Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'TRUSTMARK CORP | ' |
Entity Central Index Key | '0000036146 | ' |
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 Common Stock, Shares Outstanding | ' | 67,186,694 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks (noninterest-bearing) | $335,695 | $231,489 |
Federal funds sold and securities purchased under reverse repurchase agreements | 7,867 | 7,046 |
Securities available for sale (at fair value) | 3,372,101 | 2,657,745 |
Securities held to maturity (fair value: $70,949-2013; $46,888-2012) | 69,980 | 42,188 |
Loans held for sale (LHFS) | 119,986 | 257,986 |
Loans held for investment (LHFI) | 5,696,641 | 5,592,754 |
Less allowance for loan losses, LHFI | 68,632 | 78,738 |
Net LHFI | 5,628,009 | 5,514,016 |
Acquired loans: | ' | ' |
Noncovered loans | 837,875 | 81,523 |
Covered loans | 37,250 | 52,041 |
Less allowance for loan losses, acquired loans | 5,333 | 6,075 |
Net acquired loans | 869,792 | 127,489 |
Net LHFI and acquired loans | 6,497,801 | 5,641,505 |
Premises and equipment, net | 208,837 | 154,841 |
Mortgage servicing rights | 63,150 | 47,341 |
Goodwill | 372,463 | 291,104 |
Identifiable intangible assets | 44,424 | 17,306 |
Other real estate, excluding covered other real estate | 116,329 | 78,189 |
Covered other real estate | 5,092 | 5,741 |
FDIC indemnification asset | 17,085 | 21,774 |
Other assets | 574,387 | 374,412 |
Total Assets | 11,805,197 | 9,828,667 |
Deposits: | ' | ' |
Noninterest-bearing | 2,643,612 | 2,254,211 |
Interest-bearing | 7,143,622 | 5,642,306 |
Total deposits | 9,787,234 | 7,896,517 |
Federal funds purchased and securities sold under repurchase agreements | 342,465 | 288,829 |
Short-term borrowings | 60,698 | 86,920 |
Long-term FHLB advances | 8,562 | 0 |
Subordinated notes | 49,896 | 49,871 |
Junior subordinated debt securities | 61,856 | 61,856 |
Other liabilities | 164,972 | 157,305 |
Total Liabilities | 10,475,683 | 8,541,298 |
Shareholders' Equity | ' | ' |
Common stock, no par value: Authorized: 250,000,000 shares Issued and outstanding: 67,181,694 shares - 2013; 64,820,414 shares - 2012 | 13,998 | 13,506 |
Capital surplus | 343,759 | 285,905 |
Retained earnings | 1,023,983 | 984,563 |
Accumulated other comprehensive (loss) income, net of tax | -52,226 | 3,395 |
Total Shareholders' Equity | 1,329,514 | 1,287,369 |
Total Liabilities and Shareholders' Equity | $11,805,197 | $9,828,667 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Securities held to maturity, fair value | $70,949 | $46,888 |
Shareholders' Equity | ' | ' |
Common stock, par value (in dollars per share) | $0 | $0 |
Common stock, authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, issued (in shares) | 67,181,694 | 64,820,414 |
Common stock, outstanding (in shares) | 67,181,694 | 64,820,414 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income | ' | ' | ' | ' |
Interest and fees on LHFI & LHFS | $65,403 | $69,656 | $194,572 | $212,783 |
Interest and fees on acquired loans | 19,183 | 5,229 | 52,952 | 13,263 |
Interest on securities: | ' | ' | ' | ' |
Taxable | 18,654 | 15,909 | 53,740 | 51,645 |
Tax exempt | 1,274 | 1,358 | 3,869 | 4,080 |
Interest on federal funds sold and securities purchased under reverse repurchase agreements | 8 | 6 | 17 | 17 |
Other interest income | 372 | 339 | 1,099 | 1,005 |
Total Interest Income | 104,894 | 92,497 | 306,249 | 282,793 |
Interest Expense | ' | ' | ' | ' |
Interest on deposits | 4,970 | 5,725 | 14,950 | 19,543 |
Interest on federal funds purchased and securities sold under repurchase agreements | 106 | 135 | 275 | 448 |
Other interest expense | 1,389 | 1,358 | 4,392 | 4,131 |
Total Interest Expense | 6,465 | 7,218 | 19,617 | 24,122 |
Net Interest Income | 98,429 | 85,279 | 286,632 | 258,671 |
Provision for loan losses, LHFI | -3,624 | 3,358 | -11,438 | 7,301 |
Provision for loan losses, acquired loans | 3,292 | 2,105 | 1,870 | 3,583 |
Net Interest Income After Provision for Loan Losses | 98,761 | 79,816 | 296,200 | 247,787 |
Noninterest Income | ' | ' | ' | ' |
Service charges on deposit accounts | 13,852 | 13,135 | 38,462 | 37,960 |
Bank card and other fees | 8,929 | 6,924 | 26,381 | 22,467 |
Mortgage banking, net | 8,440 | 11,150 | 28,318 | 29,629 |
Insurance commissions | 8,227 | 7,533 | 23,483 | 21,318 |
Wealth management | 7,520 | 5,612 | 21,335 | 16,875 |
Other, net | 165 | 512 | -3,171 | 3,120 |
Security gains (losses), net | 0 | -1 | 378 | 1,041 |
Total Noninterest Income | 47,133 | 44,865 | 135,186 | 132,410 |
Noninterest Expense | ' | ' | ' | ' |
Salaries and employee benefits | 56,043 | 47,404 | 165,040 | 140,795 |
Services and fees | 13,580 | 11,682 | 39,428 | 34,179 |
Net occupancy - premises | 6,644 | 5,352 | 19,302 | 15,244 |
Equipment expense | 6,271 | 5,095 | 18,138 | 15,190 |
ORE/Foreclosure expense | 3,079 | 1,702 | 12,030 | 7,992 |
FDIC assessment expense | 2,376 | 1,826 | 6,773 | 5,427 |
Other expense | 13,531 | 10,399 | 50,153 | 38,366 |
Total Noninterest Expense | 101,524 | 83,460 | 310,864 | 257,193 |
Income Before Income Taxes | 44,370 | 41,221 | 120,522 | 123,004 |
Income taxes | 11,336 | 11,317 | 31,501 | 33,431 |
Net Income | $33,034 | $29,904 | $89,021 | $89,573 |
Earnings Per Common Share | ' | ' | ' | ' |
Basic (in dollars per share) | $0.49 | $0.46 | $1.33 | $1.39 |
Diluted (in dollars per share) | $0.49 | $0.46 | $1.33 | $1.38 |
Dividends Per Common Share (in dollars per share) | $0.23 | $0.23 | $0.69 | $0.69 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ' | ' | ' | ' |
Net income per consolidated statements of income | $33,034 | $29,904 | $89,021 | $89,573 |
Unrealized (losses) gains on available for sale securities: | ' | ' | ' | ' |
Unrealized holding (losses) gains arising during the period | -17,461 | 2,618 | -60,596 | 1,834 |
Less: adjustment for net gains realized in net income | 0 | 0 | -233 | -643 |
Pension and other postretirement benefit plans: | ' | ' | ' | ' |
Change in the net actuarial loss during the period | 1,565 | 976 | 3,996 | 2,936 |
Derivatives: | ' | ' | ' | ' |
Change in the accumulated gain on effective cash flow hedge derivatives | -242 | 0 | 1,212 | 0 |
Other comprehensive (loss) income, net of tax | -16,138 | 3,594 | -55,621 | 4,127 |
Comprehensive income | $16,896 | $33,498 | $33,400 | $93,700 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) [Abstract] | ' | ' |
Balance, January 1, | $1,287,369 | $1,215,037 |
Net income per consolidated statements of income | 89,021 | 89,573 |
Other comprehensive (loss) income | -55,621 | 4,127 |
Common stock dividends paid | -46,674 | -44,941 |
Common stock issued-net, long-term incentive plans: | ' | ' |
Stock options | 845 | 268 |
Restricted stock | -963 | -1,203 |
Excess tax (expense) benefit from stock-based compensation arrangements | -808 | 35 |
Compensation expense, long-term incentive plan | 2,850 | 3,119 |
Common stock issued, business combination | 53,495 | 12,000 |
Balance, End of Period | $1,329,514 | $1,278,015 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $89,021 | $89,573 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses, net | -9,568 | 10,884 |
Depreciation and amortization | 27,800 | 21,718 |
Net amortization of securities | 5,390 | 5,499 |
Securities gains, net | -378 | -1,041 |
Gains on sales of loans, net | -24,220 | -21,884 |
Bargain purchase gain on acquisition | 0 | -3,635 |
Deferred income tax provision (benefit) | 14,145 | -13,035 |
Proceeds from sales of loans held for sale | 1,156,310 | 1,330,506 |
Purchases and originations of loans held for sale | -1,021,237 | -1,419,368 |
Originations and sales of mortgage servicing rights, net | -15,551 | -17,074 |
Net increase in other assets | -74,411 | -46,425 |
Net (decrease) increase in other liabilities | -3,431 | 48,541 |
Other operating activities, net | 7,390 | 17,048 |
Net cash provided by operating activities | 151,260 | 1,307 |
Investing Activities | ' | ' |
Proceeds from calls and maturities of securities held to maturity | 7,269 | 12,240 |
Proceeds from calls and maturities of securities available for sale | 642,687 | 692,179 |
Proceeds from sales of securities available for sale | 67,558 | 34,826 |
Purchases of securities held to maturity | -35,045 | 0 |
Purchases of securities available for sale | -1,000,015 | -927,652 |
Net (increase) decrease in federal funds sold and securities purchased under reverse repurchase agreements | -821 | 3,963 |
Net decrease in loans | 59,025 | 312,194 |
Purchases of premises and equipment | -12,862 | -12,466 |
Proceeds from sales of premises and equipment | 3,782 | -3 |
Proceeds from sales of other real estate | 30,389 | 26,185 |
Net cash received in business combination | 89,037 | 78,151 |
Net cash (used in) provided by investing activities | -148,996 | 219,617 |
Financing Activities | ' | ' |
Net increase in deposits | 150,463 | 28,882 |
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements | 53,636 | -195,789 |
Net decrease in short-term borrowings | -21,174 | -1,613 |
Payments on long-term FHLB advances | -383 | 0 |
Redemption of junior subordinated debt securities | -33,000 | 0 |
Common stock dividends | -46,674 | -44,941 |
Common stock issued-net, long-term incentive plans | -118 | -935 |
Excess tax (expense) benefit from stock-based compensation arrangements | -808 | 35 |
Net cash provided by (used in) financing activities | 101,942 | -214,361 |
Increase in cash and cash equivalents | 104,206 | 6,563 |
Cash and cash equivalents at beginning of period | 231,489 | 202,625 |
Cash and cash equivalents at end of period | $335,695 | $209,188 |
Business_Basis_of_Financial_St
Business, Basis of Financial Statement Presentation and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2013 | |
Business, Basis of Financial Statement Presentation and Principles of Consolidation [Abstract] | ' |
Business, Basis of Financial Statement Presentation and Principles of Consolidation | ' |
Note 1 – Business, Basis of Financial Statement Presentation and Principles of Consolidation | |
Trustmark Corporation (Trustmark) is a multi-bank holding company headquartered in Jackson, Mississippi. Through its subsidiaries, Trustmark operates as a financial services organization providing banking and financial solutions to corporate institutions and individual customers through 214 offices in Alabama, Florida, Mississippi, Tennessee and Texas. | |
The consolidated financial statements in this quarterly report on Form 10-Q include the accounts of Trustmark and all other entities in which Trustmark has a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements, and notes thereto, included in Trustmark’s 2012 annual report on Form 10-K. | |
Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. In the opinion of Management, all adjustments considered necessary for the fair presentation of these consolidated financial statements have been included. The preparation of financial statements in conformity with these accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expense during the reporting period and the related disclosures. Although Management’s estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that in 2013 actual conditions could vary from those anticipated, which could affect Trustmark’s results of operations and financial condition. The allowance for loan losses, the amount and timing of expected cash flows from acquired loans and the Federal Deposit Insurance Corporation (FDIC) indemnification asset, the valuation of other real estate, the fair value of mortgage servicing rights, the valuation of goodwill and other identifiable intangibles, the status of contingencies and the fair values of financial instruments are particularly subject to change. Actual results could differ from those estimates. |
Business_Combinations
Business Combinations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Business Combinations | ' | ||||||||||||||||
Note 2 – Business Combinations | |||||||||||||||||
Oxford, Mississippi Branches | |||||||||||||||||
On March 29, 2013, Trustmark National Bank (TNB), a subsidiary of Trustmark, announced the signing of a definitive Branch Purchase and Assumption Agreement (the Agreement) pursuant to which TNB would acquire the two branches of SOUTHBank, F.S.B. (SOUTHBank), serving the Oxford, Mississippi market. TNB completed its purchase of the two branches from SOUTHBank effective as of the close of business on July 26, 2013. Pursuant to the Agreement, TNB assumed deposit accounts of approximately $11.7 million in addition to purchasing the two physical branch offices. The transaction was not material to Trustmark’s consolidated financial statements and was not considered a business combination in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 805, “Business Combinations.” | |||||||||||||||||
BancTrust Financial Group, Inc. | |||||||||||||||||
On February 15, 2013, Trustmark completed its merger with BancTrust Financial Group, Inc. (BancTrust), a 26-year-old bank holding company headquartered in Mobile, Alabama. In accordance with the terms of the definitive agreement, the holders of BancTrust common stock received 0.125 of a share of Trustmark common stock for each share of BancTrust common stock in a tax-free exchange. Trustmark issued approximately 2.24 million shares of its common stock for all issued and outstanding shares of BancTrust common stock. The total value of the 2.24 million shares of Trustmark common stock issued to the BancTrust shareholders on the acquisition date was approximately $53.5 million, based on a closing stock price of $23.83 per share of Trustmark common stock on February 15, 2013. At closing, Trustmark repurchased the $50.0 million of BancTrust preferred stock and associated warrant issued to the U.S. Department of Treasury under the Capital Purchase Program for approximately $52.6 million. | |||||||||||||||||
The acquisition of BancTrust was consistent with Trustmark’s strategic plan to selectively expand the Trustmark franchise. The acquisition provided Trustmark entry into more than 15 markets in Alabama and enhanced the Trustmark franchise in the Florida Panhandle. | |||||||||||||||||
This acquisition was accounted for under the acquisition method in accordance with FASB ASC Topic 805. Accordingly, the assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. The fair values of assets acquired and liabilities assumed are subject to adjustment if additional information becomes available to indicate a more accurate or appropriate value for an asset or liability during the measurement period, which is not to exceed one year from the acquisition date of February 15, 2013. Assets that are particularly susceptible to adjustment include certain loans, other real estate and certain premises and equipment. | |||||||||||||||||
During the second and third quarters of 2013, Trustmark recorded fair value adjustments based on the estimated fair value of certain acquired loans and other real estate. These measurement period adjustments resulted in a decrease in acquired noncovered loans of $6.8 million, a decrease in other real estate of $2.6 million, an increase in the deferred tax asset of $3.1 million, and an increase in goodwill of $5.9 million. Trustmark also recorded an adjustment to transfer $1.6 million of acquired property from premises and equipment, net to other real estate. These measurement period adjustments have been presented on a retrospective basis, consistent with applicable accounting guidance. The statement of assets purchased and liabilities assumed in the BancTrust acquisition is presented below at their adjusted estimated fair values, which were considered preliminary at September 30, 2013, as of the acquisition date of February 15, 2013 ($ in thousands): | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $ | 141,616 | |||||||||||||||
Securities available for sale | 528,016 | ||||||||||||||||
Loans held for sale | 1,050 | ||||||||||||||||
Acquired noncovered loans | 944,235 | ||||||||||||||||
Premises and equipment, net | 55,579 | ||||||||||||||||
Identifiable intangible assets | 33,498 | ||||||||||||||||
Other real estate | 40,103 | ||||||||||||||||
Other assets | 101,833 | ||||||||||||||||
Total Assets | 1,845,930 | ||||||||||||||||
Liabilities: | |||||||||||||||||
Deposits | 1,740,254 | ||||||||||||||||
Other borrowings | 64,051 | ||||||||||||||||
Other liabilities | 16,761 | ||||||||||||||||
Total Liabilities | 1,821,066 | ||||||||||||||||
Net identified assets acquired at fair value | 24,864 | ||||||||||||||||
Goodwill | 81,210 | ||||||||||||||||
Net assets acquired at fair value | $ | 106,074 | |||||||||||||||
The excess of the consideration paid over the estimated fair value of the net assets acquired was $81.2 million, which was recorded as goodwill under FASB ASC Topic 805. The identifiable intangible assets acquired represent the core deposit intangible at fair value at the acquisition date. The core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. | |||||||||||||||||
Loans, excluding loans held for sale (LHFS), acquired from BancTrust were evaluated under a fair value process involving various degrees of deterioration in credit quality since origination, and also for those loans for which it was probable at acquisition that Trustmark would not be able to collect all contractually required payments. These loans, with the exception of revolving credit agreements and leases, are referred to as acquired impaired loans and are accounted for in accordance with FASB ASC Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” Refer to Note 5 – Acquired Loans for further information on acquired loans. | |||||||||||||||||
The operations of BancTrust are included in Trustmark’s operating results from February 15, 2013, and added revenue of $50.5 million and net income, excluding non-routine transaction expenses, of approximately $13.0 million through September 30, 2013. Included in BancTrust’s net income through September 30, 2013 are recoveries on pay-offs of acquired loans of $4.2 million (after tax). Included in noninterest expense during the first nine months of 2013 are non-routine BancTrust transaction expenses totaling approximately $9.4 million (change in control and severance expense of $1.4 million included in salaries and benefits; professional fees, contract termination and other expenses of $7.9 million included in other expense). Such operating results are not necessarily indicative of future operating results. | |||||||||||||||||
The following table presents the unaudited pro forma financial information as if the acquisition of BancTrust had occurred on January 1, 2012. The unaudited pro forma information for the three and nine months ended September 30, 2013 and 2012, contains certain adjustments, including acquisition accounting fair value adjustments, amortization of the core deposit intangible and related income tax effects. The non-routine transaction expenses related to the BancTrust acquisition incurred during the first three months of 2013 as well as potential cost savings from the acquisition are not reflected in the unaudited pro forma amounts. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the acquisition been effected on the assumed date ($ in thousands except per share data). | |||||||||||||||||
Pro Forma | Pro Forma | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Interest Income | $ | 98,429 | $ | 103,287 | $ | 294,171 | $ | 309,481 | |||||||||
Total Noninterest Income | 47,133 | 48,110 | 137,049 | 142,513 | |||||||||||||
Net Income | 33,034 | 34,818 | 96,830 | 104,750 | |||||||||||||
Pro Forma Earnings Per Common Share | |||||||||||||||||
Basic | $ | 0.49 | $ | 0.52 | $ | 1.4 | $ | 1.57 | |||||||||
Diluted | $ | 0.49 | $ | 0.52 | $ | 1.4 | $ | 1.56 | |||||||||
Bay Bank & Trust Company | |||||||||||||||||
On March 16, 2012, Trustmark completed its merger with Bay Bank & Trust Co. (Bay Bank), a 76-year old financial institution headquartered in Panama City, Florida. Trustmark acquired all outstanding common stock of Bay Bank for approximately $22 million in cash and stock, comprised of $10 million in cash and the issuance of approximately 510 thousand shares of Trustmark common stock valued at $12 million. This acquisition was accounted for under the acquisition method in accordance with FASB ASC Topic 805. Accordingly, the assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. The purchase price allocation was finalized in the second quarter of 2012. | |||||||||||||||||
The statement of assets purchased and liabilities assumed in the Bay Bank acquisition is presented below at their estimated fair values as of the acquisition date of March 16, 2012 ($ in thousands): | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $ | 88,154 | |||||||||||||||
Securities available for sale | 26,369 | ||||||||||||||||
Acquired noncovered loans | 97,914 | ||||||||||||||||
Premises and equipment, net | 9,466 | ||||||||||||||||
Identifiable intangible assets | 7,017 | ||||||||||||||||
Other real estate | 2,569 | ||||||||||||||||
Other assets | 3,471 | ||||||||||||||||
Total Assets | 234,960 | ||||||||||||||||
Liabilities: | |||||||||||||||||
Deposits | 208,796 | ||||||||||||||||
Other liabilities | 526 | ||||||||||||||||
Total Liabilities | 209,322 | ||||||||||||||||
Net assets acquired at fair value | 25,638 | ||||||||||||||||
Consideration paid to Bay Bank | 22,003 | ||||||||||||||||
Bargain purchase gain | 3,635 | ||||||||||||||||
Income taxes | - | ||||||||||||||||
Bargain purchase gain, net of taxes | $ | 3,635 | |||||||||||||||
