Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Q2 2023 Earnings Call Transcript

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Jared Shaw: Just a quick follow-up on the BHG. You called out the loan sales to the institutional investors. Were those also covered under a substitution agreement? Or when you say there’s no recourse, that’s just truly no recourse there off the balance sheet and any losses will be absorbed by those borrowers or purchasers?

Terry Turner: That’s right. That’s right. From — my understanding is they bought those loans and they’re theirs. So the gain on those wasn’t quite at the same level. But at the same time, they don’t have the recourse.

Operator: There were no other questions in queue at this time. And this does conclude today’s conference. You may disconnect your lines at this time, and have a wonderful day. Thank you for your participation.

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