing using quantitative methods where required by accounting standards. For certain hedging relationships, effectiveness is tested through the matching of critical terms. Assessments of hedge effectiveness and measurements of hedge ineffectiveness are performed at least quarterly. The portion of the changes in the fair value of a derivative that is highly effective and that has been designated and qualifies as a cash flow hedge is initially recorded in accumulated other comprehensive income (loss) and will be reclassified to earnings in the same period that the hedged item impacts earnings; any ineffective portion is recorded in current period earnings.
 
Hedge accounting ceases on transactions that are no longer deemed effective, or for which the derivative has been terminated or de-designated.
 
Securities Sold Under Agreements to Repurchase — Pinnacle Financial routinely sells securities to certain treasury management customers and then repurchases these securities the next day. Securities sold under agreements to repurchase are reflected as a secured borrowing in the accompanying consolidated balance sheets at the amount of cash received in connection with each transaction.

Income Taxes — ASC 740,  Income Taxes, defines the threshold for recognizing the benefits of tax return positions in the financial statements as "more-likely-than-not" to be sustained by the taxing authority. ASC 740 also provides guidance on the derecognition, measurement and classification of income tax uncertainties, along with any related interest and penalties, and includes guidance concerning accounting for income tax uncertainties in interim periods.

Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The net deferred tax asset is reflected as a component of other assets on the consolidated balance sheet. A valuation allowance is required for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset may not be realized due to the inability to generate sufficient taxable income in the period and/or of the character necessary to utilize the benefit of the deferred tax asset.
 
Income tax expense or benefit for the year is allocated among continuing operations and other comprehensive income (loss), as applicable. The amount allocated to continuing operations is the income tax effect of the pretax income or loss from continuing operations that occurred during the year, plus or minus income tax effects of (i) changes in certain circumstances that cause a change in judgment about the realization of deferred tax assets in future years, including the valuation of deferred tax assets due to changes in enacted income tax rates (ii) changes in income tax laws or rates and (iii) changes in income tax status, subject to certain exceptions. The amount allocated to other comprehensive income (loss) is related solely to changes in the valuation allowance on items that are normally accounted for in other comprehensive income (loss) such as unrealized gains or losses on available-for-sale securities.
 
In accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes, uncertain tax positions are recognized if it is more likely than not, based on technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms realized or sustained upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more likely than not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances and information available at the reporting date.
 
Pinnacle Financial and its subsidiaries file consolidated U.S. Federal and state income tax returns, pursuant to each state's filing requirements. Each entity provides for income taxes based on its contribution to income or loss of the consolidated group. Pinnacle Financial has a Real Estate Investment Trust subsidiary that files a separate federal tax return, but its income is included in the consolidated group's return as required by the federal tax laws. Pinnacle Financial remains open to audit under the statute of limitations by the IRS and the states in which Pinnacle operates for the years ended December 31, 2020 through 2023.
 
Pinnacle Financial's policy is to recognize interest and/or penalties related to income tax matters in income tax expense. Pinnacle Financial recognized $80,000 and $264,000 in interest and penalties related to income tax matters for the years ended December 31, 2023 and 2022. Pinnacle Financial recognized no interest and penalties for the year ended December 31, 2021.
 
Income Per Common Share — Basic net income per common share (EPS) is computed by dividing net income available to common shareholders by the weighted average common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The difference between basic and diluted weighted average common shares outstanding is attributable to common stock options, restricted share awards, and restricted share unit awards, including those with performance-based vesting provisions. The dilutive effect of outstanding options, restricted share awards, and restricted share unit awards is reflected in diluted EPS by application of the treasury stock method.
 
As of December 31, 2023, there were no stock options outstanding to purchase common shares. For the years ended December 31, 2023, 2022 and 2021, respectively, 631,173, 398,461 and 458,808 of dilutive stock options, dilutive restricted shares and dilutive restricted share units, including those with performance-based vesting provisions, were included in the diluted earnings per common share calculation under the treasury stock method. For the years ended December 31, 2023, 2022 and 2021, there were a combined 484,871, 263,573 and 32,684 respectively, of restricted shares, restricted stock units and performance stock units excluded from the calculation because they were deemed to be antidilutive.

The following is a summary of the basic and diluted earnings per common share calculation for each of the years in the three-year period ended December 31, 2023 (dollars in thousands except earnings per share):
 December 31, 2023December 31, 2022December 31, 2021
Basic earnings per common share calculation:   
Numerator - Net income available to common shareholders
$546,960 $545,550 $512,131 
Denominator – Weighted average common shares outstanding
76,016,370 75,735,404 75,468,339 
Basic net income per common share$7.20 $7.20 $6.79 
Diluted earnings per common share calculation:   
Numerator - Net income available to common shareholders
$546,960 $545,550 $512,131 
Denominator – Weighted average common shares outstanding
76,016,370 75,735,404 75,468,339 
Dilutive shares contingently issuable631,173 398,461 458,808 
Weighted average diluted common shares outstanding76,647,543 76,133,865 75,927,147 
Diluted net income per common share$7.14 $7.17 $6.75 

Stock-Based Compensation — Stock-based compensation expense is recognized based on the fair value of the portion of stock-based payment awards that are ultimately expected to vest, reduced for estimated forfeitures. ASC 718-20, Compensation – Stock Compensation Awards Classified as Equity, allows forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Service based awards with multiple vesting periods are expensed over the entire requisite period as if the award were a single award. For awards with performance vesting criteria, anticipated performance is projected to determine the number of awards expected to vest, and the corresponding aggregate expense is adjusted to reflect the elapsed portion of the applicable performance period.
 
Comprehensive Income (Loss) — Comprehensive income (loss) consists of the total of all components of comprehensive income (loss) including net income (loss). Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income (loss) but excluded from net income (loss). As of December 31, 2023, 2022 and 2021, Pinnacle Financial's other comprehensive income (loss) consists primarily of unrealized gains and losses on securities available-for-sale, net of deferred tax expense (benefit) and unrealized gains (losses) on derivative hedging relationships.
 
Fair Value Measurement — ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value in U.S. GAAP and established required disclosures about fair value measurements. ASC 820 applies only to fair value measurements that are already required or permitted by other accounting standards and increases the consistency of those measurements. The definition of fair value focuses on the exit price, i.e., the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not the entry price, (i.e., the price that would be paid to acquire the asset or received to assume the liability at the measurement date). The statement emphasizes that fair value is a market-based measurement; not an entity-specific measurement. Therefore, the fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability.
 
Pinnacle Financial has an established process for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, fair value is based upon internally developed models or processes that use primarily market-based or independently-sourced market data, including interest rate yield curves, option volatilities and third party information such as prices of similar assets or liabilities. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. Furthermore, while Pinnacle Financial believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

Recently Adopted Accounting Pronouncements — In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and has issued subsequent amendments thereto, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract
modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance was initially effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued an update to Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting with Accounting Standards Update 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which updated the effective date to be March 12, 2020 through December 31, 2024. Pinnacle Financial has moved the majority of its LIBOR-based loans to its preferred replacement index, a Secured Overnight Financing Rate (SOFR) based index as of December 31, 2023. For Pinnacle Financial's currently outstanding LIBOR-based loans, the timing and manner in which each customer's interest rate transitions to a replacement index will vary on a case-by-case basis and should occur at the next repricing or renewal date for these loans.

In March 2022, the FASB issued Accounting Standards Update 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method, which allows multiple hedged layers to be designated for a single closed portfolio of financial assets resulting in a greater portion of the interest rate risk in the closed portfolio being eligible to be hedged. The amendments allow the flexibility to use different types of derivatives or combinations of derivatives to better align with risk management strategies. Furthermore, among other things, the amendments clarify that basis adjustments of hedged items in the closed portfolio should be allocated at the portfolio level and not the individual assets within the portfolio. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Pinnacle Financial adopted ASU 2022-01 on January 1, 2023 and it did not impact Pinnacle Financial's accounting or disclosures.

In March 2022, the FASB issued Accounting Standards Update 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which removes the accounting guidance for troubled debt restructurings and requires entities to evaluate whether a modification provided to a borrower results in a new loan or continuation of an existing loan. The amendments enhance existing disclosures and require new disclosures for receivables when there has been a modification in contractual cash flows due to a borrower experiencing financial difficulties. Additionally, the amendments require public business entities to disclose gross charge-off information by year of origination in the vintage disclosures. The guidance is effective for entities that have adopted ASU 2016-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Pinnacle Financial adopted ASU 2022-02 on January 1, 2023 and incorporated the required disclosures into Note 5. Loans and Allowance for Credit Losses.

Newly Issued Not Yet Effective Accounting Standards — In June 2022, the FASB issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance in ASC 820 when measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of an equity security. This update also requires specific disclosures related to these types of securities. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted, including early adoption in an interim period. An entity should apply ASU 2022-03 prospectively once adopted. Pinnacle Financial is assessing ASU 2022-03 and its impact on its accounting and disclosures.

In March 2023, the FASB issued Accounting Standards Update 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which permits the use of the proportional amortization method of accounting for tax equity investments if certain conditions are met. A reporting entity makes the accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity or individual investment level. The amendments require specific disclosures that must be applied to all investments that generate tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted, including early adoption in an interim period. An entity should apply ASU 2023-02 on a retrospective or modified retrospective basis once adopted. Pinnacle Financial is assessing ASU 2023-02 and its potential impact on its accounting and disclosures.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends the guidance for income tax disclosures to include certain required disclosures related to tax rate reconciliations, including certain categories of expense requiring disclosure, income taxes paid, including disclosure of taxes paid disaggregated by nation, state, and foreign taxes, and other disclosures for disaggregation of income before income tax expense (or benefit) and income tax expense (or benefit) by domestic and foreign allocation. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. Early adoption is permitted. An entity should apply ASU 2023-09 on a prospective basis once adopted with retrospective application permitted. Pinnacle Financial is assessing ASU 2023-09 and its potential impact on its accounting and disclosures.
Other than those pronouncements discussed above which have been recently adopted, Pinnacle Financial does not believe there were any other recently issued accounting pronouncements that are expected to materially impact its consolidated financial statements.

Reclassifications — Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders' equity.
Subsequent Events — ASC Topic 855,  Subsequent Events, establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. Pinnacle Financial evaluated all events or transactions that occurred after December 31, 2023 through the date of the issued financial statements.
v3.24.0.1
Equity method investment
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment
Note 2. Equity Method Investment
 
On February 1, 2015, Pinnacle Bank acquired a 30% interest in Bankers Healthcare Group, LLC (BHG) for $75 million in cash. On March 1, 2016, Pinnacle Bank and Pinnacle Financial increased their investment in BHG by a combined 19%, for a total investment in BHG of 49%. The additional 19% interest was acquired pursuant to a purchase agreement whereby both Pinnacle Financial and Pinnacle Bank acquired 8.55% and an additional 10.45%, respectively, of the outstanding membership interests in BHG in exchange for $74.1 million in cash and 860,470 shares of Pinnacle Financial common stock valued at $39.9 million. The investment in BHG previously held by Pinnacle Financial was contributed to Pinnacle Bank effective September 30, 2022.
 
On March 1, 2016, Pinnacle Financial, Pinnacle Bank and the other members of BHG entered into an Amended and Restated Limited Liability Company Agreement of BHG and have subsequently entered into a Second Amended and Restated Limited Liability Company Agreement on February 2, 2021. The Second Amended and Restated Limited Liability Company Agreement, provides for, among other things, the following terms:

•co-sale rights for Pinnacle Bank in the event the other members of BHG decide to sell all or a portion of their ownership interests; and
•a right of first refusal for BHG and the other members of BHG in the event that Pinnacle Bank decides to sell all or a portion of its ownership interests, except in connection with a transfer of its ownership interests to an affiliate or in connection with the acquisition of Pinnacle Financial or Pinnacle Bank or a merger in which Pinnacle Financial or Pinnacle Bank is not the surviving entity.

Pinnacle Financial accounts for this investment pursuant to the equity method for unconsolidated subsidiaries and will recognize its interest in BHG's profits and losses in noninterest income with corresponding adjustments to the BHG investment account. Because BHG has been determined to be a voting interest entity of which Pinnacle Financial controls less than a majority of the board seats, this investment does not require consolidation and is accounted for pursuant to the equity method of accounting. Additionally, Pinnacle Financial did not recognize any goodwill or other intangible assets associated with these transactions as of the respective purchase dates, however, it will recognize accretion income and amortization expense associated with the fair value adjustments to the net assets acquired including the fair value of certain of BHG's liabilities which are recorded as a component of income from equity method investment, pursuant to the equity method of accounting.

In accordance with Regulation S-X 3-09, the audited consolidated balance sheets of BHG as of September 30, 2023 and 2022, and the related consolidated statements of income, comprehensive income, members’ equity, and cash flows for each of the three years in the period ended September 30, 2023 are filed herewith as Exhibit 99.1 as a result of the fact that Pinnacle Bank’s share of BHG’s pre-tax net income for the year ended December 31, 2022 exceeded 20% of Pinnacle Financial’s consolidated pre-tax net income for the same period. Pinnacle Bank's share of BHG's pre-tax net income for the year ended December 31, 2023 did not exceed 20% of Pinnacle Financial's consolidated pre-tax net income for the same period. BHG has a fiscal year-end of September 30th.

For each of the fiscal years in the period from December 31, 2016 through December 31, 2021, Pinnacle Financial included summarized financial information for BHG as of and for the periods presented in the footnotes to Pinnacle Financial’s consolidated financial statements in its Annual Reports on Form 10-K in accordance with Regulation S-X 4-08(g), as a result of the fact that Pinnacle Financial’s share of BHG’s pre-tax net income exceeded 10%, but not 20%, of Pinnacle Financial’s consolidated pre-tax net income for the relevant periods presented.

At December 31, 2023, Pinnacle Financial has recorded technology, trade name and customer relationship intangibles, net of related amortization, of $6.0 million compared to $6.3 million as of December 31, 2022. Amortization expense of $349,000 was included in Pinnacle Financial's results for the year ended December 31, 2023 compared to $512,000 for 2022 and $752,000 for 2021. Accretion income of $225,000 was included in Pinnacle Financial's results for the year ended December 31, 2023, while $718,000 of accretion income was recorded in 2022 and $1.5 million was recorded in 2021. Additionally, at December 31, 2023, Pinnacle Financial had recorded accretable discounts associated with certain liabilities of BHG of $200,000 compared to $500,000 as of December 31, 2022.
During the year ended December 31, 2023, Pinnacle Bank received dividends from BHG of $36.7 million, compared to $63.1 million and $70.0 million received by Pinnacle Bank and Pinnacle Financial in the aggregate during the years ended December 31, 2022 and 2021, respectively. Pinnacle Financial's and Pinnacle Bank's share of earnings from BHG are included in Pinnacle Financial's consolidated tax return. Profits from intercompany transactions are eliminated.

Pinnacle Bank has a participating interest in a $675.0 million revolving line of credit for the benefit of BHG in the amount of $150.0 million. At December 31, 2023, there was $69.4 million of outstanding balance on the line related to Pinnacle Bank's interest in the line. The line accrues interest at SOFR plus 200 basis points and is secured by all assets of BHG. The credit agreement contains covenants requiring BHG to maintain certain financial ratios and satisfy certain other affirmative and negative covenants. At December 31, 2023, neither BHG nor the originating bank had represented to Pinnacle Bank that BHG was not in compliance, in all material respects, with these covenants.

BHG partners with third party lenders, including Pinnacle Bank, to facilitate loan originations as part of BHG’s alternative financing portfolio, whereby BHG acts as the marketing firm and refers loans to the third party lenders for funding. The third party lenders receive a fee for each loan funded and subsequently sold to BHG. These loans are ultimately sold through BHG's network of clients, which includes Pinnacle Bank. During the years ended December 31, 2023, 2022 and 2021, respectively, BHG purchased $1.4 billion, $1.0 billion and $646.6 million of loans originated by Pinnacle Bank, respectively. During the year ended December 31, 2023, Pinnacle Bank purchased no loans from BHG. During the years ended December 31, 2022 and 2021, Pinnacle Bank purchased $125.6 million and $276.7 million, respectively, of loans from BHG at par pursuant to BHG's joint venture loan program whereby BHG and Pinnacle Bank share proportionately in the credit risk of the acquired loans based on the rate on the loan and the rate of the purchase. The yield on this portfolio to Pinnacle Bank is anticipated to be between 4.50% and 6.00% per annum. At December 31, 2023 and 2022, there were $263.0 million and $350.6 million, respectively, of BHG joint venture program loans held by Pinnacle Bank.

BHG adopted ASU 2016-13 on October 1, 2023, which introduced the CECL methodology for estimating all expected losses over the life of the financial asset. Upon adoption of ASU 2016-13, BHG's balance for the allowance for credit losses was increased by $95.2 million through retained earnings. Pinnacle Bank recorded its proportionate share of the impact of BHG's CECL adoption by recording a $35.0 million entry to retained earnings, net of deferred taxes, with corresponding entries to the equity method investment in BHG and deferred taxes. Prior to October 1, 2023, BHG recorded its allowance for loan losses under the incurred loss method.

The following summary of BHG's financial position and results of operations as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 are presented as unaudited due to BHG's fiscal year end being September 30 (in thousands):

Banker's Healthcare GroupDecember 31, 2023December 31, 2022
Assets$4,304,835 $4,375,643 
Liabilities$3,749,821 $3,821,725 
Equity interests555,014 553,918 
Total liabilities and equity$4,304,835 $4,375,643 

 For the year ended December 31,
 202320222021
Revenues$1,175,756 $1,110,230 $735,506 
Net income, pre-tax$181,326 $295,186 $241,051 
v3.24.0.1
Restricted Cash Balances
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Restricted Cash Balances
Note 3.  Restricted Cash Balances

Regulation D of the Federal Reserve Act requires that banks maintain reserve balances with the Federal Reserve Bank based principally on the type and amount of their deposits. At its option, Pinnacle Financial maintains additional balances to compensate for clearing and other services. For the years ended December 31, 2023 and 2022, the average daily balance maintained at the Federal Reserve was approximately $2.6 billion and $1.8 billion, respectively.

Restricted cash included on Pinnacle Financial's consolidated balance sheets was $86.9 million and $31.4 million at December 31, 2023 and 2022, respectively. This restricted cash is maintained at banks as collateral primarily for our derivative portfolio.
Pinnacle Financial maintains some of its cash in bank deposit accounts at financial institutions other than Pinnacle Bank that, at times, may exceed federally insured limits. Pinnacle Financial may lose all uninsured balances if one of the correspondent banks fails without warning. Pinnacle Financial has not experienced any losses in such accounts. Pinnacle Financial believes it is not exposed to any significant credit risk on cash and cash equivalents.
v3.24.0.1
Securities
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities
Note 4.  Securities

The amortized cost and fair value of securities available-for-sale and held-to-maturity at December 31, 2023 and 2022 are summarized as follows (in thousands):
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2023
Securities available-for-sale:    
U.S Treasury securities$907,990 $2 $14,580 $893,412 
U.S. Government agency securities284,607 — 21,877 262,730 
Mortgage-backed securities1,071,963 444 125,017 947,390 
State and municipal securities1,604,874 26,129 45,108 1,585,895 
Asset-backed securities201,577 338 10,280 191,635 
Corporate notes and other477,761 69 41,362 436,468 
 $4,548,772 $26,982 $258,224 $4,317,530 
Securities held-to-maturity:    
U.S Treasury securities$90,309 $— $3,840 $86,469 
U.S. Government agency securities364,769 — 19,187 345,582 
Mortgage-backed securities382,100 637 34,900 347,837 
State and municipal securities1,886,459 6,079 159,027 1,733,511 
Asset-backed securities198,418 — 14,228 184,190 
Corporate notes and other86,009 — 8,414 77,595 
 $3,008,064 $6,716 $239,596 $2,775,184 
Allowance for credit losses - securities held-to-maturity(1,707)
Securities held-to-maturity, net of allowance for credit losses$3,006,357 
December 31, 2022    
Securities available-for-sale:    
U.S Treasury securities$196,151 $— $1,967 $194,184 
U.S. Government agency securities432,475 — 36,318 396,157 
Mortgage-backed securities1,114,948 211 143,583 971,576 
State and municipal securities1,478,310 12,553 78,557 1,412,306 
Asset-backed securities134,386 — 16,983 117,403 
Corporate notes and other515,221 41 48,018 467,244 
 $3,871,491 $12,805 $325,426 $3,558,870 
Securities held-to-maturity:    
U.S Treasury securities$92,738 $— $6,472 $86,266 
U.S. Government agency securities374,255 — 27,860 346,395 
Mortgage-backed securities413,119 52 41,593 371,578 
State and municipal securities1,927,778 2,216 233,564 1,696,430 
Asset-backed securities184,241 — 18,573 165,668 
Corporate notes and other88,527 — 9,918 78,609 
 $3,080,658 $2,268 $337,980 $2,744,946 
Allowance for credit losses - securities held-to-maturity(1,608)
Securities held-to-maturity, net of allowance for credit losses$3,079,050 
 
During the years ended December 31, 2022, 2020 and 2018, Pinnacle Financial transferred, at fair value, $1.1 billion, $873.6 million and $179.8 million, respectively, of securities from the available-for-sale portfolio to the held-to-maturity portfolio. The related net unrealized after tax losses of $1.5 million, net unrealized after tax gains of $69.0 million and net unrealized after tax losses of $2.2 million, respectively, 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, 2023, approximately $2.1 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, 2023, repurchase agreements comprised of secured borrowings totaled $209.5 million and were secured by $209.5 million of pledged U.S. government agency securities, mortgage-backed 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.

The amortized cost and fair value of debt securities as of December 31, 2023 by contractual maturity is 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-saleHeld-to-maturity
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$16,744 $18,747 $44,911 $43,530 
Due in one year to five years204,619 202,103 406,769 383,312 
Due in five years to ten years549,251 504,648 100,801 94,025 
Due after ten years2,504,618 2,453,007 1,875,065 1,722,290 
Mortgage-backed securities1,071,963 947,390 382,100 347,837 
Asset-backed securities201,577 191,635 198,418 184,190 
 $4,548,772 $4,317,530 $3,008,064 $2,775,184 

At December 31, 2023 and 2022, included in securities available-for-sale 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 ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized
Losses
December 31, 2023      
U.S. Treasury securities$693,621 $11,651 $192,500 $2,929 $886,121 $14,580 
U.S. Government agency securities14,989 11 247,648 21,866 262,637 21,877 
Mortgage-backed securities72,907 1,518 828,251 123,499 901,158 125,017 
State and municipal securities185,108 908 449,212 44,200 634,320 45,108 
Asset-backed securities42,207 254 122,469 10,026 164,676 10,280 
Corporate notes and other12,679 7 403,882 41,355 416,561 41,362 
Total temporarily-impaired securities$1,021,511 $14,349 $2,243,962 $243,875 $3,265,473 $258,224 
December 31, 2022      
U.S. Treasury securities$192,188 $1,963 $1,997 $4 $194,185 $1,967 
U.S. Government agency securities46,062 2,224 350,094 34,094 396,156 36,318 
Mortgage-backed securities390,014 34,106 570,601 109,477 960,615 143,583 
State and municipal securities568,691 18,863 304,451 59,694 873,142 78,557 
Asset-backed securities513 5 116,442 16,978 116,955 16,983 
Corporate notes and other259,453 20,260 207,326 27,758 466,779 48,018 
Total temporarily-impaired securities$1,456,921 $77,421 $1,550,911 $248,005 $3,007,832 $325,426 

The applicable date for determining when securities are in an unrealized loss position is December 31, 2023 and 2022. As such, it is possible that a security had a market value less than its amortized cost on other days during the twelve-month periods ended December 31, 2023 and 2022, but is not in the "Investments with an Unrealized Loss of less than 12 months" category above.
As shown in the tables above, at December 31, 2023 and 2022, Pinnacle Financial had unrealized losses of $258.2 million and $325.4 million on $3.3 billion and $3.0 billion, respectively, of securities. The unrealized losses associated with $1.1 billion, $873.6 million and $179.8 million of securities transferred from the available-for-sale portfolio to the held-to-maturity portfolio during the years ended December 31, 2022, 2020 and 2018, respectively, represent unrealized losses since the date of purchase, independent of the impact associated with changes in the cost basis upon transfer between portfolios. As described in Note 1. Summary of Significant Accounting Policies, for any securities classified as available-for-sale that are in an unrealized loss position at the balance sheet date, Pinnacle Financial assesses whether or not it intends to sell the security, or more-likely-than-not will be required to sell the security, before recovery of its amortized cost basis which would require a write-down to fair value through net income. Because Pinnacle Financial, as of December 31, 2023, did not intend to sell those securities that had an unrealized loss at December 31, 2023, and at December 31, 2023 it was not more-likely-than-not that Pinnacle Financial will be required to sell the securities before recovery of their amortized cost bases, which may be maturity, Pinnacle Financial has determined that no write-down is necessary. In addition, Pinnacle Financial evaluates whether any portion of the decline in fair value is the result of credit deterioration, which would require the recognition of an allowance for credit losses. Such evaluations consider the extent to which the amortized cost of the security exceeds its fair value, changes in credit ratings and any other known adverse conditions related to the specific security. The unrealized losses associated with securities at December 31, 2023 are driven by changes in interest rates and are not due to the credit quality of the securities, and accordingly, no allowance for credit losses is considered necessary related to available-for-sale securities at December 31, 2023. These securities will continue to be monitored as a part of Pinnacle Financial's ongoing evaluation of credit quality.

The allowance for credit losses on held-to-maturity securities is measured on a collective basis by major security type as described in Note 1. Summary of Significant Accounting Policies. Pinnacle Financial has a zero loss expectation for U.S. treasury securities in addition to U.S government agency securities and mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, and accordingly, no allowance for credit losses is estimated for these securities. Credit losses on held-to-maturity state and municipal securities and corporate notes and other securities are estimated using probability of default and loss given default models driven primarily by macroeconomic factors over a reasonable and supportable period of twenty-four months with an eight month reversion to average loss factors. The allowance for credit losses on held-to-maturity securities totaled $1.7 million and $1.6 million, at December 31, 2023 and 2022, respectively.

Pinnacle Financial utilizes bond credit ratings assigned by third party ratings agencies to monitor the credit quality of debt securities held-to-maturity. At December 31, 2023, all debt securities classified as held-to-maturity were rated A or higher by the ratings agencies. Updated credit ratings are obtained as they become available from the ratings agencies.

Periodically, available-for-sale securities may be sold or the composition of the portfolio realigned to improve yields, quality or marketability, to implement changes in investment or asset/liability strategy, including maintaining collateral requirements and raising funds for liquidity purposes or in preparation of anticipated changes in market interest rates. Additionally, if an available-for-sale security loses its investment grade or tax-exempt status, the underlying credit support is terminated or collection otherwise becomes uncertain based on factors known to management, Pinnacle Financial will consider selling the security, but will review each security on a case-by-case basis as these factors become known. Consistent with the investment policy, and to improve yields during the years ended December 31, 2023, 2022 and 2021, available-for-sale securities of approximately $312.6 million, $29.5 million and $37.5 million, respectively, were sold, resulting in gross realized gains of $321,000, $292,000 and $769,000, and gross realized losses of $20.0 million, $136,000 and $10,000, respectively.
 
Pinnacle Financial has entered into various fair value hedging transactions to mitigate the impact of changing interest rates on the fair values of available for sale securities. See Note 14. Derivative Instruments for disclosure of the gains and losses recognized on derivative instruments and the cumulative fair value hedging adjustments to the carrying amount of the hedged securities.
v3.24.0.1
Loans and Allowance for Loan Losses
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Loans and Allowance for Loan Losses
Note 5.  Loans and Allowance for Credit Losses

For financial reporting purposes, Pinnacle Financial classifies its loan portfolio based on the underlying collateral utilized to secure each loan. This classification is consistent with those utilized in the Quarterly Report of Condition and Income filed by Pinnacle Bank with the Federal Deposit Insurance Corporation (FDIC).

Pinnacle Financial uses the following loan categories for presentation of loan balances and the related allowance for credit losses on loans:
•Owner occupied commercial real estate mortgage loans - Owner occupied commercial real estate mortgage loans are secured by commercial office buildings, industrial buildings, warehouses or retail buildings where the owner of the building occupies the property. For such loans, repayment is largely dependent upon the operation of the borrower's business.
•Non-owner occupied commercial real estate loans - These loans represent investment real estate loans secured by office buildings, industrial buildings, warehouses, retail buildings, and multifamily residential housing. Repayment is primarily dependent on lease income generated from the underlying collateral.
•Consumer real estate mortgage loans - Consumer real estate mortgage loans consist primarily of loans secured by 1-4 family residential properties, including home equity lines of credit. Repayment is primarily dependent on the personal cash flow of the borrower.
•Construction and land development loans - Construction and land development loans include loans where the repayment is dependent on the successful completion and eventual sale, refinance or operation of the related real estate project. Construction and land development loans include 1-4 family construction projects and commercial construction endeavors such as warehouses, apartments, office and retail space and land acquisition and development.
•Commercial and industrial loans - Commercial and industrial loans include loans to business enterprises issued for commercial, industrial and/or other professional purposes. These loans are generally secured by equipment, inventory, and accounts receivable of the borrower and repayment is primarily dependent on business cash flows. Loans granted under the Paycheck Protection Program (PPP), which are fully guaranteed by the SBA, are included in this category.
•Consumer and other loans - Consumer and other loans include all loans issued to individuals not included in the consumer real estate mortgage classification. Examples of consumer and other loans are automobile loans, consumer credit cards and loans to finance education, among others. Many consumer loans are unsecured. Repayment is primarily dependent on the personal cash flow of the borrower.

Loans at December 31, 2023 and 2022 were as follows (in thousands):
December 31, 2023December 31, 2022
Commercial real estate:
Owner-occupied$4,044,896$3,587,257
Non-owner occupied7,535,4946,542,619
Consumer real estate – mortgage4,851,5314,435,046
Construction and land development4,041,0813,679,498
Commercial and industrial11,666,69110,241,362
Consumer and other536,398555,823
Subtotal$32,676,091 $29,041,605 
Allowance for credit losses(353,055)(300,665)
Loans, net$32,323,036 $28,740,940 

Commercial loans receive risk ratings by the assigned financial advisor subject to validation by Pinnacle Financial's independent loan review department. Risk ratings are categorized as pass, special mention, substandard, substandard-nonaccrual or doubtful-nonaccrual. Pass rated loans include multiple ratings categories representing varying degrees of risk attributes lesser than those of the other defined risk categories further described below. Pinnacle Financial believes its categories follow those used by Pinnacle Bank's primary regulators. At December 31, 2023, approximately 79.2% of Pinnacle Financial's loan portfolio was analyzed as a commercial loan type with a specifically assigned risk rating. Consumer loans and small business loans are generally not assigned an individual risk rating but are evaluated as either accrual or nonaccrual based on the performance of the individual loans. However, certain consumer real estate-mortgage loans and certain consumer and other loans receive a specific risk rating due to the loan proceeds being used for commercial purposes even though the collateral may be of a consumer loan nature. Consumer loans that have been placed on nonaccrual but have not otherwise been assigned a risk rating are believed by management to share risk characteristics with loans rated substandard-nonaccrual and have been presented as such in Pinnacle Financial's risk rating disclosures.

Risk ratings are subject to continual review by a financial advisor and a senior credit officer. At least annually, Pinnacle Financial's credit procedures require every risk rated loan of $1.5 million or more be subject to a formal credit risk review process. Each loan's risk rating is also subject to review by Pinnacle Financial's independent loan review department, which reviews a substantial portion of Pinnacle Financial's risk rated portfolio annually. Included in the coverage are independent reviews of loans in targeted higher-risk portfolio segments such as certain commercial and industrial loans, land loans and/or loan types in certain geographies.
Following are the definitions of the risk rating categories used by Pinnacle Financial. Pass rated loans include all credits other than those included within these categories:

•Special mention loans have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in Pinnacle Financial's credit position at some future date.
•Substandard loans are inadequately protected by the current net worth and financial capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize collection of the debt. Substandard loans are characterized by the distinct possibility that Pinnacle Financial could sustain some loss if the deficiencies are not corrected.
•Substandard-nonaccrual loans are substandard loans that have been placed on nonaccrual status.
•Doubtful-nonaccrual loans have all the characteristics of substandard-nonaccrual loans with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

The table below presents loan balances classified within each risk rating category by primary loan type and based on year of origination or most recent renewal as of December 31, 2023 (in thousands):

December 31, 202320232022202120202019PriorRevolving LoansTotal
Commercial real estate- owner occupied
Pass$785,834 $1,123,425 $871,389 $502,260 $267,595 $357,339 $56,680 $3,964,522 
Special Mention1,595 37,324 5,300 2,252 5,306 4,701 — 56,478 
Substandard (1)
5,528 9,331 3,262 1,145 568 610 — 20,444 
Substandard-nonaccrual1,781 615 686 53 — 317 — 3,452 
Doubtful-nonaccrual— — — — — — — — 
Total Commercial real estate - owner occupied$794,738 $1,170,695 $880,637 $505,710 $273,469 $362,967 $56,680 $4,044,896 
Current period gross charge-offs$— — — — — — — $— 
Commercial real estate- Non-owner occupied
Pass$1,304,109 $2,682,275 $1,737,275 $713,979 $505,767 $370,420 $107,841 $7,421,666 
Special Mention— 30,229 — 6,745 216 5,335 — 42,525 
Substandard (1)
25,723 2,969 — — 1,195 73 — 29,960 
Substandard-nonaccrual— 153 40,180 — — 489 521 41,343 
Doubtful-nonaccrual— — — — — — — — 
Total Commercial real estate - Non-owner occupied$1,329,832 $2,715,626 $1,777,455 $720,724 $507,178 $376,317 $108,362 $7,535,494 
Current period gross charge-offs$— — — — — — — $— 
Consumer real estate – mortgage
Pass$573,120 $976,006 $1,056,720 $448,420 $207,790 $318,505 $1,253,091 $4,833,652 
Special Mention— — — — — — — — 
Substandard (1)
— — — — — — — — 
Substandard-nonaccrual688 2,265 2,951 2,525 5,265 3,671 514 17,879 
Doubtful-nonaccrual— — — — — — — — 
Total Consumer real estate – mortgage$573,808 $978,271 $1,059,671 $450,945 $213,055 $322,176 $1,253,605 $4,851,531 
Current period gross charge-offs$— (225)(91)(6)(89)(472)— $(883)
Construction and land development
Pass$1,153,137 $1,930,062 $884,060 $12,102 $5,580 $6,369 $41,886 $4,033,196 
Special Mention2,728 — — 4,467 — — — 7,195 
Substandard (1)
— — — — — 82 — 82 
Substandard-nonaccrual— 608 — — — — — 608 
Doubtful-nonaccrual— — — — — — — — 
Total Construction and land development$1,155,865 $1,930,670 $884,060 $16,569 $5,580 $6,451 $41,886 $4,041,081 
Current period gross charge-offs$— — — — — (3)— $(3)
December 31, 202320232022202120202019PriorRevolving LoansTotal
Commercial and industrial
Pass$3,778,326 $2,103,473 $1,127,096 $325,176 $215,158 $142,806 $3,753,575 $11,445,610 
Special Mention11,125 22,806 12,457 532 144 1,847 45,025 93,936 
Substandard (1)
10,142 2,243 25,311 145 359 9,028 60,986 108,214 
Substandard-nonaccrual10,436 4,193 1,583 409 359 735 1,215 18,930 
Doubtful-nonaccrual— — — 1 — — — 1 
Total Commercial and industrial$3,810,029 $2,132,715 $1,166,447 $326,263 $216,020 $154,416 $3,860,801 $11,666,691 
Current period gross charge-offs$(3,428)(24,114)(13,857)(3,309)(111)(455)(15,268)$(60,542)
Consumer and other
Pass$136,809 $28,774 $66,126 $37,015 $541 $656 $266,402 $536,323 
Special Mention— — — — — — — — 
Substandard (1)
— — — — — — — — 
Substandard-nonaccrual— — — — — — 75 75 
Doubtful-nonaccrual— — — — — — — — 
Total Consumer and other$136,809 $28,774 $66,126 $37,015 $541 $656 $266,477 $536,398 
Current period gross charge-offs$(151)(629)(6,377)(2,808)(235)(110)(4,987)$(15,297)
Total loans
Pass$7,731,335 $8,844,015 $5,742,666 $2,038,952 $1,202,431 $1,196,095 $5,479,475 $32,234,969 
Special Mention15,448 90,359 17,757 13,996 5,666 11,883 45,025 200,134 
Substandard (1)
41,393 14,543 28,573 1,290 2,122 9,793 60,986 158,700 
Substandard-nonaccrual12,905 7,834 45,400 2,987 5,624 5,212 2,325 82,287 
Doubtful-nonaccrual— — — 1 — — — 1 
Total loans$7,801,081 $8,956,751 $5,834,396 $2,057,226 $1,215,843 $1,222,983 $5,587,811 $32,676,091 
Current period gross charge-offs$(3,579)$(24,968)$(20,325)$(6,123)$(435)$(1,040)$(20,255)$(76,725)
(1) Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have doubts about the borrower's ability to comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by Pinnacle Bank's primary regulators for loans classified as substandard, excluding loan modifications made to borrowers experiencing financial difficulty. Potential problem loans, which are not included in nonaccrual loans, amounted to approximately $127.4 million at December 31, 2023, compared to $53.8 million at December 31, 2022.

The table below presents the aging of past due balances by loan segment at December 31, 2023 and December 31, 2022 (in thousands):
30-59 days past due60-89 days past due90 days or more past dueTotal past dueCurrentTotal loans
December 31, 2023
Commercial real estate:
Owner-occupied$1,671 $507 $3,398 $5,576 $4,039,320 $4,044,896 
Non-owner occupied40,577 489 153 41,219 7,494,275 7,535,494 
Consumer real estate – mortgage21,585 1,352 10,824 33,761 4,817,770 4,851,531 
Construction and land development621 28 608 1,257 4,039,824 4,041,081 
Commercial and industrial14,197 28,221 16,890 59,308 11,607,383 11,666,691 
Consumer and other5,286 1,868 1,496 8,650 527,748 536,398 
Total$83,937 $32,465 $33,369 $149,771 $32,526,320 $32,676,091 
December 31, 2022
Commercial real estate:
Owner-occupied$2,112 $615 $1,139 $3,866 $3,583,391 $3,587,257 
Non-owner occupied359 48 1,681 2,088 6,540,531 6,542,619 
Consumer real estate – mortgage13,635 83 9,094 22,812 4,412,234 4,435,046 
Construction and land development221 102 130 453 3,679,045 3,679,498 
Commercial and industrial15,457 13,713 9,428 38,598 10,202,764 10,241,362 
Consumer and other4,056 1,688 746 6,490 549,333 555,823 
Total$35,840 $16,249 $22,218 $74,307 $28,967,298 $29,041,605 
The following table details the changes in the allowance for credit losses on loans from December 31, 2020 to December 31, 2021 to December 31, 2022 to December 31, 2023 by loan classification and the allocation of allowance for credit losses (in thousands):
 Commercial real estate - owner occupiedCommercial real estate - non-owner occupiedConsumer real estate - mortgageConstruction and land developmentCommercial and industrialConsumer and otherTotal
Allowance for Credit Losses:      
Balance at December 31, 2020$23,298 $79,132 $33,304 $42,408 $98,423 $8,485 $285,050 
Charged-off loans(1,420)(786)(632)(367)(46,213)(5,578)(54,996)
Recovery of previously charged-off loans1,609 969 2,288 372 7,485 3,550 16,273 
Provision for credit losses on loans(3,869)(20,811)(2,856)(12,984)52,645 4,781 16,906 
Balance at December 31, 2021$19,618 $58,504 $32,104 $29,429 $112,340 $11,238 $263,233 
Charged-off loans(1,413)(185)(651)(150)(39,020)(12,757)(54,176)
Recovery of previously charged-off loans2,082 187 1,512 471 15,687 7,690 27,629 
Provision for credit losses on loans6,330 (18,027)3,571 6,364 55,346 10,395 63,979 
Balance at December 31, 2022$26,617 $40,479 $36,536 $36,114 $144,353 $16,566 $300,665 
Charged-off loans— — (883)(3)(60,542)(15,297)(76,725)
Recovery of previously charged-off loans76 1,632 2,114 338 15,556 8,403 28,119 
Provision for credit losses on loans1,997 15,576 33,587 2,693 48,845 (1,702)100,996 
Balance at December 31, 2023$28,690 $57,687 $71,354 $39,142 $148,212 $7,970 $353,055 

The adequacy of the allowance for credit losses on loans is reviewed by Pinnacle Financial's management on a quarterly basis. This assessment includes procedures to estimate the allowance and test the adequacy and appropriateness of the resulting balance. The level of the allowance is based upon management's evaluation of historical default and loss experience, current and projected economic conditions, asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrowers' ability to repay the loan (including the timing of future payment), the estimated value of any underlying collateral, composition of the loan portfolio, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. The level of the allowance for credit losses on loans maintained by management is believed adequate to absorb all expected future losses inherent in the loan portfolio at the balance sheet date. The allowance is increased by provisions charged to expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. During the second quarter of 2023, Pinnacle Financial implemented updated CECL models in an effort to ensure that risk in its portfolio continues to be adequately captured given the uncertain state of the economy.

CECL methodology requires the allowance for credit losses to be measured on a collective basis for pools of loans with similar risk characteristics, and for loans that do not share similar risk characteristics with the collectively evaluated pools, evaluations are performed on an individual basis. For commercial real estate, consumer real estate, construction and land development, and commercial and industrial loans, Pinnacle Financial primarily utilizes a probability of default and loss given default modeling approach. These models utilize historical correlations between default and loss experience, loan level attributes, and certain macroeconomic factors as determined through a statistical regression analysis. Segments using this approach incorporate various economic drivers.