The bargain purchase gain represents the excess of the net of the estimated fair value of the assets acquired and liabilities assumed over the consideration paid to Bay Bank. Initially, Trustmark recognized a bargain purchase gain of $2.8 million during the first quarter of 2012 and subsequently increased the bargain purchase gain $881 thousand during the second quarter of 2012 as the fair values associated with the Bay Bank acquisition were finalized. The gain of $3.6 million recognized by Trustmark was considered a gain from a bargain purchase under FASB ASC Topic 805 and was included in other noninterest income for the nine months ended September 30, 2012. Included in noninterest expense during the first quarter of 2012 are non-routine Bay Bank transaction expenses totaling approximately $2.6 million (change in control and severance expense of $672 thousand included in salaries and benefits; contract termination and other expenses of $1.9 million included in other expense). | |||||||||||||||||
The identifiable intangible assets represent the core deposit intangible at fair value at the acquisition date. The core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. | |||||||||||||||||
Loans acquired from Bay Bank were evaluated under a fair value process involving various degrees of deterioration in credit quality since origination, and also for those loans for which it was probable at acquisition that Trustmark would not be able to collect all contractually required payments. These loans, with the exception of revolving credit agreements, are referred to as acquired impaired loans and are accounted for in accordance with FASB ASC Topic 310-30. Refer to Note 5 – Acquired Loans for further information on acquired loans. | |||||||||||||||||
Fair Value of Acquired Financial Instruments | |||||||||||||||||
For financial instruments measured at fair value, Trustmark utilized Level 2 inputs to determine the fair value of securities available for sale, time deposits (included in deposits above) and Federal Home Loan Bank (FHLB) advances (included in other borrowings above). Level 3 inputs were used to determine the fair value of acquired loans, identifiable intangible assets, and other real estate. The methodology and significant assumptions used in estimating the fair values of these financial assets and liabilities are as follows: | |||||||||||||||||
Securities Available for Sale | |||||||||||||||||
Estimated fair values for securities available for sale are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments. | |||||||||||||||||
Acquired Loans | |||||||||||||||||
Fair value of acquired loans is determined using a discounted cash flow model based on assumptions regarding the amount and timing of principal and interest payments, estimated prepayments, estimated default rates, estimated loss severity in the event of defaults and current market rates. | |||||||||||||||||
Identifiable Intangible Assets | |||||||||||||||||
The fair value assigned to the identifiable intangible assets, in this case core deposit intangibles, represent the future economic benefit of the potential cost savings from acquiring core deposits in the acquisition compared to the cost of obtaining alternative funding from market sources. | |||||||||||||||||
Other Real Estate | |||||||||||||||||
Other real estate was initially recorded at its estimated fair value on the acquisition date based on independent appraisals less estimated selling costs. | |||||||||||||||||
Time Deposits | |||||||||||||||||
Time deposits were valued by projecting expected cash flows into the future based on each account’s contracted rate and then determining the present value of those expected cash flows using current rates for deposits with similar maturities. | |||||||||||||||||
FHLB Advances | |||||||||||||||||
FHLB advances were valued by projecting expected cash flows into the future based on each advance’s contracted rate and then determining the present value of those expected cash flows using current rates for advances with similar maturities. | |||||||||||||||||
Please refer to Note 16 – Fair Value for more information on Trustmark’s classification of financial instruments based on valuation inputs within the fair value hierarchy. |
Securities_Available_for_Sale_
Securities Available for Sale and Held to Maturity | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Securities Available for Sale and Held to Maturity [Abstract] | ' | ||||||||||||||||||||||||||||||||
Securities Available for Sale and Held to Maturity | ' | ||||||||||||||||||||||||||||||||
Note 3 – Securities Available for Sale and Held to Maturity | |||||||||||||||||||||||||||||||||
The following table is a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity ($ in thousands): | |||||||||||||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | ||||||||||||||||||||||||||||||||
Gross | Gross | Estimated | Gross | Gross | Estimated | ||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
30-Sep-13 | Cost | Gains | (Losses) | Value | Cost | Gains | (Losses) | Value | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 503 | $ | - | $ | - | $ | 503 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | 133,258 | 1,125 | (1,370 | ) | 133,013 | - | - | - | - | ||||||||||||||||||||||||
Issued by U.S. Government sponsored agencies | 138,937 | 24 | (6,536 | ) | 132,425 | - | - | - | - | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 206,168 | 7,460 | (637 | ) | 212,991 | 30,229 | 2,974 | - | 33,203 | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 48,737 | 596 | (1,093 | ) | 48,240 | 2,420 | 158 | - | 2,578 | ||||||||||||||||||||||||
Issued by FNMA and FHLMC | 211,031 | 4,427 | (663 | ) | 214,795 | 564 | 35 | - | 599 | ||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 2,083,906 | 14,665 | (50,296 | ) | 2,048,275 | - | - | - | - | ||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 349,679 | 8,568 | (4,116 | ) | 354,131 | 36,767 | 114 | (2,312 | ) | 34,569 | |||||||||||||||||||||||
Asset-backed securities and structured financial products | 225,621 | 2,119 | (12 | ) | 227,728 | - | - | - | - | ||||||||||||||||||||||||
Total | $ | 3,397,840 | $ | 38,984 | $ | (64,723 | ) | $ | 3,372,101 | $ | 69,980 | $ | 3,281 | $ | (2,312 | ) | $ | 70,949 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | $ | 10 | $ | - | $ | - | $ | 10 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Issued by U.S. Government sponsored agencies | 105,396 | 339 | - | 105,735 | - | - | - | - | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 202,877 | 12,900 | (16 | ) | 215,761 | 36,206 | 4,184 | - | 40,390 | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 18,981 | 921 | - | 19,902 | 3,245 | 227 | - | 3,472 | |||||||||||||||||||||||||
Issued by FNMA and FHLMC | 201,493 | 7,071 | - | 208,564 | 572 | 52 | - | 624 | |||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 1,436,812 | 29,574 | (20 | ) | 1,466,366 | - | - | - | - | ||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 380,514 | 19,420 | (154 | ) | 399,780 | 2,165 | 237 | - | 2,402 | ||||||||||||||||||||||||
Asset-backed securities and structured financial products | 238,893 | 2,755 | (21 | ) | 241,627 | - | - | - | - | ||||||||||||||||||||||||
Total | $ | 2,584,976 | $ | 72,980 | $ | (211 | ) | $ | 2,657,745 | $ | 42,188 | $ | 4,700 | $ | - | $ | 46,888 | ||||||||||||||||
Temporarily Impaired Securities | |||||||||||||||||||||||||||||||||
The table below includes securities with gross unrealized losses segregated by length of impairment ($ in thousands): | |||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||||||||||
30-Sep-13 | Fair Value | (Losses) | Fair Value | (Losses) | Fair Value | (Losses) | |||||||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | $ | 60,939 | $ | (1,370 | ) | $ | - | $ | - | $ | 60,939 | $ | (1,370 | ) | |||||||||||||||||||
Issued by U.S. Government sponsored agencies | 132,140 | (6,536 | ) | - | - | 132,140 | (6,536 | ) | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 27,414 | (636 | ) | 569 | (1 | ) | 27,983 | (637 | ) | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 36,322 | (1,093 | ) | - | - | 36,322 | (1,093 | ) | |||||||||||||||||||||||||
Issued by FNMA and FHLMC | 49,792 | (663 | ) | - | - | 49,792 | (663 | ) | |||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 1,352,905 | (50,293 | ) | 368 | (3 | ) | 1,353,273 | (50,296 | ) | ||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC, or GNMA | 153,092 | (6,428 | ) | - | - | 153,092 | (6,428 | ) | |||||||||||||||||||||||||
Asset-backed securities and structured financial products | 16,513 | (12 | ) | - | - | 16,513 | (12 | ) | |||||||||||||||||||||||||
Total | $ | 1,829,117 | $ | (67,031 | ) | $ | 937 | $ | (4 | ) | $ | 1,830,054 | $ | (67,035 | ) | ||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 5,878 | $ | (16 | ) | $ | - | $ | - | $ | 5,878 | $ | (16 | ) | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 3,055 | (20 | ) | - | - | 3,055 | (20 | ) | |||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | - | - | 16,339 | (154 | ) | 16,339 | (154 | ) | |||||||||||||||||||||||||
Asset-backed securities and structured financial products | 16,412 | (21 | ) | - | - | 16,412 | (21 | ) | |||||||||||||||||||||||||
Total | $ | 25,345 | $ | (57 | ) | $ | 16,339 | $ | (154 | ) | $ | 41,684 | $ | (211 | ) | ||||||||||||||||||
Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive loss. In estimating other-than-temporary impairment losses, Management considers, among other things, the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer and the intent and ability of Trustmark to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The unrealized losses shown above are primarily due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. Because Trustmark does not intend to sell these securities and it is more likely than not that Trustmark will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, Trustmark does not consider these investments to be other-than-temporarily impaired at September 30, 2013. There were no other-than-temporary impairments for the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||||
Security Gains and Losses | |||||||||||||||||||||||||||||||||
Gains and losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows ($ in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
Available for Sale | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Proceeds from calls and sales of securities | $ | - | $ | 2,710 | $ | 64,778 | $ | 37,536 | |||||||||||||||||||||||||
Gross realized gains | - | - | 394 | 1,050 | |||||||||||||||||||||||||||||
Gross realized (losses) | - | (1 | ) | (16 | ) | (12 | ) | ||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||
Proceeds from calls of securities | $ | - | $ | - | $ | - | $ | 175 | |||||||||||||||||||||||||
Gross realized gains | - | - | - | 3 | |||||||||||||||||||||||||||||
Realized gains and losses are determined using the specific identification method and are included in noninterest income as security gains (losses), net. | |||||||||||||||||||||||||||||||||
Contractual Maturities | |||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of securities available for sale and held to maturity at September 30, 2013, by contractual maturity, are shown below ($ in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||
Securities | Securities | ||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 10,080 | $ | 10,142 | $ | 1,627 | $ | 1,650 | |||||||||||||||||||||||||
Due after one year through five years | 244,598 | 248,610 | 13,744 | 14,789 | |||||||||||||||||||||||||||||
Due after five years through ten years | 271,029 | 270,117 | 14,104 | 15,974 | |||||||||||||||||||||||||||||
Due after ten years | 178,780 | 177,791 | 754 | 790 | |||||||||||||||||||||||||||||
704,487 | 706,660 | 30,229 | 33,203 | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 2,693,353 | 2,665,441 | 39,751 | 37,746 | |||||||||||||||||||||||||||||
Total | $ | 3,397,840 | $ | 3,372,101 | $ | 69,980 | $ | 70,949 |
Loans_Held_for_Investment_LHFI
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI [Abstract] | ' | ||||||||||||||||||||||||
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI | ' | ||||||||||||||||||||||||
Note 4 – Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI | |||||||||||||||||||||||||
For the periods presented, LHFI consisted of the following ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 572,057 | $ | 468,975 | |||||||||||||||||||||
Secured by 1-4 family residential properties | 1,482,963 | 1,497,480 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,408,342 | 1,410,264 | |||||||||||||||||||||||
Other | 196,328 | 189,949 | |||||||||||||||||||||||
Commercial and industrial loans | 1,132,863 | 1,169,513 | |||||||||||||||||||||||
Consumer loans | 164,612 | 171,660 | |||||||||||||||||||||||
Other loans | 739,476 | 684,913 | |||||||||||||||||||||||
LHFI | 5,696,641 | 5,592,754 | |||||||||||||||||||||||
Less allowance for loan losses, LHFI | 68,632 | 78,738 | |||||||||||||||||||||||
Net LHFI | $ | 5,628,009 | $ | 5,514,016 | |||||||||||||||||||||
Loan Concentrations | |||||||||||||||||||||||||
Trustmark does not have any loan concentrations other than those reflected in the preceding table, which exceed 10% of total LHFI. At September 30, 2013, Trustmark's geographic loan distribution was concentrated primarily in its five key market regions: Alabama, Florida, Mississippi, Tennessee and Texas. Accordingly, the ultimate collectability of a substantial portion of these loans and the recovery of a substantial portion of the carrying amount of other real estate are susceptible to changes in market conditions in these areas. | |||||||||||||||||||||||||
Nonaccrual/Impaired LHFI | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the carrying amounts of nonaccrual LHFI, which are individually evaluated for impairment, were $73.4 million and $82.4 million, respectively. Of this total, all commercial nonaccrual LHFI over $500 thousand were specifically evaluated for impairment (specifically evaluated impaired LHFI) using a fair value approach. The remaining nonaccrual LHFI were not all specifically reviewed and written down to fair value less cost to sell. No material interest income was recognized in the income statement on impaired or nonaccrual LHFI for each of the periods ended September 30, 2013 and 2012. | |||||||||||||||||||||||||
All of Trustmark’s specifically evaluated impaired LHFI are collateral dependent loans. At September 30, 2013 and December 31, 2012, specifically evaluated impaired LHFI totaled $32.2 million and $40.6 million, respectively. In addition, these specifically evaluated impaired LHFI had a related allowance of $2.0 million and $5.9 million at the end of the respective periods. For collateral dependent loans, when a loan is deemed impaired, the full difference between the carrying amount of the loan and the most likely estimate of the asset’s fair value less cost to sell is charged off. Charge-offs related to specifically evaluated impaired LHFI totaled $2.1 million and $11.0 million for the first nine months of 2013 and 2012, respectively. Provision recapture on specifically evaluated impaired LHFI totaled $3.5 million for the first nine months of 2013, compared to provision expense of $276 thousand for the same time period in 2012. | |||||||||||||||||||||||||
Fair value estimates for specifically evaluated impaired LHFI are derived from appraised values based on the current market value/as-is value of the property, normally from recently received and reviewed appraisals. Current appraisals are ordered on an annual basis based on the inspection date. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by Trustmark’s Appraisal Review Department to ensure they are acceptable, and values are adjusted down for costs associated with asset disposal. Once this estimated net realizable value has been determined, the value used in the impairment assessment is updated. At the time a specifically evaluated impaired LHFI is deemed to be impaired, the full difference between book value and the most likely estimate of the asset’s net realizable value is charged off. As subsequent events dictate and estimated net realizable values decline, required reserves may be established or further adjustments recorded. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, nonaccrual LHFI not specifically evaluated for impairment and written down to fair value less cost to sell, totaled $41.2 million and $41.8 million, respectively. In addition, these nonaccrual LHFI had allocated allowance for loan losses of $7.7 million and $4.6 million at the end of the respective periods. | |||||||||||||||||||||||||
The following table details LHFI individually and collectively evaluated for impairment at September 30, 2013 and December 31, 2012 ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
LHFI Evaluated for Impairment | |||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 14,454 | $ | 557,603 | $ | 572,057 | |||||||||||||||||||
Secured by 1-4 family residential properties | 23,715 | 1,459,248 | 1,482,963 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 21,290 | 1,387,052 | 1,408,342 | ||||||||||||||||||||||
Other | 503 | 195,825 | 196,328 | ||||||||||||||||||||||
Commercial and industrial loans | 12,196 | 1,120,667 | 1,132,863 | ||||||||||||||||||||||
Consumer loans | 203 | 164,409 | 164,612 | ||||||||||||||||||||||
Other loans | 1,020 | 738,456 | 739,476 | ||||||||||||||||||||||
Total | $ | 73,381 | $ | 5,623,260 | $ | 5,696,641 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
LHFI Evaluated for Impairment | |||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 27,105 | $ | 441,870 | $ | 468,975 | |||||||||||||||||||
Secured by 1-4 family residential properties | 27,114 | 1,470,366 | 1,497,480 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 18,289 | 1,391,975 | 1,410,264 | ||||||||||||||||||||||
Other | 3,956 | 185,993 | 189,949 | ||||||||||||||||||||||
Commercial and industrial loans | 4,741 | 1,164,772 | 1,169,513 | ||||||||||||||||||||||
Consumer loans | 360 | 171,300 | 171,660 | ||||||||||||||||||||||
Other loans | 798 | 684,115 | 684,913 | ||||||||||||||||||||||
Total | $ | 82,363 | $ | 5,510,391 | $ | 5,592,754 | |||||||||||||||||||
At September 30, 2013 and December 31, 2012, the carrying amount of LHFI individually evaluated for impairment consisted of the following ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
LHFI | |||||||||||||||||||||||||
Unpaid | With No Related | With an | Total | Average | |||||||||||||||||||||
Principal | Allowance | Allowance | Carrying | Related | Recorded | ||||||||||||||||||||
Balance | Recorded | Recorded | Amount | Allowance | Investment | ||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 26,139 | $ | 11,073 | $ | 3,381 | $ | 14,454 | $ | 957 | $ | 20,779 | |||||||||||||
Secured by 1-4 family residential properties | 28,078 | 3,206 | 20,509 | 23,715 | 260 | 25,415 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 24,270 | 12,391 | 8,899 | 21,290 | 2,733 | 19,790 | |||||||||||||||||||
Other | 543 | - | 503 | 503 | 37 | 2,229 | |||||||||||||||||||
Commercial and industrial loans | 15,549 | 1,918 | 10,278 | 12,196 | 5,393 | 8,468 | |||||||||||||||||||
Consumer loans | 392 | - | 203 | 203 | 2 | 281 | |||||||||||||||||||
Other loans | 1,154 | 49 | 971 | 1,020 | 324 | 909 | |||||||||||||||||||
Total | $ | 96,125 | $ | 28,637 | $ | 44,744 | $ | 73,381 | $ | 9,706 | $ | 77,871 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
LHFI | |||||||||||||||||||||||||
Unpaid | With No Related | With an | Total | Average | |||||||||||||||||||||
Principal | Allowance | Allowance | Carrying | Related | Recorded | ||||||||||||||||||||
Balance | Recorded | Recorded | Amount | Allowance | Investment | ||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 46,558 | $ | 9,571 | $ | 17,534 | $ | 27,105 | $ | 4,992 | $ | 33,759 | |||||||||||||
Secured by 1-4 family residential properties | 35,155 | 2,533 | 24,581 | 27,114 | 1,469 | 25,731 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 23,337 | 8,184 | 10,105 | 18,289 | 2,296 | 21,135 | |||||||||||||||||||
Other | 6,036 | 566 | 3,390 | 3,956 | 760 | 4,914 | |||||||||||||||||||
Commercial and industrial loans | 7,251 | 2,336 | 2,405 | 4,741 | 640 | 9,444 | |||||||||||||||||||
Consumer loans | 624 | - | 360 | 360 | 5 | 592 | |||||||||||||||||||
Other loans | 857 | - | 798 | 798 | 342 | 835 | |||||||||||||||||||
Total | $ | 119,818 | $ | 23,190 | $ | 59,173 | $ | 82,363 | $ | 10,504 | $ | 96,410 | |||||||||||||
A troubled debt restructuring (TDR) occurs when a borrower is experiencing financial difficulties, and for related economic or legal reasons, a concession is granted to the borrower that Trustmark would not otherwise consider. Whatever the form of a concession granted by Trustmark, the objective is to make the best of a difficult situation by obtaining more cash or other value from the borrower or by increasing the probability of receipt by granting the concession than by not granting it. Other concessions may arise from court proceedings or may be imposed by law. In addition, TDRs also include those credits that are extended or renewed to a borrower who is not able to obtain funds from sources other than Trustmark at a market interest rate for new debt with similar risk. | |||||||||||||||||||||||||
A formal TDR may include, but is not necessarily limited to, one or a combination of the following situations: | |||||||||||||||||||||||||
· | Trustmark accepts a third-party receivable or other asset(s) of the borrower, in lieu of the receivable from the borrower. | ||||||||||||||||||||||||
· | Trustmark accepts an equity interest in the borrower in lieu of the receivable. | ||||||||||||||||||||||||
· | Trustmark accepts modification of the terms of the debt including but not limited to: | ||||||||||||||||||||||||
o | Reduction of (absolute or contingent) the stated interest rate to below the current market rate. | ||||||||||||||||||||||||
o | Extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk. | ||||||||||||||||||||||||
o | Reduction (absolute or contingent) of the face amount or maturity amount of the debt as stated in the note or other agreement. | ||||||||||||||||||||||||
o | Reduction (absolute or contingent) of accrued interest. | ||||||||||||||||||||||||
Troubled debt restructurings are addressed in Trustmark’s loan policy, and in accordance with that policy, any modifications or concessions that may result in a TDR are subject to a special approval process which allows for control, identification, and monitoring of these arrangements. Prior to granting a concession, a revised borrowing arrangement is proposed which is structured so as to improve collectability of the loan in accordance with a reasonable repayment schedule with any loss promptly identified. It is supported by a thorough evaluation of the borrower’s financial condition and prospects for repayment under those revised terms. Other TDRs arising from renewals or extensions of existing debt are routinely identified through the processes utilized in the Problem Loan Committees and in the Credit Quality Review Committee. All TDRs are subsequently reported to the Director Credit Policy Committee on a quarterly basis and are disclosed in Trustmark’s consolidated financial statements in accordance with GAAP and regulatory reporting guidance. | |||||||||||||||||||||||||
All loans whose terms have been modified in a troubled debt restructuring are evaluated for impairment under FASB ASC Topic 310. Accordingly, Trustmark measures any loss on the restructuring in accordance with that guidance. A TDR in which Trustmark receives physical possession of the borrower’s assets, regardless of whether formal foreclosure or repossession proceedings take place, is accounted for in accordance with FASB ASC Subtopic 310-40, “Troubled Debt Restructurings by Creditors.” Thus, the loan is treated as if assets have been received in satisfaction of the loan and reported as a foreclosed asset. | |||||||||||||||||||||||||
A TDR may be returned to accrual status if Trustmark is reasonably assured of repayment of principal and interest under the modified terms and the borrower has demonstrated sustained performance under those terms for a period of at least six months. Otherwise, the restructured loan must remain on nonaccrual. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, LHFI classified as TDRs totaled $16.8 million and $24.3 million, respectively, and were primarily comprised of credits with interest-only payments for an extended period of time totaling $12.6 million and $21.6 million, respectively. The remaining TDRs at September 30, 2013 and December 31, 2012 resulted from real estate loans discharged through Chapter 7 bankruptcy that were not reaffirmed or from payment or maturity extensions. | |||||||||||||||||||||||||
For TDRs, Trustmark had a related loan loss allowance of $1.7 million and $4.3 million at the end of each respective period. LHFI classified as TDRs are charged down to the most likely fair value estimate less an estimated cost to sell for collateral dependent loans, which would approximate net realizable value. Specific charge-offs related to TDRs totaled $703 thousand and $5.3 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The following table illustrates the impact of modifications classified as TDRs for the three and nine months ended September 30, 2013 and 2012 as well as those TDRs modified within the last 12 months for which there was a payment default during the period ($ in thousands): | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Troubled Debt Restructurings | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||
Secured by 1-4 family residential properties | 1 | $ | 32 | $ | 32 | 39 | $ | 3,695 | $ | 3,691 | |||||||||||||||
Other loans secured by real estate | - | - | - | 1 | 199 | 199 | |||||||||||||||||||
Total | 1 | $ | 32 | $ | 32 | 40 | $ | 3,894 | $ | 3,890 | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Troubled Debt Restructurings | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||
Construction, land development and other land loans | - | $ | - | $ | - | 11 | $ | 4,078 | $ | 4,078 | |||||||||||||||
Secured by 1-4 family residential properties | 6 | 412 | 358 | 44 | 5,062 | 5,069 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1 | 952 | 952 | 2 | 1,210 | 1,210 | |||||||||||||||||||
Other loans secured by real estate | - | - | - | 1 | 199 | 199 | |||||||||||||||||||
Commercial and industrial | 2 | 944 | 937 | - | - | - | |||||||||||||||||||
Other loans | 1 | 2,490 | 2,490 | - | - | - | |||||||||||||||||||
Total | 10 | $ | 4,798 | $ | 4,737 | 58 | $ | 10,549 | $ | 10,556 | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Troubled Debt Restructurings that Subsequently Defaulted | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||||
Construction, land development and other land loans | 1 | $ | 9 | 10 | $ | 3,671 | |||||||||||||||||||
Secured by 1-4 family residential properties | 4 | 389 | 8 | 1,781 | |||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | - | 1 | 870 | |||||||||||||||||||||
Total | 5 | $ | 398 | 19 | $ | 6,322 | |||||||||||||||||||
Trustmark’s TDRs have resulted primarily from allowing the borrower to pay interest only for an extended period of time rather than from forgiveness. Accordingly, as shown above, these TDRs have a similar recorded investment for both the pre-modification and post-modification disclosure. Trustmark has utilized loans 90 days or more past due to define payment default in determining TDRs that have subsequently defaulted. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the following table details LHFI classified as TDRs by loan type ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Accruing | Nonaccrual | Total | |||||||||||||||||||||||
Construction, land development and other land loans | $ | 227 | $ | 7,304 | $ | 7,531 | |||||||||||||||||||
Secured by 1-4 family residential properties | 1,255 | 4,965 | 6,220 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | 2,349 | 2,349 | ||||||||||||||||||||||
Other loans secured by real estate | - | 174 | 174 | ||||||||||||||||||||||
Commercial and industrial | - | 568 | 568 | ||||||||||||||||||||||
Total Troubled Debt Restructurings by Type | $ | 1,482 | $ | 15,360 | $ | 16,842 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Accruing | Nonaccrual | Total | |||||||||||||||||||||||
Construction, land development and other land loans | $ | 233 | $ | 12,073 | $ | 12,306 | |||||||||||||||||||
Secured by 1-4 family residential properties | 1,280 | 5,908 | 7,188 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | 4,582 | 4,582 | ||||||||||||||||||||||
Other loans secured by real estate | - | 197 | 197 | ||||||||||||||||||||||
Total Troubled Debt Restructurings by Type | $ | 1,513 | $ | 22,760 | $ | 24,273 | |||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||
Trustmark’s loan portfolio credit quality indicators focus on six key quality ratios that are compared against bank tolerances. The loan indicators are total classified outstanding, total criticized outstanding, nonperforming loans, nonperforming assets, delinquencies and net loan losses. Due to the homogenous nature of consumer loans, Trustmark does not assign a formal internal risk rating to each credit and therefore the criticized and classified measures are unique to commercial loans. | |||||||||||||||||||||||||
In addition to monitoring portfolio credit quality indicators, Trustmark also measures how effectively the lending process is being managed and risks are being identified. As part of an ongoing monitoring process, Trustmark grades the commercial portfolio as it relates to credit file completion and financial statement exceptions, total policy exceptions, collateral exceptions and violations of law as shown below: | |||||||||||||||||||||||||
· | Credit File Completeness and Financial Statement Exceptions – evaluates the quality and condition of credit files in terms of content, completeness and organization and focuses on efforts to obtain and document sufficient information to determine the quality and status of credits. Also included is an evaluation of the systems/procedures used to insure compliance with policy such as financial statements, review memos and loan agreements. | ||||||||||||||||||||||||
· | Underwriting/Policy – evaluates whether credits are adequately analyzed, appropriately structured and properly approved within requirements of bank loan policy. A properly approved credit is approved by adequate authority in a timely manner with all conditions of approval fulfilled. Total policy exceptions measures the level of underwriting and other policy exceptions within a loan portfolio. | ||||||||||||||||||||||||
· | Collateral Documentation – focuses on the adequacy of documentation to support the obligation, perfect Trustmark’s collateral position and protect collateral value. There are two parts to this measure: | ||||||||||||||||||||||||
ü | Collateral exceptions are where certain collateral documentation is either not present, is not considered current or has expired. | ||||||||||||||||||||||||
ü | 90 days and over collateral exceptions are where certain collateral documentation is either not present, is not considered current or has expired and the exception has been identified in excess of 90 days. | ||||||||||||||||||||||||
· | Compliance with Law – focuses on underwriting, documentation, approval and reporting in compliance with banking laws and regulations. Primary emphasis is directed to Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) and Regulation O requirements. | ||||||||||||||||||||||||
Commercial Credits | |||||||||||||||||||||||||
Trustmark has established a loan grading system that consists of ten individual credit risk grades (risk ratings) that encompass a range from loans where the expectation of loss is negligible to loans where loss has been established. The model is based on the risk of default for an individual credit and establishes certain criteria to delineate the level of risk across the ten unique credit risk grades. Credit risk grade definitions are as follows: | |||||||||||||||||||||||||
· | Risk Rate (RR) 1 through RR 6 – Grades one through six represent groups of loans that are not subject to adverse criticism as defined in regulatory guidance. Loans in these groups exhibit characteristics that represent low to moderate risk measured by using a variety of credit risk criteria such as cash flow coverage, debt service coverage, balance sheet leverage, liquidity, management experience, industry position, prevailing economic conditions, support from secondary sources of repayment and other credit factors that may be relevant to a specific loan. In general, these loans are supported by properly margined collateral and guarantees of principal parties. | ||||||||||||||||||||||||
· | Other Assets Especially Mentioned (OAEM) (RR 7) – a loan that has a potential weakness that if not corrected will lead to a more severe rating. This rating is for credits that are currently protected but potentially weak because of an adverse feature or condition that if not corrected will lead to a further downgrade. | ||||||||||||||||||||||||
· | Substandard (RR 8) – a loan that has at least one identified weakness that is well defined. This rating is for credits where the primary sources of repayment are not viable at this time or where either the capital or collateral is not adequate to support the loan and the secondary means of repayment does not provide a sufficient level of support to offset the identified weakness. Loss potential exists in the aggregate amount of substandard loans but does not necessarily exist in individual loans. | ||||||||||||||||||||||||
· | Doubtful (RR 9) – a loan with an identified weakness that does not have a valid secondary source of repayment. Generally these credits have an impaired primary source of repayment and secondary sources are not sufficient to prevent a loss in the credit. The exact amount of the loss has not been determined at this time. | ||||||||||||||||||||||||
· | Loss (RR 10) – a loan or a portion of a loan that is deemed to be uncollectible. | ||||||||||||||||||||||||
By definition, credit risk grades OAEM (RR 7), substandard (RR 8), doubtful (RR 9) and loss (RR 10) are criticized loans while substandard (RR 8), doubtful (RR 9) and loss (RR 10) are classified loans. These definitions are standardized by all bank regulatory agencies and are generally equally applied to each individual lending institution. The remaining credit risk grades are considered pass credits and are solely defined by Trustmark. | |||||||||||||||||||||||||
The credit risk grades represent the probability of default (PD) for an individual credit and as such are not a direct indication of loss given default (LGD). The LGD aspect of the subject risk ratings is neither uniform across the nine primary commercial loan groups or constant between the geographic areas. To account for the variance in the LGD aspects of the risk rate system, the loss expectations for each risk rating is integrated into the allowance for loan loss methodology where the calculated LGD is allotted for each individual risk rating with respect to the individual loan group and unique geographic area. The LGD aspect of the reserve methodology is calculated each quarter as a component of the overall reserve factor for each risk grade by loan group and geographic area. | |||||||||||||||||||||||||
To enhance this process, loans of a certain size that are rated in one of the criticized categories are routinely reviewed to establish an expectation of loss, if any, and if such examination indicates that the level of reserve is not adequate to cover the expectation of loss, a special reserve or impairment is generally applied. | |||||||||||||||||||||||||
The distribution of the losses is accomplished by means of a loss distribution model that assigns a loss factor to each risk rating (1 to 9) in each commercial loan pool. A factor is not applied to risk rate 10 (Loss) as loans classified as Losses are not carried on Trustmark’s books over quarter-end as they are charged off within the period that the loss is determined. | |||||||||||||||||||||||||
The expected loss distribution is spread across the various risk ratings by the perceived level of risk for loss. The nine grade scale described above ranges from a negligible risk of loss to an identified loss across its breadth. The loss distribution factors are graduated through the scale on a basis proportional to the degree of risk that appears manifest in each individual rating and assumes that migration through the loan grading system will occur. | |||||||||||||||||||||||||
Each loan officer assesses the appropriateness of the internal risk rating assigned to their credits on an ongoing basis. Trustmark’s Asset Review area conducts independent credit quality reviews of the majority of Trustmark’s commercial loan portfolio concentrations both on the underlying credit quality of each individual loan portfolio as well as the adherence to bank loan policy and the loan administration process. In general, Asset Review conducts reviews of each lending area within a six to eighteen month window depending on the overall credit quality results of the individual area. | |||||||||||||||||||||||||
In addition to the ongoing internal risk rate monitoring described above, Trustmark conducts monthly credit quality reviews (CQR) for the credits described below, as well as semi-annual analysis and stress testing on all residential real estate development credits and non-owner occupied commercial real estate (CRE) credits of $1.0 million or more as described below: | |||||||||||||||||||||||||
· | Trustmark’s Credit Quality Review Committee meets monthly and performs the following functions: detailed review and evaluation of all loans of $100 thousand or more that are either delinquent thirty days or more or on nonaccrual, including determination of appropriate risk ratings, accrual status, and appropriate servicing officer; review of risk rate changes for relationships of $100 thousand or more; quarterly review of all nonaccruals less than $100 thousand to determine whether the credit should be charged off, returned to accrual, or remain in nonaccrual status; monthly/quarterly review of continuous action plans for all credits rated seven or worse for relationships of $100 thousand or more; monthly review of all commercial charge-offs of $25 thousand or more for the preceding month. | ||||||||||||||||||||||||
· | Residential real estate developments - a development project analysis is performed on all projects regardless of size. Performance of the development is assessed through an evaluation of the number of lots remaining, the payout ratios, and the loan-to-value ratios. Results are stress tested as to absorption and price of lots. This information is reviewed by each senior credit officer for that market to determine the need for any risk rate or accrual status changes. | ||||||||||||||||||||||||
· | Non-owner occupied commercial real estate – a cash flow analysis is performed on all projects with an outstanding balance of $1.0 million or more. In addition, credits are stress tested for vacancies and rate sensitivity. Confirmation is obtained that guarantor’s financial statements are current, taxes have been paid, and that there are no other issues that need to be addressed. This information is reviewed by each senior credit officer for that market to determine the need for any risk rate or accrual status changes. | ||||||||||||||||||||||||
Consumer Credits | |||||||||||||||||||||||||
Consumer loans that do not meet a minimum custom credit score are reviewed quarterly by Management. The Retail Credit Review Committee reviews the volume and percentage of approvals that did not meet the minimum passing custom score by region, individual location, and officer. To assure that Trustmark continues to originate quality loans, this process allows Management to make necessary changes such as revisions to underwriting procedures and credit policies, or changes in loan authority to Trustmark personnel. | |||||||||||||||||||||||||
Trustmark monitors the levels and severity of past due consumer loans on a daily basis through its collection activities. A detailed assessment of consumer loan delinquencies is performed monthly at both a product and market level by delivery channel, which incorporates the perceived level of risk at time of underwriting. Trustmark also monitors its consumer loan delinquency trends by comparing them to quarterly industry averages. | |||||||||||||||||||||||||
The table below illustrates the carrying amount of LHFI by credit quality indicator at September 30, 2013 and December 31, 2012 ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial LHFI | |||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | ||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | Subtotal | |||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 444,526 | $ | 24,211 | $ | 56,419 | $ | 143 | $ | 525,299 | |||||||||||||||
Secured by 1-4 family residential properties | 120,665 | 567 | 8,257 | 113 | 129,602 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,304,158 | 9,854 | 92,908 | 556 | 1,407,476 | ||||||||||||||||||||
Other | 185,201 | 2 | 7,361 | - | 192,564 | ||||||||||||||||||||
Commercial and industrial loans | 1,080,726 | 2,951 | 41,506 | 7,618 | 1,132,801 | ||||||||||||||||||||
Consumer loans | 494 | - | - | - | 494 | ||||||||||||||||||||
Other loans | 730,609 | - | 1,737 | 696 | 733,042 | ||||||||||||||||||||
$ | 3,866,379 | $ | 37,585 | $ | 208,188 | $ | 9,126 | $ | 4,121,278 | ||||||||||||||||
Consumer LHFI | |||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total LHFI | ||||||||||||||||||||
30-89 Days | 90 Days or More | ||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 46,473 | $ | 71 | $ | - | $ | 214 | $ | 46,758 | $ | 572,057 | |||||||||||||
Secured by 1-4 family residential properties | 1,321,599 | 10,228 | 1,998 | 19,536 | 1,353,361 | 1,482,963 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 857 | 9 | - | - | 866 | 1,408,342 | |||||||||||||||||||
Other | 3,687 | 77 | - | - | 3,764 | 196,328 | |||||||||||||||||||
Commercial and industrial loans | 49 | 8 | 1 | 4 | 62 | 1,132,863 | |||||||||||||||||||
Consumer loans | 161,592 | 2,018 | 306 | 202 | 164,118 | 164,612 | |||||||||||||||||||
Other loans | 6,434 | - | - | - | 6,434 | 739,476 | |||||||||||||||||||
$ | 1,540,691 | $ | 12,411 | $ | 2,305 | $ | 19,956 | $ | 1,575,363 | $ | 5,696,641 | ||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial LHFI | |||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | ||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | Subtotal | |||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 335,179 | $ | 23,812 | $ | 63,832 | $ | 143 | $ | 422,966 | |||||||||||||||
Secured by 1-4 family residential properties | 110,333 | 1,012 | 13,303 | 432 | 125,080 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,298,820 | 12,156 | 98,082 | - | 1,409,058 | ||||||||||||||||||||
Other | 178,790 | 444 | 5,768 | - | 185,002 | ||||||||||||||||||||
Commercial and industrial loans | 1,091,356 | 36,992 | 39,479 | 1,334 | 1,169,161 | ||||||||||||||||||||
Consumer loans | 404 | - | - | - | 404 | ||||||||||||||||||||
Other loans | 676,618 | 59 | 1,714 | 784 | 679,175 | ||||||||||||||||||||
$ | 3,691,500 | $ | 74,475 | $ | 222,178 | $ | 2,693 | $ | 3,990,846 | ||||||||||||||||
Consumer LHFI | |||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total LHFI | ||||||||||||||||||||
30-89 Days | 90 Days or More | ||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 44,131 | $ | 1,109 | $ | - | $ | 769 | $ | 46,009 | $ | 468,975 | |||||||||||||