Under the current model, commercial and industrial loans consider gross domestic product (GDP), the consumer credit index and the national unemployment rate, commercial construction loans and commercial real estate loans including nonowner occupied and owner occupied commercial real estate loans consider the national unemployment rate and the commercial property and commercial real estate price indices, construction and land development loans consider the commercial property, consumer credit and home price indices dependent upon their use as residential versus commercial, consumer real estate loans consider the home price index and household debt ratio and other consumer loans consider the national unemployment rate and the household financial obligations ratio.

Under the previous model, all loan segments considered changes in the national unemployment rate. In addition to the national unemployment rate, GDP and the three-month treasury rate were considered for owner occupied commercial real estate loans, the commercial real estate price index and the five-year treasury rate were considered for construction loans, and the three-month treasury rate was considered for commercial and industrial loans.

A third-party provides management with quarterly macroeconomic scenarios, which management evaluates to determine the best estimate of the expected losses. For the consumer and other loan segment, a non-statistical approach based on historical charge off rates is utilized. The implementation of the new model including the addition of, and changes to, macroeconomic factors considered had no material effect on the overall allowance for credit losses.
Losses are predicted over a period of time determined to be reasonable and supportable, and at the end of the reasonable and supportable period losses are reverted to long term historical averages. The reasonable and supportable period and reversion period are re-evaluated each quarter by Pinnacle Financial and are dependent on the current economic environment among other factors. A reasonable and supportable period of 15 months was utilized for all loan segments at December 31, 2023 as compared to 24 months at December 31, 2022, followed by, in each case, a 12 month straight line reversion to long term averages at each measurement date.

The estimated loan losses for all loan segments are adjusted for changes in qualitative factors not inherently considered in the quantitative analyses. These adjustments are based in part on quarterly trend assessments compared to historical experience in portfolio concentrations, policy exceptions, associate retention, independent loan review results, collateral considerations, risk ratings, competition and peer group credit quality trends. The qualitative allowance allocation, as determined by the processes noted above, is increased or decreased for each loan segment based on the assessment of these various qualitative factors.

Loans that do not share similar risk characteristics with the collectively evaluated pools are evaluated on an individual basis and are excluded from the collectively evaluated pools. Individual evaluations are generally performed for loans greater than $1.0 million which have experienced significant credit deterioration. Such loans are evaluated for credit losses based on either discounted cash flows or the fair value of collateral.

The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, as of December 31, 2023 and December 31, 2022 (in thousands):
Real EstateBusiness AssetsOtherTotal
December 31, 2023
Commercial real estate:
Owner-occupied$22,284 $— $— $22,284 
Non-owner occupied69,577 — — 69,577 
Consumer real estate – mortgage20,389 — — 20,389 
Construction and land development668 — — 668 
Commercial and industrial— 31,625 552 32,177 
Consumer and other— — — — 
Total$112,918 $31,625 $552 $145,095 
December 31, 2022
Commercial real estate:
Owner-occupied$10,804 $— $— $10,804 
Non-owner occupied4,795 — — 4,795 
Consumer real estate – mortgage22,466 — — 22,466 
Construction and land development299 — — 299 
Commercial and industrial— 12,327 — 12,327 
Consumer and other— — 2 2 
Total$38,364 $12,327 $2 $50,693 

The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. Pinnacle Financial uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, a loan modification will be granted by providing principal forgiveness on certain loans. When principal forgiveness is provided, the amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

In some cases, a loan restructuring will result in providing multiple types of modifications. Typically, one type of modification, such as a payment delay or term extension, is granted initially. If the borrower continues to experience financial difficulty, another modification, such as principal forgiveness or an interest rate reduction, may be granted. Additionally, multiple types of modifications may be made on the same loan within the current reporting period. Such a combination is at least two of the following: a payment delay, term extension, principal forgiveness and interest rate reduction. Upon determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.
The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty at December 31, 2023, disaggregated by class of loans and type of modification granted and describes the financial effect of the modifications made to borrowers experiencing financial difficulty (in thousands):
December 31, 2023
Payment DelayTerm ExtensionCombination¹
Total%Total%Total%Total
Commercial real estate:
Owner-occupied— — %5,528 0.14 %— — %5,528 
Non-owner occupied12,244 0.16 %— — %13,479 0.18 %25,723 
Consumer real estate – mortgage— — %— — %— — %— 
Construction and land development— — %— — %— — %— 
Commercial and industrial— — %3,226 0.03 %— — %3,226 
Consumer and other— — %— — %— — %— 
 12,244 8,754 13,479 34,477 
¹ The combination includes payment delay, term extension, and an interest rate reduction
December 31, 2023
Financial Effect
Payment Delay:
Non-owner occupiedImplemented interest-only payments until loan maturity
Term Extension:
Owner OccupiedAdded a weighted average 0.46 years to the term of the modified loans
Commercial and industrialAdded a weighted average 0.25 years to the term of the modified loans
Combination:
Non-owner OccupiedReduced weighted average contractual interest rate by 0.55%, added a weighted average 2 years to the term, and implemented an alternative payment schedule until loan maturity
Commercial and industrial loans totaling $3.2 million included in the table above were subsequently past due and had a payment default in the twelve months following modification. Pinnacle Financial charged off $357,000 of previously modified commercial and industrial loans during the year ended December 31, 2023.

The table below presents the amortized cost basis of loans on nonaccrual status and loans past due 90 or more days and still accruing interest at December 31, 2023 and 2022. Also presented is the balance of loans on nonaccrual status at December 31, 2023 and 2022 for which there was no related allowance for credit losses recorded (in thousands):
December 31, 2023December 31, 2022
Total nonaccrual loansNonaccrual loans with no allowance for credit lossesLoans past due 90 or more days and still accruingTotal nonaccrual loansNonaccrual loans with no allowance for credit lossesLoans past due 90 or more days and still accruing
Commercial real estate:
Owner-occupied$3,452 $122 $— $1,882 $— $— 
Non-owner occupied41,343 40,669 — 2,244 1,040 — 
Consumer real estate – mortgage17,879 — 781 17,330 — — 
Construction and land development608 — — 231 — — 
Commercial and industrial18,931 519 3,802 16,345 8,003 3,663 
Consumer and other75 — 1,421 84 — 743 
Total$82,288 $41,310 $6,004 $38,116 $9,043 $4,406 

Pinnacle Financial's policy is the accrual of interest income will be discontinued when (1) there is a significant deterioration in the financial condition of the borrower and full repayment of principal and interest is not expected or (2) the principal or interest is more than 90 days past due, unless the loan is both well secured and in the process of collection. As such, at the date loans are placed on nonaccrual status, Pinnacle Financial reverses all previously accrued interest income against current year earnings. Pinnacle Financial's policy is once a loan is placed on nonaccrual status each subsequent payment is reviewed on a case-by-case basis to determine if the payment should be applied to interest or principal pursuant to regulatory guidelines. Pinnacle Financial recognized no interest income through cash payments received on nonaccrual loans during the years ended December 31, 2023, 2022, and 2021. Had these nonaccruing loans been on accruing status, interest income would have been higher by $4.5 million, $1.6 million and $1.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Approximately $7.9 million and $6.4 million of nonaccrual loans as of December 31, 2023 and 2022, respectively, were performing pursuant to their contractual terms at those dates.
Pinnacle Financial analyzes its commercial loan portfolio to determine if a concentration of credit risk exists to any industries.  Pinnacle Financial utilizes broadly accepted industry classification systems in order to classify borrowers into various industry classifications. Pinnacle Financial had a credit exposure (loans outstanding plus unfunded lines of credit) exceeding 25% of Pinnacle Bank's total risk-based capital to borrowers in the following industries at December 31, 2023 with the comparative exposures for December 31, 2022 (in thousands):
 At December 31, 2023
 Outstanding Principal BalancesUnfunded CommitmentsTotal exposureTotal Exposure at December 31, 2022
Lessors of nonresidential buildings$4,674,176 $1,242,159 $5,916,335 $7,058,045 
Lessors of residential buildings2,028,622 1,150,419 3,179,041 3,725,186 
New housing for-sale builders577,090 819,563 1,396,653 1,763,089 
Music publishers787,407 432,374 1,219,781 1,127,636 
Total$8,067,295 $3,644,515 $11,711,810 $13,673,956 

Among other data, Pinnacle Financial monitors two ratios regarding construction and commercial real estate lending as a part of its concentration management process. Both ratios are calculated by dividing certain types of loan balances for each of the two categories by Pinnacle Bank's total risk-based capital. At December 31, 2023 and 2022, Pinnacle Bank's construction and land development loans as a percentage of total risk-based capital were 84.2% and 85.9%, respectively. Non owner-occupied commercial real estate and multifamily loans (including construction and land development loans) as a percentage of total risk-based capital were 259.0% and 249.6% as of December 31, 2023 and 2022, respectively. Banking regulations have established guidelines for the construction ratio of less than 100% of total risk-based capital and for the non owner-occupied commercial real estate and multifamily ratio of less than 300% of total risk-based capital. When a bank's ratios are in excess of one or both of these guidelines, banking regulations generally require an increased level of monitoring in these lending areas by bank management. Pinnacle Bank was within the 100% and 300% guidelines as of December 31, 2023 and has established what it believes to be appropriate controls to monitor its lending in these areas as it aims to keep the level of these loans below the 100% and 300% thresholds.

At December 31, 2023, Pinnacle Financial had granted loans and other extensions of credit amounting to approximately $37.7 million to current directors, executive officers, and their related interests, of which $34.7 million had been drawn upon. At December 31, 2022, Pinnacle Financial had granted loans and other extensions of credit amounting to approximately $20.9 million to directors, executive officers, and their related interests, of which approximately $16.0 million had been drawn upon. All loans to directors, executive officers, and their related interests were performing in accordance with contractual terms at December 31, 2023 and 2022.

Loans Held for Sale

At December 31, 2023, Pinnacle Financial had approximately $9.3 million in commercial loans held for sale compared to $21.1 million at December 31, 2022. These include commercial real estate and apartment loans originated for sale to a third-party as part of a multi-family loan program. Such loans are closed under a pass-through commitment structure wherein Pinnacle Bank's loan commitment to the borrower is the same as the third party's take-out commitment to Pinnacle Bank and the third party purchase typically occurs within thirty days of Pinnacle Bank closing with the borrowers. Also included are commercial loans originated for sale to BHG as part of BHG's alternative financing portfolio as more fully described in Note 2. Equity Method Investment.

At December 31, 2023, Pinnacle Financial had approximately $20.2 million of mortgage loans held-for-sale compared to approximately $12.9 million at December 31, 2022. Total mortgage loan volumes sold during the year ended December 31, 2023 were approximately $653.9 million compared to approximately $826.2 million and $1.6 billion for the years ended December 31, 2022 and 2021, respectively. During the year ended December 31, 2023, Pinnacle Financial recognized $6.5 million in gains on the sale of these loans, net of commissions paid, compared to $7.3 million and $32.4 million, respectively, during the years ended December 31, 2022 and 2021. These mortgage loans held-for-sale are originated internally and are primarily to borrowers in Pinnacle Bank's geographic markets. These sales are typically on a mandatory basis to investors that follow conventional government sponsored entities (GSE) and the Department of Housing and Urban Development/U.S. Department of Veterans Affairs (HUD/VA) guidelines.
 
Each purchaser of a mortgage loan held-for-sale has specific guidelines and criteria for sellers of loans and the risk of credit loss with regard to the principal amount of the loans sold is generally transferred to the purchasers upon sale. While the loans are sold without recourse, the purchase agreements require Pinnacle Bank to make certain representations and warranties regarding the existence and sufficiency of file documentation and the absence of fraud by borrowers or other third parties such as appraisers in connection with obtaining the loan. If it is determined that the loans sold were in breach of these representations or warranties, Pinnacle Bank has obligations to either repurchase the loan for the unpaid principal balance and related investor fees or make the purchaser whole for the economic benefits of the loan. To date, Pinnacle Bank's liability pursuant to the terms of these representations and warranties has been insignificant.
v3.24.0.1
Premises and Equipment and Lease Commitments
 12 Months Ended
Dec. 31, 2023
Premises and Equipment and Lease Commitments [Abstract]  
Premises and Equipment and Lease Commitments
Note 6.  Premises and Equipment and Lease Commitments

Premises and equipment at December 31, 2023 and 2022 are summarized as follows (in thousands):

 
 Range of Useful Lives
20232022
LandNot applicable$36,528 $71,741 
Buildings15 years-30 years103,919 206,434 
Leasehold improvements14 years-35 years74,606 62,209 
Furniture and equipment3 years-20 years183,919 144,979 
  398,972 485,363 
Less: accumulated depreciation and amortization 142,095 157,478 
   $256,877 $327,885 

Depreciation and amortization expense was approximately $30.2 million, $25.9 million, and $22.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Pinnacle Financial has entered into various operating leases, primarily for office space and branch facilities. The leases are classified as operating or finance leases at commencement. Right-of-use assets representing the right to use the underlying asset and lease liabilities representing the obligation to make future lease payments are recognized on the balance sheet within other assets and other liabilities. These assets and liabilities are estimated based on the present value of future lease payments discounted using Pinnacle Financial's incremental secured borrowing rates as of the commencement date of the lease. Certain lease agreements contain renewal options which are considered in the determination of the lease term if they are deemed reasonably certain to be exercised. Pinnacle Financial has elected not to recognize leases with an original term of less than 12 months on the balance sheet.

During the year ended December 31, 2023, Pinnacle Bank consummated a sale-leaseback transaction pursuant to which it sold a combined 49 properties to two unaffiliated entities, PNB TN Portfolio Owner LLC and PNB Portfolio Owner, LLC (each, a "Purchaser" and collectively, the "Purchasers"), each of whom is an affiliate of Oak Street Real Estate Capital, for an aggregate cash purchase price of $198.2 million and concurrently agreed to separately lease each of those properties for an initial term of 14.5 years, with two five (5) year renewal options that Pinnacle Bank may exercise to extend the term of any of the leases. The pre-tax, net gain recorded associated with the sale of these 49 properties was $85.7 million, after deducting transaction-related expenses. The aggregate annual lease expense associated with these properties will be approximately $17.0 million for the first twelve months of the lease term, with each lease including a 1.9% annual rent escalation during the initial term, and a 2.0% annual rent escalation during each of the two five-year renewal terms, if exercised. The proceeds of the sale-leaseback transaction have been retained in Pinnacle Bank's cash accounts at the Federal Reserve.

Right-of-use assets and lease liabilities relating to Pinnacle Financial's operating and finance leases are as follows at December 31, 2023 and 2022 (in thousands):
December 31, 2023December 31, 2022
Right-of-use assets:
Operating leases$296,272 $126,767 
Finance leases1,092 1,318 
Total right-of-use assets$297,364 $128,085 
Lease liabilities:
Operating leases$304,944 $133,108 
Finance leases2,146 2,458 
Total lease liabilities$307,090 $135,566 
The total lease cost related to operating leases and short term leases is recognized on a straight-line basis over the lease term. For finance leases, right-of-use assets are amortized on a straight-line basis over the lease term and interest imputed on the lease liability is recognized using the effective interest method. The components of Pinnacle Financial's total lease cost were as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):
For the years ended December 31,
202320222021
Operating lease cost$30,913 $18,292 $15,696 
Short-term lease cost349 401 297 
Finance lease cost:
Interest on lease liabilities167 189 208 
Amortization of right-of-use asset226 226 226 
Sublease income(1,365)(1,357)(1,309)
Net lease cost$30,290 $17,751 $15,118 

The weighted average remaining lease term and weighted average discount rate for operating and finance leases at December 31, 2023 and 2022 are as follows:
December 31, 2023December 31, 2022
Weighted average remaining lease term
Operating leases12.00 years10.44 years
Finance leases4.84 years5.84 years
Weighted average discount rate
Operating leases4.29 %3.11 %
Finance leases7.22 %7.22 %

Cash flows related to operating and finance leases during the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
For the years ended December 31,
202320222021
Operating cash flows related to operating leases$28,614 $16,956 $14,712 
Operating cash flows related to finance leases$167 $189 $208 
Financing cash flows related to finance leases$311 $281 $261 

Future undiscounted lease payments for operating and finance leases with initial terms of more than 12 months are as follows at December 31, 2023 (in thousands):
Operating LeasesFinance Leases
2024$36,814 $527 
202535,058 527 
202632,687 527 
202731,623 527 
202831,133 439 
Thereafter230,286 — 
Total undiscounted lease payments397,601 2,547 
Less: imputed interest(92,657)(401)
Net lease liabilities$304,944 $2,146 
v3.24.0.1
Deposits
 12 Months Ended
Dec. 31, 2023
Interest-Bearing Deposit Liabilities [Abstract]  
Deposits
Note 7.  Deposits

At December 31, 2023, the scheduled maturities of time deposits are as follows (in thousands):
2024$4,093,153 
2025590,695 
2026133,782 
202714,168 
20288,955 
Thereafter— 
$4,840,753 

At December 31, 2023 and 2022, approximately $1.8 billion and $1.3 billion, respectively, of time deposits had been issued in denominations of $250,000 or greater.

At December 31, 2023 and 2022, Pinnacle Financial had $2.5 million and $1.4 million, respectively, of deposit accounts in overdraft status that have been reclassified to loans on the accompanying consolidated balance sheets.
v3.24.0.1
Federal Home Loan Bank Advances
 12 Months Ended
Dec. 31, 2023
Advance from Federal Home Loan Bank [Abstract]  
Federal Home Loan Bank Advances
Note 8.  Federal Home Loan Bank Advances

Pinnacle Bank is a member of the FHLB and as a result, is eligible for advances from the FHLB pursuant to the terms of various borrowing agreements, which assist Pinnacle Bank in the funding of its home mortgage and commercial real estate loan portfolios. Pinnacle Bank has pledged certain qualifying residential mortgage loans and, pursuant to a blanket lien, certain qualifying commercial mortgage loans with an aggregate carrying value of approximately $7.8 billion as collateral under the borrowing agreements with the FHLB.

At December 31, 2023 and 2022, Pinnacle Bank had outstanding advances from the FHLB totaling approximately $2.1 billion and $464.4 million, respectively. The scheduled maturities of FHLB advances at December 31, 2023 and interest rates are as follows (in thousands):
 Scheduled maturities
Weighted average interest rates(1)
2024$— — %
2025366,250 4.97 %
2026162,500 4.00 %
2027237,500 4.14 %
20281,375,000 3.97 %
Thereafter12 2.75 %
2,141,262 
Deferred costs(1,070)
Fair value hedging adjustment(2,023)
Total Federal Home Loan Bank advances$2,138,169 
Weighted average interest rate 4.17 %
(1)Some FHLB advances include variable interest rates and could increase in the future. The table reflects rates in effect as of December 31, 2023.

At December 31, 2023, Pinnacle Bank had accommodations which allow it to borrow from the Federal Reserve Bank of Atlanta's discount window and purchase Federal funds from several of its correspondent banks on an overnight basis at prevailing overnight market rates. These accommodations are subject to various restrictions as to their term and availability, and in most cases, must be repaid within less than a month. At December 31, 2023, Pinnacle Bank had approximately $2.8 billion in borrowing availability with the FHLB, $6.8 billion with the Federal Reserve Bank discount window, and approximately $105.0 million with other correspondent banks with whom Pinnacle Bank has arranged lines of credit. At December 31, 2023, Pinnacle Bank was not carrying any balances with the Federal Reserve Bank discount window or correspondent banks under these arrangements.
v3.24.0.1
Other borrowings
 12 Months Ended
Dec. 31, 2023
Subordinated Debt [Abstract]  
Subordinated Borrowings Disclosure
Note 9.  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 Pinnacle Financial has entered into certain other subordinated debt agreements. These instruments are outlined below as of December 31, 2023 (in thousands):
NameDate EstablishedMaturityTotal Debt OutstandingInterest Rate at December 31, 2023Coupon Structure
Trust preferred securities
Pinnacle Statutory Trust IDecember 29, 2003December 30, 2033$10,310 8.44 %
3-month SOFR + 2.80%(1)
Pinnacle Statutory Trust IISeptember 15, 2005September 30, 203520,619 6.99 %
3-month SOFR + 1.40%(1)
Pinnacle Statutory Trust IIISeptember 07, 2006September 30, 203620,619 7.24 %
3-month SOFR + 1.65%(1)
Pinnacle Statutory Trust IVOctober 31, 2007September 30, 203730,928 8.50 %
3-month SOFR + 2.85%(1)
BNC Capital Trust IApril 03, 2003April 15, 20335,155 8.91 %
3-month SOFR + 3.25%(1)
BNC Capital Trust IIMarch 11, 2004April 07, 20346,186 8.51 %
3-month SOFR + 2.85%(1)
BNC Capital Trust IIISeptember 23, 2004September 23, 20345,155 8.06 %
3-month SOFR + 2.40%(1)
BNC Capital Trust IVSeptember 27, 2006December 31, 20367,217 7.29 %
3-month SOFR + 1.70%(1)
Valley Financial Trust IJune 26, 2003June 26, 20334,124 8.72 %
3-month SOFR + 3.10%(1)
Valley Financial Trust IISeptember 26, 2005December 15, 20357,217 7.14 %
3-month SOFR + 1.49%(1)
Valley Financial Trust IIIDecember 15, 2006January 30, 20375,155 7.38 %
3-month SOFR + 1.73%(1)
Southcoast Capital Trust IIIAugust 05, 2005September 30, 203510,310 7.09 %
3-month SOFR + 1.50%(1)
Subordinated Debt
Pinnacle Financial Subordinated NotesSeptember 11, 2019September 15, 2029300,000 4.13 %
Fixed (2)
Debt issuance costs and fair value adjustment (8,057)
Total subordinated debt and other borrowings $424,938 
(1) Rate transitioned to three month term SOFR plus a comparable tenor spread adjustment beginning after July 1, 2023 as three month LIBOR ceased to be published effective July 1, 2023.
(2) Previously was to transition to three month LIBOR + 2.775%, but will now migrate to an alternative benchmark rate plus comparable spread beginning September 15, 2024 through the end of the term as three month LIBOR ceased to be published effective July 1, 2023.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
Note 10.  Income Taxes

Income tax expense attributable to continuing operations for each of the years ended December 31 is as follows (in thousands):
 202320222021
Current tax expense :   
Federal$67,711 $104,141 $125,016 
State11,775 12,870 11,798 
Total current tax expense79,486 117,011 136,814 
Deferred tax expense (benefit):  
Federal67,446 15,082 (12,149)
State4,922 4,658 (83)
Total deferred tax (benefit) expense72,368 19,740 (12,232)
Total income tax expense$151,854 $136,751 $124,582 
Pinnacle Financial's income tax expense differs from the amounts computed by applying the Federal income tax statutory rate of 21% to income before income taxes. A reconciliation of the differences for each of the years in the three-year period ended December 31, 2023 is as follows (in thousands):
 202320222021
Income tax expense at statutory rate$149,941 $146,474 $136,900 
State excise tax expense, net of federal tax effect13,191 13,847 9,255 
Non-deductible executive compensation5,186 5,481 2,149 
Tax-exempt securities(21,663)(18,730)(15,243)
Federal tax credits(5,238)(5,019)(4,712)
Bank owned life insurance income(4,324)(4,599)(4,413)
Bank owned life insurance surrender8,572 — — 
Non-deductible FDIC assessment5,361 2,331 1,697 
Insurance premiums— (36)(273)
Excess tax benefits associated with equity compensation(208)(3,027)(2,475)
Other items1,036 29 1,697 
Income tax expense$151,854 $136,751 $124,582 

Pinnacle Financial's effective tax rate differs from the Federal income tax rates primarily due to state excise tax expense, investments in bank-qualified tax-exempt municipal securities, tax benefits from Pinnacle Bank's real estate investment trust and municipal investment subsidiaries, and tax benefits associated with share-based compensation and bank owned life insurance offset in part by the limitation on deductibility of meals and entertainment expense, non-deductible FDIC insurance premiums and non-deductible executive compensation. The increase in the effective income tax rate in 2023 as compared to 2022 is primarily due to the restructuring of BOLI contracts resulting in restructuring charges totaling $7.2 million and surrender penalties totaling $9.1 million offset in part by the tax impact of the $29.0 million charge related to the FDIC special assessment to recover losses incurred by the Deposit Insurance Fund associated with the multiple high-profile bank failures which occurred in the first half of 2023.

The components of deferred income taxes included in other assets in the accompanying consolidated balance sheets at December 31, 2023 and 2022 are as follows (in thousands):
 20232022
Deferred tax assets:  
Allowance for credit losses$86,911 $77,015 
Loans4,659 10,576 
Insurance784 817 
Accrued liability for supplemental retirement agreements7,005 7,595 
Restricted stock and stock options6,251 7,795 
Securities49,331 67,286 
Lease liability76,918 35,589 
Other real estate owned750 1,526 
Net federal operating loss carryforward and credits1,064 1,168 
Annual incentive compensation11,842 21,322 
Partnership interests13,541 31,559 
Allowance for off balance sheet credit exposures4,367 6,527 
Tax credit investments— 8,282 
FDIC special assessment7,250 — 
Other deferred tax assets2,532 3,267 
Total deferred tax assets273,205 280,324 
 20232022
Deferred tax liabilities:  
Depreciation and amortization23,140 17,723 
Core deposit and other intangible assets6,087 9,070 
Cash flow hedge836 6,854 
REIT dividends2,604 2,338 
FHLB related liabilities125 328 
Equity method investment42 76 
Right-of-use assets and other leasing transactions74,068 33,157 
Leases67,711 35,547 
Subordinated debt1,412 1,662 
Tax credit investments7,614 — 
Other deferred tax liabilities2,356 2,054 
Total deferred tax liabilities185,995 108,809 
Net deferred tax assets$87,210 $171,515 
 
At December 31, 2023, the Company had federal and state loss carryforwards resulting from acquisitions of approximately $4.8 million that expire at various dates from 2028 to 2034.

ASC 740, Income Taxes, defines the threshold for recognizing the benefits of tax return positions in the financial statements as "more-likely-than-not" to be sustained by the taxing authority. This section also provides guidance on the derecognition, measurement and classification of income tax uncertainties, along with any related interest and penalties, and includes guidance concerning accounting for income tax uncertainties in interim periods.

A reconciliation of the beginning and ending unrecognized tax benefit related to state uncertain tax positions for each of the years in the three-year period ended December 31, 2023 is as follows (in thousands):
 202320222021
Balance at January 1,$15,752 $12,737 $9,658 
Increases due to tax positions taken during the current year642 3,721 3,647 
Increases due to tax positions taken during a prior year— — — 
Decreases due to the lapse of the statute of limitations during the current year(1,340)(706)(568)
Decreases due to settlements with the taxing authorities during the current year(6,248)— — 
Balance at December 31,$8,806 $15,752 $12,737 

Pinnacle Financial's policy is to recognize interest and/or penalties related to income tax matters in income tax expense. Pinnacle Financial recognized $80,000 and $264,000 in interest and penalties related to income tax matters for the years ended December 31, 2023 and 2022, respectively. Pinnacle Financial recognized no interest and penalties for the year ended December 31, 2021.
v3.24.0.1
Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities
Note 11.  Commitments and Contingent Liabilities

In the normal course of business, Pinnacle Financial has entered into off-balance sheet financial instruments which include commitments to extend credit (i.e., including unfunded lines of credit) and standby letters of credit. Commitments to extend credit are usually the result of lines of credit granted to existing borrowers under agreements that the total outstanding indebtedness will not exceed a specific amount during the term of the indebtedness. Typical borrowers are commercial concerns that use lines of credit to supplement their treasury management functions, thus their total outstanding indebtedness may fluctuate during any time period based on the seasonality of their business and the resultant timing of their cash flows. Other typical lines of credit are related to home equity loans granted to consumers. Commitments to extend credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. At December 31, 2023, these commitments amounted to $15.0 billion, of which approximately $1.8 billion related to home equity lines of credit.
Standby letters of credit are generally issued on behalf of an applicant (customer) to a specifically named beneficiary and are the result of a particular business arrangement that exists between the applicant and the beneficiary. Standby letters of credit have fixed expiration dates and are usually for terms of two years or less unless terminated beforehand due to criteria specified in the standby letter of credit. A typical arrangement involves the applicant routinely being indebted to the beneficiary for such items as inventory purchases, insurance, utilities, lease guarantees or other third party commercial transactions. The standby letter of credit would permit the beneficiary to obtain payment from Pinnacle Financial under certain prescribed circumstances. Subsequently, Pinnacle Financial would then seek reimbursement from the applicant pursuant to the terms of the standby letter of credit. At December 31, 2023, these commitments amounted to $325.1 million.

Pinnacle Financial follows the same credit policies and underwriting practices when making these commitments as it does for on-balance sheet instruments. Each customer's creditworthiness is evaluated on a case-by-case basis and the amount of collateral obtained, if any, is based on management's credit evaluation of the customer. Collateral held varies but may include cash, real estate and improvements, marketable securities, accounts receivable, inventory, equipment, and personal property.

The contractual amounts of these commitments are not reflected in the consolidated financial statements and would only be reflected if drawn upon. Since many of the commitments are expected to expire without being drawn upon, the contractual amounts do not necessarily represent future cash requirements. However, should the commitments be drawn upon and should Pinnacle Bank's customers default on their resulting obligation to Pinnacle Bank, the maximum exposure to credit loss, without consideration of collateral, is represented by the contractual amount of those commitments. At December 31, 2023 and 2022, Pinnacle Financial had accrued reserves of $17.5 million and $25.0 million, respectively, for the inherent risks associated with these off-balance sheet commitments. The provision for credit losses related to these unfunded commitments decreased $7.5 million during the year ended December 31, 2023 as compared to a $2.5 million increase during the year ended December 31, 2022.
 
Various legal claims also arise from time to time in the normal course of business. In the opinion of management, the resolution of these routine claims outstanding at December 31, 2023 will not have a material impact on Pinnacle Financial's consolidated financial condition, operating results or cash flows.
v3.24.0.1
Salary Deferral Plans
 12 Months Ended
Dec. 31, 2023
Deferred Compensation Arrangements [Abstract]  
Salary Deferral Plans
Note 12.  Salary Deferral Plans

Pinnacle Financial has a 401(k) retirement plan (the 401k Plan) covering all employees who elect to participate, subject to certain eligibility requirements. The 401(k) Plan allows employees to defer up to 50% of their salary subject to regulatory limitations with Pinnacle Financial matching 100% of the first 4% of employee self-directed contributions during 2023, 2022, and 2021. Pinnacle Financial's expense associated with the matching component of the plan for each of the years in the three-year period ended December 31, 2023 was approximately $15.3 million, $13.7 million and $11.1 million, respectively, and is included in the accompanying consolidated statements of operations in salaries and employee benefits expense.
Pinnacle Financial has assumed supplemental retirement plans for certain directors and executive officers of banks which we have acquired. At December 31, 2023 and 2022, respectively, Pinnacle Financial had recorded $29.3 million and $30.3 million of liabilities on its balance sheet associated with these supplemental executive retirement plans. A portion of these assumed plans were fully funded with Rabbi Trusts whose balances at December 31, 2023 totaled $17.7 million. At December 31, 2023, the remaining amounts that are not yet funded are included in other liabilities in the accompanying consolidated balance sheets.
v3.24.0.1
Stock Options, Restricted Shares and Restricted Share Units
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Options and Restricted Shares and Restricted Share Units
Note 13.  Stock Options and Restricted Shares

Pinnacle Financial's Amended and Restated 2018 Omnibus Equity Incentive Plan (the "2018 Plan") permits Pinnacle Financial to reissue outstanding awards that are subsequently forfeited, settled in cash, withheld by Pinnacle Financial to cover withholding taxes or expire unexercised and returned to the 2018 Plan. At December 31, 2023, there were approximately 921,000 shares available for issuance under the 2018 Plan.

Common Stock Options

Upon the acquisition of CapitalMark Bank & Trust (CapitalMark), Pinnacle Financial assumed approximately 858,000 stock options under the CapitalMark Option Plan. No further shares remain available for issuance under the CapitalMark Option Plan. At December 31, 2023, there are no remaining options outstanding under any equity incentive plan of Pinnacle Financial including those that were granted under the CapitalMark Option Plan.
A summary of stock option activity within the equity incentive plans during each of the years in the three-year period ended December 31, 2023 and information regarding expected vesting, contractual terms remaining, intrinsic values and other matters was as follows:
 NumberWeighted-Average Exercise PriceWeighted-Average Contractual Remaining Term (in years)Aggregate Intrinsic Value
(000's)
Outstanding at December 31, 2020101,769 $23.46     
Granted— —     
Stock options exercised
(45,125)22.18     
Forfeited(497)20.00     
Outstanding at December 31, 202156,147 $24.51     
Granted— — 
Stock options exercised(15,959)23.28 
Forfeited— — 
Outstanding at December 31, 202240,188 $25.00     
Granted— —     
Stock options exercised(40,188)25.00     
Forfeited— —     
Outstanding at December 31, 2023— $— 0.00$— 
Options exercisable at December 31, 2023— $— 0.00$— 
.

During 2023, 2022, and 2021, the aggregate intrinsic value of stock options exercised under Pinnacle Financial's equity incentive plans was $1.6 million, $1.0 million and $3.0 million, respectively, determined using the quoted price of Pinnacle Financial common stock as of the date of option exercise.

There have been no options granted by Pinnacle Financial since 2008. All stock option awards granted by Pinnacle Financial were fully vested during 2013. Stock options granted under the CapitalMark Plan were fully vested at the time of acquisition. As such, there was no impact on the results of operations for stock-based compensation related to stock options for any year in the three-year period ended December 31, 2023, except for the tax impact recorded as a component of income tax expense upon exercise.
 
Restricted Shares

A summary of activity for unvested restricted share awards for the years ended December 31, 2023, 2022, and 2021 follows:
 NumberGrant Date Weighted-Average Cost
Unvested at December 31, 2020594,669 $56.97 
Shares awarded249,641 77.00 
Restrictions lapsed and shares released to associates/directors(193,846)56.47 
Shares forfeited(37,129)62.79 
Unvested at December 31, 2021613,335 $64.93 
Shares awarded286,445 98.06 
Restrictions lapsed and shares released to associates/directors(188,394)64.53 
Shares forfeited(35,775)75.35 
Unvested at December 31, 2022675,611 $78.53 
Shares awarded269,025 71.84 
Restrictions lapsed and shares released to associates/directors(206,956)73.17 
Shares forfeited(34,281)75.84 
Unvested at December 31, 2023703,399 $77.68 
Pinnacle Financial grants restricted share awards to associates (including certain members of executive management) and outside directors with time-based vesting criteria. The following tables outline restricted stock grants that were made by grant year, grouped by similar vesting criteria, during the three-year period ended December 31, 2023. The table below reflects the life-to-date activity for these awards:
Grant
year
Group (1)
Vesting
period in years		Shares
awarded		Restrictions lapsed and shares released to participantsShares withheld
for taxes by participants
Shares forfeited by participants (4)
Shares unvested
Time Based Awards
2021
Associates (2)
3— 5237,811 60,966 24,552 30,455 121,838 
2022
Associates (2)
3— 5276,965 37,226 15,019 16,723 207,997 
2023
Associates (2)
3— 5258,185 328 185 15,995 241,677 
Outside Director Awards (3)
2021Outside directors111,830 10,222 1,608 — — 
2022Outside directors19,480 7,740 1,740 — — 
2023Outside directors110,840 — — — 10,840 
(1)Groups include employees (referred to as associates above) and outside directors. When the restricted shares are awarded, a participant receives voting rights and forfeitable dividend rights with respect to the shares, but is not able to transfer the shares until the restrictions have lapsed. Once the restrictions lapse, the participant is taxed on the value of the award and may elect to sell some shares (or have Pinnacle Financial withhold some shares) to pay the applicable income taxes associated with the award. Alternatively, the recipient can pay the withholding taxes in cash. For time-based vesting restricted share awards, dividends paid on shares for which the forfeiture restrictions do not lapse will be recouped by Pinnacle Financial at the time of termination. For awards to Pinnacle Financial's directors, dividends are placed into escrow until the forfeiture restrictions on such shares lapse.
(2)The forfeiture restrictions on these restricted share awards lapse in equal annual installments on the anniversary date of the grant.
(3)Restricted share awards are issued to the outside members of the board of directors in accordance with their board compensation plan. Restrictions lapse on March 1, 2024 based on each individual board member meeting attendance goals for the various board and board committee meetings to which each member was scheduled to attend.
(4)These shares represent forfeitures resulting from recipients whose employment or board membership was terminated during the life-to-date period ended December 31, 2023. Any dividends paid on shares for which the forfeiture restrictions do not lapse will be recouped by Pinnacle Financial at the time of termination or will not be distributed from escrow, as applicable.

  Compensation expense associated with the time-based vesting restricted share awards is recognized over the time period that the restrictions associated with the awards lapse on a straight-line basis based on the total cost of the award.

Restricted Stock Unit Awards

A summary of activity for unvested restricted stock unit awards for the years ended December 31, 2023, 2022, and 2021 follows:
 NumberGrant Date
Weighted-Average Cost
Unvested at December 31, 2020— $— 
Restricted stock units awarded56,864 71.21
Restrictions lapsed and underlying shares released to associates(128)70.95
Restricted stock units forfeited(368)70.95
Unvested at December 31, 202156,368 $71.22 
Restricted stock units awarded38,133 104.80
Restrictions lapsed and underlying shares released to associates(18,897)71.24
Restricted stock units forfeited(1,621)85.50
Unvested at December 31, 202273,983 $88.21 
Restricted stock units awarded70,716 70.25
Restrictions lapsed and underlying shares released to associates(34,465)83.75
Restricted stock units forfeited(7,357)78.83
Unvested at December 31, 2023102,877 $78.03 
Pinnacle Financial grants restricted stock units to its Named Executive Officers (NEOs) and leadership team members with time-based vesting criteria. Compensation expense associated with time-based vesting restricted stock unit awards is recognized over the time period that the restrictions associated with the awards lapse on a straight-line basis based on the total cost of the award. The following table outlines restricted stock unit grants that were made, grouped by similar vesting criteria, during the three-year period ended December 31, 2023. The table reflects the life-to-date activity for these awards:
Grant yearVesting
period in years		Shares
awarded		Restrictions lapsed and shares released to participantsShares withheld for taxes by participants
Shares forfeited by participants (1)
Shares unvested
2021356,864 24,905 12,653 2,706 16,600 
2022338,133 8,848 4,204 2,300 22,781 
2023370,716 2,140 740 4,340 63,496 
(1)These shares represent forfeitures resulting from recipients whose employment was terminated during the life-to-date period ended December 31, 2023. Dividend equivalents are held in escrow for award recipients for dividends paid prior to the forfeiture restrictions lapsing. Such dividend equivalents are not released from escrow if an award is forfeited.

Performance Stock Unit Awards

The following table details the performance stock unit awards outstanding at December 31, 2023:
Grant yearUnits Awarded
 Applicable performance periods associated with each tranche
(fiscal year)
Service period per tranche
(in years)		Subsequent
holding period per tranche
(in years)
Period in which units to be settled into shares of common stock (2)
Named Executive Officers
(NEOs) (1)
Leadership Team other than NEOs
2023103,136 — 247,515 61,673 2023-2025002026
202256,465 — 135,514 32,320 2022-2024002025
2022— — 230,000 — 2022-2024012026
202189,234 — 214,155 45,240 2021-2023002024
2020136,137 — 204,220 59,648 2020232025
2021222025
2022212025
2019166,211 — 249,343 52,244 2019232024
2020222024
2021212024
(1)The named executive officers are awarded a range of awards that generally may be earned based on attainment of goals between a target level of performance and a maximum level of performance. The 230,000 performance units awarded to the NEOs in 2022 may be earned based on target level performance and do not include maximum level payout.
(2)Performance stock unit awards granted in or after 2021, if earned, will be settled in shares of Pinnacle Financial common stock in the period noted in the table, if the performance criterion included in the applicable performance unit award agreement are met.

During the years ended December 31, 2023, 2022 and 2021, the restrictions associated with 112,561, 130,996 and 134,146 performance stock unit awards, respectively, granted in prior years lapsed, based on the terms of the applicable award agreement and approval by Pinnacle Financial's Human Resources and Compensation Committee, and were settled into shares of Pinnacle Financial common stock with 39,139, 46,684 and 46,616 shares, respectively, being withheld to pay the taxes associated with the settlement of those shares.

Additionally, during the years ended December 31, 2023 and 2021, 9,967 and 199,633 performance stock unit awards granted in prior years were forfeited due to the failure to reach performance targets as defined in the associated performance stock unit award agreements. No shares were forfeited during the year ended December 31, 2022.
A summary of stock compensation expense, net of the impact of income taxes, related to restricted share awards, restricted stock unit awards and performance stock unit awards for each year in the three-year period ended December 31, 2023, follows (in thousands):

 202320222021
Restricted stock expense$41,879 $39,552 $24,952 
Income tax benefit (1)
10,470 10,339 6,522 
Restricted stock expense, net of income tax benefit$31,409 $29,213 $18,430 

(1) Income tax benefit shown at statutory tax rate for each period presented. A portion of the restricted stock expense associated with awards to NEOs may be disallowed based on Federal income tax regulations.
As of December 31, 2023, compensation cost related to unvested restricted share awards, restricted stock unit awards and performance stock unit awards not yet recognized was $61.8 million. This expense, if the underlying awards are earned, is expected to be recognized over a weighted-average period of 1.89 years.
v3.24.0.1
Derivative Instruments
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
Note 14.  Derivative Instruments

Financial derivatives are reported at fair value in other assets or other liabilities. The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship. For derivatives not designated as hedges, the gain or loss is recognized in current earnings.

Pinnacle Financial's derivative instruments with certain counterparties contain legally enforceable netting that allow multiple transactions to be settled into a single amount. The fair value hedge and interest rate swaps (swaps) assets and liabilities are presented at gross fair value before the application of bilateral collateral and master netting agreements, but after the initial margin posting and daily variation margin payments made with central clearinghouse organizations. Total fair value hedge and swaps assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of December 31, 2023 and 2022. The resulting net fair value hedge and swaps asset and liability fair values are included in other assets and other liabilities, respectively, on the consolidated balance sheets. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument.