Secured by 1-4 family residential properties | 1,339,000 | 10,332 | 2,630 | 20,438 | 1,372,400 | 1,497,480 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,206 | - | - | - | 1,206 | 1,410,264 | |||||||||||||||||||
Other | 4,746 | 150 | - | 51 | 4,947 | 189,949 | |||||||||||||||||||
Commercial and industrial loans | 313 | 29 | - | 10 | 352 | 1,169,513 | |||||||||||||||||||
Consumer loans | 167,131 | 3,481 | 285 | 359 | 171,256 | 171,660 | |||||||||||||||||||
Other loans | 5,738 | - | - | - | 5,738 | 684,913 | |||||||||||||||||||
$ | 1,562,265 | $ | 15,101 | $ | 2,915 | $ | 21,627 | $ | 1,601,908 | $ | 5,592,754 | ||||||||||||||
Past Due LHFI and Loans Held for Sale (LHFS) | |||||||||||||||||||||||||
LHFI past due 90 days or more totaled $2.3 million and $6.4 million at September 30, 2013 and December 31, 2012, respectively. The following table provides an aging analysis of past due and nonaccrual LHFI by class at September 30, 2013 and December 31, 2012 ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||
90 Days | Current | ||||||||||||||||||||||||
30-89 Days | or More (1) | Total | Nonaccrual | Loans | Total LHFI | ||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 12,401 | $ | 1 | $ | 12,402 | $ | 14,454 | $ | 545,201 | $ | 572,057 | |||||||||||||
Secured by 1-4 family residential properties | 10,925 | 1,996 | 12,921 | 23,715 | 1,446,327 | 1,482,963 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 6,163 | - | 6,163 | 21,290 | 1,380,889 | 1,408,342 | |||||||||||||||||||
Other | 120 | - | 120 | 503 | 195,705 | 196,328 | |||||||||||||||||||
Commercial and industrial loans | 2,665 | 41 | 2,706 | 12,196 | 1,117,961 | 1,132,863 | |||||||||||||||||||
Consumer loans | 2,018 | 306 | 2,324 | 203 | 162,085 | 164,612 | |||||||||||||||||||
Other loans | 88 | - | 88 | 1,020 | 738,368 | 739,476 | |||||||||||||||||||
Total | $ | 34,380 | $ | 2,344 | $ | 36,724 | $ | 73,381 | $ | 5,586,536 | $ | 5,696,641 | |||||||||||||
(1) - Past due 90 days or more but still accruing interest. | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||
90 Days | Current | ||||||||||||||||||||||||
30-89 Days | or More (1) | Total | Nonaccrual | Loans | Total LHFI | ||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 4,957 | $ | 438 | $ | 5,395 | $ | 27,105 | $ | 436,475 | $ | 468,975 | |||||||||||||
Secured by 1-4 family residential properties | 12,626 | 3,131 | 15,757 | 27,114 | 1,454,609 | 1,497,480 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 9,460 | - | 9,460 | 18,289 | 1,382,515 | 1,410,264 | |||||||||||||||||||
Other | 172 | - | 172 | 3,956 | 185,821 | 189,949 | |||||||||||||||||||
Commercial and industrial loans | 4,317 | 2,525 | 6,842 | 4,741 | 1,157,930 | 1,169,513 | |||||||||||||||||||
Consumer loans | 3,480 | 284 | 3,764 | 360 | 167,536 | 171,660 | |||||||||||||||||||
Other loans | 181 | - | 181 | 798 | 683,934 | 684,913 | |||||||||||||||||||
Total | $ | 35,193 | $ | 6,378 | $ | 41,571 | $ | 82,363 | $ | 5,468,820 | $ | 5,592,754 | |||||||||||||
(1) - Past due 90 days or more but still accruing interest. | |||||||||||||||||||||||||
LHFS past due 90 days or more totaled $18.4 million and $43.1 million at September 30, 2013 and December 31, 2012, respectively. LHFS past due 90 days or more are serviced loans eligible for repurchase, which are fully guaranteed by the Government National Mortgage Association (GNMA). GNMA optional repurchase programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the institution provides servicing. At the servicer's option and without GNMA's prior authorization, the servicer may repurchase such a delinquent loan for an amount equal to 100 percent of the remaining principal balance of the loan. This buy-back option is considered a conditional option until the delinquency criteria are met, at which time the option becomes unconditional. When Trustmark is deemed to have regained effective control over these loans under the unconditional buy-back option, the loans can no longer be reported as sold and must be brought back onto the balance sheet as loans held for sale, regardless of whether Trustmark intends to exercise the buy-back option. These loans are reported as held for sale with the offsetting liability being reported as short-term borrowings. | |||||||||||||||||||||||||
During the first quarter of 2013, Trustmark exercised its option to repurchase delinquent loans serviced for GNMA. These loans were subsequently sold to a third party under different repurchase provisions. Trustmark retained the servicing for these loans, which are fully guaranteed by FHA/VA. As a result of this repurchase and sale, the loans are no longer carried as LHFS. The transaction resulted in a gain of $534 thousand, which is included in mortgage banking, net for the first nine months of 2013. Trustmark did not exercise its buy-back option on any delinquent loans serviced for GNMA during the first nine months of 2012. | |||||||||||||||||||||||||
Allowance for Loan Losses, LHFI | |||||||||||||||||||||||||
Trustmark’s allowance for loan loss methodology for commercial LHFI is based upon regulatory guidance from its primary regulator and GAAP. The methodology segregates the commercial purpose and commercial construction LHFI portfolios into nine separate loan types (or pools) which have similar characteristics such as repayment, collateral and risk profiles. The nine basic loan pools are further segregated into Trustmark’s five key market regions, Alabama, Florida, Mississippi, Tennessee and Texas, to take into consideration the uniqueness of each market. A 10-point risk rating system is utilized for each separate loan pool to apply a reserve factor consisting of quantitative and qualitative components to determine the needed allowance by each loan type. As a result, there are 450 risk rate factors for commercial loan types. The nine separate pools are segmented below: | |||||||||||||||||||||||||
Commercial Purpose LHFI | |||||||||||||||||||||||||
· | Real Estate – Owner Occupied | ||||||||||||||||||||||||
· | Real Estate – Non-Owner Occupied | ||||||||||||||||||||||||
· | Working Capital | ||||||||||||||||||||||||
· | Non-Working Capital | ||||||||||||||||||||||||
· | Land | ||||||||||||||||||||||||
· | Lots and Development | ||||||||||||||||||||||||
· | Political Subdivisions | ||||||||||||||||||||||||
Commercial Construction LHFI | |||||||||||||||||||||||||
· | 1 to 4 Family | ||||||||||||||||||||||||
· | Non-1 to 4 Family | ||||||||||||||||||||||||
The quantitative factors of the allowance methodology reflect a twelve-quarter rolling average of net charge-offs by loan type within each key market region. This allows for a greater sensitivity to current trends, such as economic changes, as well as current loss profiles and creates a more accurate depiction of historical losses. | |||||||||||||||||||||||||
Qualitative factors used in the allowance methodology include the following: | |||||||||||||||||||||||||
· | National and regional economic trends and conditions | ||||||||||||||||||||||||
· | Impact of recent performance trends | ||||||||||||||||||||||||
· | Experience, ability and effectiveness of management | ||||||||||||||||||||||||
· | Adherence to Trustmark’s loan policies, procedures and internal controls | ||||||||||||||||||||||||
· | Collateral, financial and underwriting exception trends | ||||||||||||||||||||||||
· | Credit concentrations | ||||||||||||||||||||||||
· | Acquisitions | ||||||||||||||||||||||||
· | Catastrophe | ||||||||||||||||||||||||
Each qualitative factor is converted to a scale ranging from 0 (No risk) to 100 (High Risk), other than the last two factors, which are applied on a dollar-for-dollar basis to ensure that the combination of such factors is proportional. The resulting ratings from the individual factors are weighted and summed to establish the weighted average qualitative factor of a specific loan portfolio within each key market region. This weighted average qualitative factor is then distributed over the nine primary loan pools within each key market region based on the ranking by risk of each. | |||||||||||||||||||||||||
During the fourth quarter of 2012, Trustmark revised the quantitative portion of the allowance for loan loss methodology for consumer and residential LHFI. Trustmark converted the historical loss factor from a 20-quarter net charge-off rolling average to a 12-quarter rolling average and developed a separate reserve for junior liens on 1-4 family LHFI. The change in quantitative methodology allows Trustmark to more readily correlate portfolio risk to the current market environment as the impact of more recent experience is emphasized. This change also allows for a greater sensitivity to current trends such as economic and performance changes, which includes current loss profiles, and creates a more accurate depiction of historical losses. Loans and lines of credit secured by junior liens on 1-4 family residential properties are being reserved for separately in light of continued uncertainty in the economy and the housing market in particular. An additional provision of approximately $1.4 million was recorded in the fourth quarter of 2012 as a result of this revision to the quantitative portion of the allowance for loan loss methodology for consumer and residential LHFI. | |||||||||||||||||||||||||
The allowance for loan loss methodology segregates the consumer LHFI portfolio into homogeneous pools of loans that contain similar structure, repayment, collateral and risk profiles. These homogeneous pools of loans are shown below: | |||||||||||||||||||||||||
· | Residential Mortgage | ||||||||||||||||||||||||
· | Direct Consumer | ||||||||||||||||||||||||
· | Auto Finance | ||||||||||||||||||||||||
· | Junior Lien on 1-4 Family Residential Properties | ||||||||||||||||||||||||
· | Credit Cards | ||||||||||||||||||||||||
· | Overdrafts | ||||||||||||||||||||||||
The historical loss experience for these pools is determined by calculating a 12-quarter rolling average of net charge-offs, one quarter in arrears, which is applied to each pool to establish the quantitative aspect of the methodology. Where, in Management’s estimation, the calculated loss experience does not fully cover the anticipated loss for a pool, an estimate is also applied to each pool to establish the qualitative aspect of the methodology, which represents the perceived risks across the loan portfolio at the current point in time. This qualitative methodology utilizes five separate factors made up of unique components that when weighted and combined produce an estimated level of reserve for each of the loan pools. The five qualitative factors include the following: | |||||||||||||||||||||||||
· | Economic indicators | ||||||||||||||||||||||||
· | Performance trends | ||||||||||||||||||||||||
· | Management experience | ||||||||||||||||||||||||
· | Lending policy measures | ||||||||||||||||||||||||
· | Credit concentrations | ||||||||||||||||||||||||
The risk measure for each factor is converted to a scale ranging from 0 (No risk) to 100 (High Risk) to ensure that the combination of such factors is proportional. The determination of the risk measurement for each qualitative factor is done for all markets combined. The resulting estimated reserve factor is then applied to each pool. | |||||||||||||||||||||||||
The resulting ratings from the individual factors are weighted and summed to establish the weighted average qualitative factor of a specific loan portfolio. This weighted average qualitative factor is then applied over the six loan pools. | |||||||||||||||||||||||||
Changes in the allowance for loan losses, LHFI were as follows ($ in thousands): | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Balance at January 1, | $ | 78,738 | $ | 89,518 | |||||||||||||||||||||
Loans charged-off | (10,173 | ) | (22,547 | ) | |||||||||||||||||||||
Recoveries | 11,505 | 9,254 | |||||||||||||||||||||||
Net recoveries (charge-offs) | 1,332 | (13,293 | ) | ||||||||||||||||||||||
Provision for loan losses, LHFI | (11,438 | ) | 7,301 | ||||||||||||||||||||||
Balance at September 30, | $ | 68,632 | $ | 83,526 | |||||||||||||||||||||
The following tables detail the balance in the allowance for loan losses, LHFI by portfolio segment at September 30, 2013 and 2012, respectively ($ in thousands): | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Balance | Provision for | Balance | |||||||||||||||||||||||
January 1, | Charge-offs | Recoveries | Loan Losses | September 30, | |||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 21,838 | $ | (1,091 | ) | $ | 2,561 | $ | (7,419 | ) | $ | 15,889 | |||||||||||||
Secured by 1-4 family residential properties | 12,957 | (839 | ) | 363 | (3,723 | ) | 8,758 | ||||||||||||||||||
Secured by nonfarm, nonresidential properties | 21,096 | (572 | ) | 64 | (1,828 | ) | 18,760 | ||||||||||||||||||
Other | 2,197 | (910 | ) | 80 | 497 | 1,864 | |||||||||||||||||||
Commercial and industrial loans | 14,319 | (1,225 | ) | 2,190 | 2,004 | 17,288 | |||||||||||||||||||
Consumer loans | 3,087 | (1,789 | ) | 3,561 | (2,256 | ) | 2,603 | ||||||||||||||||||
Other loans | 3,244 | (3,747 | ) | 2,686 | 1,287 | 3,470 | |||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 78,738 | $ | (10,173 | ) | $ | 11,505 | $ | (11,438 | ) | $ | 68,632 | |||||||||||||
Disaggregated by Impairment Method | |||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 957 | $ | 14,932 | $ | 15,889 | |||||||||||||||||||
Secured by 1-4 family residential properties | 260 | 8,498 | 8,758 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 2,733 | 16,027 | 18,760 | ||||||||||||||||||||||
Other | 37 | 1,827 | 1,864 | ||||||||||||||||||||||
Commercial and industrial loans | 5,393 | 11,895 | 17,288 | ||||||||||||||||||||||
Consumer loans | 2 | 2,601 | 2,603 | ||||||||||||||||||||||
Other loans | 324 | 3,146 | 3,470 | ||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 9,706 | $ | 58,926 | $ | 68,632 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Balance | Provision for | Balance | |||||||||||||||||||||||
January 1, | Charge-offs | Recoveries | Loan Losses | September 30, | |||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 27,220 | $ | (2,944 | ) | $ | - | $ | (1,732 | ) | $ | 22,544 | |||||||||||||
Secured by 1-4 family residential properties | 12,650 | (3,238 | ) | 364 | 2,203 | 11,979 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 24,358 | (5,409 | ) | - | 3,823 | 22,772 | |||||||||||||||||||
Other | 3,079 | (1,602 | ) | - | 733 | 2,210 | |||||||||||||||||||
Commercial and industrial loans | 15,868 | (2,985 | ) | 2,123 | 3,428 | 18,434 | |||||||||||||||||||
Consumer loans | 3,656 | (2,360 | ) | 4,189 | (2,620 | ) | 2,865 | ||||||||||||||||||
Other loans | 2,687 | (4,009 | ) | 2,578 | 1,466 | 2,722 | |||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 89,518 | $ | (22,547 | ) | $ | 9,254 | $ | 7,301 | $ | 83,526 | ||||||||||||||
Disaggregated by Impairment Method | |||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 4,829 | $ | 17,715 | $ | 22,544 | |||||||||||||||||||
Secured by 1-4 family residential properties | 1,373 | 10,606 | 11,979 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 3,259 | 19,513 | 22,772 | ||||||||||||||||||||||
Other | 855 | 1,355 | 2,210 | ||||||||||||||||||||||
Commercial and industrial loans | 2,995 | 15,439 | 18,434 | ||||||||||||||||||||||
Consumer loans | 4 | 2,861 | 2,865 | ||||||||||||||||||||||
Other loans | 336 | 2,386 | 2,722 | ||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 13,651 | $ | 69,875 | $ | 83,526 |
Acquired_Loans
Acquired Loans | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Acquired Loans [Abstract] | ' | ||||||||||||||||||||||||
Acquired Loans | ' | ||||||||||||||||||||||||
Note 5 – Acquired Loans | |||||||||||||||||||||||||
For the periods presented, acquired loans consisted of the following ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Covered | Noncovered | Covered | Noncovered | ||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 2,585 | $ | 106,655 | $ | 3,924 | $ | 10,056 | |||||||||||||||||
Secured by 1-4 family residential properties | 17,785 | 168,573 | 23,990 | 19,404 | |||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 12,120 | 301,686 | 18,407 | 45,649 | |||||||||||||||||||||
Other | 2,817 | 35,051 | 3,567 | 669 | |||||||||||||||||||||
Commercial and industrial loans | 478 | 186,649 | 747 | 3,035 | |||||||||||||||||||||
Consumer loans | 151 | 22,251 | 177 | 2,610 | |||||||||||||||||||||
Other loans | 1,314 | 17,010 | 1,229 | 100 | |||||||||||||||||||||
Acquired loans | 37,250 | 837,875 | 52,041 | 81,523 | |||||||||||||||||||||
Less allowance for loan losses, acquired loans | 2,326 | 3,007 | 4,190 | 1,885 | |||||||||||||||||||||
Net acquired loans | $ | 34,924 | $ | 834,868 | $ | 47,851 | $ | 79,638 | |||||||||||||||||
Acquired loans are accounted for under the acquisition method of accounting.The acquired loans are recorded at their estimated fair value at the time of acquisition. Fair value of acquired loans is determined using a discounted cash flow model based on assumptions regarding the amount and timing of principal and interest payments, estimated prepayments, estimated default rates, estimated loss severity in the event of defaults and current market rates. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not recorded on the acquisition date. | |||||||||||||||||||||||||
Loans acquired in an FDIC-assisted transaction and covered under loss-share agreements are referred to as “covered loans” and are reported separately in Trustmark’s consolidated financial statements. Covered loans are recorded at their estimated fair value at the time of acquisition exclusive of the expected reimbursement cash flows from the FDIC. | |||||||||||||||||||||||||
Trustmark accounts for acquired impaired loans under FASB ASC Topic 310-30. An acquired loan is considered impaired when there is evidence of credit deterioration since origination and it is probable at the date of acquisition that Trustmark would be unable to collect all contractually required payments. Revolving credit agreements such as home equity lines and commercial leases are excluded from acquired impaired loan accounting requirements. Trustmark acquired $153.9 million of revolving credit agreements and commercial leases, at fair value, in the BancTrust acquisition and $5.9 million of revolving credit agreements, at fair value, in the Bay Bank acquisition, consisting mainly of home equity loans and commercial asset-based lines of credit, where the borrower had revolving privileges on the acquisition date. As such, Trustmark has accounted for such acquired loans in accordance with accounting requirements for acquired nonimpaired loans. | |||||||||||||||||||||||||
For acquired impaired loans, Trustmark (a) calculates the contractual amount and timing of undiscounted principal and interest payments (the “undiscounted contractual cash flows”) and (b) estimates the amount and timing of undiscounted expected principal and interest payments (the “undiscounted expected cash flows”). Under FASB ASC Topic 310-30, the difference between the undiscounted contractual cash flows and the undiscounted expected cash flows is the nonaccretable difference. The nonaccretable difference represents an estimate of the loss exposure of principal and interest related to the acquired impaired loan portfolio, and such amount is subject to change over time based on the performance of such loans. | |||||||||||||||||||||||||
The excess of expected cash flows at acquisition over the initial fair value of acquired impaired loans is referred to as the “accretable yield” and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. Improvements in expected cash flows over those originally estimated increase the accretable yield and are recognized as interest income prospectively. Decreases in the amount and changes in the timing of expected cash flows compared to those originally estimated decrease the accretable yield and result in a provision for loan losses and the establishment of an allowance for loan losses. The carrying value of acquired impaired loans is reduced by payments received, both principal and interest, and increased by the portion of the accretable yield recognized as interest income. | |||||||||||||||||||||||||
Trustmark aggregates certain acquired loans into pools of loans with common credit risk characteristics such as loan type and risk rating. To establish accounting pools of acquired loans, loans are first categorized by similar purpose, collateral and geographic region. Within each category, loans are further segmented by ranges of risk determinants observed at the time of acquisition. For commercial loans, the primary risk determinant is the risk rating as assigned by Trustmark. For consumer loans, the risk determinants include delinquency, FICO and loan-to-value ratios. Statistical comparison of the pools reflect that each pool is comprised of loans generally of similar characteristics, including loan type, loan risk and weighted average life. Each pool is then reviewed for similarity of the pool constituents, including standard deviation of purchase price, weighted average life and concentration of the largest loans. Loan pools are initially booked at the aggregate fair value of the loan pool constituents, based on the present value of Trustmark's expected cash flows from the loans. An acquired loan is removed from a pool of loans only if the loan is sold, foreclosed, or payment is received in full satisfaction of the loan. The acquired loan is removed from the pool at its carrying value. If an individual acquired loan is removed from a pool of loans, the difference between its relative carrying amount and its cash, fair value of the collateral, or other assets received will be recognized as a gain or loss immediately in interest income on loans and would not affect the effective yield used to recognize the accretable yield on the remaining pool. Certain acquired loans are not pooled and are accounted for individually. Such loans are withheld from pools due to the inherent uncertainty of the timing and amount of their cash flows or because they are not a suitable similar constituent to the established pools. | |||||||||||||||||||||||||
As required by FASB ASC Topic 310-30, Trustmark periodically re-estimates the expected cash flows to be collected over the life of the acquired impaired loans. If, based on current information and events, it is probable that Trustmark will be unable to collect all cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimate after acquisition, the acquired loans are considered impaired. The decrease in the expected cash flows reduces the carrying value of the acquired impaired loans as well as the accretable yield and results in a charge to income through the provision for loans losses, acquired loans and the establishment of an allowance for loan losses, acquired loans. If, based on current information and events, it is probable that there is a significant increase in the cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected, Trustmark will reduce any remaining allowance for loan losses, acquired loans established on the acquired impaired loans for the increase in the present value of cash flows expected to be collected. The increase in the expected cash flows for the acquired impaired loans over those originally estimated at acquisition increases the carrying value of the acquired impaired loans as well as the accretable yield. The increase in the accretable yield is recognized as interest income over the remaining average life of the acquired impaired loans. | |||||||||||||||||||||||||
On February 15, 2013, Trustmark completed its merger with BancTrust. Loans acquired in the BancTrust acquisition were evaluated for evidence of credit deterioration since origination and collectability of contractually required payments. Trustmark elected to account for all loans acquired in the BancTrust acquisition as acquired impaired loans under FASB ASC Topic 310-30 except for $153.9 million of acquired loans with revolving privileges and acquired commercial leases, which are outside the scope of the guidance. While not all loans acquired from BancTrust exhibited evidence of significant credit deterioration, accounting for these acquired loans under FASB ASC Topic 310-30 would have materially the same result as the alternative accounting treatment. During the second and third quarters of 2013, Trustmark recorded fair value adjustments based on the estimated fair value of certain acquired loans which resulted in a net decrease in acquired noncovered loans totaling $6.8 million. The purchase price allocation was deemed preliminary as of September 30, 2013 and is subject to refinement as additional information relative to the closing date fair values becomes available through the measurement period. | |||||||||||||||||||||||||
The following table presents the adjusted fair value of loans acquired as of the date of the BancTrust acquisition ($ in thousands): | |||||||||||||||||||||||||
At acquisition date: | 15-Feb-13 | ||||||||||||||||||||||||
Contractually required principal and interest | $ | 1,256,669 | |||||||||||||||||||||||
Nonaccretable difference | 201,324 | ||||||||||||||||||||||||
Cash flows expected to be collected | 1,055,345 | ||||||||||||||||||||||||
Accretable yield | 98,394 | ||||||||||||||||||||||||
FASB ASC Topic 310-20 discount | 12,716 | ||||||||||||||||||||||||
Fair value of loans at acquisition | $ | 944,235 | |||||||||||||||||||||||
On March 16, 2012, Trustmark completed its merger with Bay Bank. Loans acquired in the Bay Bank acquisition were evaluated for evidence of credit deterioration since origination and collectability of contractually required payments. Trustmark elected to account for all loans acquired in the Bay Bank acquisition as acquired impaired loans under FASB ASC Topic 310-30 except for $5.9 million of acquired loans with revolving privileges, which are outside the scope of the guidance. While not all loans acquired from Bay Bank exhibited evidence of significant credit deterioration, accounting for these acquired loans under FASB ASC Topic 310-30 would have materially the same result as the alternative accounting treatment. The purchase price allocation was deemed preliminary as of March 31, 2012 and was finalized in the second quarter of 2012. | |||||||||||||||||||||||||
The following tables present changes in the net carrying value of the acquired loans for the periods presented ($ in thousands): | |||||||||||||||||||||||||
Covered | Noncovered | ||||||||||||||||||||||||
Acquired | Acquired | Acquired | Acquired | ||||||||||||||||||||||
Impaired | Not ASC 310-30 (1) | Impaired | Not ASC 310-30 (1) | ||||||||||||||||||||||
Carrying value, net at January 1, 2012 | $ | 72,131 | $ | 4,171 | $ | 4,350 | $ | 13 | |||||||||||||||||
Loans acquired (2) | - | - | 91,987 | 5,927 | |||||||||||||||||||||
Accretion to interest income | 8,031 | 367 | 4,138 | 161 | |||||||||||||||||||||
Payments received, net | (27,496 | ) | (2,107 | ) | (24,330 | ) | 868 | ||||||||||||||||||
Other | (3,085 | ) | 29 | (1,318 | ) | (273 | ) | ||||||||||||||||||
Less allowance for loan losses, acquired loans | (4,190 | ) | - | (1,885 | ) | - | |||||||||||||||||||
Carrying value, net at December 31, 2012 | 45,391 | 2,460 | 72,942 | 6,696 | |||||||||||||||||||||
Loans acquired (3) | - | - | 790,335 | 153,900 | |||||||||||||||||||||
Accretion to interest income | 3,934 | 157 | 24,993 | 2,143 | |||||||||||||||||||||
Payments received, net | (16,136 | ) | (743 | ) | (174,776 | ) | (22,804 | ) | |||||||||||||||||
Other | (1,866 | ) | (137 | ) | (17,243 | ) | (196 | ) | |||||||||||||||||
Less allowance for loan losses, acquired loans | 1,864 | - | (1,122 | ) | - | ||||||||||||||||||||
Carrying value, net at September 30, 2013 | $ | 33,187 | $ | 1,737 | $ | 695,129 | $ | 139,739 | |||||||||||||||||
(1) Acquired nonimpaired loans consist of revolving credit agreements and commercial leases that are not in scope for FASB ASC Topic 310-30. | |||||||||||||||||||||||||
(2) Fair value of loans acquired from Bay Bank on March 16, 2012. | |||||||||||||||||||||||||
(3) Adjusted fair value of loans acquired from BancTrust on February 15, 2013. | |||||||||||||||||||||||||
The following table presents changes in the accretable yield ($ in thousands): | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Accretable yield at January 1, | $ | (26,383 | ) | $ | (17,653 | ) | |||||||||||||||||||
Additions due to acquisition (1) | (98,394 | ) | (15,538 | ) | |||||||||||||||||||||
Accretion to interest income | 28,927 | 9,045 | |||||||||||||||||||||||
Disposals | 11,167 | 2,687 | |||||||||||||||||||||||
Reclassification to / (from) nonaccretable difference | (25,772 | ) | (6,429 | ) | |||||||||||||||||||||
Accretable yield at September 30, | $ | (110,455 | ) | $ | (27,888 | ) | |||||||||||||||||||
(1) Accretable yield on loans acquired from BancTrust on February 15, 2013, and Bay Bank on March 16, 2012. | |||||||||||||||||||||||||
No allowance for loan losses was brought forward on any of the acquired loans as any credit deterioration evident in the loans was included in the determination of the fair value of the loans at the acquisition date. Updates to expected cash flows for acquired impaired loans accounted for under FASB ASC Topic 310-30 may result in a provision for loan losses, acquired loans and the establishment of an allowance for loan losses, acquired loans to the extent the amount and timing of expected cash flows decrease compared to those originally estimated at acquisition. | |||||||||||||||||||||||||
The following table presents the components of the allowance for loan losses on acquired impaired loans for the nine months ended September 30, 2013 and 2012 ($ in thousands): | |||||||||||||||||||||||||
Covered | Noncovered | Total | |||||||||||||||||||||||
Balance at January 1, 2013 | $ | 4,190 | $ | 1,885 | $ | 6,075 | |||||||||||||||||||
Provision for loan losses, acquired loans | (1,168 | ) | 3,038 | 1,870 | |||||||||||||||||||||
Loans charged-off | (663 | ) | (3,028 | ) | (3,691 | ) | |||||||||||||||||||
Recoveries | (33 | ) | 1,112 | 1,079 | |||||||||||||||||||||
Net charge-offs | (696 | ) | (1,916 | ) | (2,612 | ) | |||||||||||||||||||
Balance at September 30, 2013 | $ | 2,326 | $ | 3,007 | $ | 5,333 | |||||||||||||||||||
Covered | Noncovered | Total | |||||||||||||||||||||||
Balance at January 1, 2012 | $ | 502 | $ | - | $ | 502 | |||||||||||||||||||
Provision for loan losses, acquired loans | 2,655 | 928 | 3,583 | ||||||||||||||||||||||
Loans charged-off | 174 | (278 | ) | (104 | ) | ||||||||||||||||||||
Recoveries | 195 | 167 | 362 | ||||||||||||||||||||||
Net recoveries (charge-offs) | 369 | (111 | ) | 258 | |||||||||||||||||||||
Balance at September 30, 2012 | $ | 3,526 | $ | 817 | $ | 4,343 | |||||||||||||||||||
As discussed in Note 4 - Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI, Trustmark has established a loan grading system that consists of ten individual credit risk grades (risk ratings) that encompass a range from loans where the expectation of loss is negligible to loans where loss has been established. The model is based on the risk of default for an individual credit and establishes certain criteria to segregate the level of risk across the ten unique risk ratings. These credit quality measures are unique to commercial loans. Credit quality for consumer loans is based on individual credit scores, aging status of the loan and payment activity. | |||||||||||||||||||||||||
The tables below illustrate the carrying amount of acquired loans by credit quality indicator at September 30, 2013 and December 31, 2012 ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | ||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | Subtotal | |||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 204 | $ | - | $ | 1,354 | $ | 748 | $ | 2,306 | |||||||||||||||
Secured by 1-4 family residential properties | 1,670 | 469 | 1,926 | - | 4,065 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 5,309 | 113 | 6,031 | - | 11,453 | ||||||||||||||||||||
Other | 909 | 142 | 737 | 2 | 1,790 | ||||||||||||||||||||
Commercial and industrial loans | 314 | 29 | 135 | - | 478 | ||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||
Other loans | 289 | - | 397 | 628 | 1,314 | ||||||||||||||||||||
Total covered loans | 8,695 | 753 | 10,580 | 1,378 | 21,406 | ||||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | 33,404 | 11,028 | 46,329 | 8,170 | 98,931 | ||||||||||||||||||||
Secured by 1-4 family residential properties | 25,708 | 15,711 | 16,763 | 856 | 59,038 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 192,453 | 22,235 | 80,844 | 6,154 | 301,686 | ||||||||||||||||||||
Other | 23,298 | 6,469 | 5,181 | - | 34,948 | ||||||||||||||||||||
Commercial and industrial loans | 138,428 | 13,677 | 28,927 | 5,617 | 186,649 | ||||||||||||||||||||
Consumer loans | 82 | - | - | - | 82 | ||||||||||||||||||||
Other loans | 15,111 | 1,613 | 261 | - | 16,985 | ||||||||||||||||||||
Total noncovered loans | 428,484 | 70,733 | 178,305 | 20,797 | 698,319 | ||||||||||||||||||||
Total acquired loans | $ | 437,179 | $ | 71,486 | $ | 188,885 | $ | 22,175 | $ | 719,725 | |||||||||||||||
Consumer Loans | |||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total | ||||||||||||||||||||
30-89 | 90 Days or More | Acquired Loans | |||||||||||||||||||||||
Days | |||||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 251 | $ | 28 | $ | - | $ | - | $ | 279 | $ | 2,585 | |||||||||||||
Secured by 1-4 family residential properties | 11,480 | 979 | 1,223 | 38 | 13,720 | 17,785 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 497 | - | 170 | - | 667 | 12,120 | |||||||||||||||||||
Other | 903 | 124 | - | - | 1,027 | 2,817 | |||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 478 | |||||||||||||||||||
Consumer loans | 151 | - | - | - | 151 | 151 | |||||||||||||||||||
Other loans | - | - | - | - | - | 1,314 | |||||||||||||||||||
Total covered loans | 13,282 | 1,131 | 1,393 | 38 | 15,844 | 37,250 | |||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | 6,810 | 179 | 735 | - | 7,724 | 106,655 | |||||||||||||||||||
Secured by 1-4 family residential properties | 101,895 | 3,585 | 3,912 | 143 | 109,535 | 168,573 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | - | - | - | - | 301,686 | |||||||||||||||||||
Other | 103 | - | - | - | 103 | 35,051 | |||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 186,649 | |||||||||||||||||||
Consumer loans | 21,566 | 494 | 109 | - | 22,169 | 22,251 | |||||||||||||||||||
Other loans | 25 | - | - | - | 25 | 17,010 | |||||||||||||||||||
Total noncovered loans | 130,399 | 4,258 | 4,756 | 143 | 139,556 | 837,875 | |||||||||||||||||||
Total acquired loans | $ | 143,681 | $ | 5,389 | $ | 6,149 | $ | 181 | $ | 155,400 | $ | 875,125 | |||||||||||||
-1 | Total dollar balances are presented in this table; however, these loans are covered by the loss-share agreement with the FDIC. | ||||||||||||||||||||||||
TNB is at risk for only 20% of the losses incurred on these loans. | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | ||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | Subtotal | |||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 1,341 | $ | 18 | $ | 1,489 | $ | 744 | $ | 3,592 | |||||||||||||||
Secured by 1-4 family residential properties | 3,128 | 810 | 2,940 | 85 | 6,963 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 5,857 | 1,052 | 9,839 | 798 | 17,546 | ||||||||||||||||||||
Other | 443 | 318 | 1,231 | - | 1,992 | ||||||||||||||||||||
Commercial and industrial loans | 82 | 458 | 207 | - | 747 | ||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||
Other loans | 245 | - | 345 | 535 | 1,125 | ||||||||||||||||||||
Total covered loans | 11,096 | 2,656 | 16,051 | 2,162 | 31,965 | ||||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | 3,259 | 119 | 4,915 | 921 | 9,214 | ||||||||||||||||||||
Secured by 1-4 family residential properties | 7,325 | - | 3,708 | 23 | 11,056 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 22,453 | 3,596 | 18,682 | 831 | 45,562 | ||||||||||||||||||||
Other | 236 | - | 417 | - | 653 | ||||||||||||||||||||
Commercial and industrial loans | 2,853 | 89 | 93 | - | 3,035 | ||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||
Other loans | 86 | - | - | - | 86 | ||||||||||||||||||||
Total noncovered loans | 36,212 | 3,804 | 27,815 | 1,775 | 69,606 | ||||||||||||||||||||
Total acquired loans | $ | 47,308 | $ | 6,460 | $ | 43,866 | $ | 3,937 | $ | 101,571 | |||||||||||||||
Consumer Loans | |||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total | ||||||||||||||||||||
30-89 | 90 Days or More | Acquired Loans | |||||||||||||||||||||||
Days | |||||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 306 | $ | 26 | $ | - | $ | - | $ | 332 | $ | 3,924 | |||||||||||||
Secured by 1-4 family residential properties | 14,311 | 1,028 | 1,650 | 38 | 17,027 | 23,990 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 692 | 169 | - | - | 861 | 18,407 | |||||||||||||||||||
Other | 1,468 | 48 | 52 | 7 | 1,575 | 3,567 | |||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 747 | |||||||||||||||||||
Consumer loans | 177 | - | - | - | 177 | 177 | |||||||||||||||||||
Other loans | 104 | - | - | - | 104 | 1,229 | |||||||||||||||||||
Total covered loans | 17,058 | 1,271 | 1,702 | 45 | 20,076 | 52,041 | |||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | 802 | - | 40 | - | 842 | 10,056 | |||||||||||||||||||
Secured by 1-4 family residential properties | 7,715 | 357 | 215 | 61 | 8,348 | 19,404 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 87 | - | - | - | 87 | 45,649 | |||||||||||||||||||
Other | 16 | - | - | - | 16 | 669 | |||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 3,035 | |||||||||||||||||||
Consumer loans | 2,394 | 164 | 52 | - | 2,610 | 2,610 | |||||||||||||||||||
Other loans | 14 | - | - | - | 14 | 100 | |||||||||||||||||||
Total noncovered loans | 11,028 | 521 | 307 | 61 | 11,917 | 81,523 | |||||||||||||||||||
Total acquired loans | $ | 28,086 | $ | 1,792 | $ | 2,009 | $ | 106 | $ | 31,993 | $ | 133,564 | |||||||||||||
-1 | Total dollar balances are presented in this table; however, these loans are covered by the loss-share agreement with the FDIC. | ||||||||||||||||||||||||
TNB is at risk for only 20% of the losses incurred on these loans. | |||||||||||||||||||||||||
Under FASB ASC Topic 310-30, acquired impaired loans are generally considered accruing and performing loans as the loans accrete interest income over the estimated life of the loan when expected cash flows are reasonably estimable. Accordingly, acquired impaired loans that are contractually past due are still considered to be accruing and performing loans as long as the estimated cash flows are received as expected. If the timing and amount of cash flows is not reasonably estimable, the loans may be classified as nonaccrual loans and interest income may be recognized on a cash basis or as a reduction of the principal amount outstanding. At September 30, 2013 and December 31, 2012, there were no acquired impaired loans accounted for under FASB ASC Topic 310-30 classified as nonaccrual loans. At September 30, 2013, approximately $3.0 million of acquired loans not accounted for under FASB ASC Topic 310-30 were classified as nonaccrual loans, compared to approximately $1.1 million of acquired loans at December 31, 2012. | |||||||||||||||||||||||||
The following table provides an aging analysis of contractually past due and nonaccrual acquired loans, by class at September 30, 2013 and December 31, 2012 ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||
90 Days | Current | Total Acquired | |||||||||||||||||||||||
30-89 Days | or More (1) | Total | Nonaccrual (2) | Loans | Loans | ||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 290 | $ | 454 | $ | 744 | $ | 445 | $ | 1,396 | $ | 2,585 | |||||||||||||
Secured by 1-4 family residential properties | 1,338 | 1,355 | 2,693 | 38 | 15,054 | 17,785 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 873 | 542 | 1,415 | - | 10,705 | 12,120 | |||||||||||||||||||
Other | 431 | 2 | 433 | - | 2,384 | 2,817 | |||||||||||||||||||
Commercial and industrial loans | 21 | 49 | 70 | 53 | 355 | 478 | |||||||||||||||||||
Consumer loans | - | - | - | - | 151 | 151 | |||||||||||||||||||
Other loans | 397 | 628 | 1,025 | - | 289 | 1,314 | |||||||||||||||||||
Total covered loans | 3,350 | 3,030 | 6,380 | 536 | 30,334 | 37,250 | |||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | 4,801 | 37,844 | 42,645 | 71 | 63,939 | 106,655 | |||||||||||||||||||
Secured by 1-4 family residential properties | 6,273 | 8,825 | 15,098 | 872 | 152,603 | 168,573 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 8,053 | 14,105 | 22,158 | 293 | 279,235 | 301,686 | |||||||||||||||||||
Other | 344 | 1,848 | 2,192 | 270 | 32,589 | 35,051 | |||||||||||||||||||
Commercial and industrial loans | 9,531 | 4,844 | 14,375 | 951 | 171,323 | 186,649 | |||||||||||||||||||
Consumer loans | 508 | 109 | 617 | - | 21,634 | 22,251 | |||||||||||||||||||
Other loans | 91 | 8 | 99 | - | 16,911 | 17,010 | |||||||||||||||||||
Total noncovered loans | 29,601 | 67,583 | 97,184 | 2,457 | 738,234 | 837,875 | |||||||||||||||||||
Total acquired loans | $ | 32,951 | $ | 70,613 | $ | 103,564 | $ | 2,993 | $ | 768,568 | $ | 875,125 | |||||||||||||
(1) - Past due 90 days or more but still accruing interest. | |||||||||||||||||||||||||
(2) - Acquired loans not accounted for under FASB ASC Topic 310-30. | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||
90 Days | Current | Total Acquired | |||||||||||||||||||||||
30-89 Days | or More (1) | Total | Nonaccrual (2) | Loans | Loans | ||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 240 | $ | 246 | $ | 486 | $ | 445 | $ | 2,993 | $ | 3,924 | |||||||||||||
Secured by 1-4 family residential properties | 1,705 | 1,883 | 3,588 | 234 | 20,168 | 23,990 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 3,953 | 1,539 | 5,492 | - | 12,915 | 18,407 | |||||||||||||||||||
Other | 221 | 52 | 273 | 9 | 3,285 | 3,567 | |||||||||||||||||||
Commercial and industrial loans | 94 | 4 | 98 | 39 | 610 | 747 | |||||||||||||||||||
Consumer loans | - | - | - | - | 177 | 177 | |||||||||||||||||||
Other loans | - | - | - | - | 1,229 | 1,229 | |||||||||||||||||||
Total covered loans | 6,213 | 3,724 | 9,937 | 727 | 41,377 | 52,041 | |||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | - | 3,622 | 3,622 | - | 6,434 | 10,056 | |||||||||||||||||||
Secured by 1-4 family residential properties | 458 | 1,392 | 1,850 | 243 | 17,311 | 19,404 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 3,526 | 1,217 | 4,743 | 133 | 40,773 | 45,649 | |||||||||||||||||||
Other | 30 | 44 | 74 | - | 595 | 669 | |||||||||||||||||||
Commercial and industrial loans | 217 | 23 | 240 | - | 2,795 | 3,035 | |||||||||||||||||||
Consumer loans | 164 | 52 | 216 | - | 2,394 | 2,610 | |||||||||||||||||||
Other loans | - | - | - | - | 100 | 100 | |||||||||||||||||||
Total noncovered loans | 4,395 | 6,350 | 10,745 | 376 | 70,402 | 81,523 | |||||||||||||||||||
Total acquired loans | $ | 10,608 | $ | 10,074 | $ | 20,682 | $ | 1,103 | $ | 111,779 | $ | 133,564 | |||||||||||||
(1) - Past due 90 days or more but still accruing interest. | |||||||||||||||||||||||||
(2) - Acquired loans not accounted for under FASB ASC Topic 310-30. |
Mortgage_Banking
Mortgage Banking | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Mortgage Banking [Abstract] | ' | ||||||||
Mortgage Banking | ' | ||||||||
Note 6 – Mortgage Banking | |||||||||