Non-hedge derivatives

For derivatives not designated as hedges, the gain or loss is recognized in current period earnings. Pinnacle Financial enters into swaps to facilitate customer transactions and meet their financing needs. Upon entering into these instruments to meet customer needs, Pinnacle Financial enters into offsetting positions in order to minimize the risk to Pinnacle Financial. These swaps qualify as derivatives, but are not designated as hedging instruments. The income statement impact of the offsetting positions is limited to changes in the reserve for counterparty credit risk. A summary of Pinnacle Financial's interest rate swaps to facilitate customer transactions as of December 31, 2023 and 2022 is included in the following table (in thousands):

 December 31, 2023December 31, 2022
 Notional
Amount
Estimated Fair Value (1)
Notional Amount
Estimated Fair Value (1)
Interest rate swap agreements:    
Assets$2,037,740 $66,462 $1,620,520 $39,763 
Liabilities2,037,740 (67,206)1,620,520 (96,483)
Total non-hedging derivatives$4,075,480 $(744)$3,241,040 $(56,720)

(1) The variation margin payments for derivatives cleared through central clearing houses are characterized as settlements. At December 31, 2023, no notional amounts of interest rate swap agreements designated as non-hedge derivatives cleared through clearing houses. At December 31, 2022, the notional amount of interest rate swap agreements designated as non-hedge derivatives cleared through clearing houses was $827.3 million with a fair value that approximates zero due to $56.3 million in variation margin payments.
The effects of Pinnacle Financial's interest rate swaps to facilitate customers' transactions on the income statement during the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
Amount of Gain (Loss) Recognized in Income
Location of Gain (Loss) Recognized in IncomeYear ended December 31,
202320222021
Interest rate swap agreementsOther noninterest income$(308)$53 $846 

Derivatives designated as cash flow hedges

For derivative instruments that are designated and qualify as a cash flow hedge, the aggregate fair value of the derivative instrument is recorded in other assets or other liabilities with any gain or loss related to changes in fair value recorded in accumulated other comprehensive income, net of tax. The gain or loss is reclassified into earnings in the same period during which the hedged asset or liability affects earnings and is presented in the same income statement line item as the earnings effect of the hedged asset or liability. Pinnacle Financial uses forward cash flow hedge relationships in an effort to manage future interest rate exposure. The hedging strategy converts the SOFR-based variable interest rate on forecasted borrowings to a fixed interest rate and is used in an effort to protect Pinnacle Financial from floating interest rate variability. During 2022, Pinnacle Financial paid $95.7 million to
purchase interest rate floors and interest rate collars with notional amounts totaling $1.8 billion to mitigate the impact of changing interest rates on SOFR-based variable rate loans. A summary of Pinnacle Financial's cash flow hedge relationships as of December 31, 2023 and 2022 is as follows (in thousands):
December 31, 2023December 31, 2022
Balance Sheet LocationWeighted Average Remaining Maturity
 (In Years)		Receive RatePay RateNotional
Amount		Estimated
Fair Value		Notional
Amount		Estimated
Fair Value
Asset derivatives
Interest rate floor - loansOther assets3.844.00%-4.50% minus USD-Term SOFR 1MN/A$875,000 $36,483 $875,000 $48,622 
Interest rate collar - loansOther assets3.844.25%-4.75% minus USD-Term SOFR 1M USD-Term SOFR 1M minus 6.75%-7.00%$875,000 $38,314 $875,000 $45,553 
$1,750,000 $74,797 $1,750,000 $94,175 

The effects of Pinnacle Financial's cash flow hedge relationships on the statement of comprehensive income (loss) during the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
Amount of Gain (Loss) Recognized in Other Comprehensive Income
Years ended December 31,
202320222021
Asset derivatives
Interest rate floor - loans$(7,414)$1,002 $(15,034)

The cash flow hedges were determined to be highly effective during the periods presented and as a result qualified for hedge accounting treatment. If a hedge were deemed to be ineffective, the amount included in accumulated other comprehensive income (loss) would be reclassified into a line item within the statement of income that impacts operating results. A hedging relationship is no longer considered to be effective if a portion of the hedge becomes ineffective, the item hedged is no longer in existence or Pinnacle Financial discontinues hedge accounting. Gains on cash flow hedges totaling $9.7 million, $10.0 million and $9.6 million, net of tax, were reclassified from accumulated other comprehensive income (loss) into net income during the years ended December 31, 2023, 2022 and 2021, respectively. Approximately $9.0 million in unrealized gains, net of tax, are expected to be reclassified from accumulated other comprehensive income (loss) into net income over the twelve months ended December 31, 2024.

Derivatives designated as fair value hedges

For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. Pinnacle Financial utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of fixed rate callable securities available-for-sale. The hedging strategy on securities converts the fixed interest rates to variable interest rates based on SOFR or federal funds rates. These derivatives are designated as partial term hedges of selected cash flows covering specified periods of time prior to the call dates of the hedged securities. During 2023, Pinnacle Financial entered into
fair value hedges with aggregate notional amounts of $1.2 billion to mitigate the effect of changing interest rates on FHLB advances with payments beginning on various dates throughout 2024 and the first quarter of 2025.

A summary of Pinnacle Financial's fair value hedge relationships as of December 31, 2023 and 2022 is as follows (in thousands):
December 31, 2023December 31, 2022
Balance Sheet LocationWeighted Average Remaining Maturity (In Years)Weighted Average Pay RateReceive RateNotional Amount
Estimated Fair Value (1)
Notional Amount
Estimated Fair Value (1)
Asset derivatives
Interest rate swaps - securitiesOther assets10.161.97%Federal funds/SOFR$543,061 $42,983 $1,420,724 $56,056 
Interest rate swaps - borrowingsOther assets3.53N/A—%$750,000 $3,654 $— $— 
Liability derivatives
Interest rate swaps - securitiesOther liabilities11.223.10%Federal funds/SOFR1,569,078 (1,275)— — 
Interest rate swaps - borrowingsOther liabilities4.09N/A—%425,000 (1,656)— — 
Total fair value derivatives$3,287,139 $43,706 $1,420,724 $56,056 

(1) The variation margin payments for derivatives cleared through central clearing houses are characterized as settlements. At December 31, 2023 and 2022, the notional amount of fair value derivatives hedges cleared through clearing houses is $2.0 billion and $877.7 million with a fair value that approximates zero due to $4.0 million and $47.9 million in variation margin payments.

Notional amounts totaling $392.2 million as of December 31, 2023 receive a variable rate of interest based on the daily compounded federal funds rate and notional amounts totaling $2.9 billion as of December 31, 2023 receive a variable rate of interest based on the daily compounded secured overnight financing rate.

The effects of Pinnacle Financial's fair value hedge relationships on the income statement during the years end December 31, 2023, 2022 and 2021 were as follows (in thousands):
Location of Gain (Loss)Amount of Gain (Loss) Recognized in Income
Year ended December 31,
Securities202320222021
Interest rate swapsInterest income on securities$(14,348)$80,728 $42,642 
Securities available-for-saleInterest income on securities$14,348 $(80,728)$(42,642)
Location of Gain (Loss)Amount of Loss Recognized in Income
Years ended December 31,
FHLB advances202320222021
Interest rate swaps - FHLB advancesInterest expense on FHLB advances and other borrowings$1,998 $— $— 
FHLB advancesInterest expense on FHLB advances and other borrowings$(1,998)$— $— 

The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at December 31, 2023 and 2022 (in thousands):
Carrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Line item on the balance sheet
Securities available-for-sale$2,074,621 $1,445,511 $(41,708)$(56,056)
FHLB advances$1,173,002 $— $(1,998)$— 

During the years ended December 31, 2023, 2022 and 2021 amortization expense totaling $645,000, $1.9 million and $3.5 million, respectively, related to previously terminated fair value hedges was recognized as a reduction to interest income on loans.
In April 2022, interest rates swaps designated as fair value hedges with notional amounts totaling $164.3 million and market values totaling $14.3 million were terminated. Approximately $986,000 in gains were recognized at the time of termination and the remaining $10.0 million will be accreted as additional interest income on the previously hedged available-for-sale mortgage backed and municipal securities over the same period as existing purchase discounts or premiums on these securities.
v3.24.0.1
Employee Contracts
 12 Months Ended
Dec. 31, 2023
Compensation Related Costs [Abstract]  
Employment Contracts
Note 15.  Employment Contracts

Pinnacle Financial has entered into, and subsequently amended employment agreements with four of its senior executives: the President and Chief Executive Officer, the Chairman of the Board, the Chairman of the Carolinas and Virginia, and the Chief Financial Officer. These agreements, as amended, automatically renew each year on January 1 for an additional year unless any of the parties to the agreements gives notice of intent not to renew the agreement prior to November 30th of the preceding year, in which case the agreement terminates 30 days later. The agreements specify that in certain defined "Terminating Events," Pinnacle Financial will be obligated to pay each of the four senior executives certain amounts, which vary according to the Terminating Event, which is based on their annual salaries and bonuses. These Terminating Events include termination for disability, cause, without cause and other events. The agreement with the Chairman of the Carolinas and Virginia also provides for the payment of certain deferred benefits under his prior employment agreement with BNC upon termination of his employment with Pinnacle Financial. During 2012, Pinnacle Financial entered into, and subsequently amended, a change of control agreement with its Chief Credit Officer providing the employee with certain benefits if his employment terminated under certain scenarios within twelve months of a change in control. This agreement automatically renews each year on January 1 unless a party to the agreement notifies the other parties of intent not to renew the agreement prior to November 30th of the preceding year, in which case the agreement terminates 30 days later.
v3.24.0.1
Related Party Matters
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
Note 16.  Related Party Transactions

See Note 5 - "Loans and Allowance for Credit Losses", concerning loans and other extensions of credit to certain directors, officers, and their related entities and individuals, Note 12 – "Salary Deferral Plans" regarding supplemental retirement agreement obligations to certain directors who were formerly directors or employees of acquired banks and Note 2 - "Equity Method Investment" regarding related parties associated with the investment.
v3.24.0.1
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 17.  Fair Value of Financial Instruments

FASB ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value in U.S. GAAP and expands disclosures about fair value measurements. The definition of fair value focuses on the exit price, i.e., the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not the entry price, i.e., the price that would be paid to acquire the asset or received to assume the liability at the measurement date. The statement emphasizes that fair value is a market-based measurement; not an entity-specific measurement.  Therefore, the fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability.

Valuation Hierarchy

FASB ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

•Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
•Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
•Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy.
Assets

Securities available-for-sale – Where quoted prices are available for identical securities in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities and certain other financial products. If quoted market prices are not available, then fair values are estimated by using pricing models that use observable inputs or quoted prices of securities with similar characteristics and are classified within Level 2 of the valuation hierarchy. In certain cases where there is limited activity or less transparency around inputs to the valuation and more complex pricing models or discounted cash flows are used, securities are classified within Level 3 of the valuation hierarchy.

Other investments – Included in other investments are investments recorded at fair value primarily in certain nonpublic investments and funds. The valuation of these nonpublic investments requires management judgment due to the absence of observable quoted market prices, inherent lack of liquidity and the long-term nature of such assets. These investments are valued initially based upon transaction price. The carrying values of other investments are adjusted either upwards or downwards from the transaction price to reflect expected exit values as evidenced by financing and sale transactions with third parties, or when determination of a valuation adjustment is confirmed through financial reports provided by the portfolio managers of the investments. A variety of factors are reviewed and monitored to assess positive and negative changes in valuation including, but not limited to, current operating performance and future expectations of the particular investment, industry valuations of comparable public companies and changes in market outlook and the third-party financing environment over time. In determining valuation adjustments resulting from the investment review process, emphasis is placed on current company performance and market conditions. These investments are included in Level 3 of the valuation hierarchy if the entities and funds are not widely traded and the underlying investments are in privately-held and/or start-up companies for which market values are not readily available. Certain investments in funds for which the underlying assets of the fund represent publicly traded investments are included in Level 2 of the valuation hierarchy.

Other assets – Included in other assets are certain assets carried at fair value, including interest rate swap agreements to facilitate customer transactions, interest rate swap agreements designated as fair value hedges, interest rate caps and floors designated as cash flow hedges and interest rate locks associated with the mortgage loan pipeline. The carrying amount of interest rate swap agreements is based on Pinnacle Financial's pricing models that utilize observable market inputs. The fair value of the cash flow hedge agreements is determined by calculating the difference between the discounted fixed rate cash flows and the discounted variable rate cash flows. The fair value of the mortgage loan pipeline is based upon the projected sales price of the underlying loans, taking into account market interest rates and other market factors at the measurement date, net of the projected fallout rate. Pinnacle Financial reflects these assets within Level 2 of the valuation hierarchy as these assets are valued using similar transactions that occur in the market.

Collateral dependent loans – Collateral dependent loans are measured at the fair value of the collateral securing the loan less estimated selling costs. The fair value of real estate collateral is determined based on real estate appraisals which are generally based on recent sales of comparable properties which are then adjusted for property specific factors. Non-real estate collateral is valued based on various sources, including third party asset valuations and internally determined values based on cost adjusted for depreciation and other judgmentally determined discount factors. Collateral dependent loans are classified within Level 3 of the hierarchy due to the unobservable inputs used in determining their fair value such as collateral values and the borrower's underlying financial condition.

Other real estate owned – Other real estate owned (OREO) represents real estate foreclosed upon by Pinnacle Bank through loan defaults by customers or acquired by deed in lieu of foreclosure. A significant portion of these amounts relate to lots, homes and development projects that are either completed or are in various stages of construction for which Pinnacle Financial believes it has adequate collateral. Upon foreclosure, the property is recorded at the lower of cost or fair value, based on appraised value, less selling costs estimated as of the date acquired with any loss recognized as a charge-off through the allowance for credit losses. Additional OREO losses for subsequent valuation downward adjustments are determined on a specific property basis and are included as a component of noninterest expense along with holding costs. Any gains or losses realized at the time of disposal are also reflected in noninterest expense, as applicable. OREO is included in Level 3 of the valuation hierarchy due to the lack of observable market inputs into the determination of fair value as appraisal values are property-specific and sensitive to the changes in the overall economic environment.

Liabilities

Other liabilities – Pinnacle Financial has certain liabilities carried at fair value including certain interest rate swap agreements to facilitate customer transactions, interest rate swaps designated as fair value, interest rate caps and floors designated as cash flow hedges and interest rate locks associated with the funding for its mortgage loan originations. The fair value of these liabilities is based on Pinnacle Financial's pricing models that utilize observable market inputs and is reflected within Level 2 of the valuation hierarchy.
The following tables present the financial instruments carried at fair value on a recurring basis as of December 31, 2023 and 2022, 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 sheetQuoted market prices in an active market
(Level 1)		Models with significant observable market parameters
(Level 2)		Models with significant unobservable market parameters
(Level 3)
December 31, 2023
Investment securities available-for-sale:    
U.S. Treasury securities$893,412 $— $893,412 $— 
U.S. Government agency securities262,730 — 262,730 — 
Mortgage-backed securities947,390 — 947,390 — 
State and municipal securities1,585,895 — 1,585,416 479 
Asset-backed securities191,635 — 191,635 — 
Corporate notes and other436,468 — 436,468 — 
Total investment securities available-for-sale4,317,530 — 4,317,051 479 
Other investments179,487 — 22,347 157,140 
Other assets197,541 — 197,541 — 
Total assets at fair value$4,694,558 $— $4,536,939 $157,619 
Other liabilities$79,068 $— $79,068 $— 
Total liabilities at fair value$79,068 $— $79,068 $— 
December 31, 2022    
Investment securities available-for-sale:    
U.S. Treasury securities$194,184 $— $194,184 $— 
U.S. Government agency securities396,157 — 396,157 — 
Mortgage-backed securities971,576 — 971,576 — 
State and municipal securities1,412,306 — 1,411,677 629 
Asset-backed securities117,403 — 117,403 — 
Corporate notes and other467,244 — 467,244 — 
Total investment securities available-for-sale3,558,870 — 3,558,241 629 
Other investments153,011 — 22,029 130,982 
Other assets190,629 — 190,629 — 
Total assets at fair value$3,902,510 $— $3,770,899 $131,611 
Other liabilities$96,483 $— $96,483 $— 
Total liabilities at fair value$96,483 $— $96,483 $— 

The following table presents assets measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022 (in thousands):
December 31, 2023Total carrying value in the consolidated balance sheetQuoted 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$3,937 $— $— $3,937 
Collateral dependent loans (1)
52,167 — — 52,167 
Total$56,104 $— $— $56,104 
December 31, 2022    
Other real estate owned$7,952 $— $— $7,952 
Collateral dependent loans (1)
33,767 — — 33,767 
Total$41,719 $— $— $41,719 
(1)The carrying values of collateral dependent loans at December 31, 2023 and 2022 are net of valuation allowances of $18.6 million and $6.5 million, respectively.
In the case of the investment securities portfolio, Pinnacle Financial monitors the portfolio to ascertain when transfers between levels have been affected. The nature of the remaining assets and liabilities is such that transfers in and out of any level are expected to be rare. For the year ended December 31, 2023, there were no transfers between Levels 1, 2 or 3.

The table below includes a rollforward of the balance sheet amounts for the years ended December 31, 2023 and December 31, 2022, (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 year ended December 31,
 20232022
 Available-for-sale Securities Other
investments		Other
 liabilities		Available-for-sale SecuritiesOther
investments		Other
 liabilities
Fair value, Jan. 1$629 $130,982 $— $828 $100,996 $— 
Total net realized gains included in income4 3,112 — 7 10,605 — 
Change in unrealized gains/losses included in other comprehensive income (loss)5 — — (48)— — 
Purchases— 32,515 — — 33,208 — 
Issuances— — — — — — 
Settlements(159)(9,469)— (158)(13,827)— 
Transfers out of Level 3— — — — — — 
Fair value, Dec. 31$479 $157,140 $— $629 $130,982 $— 
Total realized gains included in income$4 $3,112 $— $7 $10,605 $— 

The following table presents the carrying amounts, estimated fair value and placement in the fair value hierarchy of Pinnacle Financial's financial instruments at December 31, 2023 and 2022. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash, cash equivalents, interest-bearing due from banks 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/
Notional
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)
December 31, 2023
Financial assets:     
Securities purchased with agreement to resell $558,009 $461,375 $— $— $461,375 
Securities held-to-maturity3,006,357 2,775,184 — 2,775,184 — 
Loans, net32,323,036 31,863,583 — — 31,863,583 
Consumer loans held-for-sale104,217 104,626 — 104,626 — 
Commercial loans held-for-sale9,280 9,316 — 9,316 — 
Financial liabilities:     
Deposits and securities sold under agreements to repurchase38,749,299 37,954,938 — — 37,954,938 
Federal Home Loan Bank advances2,138,169 2,166,912 — — 2,166,912 
Subordinated debt and other borrowings424,938 462,399 — — 462,399 
Carrying/
Notional
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)
December 31, 2022     
Financial assets:     
Securities purchased with agreement to resell$513,276 $440,390 $— $— $440,390 
Securities held-to-maturity3,079,050 2,744,946 — 2,744,946 — 
Loans, net28,740,940 27,901,662 — — 27,901,662 
Consumer loans held-for-sale42,237 42,353 — 42,353 — 
Commercial loans held-for-sale21,093 21,151 — 21,151 — 
Financial liabilities:     
Deposits and securities sold under agreements to repurchase35,156,148 34,435,447 — — 34,435,447 
Federal Home Loan Bank advances464,436 477,673 — — 477,673 
Subordinated debt and other borrowings424,055 430,884 — — 430,884 

(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.
v3.24.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2023
Variable Interest Entities [Abstract]  
Variable Interest Entities
Note 18.  Variable Interest Entities

Under ASC 810, Pinnacle Financial is deemed to be the primary beneficiary and required to consolidate a variable interest entity (VIE) if it has a variable interest in the VIE that provides it with a controlling financial interest. For such purposes, the determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. ASC 810 requires continual reconsideration of conclusions reached regarding which interest holder is a VIE's primary beneficiary and disclosures surrounding those VIE's which have not been consolidated. The consolidation methodology provided in this footnote as of December 31, 2023 and 2022 has been prepared in accordance with ASC 810.
 
Non-consolidated Variable Interest Entities

At December 31, 2023, Pinnacle Financial did not have any consolidated VIEs to disclose but did have the following non-consolidated VIEs: low income housing partnerships, other tax credit investments, trust preferred issuances and managed discretionary trusts.

Since 2003, Pinnacle Financial has made equity investments as a limited partner in various partnerships that sponsor affordable housing projects. The purpose of these investments is to achieve a satisfactory return on capital and to support Pinnacle Financial's community reinvestment initiatives. The activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants generally within Pinnacle Financial's primary geographic region.

Pinnacle Financial has invested in various limited partnerships that sponsor affordable housing projects utilizing the Low Income Housing Tax Credit (“LIHTC”) pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to assist Pinnacle Bank in achieving its strategic plan associated with the Community Reinvestment Act and to achieve a satisfactory return on capital. The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity.

Pinnacle Financial is a limited partner in each LIHTC limited partnership. Each limited partnership is managed by an unrelated third party general partner who exercises full control over the affairs of the limited partnership. The general partner has all the rights, powers and authority granted or permitted to be granted to a general partner of a limited partnership. Except for limited rights granted to the limited partner(s), the limited partner(s) may not participate in the operation, management, or control of the limited partnership’s business, transact any business in the limited partnership’s name or have any power to sign documents for or otherwise bind the limited partnership. In addition, the general partner may only be removed by the limited partner(s) in the event the general partner fails to comply with the terms of the agreement or is negligent in performing its duties.
The partnerships related to affordable housing projects are considered VIEs because Pinnacle Financial, as the holder of the equity investment at risk, does not have the ability to direct the activities that most significantly affect the success of the entity through voting rights or similar rights. While Pinnacle Financial could absorb losses that are significant to these partnerships as it has a risk of loss for its initial capital contributions and funding commitments to each partnership, it is not considered the primary beneficiary of the partnerships as the general partners whose managerial functions give them the power to direct the activities that most significantly impact the partnerships' economic performance and who are exposed to all losses beyond Pinnacle Financial's initial capital contributions and funding commitments are considered the primary beneficiaries.

Pinnacle Financial makes equity investments as a limited partner or non-managing member in entities that receive New Markets Tax Credits, historic tax credits, and renewable energy tax credits. The purpose of these investments is to achieve a satisfactory return on investment and support Pinnacle Financial's community reinvestment initiatives. These entities are considered VIEs as Pinnacle Financial as the holder of the equity investment at risk, does not have the ability to direct the activities that most significantly affect the success of the entity through voting rights or similar rights.

Pinnacle Financial (or companies it has acquired) has previously issued subordinated debt totaling $133.0 million to certain statutory trusts which are considered VIEs because Pinnacle Financial's capital contributions to these trusts are not considered "at risk" in evaluating whether the holders of the equity investments at risk in the trusts have the power through voting rights or similar rights to direct the activities that most significantly impact the entities' economic performance. These trusts were not consolidated by Pinnacle Financial because the holders of the securities issued by the trusts absorb a majority of expected losses and residual returns.
 
Pinnacle Financial serves as manager over certain discretionary trusts, for which it makes investment decisions on behalf of the trusts' beneficiaries in return for a management fee. The trusts meet the definition of a VIE since the holders of the equity investments at risk do not have the power through voting rights or similar rights to direct the activities that most significantly impact the entities' economic performance. However, since the management fees Pinnacle Financial receives are not considered variable interests in the trusts as all of the requirements related to permitted levels of decision maker fees are met, such VIEs are not consolidated by Pinnacle Financial because it cannot be the trusts' primary beneficiary. Pinnacle Financial has no contractual requirements to provide financial support to the trusts.

The following table summarizes VIE's that are not consolidated by Pinnacle Financial as of December 31, 2023 and 2022 (in thousands):
 December 31, 2023December 31, 2022 
TypeMaximum
Loss Exposure		Liability
Recognized		Maximum
Loss Exposure		Liability
Recognized		Classification
Low income housing partnerships$260,476 $— $228,372 $— Other Assets
Other tax credit investments27,600 — 6,118 — Other Assets
Trust preferred issuancesN/A132,995 N/A132,995 Subordinated Debt
Managed discretionary trustsN/AN/AN/AN/AN/A
v3.24.0.1
Regulatory Matters
 12 Months Ended
Dec. 31, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Regulatory Matters
Note 19.  Regulatory Matters

Pursuant to Tennessee banking law, Pinnacle Bank may not, without the prior consent of the Commissioner of the Tennessee Department of Financial Institutions (TDFI), pay any dividends to Pinnacle Financial in a calendar year in excess of the total of Pinnacle Bank's retained net income for that year plus the retained net income for the preceding two years. Additionally, approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of Pinnacle Bank to fall below specified minimum levels. Under Tennessee corporate law, Pinnacle Financial is not permitted to pay dividends if, after giving effect to such payment, it would not be able to pay its debts as they become due in the usual course of business or its total assets would be less than the sum of its total liabilities plus any amounts needed to satisfy any preferential rights if it were dissolving. In deciding whether or not to declare a dividend of any particular size, Pinnacle Financial's board of directors must consider its and Pinnacle Bank's current and prospective capital, liquidity, and other needs. In addition to state law limitations on Pinnacle Financial's ability to pay dividends, the Federal Reserve imposes limitations on Pinnacle Financial's ability to pay dividends. Federal Reserve regulations limit dividends, stock repurchases and discretionary bonuses to executive officers if Pinnacle Financial's regulatory capital is below the level of regulatory minimums plus the applicable 2.5% capital conservation buffer.
In addition, the Federal Reserve has issued supervisory guidance advising bank holding companies to eliminate, defer or reduce dividends paid on common stock and other forms of Tier 1 capital where the company’s net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends, the company’s prospective rate of earnings retention is not consistent with the company’s capital needs and overall current and prospective financial condition or the company will not meet, or is in danger of not meeting, minimum regulatory capital adequacy ratios. Recent supplements to this guidance reiterate the need for bank holding companies to inform their applicable reserve bank sufficiently in advance of the proposed payment of a dividend in certain circumstances.

During the year ended December 31, 2023, Pinnacle Bank paid $106.2 million in dividends to Pinnacle Financial. As of December 31, 2023, Pinnacle Bank could pay approximately $1.4 billion of additional dividends to Pinnacle Financial without prior approval of the Commissioner of the TDFI. Since the fourth quarter of 2013, Pinnacle Financial has paid a quarterly common stock dividend. The board of directors of Pinnacle Financial has increased the dividend amount per share over time. The most recent increase occurred on January 18, 2022, when the board of directors increased the dividend to $0.22 per common share from $0.18 per common share. During the second quarter of 2020, Pinnacle Financial successfully issued 9.0 million depositary shares, each representing a 1/40th fractional interest in a share of Series B noncumulative, perpetual preferred stock (the "Series B Preferred Stock") in a registered public offering to both retail and institutional investors. Beginning in the third quarter of 2020, Pinnacle Financial began paying a quarterly dividend of $16.88 per share (or $0.422 per depositary share), on the Series B Preferred Stock. The amount and timing of all future dividend payments by Pinnacle Financial, if any, including dividends on Pinnacle Financial's Series B Preferred Stock (and associated depositary shares), is subject to discretion of Pinnacle Financial's board of directors and will depend on Pinnacle Financial's receipt of dividends from Pinnacle Bank, earnings, capital position, financial condition, liquidity and other factors, including regulatory capital requirements, as they become known to Pinnacle Financial and receipt of any regulatory approvals that may become required as a result of each of Pinnacle Financial's or Pinnacle Bank's financial results.

Pinnacle Financial and Pinnacle Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions, by regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Pinnacle Financial and Pinnacle Bank must meet specific capital guidelines that involve quantitative measures of the assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. Pinnacle Financial's and Pinnacle Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require Pinnacle Financial and its banking subsidiary to maintain minimum amounts and ratios of common equity Tier 1 capital to risk-weighted assets, Tier 1 capital to risk-weighted assets, total capital to risk-weighted assets and Tier 1 capital to average assets.
 
As permitted by the interim final rule issued on March 27, 2020 by the federal banking regulatory agencies, each of Pinnacle Bank and Pinnacle Financial has elected the option to delay the estimated impact on regulatory capital of Pinnacle Financial's and Pinnacle Bank's adoption of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which was effective January 1, 2020. The initial impact of adoption of ASU 2016-13, as well as 25% of the quarterly increases in the allowance for credit losses subsequent to adoption of ASU 2016-13 (collectively the “transition adjustments”), was delayed until December 31, 2021. As of January 1, 2022, the cumulative amount of the transition adjustments of $68.0 million became fixed and will be phased out of the regulatory capital calculations evenly over a three year period, with 75% recognized in 2022, 50% recognized in 2023, and 25% recognized in 2024. Beginning on January 1, 2025, the temporary regulatory capital benefits will be fully reversed.
Management believes, as of December 31, 2023, that Pinnacle Financial and Pinnacle Bank met all capital adequacy requirements to which they are subject. To be categorized as well-capitalized under applicable banking regulations, Pinnacle Financial and Pinnacle Bank must maintain certain total, Tier 1, common equity Tier 1 and Tier 1 leverage capital ratios as set forth in the following table and not be subject to a written agreement, order or directive to maintain a higher capital level. The capital conservation buffer of 2.5% is not included in the required minimum ratios of the table presented below. Pinnacle Financial's and Pinnacle Bank's actual capital amounts and ratios are presented in the following table (in thousands):
 ActualMinimum Capital
Requirement		Minimum
To Be Well-Capitalized
 AmountRatioAmountRatioAmountRatio
December 31, 2023      
Total capital to risk weighted assets:      
Pinnacle Financial$5,115,755 12.7 %$3,216,424 8.0 %$4,020,530 10.0 %
Pinnacle Bank$4,797,278 12.0 %$3,207,699 8.0 %$4,009,623 10.0 %
Tier 1 capital to risk weighted assets:      
Pinnacle Financial$4,354,759 10.8 %$2,412,318 6.0 %$2,412,318 6.0 %
Pinnacle Bank$4,465,282 11.1 %$2,405,774 6.0 %$3,207,699 8.0 %
Common equity Tier 1 capital:      
Pinnacle Financial$4,137,510 10.3 %$1,809,238 4.5 %N/AN/A
Pinnacle Bank$4,465,159 11.1 %$1,804,330 4.5 %$2,606,255 6.5 %
Tier 1 capital to average assets (*):      
Pinnacle Financial$4,354,759 9.4 %$1,853,213 4.0 %N/AN/A
Pinnacle Bank$4,465,282 9.7 %$1,847,972 4.0 %$2,309,965 5.0 %
December 31, 2022      
Total capital to risk weighted assets:      
Pinnacle Financial$4,584,292 12.4 %$2,949,276 8.0 %$3,686,595 10.0 %
Pinnacle Bank$4,282,742 11.6 %$2,941,082 8.0 %$3,676,353 10.0 %
Tier 1 capital to risk weighted assets:      
Pinnacle Financial$3,888,100 10.5 %$2,211,957 6.0 %$2,211,957 6.0 %
Pinnacle Bank$4,015,550 10.9 %$2,205,812 6.0 %$2,941,082 8.0 %
Common equity Tier 1 capital:      
Pinnacle Financial$3,670,851 10.0 %$1,658,968 4.5 %N/AN/A
Pinnacle Bank$4,015,427 10.9 %$1,654,359 4.5 %$2,389,629 6.5 %
Tier 1 capital to average assets (*):      
Pinnacle Financial$3,888,100 9.7 %$1,595,457 4.0 %N/AN/A
Pinnacle Bank$4,015,550 10.1 %$1,591,502 4.0 %$1,989,378 5.0 %
(*) Average assets for the above calculations were based on the most recent quarter.
v3.24.0.1
Other Income and Expenses
 12 Months Ended
Dec. 31, 2023
Other Noninterest Income and Noninterest Expense [Abstract]  
Other Income and Other Expense Disclosure
Note 20.  Other Noninterest Income and Expense

Other noninterest income and expense totals are more fully detailed in the following tables (in thousands). Any components of these totals exceeding 1% of the aggregate of total net interest income and total noninterest income for any of the years presented, as well as amounts Pinnacle Financial elected to present, are stated separately.
 Years ended
December 31,
 202320222021
Other noninterest income:
Interchange and other consumer fees$69,709 $68,022 $57,263 
Bank-owned life insurance15,797 21,033 18,942 
Loan swap fees7,851 5,812 5,414 
SBA loan sales3,983 7,036 12,242 
Income from other equity investments8,732 10,605 23,109 
Other noninterest income26,886 23,456 12,824 
Total other noninterest income$132,958 $135,964 $129,794 
Other noninterest expense:
Deposit related expenses$78,757 $28,972 $24,003 
Lending related expenses50,109 52,700 39,578 
Wealth management related expenses2,934 2,565 1,950 
Audit, exam and insurance expense10,887 9,209 11,259 
Administrative and other expenses31,812 27,375 23,169 
Total other noninterest expense$174,499 $120,821 $99,959 
v3.24.0.1
Parent Company Only Financial Information
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Parent Company Only Financial Information
Note 21.  Parent Company Only Financial Information

The following information presents the condensed balance sheets, statements of operations, and cash flows of Pinnacle Financial as of December 31, 2023 and 2022 and for each of the years in the three-year period ended December 31, 2023 (in thousands):

CONDENSED BALANCE SHEETS
 20232022
Assets:  
Cash and cash equivalents$197,079 $186,572 
Investments in bank subsidiary6,126,172 5,626,844 
Investments in consolidated subsidiaries14,031 12,202 
Investment in unconsolidated subsidiaries:  
Statutory Trusts3,995 3,995 
Other investments67,848 56,957 
Current income tax receivable32,466 33,870 
Other assets144,597 57,980 
 $6,586,188 $5,978,420 
Liabilities and shareholders' equity:  
Subordinated debt and other borrowings424,938 424,055 
Other liabilities125,462 34,973 
Shareholders' equity6,035,788 5,519,392 
 $6,586,188 $5,978,420 
CONDENSED STATEMENTS OF OPERATIONS
 202320222021
Revenues:   
Income from bank subsidiary$106,203 $110,834 $99,766 
Income from nonbank subsidiaries750 145 89 
Income from equity method investment— 33,817 33,169 
Other income12,360 6,478 14,945 
Expenses:   
Interest expense23,263 18,590 22,903 
Personnel expense, including stock compensation41,879 39,552 24,952 
Other expense3,180 3,025 2,697 
Income before income taxes and equity in undistributed income of subsidiaries50,991 90,107 97,417 
Income tax benefit(13,547)(8,444)(3,088)
Income before equity in undistributed income of subsidiaries64,538 98,551 100,505 
Equity in undistributed income of bank subsidiary496,236 461,004 424,978 
Equity in undistributed income of nonbank subsidiaries1,378 1,187 1,840 
Net income$562,152 $560,742 $527,323 
Preferred stock dividends15,192 15,192 15,192 
Net income available to common shareholders$546,960 $545,550 $512,131 

CONDENSED STATEMENTS OF CASH FLOWS
 202320222021
Operating activities:
   
Net income$562,152 $560,742 $527,323 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:   
Amortization and accretion883 882 1,886 
Stock-based compensation expense41,879 39,552 24,952 
Increase in income tax payable, net89,597 28,281 — 
Deferred tax expense3,014 1,760 2,850 
Income from equity method investments, net— (33,817)(33,169)
Dividends received from equity method investment— 10,365 12,214 
Excess tax benefit from stock compensation(208)(3,027)(2,475)
Gain on other investments, net(2,088)(2,563)(10,223)
Decrease (increase) in other assets(88,227)(32,609)19,478 
Increase (decrease) in other liabilities1,099 3,881 2,032 
Equity in undistributed income of bank subsidiary(496,236)(461,004)(424,978)
Equity in undistributed income of nonbank subsidiaries(1,378)(1,187)(1,840)
Net cash provided by operating activities110,487 111,256 118,050 
Investing activities:
   
Investment in consolidated nonbanking subsidiaries(10,000)— — 
Repayment of investment in consolidated nonbanking subsidiaries9,691 — — 
Increase in other investments(8,802)(15,776)(11,668)
Net cash used in investing activities(9,111)(15,776)(11,668)
Financing activities:
   
Repayment of subordinated debt and other borrowings— — (120,000)
Issuance of common stock pursuant to restricted stock unit agreement, net of shares withheld for taxes(3,725)(5,462)(3,790)
Exercise of common stock options, net of shares surrendered for taxes(3,215)(4,714)(3,130)
Common dividends paid(68,737)(68,194)(55,504)
Preferred stock dividends paid(15,192)(15,192)(15,192)
Net cash used in financing activities(90,869)(93,562)(197,616)
 202320222021
Net increase (decrease) in cash10,507 1,918 (91,234)
Cash and cash equivalents, beginning of year186,572 184,654 275,888 
Cash and cash equivalents, end of year$197,079 $186,572 $184,654 

The investment in BHG previously held by Pinnacle Financial was contributed to Pinnacle Bank in an amount of $134.7 million, net of deferred tax liabilities associated with the investment, effective September 30, 2022.

Pinnacle Bank is subject to restrictions on the payment of dividends to Pinnacle Financial under Tennessee banking laws. Pinnacle Bank paid dividends of $106.2 million, $110.8 million and $99.8 million, respectively, to Pinnacle Financial in each of the years ended December 31, 2023, 2022 and 2021.
v3.24.0.1
Quarterly Financial Results (unaudited)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Results (unaudited)
Note 22.  Quarterly Financial Results (unaudited)

A summary of selected consolidated quarterly financial data for each of the years in the three-year period ended December 31, 2023 follows:
(in thousands, except per share data)First
Quarter		Second
Quarter		Third
Quarter		Fourth
Quarter
2023    
Interest income$506,039 $575,239 $627,294 $644,796 
Net interest income312,231 315,393 317,242 317,252 
Provision for credit losses18,767 31,689 26,826 16,314 
Net income before taxes171,266 245,902 167,980 128,858 
Net income137,271 197,299 132,603 94,979 
Net income available to common shareholders133,473 193,501 128,805 91,181 
Basic net income per common share$1.76 $2.55 $1.69 $1.20 
Diluted net income per common share$1.76 $2.54 $1.69 $1.19 
2022    
Interest income$258,617 $292,376 $371,764 $451,178 
Net interest income239,475 264,574 305,784 319,460 
Provision for credit losses2,720 12,907 27,493 24,805 
Net income before taxes157,590 181,131 183,843 174,929 
Net income 129,110 145,127 148,658 137,847 
Net income available to common shareholders125,312 141,329 144,860 134,049 
Basic net income per common share$1.66 $1.87 $1.91 $1.77 
Diluted net income per common share$1.65 $1.86 $1.91 $1.76 
2021    
Interest income$251,917 $259,236 $260,868 $259,193 
Net interest income222,870 233,225 237,543 238,763 
Provision for credit losses7,235 2,834 3,382 2,675 
Net income before taxes153,648 162,458 169,405 166,394 
Net income125,428 131,790 136,577 133,528 
Net income available to common shareholders121,630 127,992 132,779 129,730 
Basic net income per common share$1.61 $1.70 $1.76 $1.72 
Diluted net income per common share$1.61 $1.69 $1.75 $1.71 
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure                              
Net income $ 94,979 $ 132,603 $ 197,299 $ 137,271 $ 137,847 $ 148,658 $ 145,127 $ 129,110 $ 133,528 $ 136,577 $ 131,790 $ 125,428 $ 562,152 $ 560,742 $ 527,323
v3.24.0.1
Insider Trading Arrangements - shares
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Dec. 14, 2023
Trading Arrangements, by Individual      
Non-Rule 10b5-1 Arrangement Adopted false    
Rule 10b5-1 Arrangement Terminated false    
Non-Rule 10b5-1 Arrangement Terminated false    
M. Terry Turner [Member]      
Trading Arrangements, by Individual      
Material Terms of Trading Arrangement  
M. Terry Turner, the President, Chief Executive Officer and director of Pinnacle Financial, adopted a new trading plan on December 14, 2023 (with the first trade under the plan to occur on or after March 13, 2024). The plan expires on the earlier of (i) December 1, 2024 or (ii) upon the completion of the sale of the maximum number of shares under the plan. The aggregate number of shares to be sold under the plan is 72,000 shares.
  
Name M. Terry Turner    
Title President, Chief Executive Officer and director    
Rule 10b5-1 Arrangement Adopted true    
Adoption Date December 14, 2023    
Termination Date December 1, 2024    
Arrangement Duration 263 days    
Aggregate Available     72,000
Robert A. McCabe, Jr. [Member]      
Trading Arrangements, by Individual      
Material Terms of Trading Arrangement   Robert A. McCabe, Jr., the Chairman of the Board and director of Pinnacle Financial, adopted a new trading plan on December 14, 2023 (with the first trade under the plan to occur on or after March 13, 2024). The plan expires on the earlier of (i) December 1, 2024 or (ii) upon the completion of the sale of the maximum number of shares under the plan. The aggregate number of shares to be sold under the plan is 72,000 share  
Name Robert A. McCabe, Jr.    
Title Chairman of the Board and director    
Adoption Date December 14, 2023    
Termination Date December 1, 2024    
Arrangement Duration 263 days    
Aggregate Available     72,000
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation — These consolidated financial statements include the accounts of Pinnacle Financial and its direct and indirect wholly-owned subsidiaries. Certain statutory trust affiliates of Pinnacle Financial, as noted in Note 9, are included in these consolidated financial statements pursuant to the equity method of accounting. Significant intercompany transactions and accounts are eliminated in consolidation.
Use of Estimates
Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the allowance for credit losses and the determination of any impairment of goodwill or intangible assets. It is reasonably possible Pinnacle Financial's estimate of the allowance for credit losses and determination of impairment of intangible assets could change as a result of the uncertainty in current macroeconomic conditions. The resulting change in these estimates could be material to Pinnacle Financial's consolidated financial statements.
Impairment
Impairment — Long-lived assets, including purchased intangible assets subject to amortization, such as core deposit intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Pinnacle Financial had $27.5 million and $34.6 million of long-lived intangibles at December 31, 2023 and 2022, respectively.

Goodwill is evaluated for impairment at least annually and more frequently if events and circumstances indicate that the asset might be impaired. ASC 350, Intangibles - Goodwill and Other, provides an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If an entity performs a qualitative assessment and determines it is necessary, or if a qualitative assessment is not performed, the entity is required to perform a one-step test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized for that reporting unit (if any). If, based on a qualitative assessment, an entity determines that the fair value of a reporting unit is more than its carrying amount, the one-step goodwill impairment test is not required.
Pinnacle Financial performed a qualitative assessment of goodwill as of December 31, 2023 by examining changes in macroeconomic conditions, industry and market conditions, overall financial performance, cost factors and other relevant entity-specific events, including changes in the share price of Pinnacle Financial's common stock. The results of the qualitative assessment indicated that it was more likely than not that the estimated fair value of Pinnacle Financial's sole reporting unit exceeded its carrying value amount at December 31, 2023 and, therefore, no goodwill impairment was recorded.

Should Pinnacle Financial's common stock price decline below book value per share and remain below book value per share for an extended duration or other impairment indicators become known, additional impairment testing of goodwill may be required. Should it be determined in a future period that the goodwill has become impaired, then a charge to earnings will be recorded in the period such determination is made. The following table presents activity for goodwill and other intangible assets (in thousands):
 GoodwillCore deposit and
other intangible assets		Total
Balance at December 31, 2022$1,846,973 $34,555 $1,881,528 
Acquisitions and purchase of other intangible asset— — — 
Amortization— (7,090)(7,090)
Balance at December 31, 2023$1,846,973 $27,465 $1,874,438 
 
The following table presents the gross carrying amount and accumulated amortization for the core deposit and other intangible assets (in thousands):
 December 31, 2023December 31, 2022
Gross carrying amount$117,211 $117,211 
Accumulated amortization(89,746)(82,656)
Net book value$27,465 $34,555 
Cash Equivalents and Cash Flows
Cash Equivalents and Cash Flows — Cash on hand, cash items in process of collection, amounts due from banks, Federal funds sold, short-term discount notes and securities purchased under agreements to resell, with original maturities within ninety days, are included in cash and cash equivalents. The following supplemental cash flow information addresses certain cash payments and noncash transactions for each of the years in the three-year period ended December 31, 2023 as follows (in thousands):
 For the years ended December 31,
 202320222021
Cash Payments: 
Interest$1,042,542 $236,463 $110,119 
Income taxes paid99,890 128,850 108,304 
Noncash Transactions:   
Loans charged-off to the allowance for credit losses76,725 54,176 54,996 
Loans foreclosed upon with repossessions transferred to other real estate2,016 230 1,098 
Loans foreclosed upon with repossessions transferred to other repossessed assets561 — — 
Available-for-sale securities transferred to held-to-maturity portfolio— 1,059,737 — 
Proceeds receivable from restructure of bank owned life insurance policies141,547 — — 
Right-of-use assets recognized in the period in exchange for lease obligations205,776 42,413 17,642 
Securities
Securities — Securities are classified based on management's intention on the date of purchase. All debt securities classified as available-for-sale are recorded at fair value with any unrealized gains and losses reported in accumulated other comprehensive income (loss), net of the deferred income tax effects. Securities that Pinnacle Financial has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at historical cost and adjusted for amortization of premiums and accretion of discounts.

Interest and dividends on securities, including amortization of premiums and accretion of discounts calculated under the effective interest method, are included in interest income.  For certain securities, amortization of premiums and accretion of discounts is computed based on the anticipated life of the security which may be shorter than the stated life of the security. Realized gains and losses from the sale of securities are determined using the specific identification method and are recorded on the trade date of the sale.
Periodically, available-for-sale securities may be sold or the composition of the portfolio realigned to improve yields, quality or marketability, to implement changes in investment or asset/liability strategy, including maintaining collateral requirements and raising funds for liquidity purposes or in preparation of anticipated changes in market interest rates. Additionally, if an available-for-sale security loses its investment grade, tax-exempt status, the underlying credit support is terminated or collection otherwise becomes uncertain based on factors known to management, Pinnacle Financial will consider selling the security, but will review each security on a case-by-case basis as these factors become known.
Allowance for Credit Losses - Securities Held to Maturity
Allowance for Credit Losses - Securities Held-to-Maturity — Expected credit losses on debt securities classified as held-to-maturity are measured on a collective basis by major security type. Pinnacle has a zero loss expectation for certain securities within the portfolio, including U.S. treasury securities in addition to U.S government agency securities and residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, and accordingly, no allowance for credit losses is estimated for these securities. The remainder of the portfolio consists substantially of municipal securities rated A or higher by the ratings agencies. The estimates of expected credit losses for the municipal securities and corporate notes and other securities are based on historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The credit models utilized rely on regression analyses to predict probability of default (PD) based on projected macroeconomic factors, including unemployment rates and gross domestic product (GDP), among others. A reasonable and supportable period of twenty-four months and reversion period of eight months is utilized to estimate credit losses on held-to-maturity municipal and corporate securities. The allowance is increased through provision for credit losses and decreased by charge-offs, net of recoveries of amounts previously charged-off.
Allowance for credit losses - Securities Available-for-sale
Allowance for Credit Losses - Securities Available-for-Sale — For any securities classified as available-for-sale that are in an unrealized loss position at the balance sheet date, Pinnacle Financial assesses whether or not it intends to sell the security, or more likely than not will be required to sell the security, before recovery of its amortized cost basis. If either criteria is met, the security's amortized cost basis is written down to fair value through net income. If neither criteria is met, Pinnacle Financial evaluates whether any portion of the decline in fair value is the result of credit deterioration. Such evaluations consider the extent to which the amortized cost of the security exceeds its fair value, changes in credit ratings and any other known adverse conditions related to the specific security. If the evaluation indicates that a credit loss exists, an allowance for credit losses is recorded through provision for credit losses for the amount by which the amortized cost basis of the security exceeds the present value of cash flows expected to be collected, limited by the amount by which the amortized cost exceeds fair value. Any impairment not recognized in the allowance for credit losses is recognized in other comprehensive income.
Loans held-for-sale
Loans held-for-sale — Loans originated and intended for sale are carried at the lower of cost or estimated fair value as determined on a loan-by-loan basis. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Realized gains and losses are recognized when legal title to the loans has been transferred to the purchaser and sales proceeds have been received and are reflected in the accompanying consolidated statement of income in gains on mortgage loans sold, net of related costs such as compensation expenses, for mortgage loans, and as a component of other noninterest income for commercial loans held-for-sale.
Loans
Loans — Pinnacle Financial uses the following loan segments for financial reporting purposes: owner occupied commercial real estate mortgage, non-owner occupied commercial real estate, consumer real estate mortgage, construction and land development, commercial and industrial and consumer and other. The appropriate classification is determined based on the underlying collateral utilized to secure each loan. These classifications are consistent with those utilized in the Quarterly Report of Condition and Income filed by Pinnacle Bank with the Federal Deposit Insurance Corporation (FDIC).

Loans are reported at their outstanding principal balances, net of applicable purchase accounting and any deferred fees or costs on originated loans. Interest income on loans is accrued based on the principal balance outstanding. Loan origination fees, net of certain loan origination costs, are deferred and recognized as an adjustment to the related loan yield using a method which approximates the interest method. At December 31, 2023 and 2022, net deferred loan fees of $4.8 million and $26.1 million, respectively, were included as a reduction to loans on the accompanying consolidated balance sheets.

As part of our routine credit monitoring process, commercial loans receive risk ratings by the assigned financial advisor and are subject to validation by our independent loan review department. Risk ratings are categorized as pass, special mention, substandard, substandard-nonaccrual or doubtful-nonaccrual. Pinnacle Financial believes that its categories follow those outlined by the FDIC, Pinnacle Bank's primary federal regulator. At December 31, 2023, approximately 79.2% of Pinnacle Financial's loan portfolio was specifically assigned a risk rating. Certain consumer loans and commercial relationships that possess certain qualifying characteristics, including individually smaller balances, are generally not assigned an individual risk rating but are evaluated collectively for credit risk as a homogeneous pool of loans and individually as either accrual or nonaccrual based on the performance of the loan.
Loans are placed on nonaccrual status when there is a significant deterioration in the financial condition of the borrower, which generally is the case but is not limited to when the principal or interest is more than 90 days past due, unless the loan is both well-secured and in the process of collection. All interest accrued but not collected for loans that are placed on nonaccrual status is reversed against current interest income. Interest income is subsequently recognized only if certain cash payments are received while the loan is classified as nonaccrual, but interest income recognition is reviewed on a case-by-case basis to determine if the payment should be applied to interest or principal pursuant to regulatory guidelines. A nonaccrual loan is returned to accruing status once the loan has been brought current as to principal and interest and collection is reasonably assured or the loan has been well-secured through other techniques.
 
Loans are charged off when management believes that the full collectability of the loan is unlikely. As such, a loan may be partially charged-off after a "confirming event" has occurred which serves to validate that full repayment pursuant to the terms of the loan is unlikely.
Purchased Loans
Purchased loans, including loans acquired through a merger, are initially recorded at fair value on the date of purchase. At the time of acquisition, management evaluates all purchased loans using a variety of factors such as current classification or risk rating, past due status and history as a component of the fair value determination. For purchased loans that have not experienced more-than-insignificant credit deterioration since origination, management evaluates each reviewed loan using an internal grading system with a grade assigned to each loan at the date of acquisition. To the extent that any purchased loan is not specifically reviewed, such loan is assumed to have characteristics similar to the characteristics of the specifically reviewed acquired portfolio of purchased loans. Purchased loans that have experienced more than insignificant credit deterioration since origination ("purchased credit deteriorated loans") are individually evaluated by management to determine the estimated fair value of each loan. In determining the estimated fair value of such loans, management considers a number of factors including, among other things, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value of the underlying collateral, estimated holding periods, and net present value of cash flows expected to be received.
Credit Loss, Financial Instrument
Allowance for Credit Losses - Loans — Pinnacle Financial estimates its allowance for credit losses in accordance with the Current Expected Credit Losses (CECL) methodology. Pinnacle Financial's management assesses the adequacy of the allowance on a quarterly basis. This assessment includes procedures to estimate the allowance and test the adequacy and appropriateness of the resulting balance. The level of the allowance is based upon management's evaluation of historical default and loss experience, current and projected economic conditions, asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrowers' ability to repay a loan (including the timing of future payments), the estimated value of any underlying collateral, composition of the loan portfolio, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. The level of the allowance for credit losses maintained by management is believed adequate to absorb all expected future losses inherent in the loan portfolio at the balance sheet date. The allowance is increased through provision for credit losses and decreased by charge-offs, net of recoveries of amounts previously charged-off. During the second quarter of 2023, Pinnacle Financial implemented updated CECL models in an effort to ensure that risk in its portfolio at an individual loan level continues to be adequately captured given the uncertain state of the economy. The implementation of the new model had no material effect on the overall allowance for credit losses in the quarter of implementation.

The allowance for credit losses is measured on a collective basis for pools of loans with similar risk characteristics. Pinnacle Financial has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses:
•Owner occupied commercial real estate mortgage loans - Owner occupied commercial real estate mortgage loans are secured by commercial office buildings, industrial buildings, warehouses or retail buildings where the owner of the building occupies the property. For such loans, repayment is largely dependent upon the operation of the borrower's business.
•Non-owner occupied commercial real estate loans - These loans represent investment real estate loans secured by office buildings, industrial buildings, warehouses, retail buildings, and multifamily residential housing. Repayment is primarily dependent on lease income generated from the underlying collateral.
•Consumer real estate mortgage loans - Consumer real estate mortgage loans consist primarily of loans secured by 1-4 family residential properties, including home equity lines of credit. Repayment is primarily dependent on the personal cash flow of the borrower.
•Construction and land development loans - Construction and land development loans include loans where the repayment is dependent on the successful completion and eventual sale, refinance or operation of the related real estate project. Construction and land development loans include 1-4 family construction projects and commercial construction endeavors such as warehouses, apartments, office and retail space and land acquisition and development.
•Commercial and industrial loans - Commercial and industrial loans include loans to business enterprises issued for commercial, industrial and/or other professional purposes. These loans are generally secured by equipment, inventory, and accounts receivable of the borrower and repayment is primarily dependent on business cash flows. Loans granted under the Paycheck Protection Program (PPP), which are fully guaranteed by the SBA, are included in this category.
•Consumer and other loans - Consumer and other loans include all loans issued to individuals not included in the consumer real estate mortgage classification. Examples of consumer and other loans are automobile loans, consumer credit cards and loans to finance education, among others. Many consumer loans are unsecured. Repayment is primarily dependent on the personal cash flow of the borrower.
For commercial real estate, consumer real estate, construction and land development, and commercial and industrial loans, Pinnacle Financial primarily utilizes a probability of default (PD) and loss given default (LGD) modeling approach. These models utilize historical correlations between default experience, loan level attributes and certain macroeconomic factors as determined through a statistical regression analysis. All loan segments modeled using this approach incorporate one or more macroeconomic drivers. Macroeconomic factors used in the model include the unadjusted and seasonally adjusted unemployment rate, gross domestic product, commercial property price index, consumer credit, commercial real estate price index, household debt ratio, household financial obligations ratio, and certain home price indices. Projections of these macroeconomic factors, obtained from an independent third party, are utilized to predict quarterly rates of default based on the statistical PD models. Adjustments are made to predicted default rates as considered necessary for each loan segment based on other quantitative and qualitative information not utilized as a direct input into the statistical models. The predicted quarterly default rates are then applied to the estimated future exposure at default (EAD), as determined based on contractual amortization terms and estimated prepayments. An estimated LGD, determined based on historical loss experience, is then applied to the quarterly defaulted balances for each loan segment to estimate future losses of the loan's amortized cost.

Losses are predicted over a period of time determined to be reasonable and supportable, and at the end of the reasonable and supportable period losses are reverted to long term historical averages. The reasonable and supportable period and reversion period are re-evaluated each quarter by Pinnacle Financial and are dependent on the current economic environment among other factors. At December 31, 2023, a reasonable and supportable period of fifteen months was utilized for all loan segments, followed by a twelve month straight line reversion to long term averages.

For the consumer and other loan segment, a loss rate approach is utilized. For these loans, historical charge off rates are applied to projected future balances, as determined in the same manner as EAD for the statistically modeled loan segments. For credit cards, which have no amortization terms or contractual maturities and are unconditionally cancellable, future balances are estimated based on expected payment volume applied to the current balance.

The estimated loan losses for all loan segments are adjusted for changes in qualitative factors not inherently considered in the quantitative analyses. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management but measured by objective measurements period over period. The data for each measurement may be obtained from internal or external sources. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements over time. The resulting qualitative adjustments are applied to the relevant collectively evaluated loan portfolios. These adjustments are based upon quarterly trend assessments in portfolio concentrations, policy exceptions, associate retention, independent loan review results, competition and peer group credit quality trends. The qualitative allowance allocation, as determined by the processes noted above, is increased or decreased for each loan segment based on the assessment of these various qualitative factors. Additional qualitative considerations are made for any identified risk which did not exist within our portfolio historically and therefore may not be adequately addressed through evaluation of such risk factor based on historical portfolio trends as previously discussed.

Loans that do not share similar risk characteristics with the collectively evaluated pools are evaluated on an individual basis and are excluded from the collectively evaluated pools. Individual evaluations are generally performed for loans greater than $1.0 million which have experienced significant credit deterioration. Such loans are evaluated for credit losses based on either discounted cash flows or the fair value of collateral. For loans individually evaluated for which repayment is expected to be provided substantially through the operation or sale of the collateral, Pinnacle Financial has elected the practical expedient under ASC 326 to estimate expected credit losses based on the fair value of the collateral, with selling costs considered in the event sale of the collateral is expected.

The starting point for the estimate of the allowance for credit losses on loans is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. Pinnacle Financial uses a probability of default/loss given default model to determine the allowance for credit losses on loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses on loans because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses on loans is generally not recorded upon modification. Occasionally, a loan modification will be granted by providing principal forgiveness on certain loans. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses on loans. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses on loans.

In some cases, a loan restructuring will result in providing multiple types of modifications. Typically, one type of modification, such as a payment delay or term extension, is granted initially. If the borrower continues to experience financial difficulty, another modification, such as principal forgiveness or an interest rate reduction, may be granted. Additionally, multiple types of modifications may be made on the same loan within the current reporting period. Such a combination is at least two of the following: a payment
delay, term extension, principal forgiveness and interest rate reduction. Upon determination that a modified loan (or portion of the loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses on loans is adjusted by the same amount.

In assessing the adequacy of the allowance for credit losses on loans, Pinnacle Financial considers the results of Pinnacle Financial's ongoing independent loan review process. Pinnacle Financial undertakes this process both to ascertain those loans in the portfolio with elevated credit risk and to assist in its overall evaluation of the risk characteristics of the entire loan portfolio. Its loan review process includes the judgment of management, independent internal loan reviewers and reviews that may have been conducted by third-party reviewers including regulatory examiners. Pinnacle Financial incorporates relevant loan review results in the allowance.

In accordance with CECL, losses are estimated over the remaining contractual terms of loans, adjusted for prepayments. The contractual term excludes expected extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that a modification will be executed or such renewals, extensions or modifications are included in the original loan agreement and are not unconditionally cancellable by Pinnacle Financial.

Credit losses are estimated on the amortized cost basis of loans, which includes the principal balance outstanding, purchase discounts and premiums, deferred loan fees and costs and accrued interest receivable. Accrued interest receivable is presented separately on the balance sheets and as allowed under Accounting Standards Update (ASU) 2016-13 Financial Instruments - Credit Losses is excluded from the tabular loan disclosures in Note 5.

While policies and procedures used to estimate the allowance for credit losses on loans, as well as the resultant provision for credit losses charged to income, are considered adequate by management and are reviewed periodically by regulators, model validators and internal audit, they are necessarily approximate and imprecise. There are factors beyond Pinnacle Financial's control, such as changes in projected economic conditions, real estate markets or particular industry conditions which may materially impact asset quality and the adequacy of the allowance for credit losses on loans and thus the resulting provision for credit losses.

Allowance for Credit Losses on Off Balance Sheet Credit Exposures — Pinnacle Financial estimates expected credit losses over the contractual term of obligations to extend credit, unless the obligation is unconditionally cancellable. The allowance for off balance sheet exposures is adjusted through the provision for credit losses. The estimates are determined based on the likelihood of funding during the contractual term and an estimate of credit losses subsequent to funding. Estimated credit losses on subsequently funded balances are based on the same assumptions as used to estimate credit losses on existing funded loans.
Transfers of Financial Assets
Transfers of Financial Assets — Transfers of financial assets are accounted for as sales when control over the assets has been surrendered or in the case of a loan participation, a portion of the asset has been surrendered and meets the definition of a "participating interest". Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from Pinnacle Financial, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) Pinnacle Financial does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity.
Premises and Equipment and Leaseholds
Premises and Equipment and Leaseholds — Premises and equipment are carried at cost less accumulated depreciation and amortization computed principally by the straight-line method over the estimated useful lives of the assets or the expected lease terms for leasehold improvements, whichever is shorter. Useful lives for all premises and equipment range between three and thirty-five years.
Pinnacle Financial, or a subsidiary of Pinnacle Financial, is the lessee with respect to multiple office locations. At December 31, 2023, all such leases were being accounted for as operating leases within the accompanying consolidated financial statements, with the exception of one lease agreement classified as a finance lease. Pinnacle Financial recognizes right-of-use assets and lease liabilities reflecting the present value of future minimum lease payments under its lease agreements in accordance with Accounting Standards Update 2016-02, Leases.
Other Real Estate Owned
Other Real Estate Owned — Other real estate owned (OREO) represents real estate foreclosed upon or acquired by deed in lieu of foreclosure by Pinnacle Bank through loan defaults by customers as well as properties acquired in connection with the acquisition of BNC that had previously been held for future expansion but were subsequently transferred to OREO. Substantially all of these amounts relate to lots, homes and residential development projects that are either completed or are in various stages of construction for which Pinnacle Financial believes it has adequately supported the value recorded. Upon its acquisition by Pinnacle Bank, the property is recorded at fair value, based on appraised value, less selling costs estimated as of the date acquired. The difference from the loan balance related to the property, if any, is recognized as a charge-off through the allowance for credit losses. Additional OREO losses for subsequent downward valuation adjustments and expenses to maintain OREO are determined on a specific property basis and are included as a component of noninterest expense. Net gains or losses realized at the time of disposal are reflected in noninterest expense.
Included in the accompanying consolidated balance sheet at December 31, 2023 and 2022 is $3.9 million and $8.0 million, respectively, of OREO with no related property-specific valuation allowances in either period. During the years ended December 31, 2023 and 2022, Pinnacle Financial had a net foreclosed real estate expense of $315,000 and $280,000, respectively, compared to net foreclosed real estate benefit of $712,000, during the year ended December 31, 2021.
Other Assets
Other Assets — Included in other assets as of December 31, 2023 and 2022, is approximately $10.8 million and $6.6 million, respectively, of computer software related assets, net of amortization. This software supports Pinnacle Financial's primary data systems and relates to amounts paid to vendors for installation and development of such systems. These amounts are amortized on a straight-line basis over periods of three to seven years. For the years ended December 31, 2023, 2022, and 2021, Pinnacle Financial's amortization expense was approximately $3.3 million, $2.8 million and $1.6 million, respectively. Software maintenance fees are capitalized in other assets and amortized over the term of the maintenance agreement.

Pinnacle Financial is required to maintain certain minimum levels of equity investments with certain regulatory and other entities in which Pinnacle Bank has outstanding borrowings, including the Federal Home Loan Bank of Cincinnati (FHLB). At December 31, 2023 and 2022, the cost of these investments was $117.0 million and $80.2 million, respectively. Pinnacle Financial determined that cost approximates the fair value of these investments. Additionally, Pinnacle Financial has recorded certain investments in other non-public entities and funds at fair value of $157.1 million and $131.0 million at December 31, 2023 and 2022, respectively. During 2023, 2022 and 2021, Pinnacle Financial recorded net gains of $3.1 million, $10.6 million and $23.1 million, respectively, on these investments due to changes in their fair value. Pinnacle Financial has an investment in twelve statutory business trusts valued at $4.0 million as of December 31, 2023. The statutory business trusts were established to issue preferred securities, the dividends for which are paid with interest payments Pinnacle Financial makes on subordinated debentures it issued to the statutory business trusts.
 
Pinnacle Bank is the owner and beneficiary of various life insurance policies on certain key executives and certain current and former directors and associates, including policies that were acquired in mergers. Collectively, these policies are reflected in other assets in the accompanying consolidated balance sheets at their respective cash surrender values. At December 31, 2023 and 2022, the aggregate cash surrender value of these policies was approximately $995.2 million and $881.9 million, respectively. Noninterest income related to these policies was $15.8 million, $21.0 million, and $18.9 million, during the years ended December 31, 2023, 2022 and 2021, respectively.

Also, as part of Pinnacle Bank's compliance with the Community Reinvestment Act (CRA), it has investments in low income housing entities totaling $260.5 million and $228.4 million, net, as of December 31, 2023 and 2022, respectively. Included in its CRA investments are investments of $162.1 million and $138.0 million at December 31, 2023 and 2022, respectively, net of amortization, that qualify for federal low income housing tax credits. The investments are accounted for under the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received. The amortization and benefits are recognized as a component of income tax expense in the consolidated statements of income. The investments are recorded using the cost method.
Derivative Instruments
Derivative Instruments — In accordance with ASC Topic 815, Derivatives and Hedging, all derivative instruments are recorded on the accompanying consolidated balance sheet at their respective fair values. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings in the period of change.

Pinnacle Financial enters into interest rate swaps (swaps) to facilitate customer transactions and meet their financing needs. Upon entering into these instruments to meet customer needs, Pinnacle Financial enters into offsetting positions with large U.S. financial institutions in order to minimize the risk to Pinnacle Financial. These swaps are derivatives, but are not designated as hedging instruments.
 
Pinnacle Financial enters into forward cash flow hedge relationships in the form of interest rate swap agreements to manage its future interest rate exposure. These derivative contracts have been designated as a hedge and, as such, changes in the fair value of the derivative instrument are recorded in other comprehensive income (loss). Pinnacle Financial also enters into fair value hedge relationships to mitigate the effect of changing interest rates on the fair values of securities and FHLB advances. The gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. Pinnacle Financial prepares written hedge documentation for all derivatives which are designated as hedges. The written hedge documentation includes identification of, among other items, the risk management objective, hedging instrument, hedged item and methodologies for assessing and measuring hedge effectiveness and ineffectiveness, along with support for management's assertion that the hedge will be highly effective.
 
For designated hedging relationships, Pinnacle Financial performs retrospective and prospective effectiveness testing using quantitative methods where required by accounting standards. For certain hedging relationships, effectiveness is tested through the matching of critical terms. Assessments of hedge effectiveness and measurements of hedge ineffectiveness are performed at least quarterly. The portion of the changes in the fair value of a derivative that is highly effective and that has been designated and qualifies as a cash flow hedge is initially recorded in accumulated other comprehensive income (loss) and will be reclassified to earnings in the same period that the hedged item impacts earnings; any ineffective portion is recorded in current period earnings.
 
Hedge accounting ceases on transactions that are no longer deemed effective, or for which the derivative has been terminated or de-designated.
Securities Sold Under Agreements to Repurchase
Securities Sold Under Agreements to Repurchase — Pinnacle Financial routinely sells securities to certain treasury management customers and then repurchases these securities the next day. Securities sold under agreements to repurchase are reflected as a secured borrowing in the accompanying consolidated balance sheets at the amount of cash received in connection with each transaction.
Income Taxes
Income Taxes — ASC 740,  Income Taxes, defines the threshold for recognizing the benefits of tax return positions in the financial statements as "more-likely-than-not" to be sustained by the taxing authority. ASC 740 also provides guidance on the derecognition, measurement and classification of income tax uncertainties, along with any related interest and penalties, and includes guidance concerning accounting for income tax uncertainties in interim periods.

Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The net deferred tax asset is reflected as a component of other assets on the consolidated balance sheet. A valuation allowance is required for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset may not be realized due to the inability to generate sufficient taxable income in the period and/or of the character necessary to utilize the benefit of the deferred tax asset.
 
Income tax expense or benefit for the year is allocated among continuing operations and other comprehensive income (loss), as applicable. The amount allocated to continuing operations is the income tax effect of the pretax income or loss from continuing operations that occurred during the year, plus or minus income tax effects of (i) changes in certain circumstances that cause a change in judgment about the realization of deferred tax assets in future years, including the valuation of deferred tax assets due to changes in enacted income tax rates (ii) changes in income tax laws or rates and (iii) changes in income tax status, subject to certain exceptions. The amount allocated to other comprehensive income (loss) is related solely to changes in the valuation allowance on items that are normally accounted for in other comprehensive income (loss) such as unrealized gains or losses on available-for-sale securities.
 
In accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes, uncertain tax positions are recognized if it is more likely than not, based on technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms realized or sustained upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more likely than not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances and information available at the reporting date.
 
Pinnacle Financial and its subsidiaries file consolidated U.S. Federal and state income tax returns, pursuant to each state's filing requirements. Each entity provides for income taxes based on its contribution to income or loss of the consolidated group. Pinnacle Financial has a Real Estate Investment Trust subsidiary that files a separate federal tax return, but its income is included in the consolidated group's return as required by the federal tax laws. Pinnacle Financial remains open to audit under the statute of limitations by the IRS and the states in which Pinnacle operates for the years ended December 31, 2020 through 2023.
 
Pinnacle Financial's policy is to recognize interest and/or penalties related to income tax matters in income tax expense. Pinnacle Financial recognized $80,000 and $264,000 in interest and penalties related to income tax matters for the years ended December 31, 2023 and 2022. Pinnacle Financial recognized no interest and penalties for the year ended December 31, 2021.
Income Per Common Share
Income Per Common Share — Basic net income per common share (EPS) is computed by dividing net income available to common shareholders by the weighted average common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The difference between basic and diluted weighted average common shares outstanding is attributable to common stock options, restricted share awards, and restricted share unit awards, including those with performance-based vesting provisions. The dilutive effect of outstanding options, restricted share awards, and restricted share unit awards is reflected in diluted EPS by application of the treasury stock method.
 
As of December 31, 2023, there were no stock options outstanding to purchase common shares. For the years ended December 31, 2023, 2022 and 2021, respectively, 631,173, 398,461 and 458,808 of dilutive stock options, dilutive restricted shares and dilutive restricted share units, including those with performance-based vesting provisions, were included in the diluted earnings per common share calculation under the treasury stock method. For the years ended December 31, 2023, 2022 and 2021, there were a combined 484,871, 263,573 and 32,684 respectively, of restricted shares, restricted stock units and performance stock units excluded from the calculation because they were deemed to be antidilutive.

The following is a summary of the basic and diluted earnings per common share calculation for each of the years in the three-year period ended December 31, 2023 (dollars in thousands except earnings per share):
 December 31, 2023December 31, 2022December 31, 2021
Basic earnings per common share calculation:   
Numerator - Net income available to common shareholders
$546,960 $545,550 $512,131 
Denominator – Weighted average common shares outstanding
76,016,370 75,735,404 75,468,339 
Basic net income per common share$7.20 $7.20 $6.79 
Diluted earnings per common share calculation:   
Numerator - Net income available to common shareholders
$546,960 $545,550 $512,131 
Denominator – Weighted average common shares outstanding
76,016,370 75,735,404 75,468,339 
Dilutive shares contingently issuable631,173 398,461 458,808 
Weighted average diluted common shares outstanding76,647,543 76,133,865 75,927,147 
Diluted net income per common share$7.14 $7.17 $6.75 
Stock-Based Compensation
Stock-Based Compensation — Stock-based compensation expense is recognized based on the fair value of the portion of stock-based payment awards that are ultimately expected to vest, reduced for estimated forfeitures. ASC 718-20, Compensation – Stock Compensation Awards Classified as Equity, allows forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Service based awards with multiple vesting periods are expensed over the entire requisite period as if the award were a single award. For awards with performance vesting criteria, anticipated performance is projected to determine the number of awards expected to vest, and the corresponding aggregate expense is adjusted to reflect the elapsed portion of the applicable performance period.
Comprehensive Income (Loss)
Comprehensive Income (Loss) — Comprehensive income (loss) consists of the total of all components of comprehensive income (loss) including net income (loss). Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income (loss) but excluded from net income (loss). As of December 31, 2023, 2022 and 2021, Pinnacle Financial's other comprehensive income (loss) consists primarily of unrealized gains and losses on securities available-for-sale, net of deferred tax expense (benefit) and unrealized gains (losses) on derivative hedging relationships.
Fair Value Measurement
Fair Value Measurement — ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value in U.S. GAAP and established required disclosures about fair value measurements. ASC 820 applies only to fair value measurements that are already required or permitted by other accounting standards and increases the consistency of those measurements. The definition of fair value focuses on the exit price, i.e., the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not the entry price, (i.e., the price that would be paid to acquire the asset or received to assume the liability at the measurement date). The statement emphasizes that fair value is a market-based measurement; not an entity-specific measurement. Therefore, the fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability.
 
Pinnacle Financial has an established process for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, fair value is based upon internally developed models or processes that use primarily market-based or independently-sourced market data, including interest rate yield curves, option volatilities and third party information such as prices of similar assets or liabilities. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. Furthermore, while Pinnacle Financial believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements — In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and has issued subsequent amendments thereto, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract
modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance was initially effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued an update to Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting with Accounting Standards Update 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which updated the effective date to be March 12, 2020 through December 31, 2024. Pinnacle Financial has moved the majority of its LIBOR-based loans to its preferred replacement index, a Secured Overnight Financing Rate (SOFR) based index as of December 31, 2023. For Pinnacle Financial's currently outstanding LIBOR-based loans, the timing and manner in which each customer's interest rate transitions to a replacement index will vary on a case-by-case basis and should occur at the next repricing or renewal date for these loans.

In March 2022, the FASB issued Accounting Standards Update 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method, which allows multiple hedged layers to be designated for a single closed portfolio of financial assets resulting in a greater portion of the interest rate risk in the closed portfolio being eligible to be hedged. The amendments allow the flexibility to use different types of derivatives or combinations of derivatives to better align with risk management strategies. Furthermore, among other things, the amendments clarify that basis adjustments of hedged items in the closed portfolio should be allocated at the portfolio level and not the individual assets within the portfolio. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Pinnacle Financial adopted ASU 2022-01 on January 1, 2023 and it did not impact Pinnacle Financial's accounting or disclosures.

In March 2022, the FASB issued Accounting Standards Update 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which removes the accounting guidance for troubled debt restructurings and requires entities to evaluate whether a modification provided to a borrower results in a new loan or continuation of an existing loan. The amendments enhance existing disclosures and require new disclosures for receivables when there has been a modification in contractual cash flows due to a borrower experiencing financial difficulties. Additionally, the amendments require public business entities to disclose gross charge-off information by year of origination in the vintage disclosures. The guidance is effective for entities that have adopted ASU 2016-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Pinnacle Financial adopted ASU 2022-02 on January 1, 2023 and incorporated the required disclosures into Note 5. Loans and Allowance for Credit Losses.
Newly Issued not yet Effective Accounting Standards
Newly Issued Not Yet Effective Accounting Standards — In June 2022, the FASB issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance in ASC 820 when measuring the fair value of equity securities subject to contractual restrictions that prohibit the sale of an equity security. This update also requires specific disclosures related to these types of securities. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted, including early adoption in an interim period. An entity should apply ASU 2022-03 prospectively once adopted. Pinnacle Financial is assessing ASU 2022-03 and its impact on its accounting and disclosures.

In March 2023, the FASB issued Accounting Standards Update 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which permits the use of the proportional amortization method of accounting for tax equity investments if certain conditions are met. A reporting entity makes the accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity or individual investment level. The amendments require specific disclosures that must be applied to all investments that generate tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted, including early adoption in an interim period. An entity should apply ASU 2023-02 on a retrospective or modified retrospective basis once adopted. Pinnacle Financial is assessing ASU 2023-02 and its potential impact on its accounting and disclosures.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends the guidance for income tax disclosures to include certain required disclosures related to tax rate reconciliations, including certain categories of expense requiring disclosure, income taxes paid, including disclosure of taxes paid disaggregated by nation, state, and foreign taxes, and other disclosures for disaggregation of income before income tax expense (or benefit) and income tax expense (or benefit) by domestic and foreign allocation. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. Early adoption is permitted. An entity should apply ASU 2023-09 on a prospective basis once adopted with retrospective application permitted. Pinnacle Financial is assessing ASU 2023-09 and its potential impact on its accounting and disclosures.
Other than those pronouncements discussed above which have been recently adopted, Pinnacle Financial does not believe there were any other recently issued accounting pronouncements that are expected to materially impact its consolidated financial statements.
Reclassifications
Reclassifications — Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders' equity.
Subsequent Events Subsequent Events — ASC Topic 855,  Subsequent Events, establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. Pinnacle Financial evaluated all events or transactions that occurred after December 31, 2023 through the date of the issued financial statements.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Activity for Goodwill and Other Intangible Assets The following table presents activity for goodwill and other intangible assets (in thousands):
 GoodwillCore deposit and
other intangible assets		Total
Balance at December 31, 2022$1,846,973 $34,555 $1,881,528 
Acquisitions and purchase of other intangible asset— — — 
Amortization— (7,090)(7,090)
Balance at December 31, 2023$1,846,973 $27,465 $1,874,438 
Gross Carrying Amount and Accumulated Amortization for the Core Deposit and Other Intangible Assets
The following table presents the gross carrying amount and accumulated amortization for the core deposit and other intangible assets (in thousands):
 December 31, 2023December 31, 2022
Gross carrying amount$117,211 $117,211 
Accumulated amortization(89,746)(82,656)
Net book value$27,465 $34,555 
Supplemental Cash Flow Information
Cash Equivalents and Cash Flows — Cash on hand, cash items in process of collection, amounts due from banks, Federal funds sold, short-term discount notes and securities purchased under agreements to resell, with original maturities within ninety days, are included in cash and cash equivalents. The following supplemental cash flow information addresses certain cash payments and noncash transactions for each of the years in the three-year period ended December 31, 2023 as follows (in thousands):
 For the years ended December 31,
 202320222021
Cash Payments: 
Interest$1,042,542 $236,463 $110,119 
Income taxes paid99,890 128,850 108,304 
Noncash Transactions:   
Loans charged-off to the allowance for credit losses76,725 54,176 54,996 
Loans foreclosed upon with repossessions transferred to other real estate2,016 230 1,098 
Loans foreclosed upon with repossessions transferred to other repossessed assets561 — — 
Available-for-sale securities transferred to held-to-maturity portfolio— 1,059,737 — 
Proceeds receivable from restructure of bank owned life insurance policies141,547 — — 
Right-of-use assets recognized in the period in exchange for lease obligations205,776 42,413 17,642 
Basic and Diluted Earnings Per Share Calculations
The following is a summary of the basic and diluted earnings per common share calculation for each of the years in the three-year period ended December 31, 2023 (dollars in thousands except earnings per share):
 December 31, 2023December 31, 2022December 31, 2021
Basic earnings per common share calculation:   
Numerator - Net income available to common shareholders
$546,960 $545,550 $512,131 
Denominator – Weighted average common shares outstanding
76,016,370 75,735,404 75,468,339 
Basic net income per common share$7.20 $7.20 $6.79 
Diluted earnings per common share calculation:   
Numerator - Net income available to common shareholders
$546,960 $545,550 $512,131 
Denominator – Weighted average common shares outstanding
76,016,370 75,735,404 75,468,339 
Dilutive shares contingently issuable631,173 398,461 458,808 
Weighted average diluted common shares outstanding76,647,543 76,133,865 75,927,147 
Diluted net income per common share$7.14 $7.17 $6.75 
v3.24.0.1
Equity method investment (Tables)
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
The following summary of BHG's financial position and results of operations as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 are presented as unaudited due to BHG's fiscal year end being September 30 (in thousands):

Banker's Healthcare GroupDecember 31, 2023December 31, 2022
Assets$4,304,835 $4,375,643 
Liabilities$3,749,821 $3,821,725 
Equity interests555,014 553,918 
Total liabilities and equity$4,304,835 $4,375,643 

 For the year ended December 31,
 202320222021
Revenues$1,175,756 $1,110,230 $735,506 
Net income, pre-tax$181,326 $295,186 $241,051 
v3.24.0.1
Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-sale
The amortized cost and fair value of securities available-for-sale and held-to-maturity at December 31, 2023 and 2022 are summarized as follows (in thousands):
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2023
Securities available-for-sale:    
U.S Treasury securities$907,990 $2 $14,580 $893,412 
U.S. Government agency securities284,607 — 21,877 262,730 
Mortgage-backed securities1,071,963 444 125,017 947,390 
State and municipal securities1,604,874 26,129 45,108 1,585,895 
Asset-backed securities201,577 338 10,280 191,635 
Corporate notes and other477,761 69 41,362 436,468 
 $4,548,772 $26,982 $258,224 $4,317,530 
Securities held-to-maturity:    
U.S Treasury securities$90,309 $— $3,840 $86,469 
U.S. Government agency securities364,769 — 19,187 345,582 
Mortgage-backed securities382,100 637 34,900 347,837 
State and municipal securities1,886,459 6,079 159,027 1,733,511 
Asset-backed securities198,418 — 14,228 184,190 
Corporate notes and other86,009 — 8,414 77,595 
 $3,008,064 $6,716 $239,596 $2,775,184 
Allowance for credit losses - securities held-to-maturity(1,707)
Securities held-to-maturity, net of allowance for credit losses$3,006,357 
December 31, 2022    
Securities available-for-sale:    
U.S Treasury securities$196,151 $— $1,967 $194,184 
U.S. Government agency securities432,475 — 36,318 396,157 
Mortgage-backed securities1,114,948 211 143,583 971,576 
State and municipal securities1,478,310 12,553 78,557 1,412,306 
Asset-backed securities134,386 — 16,983 117,403 
Corporate notes and other515,221 41 48,018 467,244 
 $3,871,491 $12,805 $325,426 $3,558,870 
Securities held-to-maturity:    
U.S Treasury securities$92,738 $— $6,472 $86,266 
U.S. Government agency securities374,255 — 27,860 346,395 
Mortgage-backed securities413,119 52 41,593 371,578 
State and municipal securities1,927,778 2,216 233,564 1,696,430 
Asset-backed securities184,241 — 18,573 165,668 
Corporate notes and other88,527 — 9,918 78,609 
 $3,080,658 $2,268 $337,980 $2,744,946 
Allowance for credit losses - securities held-to-maturity(1,608)
Securities held-to-maturity, net of allowance for credit losses$3,079,050 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of December 31, 2023 by contractual maturity is 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-saleHeld-to-maturity
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$16,744 $18,747 $44,911 $43,530 
Due in one year to five years204,619 202,103 406,769 383,312 
Due in five years to ten years549,251 504,648 100,801 94,025 
Due after ten years2,504,618 2,453,007 1,875,065 1,722,290 
Mortgage-backed securities1,071,963 947,390 382,100 347,837 
Asset-backed securities201,577 191,635 198,418 184,190 
 $4,548,772 $4,317,530 $3,008,064 $2,775,184 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At December 31, 2023 and 2022, included in securities available-for-sale 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 ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized
Losses
December 31, 2023      
U.S. Treasury securities$693,621 $11,651 $192,500 $2,929 $886,121 $14,580 
U.S. Government agency securities14,989 11 247,648 21,866 262,637 21,877 
Mortgage-backed securities72,907 1,518 828,251 123,499 901,158 125,017 
State and municipal securities185,108 908 449,212 44,200 634,320 45,108 
Asset-backed securities42,207 254 122,469 10,026 164,676 10,280 
Corporate notes and other12,679 7 403,882 41,355 416,561 41,362 
Total temporarily-impaired securities$1,021,511 $14,349 $2,243,962 $243,875 $3,265,473 $258,224 
December 31, 2022      
U.S. Treasury securities$192,188 $1,963 $1,997 $4 $194,185 $1,967 
U.S. Government agency securities46,062 2,224 350,094 34,094 396,156 36,318 
Mortgage-backed securities390,014 34,106 570,601 109,477 960,615 143,583 
State and municipal securities568,691 18,863 304,451 59,694 873,142 78,557 
Asset-backed securities513 5 116,442 16,978 116,955 16,983 
Corporate notes and other259,453 20,260 207,326 27,758 466,779 48,018 
Total temporarily-impaired securities$1,456,921 $77,421 $1,550,911 $248,005 $3,007,832 $325,426 
v3.24.0.1
Loans and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
Loans at December 31, 2023 and 2022 were as follows (in thousands):
December 31, 2023December 31, 2022
Commercial real estate:
Owner-occupied$4,044,896$3,587,257
Non-owner occupied7,535,4946,542,619
Consumer real estate – mortgage4,851,5314,435,046
Construction and land development4,041,0813,679,498
Commercial and industrial11,666,69110,241,362
Consumer and other536,398555,823
Subtotal$32,676,091 $29,041,605 
Allowance for credit losses(353,055)(300,665)
Loans, net$32,323,036 $28,740,940 
Summary of Amount of Each Loan Classification, Categorized into Each Risk Rating Class
The table below presents loan balances classified within each risk rating category by primary loan type and based on year of origination or most recent renewal as of December 31, 2023 (in thousands):