Trustmark recognizes as assets the rights to service mortgage loans based on the estimated fair value of the mortgage servicing rights (MSR) when loans are sold and the associated servicing rights are retained. Trustmark has elected to account for MSR at fair value. | |||||||||
The fair value of MSR is determined using discounted cash flow techniques benchmarked against third-party valuations. Estimates of fair value involve several assumptions, including the key valuation assumptions about market expectations of future prepayment rates, interest rates and discount rates which are provided by a third party firm. Prepayment rates are projected using an industry standard prepayment model. The model considers other key factors, such as a wide range of standard industry assumptions tied to specific portfolio characteristics such as remittance cycles, escrow payment requirements, geographic factors, foreclosure loss exposure, VA no-bid exposure, delinquency rates and cost of servicing, including base cost and cost to service delinquent mortgages. Prevailing market conditions at the time of analysis are factored into the accumulation of assumptions and determination of servicing value. In recent years, there have been significant market-driven fluctuations in loan prepayment speeds and discount rates. These fluctuations can be rapid and may continue to be significant. Therefore, estimating prepayment speed and/or discount rates within ranges that market participants would use in determining the fair value of MSR requires significant management judgment. | |||||||||
Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that economically hedges changes in fair value of the MSR attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting. These exchange-traded derivative instruments are accounted for at fair value with changes in the fair value recorded in noninterest income in mortgage banking, net and are offset by the changes in the fair value of the MSR. The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates. Ineffectiveness of hedging the MSR fair value is measured by comparing the change in value of hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions. The impact of this strategy resulted in a net positive ineffectiveness of $1.3 million compared to a net negative ineffectiveness of $1.8 million for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013, the impact was a net positive ineffectiveness of $2.7 million compared to a net negative ineffectiveness of $2.7 million for the nine months ended September 30, 2012. | |||||||||
The activity in MSR is detailed in the table below ($ in thousands): | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 47,341 | $ | 43,274 | |||||
Origination of servicing assets | 15,551 | 17,074 | |||||||
Change in fair value: | |||||||||
Due to market changes | 7,881 | (8,960 | ) | ||||||
Due to runoff | (7,623 | ) | (7,177 | ) | |||||
Balance at end of period | $ | 63,150 | $ | 44,211 | |||||
Trustmark is subject to losses in its loan servicing portfolio due to loan foreclosures. Trustmark has obligations to either repurchase the outstanding principal balance of a loan or make the purchaser whole for the economic benefits of a loan if it is determined that the loan sold was in violation of representations or warranties made by Trustmark at the time of the sale, herein referred to as mortgage loan servicing putback expenses. Such representations and warranties typically include those made regarding loans that had missing or insufficient file documentation and/or loans obtained through fraud by borrowers or other third parties. Putback requests may be made until the loan is paid in full. When a putback request is received, Trustmark evaluates the request and takes appropriate actions based on the nature of the request. Effective January 1, 2013, Trustmark was required by the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) to provide a response to putback requests within 60 days of the date of receipt. Currently, putback requests primarily relate to 2005 through 2008 vintage mortgage loans and to government sponsored entity-guaranteed mortgage-backed securities. | |||||||||
The total mortgage loan servicing putback expenses, included in other noninterest expense, incurred by Trustmark during the first nine months of 2013 and 2012 were $1.0 million and $7.2 million, respectively. During the second quarter of 2012, Trustmark updated its quarterly analysis of mortgage loan servicing putback exposure. This analysis, along with recent mortgage industry trends, resulted in Trustmark providing an additional reserve of approximately $4.0 million in the second quarter of 2012. At September 30, 2013 and December 31, 2012, the reserve for mortgage loan servicing putback expenses were $5.0 million and $7.8 million, respectively. | |||||||||
There is inherent uncertainty in reasonably estimating the requirement for reserves against future mortgage loan servicing putback expenses. Future putback expenses are dependent on many subjective factors, including the review procedures of the purchasers and the potential refinance activity on loans sold with servicing released and the subsequent consequences under the representations and warranties. Trustmark believes that it has appropriately reserved for potential mortgage loan servicing putback requests. | |||||||||
During October 2013, Trustmark reached an agreement in principle with FNMA to resolve its existing and future repurchase and make whole obligations (collectively “Repurchase Obligations”) related to mortgage loans originated between January 1, 2000 and December 31, 2008 and delivered to FNMA. The terms of the agreement are subject to final approval by FNMA. Under the proposed terms of the agreement, Trustmark will pay FNMA approximately $4.4 million with respect to the Repurchase Obligations, subject to reconciliation and adjustment. Trustmark believes that it is in its best interests to execute the agreement in order to bring finality to the loss reimbursement exposure with FNMA for these years and reduce the resources spent on individual file reviews and defending loss reimbursement requests. The Repurchase Obligations are covered by Trustmark’s existing reserve for mortgage loan servicing putback expenses. |
Other_Real_Estate_and_Covered_
Other Real Estate and Covered Other Real Estate | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Real Estate and Covered Other Real Estate [Abstract] | ' | ||||||||
Other Real Estate and Covered Other Real Estate | ' | ||||||||
Note 7 –Other Real Estate and Covered Other Real Estate | |||||||||
Other Real Estate, excluding Covered Other Real Estate | |||||||||
Other real estate, excluding covered other real estate, is recorded at the lower of cost or estimated fair value less the estimated cost of disposition. Fair value is based on independent appraisals and other relevant factors. Valuation adjustments required at foreclosure are charged to the allowance for loan losses. Other real estate is revalued on an annual basis or more often if market conditions necessitate. Subsequent to foreclosure, losses on the periodic revaluation of the property are charged against an other real estate specific reserve or net income in ORE/Foreclosure expense, if a reserve does not exist. At September 30, 2013, Trustmark's geographic other real estate distribution was concentrated primarily in its five key market regions: Alabama, Florida, Mississippi, Tennessee and Texas. The ultimate recovery of a substantial portion of the carrying amount of other real estate, excluding covered other real estate, is susceptible to changes in market conditions in these areas. | |||||||||
For the periods presented, changes and losses, net on other real estate, excluding covered other real estate, were as follows ($ in thousands): | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 78,189 | $ | 79,053 | |||||
Additions (1) | 73,890 | 32,428 | |||||||
Disposals | (29,605 | ) | (24,248 | ) | |||||
Writedowns | (6,145 | ) | (4,758 | ) | |||||
Balance at end of period | $ | 116,329 | $ | 82,475 | |||||
Loss, net on the sale of other real estate included in ORE/Foreclosure expense | $ | (110 | ) | $ | (175 | ) | |||
(1) Includes $40.1 million of other real estate acquired from BancTrust at September 30, 2013, and $2.6 million of other real estate acquired from Bay Bank at September 30, 2012. | |||||||||
Other real estate, excluding covered other real estate, by type of property consisted of the following for the periods presented ($ in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Construction, land development and other land properties | $ | 66,200 | $ | 46,957 | |||||
1-4 family residential properties | 15,280 | 8,134 | |||||||
Nonfarm, nonresidential properties | 32,249 | 22,760 | |||||||
Other real estate properties | 2,600 | 338 | |||||||
Total other real estate, excluding covered other real estate | $ | 116,329 | $ | 78,189 | |||||
Other real estate, excluding covered other real estate, by geographic location consisted of the following for the periods presented ($ in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Alabama | $ | 25,308 | $ | - | |||||
Florida | 39,198 | 18,569 | |||||||
Mississippi (1) | 25,439 | 27,771 | |||||||
Tennessee (2) | 14,615 | 17,589 | |||||||
Texas | 11,769 | 14,260 | |||||||
Total other real estate, excluding covered other real estate | $ | 116,329 | $ | 78,189 | |||||
(1) - Mississippi includes Central and Southern Mississippi Regions | |||||||||
(2) - Tennessee includes Memphis, Tennessee and Northern Mississippi Regions | |||||||||
Covered Other Real Estate | |||||||||
Covered other real estate is initially recorded at its estimated fair value on the acquisition date based on an independent appraisal less estimated selling costs. Any subsequent valuation adjustments due to declines in fair value are charged to noninterest expense, and are mostly offset by noninterest income representing the corresponding increase to the FDIC indemnification asset for the offsetting loss reimbursement amount. Any recoveries of previous valuation adjustments are credited to noninterest expense with a corresponding charge to noninterest income for the portion of the recovery that is due to the FDIC. | |||||||||
For the nine months ended September 30, 2013 and 2012, changes and gains, net on covered other real estate were as follows ($ in thousands): | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 5,741 | $ | 6,331 | |||||
Transfers from covered loans | 1,380 | 1,424 | |||||||
FASB ASC 310-30 adjustment for the residual recorded investment | (541 | ) | (112 | ) | |||||
Net transfers from covered loans | 839 | 1,312 | |||||||
Disposals | (848 | ) | (1,673 | ) | |||||
Writedowns | (640 | ) | (248 | ) | |||||
Balance at end of period | $ | 5,092 | $ | 5,722 | |||||
Gain, net on the sale of covered other real estate included in ORE/Foreclosure expense | $ | 47 | $ | 440 | |||||
Covered other real estate by type of property consisted of the following for the periods presented ($ in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Construction, land development and other land properties | $ | 733 | $ | 1,284 | |||||
1-4 family residential properties | 1,777 | 1,306 | |||||||
Nonfarm, nonresidential properties | 2,525 | 3,151 | |||||||
Other real estate properties | 57 | - | |||||||
Total covered other real estate | $ | 5,092 | $ | 5,741 |
FDIC_Indemnification_Asset
FDIC Indemnification Asset | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
FDIC Indemnification Asset [Abstract] | ' | ||||||||
FDIC Indemnification Asset | ' | ||||||||
Note 8 – FDIC Indemnification Asset | |||||||||
TNB elected to account for amounts receivable under the loss-share agreement TNB entered into at the time of its acquisition of the Heritage Banking Group (Heritage) as an indemnification asset in accordance with FASB ASC Topic 805. The FDIC indemnification asset was initially recorded at fair value, based on the discounted value of expected future cash flows under the loss-share agreement. The difference between the present value at the acquisition date and the undiscounted cash flows TNB expects to collect from the FDIC is accreted into noninterest income over the life of the FDIC indemnification asset. Pursuant to the provisions of the loss-share agreement, the FDIC indemnification asset is presented net of any true-up provision due to the FDIC at the termination of the loss-share agreement. | |||||||||
The FDIC indemnification asset is reduced as expected losses on covered loans and covered other real estate decline or as loss-share claims are submitted to the FDIC. The FDIC indemnification asset is revalued concurrent with the loan re-estimation and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of covered loans and covered other real estate. These adjustments are measured on the same basis as the related covered loans and covered other real estate. Increases in cash flow of the covered loans and covered other real estate over those expected reduce the FDIC indemnification asset, and decreases in cash flow of the covered loans and covered other real estate under those expected increase the FDIC indemnification asset. Increases and decreases to the FDIC indemnification asset are recorded as adjustments to noninterest income. | |||||||||
In October 2012, FASB issued Accounting Standard Update (ASU) 2012-06, “Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution (a consensus of the FASB Emerging Issues Task Force),” to address the diversity in practice regarding how to account for the subsequent measurement of an indemnification asset recognized as a result of a government-assisted acquisition of a financial institution. ASU 2012-06 requires that the indemnification asset be measured subsequently on the same basis as the indemnified assets and, if the effect of the change in the cash flows expected to be collected on an indemnification asset must be amortized, the amortization period is limited to the lesser of the term of the indemnification agreement or the remaining life of the indemnified asset. | |||||||||
Trustmark has accounted for the FDIC indemnification asset using the “collectibility method,” which recognized write-downs of the FDIC indemnification asset resulting from improvements in expected cash flows and covered losses based on the re-estimation of the acquired covered loans, pay-offs of acquired covered loans, sales of covered other real estate, or reductions in FDIC loss claims immediately in noninterest income. Under ASU 2012-06, write-downs of the FDIC indemnification asset resulting from improvements in expected cash flows and covered losses based on the re-estimation of acquired covered loans will be recognized over the lesser of the remaining life or contractual period of the acquired covered loan by a yield adjustment on the accretion of the discount basis of the FDIC indemnification asset. All other valuation changes of the FDIC indemnification asset (i.e., pay-offs of acquired covered loans, sales of covered other real estate, and reductions of FDIC loss claims) will continue to be accounted for under the “collectibility method.” The amendments in ASU 2012-06 are effective prospectively for interim and annual periods beginning on or after December 15, 2012, and, therefore, were effective for Trustmark’s consolidated financial statements as of January 1, 2013. Management determined that the impact of this change in accounting principle was immaterial to Trustmark’s consolidated financial statements for the first nine months of 2013. | |||||||||
Pursuant to the provisions of the loss-share agreement, TNB may be required to make a true-up payment to the FDIC at the termination of the loss-share agreement should actual losses be less than certain thresholds established in the agreement. TNB calculates the projected true-up payable to the FDIC quarterly and records a FDIC true-up provision for the present value of the projected true-up payable to the FDIC at the termination of the loss-share agreement. TNB’s FDIC true-up provision totaled $1.3 million and $1.1 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||
Trustmark periodically re-estimates the expected cash flows on the acquired loans as required by FASB ASC Topic 310-30. For the first nine months of 2013, this analysis resulted in improvements in the estimated future cash flows of the acquired covered loans that remain outstanding as well as lower expected remaining losses on those loans, primarily due to pay-offs of acquired covered loans. The pay-offs and improvements in the estimated expected cash flows of the acquired covered loans resulted in a reduction of the expected loss-share receivable from the FDIC. Other income included a write-down of the FDIC indemnification asset of $3.5 million and $3.0 million on covered loans as a result of loan payoffs, improved cash flow projections and lower loss expectations for loan pools for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||
The following table presents changes in the FDIC indemnification asset for the periods presented ($ in thousands): | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 21,774 | $ | 28,348 | |||||
Accretion | (141 | ) | 187 | ||||||
Transfers to FDIC claims receivable | (1,097 | ) | (1,271 | ) | |||||
Change in expected cash flows (1) | (3,251 | ) | (2,925 | ) | |||||
Change in FDIC true-up provision | (200 | ) | (360 | ) | |||||
Balance at end of period | $ | 17,085 | $ | 23,979 | |||||
(1) The decrease during the first nine months of 2013 was due to loan pay-offs, improved cash flow projections,and lower loss expectations for covered loans. |
Deposits
Deposits | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deposits [Abstract] | ' | ||||||||
Deposits | ' | ||||||||
Note 9 – Deposits | |||||||||
Deposits consisted of the following for the periods presented ($ in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Noninterest-bearing demand deposits | $ | 2,643,612 | $ | 2,254,211 | |||||
Interest-bearing demand | 1,826,118 | 1,481,182 | |||||||
Savings | 2,977,391 | 2,322,280 | |||||||
Time | 2,340,113 | 1,838,844 | |||||||
Total | $ | 9,787,234 | $ | 7,896,517 |
Defined_Benefit_and_Other_Post
Defined Benefit and Other Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Defined Benefit and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||
Defined Benefit and Other Postretirement Benefits | ' | ||||||||||||||||
Note 10 – Defined Benefit and Other Postretirement Benefits | |||||||||||||||||
Qualified Pension Plans | |||||||||||||||||
Trustmark maintains a noncontributory defined benefit pension plan (Trustmark Capital Accumulation Plan), which covers substantially all associates employed prior to 2007. The plan provides retirement benefits that are based on the length of credited service and final average compensation, as defined in the plan and vest upon three years of service. In an effort to control expenses, the Board voted to freeze plan benefits effective during 2009, with the exception of certain associates covered through plans obtained by acquisitions. Associates will not earn additional benefits, except for interest as required by the IRS regulations, after the effective date. Associates will retain their previously earned pension benefits. As a result of the BancTrust acquisition on February 15, 2013, Trustmark acquired a qualified pension plan, which was frozen prior to the acquisition date. The following table presents information regarding Trustmark’s net periodic benefit cost for the periods presented and includes amounts related to the acquisition of BancTrust ($ in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 148 | $ | 134 | $ | 446 | $ | 413 | |||||||||
Interest cost | 1,252 | 947 | 3,506 | 2,837 | |||||||||||||
Expected return on plan assets | (2,060 | ) | (1,438 | ) | (5,660 | ) | (4,238 | ) | |||||||||
Recognized net loss due to settlement | 838 | - | 1,363 | - | |||||||||||||
Recognized net actuarial loss | 1,374 | 1,303 | 4,142 | 3,922 | |||||||||||||
Net periodic benefit cost | $ | 1,552 | $ | 946 | $ | 3,797 | $ | 2,934 | |||||||||
In the table above, recognized net loss due to settlement is related to the lump sum settlement of certain benefits in the Trustmark Capital Accumulation Plan in accordance with FASB ASC Topic 715-30, “Defined Benefit Plans - Pension.” It is expected that additional settlement charges will be recognized during the remainder of the year. | |||||||||||||||||
The acceptable range of contributions to the plan is determined each year by the plan's actuary. Trustmark's policy is to fund amounts allowable for federal income tax purposes. The actual amount of the contribution is determined based on the plan's funded status and return on plan assets as of the measurement date, which is December 31. In July 2012, the Moving Ahead for Progress in the 21st Century Act (“MAP-21”) became effective. Through MAP-21, Congress provides pension sponsors with funding relief by stabilizing interest rates used to determine required funding contributions to defined benefit plans. Under MAP-21, instead of using a two-year average of these rates, plan sponsors determine required pension funding contributions based on a 25-year average of these rates with a cap and a floor. For 2013, the cap is set at 115% and the floor is set at 85% of the 25-year average of these rates as of September 30, 2012, whereas for 2012 the cap was 110% and the floor was 90% of the average of these rates as of September 30, 2011. Trustmark expects its minimum required contribution for 2013 to be approximately $2.1 million. During 2012, Trustmark made a minimum required contribution of $1.5 million for the 2012 plan year. The increase of approximately $600 thousand in 2013 as compared to 2012 is primarily due to the change in MAP-21 interest rates, with the effective interest rate dropping from 6.82% in 2012 to 6.13% in 2013. | |||||||||||||||||