December 31, 202320232022202120202019PriorRevolving LoansTotal
Commercial real estate- owner occupied
Pass$785,834 $1,123,425 $871,389 $502,260 $267,595 $357,339 $56,680 $3,964,522 
Special Mention1,595 37,324 5,300 2,252 5,306 4,701 — 56,478 
Substandard (1)
5,528 9,331 3,262 1,145 568 610 — 20,444 
Substandard-nonaccrual1,781 615 686 53 — 317 — 3,452 
Doubtful-nonaccrual— — — — — — — — 
Total Commercial real estate - owner occupied$794,738 $1,170,695 $880,637 $505,710 $273,469 $362,967 $56,680 $4,044,896 
Current period gross charge-offs$— — — — — — — $— 
Commercial real estate- Non-owner occupied
Pass$1,304,109 $2,682,275 $1,737,275 $713,979 $505,767 $370,420 $107,841 $7,421,666 
Special Mention— 30,229 — 6,745 216 5,335 — 42,525 
Substandard (1)
25,723 2,969 — — 1,195 73 — 29,960 
Substandard-nonaccrual— 153 40,180 — — 489 521 41,343 
Doubtful-nonaccrual— — — — — — — — 
Total Commercial real estate - Non-owner occupied$1,329,832 $2,715,626 $1,777,455 $720,724 $507,178 $376,317 $108,362 $7,535,494 
Current period gross charge-offs$— — — — — — — $— 
Consumer real estate – mortgage
Pass$573,120 $976,006 $1,056,720 $448,420 $207,790 $318,505 $1,253,091 $4,833,652 
Special Mention— — — — — — — — 
Substandard (1)
— — — — — — — — 
Substandard-nonaccrual688 2,265 2,951 2,525 5,265 3,671 514 17,879 
Doubtful-nonaccrual— — — — — — — — 
Total Consumer real estate – mortgage$573,808 $978,271 $1,059,671 $450,945 $213,055 $322,176 $1,253,605 $4,851,531 
Current period gross charge-offs$— (225)(91)(6)(89)(472)— $(883)
Construction and land development
Pass$1,153,137 $1,930,062 $884,060 $12,102 $5,580 $6,369 $41,886 $4,033,196 
Special Mention2,728 — — 4,467 — — — 7,195 
Substandard (1)
— — — — — 82 — 82 
Substandard-nonaccrual— 608 — — — — — 608 
Doubtful-nonaccrual— — — — — — — — 
Total Construction and land development$1,155,865 $1,930,670 $884,060 $16,569 $5,580 $6,451 $41,886 $4,041,081 
Current period gross charge-offs$— — — — — (3)— $(3)
December 31, 202320232022202120202019PriorRevolving LoansTotal
Commercial and industrial
Pass$3,778,326 $2,103,473 $1,127,096 $325,176 $215,158 $142,806 $3,753,575 $11,445,610 
Special Mention11,125 22,806 12,457 532 144 1,847 45,025 93,936 
Substandard (1)
10,142 2,243 25,311 145 359 9,028 60,986 108,214 
Substandard-nonaccrual10,436 4,193 1,583 409 359 735 1,215 18,930 
Doubtful-nonaccrual— — — 1 — — — 1 
Total Commercial and industrial$3,810,029 $2,132,715 $1,166,447 $326,263 $216,020 $154,416 $3,860,801 $11,666,691 
Current period gross charge-offs$(3,428)(24,114)(13,857)(3,309)(111)(455)(15,268)$(60,542)
Consumer and other
Pass$136,809 $28,774 $66,126 $37,015 $541 $656 $266,402 $536,323 
Special Mention— — — — — — — — 
Substandard (1)
— — — — — — — — 
Substandard-nonaccrual— — — — — — 75 75 
Doubtful-nonaccrual— — — — — — — — 
Total Consumer and other$136,809 $28,774 $66,126 $37,015 $541 $656 $266,477 $536,398 
Current period gross charge-offs$(151)(629)(6,377)(2,808)(235)(110)(4,987)$(15,297)
Total loans
Pass$7,731,335 $8,844,015 $5,742,666 $2,038,952 $1,202,431 $1,196,095 $5,479,475 $32,234,969 
Special Mention15,448 90,359 17,757 13,996 5,666 11,883 45,025 200,134 
Substandard (1)
41,393 14,543 28,573 1,290 2,122 9,793 60,986 158,700 
Substandard-nonaccrual12,905 7,834 45,400 2,987 5,624 5,212 2,325 82,287 
Doubtful-nonaccrual— — — 1 — — — 1 
Total loans$7,801,081 $8,956,751 $5,834,396 $2,057,226 $1,215,843 $1,222,983 $5,587,811 $32,676,091 
Current period gross charge-offs$(3,579)$(24,968)$(20,325)$(6,123)$(435)$(1,040)$(20,255)$(76,725)
(1) Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have doubts about the borrower's ability to comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by Pinnacle Bank's primary regulators for loans classified as substandard, excluding loan modifications made to borrowers experiencing financial difficulty. Potential problem loans, which are not included in nonaccrual loans, amounted to approximately $127.4 million at December 31, 2023, compared to $53.8 million at December 31, 2022
Past Due Balances by Loan Classification
The table below presents the aging of past due balances by loan segment at December 31, 2023 and December 31, 2022 (in thousands):
30-59 days past due60-89 days past due90 days or more past dueTotal past dueCurrentTotal loans
December 31, 2023
Commercial real estate:
Owner-occupied$1,671 $507 $3,398 $5,576 $4,039,320 $4,044,896 
Non-owner occupied40,577 489 153 41,219 7,494,275 7,535,494 
Consumer real estate – mortgage21,585 1,352 10,824 33,761 4,817,770 4,851,531 
Construction and land development621 28 608 1,257 4,039,824 4,041,081 
Commercial and industrial14,197 28,221 16,890 59,308 11,607,383 11,666,691 
Consumer and other5,286 1,868 1,496 8,650 527,748 536,398 
Total$83,937 $32,465 $33,369 $149,771 $32,526,320 $32,676,091 
December 31, 2022
Commercial real estate:
Owner-occupied$2,112 $615 $1,139 $3,866 $3,583,391 $3,587,257 
Non-owner occupied359 48 1,681 2,088 6,540,531 6,542,619 
Consumer real estate – mortgage13,635 83 9,094 22,812 4,412,234 4,435,046 
Construction and land development221 102 130 453 3,679,045 3,679,498 
Commercial and industrial15,457 13,713 9,428 38,598 10,202,764 10,241,362 
Consumer and other4,056 1,688 746 6,490 549,333 555,823 
Total$35,840 $16,249 $22,218 $74,307 $28,967,298 $29,041,605 
Details of Changes in the Allowance for Loan Losses
The following table details the changes in the allowance for credit losses on loans from December 31, 2020 to December 31, 2021 to December 31, 2022 to December 31, 2023 by loan classification and the allocation of allowance for credit losses (in thousands):
 Commercial real estate - owner occupiedCommercial real estate - non-owner occupiedConsumer real estate - mortgageConstruction and land developmentCommercial and industrialConsumer and otherTotal
Allowance for Credit Losses:      
Balance at December 31, 2020$23,298 $79,132 $33,304 $42,408 $98,423 $8,485 $285,050 
Charged-off loans(1,420)(786)(632)(367)(46,213)(5,578)(54,996)
Recovery of previously charged-off loans1,609 969 2,288 372 7,485 3,550 16,273 
Provision for credit losses on loans(3,869)(20,811)(2,856)(12,984)52,645 4,781 16,906 
Balance at December 31, 2021$19,618 $58,504 $32,104 $29,429 $112,340 $11,238 $263,233 
Charged-off loans(1,413)(185)(651)(150)(39,020)(12,757)(54,176)
Recovery of previously charged-off loans2,082 187 1,512 471 15,687 7,690 27,629 
Provision for credit losses on loans6,330 (18,027)3,571 6,364 55,346 10,395 63,979 
Balance at December 31, 2022$26,617 $40,479 $36,536 $36,114 $144,353 $16,566 $300,665 
Charged-off loans— — (883)(3)(60,542)(15,297)(76,725)
Recovery of previously charged-off loans76 1,632 2,114 338 15,556 8,403 28,119 
Provision for credit losses on loans1,997 15,576 33,587 2,693 48,845 (1,702)100,996 
Balance at December 31, 2023$28,690 $57,687 $71,354 $39,142 $148,212 $7,970 $353,055 
Schedule of Collateral Dependent Loans Individually Evaluated for ACL
The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, as of December 31, 2023 and December 31, 2022 (in thousands):
Real EstateBusiness AssetsOtherTotal
December 31, 2023
Commercial real estate:
Owner-occupied$22,284 $— $— $22,284 
Non-owner occupied69,577 — — 69,577 
Consumer real estate – mortgage20,389 — — 20,389 
Construction and land development668 — — 668 
Commercial and industrial— 31,625 552 32,177 
Consumer and other— — — — 
Total$112,918 $31,625 $552 $145,095 
December 31, 2022
Commercial real estate:
Owner-occupied$10,804 $— $— $10,804 
Non-owner occupied4,795 — — 4,795 
Consumer real estate – mortgage22,466 — — 22,466 
Construction and land development299 — — 299 
Commercial and industrial— 12,327 — 12,327 
Consumer and other— — 2 2 
Total$38,364 $12,327 $2 $50,693 
Financing Receivable, Nonaccrual
The table below presents the amortized cost basis of loans on nonaccrual status and loans past due 90 or more days and still accruing interest at December 31, 2023 and 2022. Also presented is the balance of loans on nonaccrual status at December 31, 2023 and 2022 for which there was no related allowance for credit losses recorded (in thousands):
December 31, 2023December 31, 2022
Total nonaccrual loansNonaccrual loans with no allowance for credit lossesLoans past due 90 or more days and still accruingTotal nonaccrual loansNonaccrual loans with no allowance for credit lossesLoans past due 90 or more days and still accruing
Commercial real estate:
Owner-occupied$3,452 $122 $— $1,882 $— $— 
Non-owner occupied41,343 40,669 — 2,244 1,040 — 
Consumer real estate – mortgage17,879 — 781 17,330 — — 
Construction and land development608 — — 231 — — 
Commercial and industrial18,931 519 3,802 16,345 8,003 3,663 
Consumer and other75 — 1,421 84 — 743 
Total$82,288 $41,310 $6,004 $38,116 $9,043 $4,406 
Modifications
The following table shows the amortized cost basis of the loans modified to borrowers experiencing financial difficulty at December 31, 2023, disaggregated by class of loans and type of modification granted and describes the financial effect of the modifications made to borrowers experiencing financial difficulty (in thousands):
December 31, 2023
Payment DelayTerm ExtensionCombination¹
Total%Total%Total%Total
Commercial real estate:
Owner-occupied— — %5,528 0.14 %— — %5,528 
Non-owner occupied12,244 0.16 %— — %13,479 0.18 %25,723 
Consumer real estate – mortgage— — %— — %— — %— 
Construction and land development— — %— — %— — %— 
Commercial and industrial— — %3,226 0.03 %— — %3,226 
Consumer and other— — %— — %— — %— 
 12,244 8,754 13,479 34,477 
¹ The combination includes payment delay, term extension, and an interest rate reduction
December 31, 2023
Financial Effect
Payment Delay:
Non-owner occupiedImplemented interest-only payments until loan maturity
Term Extension:
Owner OccupiedAdded a weighted average 0.46 years to the term of the modified loans
Commercial and industrialAdded a weighted average 0.25 years to the term of the modified loans
Combination:
Non-owner OccupiedReduced weighted average contractual interest rate by 0.55%, added a weighted average 2 years to the term, and implemented an alternative payment schedule until loan maturity
Summary of Loan Portfolio Credit Risk Exposure
Pinnacle Financial analyzes its commercial loan portfolio to determine if a concentration of credit risk exists to any industries.  Pinnacle Financial utilizes broadly accepted industry classification systems in order to classify borrowers into various industry classifications. Pinnacle Financial had a credit exposure (loans outstanding plus unfunded lines of credit) exceeding 25% of Pinnacle Bank's total risk-based capital to borrowers in the following industries at December 31, 2023 with the comparative exposures for December 31, 2022 (in thousands):
 At December 31, 2023
 Outstanding Principal BalancesUnfunded CommitmentsTotal exposureTotal Exposure at December 31, 2022
Lessors of nonresidential buildings$4,674,176 $1,242,159 $5,916,335 $7,058,045 
Lessors of residential buildings2,028,622 1,150,419 3,179,041 3,725,186 
New housing for-sale builders577,090 819,563 1,396,653 1,763,089 
Music publishers787,407 432,374 1,219,781 1,127,636 
Total$8,067,295 $3,644,515 $11,711,810 $13,673,956 
v3.24.0.1
Premises and Equipment and Lease Commitments (Tables)
 12 Months Ended
Dec. 31, 2023
Premises and Equipment and Lease Commitments [Abstract]  
Schedule of Premises and Equipment
Premises and equipment at December 31, 2023 and 2022 are summarized as follows (in thousands):

 
 Range of Useful Lives
20232022
LandNot applicable$36,528 $71,741 
Buildings15 years-30 years103,919 206,434 
Leasehold improvements14 years-35 years74,606 62,209 
Furniture and equipment3 years-20 years183,919 144,979 
  398,972 485,363 
Less: accumulated depreciation and amortization 142,095 157,478 
   $256,877 $327,885 
Schedule of Lease Assets and Liabilities
Right-of-use assets and lease liabilities relating to Pinnacle Financial's operating and finance leases are as follows at December 31, 2023 and 2022 (in thousands):
December 31, 2023December 31, 2022
Right-of-use assets:
Operating leases$296,272 $126,767 
Finance leases1,092 1,318 
Total right-of-use assets$297,364 $128,085 
Lease liabilities:
Operating leases$304,944 $133,108 
Finance leases2,146 2,458 
Total lease liabilities$307,090 $135,566 
Schedule of Lease Costs and Other Information
The total lease cost related to operating leases and short term leases is recognized on a straight-line basis over the lease term. For finance leases, right-of-use assets are amortized on a straight-line basis over the lease term and interest imputed on the lease liability is recognized using the effective interest method. The components of Pinnacle Financial's total lease cost were as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):
For the years ended December 31,
202320222021
Operating lease cost$30,913 $18,292 $15,696 
Short-term lease cost349 401 297 
Finance lease cost:
Interest on lease liabilities167 189 208 
Amortization of right-of-use asset226 226 226 
Sublease income(1,365)(1,357)(1,309)
Net lease cost$30,290 $17,751 $15,118 

The weighted average remaining lease term and weighted average discount rate for operating and finance leases at December 31, 2023 and 2022 are as follows:
December 31, 2023December 31, 2022
Weighted average remaining lease term
Operating leases12.00 years10.44 years
Finance leases4.84 years5.84 years
Weighted average discount rate
Operating leases4.29 %3.11 %
Finance leases7.22 %7.22 %

Cash flows related to operating and finance leases during the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
For the years ended December 31,
202320222021
Operating cash flows related to operating leases$28,614 $16,956 $14,712 
Operating cash flows related to finance leases$167 $189 $208 
Financing cash flows related to finance leases$311 $281 $261 
Schedule of Future Minimum Finance Lease Payments
Future undiscounted lease payments for operating and finance leases with initial terms of more than 12 months are as follows at December 31, 2023 (in thousands):
Operating LeasesFinance Leases
2024$36,814 $527 
202535,058 527 
202632,687 527 
202731,623 527 
202831,133 439 
Thereafter230,286 — 
Total undiscounted lease payments397,601 2,547 
Less: imputed interest(92,657)(401)
Net lease liabilities$304,944 $2,146 
Schedule of Future Minimum Operating Lease Payments
Future undiscounted lease payments for operating and finance leases with initial terms of more than 12 months are as follows at December 31, 2023 (in thousands):
Operating LeasesFinance Leases
2024$36,814 $527 
202535,058 527 
202632,687 527 
202731,623 527 
202831,133 439 
Thereafter230,286 — 
Total undiscounted lease payments397,601 2,547 
Less: imputed interest(92,657)(401)
Net lease liabilities$304,944 $2,146 
v3.24.0.1
Deposits (Tables)
 12 Months Ended
Dec. 31, 2023
Interest-Bearing Deposit Liabilities [Abstract]  
Scheduled Maturities of Time Deposits
At December 31, 2023, the scheduled maturities of time deposits are as follows (in thousands):
2024$4,093,153 
2025590,695 
2026133,782 
202714,168 
20288,955 
Thereafter— 
$4,840,753 
v3.24.0.1
Federal Home Loan Bank Advances (Tables)
 12 Months Ended
Dec. 31, 2023
Advance from Federal Home Loan Bank [Abstract]  
Scheduled Maturities of Advances and Interest Rates
At December 31, 2023 and 2022, Pinnacle Bank had outstanding advances from the FHLB totaling approximately $2.1 billion and $464.4 million, respectively. The scheduled maturities of FHLB advances at December 31, 2023 and interest rates are as follows (in thousands):
 Scheduled maturities
Weighted average interest rates(1)
2024$— — %
2025366,250 4.97 %
2026162,500 4.00 %
2027237,500 4.14 %
20281,375,000 3.97 %
Thereafter12 2.75 %
2,141,262 
Deferred costs(1,070)
Fair value hedging adjustment(2,023)
Total Federal Home Loan Bank advances$2,138,169 
Weighted average interest rate 4.17 %
(1)Some FHLB advances include variable interest rates and could increase in the future. The table reflects rates in effect as of December 31, 2023.
v3.24.0.1
Other borrowings Other Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Subordinated Debt [Abstract]  
Schedule of Maturities of Long-term Debt
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 Pinnacle Financial has entered into certain other subordinated debt agreements. These instruments are outlined below as of December 31, 2023 (in thousands):
NameDate EstablishedMaturityTotal Debt OutstandingInterest Rate at December 31, 2023Coupon Structure
Trust preferred securities
Pinnacle Statutory Trust IDecember 29, 2003December 30, 2033$10,310 8.44 %
3-month SOFR + 2.80%(1)
Pinnacle Statutory Trust IISeptember 15, 2005September 30, 203520,619 6.99 %
3-month SOFR + 1.40%(1)
Pinnacle Statutory Trust IIISeptember 07, 2006September 30, 203620,619 7.24 %
3-month SOFR + 1.65%(1)
Pinnacle Statutory Trust IVOctober 31, 2007September 30, 203730,928 8.50 %
3-month SOFR + 2.85%(1)
BNC Capital Trust IApril 03, 2003April 15, 20335,155 8.91 %
3-month SOFR + 3.25%(1)
BNC Capital Trust IIMarch 11, 2004April 07, 20346,186 8.51 %
3-month SOFR + 2.85%(1)
BNC Capital Trust IIISeptember 23, 2004September 23, 20345,155 8.06 %
3-month SOFR + 2.40%(1)
BNC Capital Trust IVSeptember 27, 2006December 31, 20367,217 7.29 %
3-month SOFR + 1.70%(1)
Valley Financial Trust IJune 26, 2003June 26, 20334,124 8.72 %
3-month SOFR + 3.10%(1)
Valley Financial Trust IISeptember 26, 2005December 15, 20357,217 7.14 %
3-month SOFR + 1.49%(1)
Valley Financial Trust IIIDecember 15, 2006January 30, 20375,155 7.38 %
3-month SOFR + 1.73%(1)
Southcoast Capital Trust IIIAugust 05, 2005September 30, 203510,310 7.09 %
3-month SOFR + 1.50%(1)
Subordinated Debt
Pinnacle Financial Subordinated NotesSeptember 11, 2019September 15, 2029300,000 4.13 %
Fixed (2)
Debt issuance costs and fair value adjustment (8,057)
Total subordinated debt and other borrowings $424,938 
(1) Rate transitioned to three month term SOFR plus a comparable tenor spread adjustment beginning after July 1, 2023 as three month LIBOR ceased to be published effective July 1, 2023.
(2) Previously was to transition to three month LIBOR + 2.775%, but will now migrate to an alternative benchmark rate plus comparable spread beginning September 15, 2024 through the end of the term as three month LIBOR ceased to be published effective July 1, 2023.
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income tax expense (benefit) attributable to continuing operations
Income tax expense attributable to continuing operations for each of the years ended December 31 is as follows (in thousands):
 202320222021
Current tax expense :   
Federal$67,711 $104,141 $125,016 
State11,775 12,870 11,798 
Total current tax expense79,486 117,011 136,814 
Deferred tax expense (benefit):  
Federal67,446 15,082 (12,149)
State4,922 4,658 (83)
Total deferred tax (benefit) expense72,368 19,740 (12,232)
Total income tax expense$151,854 $136,751 $124,582 
Income tax rate reconciliation
Pinnacle Financial's income tax expense differs from the amounts computed by applying the Federal income tax statutory rate of 21% to income before income taxes. A reconciliation of the differences for each of the years in the three-year period ended December 31, 2023 is as follows (in thousands):
 202320222021
Income tax expense at statutory rate$149,941 $146,474 $136,900 
State excise tax expense, net of federal tax effect13,191 13,847 9,255 
Non-deductible executive compensation5,186 5,481 2,149 
Tax-exempt securities(21,663)(18,730)(15,243)
Federal tax credits(5,238)(5,019)(4,712)
Bank owned life insurance income(4,324)(4,599)(4,413)
Bank owned life insurance surrender8,572 — — 
Non-deductible FDIC assessment5,361 2,331 1,697 
Insurance premiums— (36)(273)
Excess tax benefits associated with equity compensation(208)(3,027)(2,475)
Other items1,036 29 1,697 
Income tax expense$151,854 $136,751 $124,582 
Components of deferred income taxes included in other assets
The components of deferred income taxes included in other assets in the accompanying consolidated balance sheets at December 31, 2023 and 2022 are as follows (in thousands):
 20232022
Deferred tax assets:  
Allowance for credit losses$86,911 $77,015 
Loans4,659 10,576 
Insurance784 817 
Accrued liability for supplemental retirement agreements7,005 7,595 
Restricted stock and stock options6,251 7,795 
Securities49,331 67,286 
Lease liability76,918 35,589 
Other real estate owned750 1,526 
Net federal operating loss carryforward and credits1,064 1,168 
Annual incentive compensation11,842 21,322 
Partnership interests13,541 31,559 
Allowance for off balance sheet credit exposures4,367 6,527 
Tax credit investments— 8,282 
FDIC special assessment7,250 — 
Other deferred tax assets2,532 3,267 
Total deferred tax assets273,205 280,324 
 20232022
Deferred tax liabilities:  
Depreciation and amortization23,140 17,723 
Core deposit and other intangible assets6,087 9,070 
Cash flow hedge836 6,854 
REIT dividends2,604 2,338 
FHLB related liabilities125 328 
Equity method investment42 76 
Right-of-use assets and other leasing transactions74,068 33,157 
Leases67,711 35,547 
Subordinated debt1,412 1,662 
Tax credit investments7,614 — 
Other deferred tax liabilities2,356 2,054 
Total deferred tax liabilities185,995 108,809 
Net deferred tax assets$87,210 $171,515 
Rollforward of uncertain tax positions
A reconciliation of the beginning and ending unrecognized tax benefit related to state uncertain tax positions for each of the years in the three-year period ended December 31, 2023 is as follows (in thousands):
 202320222021
Balance at January 1,$15,752 $12,737 $9,658 
Increases due to tax positions taken during the current year642 3,721 3,647 
Increases due to tax positions taken during a prior year— — — 
Decreases due to the lapse of the statute of limitations during the current year(1,340)(706)(568)
Decreases due to settlements with the taxing authorities during the current year(6,248)— — 
Balance at December 31,$8,806 $15,752 $12,737 
v3.24.0.1
Stock Options, Restricted Shares and Restricted Share Units (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
A summary of stock option activity within the equity incentive plans during each of the years in the three-year period ended December 31, 2023 and information regarding expected vesting, contractual terms remaining, intrinsic values and other matters was as follows:
 NumberWeighted-Average Exercise PriceWeighted-Average Contractual Remaining Term (in years)Aggregate Intrinsic Value
(000's)
Outstanding at December 31, 2020101,769 $23.46     
Granted— —     
Stock options exercised
(45,125)22.18     
Forfeited(497)20.00     
Outstanding at December 31, 202156,147 $24.51     
Granted— — 
Stock options exercised(15,959)23.28 
Forfeited— — 
Outstanding at December 31, 202240,188 $25.00     
Granted— —     
Stock options exercised(40,188)25.00     
Forfeited— —     
Outstanding at December 31, 2023— $— 0.00$— 
Options exercisable at December 31, 2023— $— 0.00$— 
.
Summary of Activity for Unvested Restricted Share Awards
A summary of activity for unvested restricted share awards for the years ended December 31, 2023, 2022, and 2021 follows:
 NumberGrant Date Weighted-Average Cost
Unvested at December 31, 2020594,669 $56.97 
Shares awarded249,641 77.00 
Restrictions lapsed and shares released to associates/directors(193,846)56.47 
Shares forfeited(37,129)62.79 
Unvested at December 31, 2021613,335 $64.93 
Shares awarded286,445 98.06 
Restrictions lapsed and shares released to associates/directors(188,394)64.53 
Shares forfeited(35,775)75.35 
Unvested at December 31, 2022675,611 $78.53 
Shares awarded269,025 71.84 
Restrictions lapsed and shares released to associates/directors(206,956)73.17 
Shares forfeited(34,281)75.84 
Unvested at December 31, 2023703,399 $77.68 
Pinnacle Financial grants restricted share awards to associates (including certain members of executive management) and outside directors with time-based vesting criteria. The following tables outline restricted stock grants that were made by grant year, grouped by similar vesting criteria, during the three-year period ended December 31, 2023. The table below reflects the life-to-date activity for these awards:
Grant
year
Group (1)
Vesting
period in years		Shares
awarded		Restrictions lapsed and shares released to participantsShares withheld
for taxes by participants
Shares forfeited by participants (4)
Shares unvested
Time Based Awards
2021
Associates (2)
3— 5237,811 60,966 24,552 30,455 121,838 
2022
Associates (2)
3— 5276,965 37,226 15,019 16,723 207,997 
2023
Associates (2)
3— 5258,185 328 185 15,995 241,677 
Outside Director Awards (3)
2021Outside directors111,830 10,222 1,608 — — 
2022Outside directors19,480 7,740 1,740 — — 
2023Outside directors110,840 — — — 10,840 
(1)Groups include employees (referred to as associates above) and outside directors. When the restricted shares are awarded, a participant receives voting rights and forfeitable dividend rights with respect to the shares, but is not able to transfer the shares until the restrictions have lapsed. Once the restrictions lapse, the participant is taxed on the value of the award and may elect to sell some shares (or have Pinnacle Financial withhold some shares) to pay the applicable income taxes associated with the award. Alternatively, the recipient can pay the withholding taxes in cash. For time-based vesting restricted share awards, dividends paid on shares for which the forfeiture restrictions do not lapse will be recouped by Pinnacle Financial at the time of termination. For awards to Pinnacle Financial's directors, dividends are placed into escrow until the forfeiture restrictions on such shares lapse.
(2)The forfeiture restrictions on these restricted share awards lapse in equal annual installments on the anniversary date of the grant.
(3)Restricted share awards are issued to the outside members of the board of directors in accordance with their board compensation plan. Restrictions lapse on March 1, 2024 based on each individual board member meeting attendance goals for the various board and board committee meetings to which each member was scheduled to attend.
(4)These shares represent forfeitures resulting from recipients whose employment or board membership was terminated during the life-to-date period ended December 31, 2023. Any dividends paid on shares for which the forfeiture restrictions do not lapse will be recouped by Pinnacle Financial at the time of termination or will not be distributed from escrow, as applicable.
Restricted Share Unit Awards Outstanding
Restricted Stock Unit Awards

A summary of activity for unvested restricted stock unit awards for the years ended December 31, 2023, 2022, and 2021 follows:
 NumberGrant Date
Weighted-Average Cost
Unvested at December 31, 2020— $— 
Restricted stock units awarded56,864 71.21
Restrictions lapsed and underlying shares released to associates(128)70.95
Restricted stock units forfeited(368)70.95
Unvested at December 31, 202156,368 $71.22 
Restricted stock units awarded38,133 104.80
Restrictions lapsed and underlying shares released to associates(18,897)71.24
Restricted stock units forfeited(1,621)85.50
Unvested at December 31, 202273,983 $88.21 
Restricted stock units awarded70,716 70.25
Restrictions lapsed and underlying shares released to associates(34,465)83.75
Restricted stock units forfeited(7,357)78.83
Unvested at December 31, 2023102,877 $78.03 
Pinnacle Financial grants restricted stock units to its Named Executive Officers (NEOs) and leadership team members with time-based vesting criteria. Compensation expense associated with time-based vesting restricted stock unit awards is recognized over the time period that the restrictions associated with the awards lapse on a straight-line basis based on the total cost of the award. The following table outlines restricted stock unit grants that were made, grouped by similar vesting criteria, during the three-year period ended December 31, 2023. The table reflects the life-to-date activity for these awards:
Grant yearVesting
period in years		Shares
awarded		Restrictions lapsed and shares released to participantsShares withheld for taxes by participants
Shares forfeited by participants (1)
Shares unvested
2021356,864 24,905 12,653 2,706 16,600 
2022338,133 8,848 4,204 2,300 22,781 
2023370,716 2,140 740 4,340 63,496 
(1)These shares represent forfeitures resulting from recipients whose employment was terminated during the life-to-date period ended December 31, 2023. Dividend equivalents are held in escrow for award recipients for dividends paid prior to the forfeiture restrictions lapsing. Such dividend equivalents are not released from escrow if an award is forfeited.

Performance Stock Unit Awards

The following table details the performance stock unit awards outstanding at December 31, 2023:
Grant yearUnits Awarded
 Applicable performance periods associated with each tranche
(fiscal year)
Service period per tranche
(in years)		Subsequent
holding period per tranche
(in years)
Period in which units to be settled into shares of common stock (2)
Named Executive Officers
(NEOs) (1)
Leadership Team other than NEOs
2023103,136 — 247,515 61,673 2023-2025002026
202256,465 — 135,514 32,320 2022-2024002025
2022— — 230,000 — 2022-2024012026
202189,234 — 214,155 45,240 2021-2023002024
2020136,137 — 204,220 59,648 2020232025
2021222025
2022212025
2019166,211 — 249,343 52,244 2019232024
2020222024
2021212024
(1)The named executive officers are awarded a range of awards that generally may be earned based on attainment of goals between a target level of performance and a maximum level of performance. The 230,000 performance units awarded to the NEOs in 2022 may be earned based on target level performance and do not include maximum level payout.
(2)Performance stock unit awards granted in or after 2021, if earned, will be settled in shares of Pinnacle Financial common stock in the period noted in the table, if the performance criterion included in the applicable performance unit award agreement are met.
Schedule of Share Based Compensation Expense
A summary of stock compensation expense, net of the impact of income taxes, related to restricted share awards, restricted stock unit awards and performance stock unit awards for each year in the three-year period ended December 31, 2023, follows (in thousands):

 202320222021
Restricted stock expense$41,879 $39,552 $24,952 
Income tax benefit (1)
10,470 10,339 6,522 
Restricted stock expense, net of income tax benefit$31,409 $29,213 $18,430 
v3.24.0.1
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swaps
Non-hedge derivatives

For derivatives not designated as hedges, the gain or loss is recognized in current period earnings. Pinnacle Financial enters into swaps to facilitate customer transactions and meet their financing needs. Upon entering into these instruments to meet customer needs, Pinnacle Financial enters into offsetting positions in order to minimize the risk to Pinnacle Financial. These swaps qualify as derivatives, but are not designated as hedging instruments. The income statement impact of the offsetting positions is limited to changes in the reserve for counterparty credit risk. A summary of Pinnacle Financial's interest rate swaps to facilitate customer transactions as of December 31, 2023 and 2022 is included in the following table (in thousands):

 December 31, 2023December 31, 2022
 Notional
Amount
Estimated Fair Value (1)
Notional Amount
Estimated Fair Value (1)
Interest rate swap agreements:    
Assets$2,037,740 $66,462 $1,620,520 $39,763 
Liabilities2,037,740 (67,206)1,620,520 (96,483)
Total non-hedging derivatives$4,075,480 $(744)$3,241,040 $(56,720)

(1) The variation margin payments for derivatives cleared through central clearing houses are characterized as settlements. At December 31, 2023, no notional amounts of interest rate swap agreements designated as non-hedge derivatives cleared through clearing houses. At December 31, 2022, the notional amount of interest rate swap agreements designated as non-hedge derivatives cleared through clearing houses was $827.3 million with a fair value that approximates zero due to $56.3 million in variation margin payments.
The effects of Pinnacle Financial's interest rate swaps to facilitate customers' transactions on the income statement during the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
Amount of Gain (Loss) Recognized in Income
Location of Gain (Loss) Recognized in IncomeYear ended December 31,
202320222021
Interest rate swap agreementsOther noninterest income$(308)$53 $846 
Schedule of Derivative Instruments
Derivatives designated as cash flow hedges

For derivative instruments that are designated and qualify as a cash flow hedge, the aggregate fair value of the derivative instrument is recorded in other assets or other liabilities with any gain or loss related to changes in fair value recorded in accumulated other comprehensive income, net of tax. The gain or loss is reclassified into earnings in the same period during which the hedged asset or liability affects earnings and is presented in the same income statement line item as the earnings effect of the hedged asset or liability. Pinnacle Financial uses forward cash flow hedge relationships in an effort to manage future interest rate exposure. The hedging strategy converts the SOFR-based variable interest rate on forecasted borrowings to a fixed interest rate and is used in an effort to protect Pinnacle Financial from floating interest rate variability. During 2022, Pinnacle Financial paid $95.7 million to
purchase interest rate floors and interest rate collars with notional amounts totaling $1.8 billion to mitigate the impact of changing interest rates on SOFR-based variable rate loans. A summary of Pinnacle Financial's cash flow hedge relationships as of December 31, 2023 and 2022 is as follows (in thousands):
December 31, 2023December 31, 2022
Balance Sheet LocationWeighted Average Remaining Maturity
 (In Years)		Receive RatePay RateNotional
Amount		Estimated
Fair Value		Notional
Amount		Estimated
Fair Value
Asset derivatives
Interest rate floor - loansOther assets3.844.00%-4.50% minus USD-Term SOFR 1MN/A$875,000 $36,483 $875,000 $48,622 
Interest rate collar - loansOther assets3.844.25%-4.75% minus USD-Term SOFR 1M USD-Term SOFR 1M minus 6.75%-7.00%$875,000 $38,314 $875,000 $45,553 
$1,750,000 $74,797 $1,750,000 $94,175 

The effects of Pinnacle Financial's cash flow hedge relationships on the statement of comprehensive income (loss) during the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
Amount of Gain (Loss) Recognized in Other Comprehensive Income
Years ended December 31,
202320222021
Asset derivatives
Interest rate floor - loans$(7,414)$1,002 $(15,034)

The cash flow hedges were determined to be highly effective during the periods presented and as a result qualified for hedge accounting treatment. If a hedge were deemed to be ineffective, the amount included in accumulated other comprehensive income (loss) would be reclassified into a line item within the statement of income that impacts operating results. A hedging relationship is no longer considered to be effective if a portion of the hedge becomes ineffective, the item hedged is no longer in existence or Pinnacle Financial discontinues hedge accounting. Gains on cash flow hedges totaling $9.7 million, $10.0 million and $9.6 million, net of tax, were reclassified from accumulated other comprehensive income (loss) into net income during the years ended December 31, 2023, 2022 and 2021, respectively. Approximately $9.0 million in unrealized gains, net of tax, are expected to be reclassified from accumulated other comprehensive income (loss) into net income over the twelve months ended December 31, 2024.

Derivatives designated as fair value hedges

For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. Pinnacle Financial utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of fixed rate callable securities available-for-sale. The hedging strategy on securities converts the fixed interest rates to variable interest rates based on SOFR or federal funds rates. These derivatives are designated as partial term hedges of selected cash flows covering specified periods of time prior to the call dates of the hedged securities. During 2023, Pinnacle Financial entered into
fair value hedges with aggregate notional amounts of $1.2 billion to mitigate the effect of changing interest rates on FHLB advances with payments beginning on various dates throughout 2024 and the first quarter of 2025.

A summary of Pinnacle Financial's fair value hedge relationships as of December 31, 2023 and 2022 is as follows (in thousands):
December 31, 2023December 31, 2022
Balance Sheet LocationWeighted Average Remaining Maturity (In Years)Weighted Average Pay RateReceive RateNotional Amount
Estimated Fair Value (1)
Notional Amount
Estimated Fair Value (1)
Asset derivatives
Interest rate swaps - securitiesOther assets10.161.97%Federal funds/SOFR$543,061 $42,983 $1,420,724 $56,056 
Interest rate swaps - borrowingsOther assets3.53N/A—%$750,000 $3,654 $— $— 
Liability derivatives
Interest rate swaps - securitiesOther liabilities11.223.10%Federal funds/SOFR1,569,078 (1,275)— — 
Interest rate swaps - borrowingsOther liabilities4.09N/A—%425,000 (1,656)— — 
Total fair value derivatives$3,287,139 $43,706 $1,420,724 $56,056 

(1) The variation margin payments for derivatives cleared through central clearing houses are characterized as settlements. At December 31, 2023 and 2022, the notional amount of fair value derivatives hedges cleared through clearing houses is $2.0 billion and $877.7 million with a fair value that approximates zero due to $4.0 million and $47.9 million in variation margin payments.

Notional amounts totaling $392.2 million as of December 31, 2023 receive a variable rate of interest based on the daily compounded federal funds rate and notional amounts totaling $2.9 billion as of December 31, 2023 receive a variable rate of interest based on the daily compounded secured overnight financing rate.

The effects of Pinnacle Financial's fair value hedge relationships on the income statement during the years end December 31, 2023, 2022 and 2021 were as follows (in thousands):
Location of Gain (Loss)Amount of Gain (Loss) Recognized in Income
Year ended December 31,
Securities202320222021
Interest rate swapsInterest income on securities$(14,348)$80,728 $42,642 
Securities available-for-saleInterest income on securities$14,348 $(80,728)$(42,642)
Location of Gain (Loss)Amount of Loss Recognized in Income
Years ended December 31,
FHLB advances202320222021
Interest rate swaps - FHLB advancesInterest expense on FHLB advances and other borrowings$1,998 $— $— 
FHLB advancesInterest expense on FHLB advances and other borrowings$(1,998)$— $— 

The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at December 31, 2023 and 2022 (in thousands):
Carrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Line item on the balance sheet
Securities available-for-sale$2,074,621 $1,445,511 $(41,708)$(56,056)
FHLB advances$1,173,002 $— $(1,998)$— 
v3.24.0.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the financial instruments carried at fair value on a recurring basis as of December 31, 2023 and 2022, 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 sheetQuoted market prices in an active market
(Level 1)		Models with significant observable market parameters
(Level 2)		Models with significant unobservable market parameters
(Level 3)
December 31, 2023
Investment securities available-for-sale:    
U.S. Treasury securities$893,412 $— $893,412 $— 
U.S. Government agency securities262,730 — 262,730 — 
Mortgage-backed securities947,390 — 947,390 — 
State and municipal securities1,585,895 — 1,585,416 479 
Asset-backed securities191,635 — 191,635 — 
Corporate notes and other436,468 — 436,468 — 
Total investment securities available-for-sale4,317,530 — 4,317,051 479 
Other investments179,487 — 22,347 157,140 
Other assets197,541 — 197,541 — 
Total assets at fair value$4,694,558 $— $4,536,939 $157,619 
Other liabilities$79,068 $— $79,068 $— 
Total liabilities at fair value$79,068 $— $79,068 $— 
December 31, 2022    
Investment securities available-for-sale:    
U.S. Treasury securities$194,184 $— $194,184 $— 
U.S. Government agency securities396,157 — 396,157 — 
Mortgage-backed securities971,576 — 971,576 — 
State and municipal securities1,412,306 — 1,411,677 629 
Asset-backed securities117,403 — 117,403 — 
Corporate notes and other467,244 — 467,244 — 
Total investment securities available-for-sale3,558,870 — 3,558,241 629 
Other investments153,011 — 22,029 130,982 
Other assets190,629 — 190,629 — 
Total assets at fair value$3,902,510 $— $3,770,899 $131,611 
Other liabilities$96,483 $— $96,483 $— 
Total liabilities at fair value$96,483 $— $96,483 $— 
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 December 31, 2023 and 2022 (in thousands):
December 31, 2023Total carrying value in the consolidated balance sheetQuoted 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$3,937 $— $— $3,937 
Collateral dependent loans (1)
52,167 — — 52,167 
Total$56,104 $— $— $56,104 
December 31, 2022    
Other real estate owned$7,952 $— $— $7,952 
Collateral dependent loans (1)
33,767 — — 33,767 
Total$41,719 $— $— $41,719 
(1)The carrying values of collateral dependent loans at December 31, 2023 and 2022 are net of valuation allowances of $18.6 million and $6.5 million, respectively.
Rollforward of the Balance Sheet Amounts, Unobservable Input Reconciliation
 For the year ended December 31,
 20232022
 Available-for-sale Securities Other
investments		Other
 liabilities		Available-for-sale SecuritiesOther
investments		Other
 liabilities
Fair value, Jan. 1$629 $130,982 $— $828 $100,996 $— 
Total net realized gains included in income4 3,112 — 7 10,605 — 
Change in unrealized gains/losses included in other comprehensive income (loss)5 — — (48)— — 
Purchases— 32,515 — — 33,208 — 
Issuances— — — — — — 
Settlements(159)(9,469)— (158)(13,827)— 
Transfers out of Level 3— — — — — — 
Fair value, Dec. 31$479 $157,140 $— $629 $130,982 $— 
Total realized gains included in income$4 $3,112 $— $7 $10,605 $— 
Carrying Amounts, Estimated Fair Value and Placement in the Fair Value Hierarchy of Financial Instruments
The following table presents the carrying amounts, estimated fair value and placement in the fair value hierarchy of Pinnacle Financial's financial instruments at December 31, 2023 and 2022. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash, cash equivalents, interest-bearing due from banks 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/
Notional
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)
December 31, 2023
Financial assets:     
Securities purchased with agreement to resell $558,009 $461,375 $— $— $461,375 
Securities held-to-maturity3,006,357 2,775,184 — 2,775,184 — 
Loans, net32,323,036 31,863,583 — — 31,863,583 
Consumer loans held-for-sale104,217 104,626 — 104,626 — 
Commercial loans held-for-sale9,280 9,316 — 9,316 — 
Financial liabilities:     
Deposits and securities sold under agreements to repurchase38,749,299 37,954,938 — — 37,954,938 
Federal Home Loan Bank advances2,138,169 2,166,912 — — 2,166,912 
Subordinated debt and other borrowings424,938 462,399 — — 462,399 
Carrying/
Notional
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)
December 31, 2022     
Financial assets:     
Securities purchased with agreement to resell$513,276 $440,390 $— $— $440,390 
Securities held-to-maturity3,079,050 2,744,946 — 2,744,946 — 
Loans, net28,740,940 27,901,662 — — 27,901,662 
Consumer loans held-for-sale42,237 42,353 — 42,353 — 
Commercial loans held-for-sale21,093 21,151 — 21,151 — 
Financial liabilities:     
Deposits and securities sold under agreements to repurchase35,156,148 34,435,447 — — 34,435,447 
Federal Home Loan Bank advances464,436 477,673 — — 477,673 
Subordinated debt and other borrowings424,055 430,884 — — 430,884 

(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.
v3.24.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2023
Variable Interest Entities [Abstract]  
Summary of Variable Interest Entities
 December 31, 2023December 31, 2022 
TypeMaximum
Loss Exposure		Liability
Recognized		Maximum
Loss Exposure		Liability
Recognized		Classification
Low income housing partnerships$260,476 $— $228,372 $— Other Assets
Other tax credit investments27,600 — 6,118 — Other Assets
Trust preferred issuancesN/A132,995 N/A132,995 Subordinated Debt
Managed discretionary trustsN/AN/AN/AN/AN/A
v3.24.0.1
Regulatory Matters (Tables)
 12 Months Ended
Dec. 31, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Summary of Regulatory Capital Requirement
Management believes, as of December 31, 2023, that Pinnacle Financial and Pinnacle Bank met all capital adequacy requirements to which they are subject. To be categorized as well-capitalized under applicable banking regulations, Pinnacle Financial and Pinnacle Bank must maintain certain total, Tier 1, common equity Tier 1 and Tier 1 leverage capital ratios as set forth in the following table and not be subject to a written agreement, order or directive to maintain a higher capital level. The capital conservation buffer of 2.5% is not included in the required minimum ratios of the table presented below. Pinnacle Financial's and Pinnacle Bank's actual capital amounts and ratios are presented in the following table (in thousands):
 ActualMinimum Capital
Requirement		Minimum
To Be Well-Capitalized
 AmountRatioAmountRatioAmountRatio
December 31, 2023      
Total capital to risk weighted assets:      
Pinnacle Financial$5,115,755 12.7 %$3,216,424 8.0 %$4,020,530 10.0 %
Pinnacle Bank$4,797,278 12.0 %$3,207,699 8.0 %$4,009,623 10.0 %
Tier 1 capital to risk weighted assets:      
Pinnacle Financial$4,354,759 10.8 %$2,412,318 6.0 %$2,412,318 6.0 %
Pinnacle Bank$4,465,282 11.1 %$2,405,774 6.0 %$3,207,699 8.0 %
Common equity Tier 1 capital:      
Pinnacle Financial$4,137,510 10.3 %$1,809,238 4.5 %N/AN/A
Pinnacle Bank$4,465,159 11.1 %$1,804,330 4.5 %$2,606,255 6.5 %
Tier 1 capital to average assets (*):      
Pinnacle Financial$4,354,759 9.4 %$1,853,213 4.0 %N/AN/A
Pinnacle Bank$4,465,282 9.7 %$1,847,972 4.0 %$2,309,965 5.0 %
December 31, 2022      
Total capital to risk weighted assets:      
Pinnacle Financial$4,584,292 12.4 %$2,949,276 8.0 %$3,686,595 10.0 %
Pinnacle Bank$4,282,742 11.6 %$2,941,082 8.0 %$3,676,353 10.0 %
Tier 1 capital to risk weighted assets:      
Pinnacle Financial$3,888,100 10.5 %$2,211,957 6.0 %$2,211,957 6.0 %
Pinnacle Bank$4,015,550 10.9 %$2,205,812 6.0 %$2,941,082 8.0 %
Common equity Tier 1 capital:      
Pinnacle Financial$3,670,851 10.0 %$1,658,968 4.5 %N/AN/A
Pinnacle Bank$4,015,427 10.9 %$1,654,359 4.5 %$2,389,629 6.5 %
Tier 1 capital to average assets (*):      
Pinnacle Financial$3,888,100 9.7 %$1,595,457 4.0 %N/AN/A
Pinnacle Bank$4,015,550 10.1 %$1,591,502 4.0 %$1,989,378 5.0 %
(*) Average assets for the above calculations were based on the most recent quarter.
v3.24.0.1
Other Income and Expenses (Tables)
 12 Months Ended
Dec. 31, 2023
Other Noninterest Income and Noninterest Expense [Abstract]  
Other Noninterest Income
 Years ended
December 31,
 202320222021
Other noninterest income:
Interchange and other consumer fees$69,709 $68,022 $57,263 
Bank-owned life insurance15,797 21,033 18,942 
Loan swap fees7,851 5,812 5,414 
SBA loan sales3,983 7,036 12,242 
Income from other equity investments8,732 10,605 23,109 
Other noninterest income26,886 23,456 12,824 
Total other noninterest income$132,958 $135,964 $129,794 
Other Noninterest Expense
Other noninterest expense:
Deposit related expenses$78,757 $28,972 $24,003 
Lending related expenses50,109 52,700 39,578 
Wealth management related expenses2,934 2,565 1,950 
Audit, exam and insurance expense10,887 9,209 11,259 
Administrative and other expenses31,812 27,375 23,169 
Total other noninterest expense$174,499 $120,821 $99,959 
v3.24.0.1
Parent Company Only Financial Information (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS
 20232022
Assets:  
Cash and cash equivalents$197,079 $186,572 
Investments in bank subsidiary6,126,172 5,626,844 
Investments in consolidated subsidiaries14,031 12,202 
Investment in unconsolidated subsidiaries:  
Statutory Trusts3,995 3,995 
Other investments67,848 56,957 
Current income tax receivable32,466 33,870 
Other assets144,597 57,980 
 $6,586,188 $5,978,420 
Liabilities and shareholders' equity:  
Subordinated debt and other borrowings424,938 424,055 
Other liabilities125,462 34,973 
Shareholders' equity6,035,788 5,519,392 
 $6,586,188 $5,978,420 
CONDENSED STATEMENTS OF OPERATIONS
CONDENSED STATEMENTS OF OPERATIONS
 202320222021
Revenues:   
Income from bank subsidiary$106,203 $110,834 $99,766 
Income from nonbank subsidiaries750 145 89 
Income from equity method investment— 33,817 33,169 
Other income12,360 6,478 14,945 
Expenses:   
Interest expense23,263 18,590 22,903 
Personnel expense, including stock compensation41,879 39,552 24,952 
Other expense3,180 3,025 2,697 
Income before income taxes and equity in undistributed income of subsidiaries50,991 90,107 97,417 
Income tax benefit(13,547)(8,444)(3,088)
Income before equity in undistributed income of subsidiaries64,538 98,551 100,505 
Equity in undistributed income of bank subsidiary496,236 461,004 424,978 
Equity in undistributed income of nonbank subsidiaries1,378 1,187 1,840 
Net income$562,152 $560,742 $527,323 
Preferred stock dividends15,192 15,192 15,192 
Net income available to common shareholders$546,960 $545,550 $512,131 
CONDENSED STATEMENTS OF CASH FLOWS
CONDENSED STATEMENTS OF CASH FLOWS
 202320222021
Operating activities:
   
Net income$562,152 $560,742 $527,323 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:   
Amortization and accretion883 882 1,886 
Stock-based compensation expense41,879 39,552 24,952 
Increase in income tax payable, net89,597 28,281 — 
Deferred tax expense3,014 1,760 2,850 
Income from equity method investments, net— (33,817)(33,169)
Dividends received from equity method investment— 10,365 12,214 
Excess tax benefit from stock compensation(208)(3,027)(2,475)
Gain on other investments, net(2,088)(2,563)(10,223)
Decrease (increase) in other assets(88,227)(32,609)19,478 
Increase (decrease) in other liabilities1,099 3,881 2,032 
Equity in undistributed income of bank subsidiary(496,236)(461,004)(424,978)
Equity in undistributed income of nonbank subsidiaries(1,378)(1,187)(1,840)
Net cash provided by operating activities110,487 111,256 118,050 
Investing activities:
   
Investment in consolidated nonbanking subsidiaries(10,000)— — 
Repayment of investment in consolidated nonbanking subsidiaries9,691 — — 
Increase in other investments(8,802)(15,776)(11,668)
Net cash used in investing activities(9,111)(15,776)(11,668)
Financing activities:
   