Supplemental Retirement Plan | |||||||||||||||||
Trustmark maintains a nonqualified supplemental retirement plan covering directors who elected to defer fees, key executive officers and senior officers. The plan provides for defined death benefits and/or retirement benefits based on a participant's covered salary. Trustmark has acquired life insurance contracts on the participants covered under the plan, which may be used to fund future payments under the plan. The measurement date for the plan is December 31. The following table presents information regarding the plan's net periodic benefit cost for the periods presented ($ in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 150 | $ | 170 | $ | 448 | $ | 510 | |||||||||
Interest cost | 484 | 517 | 1,452 | 1,550 | |||||||||||||
Amortization of prior service cost | 62 | 63 | 188 | 188 | |||||||||||||
Recognized net actuarial loss | 260 | 215 | 778 | 645 | |||||||||||||
Net periodic benefit cost | $ | 956 | $ | 965 | $ | 2,866 | $ | 2,893 |
Stock_and_Incentive_Compensati
Stock and Incentive Compensation Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stock and Incentive Compensation Plans [Abstract] | ' | ||||||||||||||||
Stock and Incentive Compensation Plans | ' | ||||||||||||||||
Note 11 – Stock and Incentive Compensation Plans | |||||||||||||||||
Trustmark has granted, and currently has outstanding, stock and incentive compensation awards subject to the provisions of the 1997 Long Term Incentive Plan (the 1997 Plan) and the 2005 Stock and Incentive Compensation Plan (the 2005 Plan). New awards have not been issued under the 1997 Plan since it was replaced by the 2005 Plan. The 2005 Plan is designed to provide flexibility to Trustmark regarding its ability to motivate, attract and retain the services of key associates and directors. The 2005 Plan allows Trustmark to make grants of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and performance units to key associates and directors. | |||||||||||||||||
Stock Option Grants | |||||||||||||||||
Stock option awards under the 2005 Plan were granted with an exercise price equal to the market price of Trustmark’s stock on the date of grant. Stock options granted under the 2005 Plan vested equally over five years and had a contractual term of seven years. Stock option awards, which were granted under the 1997 Plan, had an exercise price equal to the market price of Trustmark’s stock on the date of grant, vested equally over four years with a contractual term of ten years. During 2011, compensation expense related to stock options was fully recognized. Compensation expense for stock options granted under these plans was estimated using the fair value of each option granted using the Black-Scholes option-pricing model and was recognized on the straight-line method over the requisite service period. No stock options have been granted since 2006, when Trustmark began granting restricted stock awards exclusively. | |||||||||||||||||
Restricted Stock Grants | |||||||||||||||||
Performance Awards | |||||||||||||||||
Trustmark’s performance awards are granted to Trustmark’s executive and senior management team. Performance awards granted vest based on performance goals of return on average tangible equity (ROATE) and total shareholder return (TSR) compared to a defined peer group. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date. The restriction period for performance awards covers a three-year vesting period. These awards are recognized using the straight-line method over the requisite service period. These awards provide for excess shares if performance measures exceed 100%. Any excess shares related to the performance awards granted in 2013 vest at the end of the three year performance period. Any excess shares related to the performance awards granted prior to 2013 are restricted for an additional three-year vesting period subsequent to the end of the three-year performance period. The restricted share agreement provides for voting rights and dividend privileges. | |||||||||||||||||
Time-Vested Awards | |||||||||||||||||
Trustmark’s time-vested awards are granted to Trustmark’s Board of Directors, executive and senior management team. The restriction period for time-vested awards covers a three-year vesting period. Time-vested awards are valued utilizing the fair value of Trustmark’s stock at the grant date. These awards are recognized on the straight-line method over the requisite service period. | |||||||||||||||||
The following tables summarize the stock and incentive plan activity for the periods presented: | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Stock | Performance | Time-Vested | |||||||||||||||
Options | Awards | Awards | |||||||||||||||
Outstanding/Nonvested shares or units, beginning of period | 289,700 | 160,520 | 348,251 | ||||||||||||||
Granted | - | - | 1,800 | ||||||||||||||
Granted - excess shares | - | - | - | ||||||||||||||
Exercised or released from restriction | (17,500 | ) | - | (1,044 | ) | ||||||||||||
Expired | (10,000 | ) | - | - | |||||||||||||
Forfeited | - | - | (2,181 | ) | |||||||||||||
Outstanding/Nonvested shares or units, end of period | 262,200 | 160,520 | 346,826 | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Stock | Performance | Time-Vested | |||||||||||||||
Options | Awards | Awards | |||||||||||||||
Outstanding/Nonvested shares or units, beginning of period | 699,600 | 159,583 | 317,573 | ||||||||||||||
Granted | - | 62,119 | 102,155 | ||||||||||||||
Granted - excess shares | - | - | 10,809 | ||||||||||||||
Exercised or released from restriction | (33,300 | ) | (54,784 | ) | (68,960 | ) | |||||||||||
Expired | (404,100 | ) | - | - | |||||||||||||
Forfeited | - | (6,398 | ) | (14,751 | ) | ||||||||||||
Outstanding/Nonvested shares or units, end of period | 262,200 | 160,520 | 346,826 | ||||||||||||||
The following table presents information regarding compensation expense for stock and incentive plans for the periods presented ($ in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Compensation expense - Stock and Incentive plans: | |||||||||||||||||
Performance awards | $ | 222 | $ | 229 | $ | 620 | $ | 677 | |||||||||
Time-vested awards | 754 | 749 | 2,230 | 2,442 | |||||||||||||
Total | $ | 976 | $ | 978 | $ | 2,850 | $ | 3,119 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
Note 12 – Contingencies | |
Lending Related | |
Trustmark makes commitments to extend credit and issues standby and commercial letters of credit (letters of credit) in the normal course of business in order to fulfill the financing needs of its customers. The carrying amount of commitments to extend credit and letters of credit approximates the fair value of such financial instruments. These amounts are not material to Trustmark’s financial statements. | |
Commitments to extend credit are agreements to lend money to customers pursuant to certain specified conditions. Commitments generally have fixed expiration dates or other termination clauses. Because many of these commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The exposure to credit loss in the event of nonperformance by the other party to the commitments to extend credit is represented by the contract amount of those instruments. Trustmark applies the same credit policies and standards as it does in the lending process when making these commitments. The collateral obtained is based upon the assessed creditworthiness of the borrower. At September 30, 2013 and 2012, Trustmark had unused commitments to extend credit of $2.064 billion and $1.843 billion, respectively. | |
Letters of credit are conditional commitments issued by Trustmark to insure the performance of a customer to a third party. A financial standby letter of credit irrevocably obligates Trustmark to pay a third-party beneficiary when a customer fails to repay an outstanding loan or debt instrument. A performance standby letter of credit irrevocably obligates Trustmark to pay a third-party beneficiary when a customer fails to perform some contractual, nonfinancial obligation. When issuing letters of credit, Trustmark uses essentially the same policies regarding credit risk and collateral which are followed in the lending process. At September 30, 2013 and 2012, Trustmark’s maximum exposure to credit loss in the event of nonperformance by the other party for letters of credit was $148.5 million and $152.9 million, respectively. These amounts consist primarily of commitments with maturities of less than three years, which have an immaterial carrying value. Trustmark holds collateral to support standby letters of credit when deemed necessary. As of September 30, 2013, the fair value of collateral held was $39.9 million. | |
Legal Proceedings | |
Trustmark’s wholly-owned subsidiary, TNB, has been named as a defendant in two lawsuits related to the collapse of the Stanford Financial Group. The first is a purported class action complaint that was filed on August 23, 2009 in the District Court of Harris County, Texas, by Peggy Roif Rotstain, Guthrie Abbott, Catherine Burnell, Steven Queyrouze, Jaime Alexis Arroyo Bornstein and Juan C. Olano, on behalf of themselves and all others similarly situated, naming TNB and four other financial institutions unaffiliated with Trustmark as defendants. The complaint seeks to recover (i) alleged fraudulent transfers from each of the defendants in the amount of fees and other monies received by each defendant from entities controlled by R. Allen Stanford (collectively, the “Stanford Financial Group”) and (ii) damages allegedly attributable to alleged conspiracies by one or more of the defendants with the Stanford Financial Group to commit fraud and/or aid and abet fraud on the asserted grounds that defendants knew or should have known the Stanford Financial Group was conducting an illegal and fraudulent scheme. Plaintiffs have demanded a jury trial. Plaintiffs did not quantify damages. In November 2009, the lawsuit was removed to federal court by certain defendants and then transferred by the United States Panel on Multidistrict Litigation to federal court in the Northern District of Texas (Dallas) where multiple Stanford related matters are being consolidated for pre-trial proceedings. In May 2010, all defendants (including TNB) filed motions to dismiss the lawsuit, and the motions to dismiss have been fully briefed by all parties. The court has not yet ruled on the defendants’ motions to dismiss. In August 2010, the court authorized and approved the formation of an Official Stanford Investors Committee (“OSIC”) to represent the interests of Stanford investors and, under certain circumstances, to file legal actions for the benefit of Stanford investors. In December 2011, OSIC filed a motion to intervene in this action. In September 2012, the district court referred the case to a magistrate judge for hearing and determination of certain pretrial issues. In December 2012, the court granted the OSIC’s motion to intervene, and the OSIC filed an Intervenor Complaint against one of the other defendant financial institutions. In February 2013, the OSIC filed an additional Intervenor Complaint that asserts claims against TNB and the remaining defendant financial institutions. The OSIC seeks to recover: (i) alleged fraudulent transfers in the amount of the fees each of the defendants allegedly received from Stanford Financial Group, the profits each of the defendants allegedly made from Stanford Financial Group deposits, and other monies each of the defendants allegedly received from Stanford Financial Group; (ii) damages attributable to alleged conspiracies by each of the defendants with the Stanford Financial Group to commit fraud and/or aid and abet fraud and conversion on the asserted grounds that the defendants knew or should have known the Stanford Financial Group was conducting an illegal and fraudulent scheme; and (iii) punitive damages. The OSIC did not quantify damages. In July 2013, all defendants (including TNB) filed motions to dismiss the OSIC’s claims. The court has not yet ruled on the defendants’ motions to dismiss the OSIC’s claims. | |
The second Stanford-related lawsuit was filed on December 14, 2009 in the District Court of Ascension Parish, Louisiana, individually by Harold Jackson, Paul Blaine, Carolyn Bass Smith, Christine Nichols, and Ronald and Ramona Hebert naming TNB (misnamed as Trust National Bank) and other individuals and entities not affiliated with Trustmark as defendants. The complaint seeks to recover the money lost by these individual plaintiffs as a result of the collapse of the Stanford Financial Group (in addition to other damages) under various theories and causes of action, including negligence, breach of contract, breach of fiduciary duty, negligent misrepresentation, detrimental reliance, conspiracy, and violation of Louisiana’s uniform fiduciary, securities, and racketeering laws. The complaint does not quantify the amount of money the plaintiffs seek to recover. In January 2010, the lawsuit was removed to federal court by certain defendants and then transferred by the United States Panel on Multidistrict Litigation to federal court in the Northern District of Texas (Dallas) where multiple Stanford related matters are being consolidated for pre-trial proceedings. On March 29, 2010, the court stayed the case. TNB filed a motion to lift the stay, which was denied on February 28, 2012. In September 2012, the district court referred the case to a magistrate judge for hearing and determination of certain pretrial issues. | |
TNB’s relationship with the Stanford Financial Group began as a result of Trustmark’s acquisition of a Houston-based bank in August 2006, and consisted of correspondent banking and other traditional banking services in the ordinary course of business. Both Stanford-related lawsuits are in their preliminary stages and have been previously disclosed by Trustmark. | |
TNB is the defendant in two putative class actions challenging TNB’s practices regarding "overdraft" or "non-sufficient funds" fees charged by TNB in connection with customer use of debit cards, including TNB’s order of processing transactions, notices and calculations of charges, and calculations of fees. Kathy D. White v. TNB was filed in Tennessee state court in Memphis, Tennessee and was removed on June 19, 2012 to the United States District Court for the Western District of Tennessee. (Plaintiff Kathy White had filed an earlier, virtually identical action that was voluntarily dismissed.) Leroy Jenkins v. TNB was filed on June 4, 2012 in the United States District Court for the Southern District of Mississippi. The White and Jenkins pleadings are matters of public record in the files of the courts. In both cases, the plaintiffs purport to represent classes of similarly-situated customers of TNB. The White complaint asserts claims of breach of contract, breach of a duty of good faith and fair dealing, unconscionability, conversion, and unjust enrichment. The Jenkins complaint originally included similar allegations as well as federal-law claims under the Electronic Funds Transfer Act (EFTA) and RICO; however, the RICO claims were voluntarily dismissed from the case on January 9, 2013. Each of these complaints seeks the imposition of a constructive trust and unquantified damages. These complaints were largely patterned after similar lawsuits that have been filed against other banks across the country. On July 19, 2012, the plaintiff in the White case filed an amended complaint to add plaintiffs from Mississippi and also to add federal EFTA claims. Trustmark contends that amended complaint was procedurally improper. On October 4, 2012, the plaintiff in the White case moved for leave to add two Tennessee plaintiffs. Trustmark filed preliminary dismissal and venue transfer motions, and discovery has begun, in the White case; the Jenkins case has also entered the active discovery stage. Trustmark also filed a motion to dismiss all claims except the EFTA claim in the Jenkins case. All of these motions remained pending when the parties began active settlement negotiations under the Mississippi federal court’s supervision in June of 2013. | |
On August 18, 2013, the class action plaintiffs in both cases and Trustmark agreed to a settlement, the terms and conditions of which are set forth in an executed Settlement Agreement and Release (the “Settlement”). The Settlement is a matter of public record in the court file in the Leroy Jenkins case referenced above. The parties reached the Settlement through arm’s-length negotiations following two court-ordered settlement conferences with United States Magistrate Judge F. Keith Ball. Under the Settlement, subject to the terms and conditions therein and subject to court approval, and without admission of liability, fault or wrongdoing by Trustmark, plaintiffs and a settlement class consisting of TNB account holders whose accounts met certain criteria with respect to overdraft and non-sufficient funds fees between September 28, 2005 and the date of the court’s preliminary approval of the Settlement (the “Settlement Class”) would fully, finally, and forever resolve, discharge, and release their claims in exchange for Trustmark’s payment of $4.0 million, inclusive of all attorneys’ fees and costs, to create a common fund to benefit the Settlement Class. In addition, Trustmark has agreed to adhere to its current method of time-ordered posting for non-recurring point of sale and ATM debit transactions for two years following the effective date of the Settlement, and to pay all fees and costs associated with providing notice to the Settlement Class and for implementation of the Settlement by the Settlement Administrator. | |
In an order dated October 11, 2013, the United States District Court for the Southern District of Mississippi preliminarily approved the Settlement. The court will hold a hearing in early 2014 to determine whether to issue final approval of the Settlement. As is common in class action settlements, notice will be provided to members of the Settlement Class, who will be given the option of opting out of the Settlement or objecting to the Settlement. Pursuant to court approval, a professional settlement administrator has been engaged to provide notices to class members and to facilitate apportionment of the Settlement funds among class members. | |
The Settlement of $4.0 million, or $2.5 million net of taxes, was included in other noninterest expense for the quarter ended June 30, 2013. Trustmark deposited the $4.0 million into the Settlement Administrator’s escrow account on October 25, 2013. | |
Trustmark and its subsidiaries are also parties to other lawsuits and other claims that arise in the ordinary course of business. Some of the lawsuits assert claims related to the lending, collection, servicing, investment, trust and other business activities, and some of the lawsuits allege substantial claims for damages. | |
All pending legal proceedings described above are being vigorously contested. In the regular course of business, Management evaluates estimated losses or costs related to litigation, and provision is made for anticipated losses whenever Management believes that such losses are probable and can be reasonably estimated. At the present time, Management believes, based on the advice of legal counsel and Management’s evaluation, that (i) the final resolution of pending legal proceedings described above will not, individually or in the aggregate, have a material impact on Trustmark’s consolidated financial position or results of operations and (ii) a loss in any such case is not probable at this time, and thus no accrual is required under FASB ASC Topic 450-20, “Loss Contingencies.” In addition, given the preliminary nature of these matters and the lack of any quantification by plaintiffs of the relief being sought, to the extent that a loss in any such matter may be viewed as reasonably possible under FASB ASC Topic 450-20, it is not possible at this time to provide an estimate of any such possible loss (or range of possible loss) for any such matter. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 13 – Earnings Per Share | |||||||||||||||||
Basic earnings per share (EPS) is computed by dividing net income by the weighted-average shares of common stock outstanding. Diluted EPS is computed by dividing net income by the weighted-average shares of common stock outstanding, adjusted for the effect of potentially dilutive stock awards outstanding during the period. The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic shares | 67,177 | 64,778 | 66,779 | 64,616 | |||||||||||||
Dilutive shares | 205 | 215 | 184 | 189 | |||||||||||||
Diluted shares | 67,382 | 64,993 | 66,963 | 64,805 | |||||||||||||
Weighted-average antidilutive stock awards were excluded in determining diluted earnings per share. The following table reflects weighted-average antidilutive shares for the periods presented (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted-average antidilutive shares | 270 | 501 | 379 | 705 |
Statements_of_Cash_Flows
Statements of Cash Flows | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Statements of Cash Flows [Abstract] | ' | ||||||||
Statements of Cash Flows | ' | ||||||||
Note 14 – Statements of Cash Flows | |||||||||
For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks. The following table reflects specific transaction amounts for the periods presented ($ in thousands): | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Income taxes paid | $ | 14,220 | $ | 37,551 | |||||
Interest expense paid on deposits and borrowings | 18,656 | 24,197 | |||||||
Noncash transfers from loans to foreclosed properties (1) | 34,226 | 33,740 | |||||||