Repayment of subordinated debt and other borrowings— — (120,000)
Issuance of common stock pursuant to restricted stock unit agreement, net of shares withheld for taxes(3,725)(5,462)(3,790)
Exercise of common stock options, net of shares surrendered for taxes(3,215)(4,714)(3,130)
Common dividends paid(68,737)(68,194)(55,504)
Preferred stock dividends paid(15,192)(15,192)(15,192)
Net cash used in financing activities(90,869)(93,562)(197,616)
 202320222021
Net increase (decrease) in cash10,507 1,918 (91,234)
Cash and cash equivalents, beginning of year186,572 184,654 275,888 
Cash and cash equivalents, end of year$197,079 $186,572 $184,654 
v3.24.0.1
Quarterly Financial Results (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]  
Summary of Selected Consolidated Quarterly Financial Data
A summary of selected consolidated quarterly financial data for each of the years in the three-year period ended December 31, 2023 follows:
(in thousands, except per share data)First
Quarter		Second
Quarter		Third
Quarter		Fourth
Quarter
2023    
Interest income$506,039 $575,239 $627,294 $644,796 
Net interest income312,231 315,393 317,242 317,252 
Provision for credit losses18,767 31,689 26,826 16,314 
Net income before taxes171,266 245,902 167,980 128,858 
Net income137,271 197,299 132,603 94,979 
Net income available to common shareholders133,473 193,501 128,805 91,181 
Basic net income per common share$1.76 $2.55 $1.69 $1.20 
Diluted net income per common share$1.76 $2.54 $1.69 $1.19 
2022    
Interest income$258,617 $292,376 $371,764 $451,178 
Net interest income239,475 264,574 305,784 319,460 
Provision for credit losses2,720 12,907 27,493 24,805 
Net income before taxes157,590 181,131 183,843 174,929 
Net income 129,110 145,127 148,658 137,847 
Net income available to common shareholders125,312 141,329 144,860 134,049 
Basic net income per common share$1.66 $1.87 $1.91 $1.77 
Diluted net income per common share$1.65 $1.86 $1.91 $1.76 
2021    
Interest income$251,917 $259,236 $260,868 $259,193 
Net interest income222,870 233,225 237,543 238,763 
Provision for credit losses7,235 2,834 3,382 2,675 
Net income before taxes153,648 162,458 169,405 166,394 
Net income125,428 131,790 136,577 133,528 
Net income available to common shareholders121,630 127,992 132,779 129,730 
Basic net income per common share$1.61 $1.70 $1.76 $1.72 
Diluted net income per common share$1.61 $1.69 $1.75 $1.71 
v3.24.0.1
Summary of Significant Accounting Policies (Details)
 3 Months Ended 12 Months Ended
Mar. 01, 2022
USD ($)
Mar. 01, 2016
USD ($)
Dec. 31, 2023
USD ($)
market
$ / shares
shares
Sep. 30, 2023
USD ($)
$ / shares
Jun. 30, 2023
USD ($)
$ / shares
Mar. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Sep. 30, 2022
USD ($)
$ / shares
Jun. 30, 2022
USD ($)
$ / shares
Mar. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Sep. 30, 2021
USD ($)
$ / shares
Jun. 30, 2021
USD ($)
$ / shares
Mar. 31, 2021
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
market
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2018
USD ($)
Dec. 31, 2017
Accounting Policies [Abstract]                                        
Number of Markets in Which Entity Operates | market     17                       17          
Schedule of Equity Method Investments [Line Items]                                        
Gain on remeasurement of previously held noncontrolling interest                             $ 0 $ 5,500,000 $ 0      
Goodwill [Roll Forward]                                        
Balance at December 31, 2020           $ 1,846,973,000                 1,846,973,000          
Goodwill, Acquired During Period                             0          
Balance at December 31, 2021     $ 1,846,973,000       $ 1,846,973,000               1,846,973,000 1,846,973,000        
Finite-lived Intangible Assets [Roll Forward]                                        
Balance at December 31, 2020           34,555,000                 34,555,000          
Acquisitions                             0          
Amortization                             (7,090,000) (7,810,000) (8,518,000)      
Balance at December 31, 2021     27,465,000       34,555,000               27,465,000 34,555,000        
Balance at December 31, 2020           1,881,528,000                 1,881,528,000          
Acquisitions                             0          
Amortization                             (7,090,000)          
Balance at December 31, 2021     1,874,438,000       1,881,528,000               1,874,438,000 1,881,528,000        
Finite-Lived Intangible Assets, Net [Abstract]                                        
Finite-Lived Intangible Assets, Gross     117,211,000       117,211,000               117,211,000 117,211,000        
Accumulated amortization     (89,746,000)       (82,656,000)               (89,746,000) (82,656,000)        
Net book value     27,465,000       34,555,000               $ 27,465,000 34,555,000        
Cash Equivalents and Cash Flows [Abstract]                                        
Cash equivalents maturity period                             90 days          
Cash Payments [Abstract]                                        
Interest                             $ 1,042,542,000 236,463,000 110,119,000      
Income taxes paid                             99,890,000 128,850,000 108,304,000      
Noncash Transactions [Abstract]                                        
Loans charged-off to the allowance for credit losses                             (76,725,000) (54,176,000) (54,996,000)      
Real Estate Owned, Transfer to Real Estate Owned                             2,016,000 230,000 1,098,000      
Loans foreclosed upon with repossessions transferred to other repossessed assets                             561,000 0 0      
Available-for-sale securities transferred to Held-to-Maturity                             0 1,059,737,000 0 $ 873,600,000 $ 179,800,000  
Right of Use Assets Recognized                             205,776,000 42,413,000 17,642,000      
Loans [Abstract]                                        
Loans and Leases Receivable, Deferred Income     $ 4,800,000       26,100,000               $ 4,800,000 26,100,000        
Percentage of loan portfolio assigned specific risk rating     79.20%                       79.20%          
Risk rated loans     $ 1,500,000                       $ 1,500,000          
Other Assets [Abstract]                                        
Premises and equipment, net     $ 256,877,000       327,885,000               256,877,000 327,885,000        
Amortization                             $ 3,300,000 2,800,000 1,600,000      
Number of trusts investment     12                       12          
Value of investments with trust companies     $ 4,000,000.0                       $ 4,000,000.0          
Cash surrender value of life insurance     995,200,000       881,900,000               995,200,000 881,900,000        
Bank-owned life insurance                             15,797,000 21,033,000 18,942,000      
investments are included in CRA investments     260,500,000       228,400,000               260,500,000 228,400,000        
Amortization Method Qualified Affordable Housing Project Investments     162,100,000       138,000,000               162,100,000 138,000,000        
Gain (loss) due to change in fair value of investments                             8,732,000 10,605,000 23,109,000      
Other Investments [Abstract]                                        
Federal Reserve Bank and Federal Home Loan Bank (FHLB) stock     117,000,000       80,200,000               117,000,000 80,200,000        
Other Investments     157,100,000       131,000,000               157,100,000 131,000,000        
Gain (loss) due to change in fair value of investments                             8,732,000 10,605,000 23,109,000      
Other Real Estate Owned [Abstract]                                        
Other real estate owned     3,900,000       8,000,000               3,900,000 8,000,000        
Valuation allowance related to other real estate owned     $ 0       $ 0               0 0        
Foreclosed real estate expense                             315,000 280,000        
Foreclosed Real Estate Benefit                                 (712,000)      
Income Tax Contingency [Line Items]                                        
Income Tax Examination, Penalties and Interest Expense                             $ 80,000 $ 264,000 $ 0      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                                        
Stock options outstanding (in shares) | shares     0       40,188       56,147       0 40,188 56,147 101,769    
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | shares                             631,173 398,461 458,808      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares                             484,871 263,573 32,684      
Basic earnings per share calculation [Abstract]                                        
Numerator - Net income (loss) available to common stockholders     $ 91,181,000 $ 128,805,000 $ 193,501,000 $ 133,473,000 $ 134,049,000 $ 144,860,000 $ 141,329,000 $ 125,312,000 $ 129,730,000 $ 132,779,000 $ 127,992,000 $ 121,630,000 $ 546,960,000 $ 545,550,000 $ 512,131,000      
Denominator - Weighted average common shares outstanding (in shares) | shares                             76,016,370 75,735,404 75,468,339      
Basic net income per common share (in dollars per share) | $ / shares     $ 1.20 $ 1.69 $ 2.55 $ 1.76 $ 1.77 $ 1.91 $ 1.87 $ 1.66 $ 1.72 $ 1.76 $ 1.70 $ 1.61 $ 7.20 $ 7.20 $ 6.79      
Diluted net income per share calculation [Abstract]                                        
Numerator - Net income (loss) available to common stockholders     $ 91,181,000 $ 128,805,000 $ 193,501,000 $ 133,473,000 $ 134,049,000 $ 144,860,000 $ 141,329,000 $ 125,312,000 $ 129,730,000 $ 132,779,000 $ 127,992,000 $ 121,630,000 $ 546,960,000 $ 545,550,000 $ 512,131,000      
Denominator - Weighted average common shares outstanding (in shares) | shares                             76,016,370 75,735,404 75,468,339      
Dilutive shares (in shares) | shares                             631,173 398,461 458,808      
Weighted average diluted common shares outstanding (in shares) | shares                             76,647,543 76,133,865 75,927,147      
Diluted net income per common share (in dollars per share) | $ / shares     $ 1.19 $ 1.69 $ 2.54 $ 1.76 $ 1.76 $ 1.91 $ 1.86 $ 1.65 $ 1.71 $ 1.75 $ 1.69 $ 1.61 $ 7.14 $ 7.17 $ 6.75      
New Accounting Pronouncements or Change in Accounting Principle                                        
Right of Use Assets Recognized                             $ 205,776,000 $ 42,413,000 $ 17,642,000      
BOLI Restructure Receivable     $ 141,547,000       $ 0       $ 0       141,547,000 0 0      
Alternative Investments                                        
Other Assets [Abstract]                                        
Gain (loss) due to change in fair value of investments                             3,100,000 10,600,000 23,100,000      
Other Investments [Abstract]                                        
Gain (loss) due to change in fair value of investments                             $ 3,100,000 10,600,000 23,100,000      
Premises and Equipment | Minimum                                        
Premises and Equipment and Leaseholds [Abstract]                                        
Premises and equipment, useful life     3 years                       3 years          
Premises and Equipment | Maximum                                        
Premises and Equipment and Leaseholds [Abstract]                                        
Premises and equipment, useful life     35 years                       35 years          
Computer Software, Intangible Asset                                        
Other Assets [Abstract]                                        
Premises and equipment, net     $ 10,800,000       $ 6,600,000               $ 10,800,000 6,600,000        
Computer Software, Intangible Asset | Minimum                                        
Premises and Equipment and Leaseholds [Abstract]                                        
Premises and equipment, useful life     3 years                       3 years          
Computer Software, Intangible Asset | Maximum                                        
Premises and Equipment and Leaseholds [Abstract]                                        
Premises and equipment, useful life     7 years                       7 years          
Bankers Healthcare Group, LLC                                        
Schedule of Equity Method Investments [Line Items]                                        
Equity Method Investment, Ownership Percentage     49.00%                       49.00%          
Cash paid to redeem common stock   $ 74,100,000                                    
Finite-lived Intangible Assets [Roll Forward]                                        
Amortization                             $ (349,000) (512,000) $ (752,000)      
JB&B Capital | JB&B Capital                                        
Schedule of Equity Method Investments [Line Items]                                        
Equity Method Investment, Ownership Percentage 80.00%                                     20.00%
Cash paid to redeem common stock $ 32,000,000                                      
Loans, net of allowance for loan losses 12,900,000                                      
Borrowings 29,500,000                                      
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value $ 8,000,000                                      
Gain on remeasurement of previously held noncontrolling interest                               $ 5,500,000        
Internal Revenue Service (IRS) | Minimum                                        
Income Tax Contingency [Line Items]                                        
Tax year open to audit under the statute of limitation                             2020          
Internal Revenue Service (IRS) | Maximum                                        
Income Tax Contingency [Line Items]                                        
Tax year open to audit under the statute of limitation                             2023          
Employee Stock Option                                        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                                        
Stock options outstanding (in shares) | shares     0                       0          
v3.24.0.1
Equity method investment Equity method investment - Financial Position and Results of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]      
Assets $ 47,959,883 $ 41,970,021  
Liabilities 41,924,095 36,450,629  
Total liabilities and shareholders' equity 47,959,883 41,970,021  
Bankers Healthcare Group, LLC      
Schedule of Equity Method Investments [Line Items]      
Assets 4,304,835 4,375,643  
Liabilities 3,749,821 3,821,725  
Equity interests 555,014 553,918  
Total liabilities and shareholders' equity 4,304,835 4,375,643  
Revenues 1,175,756 1,110,230 $ 735,506
Income before income taxes and equity in undistributed income of subsidiaries $ 181,326 $ 295,186 $ 241,051
v3.24.0.1
Equity method investment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 01, 2016
Feb. 01, 2015
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]          
Core deposits and other intangible assets     $ 27,465 $ 34,555  
Amortization of intangibles     7,090 7,810 $ 8,518
Dividends received from equity method investment     36,694 63,114 69,996
Loans     32,676,091 29,041,605  
Accounting Standards Update 2016-13          
Schedule of Equity Method Investments [Line Items]          
Cumulative effect of change in accounting principle [1]     (35,002)    
Cumulative effect of change in accounting principle [1]     (35,002)    
Bankers Healthcare Group, LLC | Accounting Standards Update 2016-13          
Schedule of Equity Method Investments [Line Items]          
Cumulative effect of change in accounting principle     35,000    
Cumulative effect of change in accounting principle     35,000    
Bankers Healthcare Group, LLC | Accounting Standards Update 2016-13          
Schedule of Equity Method Investments [Line Items]          
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)     95,200    
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)     $ 95,200    
Bankers Healthcare Group, LLC          
Schedule of Equity Method Investments [Line Items]          
Equity Method Investment, Ownership Percentage     49.00%    
Payments to Acquire Businesses, Gross $ 74,100        
Additional ownership percentage 19.00%        
Core deposits and other intangible assets     $ 6,000 6,300  
Amortization of intangibles     349 512 752
Accretion income     225 718 1,500
Accretable discount     200 500  
Dividends received from equity method investment     36,700 63,100 70,000
Commercial loans held for sale sold     1,400,000 1,000,000 646,600
Payments to Acquire Loans Held-for-investment     0 125,600 $ 276,700
Loans     263,000 $ 350,600  
Bankers Healthcare Group, LLC | Loan #1          
Schedule of Equity Method Investments [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity     150,000    
Proceeds from Lines of Credit     $ 69,400    
Line of Credit Facility, Interest Rate Description     SOFR plus 200 basis points    
Bankers Healthcare Group, LLC | Loan #2          
Schedule of Equity Method Investments [Line Items]          
Line of Credit Facility, Interest Rate Description     SOFR plus 200 basis points    
Bankers Healthcare Group, LLC | Bankers Healthcare Group, LLC          
Schedule of Equity Method Investments [Line Items]          
Common stock issued (in shares) 860,470        
Common stock issued in the purchase agreement (value) $ 39,900        
Bankers Healthcare Group, LLC | Pinnacle Financial          
Schedule of Equity Method Investments [Line Items]          
Additional ownership percentage 8.55%        
Bankers Healthcare Group, LLC | Pinnacle Bank          
Schedule of Equity Method Investments [Line Items]          
Equity Method Investment, Ownership Percentage   30.00%      
Payments to Acquire Businesses, Gross   $ 75,000      
Additional ownership percentage 10.45%        
[1] Represents the impact of Banker's Healthcare Group's adoption of ASU 2016-13. See Note 2. Equity Method Investment.
v3.24.0.1
Restricted Cash Balances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]    
Average Daily Cash Balance with Federal Reserve Bank $ 2,600,000 $ 1,800,000
Restricted cash $ 86,873 $ 31,447
v3.24.0.1
Securities Securities - Available for sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Abstract]    
Amortized Cost $ 4,548,772 $ 3,871,491
Gross Unrealized Gain 26,982 12,805
Gross Unrealized Loss 258,224 325,426
Securities available-for-sale, at fair value 4,317,530 3,558,870
Available-for-sale, Amortized Cost    
Due in one year of less 16,744  
Due in one year to five years 204,619  
Due in five to ten years 549,251  
Due after ten years 2,504,618  
Mortgage-backed securities 1,071,963  
Asset-backed securities 201,577  
Amortized Cost 4,548,772 3,871,491
Available-for-sale, Fair Value    
Due in one year or less 18,747  
Due in one year to five years 202,103  
Due in five years to ten years 504,648  
Due after ten years 2,453,007  
Mortgage-backed securities 947,390  
Asset-backed securities 191,635  
Securities available-for-sale, at fair value 4,317,530 3,558,870
US Treasury Securities    
Debt Securities, Available-for-sale [Abstract]    
Amortized Cost 907,990 196,151
Gross Unrealized Gain 2 0
Gross Unrealized Loss 14,580 1,967
Securities available-for-sale, at fair value 893,412 194,184
Available-for-sale, Amortized Cost    
Amortized Cost 907,990 196,151
Available-for-sale, Fair Value    
Securities available-for-sale, at fair value 893,412 194,184
U.S. Government Agency Securities    
Debt Securities, Available-for-sale [Abstract]    
Amortized Cost 284,607 432,475
Gross Unrealized Gain 0 0
Gross Unrealized Loss 21,877 36,318
Securities available-for-sale, at fair value 262,730 396,157
Available-for-sale, Amortized Cost    
Amortized Cost 284,607 432,475
Available-for-sale, Fair Value    
Securities available-for-sale, at fair value 262,730 396,157
Mortgage-backed Agency Securities    
Debt Securities, Available-for-sale [Abstract]    
Amortized Cost 1,071,963 1,114,948
Gross Unrealized Gain 444 211
Gross Unrealized Loss 125,017 143,583
Securities available-for-sale, at fair value 947,390 971,576
Available-for-sale, Amortized Cost    
Amortized Cost 1,071,963 1,114,948
Available-for-sale, Fair Value    
Securities available-for-sale, at fair value 947,390 971,576
State and Municipal Securities    
Debt Securities, Available-for-sale [Abstract]    
Amortized Cost 1,604,874 1,478,310
Gross Unrealized Gain 26,129 12,553
Gross Unrealized Loss 45,108 78,557
Securities available-for-sale, at fair value 1,585,895 1,412,306
Available-for-sale, Amortized Cost    
Amortized Cost 1,604,874 1,478,310
Available-for-sale, Fair Value    
Securities available-for-sale, at fair value 1,585,895 1,412,306
Asset-backed Securities    
Debt Securities, Available-for-sale [Abstract]    
Amortized Cost 201,577 134,386
Gross Unrealized Gain 338 0
Gross Unrealized Loss 10,280 16,983
Securities available-for-sale, at fair value 191,635 117,403
Available-for-sale, Amortized Cost    
Amortized Cost 201,577 134,386
Available-for-sale, Fair Value    
Securities available-for-sale, at fair value 191,635 117,403
Corporate Notes    
Debt Securities, Available-for-sale [Abstract]    
Amortized Cost 477,761 515,221
Gross Unrealized Gain 69 41
Gross Unrealized Loss 41,362 48,018
Securities available-for-sale, at fair value 436,468 467,244
Available-for-sale, Amortized Cost    
Amortized Cost 477,761 515,221
Available-for-sale, Fair Value    
Securities available-for-sale, at fair value $ 436,468 $ 467,244
v3.24.0.1
Securities Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]    
Amortized cost $ 3,008,064 $ 3,080,658
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 6,716 2,268
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 239,596 337,980
Fair Value 2,775,184 2,744,946
Allowance for credit losses - securities held-to-maturity (1,707) (1,608)
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss 3,006,357  
Securities held-to-maturity, net of allowance for credit losses 3,006,357 3,079,050
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]    
Due in one year or less 44,911  
Due in one year to five years 406,769  
Due in five to ten years 100,801  
Due after ten years 1,875,065  
Mortgage-backed securities 382,100  
Asset-backed securities 198,418  
Amortized cost 3,008,064 3,080,658
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Due in one year or less 43,530  
Due in one year to five years 383,312  
Due in five to ten years 94,025  
Due after ten years 1,722,290  
Mortgage-backed securities 347,837  
Asset-backed securities 184,190  
Fair Value 2,775,184 2,744,946
Amortized Cost 4,548,772 3,871,491
Gross Unrealized Gain 26,982 12,805
Gross Unrealized Loss 258,224 325,426
Securities available-for-sale, at fair value 4,317,530 3,558,870
US Treasury Securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized cost 90,309 92,738
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 0 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 3,840 6,472
Fair Value 86,469 86,266
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]    
Amortized cost 90,309 92,738
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Fair Value 86,469 86,266
Amortized Cost 907,990 196,151
Gross Unrealized Gain 2 0
Gross Unrealized Loss 14,580 1,967
Securities available-for-sale, at fair value 893,412 194,184
U.S. Government Agency Securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized cost 364,769 374,255
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 0 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 19,187 27,860
Fair Value 345,582 346,395
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]    
Amortized cost 364,769 374,255
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Fair Value 345,582 346,395
Amortized Cost 284,607 432,475
Gross Unrealized Gain 0 0
Gross Unrealized Loss 21,877 36,318
Securities available-for-sale, at fair value 262,730 396,157
Mortgage-backed Agency Securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized cost 382,100 413,119
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 637 52
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 34,900 41,593
Fair Value 347,837 371,578
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]    
Amortized cost 382,100 413,119
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Fair Value 347,837 371,578
Amortized Cost 1,071,963 1,114,948
Gross Unrealized Gain 444 211
Gross Unrealized Loss 125,017 143,583
Securities available-for-sale, at fair value 947,390 971,576
State and Municipal Securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized cost 1,886,459 1,927,778
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 6,079 2,216
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 159,027 233,564
Fair Value 1,733,511 1,696,430
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]    
Amortized cost 1,886,459 1,927,778
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Fair Value 1,733,511 1,696,430
Amortized Cost 1,604,874 1,478,310
Gross Unrealized Gain 26,129 12,553
Gross Unrealized Loss 45,108 78,557
Securities available-for-sale, at fair value 1,585,895 1,412,306
Asset-backed Securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized cost 198,418 184,241
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 0 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 14,228 18,573
Fair Value 184,190 165,668
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]    
Amortized cost 198,418 184,241
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Fair Value 184,190 165,668
Amortized Cost 201,577 134,386
Gross Unrealized Gain 338 0
Gross Unrealized Loss 10,280 16,983
Securities available-for-sale, at fair value 191,635 117,403
Corporate Debt Securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized cost 86,009 88,527
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain 0 0
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss 8,414 9,918
Fair Value 77,595 78,609
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract]    
Amortized cost 86,009 88,527
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract]    
Fair Value 77,595 78,609
Amortized Cost 477,761 515,221
Gross Unrealized Gain 69 41
Gross Unrealized Loss 41,362 48,018
Securities available-for-sale, at fair value $ 436,468 $ 467,244
v3.24.0.1
Securities Securities - Unrealized Losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Investment securities, continuous unrealized loss position [Abstract]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months $ 1,021,511 $ 1,456,921
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 14,349 77,421
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 2,243,962 1,550,911
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 243,875 248,005
Debt Securities, Available-for-sale, Unrealized Loss Position 3,265,473 3,007,832
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss 258,224 325,426
US Treasury Securities    
Investment securities, continuous unrealized loss position [Abstract]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 693,621 192,188
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 11,651 1,963
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 192,500 1,997
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 2,929 4
Debt Securities, Available-for-sale, Unrealized Loss Position 886,121 194,185
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss 14,580 1,967
U.S. Government Agency Securities    
Investment securities, continuous unrealized loss position [Abstract]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 14,989 46,062
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 11 2,224
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value 247,648 350,094
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 21,866 34,094
Debt Securities, Available-for-sale, Unrealized Loss Position 262,637 396,156
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss 21,877 36,318
Mortgage-backed Agency Securities    
Investment securities, continuous unrealized loss position [Abstract]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 72,907 390,014
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 1,518 34,106
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 828,251 570,601
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 123,499 109,477
Debt Securities, Available-for-sale, Unrealized Loss Position 901,158 960,615
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss 125,017 143,583
State and Municipal Securities    
Investment securities, continuous unrealized loss position [Abstract]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 185,108 568,691
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 908 18,863
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 449,212 304,451
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 44,200 59,694
Debt Securities, Available-for-sale, Unrealized Loss Position 634,320 873,142
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss 45,108 78,557
Asset-backed Securities    
Investment securities, continuous unrealized loss position [Abstract]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 42,207 513
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 254 5
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 122,469 116,442
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 10,026 16,978
Debt Securities, Available-for-sale, Unrealized Loss Position 164,676 116,955
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss 10,280 16,983
Corporate Notes    
Investment securities, continuous unrealized loss position [Abstract]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 12,679 259,453
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 7 20,260
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 403,882 207,326
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 41,355 27,758
Debt Securities, Available-for-sale, Unrealized Loss Position 416,561 466,779
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss $ 41,362 $ 48,018
v3.24.0.1
Securities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]          
Available-for-sale securities transferred to Held-to-Maturity $ 0 $ 1,059,737,000 $ 0 $ 873,600,000 $ 179,800,000
Unrealized after tax gain (loss) on available-for-sale securities transferred to the held-to-maturity portfolio   (1,500,000)   $ 69,000,000 $ (2,200,000)
Allowance for credit losses - securities held-to-maturity (1,707,000) (1,608,000)      
Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement 209,500,000        
Proceeds from Sale of Debt Securities, Available-for-sale 312,574,000 29,501,000 37,457,000    
Debt Securities, Available-for-sale, Realized Gain 321,000 292,000 769,000    
Debt Securities, Available-for-sale, Realized Loss 20,000,000 136,000 $ 10,000    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss 258,224,000 325,426,000      
Debt Securities, Available-for-sale, Unrealized Loss Position 3,265,473,000 $ 3,007,832,000      
Securities pledged as collateral          
Debt Securities, Available-for-sale [Line Items]          
Financial Instruments, Owned, at Fair Value 2,100,000,000        
Securities pledged as collateral          
Debt Securities, Available-for-sale [Line Items]          
Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement $ 209,500,000        
v3.24.0.1
Loans and Allowance for Loan Losses (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Nonaccrual loans $ 82,288,000 $ 38,116,000  
Financing Receivable, Nonaccrual, No Allowance 41,310,000 9,043,000  
Financing Receivable, 90 Days or More Past Due, Still Accruing $ 6,004,000 4,406,000  
Percentage of credit exposure to risk based capital 25.00%    
Loans and other extensions of credit granted to directors, executive officers, and their related entities $ 37,700,000 20,900,000  
Amount drawn from loans and other extensions of credit granted 34,700,000 16,000,000  
Commercial loans held-for-sale 9,280,000 21,093,000  
Mortgage loans held-for-sale 20,200,000 12,900,000  
Gains on mortgage loans sold, net 6,511,000 7,268,000 $ 32,424,000
Loans 32,676,091,000 29,041,605,000  
Impaired Financing Receivable, Interest Income, Cash Basis Method 0 0 0
Interest Lost on impaired loans 4,500,000 1,600,000 1,700,000
Currently performing impaired loans 7,900,000 6,400,000  
Mortgage loans held-for-sale sold 653,900,000 826,200,000 $ 1,600,000,000
Commercial Real Estate Owner Occupied      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Nonaccrual loans 3,452,000 1,882,000  
Financing Receivable, Nonaccrual, No Allowance 122,000 0  
Financing Receivable, 90 Days or More Past Due, Still Accruing 0 0  
Loans 4,044,896,000 3,587,257,000  
Commercial real estate non owner occupied      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Nonaccrual loans 41,343,000 2,244,000  
Financing Receivable, Nonaccrual, No Allowance 40,669,000 1,040,000  
Financing Receivable, 90 Days or More Past Due, Still Accruing $ 0 $ 0  
Percentage of credit exposure to risk based capital 259.00% 249.60%  
Loans $ 7,535,494,000 $ 6,542,619,000  
Consumer Real Estate      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Nonaccrual loans 17,879,000 17,330,000  
Financing Receivable, Nonaccrual, No Allowance 0 0  
Financing Receivable, 90 Days or More Past Due, Still Accruing 781,000 0  
Construction and Land Development      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Nonaccrual loans 608,000 231,000  
Financing Receivable, Nonaccrual, No Allowance 0 0  
Financing Receivable, 90 Days or More Past Due, Still Accruing $ 0 $ 0  
Percentage of credit exposure to risk based capital 84.20% 85.90%  
Loans $ 4,041,081,000 $ 3,679,498,000  
Commercial and Industrial      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Nonaccrual loans 18,931,000 16,345,000  
Financing Receivable, Nonaccrual, No Allowance 519,000 8,003,000  
Financing Receivable, 90 Days or More Past Due, Still Accruing 3,802,000 3,663,000  
Consumer and Other      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Nonaccrual loans 75,000 84,000  
Financing Receivable, Nonaccrual, No Allowance 0 0  
Financing Receivable, 90 Days or More Past Due, Still Accruing 1,421,000 743,000  
Loans $ 536,398,000 $ 555,823,000  
v3.24.0.1
Loans and Allowance for Loan Losses Loan Classification by Risk Rating Category (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Receivables [Abstract]      
Percentage of loan portfolio as commercial loan 79.20%    
Risk rated loans $ 1,500    
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 7,801,081    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 8,956,751    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 5,834,396    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2,057,226    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 1,215,843    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 1,222,983    
Financing Receivable, Revolving 5,587,811    
Loans 32,676,091 $ 29,041,605  
Potential problem loans 127,400 53,800  
Charged-off loans (76,725) (54,176) $ (54,996)
2023      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (3,579)    
2022      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (24,968)    
2021      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (20,325)    
2020      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (6,123)    
2019      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (435)    
Prior      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (1,040)    
Revolving Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (20,255)    
Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 7,731,335    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 8,844,015    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 5,742,666    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2,038,952    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 1,202,431    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 1,196,095    
Financing Receivable, Revolving 5,479,475    
Loans 32,234,969    
Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 15,448    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 90,359    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 17,757    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 13,996    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 5,666    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 11,883    
Financing Receivable, Revolving 45,025    
Loans 200,134    
Substandard Accrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year [1] 41,393    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year [1] 14,543    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year [1] 28,573    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year [1] 1,290    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year [1] 2,122    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year [1] 9,793    
Financing Receivable, Revolving [1] 60,986    
Loans [1] 158,700    
Substandard Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 12,905    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 7,834    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 45,400    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2,987    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 5,624    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 5,212    
Financing Receivable, Revolving 2,325    
Loans 82,287    
Doubtful Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 0    
Loans 1    
Commercial Real Estate Owner Occupied      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 794,738    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,170,695    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 880,637    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 505,710    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 273,469    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 362,967    
Financing Receivable, Revolving 56,680    
Loans 4,044,896 3,587,257  
Charged-off loans 0 (1,413) (1,420)
Commercial Real Estate Owner Occupied | 2023      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial Real Estate Owner Occupied | 2022      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial Real Estate Owner Occupied | 2021      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial Real Estate Owner Occupied | 2020      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial Real Estate Owner Occupied | 2019      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial Real Estate Owner Occupied | Prior      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial Real Estate Owner Occupied | Revolving Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial Real Estate Owner Occupied | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 785,834    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,123,425    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 871,389    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 502,260    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 267,595    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 357,339    
Financing Receivable, Revolving 56,680    
Loans 3,964,522    
Commercial Real Estate Owner Occupied | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 1,595    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 37,324    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 5,300    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2,252    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 5,306    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 4,701    
Financing Receivable, Revolving 0    
Loans 56,478    
Commercial Real Estate Owner Occupied | Substandard Accrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year [1] 5,528    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year [1] 9,331    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year [1] 3,262    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year [1] 1,145    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year [1] 568    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year [1] 610    
Financing Receivable, Revolving [1] 0    
Loans [1] 20,444    
Commercial Real Estate Owner Occupied | Substandard Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 1,781    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 615    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 686    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 53    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 317    
Financing Receivable, Revolving 0    
Loans 3,452    
Commercial Real Estate Owner Occupied | Doubtful Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 0    
Loans 0    
Commercial real estate non owner occupied      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 1,329,832    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,715,626    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,777,455    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 720,724    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 507,178    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 376,317    
Financing Receivable, Revolving 108,362    
Loans 7,535,494 6,542,619  
Charged-off loans 0 (185) (786)
Commercial real estate non owner occupied | 2023      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial real estate non owner occupied | 2022      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial real estate non owner occupied | 2021      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial real estate non owner occupied | 2020      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial real estate non owner occupied | 2019      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial real estate non owner occupied | Prior      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial real estate non owner occupied | Revolving Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Commercial real estate non owner occupied | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 1,304,109    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,682,275    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,737,275    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 713,979    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 505,767    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 370,420    
Financing Receivable, Revolving 107,841    
Loans 7,421,666    
Commercial real estate non owner occupied | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 30,229    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 6,745    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 216    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 5,335    
Financing Receivable, Revolving 0    
Loans 42,525    
Commercial real estate non owner occupied | Substandard Accrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year [1] 25,723    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year [1] 2,969    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year [1] 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year [1] 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year [1] 1,195    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year [1] 73    
Financing Receivable, Revolving [1] 0    
Loans [1] 29,960    
Commercial real estate non owner occupied | Substandard Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 153    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 40,180    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 489    
Financing Receivable, Revolving 521    
Loans 41,343    
Commercial real estate non owner occupied | Doubtful Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 0    
Loans 0    
Consumer Real Estate      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 573,808    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 978,271    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,059,671    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 450,945    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 213,055    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 322,176    
Financing Receivable, Revolving 1,253,605    
Loans 4,851,531 4,435,046  
Charged-off loans (883) (651) (632)
Consumer Real Estate | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 573,120    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 976,006    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,056,720    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 448,420    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 207,790    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 318,505    
Financing Receivable, Revolving 1,253,091    
Loans 4,833,652    
Consumer Real Estate | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 0    
Loans 0    
Consumer Real Estate | Substandard Accrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year [1] 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year [1] 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year [1] 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year [1] 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year [1] 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year [1] 0    
Financing Receivable, Revolving [1] 0    
Loans [1] 0    
Consumer Real Estate | Substandard Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 688    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,265    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 2,951    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2,525    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 5,265    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 3,671    
Financing Receivable, Revolving 514    
Loans 17,879    
Consumer Real Estate | Doubtful Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 0    
Loans 0    
Construction and Land Development      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 1,155,865    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,930,670    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 884,060    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 16,569    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 5,580    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 6,451    
Financing Receivable, Revolving 41,886    
Loans 4,041,081 3,679,498  
Charged-off loans (3) (150) (367)
Construction and Land Development | 2023      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Construction and Land Development | 2022      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Construction and Land Development | 2021      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Construction and Land Development | 2020      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Construction and Land Development | 2019      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Construction and Land Development | Prior      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (3)    
Construction and Land Development | Revolving Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Construction and Land Development | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 1,153,137    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,930,062    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 884,060    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 12,102    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 5,580    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 6,369    
Financing Receivable, Revolving 41,886    
Loans 4,033,196    
Construction and Land Development | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 2,728    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 4,467    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 0    
Loans 7,195    
Construction and Land Development | Substandard Accrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year [1] 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year [1] 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year [1] 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year [1] 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year [1] 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year [1] 82    
Financing Receivable, Revolving [1] 0    
Loans [1] 82    
Construction and Land Development | Substandard Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 608    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 0    
Loans 608    
Construction and Land Development | Doubtful Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 0    
Loans 0    
Commercial and Industrial      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 3,810,029    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,132,715    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,166,447    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 326,263    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 216,020    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 154,416    
Financing Receivable, Revolving 3,860,801    
Loans 11,666,691 10,241,362  
Charged-off loans (60,542) (39,020) (46,213)
Commercial and Industrial | 2023      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (3,428)    
Commercial and Industrial | 2022      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (24,114)    
Commercial and Industrial | 2021      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (13,857)    
Commercial and Industrial | 2020      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (3,309)    
Commercial and Industrial | 2019      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (111)    
Commercial and Industrial | Prior      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (455)    
Commercial and Industrial | Revolving Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (15,268)    
Commercial and Industrial | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 3,778,326    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,103,473    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,127,096    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 325,176    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 215,158    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 142,806    
Financing Receivable, Revolving 3,753,575    
Loans 11,445,610    
Commercial and Industrial | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 11,125    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 22,806    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 12,457    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 532    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 144    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 1,847    
Financing Receivable, Revolving 45,025    
Loans 93,936    
Commercial and Industrial | Substandard Accrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year [1] 10,142    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year [1] 2,243    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year [1] 25,311    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year [1] 145    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year [1] 359    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year [1] 9,028    
Financing Receivable, Revolving [1] 60,986    
Loans [1] 108,214    
Commercial and Industrial | Substandard Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 10,436    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 4,193    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,583    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 409    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 359    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 735    
Financing Receivable, Revolving 1,215    
Loans 18,930    
Commercial and Industrial | Doubtful Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 0    
Loans 1    
Consumer and Other      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 136,809    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 28,774    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 66,126    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 37,015    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 541    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 656    
Financing Receivable, Revolving 266,477    
Loans 536,398 555,823  
Charged-off loans (15,297) $ (12,757) $ (5,578)
Consumer and Other | 2023      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (151)    
Consumer and Other | 2022      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (629)    
Consumer and Other | 2021      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (6,377)    
Consumer and Other | 2020      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (2,808)    
Consumer and Other | 2019      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (235)    
Consumer and Other | Prior      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (110)    
Consumer and Other | Revolving Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (4,987)    
Consumer and Other | Pass      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 136,809    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 28,774    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 66,126    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 37,015    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 541    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 656    
Financing Receivable, Revolving 266,402    
Loans 536,323    
Consumer and Other | Special Mention      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 0    
Loans 0    
Consumer and Other | Substandard Accrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year [1] 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year [1] 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year [1] 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year [1] 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year [1] 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year [1] 0    
Financing Receivable, Revolving [1] 0    
Loans [1] 0    
Consumer and Other | Substandard Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 75    
Loans 75    
Consumer and Other | Doubtful Nonaccrual      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing Receivable, Year One, Originated, Current Fiscal Year 0    
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0    
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0    
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0    
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0    
Financing Receivable, Revolving 0    
Loans 0    
Consumer Real Estate      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (883)    
Consumer Real Estate | 2023      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans 0    
Consumer Real Estate | 2022      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (225)    
Consumer Real Estate | 2021      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (91)    
Consumer Real Estate | 2020      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (6)    
Consumer Real Estate | 2019      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (89)    
Consumer Real Estate | Prior      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans (472)    
Consumer Real Estate | Revolving Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Charged-off loans $ 0    
[1] Potential problem loans represent those loans with a well-defined weakness and where information about possible credit problems of borrowers has caused management to have doubts about the borrower's ability to comply with present repayment terms. This definition is believed to be substantially consistent with the standards established by Pinnacle Bank's primary regulators for loans classified as substandard, excluding loan modifications made to borrowers experiencing financial difficulty. Potential problem loans, which are not included in nonaccrual loans, amounted to approximately $127.4 million at December 31, 2023, compared to $53.8 million at December 31, 2022.
v3.24.0.1
Loans and Allowance for Loan Losses, Financing Receivables Past Due (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans $ 32,676,091 $ 29,041,605
Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 83,937 35,840
Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 32,465 16,249
Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 33,369 22,218
Financial Asset, Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 149,771 74,307
Financial Asset, Not Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 32,526,320 28,967,298
Commercial Real Estate Owner Occupied    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 4,044,896 3,587,257
Commercial Real Estate Owner Occupied | Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 1,671 2,112
Commercial Real Estate Owner Occupied | Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 507 615
Commercial Real Estate Owner Occupied | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 3,398 1,139
Commercial Real Estate Owner Occupied | Financial Asset, Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 5,576 3,866
Commercial Real Estate Owner Occupied | Financial Asset, Not Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 4,039,320 3,583,391
Commercial real estate non owner occupied    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 7,535,494 6,542,619
Commercial real estate non owner occupied | Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 40,577 359
Commercial real estate non owner occupied | Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 489 48
Commercial real estate non owner occupied | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 153 1,681
Commercial real estate non owner occupied | Financial Asset, Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 41,219 2,088
Commercial real estate non owner occupied | Financial Asset, Not Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 7,494,275 6,540,531
Consumer Real Estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 4,851,531 4,435,046
Consumer Real Estate | Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 21,585 13,635
Consumer Real Estate | Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 1,352 83
Consumer Real Estate | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 10,824 9,094
Consumer Real Estate | Financial Asset, Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 33,761 22,812
Consumer Real Estate | Financial Asset, Not Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 4,817,770 4,412,234
Construction and Land Development    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 4,041,081 3,679,498
Construction and Land Development | Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 621 221
Construction and Land Development | Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 28 102
Construction and Land Development | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 608 130
Construction and Land Development | Financial Asset, Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 1,257 453
Construction and Land Development | Financial Asset, Not Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 4,039,824 3,679,045
Commercial and Industrial    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 11,666,691 10,241,362
Commercial and Industrial | Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 14,197 15,457
Commercial and Industrial | Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 28,221 13,713
Commercial and Industrial | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 16,890 9,428
Commercial and Industrial | Financial Asset, Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 59,308 38,598
Commercial and Industrial | Financial Asset, Not Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 11,607,383 10,202,764
Consumer and Other    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 536,398 555,823
Consumer and Other | Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 5,286 4,056
Consumer and Other | Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 1,868 1,688
Consumer and Other | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 1,496 746
Consumer and Other | Financial Asset, Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 8,650 6,490
Consumer and Other | Financial Asset, Not Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans $ 527,748 $ 549,333
v3.24.0.1
Loans and Allowance for Loan Losses, Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]        
Financing Receivable, Allowance for Credit Losses $ 353,055 $ 300,665 $ 263,233 $ 285,050
Charged-off loans (76,725) (54,176) (54,996)  
Recovery of previously charged-off loans 28,119 27,629 16,273  
Provision for credit losses 100,996 63,979 16,906  
Commercial Real Estate Owner Occupied        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Financing Receivable, Allowance for Credit Losses 28,690 26,617 19,618 23,298
Charged-off loans 0 (1,413) (1,420)  
Recovery of previously charged-off loans 76 2,082 1,609  
Provision for credit losses 1,997 6,330 (3,869)  
Commercial real estate non owner occupied        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Financing Receivable, Allowance for Credit Losses 57,687 40,479 58,504 79,132
Charged-off loans 0 (185) (786)  
Recovery of previously charged-off loans 1,632 187 969  
Provision for credit losses 15,576 (18,027) (20,811)  
Consumer Real Estate        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Financing Receivable, Allowance for Credit Losses 71,354 36,536 32,104 33,304
Charged-off loans (883) (651) (632)  
Recovery of previously charged-off loans 2,114 1,512 2,288  
Provision for credit losses 33,587 3,571 (2,856)  
Construction and Land Development        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Financing Receivable, Allowance for Credit Losses 39,142 36,114 29,429 42,408
Charged-off loans (3) (150) (367)  
Recovery of previously charged-off loans 338 471 372  
Provision for credit losses 2,693 6,364 (12,984)  
Commercial and Industrial        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Financing Receivable, Allowance for Credit Losses 148,212 144,353 112,340 98,423
Charged-off loans (60,542) (39,020) (46,213)  
Recovery of previously charged-off loans 15,556 15,687 7,485  
Provision for credit losses 48,845 55,346 52,645  
Consumer and Other        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Financing Receivable, Allowance for Credit Losses 7,970 16,566 11,238 $ 8,485
Charged-off loans (15,297) (12,757) (5,578)  
Recovery of previously charged-off loans 8,403 7,690 3,550  
Provision for credit losses $ (1,702) $ 10,395 $ 4,781  
v3.24.0.1
Loans and Allowance for Loan Losses, Impaired Financing Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment $ 145,095 $ 50,693
Real Estate    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 112,918 38,364
Business Assets    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 31,625 12,327
Other    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 552 2
Commercial Real Estate Owner Occupied    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 22,284 10,804
Commercial Real Estate Owner Occupied | Real Estate    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 22,284 10,804
Commercial Real Estate Owner Occupied | Business Assets    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 0
Commercial Real Estate Owner Occupied | Other    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 0
Commercial real estate non owner occupied    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 69,577 4,795
Commercial real estate non owner occupied | Real Estate    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 69,577 4,795
Commercial real estate non owner occupied | Business Assets    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 0
Commercial real estate non owner occupied | Other    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 0
Consumer Real Estate    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 20,389 22,466
Consumer Real Estate | Real Estate    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 20,389 22,466
Consumer Real Estate | Business Assets    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 0
Consumer Real Estate | Other    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 0
Construction and Land Development    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 668 299
Construction and Land Development | Real Estate    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 668 299
Construction and Land Development | Business Assets    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 0
Construction and Land Development | Other    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 0
Commercial and Industrial    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 32,177 12,327
Commercial and Industrial | Real Estate    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 0
Commercial and Industrial | Business Assets    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 31,625 12,327
Commercial and Industrial | Other    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 552 0
Consumer and Other    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 2
Consumer and Other | Real Estate    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 0
Consumer and Other | Business Assets    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment 0 0
Consumer and Other | Other    
Financing Receivable, Impaired [Line Items]    
Individually Evaluated for Impairment $ 0 $ 2
v3.24.0.1
Loans and Allowance for Loan Losses, Loan Modification (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Financing Receivable, Modifications [Line Items]  
Post Modification Outstanding Recorded Investment net of related allowance $ 34,477
Financing Receivable, Modifications, Subsequent Default, Recorded Investment $ 3,200
Financing Receivable, Modification, Past Due 3,200
Financing Receivable, Modified, Writeoff $ 357
Payment Deferral  
Financing Receivable, Modifications [Line Items]  
Post Modification Outstanding Recorded Investment net of related allowance 12,244
Extended Maturity  
Financing Receivable, Modifications [Line Items]  
Post Modification Outstanding Recorded Investment net of related allowance 8,754
Combination - Payment Deferral, Extended Maturity, and Contractual Interest Rate Reduction  
Financing Receivable, Modifications [Line Items]  
Post Modification Outstanding Recorded Investment net of related allowance 13,479
Commercial Real Estate Owner Occupied  
Financing Receivable, Modifications [Line Items]  
Post Modification Outstanding Recorded Investment net of related allowance $ 5,528
Commercial Real Estate Owner Occupied | Payment Deferral  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Commercial Real Estate Owner Occupied | Extended Maturity  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.14%
Post Modification Outstanding Recorded Investment net of related allowance $ 5,528
Financing Receivable, Modified, Weighted Average Term Increase from Modification 5 months 15 days
Commercial Real Estate Owner Occupied | Combination - Payment Deferral, Extended Maturity, and Contractual Interest Rate Reduction  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Commercial real estate non owner occupied  
Financing Receivable, Modifications [Line Items]  
Post Modification Outstanding Recorded Investment net of related allowance $ 25,723
Commercial real estate non owner occupied | Payment Deferral  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.16%
Post Modification Outstanding Recorded Investment net of related allowance $ 12,244
Commercial real estate non owner occupied | Extended Maturity  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Commercial real estate non owner occupied | Combination - Payment Deferral, Extended Maturity, and Contractual Interest Rate Reduction  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.18%
Post Modification Outstanding Recorded Investment net of related allowance $ 13,479
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification 55.00%
Financing Receivable, Modified, Weighted Average Term Increase from Modification 2 years
Consumer Real Estate  
Financing Receivable, Modifications [Line Items]  
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Consumer Real Estate | Payment Deferral  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Consumer Real Estate | Extended Maturity  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Consumer Real Estate | Combination - Payment Deferral, Extended Maturity, and Contractual Interest Rate Reduction  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Construction and Land Development  
Financing Receivable, Modifications [Line Items]  
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Construction and Land Development | Payment Deferral  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Construction and Land Development | Extended Maturity  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Construction and Land Development | Combination - Payment Deferral, Extended Maturity, and Contractual Interest Rate Reduction  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Commercial and Industrial  
Financing Receivable, Modifications [Line Items]  
Post Modification Outstanding Recorded Investment net of related allowance $ 3,226
Commercial and Industrial | Payment Deferral  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Commercial and Industrial | Extended Maturity  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.03%
Post Modification Outstanding Recorded Investment net of related allowance $ 3,226
Financing Receivable, Modified, Weighted Average Term Increase from Modification 3 months
Commercial and Industrial | Combination - Payment Deferral, Extended Maturity, and Contractual Interest Rate Reduction  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Consumer and Other  
Financing Receivable, Modifications [Line Items]  
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Consumer and Other | Payment Deferral  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Consumer and Other | Extended Maturity  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
Consumer and Other | Combination - Payment Deferral, Extended Maturity, and Contractual Interest Rate Reduction  
Financing Receivable, Modifications [Line Items]  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00%
Post Modification Outstanding Recorded Investment net of related allowance $ 0
v3.24.0.1
Loans and Allowance for Loan Losses - Industry Classification System (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Outstanding Principal Balances $ 8,067,295  
Unfunded Commitments 3,644,515  
Total exposure 11,711,810 $ 13,673,956
Lessors of Nonresidential Buildings    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Outstanding Principal Balances 4,674,176  
Unfunded Commitments 1,242,159  
Total exposure 5,916,335 7,058,045
Lessors of Residential Buildings and Dwellings [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Outstanding Principal Balances 2,028,622  
Unfunded Commitments 1,150,419  
Total exposure 3,179,041 3,725,186
New housing for-sale builders    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Outstanding Principal Balances 577,090  
Unfunded Commitments 819,563  
Total exposure 1,396,653 1,763,089
Hotels and motels    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Outstanding Principal Balances 787,407  
Unfunded Commitments 432,374  
Total exposure $ 1,219,781 $ 1,127,636
v3.24.0.1
Premises and Equipment and Lease Commitments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 398,972 $ 485,363  
Accumulated depreciation and amortization (142,095) (157,478)  
Property, Plant and Equipment, Net 256,877 327,885  
Depreciation and amortization expense $ 30,200 $ 25,900 $ 22,200
Right of Use Assets [Abstract]      
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other liabilities Other liabilities  
Lease, Cost [Abstract]      
Operating Lease, Cost $ 30,913 $ 18,292 15,696
Short-term Lease, Cost 349 401 297
Finance Lease, Interest Expense 167 189 208
Amortization of right-of-use assets 226 226 226
Sublease Income (1,365) (1,357) (1,309)
Lease, Cost $ 30,290 $ 17,751 15,118
Weighted average remaining lease term      
Operating leases 12 years 10 years 5 months 8 days  
Finance leases 4 years 10 months 2 days 5 years 10 months 2 days  
Weighted average discount rate      
Operating leases 4.29% 3.11%  
Finance leases 7.22% 7.22%  
Operating cash flows related to operating leases $ 28,614 $ 16,956 14,712
Financing cash flows related to finance leases 167 189 208
Finance Lease, Principal Payments 311 $ 281 $ 261
Operating Leases      
2024 36,814    
2025 35,058    
2026 32,687    
2027 31,623    
2028 31,133    
Thereafter 230,286    
Total undiscounted lease payments 397,601    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (92,657)    
Finance Leases      
2024 527    
2025 527    
2026 527    
2027 527    
2028 439    
Thereafter 0    
Finance Lease, Liability, Payment, Due 2,547    
Finance Lease, Liability, Undiscounted Excess Amount $ (401)    
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities  
Sale Leaseback Transaction Lease Expense First 12 Months $ 17,000    
Sale and Leaseback Transaction, Gain (Loss), Net 85,700    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] 296,272 $ 126,767  
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] 1,092 1,318  
Operating Lease, Liability 304,944 133,108  
Finance Lease, Liability $ 2,146 $ 2,458  
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets  
Sale Leaseback - Purchase Price      
Finance Leases      
Proceeds from Sale of Property, Plant, and Equipment $ 198,200    
Property, Plant and Equipment      
Right of Use Assets [Abstract]      
Right of Use Assets $ 297,364 $ 128,085  
Operating Lease, Liability, Statement of Financial Position [Extensible List] Other liabilities    
Lease Liabilities [Abstract]      
Lease Liability $ 307,090 135,566  
Finance Leases      
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities    
Land      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 36,528 71,741  
Building      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 103,919 206,434  
Building | Minimum      
Property, Plant and Equipment [Line Items]      
Range of Useful Lives 15 years    
Building | Maximum      
Property, Plant and Equipment [Line Items]      
Range of Useful Lives 30 years    
Leaseholds and Leasehold Improvements      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 74,606 62,209  
Leaseholds and Leasehold Improvements | Minimum      
Property, Plant and Equipment [Line Items]      
Range of Useful Lives 14 years    
Leaseholds and Leasehold Improvements | Maximum      
Property, Plant and Equipment [Line Items]      
Range of Useful Lives 35 years    
Furniture and Equipment      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 183,919 $ 144,979  
Furniture and Equipment | Minimum      
Property, Plant and Equipment [Line Items]      
Range of Useful Lives 3 years    
Furniture and Equipment | Maximum      
Property, Plant and Equipment [Line Items]      
Range of Useful Lives 20 years    
v3.24.0.1
Deposits (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Time Deposits, Fiscal Year Maturity [Abstract]    
2024 $ 4,093,153,000  
2025 590,695,000  
2026 133,782,000  
2027 14,168,000  
2028 8,955,000  
Thereafter 0  
Time deposits, Total 4,840,753,000 $ 3,489,355,000
Time Deposits, at or Above FDIC Insurance Limit 1,800,000,000 1,300,000,000
Bank Overdrafts $ 2,500,000 $ 1,400,000
v3.24.0.1
Federal Home Loan Bank Advances (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]    
Federal Home Loan Bank Advances $ 2,100,000,000 $ 464,400,000
FHLB Collateral Pledged 7,800,000,000  
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]    
2024 0  
2025 366,250,000  
2026 162,500,000  
2027 237,500,000  
2028 1,375,000,000  
Thereafter 12,000  
Federal home loan bank advances, Total 2,141,262,000  
Federal Home Loan Bank, Advances, Discount (1,070,000)  
Advances from Federal Home Loan Banks 2,138,169,000 464,436,000
Fair value hedge | Hedging derivative    
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]    
Fair Value Hedges, Net [1] 43,706,000 $ 56,056,000
Fair value hedge | Hedging derivative | Federal Home Loan Bank Advances    
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract]    
Fair Value Hedges, Net (2,023,000)  
Federal Home Loan Bank    
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract]    
Borrowing availability with FHLB, FRB Discount Window and other correspondent banks 2,800,000,000  
Federal Reserve Bank    
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract]    
Borrowing availability with FHLB, FRB Discount Window and other correspondent banks 6,800,000,000  
Correspondent Banks    
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract]    
Borrowing availability with FHLB, FRB Discount Window and other correspondent banks $ 105,000,000  
Weighted Average    
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract]    
2024 [2] 0.00%  
2025 [2] 4.97%  
2026 [2] 4.00%  
2027 [2] 4.14%  
2028 [2] 3.97%  
Thereafter [2] 2.75%  
Weighted average interest rate [2] 4.17%  
[1] The variation margin payments for derivatives cleared through central clearing houses are characterized as settlements. At December 31, 2023 and 2022, the notional amount of fair value derivatives hedges cleared through clearing houses is $2.0 billion and $877.7 million with a fair value that approximates zero due to $4.0 million and $47.9 million in variation margin payments.
[2] Some FHLB advances include variable interest rates and could increase in the future. The table reflects rates in effect as of December 31, 2023.
v3.24.0.1
Other borrowings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Subordinated debt and other borrowings $ 424,938 $ 424,055
Debt issuance costs and fair value adjustments $ (8,057)  
Pinnacle Statutory Trust I    
Debt Instrument [Line Items]    
Date Established Dec. 29, 2003  
Maturity Dec. 30, 2033  
Subordinated debt and other borrowings $ 10,310  
Interest Rate (as percent) 8.44%  
Coupon Structure 3-month SOFR + 2.80%(1)  
Debt Instrument, Basis Spread on Variable Rate 2.80%  
Pinnacle Statutory Trust II    
Debt Instrument [Line Items]    
Date Established Sep. 15, 2005  
Maturity Sep. 30, 2035  
Subordinated debt and other borrowings $ 20,619  
Interest Rate (as percent) 6.99%  
Coupon Structure 3-month SOFR + 1.40%(1)  
Debt Instrument, Basis Spread on Variable Rate 1.40%  
Pinnacle Statutory Trust III    
Debt Instrument [Line Items]    
Date Established Sep. 07, 2006  
Maturity Sep. 30, 2036  
Subordinated debt and other borrowings $ 20,619  
Interest Rate (as percent) 7.24%  
Coupon Structure 3-month SOFR + 1.65%(1)  
Debt Instrument, Basis Spread on Variable Rate 1.65%  
Pinnacle Statutory Trust IV    
Debt Instrument [Line Items]    
Date Established Oct. 31, 2007  
Maturity Sep. 30, 2037  
Subordinated debt and other borrowings $ 30,928  
Interest Rate (as percent) 8.50%  
Coupon Structure 3-month SOFR + 2.85%(1)  
Debt Instrument, Basis Spread on Variable Rate 2.85%  
BNC Capital Trust I    
Debt Instrument [Line Items]    
Date Established Apr. 03, 2003  
Maturity Apr. 15, 2033  
Subordinated debt and other borrowings $ 5,155  
Interest Rate (as percent) 8.91%  
Coupon Structure 3-month SOFR + 3.25%(1)  
Debt Instrument, Basis Spread on Variable Rate 3.25%  
BNC Capital Trust II    
Debt Instrument [Line Items]    
Date Established Mar. 11, 2004  
Maturity Apr. 07, 2034  
Subordinated debt and other borrowings $ 6,186  
Interest Rate (as percent) 8.51%  
Coupon Structure 3-month SOFR + 2.85%(1)  
Debt Instrument, Basis Spread on Variable Rate 2.85%  
BNC Capital Trust III    
Debt Instrument [Line Items]    
Date Established Sep. 23, 2004  
Maturity Sep. 23, 2034  
Subordinated debt and other borrowings $ 5,155  
Interest Rate (as percent) 8.06%  
Coupon Structure 3-month SOFR + 2.40%(1)  
Debt Instrument, Basis Spread on Variable Rate 2.40%  
BNC Capital Trust IV    
Debt Instrument [Line Items]    
Date Established Sep. 27, 2006  
Maturity Dec. 31, 2036  
Subordinated debt and other borrowings $ 7,217  
Interest Rate (as percent) 7.29%  
Coupon Structure 3-month SOFR + 1.70%(1)  
Debt Instrument, Basis Spread on Variable Rate 1.70%  
Valley Financial Trust I    
Debt Instrument [Line Items]    
Date Established Jun. 26, 2003  
Maturity Jun. 26, 2033  
Subordinated debt and other borrowings $ 4,124  
Interest Rate (as percent) 8.72%  
Coupon Structure 3-month SOFR + 3.10%(1)  
Debt Instrument, Basis Spread on Variable Rate 3.10%  
Valley Financial Trust II    
Debt Instrument [Line Items]    
Date Established Sep. 26, 2005  
Maturity Dec. 15, 2035  
Subordinated debt and other borrowings $ 7,217  
Interest Rate (as percent) 7.14%  
Coupon Structure 3-month SOFR + 1.49%(1)  
Debt Instrument, Basis Spread on Variable Rate 1.49%  
Valley Financial Trust III    
Debt Instrument [Line Items]    
Date Established Dec. 15, 2006  
Maturity Jan. 30, 2037  
Subordinated debt and other borrowings $ 5,155  
Interest Rate (as percent) 7.38%  
Coupon Structure 3-month SOFR + 1.73%(1)  
Debt Instrument, Basis Spread on Variable Rate 1.73%  
Southcoast Capital Trust III    
Debt Instrument [Line Items]    
Date Established Aug. 05, 2005  
Maturity Sep. 30, 2035  
Subordinated debt and other borrowings $ 10,310  
Interest Rate (as percent) 7.09%  
Coupon Structure 3-month SOFR + 1.50%(1)  
Debt Instrument, Basis Spread on Variable Rate 1.50%  
Pinnacle Financial Subordinated Notes    
Debt Instrument [Line Items]    
Date Established Sep. 11, 2019  
Maturity Sep. 15, 2029  
Subordinated debt and other borrowings [1] $ 300,000  
Interest Rate (as percent) [1] 4.13%  
Coupon Structure [1] LIBOR + 2.775%  
Debt Instrument, Basis Spread on Variable Rate [1] 2.775%  
Debt Instrument, Term of variable rate [1] 3 months  
[1] three month LIBOR + 2.775%, but will now migrate to an alternative benchmark rate plus comparable spread beginning September 15, 2024 through the end of the term as three month LIBOR ceased to be published effective July 1, 2023.
v3.24.0.1
Income Taxes (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]        
Federal $ 67,711,000 $ 104,141,000 $ 125,016,000  
Current State and Local Tax Expense (Benefit) 11,775,000 12,870,000 11,798,000  
Total current tax expense (benefit) 79,486,000 117,011,000 136,814,000  
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]        
Federal 67,446,000 15,082,000 (12,149,000)  
State 4,922,000 4,658,000 (83,000)  
Deferred tax (expense) benefit 72,368,000 19,740,000 (12,232,000)  
Income tax expense (benefit) 151,854,000 136,751,000 124,582,000  
Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Income tax expense (benefit) at statutory rate 149,941,000 146,474,000 136,900,000  
State excise tax expense, net of federal tax effect 13,191,000 13,847,000 9,255,000  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount 5,186,000 5,481,000 2,149,000  
Tax-exempt securities (21,663,000) (18,730,000) (15,243,000)  
Federal tax credits (5,238,000) (5,019,000) (4,712,000)  
Income Tax Reconciliation, Bank owned life insurance surrender [Abstract] 8,572,000 0 0  
Effective Income Tax Rate Reconciliation, Nondeductible FDIC Expense, Amount 5,361,000 2,331,000 1,697,000  
Bank owned life insurance income (4,324,000) (4,599,000) (4,413,000)  
Insurance premiums 0 (36,000) (273,000)  
Excess tax benefits associated with equity compensation (208,000) (3,027,000) (2,475,000)  
Other items $ 1,036,000 29,000 1,697,000  
Federal income tax statutory rate 21.00%      
Deferred Tax Assets, Net [Abstract]        
Loan loss allowance $ 86,911,000 77,015,000    
Loans 4,659,000 10,576,000    
Insurance 784,000 817,000    
Accrued liability for supplemental retirement agreements 7,005,000 7,595,000    
Restricted stock and stock options 6,251,000 7,795,000    
Securities 49,331,000 67,286,000    
Leases 76,918,000 35,589,000    
Other real estate owned 750,000 1,526,000    
Net federal operating loss carryforward and credits 1,064,000 1,168,000    
Annual Incentive Compensation 11,842,000 21,322,000    
Deferred Tax Assets Investment in Noncontrolled Affiliates 13,541,000 31,559,000    
Allowance for off balance sheet credit exposures 4,367,000 6,527,000    
deferred tax assets deferred tax credits 0 8,282,000    
Other deferred tax assets 2,532,000 3,267,000    
Total deferred tax assets 273,205,000 280,324,000    
Deferred Tax Liabilities, Net [Abstract]        
Depreciation and amortization 23,140,000 17,723,000    
Core deposit and other intangible assets 6,087,000 9,070,000    
REIT dividends 2,604,000 2,338,000    
FHLB related liabilities 125,000 328,000    
Right-of-use assets and other leasing transactions 74,068,000 33,157,000    
Deferred Tax Liabilities, Leases 67,711,000 35,547,000    
Subordinated debt 1,412,000 1,662,000    
Partnership interests 42,000 76,000    
Deferred Tax Liabilities, Tax Credit Investments 7,614,000 0    
Deferred Tax Liabilities, Derivatives 836,000 6,854,000    
Other deferred tax liabilities 2,356,000 2,054,000    
Total deferred tax liabilities 185,995,000 108,809,000    
Net deferred tax assets 87,210,000 171,515,000    
Unrecognized Tax Benefits 8,806,000 15,752,000 12,737,000 $ 9,658,000
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions 642,000 3,721,000 3,647,000  
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions 0 0 0  
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations (1,340,000) (706,000) (568,000)  
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities (6,248,000)      
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities   0 0  
Tax Credit Carryforward, Amount 4,800,000      
Income Tax Examination, Penalties and Interest Expense 80,000 264,000 $ 0  
Deferred Tax Assets, Regulatory Assets and Liabilities 7,250,000 $ 0    
Federal Deposit Insurance Corporation Special Assessment 29,000,000      
BOLI Resturcting Charge 7,200,000      
BOLI Penalty $ 9,100,000      
v3.24.0.1
Commitments and Contingent Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Loss Contingencies [Line Items]    
Off-Balance Sheet, Credit Loss, Liability $ 17,500 $ 25,000
Provision for Other Losses (7,500) $ 2,500
Commitments to Extend Credit    
Loss Contingencies [Line Items]    
Amount of commitment 15,000,000  
Standby Letters of Credit    
Loss Contingencies [Line Items]    
Amount of commitment 325,100  
Home Equity Line of Credit    
Loss Contingencies [Line Items]    
Amount of commitment $ 1,800,000  
Maximum    
Loss Contingencies [Line Items]    
Expiry period of standby letter of credit, maximum 2 years  
v3.24.0.1
Salary Deferral Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred Compensation Arrangements [Abstract]      
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent 50.00%    
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 4.00%    
Percentage of employee self-directed contributions matched by employer 100.00%    
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]      
Compensation expense $ 15,300 $ 13,700 $ 11,100
Other liabilities 544,722 386,512  
Supplemental Employee Retirement Plan      
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]      
Other liabilities 29,300 $ 30,300  
SERP covered by Rabbi Trust      
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]      
Other liabilities $ 17,700    
v3.24.0.1
Stock Options, Restricted Shares and Restricted Share Units (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jul. 31, 2015
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Number [Roll Forward]        
Outstanding, Beginning Balance (in shares)   40,188 56,147 101,769
Granted (in shares)   0 0 0
Exercised (in shares)   (40,188) (15,959) (45,125)
Forfeited (in shares)   0 0 (497)
Outstanding, Ending Balance (in shares)   0 40,188 56,147
Options exercisable (in shares)   0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]        
Outstanding, Beginning Balance (in dollars per share)   $ 25.00 $ 24.51 $ 23.46
Granted (in dollars per share)   0 0 0
Exercised (in dollars per share)   25.00 23.28 22.18
Forfeited (in dollars per share)   0 0 20.00
Outstanding, Ending Balance (in dollars per share)   0 $ 25.00 $ 24.51
Options exercisable (in dollars per share)   $ 0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]        
Outstanding   0 years    
Options exercisable   0 years    
Aggregate intrinsic value [Abstract]        
Outstanding   $ 0    
Options exercisable   0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value   1,600 $ 1,000 $ 3,000
Share-based Compensation [Abstract]        
Restricted stock expense   41,879 39,552 24,952
Income tax benefit   10,470 10,339 6,522
Restricted stock expense, net of income tax benefit   31,409 $ 29,213 $ 18,430
Unrecognized restricted share expense   $ 61,800    
Weighted average period over which unrecognized restricted share expense will be recognized   1 year 10 months 20 days    
Number [Roll Forward]        
Unvested, beginning of period (in shares)   675,611 613,335 594,669
Shares awards   269,025 286,445 249,641
Restrictions lapsed and shares released to associates/directors (in shares)   (206,956) (188,394) (193,846)
Shares forfeited (in shares)   (34,281) (35,775) (37,129)
Unvested, end of period (in shares)   703,399 675,611 613,335
Grant date weighted average cost [Roll Forward]        
Unvested, beginning of period (in dollars per share)   $ 78.53 $ 64.93 $ 56.97
Shares awarded (in dollars per share)   71.84 98.06 77.00
Restrictions lapsed and shares released to associates/directors (in dollars per share)   73.17 64.53 56.47
Shares forfeited (in dollars per share)   75.84 75.35 62.79
Unvested, end of period (in dollars per share)   $ 77.68 $ 78.53 $ 64.93
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards   269,025 286,445 249,641
Shares forfeited (in shares)   (34,281) (35,775) (37,129)
Shares Unvested (in shares)   703,399 675,611 613,335
Restricted Stock Units [Abstract]        
Shares awards   269,025 286,445 249,641
Leadership Team        
Number [Roll Forward]        
Shares awards   112,561 130,996 134,146
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards   112,561 130,996 134,146
Restricted Stock Units [Abstract]        
Shares awards   112,561 130,996 134,146
Restricted shares withheld for taxes and related tax benefit (in shares)   39,139 46,684 46,616
Performance Unit Awards        
Number [Roll Forward]        
Shares forfeited (in shares)   (9,967) 0 (199,633)
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares forfeited (in shares)   (9,967) 0 (199,633)
Restricted Stock Units        
Number [Roll Forward]        
Unvested, beginning of period (in shares)   73,983 56,368 0
Shares awards   70,716 38,133 56,864
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Restrictions lapsed and shares released, weighted average grant date fair value   $ 83.75 $ 71.24 $ 70.95
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Restrictions lapsed and shares released to associates and directors   (34,465) (18,897) (128)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value   $ 78.83 $ 85.50 $ 70.95
Shares forfeited (in shares)   (7,357) (1,621) (368)
Unvested, end of period (in shares)   102,877 73,983 56,368
Grant date weighted average cost [Roll Forward]        
Unvested, beginning of period (in dollars per share)   $ 88.21 $ 71.22 $ 0
Shares awarded (in dollars per share)   70.25 104.80 71.21
Unvested, end of period (in dollars per share)   $ 78.03 $ 88.21 $ 71.22
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards   70,716 38,133 56,864
Shares forfeited (in shares)   (7,357) (1,621) (368)
Shares Unvested (in shares)   102,877 73,983 56,368
Restricted Stock Units [Abstract]        
Shares awards   70,716 38,133 56,864
Time Based Awards 2020 | Associates        
Number [Roll Forward]        
Shares awards [1]       237,811
Shares forfeited (in shares) [1],[2]   (30,455)    
Unvested, end of period (in shares) [1]   121,838    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [1]       237,811
Restrictions lapsed and shares released to participants (in shares) [1]   60,966    
Shares withheld for taxes by participants (in shares) [1]   24,552    
Shares forfeited (in shares) [1],[2]   (30,455)    
Shares Unvested (in shares) [1]   121,838    
Restricted Stock Units [Abstract]        
Shares awards [1]       237,811
Time Based Awards 2020 | Associates | Minimum        
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years [1]   3 years    
Time Based Awards 2020 | Associates | Maximum        
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years [1]   5 years    
Time Based Awards 2021 | Associates        
Number [Roll Forward]        
Shares awards [1]     276,965  
Shares forfeited (in shares) [1],[2]   (16,723)    
Unvested, end of period (in shares) [1]   207,997    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [1]     276,965  
Restrictions lapsed and shares released to participants (in shares) [1]   37,226    
Shares withheld for taxes by participants (in shares) [1]   15,019    
Shares forfeited (in shares) [1],[2]   (16,723)    
Shares Unvested (in shares) [1]   207,997    
Restricted Stock Units [Abstract]        
Shares awards [1]     276,965  
Time Based Awards 2021 | Associates | Minimum        
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years [1]   3 years    
Time Based Awards 2021 | Associates | Maximum        
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years [1]   5 years    
Time Based Awards 2022 | Associates        
Number [Roll Forward]        
Shares awards [1]   258,185    
Shares forfeited (in shares) [1],[2]   (15,995)    
Unvested, end of period (in shares) [1]   241,677    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [1]   258,185    
Restrictions lapsed and shares released to participants (in shares) [1]   328    
Shares withheld for taxes by participants (in shares) [1]   185    
Shares forfeited (in shares) [1],[2]   (15,995)    
Shares Unvested (in shares) [1]   241,677    
Restricted Stock Units [Abstract]        
Shares awards [1]   258,185    
Time Based Awards 2022 | Associates | Minimum        
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years [1]   3 years    
Time Based Awards 2022 | Associates | Maximum        
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years [1]   5 years    
Outside Director Awards 2020        
Number [Roll Forward]        
Shares awards [3]       11,830
Shares forfeited (in shares) [2],[3]   0    
Unvested, end of period (in shares) [3]   0    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years [3]       1 year
Shares awards [3]       11,830
Restrictions lapsed and shares released to participants (in shares) [3]   10,222    
Shares withheld for taxes by participants (in shares) [3]   1,608    
Shares forfeited (in shares) [2],[3]   0    
Shares Unvested (in shares) [3]   0    
Restricted Stock Units [Abstract]        
Shares awards [3]       11,830
Outside Director Awards 2021        
Number [Roll Forward]        
Shares awards [3]     9,480  
Shares forfeited (in shares) [2],[3]   0    
Unvested, end of period (in shares) [3]   0    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years [3]     1 year  
Shares awards [3]     9,480  
Restrictions lapsed and shares released to participants (in shares) [3]   7,740    
Shares withheld for taxes by participants (in shares) [3]   1,740    
Shares forfeited (in shares) [2],[3]   0    
Shares Unvested (in shares) [3]   0    
Restricted Stock Units [Abstract]        
Shares awards [3]     9,480  
Outside Director Awards 2022        
Number [Roll Forward]        
Shares awards [3]   10,840    
Shares forfeited (in shares) [2],[3]   0    
Unvested, end of period (in shares) [3]   10,840    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years [3]   1 year    
Shares awards [3]   10,840    
Restrictions lapsed and shares released to participants (in shares) [3]   0    
Shares withheld for taxes by participants (in shares) [3]   0    
Shares forfeited (in shares) [2],[3]   0    
Shares Unvested (in shares) [3]   10,840    
Restricted Stock Units [Abstract]        
Shares awards [3]   10,840    
2021 Restricted Stock Units        
Number [Roll Forward]        
Shares awards       56,864
Shares forfeited (in shares) [4]       (2,706)
Unvested, end of period (in shares)   16,600    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years       3 years
Shares awards       56,864
Restrictions lapsed and shares released to participants (in shares)       24,905
Shares forfeited (in shares) [4]       (2,706)
Shares Unvested (in shares)   16,600    
Restricted Stock Units [Abstract]        
Shares awards       56,864
Restricted shares withheld for taxes and related tax benefit (in shares)       12,653
2022 Restricted Stock Units        
Number [Roll Forward]        
Shares awards     38,133  
Shares forfeited (in shares) [4]     (2,300)  
Unvested, end of period (in shares)   22,781    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years     3 years  
Shares awards     38,133  
Restrictions lapsed and shares released to participants (in shares)     8,848  
Shares forfeited (in shares) [4]     (2,300)  
Shares Unvested (in shares)   22,781    
Restricted Stock Units [Abstract]        
Shares awards     38,133  
Restricted shares withheld for taxes and related tax benefit (in shares)     4,204  
2022 Performance Stock Units | Senior Executive Officers | Minimum        
Number [Roll Forward]        
Shares awards [5]   56,465    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [5]   56,465    
Restricted Stock Units [Abstract]        
Shares awards [5]   56,465    
2022 Performance Stock Units | Senior Executive Officers | Maximum        
Number [Roll Forward]        
Shares awards [5]   135,514    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [5]   135,514    
Restricted Stock Units [Abstract]        
Shares awards [5]   135,514    
2022 Performance Stock Units | Leadership Team        
Number [Roll Forward]        
Shares awards   32,320    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards   32,320    
Restricted Stock Units [Abstract]        
Shares awards   32,320    
2022 Special Performance Stock Units | Senior Executive Officers | Maximum        
Number [Roll Forward]        
Shares awards [5]   230,000    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [5]   230,000    
Restricted Stock Units [Abstract]        
Shares awards [5]   230,000    
2021 Performance Stock Units | Senior Executive Officers | Minimum        
Number [Roll Forward]        
Shares awards [5]   89,234    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [5]   89,234    
Restricted Stock Units [Abstract]        
Shares awards [5]   89,234    
2021 Performance Stock Units | Senior Executive Officers | Maximum        
Number [Roll Forward]        
Shares awards [5]   214,155    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [5]   214,155    
Restricted Stock Units [Abstract]        
Shares awards [5]   214,155    
2021 Performance Stock Units | Leadership Team        
Number [Roll Forward]        
Shares awards   45,240    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards   45,240    
Restricted Stock Units [Abstract]        
Shares awards   45,240    
2020 Performance Stock Units | Senior Executive Officers | Minimum        
Number [Roll Forward]        
Shares awards [5]   136,137    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [5]   136,137    
Restricted Stock Units [Abstract]        
Shares awards [5]   136,137    
2020 Performance Stock Units | Senior Executive Officers | Maximum        
Number [Roll Forward]        
Shares awards [5]   204,220    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [5]   204,220    
Restricted Stock Units [Abstract]        
Shares awards [5]   204,220    
2020 Performance Stock Units | Leadership Team        
Number [Roll Forward]        
Shares awards   59,648    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards   59,648    
Restricted Stock Units [Abstract]        
Shares awards   59,648    
2019 Performance Stock Units | Senior Executive Officers | Minimum        
Number [Roll Forward]        
Shares awards [5]   166,211    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [5]   166,211    
Restricted Stock Units [Abstract]        
Shares awards [5]   166,211    
2019 Performance Stock Units | Senior Executive Officers | Maximum        
Number [Roll Forward]        
Shares awards [5]   249,343    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [5]   249,343    
Restricted Stock Units [Abstract]        
Shares awards [5]   249,343    
2019 Performance Stock Units | Leadership Team        
Number [Roll Forward]        
Shares awards   52,244    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards   52,244    
Restricted Stock Units [Abstract]        
Shares awards   52,244    
2023 Restricted Stock Units        
Number [Roll Forward]        
Shares awards   70,716    
Shares forfeited (in shares)   (4,340)    
Unvested, end of period (in shares)   63,496    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Vesting Period in years   3 years    
Shares awards   70,716    
Restrictions lapsed and shares released to participants (in shares)   2,140    
Shares forfeited (in shares)   (4,340)    
Shares Unvested (in shares)   63,496    
Restricted Stock Units [Abstract]        
Shares awards   70,716    
Restricted shares withheld for taxes and related tax benefit (in shares)   740    
2023 Performance Stock Units | Senior Executive Officers | Minimum        
Number [Roll Forward]        
Shares awards [5]   103,136    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [5]   103,136    
Restricted Stock Units [Abstract]        
Shares awards [5]   103,136    
2023 Performance Stock Units | Senior Executive Officers | Maximum        
Number [Roll Forward]        
Shares awards [5]   247,515    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards [5]   247,515    
Restricted Stock Units [Abstract]        
Shares awards [5]   247,515    
2023 Performance Stock Units | Leadership Team        
Number [Roll Forward]        
Shares awards   61,673    
Restricted stock grants grouped by similar vesting criteria [Abstract]        
Shares awards   61,673    
Restricted Stock Units [Abstract]        
Shares awards   61,673    
Tranche 2022-2024 | 2022 Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   0 years    
Restricted Stock Units [Abstract]        
Service period per tranche (in years)   0 years    
Subsequent holding period per tranche (in years)   0 years    
Tranche 2022-2024 | 2022 Special Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   0 years    
Restricted Stock Units [Abstract]        
Service period per tranche (in years)   0 years    
Subsequent holding period per tranche (in years)   1 year    
Tranche 2021-2023 | 2021 Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   0 years    
Restricted Stock Units [Abstract]        
Service period per tranche (in years)   0 years    
Subsequent holding period per tranche (in years)   0 years    
Tranche 2022 | 2020 Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   2 years    
Restricted Stock Units [Abstract]        
Service period per tranche (in years)   2 years    
Subsequent holding period per tranche (in years)   1 year    
Tranche 2021 | 2020 Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   2 years    
Restricted Stock Units [Abstract]        
Service period per tranche (in years)   2 years    
Subsequent holding period per tranche (in years)   2 years    
Tranche 2021 | 2019 Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   2 years    
Restricted Stock Units [Abstract]        
Service period per tranche (in years)   2 years    
Subsequent holding period per tranche (in years)   1 year    
Tranche 2020 | 2020 Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   2 years    
Restricted Stock Units [Abstract]        
Service period per tranche (in years)   2 years    
Subsequent holding period per tranche (in years)   3 years    
Tranche 2020 | 2019 Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   2 years    
Restricted Stock Units [Abstract]        
Service period per tranche (in years)   2 years    
Subsequent holding period per tranche (in years)   2 years    
Tranche 2019 | 2019 Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   2 years    
Restricted Stock Units [Abstract]        
Service period per tranche (in years)   2 years    
Subsequent holding period per tranche (in years)   3 years    
Tranche 2023-2025 | 2023 Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period   0 years    
Restricted Stock Units [Abstract]        
Service period per tranche (in years)   0 years    
Subsequent holding period per tranche (in years)   0 years    
Equity Incentive Plan 2018        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant   921,000    
CapitalMark Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Acquisitions in Period 858,000      
[1] The forfeiture restrictions on these restricted share awards lapse in equal annual installments on the anniversary date of the grant.
[2] These shares represent forfeitures resulting from recipients whose employment or board membership was terminated during the life-to-date period ended December 31, 2023. Any dividends paid on shares for which the forfeiture restrictions do not lapse will be recouped by Pinnacle Financial at the time of termination or will not be distributed from escrow, as applicable
[3] Restricted share awards are issued to the outside members of the board of directors in accordance with their board compensation plan. Restrictions lapse on March 1, 2024 based on each individual board member meeting attendance goals for the various board and board committee meetings to which each member was scheduled to attend.
[4] These shares represent forfeitures resulting from recipients whose employment was terminated during the life-to-date period ended December 31, 2023. Dividend equivalents are held in escrow for award recipients for dividends paid prior to the forfeiture restrictions lapsing. Such dividend equivalents are not released from escrow if an award is forfeited.
[5] The named executive officers are awarded a range of awards that generally may be earned based on attainment of goals between a target level of performance and a maximum level of performance. The 230,000 performance units awarded to the NEOs in 2022 may be earned based on target level performance and do not include maximum level payout.
v3.24.0.1
Derivative Instruments - Non-hedge Derivatives (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]      
Derivative, Gain (Loss) on Derivative, Net $ (308) $ 53 $ 846
Notional 4,075,480 3,241,040  
Estimated fair value (744) [1] (56,720)  
Assets      
Derivative [Line Items]      
Notional 2,037,740 1,620,520  
Estimated fair value 66,462 [1] 39,763  
Liabilities      
Derivative [Line Items]      
Notional 2,037,740 1,620,520  
Estimated fair value $ (67,206) [1] $ (96,483)  
[1] The variation margin payments for derivatives cleared through central clearing houses are characterized as settlements. At December 31, 2023, no notional amounts of interest rate swap agreements designated as non-hedge derivatives cleared through clearing houses. At December 31, 2022, the notional amount of interest rate swap agreements designated as non-hedge derivatives cleared through clearing houses was $827.3 million with a fair value that approximates zero due to $56.3 million in variation margin payments.
v3.24.0.1
Derivative Instruments - Hedge Derivatives (Details) - USD ($)
 1 Months Ended 12 Months Ended
Oct. 13, 2022
Apr. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]          
Net gain on cash flow hedges reclassified from other comprehensive income into net income, net of tax     $ (9,689,000) $ (9,975,000) $ (9,645,000)
Amortization     3,300,000 2,800,000 1,600,000
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months     9,000,000    
Hedging derivative | Fair value hedge          
Derivative [Line Items]          
Notional     3,287,139,000 1,420,724,000  
Amortization     645,000 1,900,000 3,500,000
Fair Value Hedges, Net [1]     43,706,000 56,056,000  
Hedging derivative | Fair value hedge | Federal Funds Rate          
Derivative [Line Items]          
Forecasted Notional Amount of Interest Rate Derivatives     392,200,000    
Hedging derivative | Fair value hedge | Secured Overnight Financing Rate          
Derivative [Line Items]          
Forecasted Notional Amount of Interest Rate Derivatives     2,900,000,000    
Hedging derivative | Fair value hedge | Federal Home Loan Bank Advances          
Derivative [Line Items]          
Gain (Loss) on Fair Value Hedges Recognized in Earnings     1,998,000 0 0
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge     (1,998,000) 0 0
Fair Value Hedges, Net     (2,023,000)    
Forecasted Notional Amount of Interest Rate Derivatives     1,200,000,000    
Hedging derivative | Fair value hedge | Federal Home Loan Bank Certificates and Obligations (FHLB)          
Derivative [Line Items]          
Derivative Instruments and Hedges, Assets     1,173,002,000 0  
Fair Value Hedging Adjustment     (1,998,000) 0  
Hedging derivative | Fair value hedge | Securities          
Derivative [Line Items]          
Derivative Instruments and Hedges, Assets     2,074,621,000 1,445,511,000  
Fair Value Hedging Adjustment     (41,708,000) (56,056,000)  
Gain (Loss) on Fair Value Hedges Recognized in Earnings     (14,348,000) 80,728,000 42,642,000
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge     14,348,000 (80,728,000) (42,642,000)
Asset derivatives | Hedging derivative | Cash flow hedge          
Derivative [Line Items]          
Unrealized Gain (Loss) in Accumulated Other Comprehensive Income     (7,414,000) 1,002,000 $ (15,034,000)
Notional     1,750,000,000 1,750,000,000  
Cash Flow Hedges Derivative Instruments at Fair Value, Net     $ 74,797,000 94,175,000  
Asset derivatives | Hedging derivative | Fair value hedge | Federal Home Loan Bank Advances          
Derivative [Line Items]          
Pay Rate (as percent)     0.00%    
Notional     $ 750,000,000 0  
Weighted Average Remaining Maturity Derivative     3 years 6 months 10 days    
Derivative, Underlying Basis     N/A    
Fair Value Hedge Assets [1]     $ 3,654,000 0  
Derivative Asset, Statement of Financial Position [Extensible Enumeration]     Other assets    
Asset derivatives | Hedging derivative | Fair value hedge | Securities          
Derivative [Line Items]          
Pay Rate (as percent)     1.97%    
Gain (Loss) on Fair Value Hedges Recognized in Earnings   $ 986,000      
Notional     $ 543,061,000 1,420,724,000  
Weighted Average Remaining Maturity Derivative     10 years 1 month 28 days    
Derivative, Underlying Basis     Federal funds/SOFR    
Fair Value Hedge Assets [1]     $ 42,983,000 $ 56,056,000  
Derivative Asset, Statement of Financial Position [Extensible Enumeration]     Other assets Other assets  
Gain (Loss) on Fair Value Hedges to be Recognized in Earnings   10,000,000      
Terminated Fair Value Amount of Interest Rate Derivatives   14,300,000      
Terminated Notional Amount of Interest Rate Derivatives   $ 164,300,000      
Asset derivatives | Hedging derivative | Interest Rate Floor          
Derivative [Line Items]          
Receive Rate     N/A    
Notional     $ 875,000,000 $ 875,000,000  
Cash Flow Hedges Derivative Instruments at Fair Value, Net     $ 36,483,000 $ 48,622,000  
Weighted Average Remaining Maturity Derivative     3 years 10 months 2 days    
Derivative, Type of Interest Received     4.00%-4.50% minus USD-Term SOFR 1M    
Derivative Asset, Statement of Financial Position [Extensible Enumeration]     Other assets Other assets  
Asset derivatives | Hedging derivative | Interest Rate Contract          
Derivative [Line Items]          
Receive Rate     USD-Term SOFR 1M minus 6.75%-7.00%    
Notional     $ 875,000,000 $ 875,000,000  
Cash Flow Hedges Derivative Instruments at Fair Value, Net     $ 38,314,000 $ 45,553,000  
Weighted Average Remaining Maturity Derivative     3 years 10 months 2 days    
Derivative, Type of Interest Received     4.25%-4.75% minus USD-Term SOFR 1M    
Derivative Asset, Statement of Financial Position [Extensible Enumeration]     Other assets Other assets  
Liability derivatives | Hedging derivative | Fair value hedge | Federal Home Loan Bank Advances          
Derivative [Line Items]          
Pay Rate (as percent)     0.00%    
Weighted Average Remaining Maturity Derivative     4 years 1 month 2 days    
Derivative, Underlying Basis     N/A    
Fair Value Hedge Liabilities [1]     $ (1,656,000) $ 0  
Forecasted Notional Amount of Interest Rate Derivatives     $ 425,000,000 0  
Derivative Liability, Statement of Financial Position [Extensible Enumeration]     Other liabilities    
Liability derivatives | Hedging derivative | Fair value hedge | Securities          
Derivative [Line Items]          
Pay Rate (as percent)     3.10%    
Notional     $ 1,569,078,000 0  
Weighted Average Remaining Maturity Derivative     11 years 2 months 19 days    
Derivative, Underlying Basis     Federal funds/SOFR    
Fair Value Hedge Liabilities [1]     $ (1,275,000) $ 0  
Derivative Liability, Statement of Financial Position [Extensible Enumeration]     Other liabilities    
Cash flow hedge | Hedging derivative          
Derivative [Line Items]          
Notional $ 1,800,000,000        
Derivative, Cost of Hedge $ 95,700,000        
[1] The variation margin payments for derivatives cleared through central clearing houses are characterized as settlements. At December 31, 2023 and 2022, the notional amount of fair value derivatives hedges cleared through clearing houses is $2.0 billion and $877.7 million with a fair value that approximates zero due to $4.0 million and $47.9 million in variation margin payments.
v3.24.0.1
Employee Contract (Details)
 12 Months Ended
Dec. 31, 2023
contract
Compensation Related Costs [Abstract]  
Number of senior executives that enter into automatic renewing employment agreements 4
Number of senior executive to whom entity is obligated to pay certain amount 4
v3.24.0.1
Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Assets, Fair Value Disclosure [Abstract]    
Other Investments $ 157,100 $ 131,000
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract]    
Valuation allowance of impaired loans 18,600 6,500
Assets measured on recurring basis, unobservable input reconciliation, calculation [Roll Forward]    
Transfers out of Level 3 0  
Other Liabilities    
Assets measured on recurring basis, unobservable input reconciliation, calculation [Roll Forward]    
Fair value, beginning of period 0 0
Total realized gains included in income 0 0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) 0 0
Purchases 0 0
Issuances 0 0
Settlements 0 0
Transfers out of Level 3 0 0
Fair value, December 31 0 0
Other Assets    
Assets measured on recurring basis, unobservable input reconciliation, calculation [Roll Forward]    
Fair value, beginning of period 130,982 100,996
Total realized gains included in income 3,112 10,605
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) 0 0
Purchases 32,515 33,208
Issuances 0 0
Settlements (9,469) (13,827)
Transfers out of Level 3 0 0
Fair value, December 31 157,140 130,982
Available-for-sale Securities    
Assets measured on recurring basis, unobservable input reconciliation, calculation [Roll Forward]    
Fair value, beginning of period 629 828
Total realized gains included in income 4 7
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) 5 (48)
Purchases 0 0
Issuances 0 0
Settlements (159) (158)
Transfers out of Level 3 0 0
Fair value, December 31 479 629
Fair Value, Measurements, Nonrecurring    
Assets, Fair Value Disclosure [Abstract]    
Total assets at fair value 56,104 41,719
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract]    
Other real estate owned 3,937 7,952
Impaired Financing Receivable, with Related Allowance, Recorded Investment [1] 52,167 33,767
Fair Value, Measurements, Nonrecurring | Quoted Market Prices in an Active Market (Level 1)    
Assets, Fair Value Disclosure [Abstract]    
Total assets at fair value 0 0
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract]    
Other real estate owned 0 0
Impaired Financing Receivable, with Related Allowance, Recorded Investment [1] 0 0
Fair Value, Measurements, Nonrecurring | Models with Significant Observable Market Parameters (Level 2)    
Assets, Fair Value Disclosure [Abstract]    
Total assets at fair value 0 0
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract]    
Other real estate owned 0 0
Impaired Financing Receivable, with Related Allowance, Recorded Investment [1] 0 0
Fair Value, Measurements, Nonrecurring | Models with Significant Unobservable Market Parameters (Level 3)    
Assets, Fair Value Disclosure [Abstract]    
Total assets at fair value 56,104 41,719
Assets and liabilities measured at fair value on a nonrecurring basis [Abstract]    
Other real estate owned 3,937 7,952
Impaired Financing Receivable, with Related Allowance, Recorded Investment [1] 52,167 33,767
Fair Value, Measurements, Recurring    
Assets, Fair Value Disclosure [Abstract]    
U.S. treasury securities 893,412 194,184
U.S. government agency securities 262,730 396,157
Mortgage-backed securities 947,390 971,576
State and municipal securities 1,585,895 1,412,306
Asset-backed securities 191,635 117,403
Corporate notes and other, Fair Value Disclosure 436,468 467,244
Total investment securities available-for-sale 4,317,530 3,558,870
Other Investments 179,487 153,011
Other assets 197,541 190,629
Total assets at fair value 4,694,558 3,902,510
Liabilities at fair value [Abstract]    
Other liabilities 79,068 96,483
Total liabilities at fair value 79,068 96,483
Fair Value, Measurements, Recurring | Quoted Market Prices in an Active Market (Level 1)    
Assets, Fair Value Disclosure [Abstract]    
U.S. treasury securities 0 0
U.S. government agency securities 0 0
Mortgage-backed securities 0 0
State and municipal securities 0 0
Asset-backed securities 0 0
Corporate notes and other, Fair Value Disclosure 0 0
Total investment securities available-for-sale 0 0
Other Investments 0 0
Other assets 0 0
Total assets at fair value 0 0
Liabilities at fair value [Abstract]    
Other liabilities 0 0
Total liabilities at fair value 0 0
Fair Value, Measurements, Recurring | Models with Significant Observable Market Parameters (Level 2)    
Assets, Fair Value Disclosure [Abstract]    
U.S. treasury securities 893,412 194,184
U.S. government agency securities 262,730 396,157
Mortgage-backed securities 947,390 971,576
State and municipal securities 1,585,416 1,411,677
Asset-backed securities 191,635 117,403
Corporate notes and other, Fair Value Disclosure 436,468 467,244
Total investment securities available-for-sale 4,317,051 3,558,241
Other Investments 22,347 22,029
Other assets 197,541 190,629
Total assets at fair value 4,536,939 3,770,899
Liabilities at fair value [Abstract]    
Other liabilities 79,068 96,483
Total liabilities at fair value 79,068 96,483
Fair Value, Measurements, Recurring | Models with Significant Unobservable Market Parameters (Level 3)    
Assets, Fair Value Disclosure [Abstract]    
U.S. treasury securities 0 0
U.S. government agency securities 0 0
Mortgage-backed securities 0 0
State and municipal securities 479 629
Asset-backed securities 0 0
Corporate notes and other, Fair Value Disclosure 0 0
Total investment securities available-for-sale 479 629
Other Investments 157,140 130,982
Other assets 0 0
Total assets at fair value 157,619 131,611
Liabilities at fair value [Abstract]    
Other liabilities 0 0
Total liabilities at fair value $ 0 $ 0
[1] The carrying values of collateral dependent loans at December 31, 2023 and 2022 are net of valuation allowances of $18.6 million and $6.5 million, respectively.
v3.24.0.1
Fair Value of Financial Instruments, Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financial assets [Abstract]    
Securities held-to-maturity, fair value $ 2,775,184 $ 2,744,946
Securities Purchased under Agreements to Resell 558,009 513,276
Quoted Market Prices in an Active Market (Level 1)    
Financial assets [Abstract]    
Securities held-to-maturity, fair value 0 0
Loans Receivable, Fair Value Disclosure 0 0
Consumer loans held-for-sale 0 0
Commercial loans held-for-sale 0 0
Securities Purchased under Agreements to Resell 0 0
Financial liabilities [Abstract]    
Deposits and securities sold under agreements to repurchase, fair value disclosure 0 0
Federal Home Loan Bank advances 0 0
Subordinated debt and other borrowings 0 0
Models with Significant Observable Market Parameters (Level 2)    
Financial assets [Abstract]    
Securities held-to-maturity, fair value 2,775,184 2,744,946
Loans Receivable, Fair Value Disclosure 0 0
Consumer loans held-for-sale 104,626 42,353
Commercial loans held-for-sale 9,316 21,151
Securities Purchased under Agreements to Resell 0 0
Financial liabilities [Abstract]    
Deposits and securities sold under agreements to repurchase, fair value disclosure 0 0
Federal Home Loan Bank advances 0 0
Subordinated debt and other borrowings 0 0
Models with Significant Unobservable Market Parameters (Level 3)    
Financial assets [Abstract]    
Securities held-to-maturity, fair value 0 0
Loans Receivable, Fair Value Disclosure 31,863,583 27,901,662
Consumer loans held-for-sale 0 0
Commercial loans held-for-sale 0 0
Securities Purchased under Agreements to Resell 461,375 440,390
Financial liabilities [Abstract]    
Deposits and securities sold under agreements to repurchase, fair value disclosure 37,954,938 34,435,447
Federal Home Loan Bank advances 2,166,912 477,673
Subordinated debt and other borrowings 462,399 430,884
Reported Value Measurement [Member]    
Financial assets [Abstract]    
Securities held-to-maturity, fair value 3,006,357 3,079,050
Loans Receivable, Fair Value Disclosure 32,323,036 28,740,940
Consumer loans held-for-sale 104,217 42,237
Commercial loans held-for-sale 9,280 21,093
Securities Purchased under Agreements to Resell 558,009 513,276
Financial liabilities [Abstract]    
Deposits and securities sold under agreements to repurchase, fair value disclosure 38,749,299 35,156,148
Federal Home Loan Bank advances 2,138,169 464,436
Subordinated debt and other borrowings 424,938 424,055
Estimate of Fair Value Measurement [Member]    
Financial assets [Abstract]    
Securities held-to-maturity, fair value [1] 2,775,184 2,744,946
Loans Receivable, Fair Value Disclosure [1] 31,863,583 27,901,662
Consumer loans held-for-sale [1] 104,626 42,353
Commercial loans held-for-sale [1] 9,316 21,151
Securities Purchased under Agreements to Resell 461,375 [1] 440,390
Financial liabilities [Abstract]    
Deposits and securities sold under agreements to repurchase, fair value disclosure [1] 37,954,938 34,435,447
Federal Home Loan Bank advances [1] 2,166,912 477,673
Subordinated debt and other borrowings [1] $ 462,399 $ 430,884
[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.
v3.24.0.1
Variable Interest Entities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
Proceeds from Issuance of Subordinated Long-term Debt $ 133,000,000  
Subordinated Debt | Trust Preferred Issuances    
Variable Interest Entity [Line Items]    
Liability Recognized 132,995,000 $ 132,995,000
Other Assets | Low Income Housing Partnerships    
Variable Interest Entity [Line Items]    
Maximum Loss Exposure 260,476,000 228,372,000
Liability Recognized 0 0
Other Assets | Variable Interest Entity Primary Beneficiary four    
Variable Interest Entity [Line Items]    
Maximum Loss Exposure 27,600 6,118
Liability Recognized $ 0 $ 0
v3.24.0.1
Regulatory Matters (Details) - USD ($)
$ / shares in Units, shares in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2023
Dec. 31, 2022
Jan. 01, 2022
Dec. 31, 2021
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]          
Preceding period of retained earnings used in calculation of dividend payable   2 years      
Retained earnings   $ 2,784,927,000 $ 2,341,706,000    
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries   $ 106,200,000      
Dividends Payable, Amount Per Share   $ 0.22     $ 0.18
Preferred Stock, Dividend Rate, Per-Dollar-Amount   $ 16.88      
Preferred Stock, Dividend Per Depositary Share   $ 0.422      
Depositary Shares 9,000        
ASU 2016-13 Cumulative Transition Adjustments       $ 68,000,000  
Pinnacle Bank          
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]          
Retained earnings   1,400,000,000      
Actual Amount          
Total capital to risk weighted assets:   4,797,278,000 4,282,742,000    
Tier I capital to risk weighted assets:   4,465,282,000 4,015,550,000    
Common Equity Tier 1 capital to risk weighted assets:   4,465,159,000 4,015,427,000    
Tier I capital to average assets (*): [1]   $ 4,465,282,000 $ 4,015,550,000    
Actual Ratios          
Total capital to risk weighted assets:   12.00% 11.60%    
Tier I capital to risk weighted assets:   11.10% 10.90%    
Common equity Tier 1 capital:   11.10% 10.90%    
Tier I capital to average assets (*): [1]   9.70% 10.10%    
Minimum Capital Requirement          
Total capital to risk weighted assets:   $ 3,207,699,000 $ 2,941,082,000    
Tier I capital to risk weighted assets:   2,405,774,000 2,205,812,000    
Common equity Tier 1 capital to risk weighted assets:   1,804,330,000 1,654,359,000    
Tier I capital to average assets (*): [1]   $ 1,847,972,000 $ 1,591,502,000    
Minimum Capital Requirement - Ratios          
Total capital to risk weighted assets:   8.00% 8.00%    
Tier I capital to risk weighted assets:   6.00% 6.00%    
Common equity Tier 1 risk based capital to risk weighted assets:   4.50% 4.50%    
Tier I capital to average assets (*): [1]   4.00% 4.00%    
Minimum To Be Well Capitalized          
Total capital to risk weighted assets:   $ 4,009,623,000 $ 3,676,353,000    
Tier I capital to risk weighted assets:   3,207,699,000 2,941,082,000    
Common equity Tier 1 capital to risk weighted assets:   2,606,255,000 2,389,629,000    
Tier I capital to average assets (*): [1]   $ 2,309,965,000 $ 1,989,378,000    
Minimum To Be Well Capitalized - Ratios          
Total capital to risk weighted assets:   10.00% 10.00%    
Tier I capital to risk weighted assets:   8.00% 8.00%    
Common equity Tier 1 capital to risk weighted assets:   6.50% 6.50%    
Tier I capital to average assets (*): [1]   5.00% 5.00%    
Pinnacle Financial          
Actual Amount          
Total capital to risk weighted assets:   $ 5,115,755,000 $ 4,584,292,000    
Tier I capital to risk weighted assets:   4,354,759,000 3,888,100,000    
Common Equity Tier 1 capital to risk weighted assets:   4,137,510,000 3,670,851,000    
Tier I capital to average assets (*): [1]   $ 4,354,759,000 $ 3,888,100,000    
Actual Ratios          
Total capital to risk weighted assets:   12.70% 12.40%    
Tier I capital to risk weighted assets:   10.80% 10.50%    
Common equity Tier 1 capital:   10.30% 10.00%    
Tier I capital to average assets (*): [1]   9.40% 9.70%    
Minimum Capital Requirement          
Total capital to risk weighted assets:   $ 3,216,424,000 $ 2,949,276,000    
Tier I capital to risk weighted assets:   2,412,318,000 2,211,957,000    
Common equity Tier 1 capital to risk weighted assets:   1,809,238,000 1,658,968,000    
Tier I capital to average assets (*): [1]   $ 1,853,213,000 $ 1,595,457,000    
Minimum Capital Requirement - Ratios          
Total capital to risk weighted assets:   8.00% 8.00%    
Tier I capital to risk weighted assets:   6.00% 6.00%    
Common equity Tier 1 risk based capital to risk weighted assets:   4.50% 4.50%    
Tier I capital to average assets (*): [1]   4.00% 4.00%    
Minimum To Be Well Capitalized          
Total capital to risk weighted assets:   $ 4,020,530,000 $ 3,686,595,000    
Tier I capital to risk weighted assets:   $ 2,412,318,000 $ 2,211,957,000    
Minimum To Be Well Capitalized - Ratios          
Total capital to risk weighted assets:   10.00% 10.00%    
Tier I capital to risk weighted assets:   6.00% 6.00%    
[1]
(*) Average assets for the above calculations were based on the most recent quarter.
v3.24.0.1
Other Income and Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other noninterest income:      
Interchange and other consumer fees $ 69,709 $ 68,022 $ 57,263
Bank-owned life insurance 15,797 21,033 18,942
Loan swap fees 7,851 5,812 5,414
SBA loan sales 3,983 7,036 12,242
Income from other equity investments 8,732 10,605 23,109
Other noninterest income 26,886 23,456 12,824
Total other noninterest income 132,958 135,964 129,794
Other noninterest expense:      
Deposit related expenses 78,757 28,972 24,003
Lending related expenses 50,109 52,700 39,578
Wealth management related expenses 2,934 2,565 1,950
Audit, exam and insurance expense 10,887 9,209 11,259
Administrative and other expenses 31,812 27,375 23,169
Other noninterest expense $ 174,499 $ 120,821 $ 99,959
v3.24.0.1
Parent Company Only Financial Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Investment in unconsolidated subsidiaries:                                
Other assets $ 2,613,139,000       $ 2,015,441,000               $ 2,613,139,000 $ 2,015,441,000    
Total assets 47,959,883,000       41,970,021,000               47,959,883,000 41,970,021,000    
Liabilities and Equity [Abstract]                                
Subordinated debt and other borrowings 424,938,000       424,055,000               424,938,000 424,055,000    
Other Liabilities 544,722,000       386,512,000               544,722,000 386,512,000    
Stockholders' equity 6,035,788,000       5,519,392,000       $ 5,310,607,000       6,035,788,000 5,519,392,000 $ 5,310,607,000 $ 4,904,611,000
Total liabilities and shareholders' equity 47,959,883,000       41,970,021,000               47,959,883,000 41,970,021,000    
Expenses:                                
Interest expense                         1,091,250,000 244,642,000 98,813,000  
Personnel expense, including stock compensation                         531,828,000 510,175,000 436,006,000  
Income tax expense (benefit)                         151,854,000 136,751,000 124,582,000  
Net income 94,979,000 $ 132,603,000 $ 197,299,000 $ 137,271,000 137,847,000 $ 148,658,000 $ 145,127,000 $ 129,110,000 133,528,000 $ 136,577,000 $ 131,790,000 $ 125,428,000 562,152,000 560,742,000 527,323,000  
Preferred stock dividends                         15,192,000 15,192,000 15,192,000  
Net income available to common shareholders 91,181,000 128,805,000 193,501,000 133,473,000 134,049,000 144,860,000 141,329,000 125,312,000 129,730,000 132,779,000 127,992,000 121,630,000 546,960,000 545,550,000 512,131,000  
CONDENSED STATEMENTS OF CASH FLOWS [Abstract]                                
Net income 94,979,000 $ 132,603,000 $ 197,299,000 137,271,000 137,847,000 $ 148,658,000 $ 145,127,000 129,110,000 133,528,000 $ 136,577,000 $ 131,790,000 125,428,000 562,152,000 560,742,000 527,323,000  
Adjustments to reconcile net income to net cash provided by operating activities:                                  
Depreciation, amortization and accretion                         78,698,000 62,298,000 53,256,000  
Stock-based compensation expense                         41,879,000 39,552,000 24,952,000  
Deferred tax (expense) benefit                         72,368,000 19,740,000 (12,232,000)  
Income from equity method investment                         (85,402,000) (145,466,000) (122,274,000)  
Dividends received from equity method investment                         36,694,000 63,114,000 69,996,000  
Excess tax benefit from stock compensation                         208,000 3,027,000 2,475,000  
(Increase) decrease in other assets                         (262,851,000) (82,436,000) 73,542,000  
Increase (decrease) in other liabilities                         7,944,000 (26,620,000) (60,315,000)  
Net cash provided by operating activities                         478,404,000 604,925,000 657,444,000  
Investing activities:                                
Increase in other investments                         (92,997,000) (90,967,000) (83,830,000)  
Net cash used in investing activities                         (4,602,439,000) (6,684,439,000) (3,612,955,000)  
Financing activities:                                
Issuance of common stock pursuant to restricted stock unit agreement, net of shares withheld for taxes                         (3,725,000) (5,462,000) (3,790,000)  
Common dividends paid                         68,737,000 68,194,000 55,504,000  
Preferred stock dividends paid                         15,192,000 15,192,000 15,192,000  
Net cash provided by financing activities                         5,177,002,000 3,155,357,000 3,095,601,000  
Investment Income, Dividend                         106,200,000 110,800,000 99,800,000  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect                         1,052,967,000 (2,924,157,000) 140,090,000  
Contribution of Property                         134,700,000      
Parent Company                                
Assets [Abstract]                                
Cash and cash equivalents 197,079,000       186,572,000       184,654,000       197,079,000 186,572,000 184,654,000 $ 275,888,000
Investment in unconsolidated subsidiaries:                                
Unconsolidated subsidiaries 3,995,000       3,995,000               3,995,000 3,995,000    
Other investments 67,848,000       56,957,000               67,848,000 56,957,000    
Current income tax receivable 32,466,000       33,870,000               32,466,000 33,870,000    
Other assets 144,597,000       57,980,000               144,597,000 57,980,000    
Total assets 6,586,188,000       5,978,420,000               6,586,188,000 5,978,420,000    
Liabilities and Equity [Abstract]                                
Subordinated debt and other borrowings 424,938,000       424,055,000               424,938,000 424,055,000    
Other Liabilities 125,462,000       34,973,000               125,462,000 34,973,000    
Stockholders' equity 6,035,788,000       5,519,392,000               6,035,788,000 5,519,392,000    
Total liabilities and shareholders' equity 6,586,188,000       5,978,420,000               6,586,188,000 5,978,420,000    
CONDENSED STATEMENTS OF OPERATIONS [Abstract]                                
Income from equity method investment                         0 33,817,000 33,169,000  
Other income (loss)                         12,360,000 6,478,000 14,945,000  
Expenses:                                
Interest expense                         23,263,000 18,590,000 22,903,000  
Personnel expense, including stock compensation                         41,879,000 39,552,000 24,952,000  
Other expense                         3,180,000 3,025,000 2,697,000  
Income before income taxes and equity in undistributed income of subsidiaries                         50,991,000 90,107,000 97,417,000  
Income tax expense (benefit)                         (13,547,000) (8,444,000) (3,088,000)  
Income before equity in undistributed income of subsidiaries                         64,538,000 98,551,000 100,505,000  
Equity in undistributed income of bank subsidiaries                         496,236,000 461,004,000 424,978,000  
Equity in undistributed income (loss) of nonbank subsidiaries                         1,378,000 1,187,000 1,840,000  
Net income                         562,152,000 560,742,000 527,323,000  
Preferred stock dividends                         15,192,000 15,192,000 15,192,000  
Net income available to common shareholders                         546,960,000 545,550,000 512,131,000  
CONDENSED STATEMENTS OF CASH FLOWS [Abstract]                                
Net income                         562,152,000 560,742,000 527,323,000  
Adjustments to reconcile net income to net cash provided by operating activities:                                  
Depreciation, amortization and accretion                         883,000 882,000 1,886,000  
Stock-based compensation expense                         41,879,000 39,552,000 24,952,000  
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable                         89,597,000 28,281,000 0  
Deferred tax (expense) benefit                         3,014,000 1,760,000 2,850,000  
Income from equity method investment                         0 (33,817,000) (33,169,000)  
Dividends received from equity method investment                         0 10,365,000 12,214,000  
Excess tax benefit from stock compensation                         (208,000) (3,027,000) (2,475,000)  
Gain on other investments, net                         (2,088,000) (2,563,000) (10,223,000)  
(Increase) decrease in other assets                         (88,227,000) (32,609,000) 19,478,000  
Increase (decrease) in other liabilities                         1,099,000 3,881,000 2,032,000  
Equity in undistributed (income) loss of bank subsidiaries                         (496,236,000) (461,004,000) (424,978,000)  
Equity in undistributed (income) loss of nonbank subsidiaries                         (1,378,000) (1,187,000) (1,840,000)  
Net cash provided by operating activities                         110,487,000 111,256,000 118,050,000  
Investing activities:                                
Investment in consolidated nonbanking subsidiaries                         (10,000,000) 0 0  
Proceeds from Divestiture of Interest in Consolidated Subsidiaries                         9,691,000 0 0  
Increase in other investments                         (8,802,000) (15,776,000) (11,668,000)  
Net cash used in investing activities                         (9,111,000) (15,776,000) (11,668,000)  
Financing activities:                                
Repayment of other borrowings                         0 0 (120,000,000)  
Issuance of common stock pursuant to restricted stock unit agreement, net of shares withheld for taxes                         (3,725,000) (5,462,000) (3,790,000)  
Exercise of common stock options, net of shares surrendered for taxes                         (3,215,000) (4,714,000) (3,130,000)  
Common dividends paid                         (68,737,000) (68,194,000) (55,504,000)  
Preferred stock dividends paid                         (15,192,000) (15,192,000) (15,192,000)  
Net cash provided by financing activities                         (90,869,000) (93,562,000) (197,616,000)  
Cash and cash equivalents, beginning of year       $ 186,572,000       $ 184,654,000       $ 275,888,000 186,572,000 184,654,000 275,888,000  
Cash and cash equivalents, end of year 197,079,000       186,572,000       $ 184,654,000       197,079,000 186,572,000 184,654,000  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect                         10,507,000 1,918,000 $ (91,234,000)  
Banking                                
Assets [Abstract]                                
Investments in consolidated subsidiaries 6,126,172,000       5,626,844,000               $ 6,126,172,000 $ 5,626,844,000    
Financing activities:                                
Revenues                         Pinnacle Bank Pinnacle Bank Pinnacle Bank  
Nonbank subsidiaries                                
Assets [Abstract]                                
Investments in consolidated subsidiaries $ 14,031,000       $ 12,202,000               $ 14,031,000 $ 12,202,000    
Financing activities:                                
Revenues                         Pinnacle Bank Pinnacle Bank Pinnacle Bank  
v3.24.0.1
Quarterly Financial Results (unaudited) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]                              
Interest income $ 644,796,000 $ 627,294,000 $ 575,239,000 $ 506,039,000 $ 451,178,000 $ 371,764,000 $ 292,376,000 $ 258,617,000 $ 259,193,000 $ 260,868,000 $ 259,236,000 $ 251,917,000 $ 2,353,368,000 $ 1,373,935,000 $ 1,031,214,000
Net interest income 317,252,000 317,242,000 315,393,000 312,231,000 319,460,000 305,784,000 264,574,000 239,475,000 238,763,000 237,543,000 233,225,000 222,870,000 1,262,118,000 1,129,293,000 932,401,000
Provision for credit losses 16,314,000 26,826,000 31,689,000 18,767,000 24,805,000 27,493,000 12,907,000 2,720,000 2,675,000 3,382,000 2,834,000 7,235,000 93,596,000 67,925,000 16,126,000
Income before income taxes 128,858,000 167,980,000 245,902,000 171,266,000 174,929,000 183,843,000 181,131,000 157,590,000 166,394,000 169,405,000 162,458,000 153,648,000 714,006,000 697,493,000 651,905,000
Net income 94,979,000 132,603,000 197,299,000 137,271,000 137,847,000 148,658,000 145,127,000 129,110,000 133,528,000 136,577,000 131,790,000 125,428,000 562,152,000 560,742,000 527,323,000
Net income available to common shareholders $ 91,181,000 $ 128,805,000 $ 193,501,000 $ 133,473,000 $ 134,049,000 $ 144,860,000 $ 141,329,000 $ 125,312,000 $ 129,730,000 $ 132,779,000 $ 127,992,000 $ 121,630,000 $ 546,960,000 $ 545,550,000 $ 512,131,000
Basic net income per common share (in dollars per share) $ 1.20 $ 1.69 $ 2.55 $ 1.76 $ 1.77 $ 1.91 $ 1.87 $ 1.66 $ 1.72 $ 1.76 $ 1.70 $ 1.61 $ 7.20 $ 7.20 $ 6.79
Diluted net income per common share (in dollars per share) $ 1.19 $ 1.69 $ 2.54 $ 1.76 $ 1.76 $ 1.91 $ 1.86 $ 1.65 $ 1.71 $ 1.75 $ 1.69 $ 1.61 $ 7.14 $ 7.17 $ 6.75