Assets acquired in business combinations | 1,845,930 | 234,960 | |||||||
Liabilities assumed in business combinations | 1,821,066 | 209,322 | |||||||
(1) Includes transfers from covered loans to foreclosed properties |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Shareholders' Equity [Abstract] | ' | ||||||||||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||||||||||
Note 15 – Shareholders' Equity | |||||||||||||||||||||||||
Trustmark and TNB are subject to minimum capital requirements, which are administered by the federal bank regulatory agencies. These capital requirements, as defined by federal regulations, involve quantitative and qualitative measures of assets, liabilities and certain off-balance sheet instruments. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements of Trustmark and TNB. As of September 30, 2013, Trustmark and TNB have exceeded all of the minimum capital standards for the parent company and its primary banking subsidiary as established by regulatory requirements. In addition, TNB has met applicable regulatory guidelines to be considered well-capitalized at September 30, 2013. To be categorized in this manner, TNB must maintain minimum total risk-based capital, Tier 1 risk-based capital and Tier 1 leverage ratios as set forth in the accompanying table. There are no significant conditions or events that have occurred since September 30, 2013, which Management believes have affected Trustmark’s and TNB's present classification. | |||||||||||||||||||||||||
Trustmark's and TNB's actual regulatory capital amounts and ratios are presented in the table below ($ in thousands): | |||||||||||||||||||||||||
Minimum Regulatory | |||||||||||||||||||||||||
Actual | Minimum Regulatory | Provision to be | |||||||||||||||||||||||
Regulatory Capital | Capital Required | Well-Capitalized | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
At September 30, 2013: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 1,097,058 | 14.02 | % | $ | 626,067 | 8 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 1,055,807 | 13.63 | % | 619,558 | 8 | % | $ | 774,448 | 10 | % | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 993,155 | 12.69 | % | $ | 313,034 | 4 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 954,563 | 12.33 | % | 309,779 | 4 | % | $ | 464,669 | 6 | % | |||||||||||||||
Tier 1 Capital (to Average Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 993,155 | 8.78 | % | $ | 339,316 | 3 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 954,563 | 8.53 | % | 335,621 | 3 | % | $ | 559,369 | 5 | % | |||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 1,157,838 | 17.22 | % | $ | 537,861 | 8 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 1,119,438 | 16.85 | % | 531,577 | 8 | % | $ | 664,472 | 10 | % | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 1,043,865 | 15.53 | % | $ | 268,930 | 4 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 1,007,775 | 15.17 | % | 265,789 | 4 | % | $ | 398,683 | 6 | % | |||||||||||||||
Tier 1 Capital (to Average Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 1,043,865 | 10.97 | % | $ | 285,556 | 3 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 1,007,775 | 10.72 | % | 281,984 | 3 | % | $ | 469,974 | 5 | % | |||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||||||||||
The following table presents the components of accumulated other comprehensive (loss) income and the related tax effects allocated to each component for the periods ended September 30, 2013 and 2012 ($ in thousands): | |||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Before-Tax | Tax | Comprehensive | |||||||||||||||||||||||
Amount | Effect | (Loss) Income | |||||||||||||||||||||||
Balance, January 1, 2013 | $ | 5,533 | $ | (2,138 | ) | $ | 3,395 | ||||||||||||||||||
Unrealized holding losses on AFS arising during period | (98,130 | ) | 37,534 | (60,596 | ) | ||||||||||||||||||||
Adjustment for net gains realized in net income | (378 | ) | 145 | (233 | ) | ||||||||||||||||||||
Pension and other postretirement benefit plans | 6,471 | (2,475 | ) | 3,996 | |||||||||||||||||||||
Change in accumulated gain on effective cash flow hedge derivatives | 1,963 | (751 | ) | 1,212 | |||||||||||||||||||||
Balance, September 30, 2013 | $ | (84,541 | ) | $ | 32,315 | $ | (52,226 | ) | |||||||||||||||||
Balance, January 1, 2012 | $ | 5,089 | $ | (1,968 | ) | $ | 3,121 | ||||||||||||||||||
Unrealized holding gains on AFS arising during period | 2,970 | (1,136 | ) | 1,834 | |||||||||||||||||||||
Adjustment for net gains realized in net income | (1,041 | ) | 398 | (643 | ) | ||||||||||||||||||||
Pension and other postretirement benefit plans | 4,755 | (1,819 | ) | 2,936 | |||||||||||||||||||||
Balance, September 30, 2012 | $ | 11,773 | $ | (4,525 | ) | $ | 7,248 | ||||||||||||||||||
The following table presents the amounts affecting accumulated other comprehensive (loss) income that are included in their entirety in net income for the periods presented ($ in thousands). Reclassification adjustments related to securities available for sale are included in securities gains, net in the accompanying consolidated statements of income. The amortization of prior service cost and recognized net actuarial loss on pension and other postretirement benefit plans are included in the computation of net periodic benefit cost (see Note 10 – Defined Benefit and Other Postretirement Benefits for additional details). | |||||||||||||||||||||||||
Pre-Tax | Tax | After Tax | |||||||||||||||||||||||
Income | (Expense) | Income | |||||||||||||||||||||||
(Expense) | Benefit | (Expense) | |||||||||||||||||||||||
Nine Months Ended September 30, 2013: | |||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Reclassification adjustment for net gains realized in net income | $ | 378 | $ | (145 | ) | $ | 233 | ||||||||||||||||||
Pension and other postretirement benefit plans: | |||||||||||||||||||||||||
Amortization of prior service cost | $ | (188 | ) | $ | 72 | $ | (116 | ) | |||||||||||||||||
Recognized net loss due to settlement | (1,363 | ) | 521 | (842 | ) | ||||||||||||||||||||
Recognized net actuarial loss | (4,920 | ) | 1,882 | (3,038 | ) | ||||||||||||||||||||
Total pension and other postretirement benefit plans | $ | (6,471 | ) | $ | 2,475 | $ | (3,996 | ) | |||||||||||||||||
Nine Months Ended September 30, 2012: | |||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Reclassification adjustment for net gains realized in net income | $ | 1,041 | $ | (398 | ) | $ | 643 | ||||||||||||||||||
Pension and other postretirement benefit plans: | |||||||||||||||||||||||||
Amortization of prior service cost | $ | (188 | ) | $ | 72 | $ | (116 | ) | |||||||||||||||||
Recognized net actuarial loss | (4,567 | ) | 1,747 | (2,820 | ) | ||||||||||||||||||||
Total pension and other postretirement benefit plans | $ | (4,755 | ) | $ | 1,819 | $ | (2,936 | ) |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
Note 16 – Fair Value | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and requires certain disclosures about fair value measurements. The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. Depending on the nature of the asset or liability, Trustmark uses various valuation techniques and assumptions when estimating fair value. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. FASB ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | |||||||||||||||||
Level 1 Inputs – Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that Trustmark has the ability to access at the measurement date. | |||||||||||||||||
Level 2 Inputs – Valuation is based upon quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability such as interest rates, yield curves, volatilities and default rates and inputs that are derived principally from or corroborated by observable market data. | |||||||||||||||||
Level 3 Inputs – Unobservable inputs reflecting the reporting entity’s own determination about the assumptions that market participants would use in pricing the asset or liability based on the best information available. | |||||||||||||||||
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety is classified is based on the lowest level input that is significant to the fair value measurement in its entirety. Trustmark’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||||||
Financial Instruments Measured at Fair Value | |||||||||||||||||
The methodologies Trustmark uses in determining the fair values are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected upon exchange of the position in an orderly transaction between market participants at the measurement date. The large majority of assets that are stated at fair value are of a nature that can be valued using prices or inputs that are readily observable through a variety of independent data providers. The providers selected by Trustmark for fair valuation data are widely recognized and accepted vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. Trustmark has documented and evaluated the pricing methodologies used by the vendors and maintains internal processes that regularly test valuations for anomalies. | |||||||||||||||||
Trustmark utilizes an independent pricing service to advise it on the carrying value of the securities available for sale portfolio. As part of Trustmark’s procedures, the price provided from the service is evaluated for reasonableness given market changes. When a questionable price exists, Trustmark investigates further to determine if the price is valid. If needed, other market participants may be utilized to determine the correct fair value. Trustmark has also reviewed and confirmed its determinations in thorough discussions with the pricing source regarding their methods of price discovery. | |||||||||||||||||
Mortgage loan commitments are valued based on the securities prices of similar collateral, term, rate and delivery for which the loan is eligible to deliver in place of the particular security. Trustmark acquires a broad array of mortgage security prices that are supplied by a market data vendor, which in turn accumulates prices from a broad list of securities dealers. Prices are processed through a mortgage pipeline management system that accumulates and segregates all loan commitment and forward-sale transactions according to the similarity of various characteristics (maturity, term, rate, and collateral). Prices are matched to those positions that are deemed to be an eligible substitute or offset (i.e., “deliverable”) for a corresponding security observed in the market place. | |||||||||||||||||
Trustmark estimates fair value of MSR through the use of prevailing market participant assumptions and market participant valuation processes. This valuation is periodically tested and validated against other third-party firm valuations. | |||||||||||||||||
Trustmark obtains the fair value of interest rate swaps from a third-party pricing service that uses an industry standard discounted cash flow methodology. In addition, credit valuation adjustments are incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of its interest rate swap contracts for the effect of nonperformance risk, Trustmark has considered any applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the FASB’s fair value measurement guidance, Trustmark made an accounting policy election to measure the credit risk of these derivative financial instruments, which are subject to master netting agreements, on a net basis by counterparty portfolio. | |||||||||||||||||
Trustmark has determined that the majority of the inputs used to value its interest rate swaps offered to qualified commercial borrowers fall within Level 2 of the fair value hierarchy, while the credit valuation adjustments associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads. Trustmark has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its interest rate swaps and has determined that the credit valuation adjustment is not significant to the overall valuation of these derivatives. As a result, Trustmark classifies its interest rate swap valuations in Level 2 of the fair value hierarchy. | |||||||||||||||||
Trustmark also utilizes exchange-traded derivative instruments such as Treasury note futures contracts and option contracts to achieve a fair value return that offsets the changes in fair value of MSR attributable to interest rates. Fair values of these derivative instruments are determined from quoted prices in active markets for identical assets therefore allowing them to be classified within Level 1 of the fair value hierarchy. In addition, Trustmark utilizes derivative instruments such as interest rate lock commitments in its mortgage banking area which lack observable inputs for valuation purposes resulting in their inclusion in Level 3 of the fair value hierarchy. | |||||||||||||||||
At this time, Trustmark presents no fair values that are derived through internal modeling. Should positions requiring fair valuation arise that are not relevant to existing methodologies, Trustmark will make every reasonable effort to obtain market participant assumptions, or independent evaluation. | |||||||||||||||||
Financial Assets and Liabilities | |||||||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands). There were no transfers between fair value levels for the nine months ended September 30, 2013 and the year ended December 31, 2012. | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
U.S. Treasury securities | $ | 503 | $ | - | $ | 503 | $ | - | |||||||||
U.S. Government agency obligations | 265,438 | - | 265,438 | - | |||||||||||||
Obligations of states and political subdivisions | 212,991 | - | 212,991 | - | |||||||||||||
Mortgage-backed securities | 2,665,441 | - | 2,665,441 | - | |||||||||||||
Asset-backed securities | 227,728 | - | 227,728 | - | |||||||||||||
Securities available for sale | 3,372,101 | - | 3,372,101 | - | |||||||||||||
Loans held for sale | 119,986 | - | 119,986 | - | |||||||||||||
Mortgage servicing rights | 63,150 | - | - | 63,150 | |||||||||||||
Other assets - derivatives | 10,841 | 2,633 | 6,161 | 2,047 | |||||||||||||
Other liabilities - derivatives | 7,305 | 480 | 6,825 | - | |||||||||||||
31-Dec-12 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
U.S. Government agency obligations | $ | 105,745 | $ | - | $ | 105,745 | $ | - | |||||||||
Obligations of states and political subdivisions | 215,761 | - | 215,761 | - | |||||||||||||
Mortgage-backed securities | 2,094,612 | - | 2,094,612 | - | |||||||||||||
Asset-backed securities | 241,627 | - | 241,627 | - | |||||||||||||
Securities available for sale | 2,657,745 | - | 2,657,745 | - | |||||||||||||
Loans held for sale | 257,986 | - | 257,986 | - | |||||||||||||
Mortgage servicing rights | 47,341 | - | - | 47,341 | |||||||||||||
Other assets - derivatives | 7,107 | (440 | ) | 5,263 | 2,284 | ||||||||||||
Other liabilities - derivatives | 6,612 | 545 | 6,067 | - | |||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis for the periods ended September 30, 2013 and 2012 are summarized as follows ($ in thousands): | |||||||||||||||||
MSR | Other Assets - Derivatives | ||||||||||||||||
Balance, January 1, 2013 | $ | 47,341 | $ | 2,284 | |||||||||||||
Total net gains included in net income (1) | 258 | 7,558 | |||||||||||||||
Additions | 15,551 | - | |||||||||||||||
Sales | - | (7,795 | ) | ||||||||||||||
Balance, September 30, 2013 | $ | 63,150 | $ | 2,047 | |||||||||||||
The amount of total gains for the period included in | $ | 7,881 | $ | 954 | |||||||||||||
earnings that are attributable to the change in unrealized | |||||||||||||||||
gains or losses still held at September 30, 2013 | |||||||||||||||||
Balance, January 1, 2012 | $ | 43,274 | $ | 702 | |||||||||||||
Total net (losses) gains included in net income (1) | (16,137 | ) | 10,261 | ||||||||||||||
Additions | 17,074 | - | |||||||||||||||
Sales | - | (6,658 | ) | ||||||||||||||
Balance, September 30, 2012 | $ | 44,211 | $ | 4,305 | |||||||||||||
The amount of total (losses) gains for the period included in | $ | (8,960 | ) | $ | 2,320 | ||||||||||||
earnings that are attributable to the change in unrealized | |||||||||||||||||
gains or losses still held at September 30, 2012 | |||||||||||||||||
(1) Total net gains (losses) included in net income relating to MSR includes changes in fair value due to market changes and due to runoff. | |||||||||||||||||
Trustmark may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. Assets at September 30, 2013, which have been measured at fair value on a nonrecurring basis, include impaired LHFI. Loans for which it is probable Trustmark will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement are considered impaired. Impaired LHFI have been determined to be collateral dependent and assessed using a fair value approach. Specific allowances for impaired LHFI are based on comparisons of the recorded carrying values of the loans to the present value of the estimated cash flows of these loans at each loan’s original effective interest rate, the fair value of the collateral or the observable market prices of the loans. Fair value estimates begin with appraised values based on the current market value/as-is value of the property being appraised, normally from recently received and reviewed appraisals. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by Trustmark’s Appraisal Review Department to ensure they are acceptable. Appraised values are adjusted down for costs associated with asset disposal. At September 30, 2013, Trustmark had outstanding balances of $32.2 million in impaired LHFI that were specifically identified for evaluation and written down to fair value of the underlying collateral less cost to sell based on the fair value of the collateral or other unobservable input compared to $40.6 million at December 31, 2012. These specifically evaluated impaired LHFI are classified as Level 3 in the fair value hierarchy. Impaired LHFI are periodically reviewed and evaluated for additional impairment and adjusted accordingly based on the same factors identified above. | |||||||||||||||||
Please refer to Note 2 – Business Combinations, for financial assets and liabilities acquired, which were measured at fair value on a nonrecurring basis in accordance with GAAP. | |||||||||||||||||
Nonfinancial Assets and Liabilities | |||||||||||||||||
Certain nonfinancial assets measured at fair value on a nonrecurring basis include foreclosed assets (upon initial recognition or subsequent impairment), nonfinancial assets and nonfinancial liabilities measured at fair value in the second step of a goodwill impairment test, and intangible assets and other nonfinancial long-lived assets measured at fair value for impairment assessment. | |||||||||||||||||
Other real estate, excluding covered other real estate, includes assets that have been acquired in satisfaction of debt through foreclosure and is recorded at the lower of cost or estimated fair value less the estimated cost of disposition. Fair value is based on independent appraisals and other relevant factors. In the determination of fair value subsequent to foreclosure, Management also considers other factors or recent developments, such as changes in market conditions from the time of valuation and anticipated sales values considering plans for disposition, which could result in an adjustment to lower the collateral value estimates indicated in the appraisals. At September 30, 2013, Trustmark's geographic other real estate distribution was concentrated primarily in its five key market regions: Alabama, Florida, Mississippi, Tennessee and Texas. The ultimate recovery of a substantial portion of the carrying amount of other real estate, excluding covered other real estate, is susceptible to changes in market conditions in these areas. Periodic revaluations are classified as Level 3 in the fair value hierarchy since assumptions are used that may not be observable in the market. | |||||||||||||||||
Certain foreclosed assets, upon initial recognition, are remeasured and reported at fair value through a charge-off to the allowance for loan losses based upon the fair value of the foreclosed asset. The fair value of a foreclosed asset, upon initial recognition, is estimated using Level 3 inputs based on adjusted observable market data. Foreclosed assets measured at fair value upon initial recognition totaled $73.9 million (utilizing Level 3 valuation inputs) during the nine months ended September 30, 2013 compared with $32.4 million for the same period in 2012. Foreclosed assets measured at fair value upon initial recognition for the nine months ended September 30, 2013 and 2012, included $40.1 million of other real estate acquired from BancTrust and $2.6 million of other real estate acquired from Bay Bank, respectively. In connection with the measurement and initial recognition of the foregoing foreclosed assets, Trustmark recognized charge-offs of the allowance for loan losses totaling $9.2 million and $8.5 million for the first nine months of 2013 and 2012, respectively. Other than foreclosed assets measured at fair value upon initial recognition, $35.0 million of foreclosed assets were remeasured during the first nine months of 2013, requiring write-downs of $5.5 million to reach their current fair values compared to $29.7 million of foreclosed assets that were remeasured during the first nine months of 2012, requiring write-downs of $4.8 million. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
FASB ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. A detailed description of the valuation methodologies used in estimating the fair value of financial instruments can be found in Note 19 – Fair Value included in Item 8 of Trustmark’s Form 10-K Annual Report for the year ended December 31, 2012. | |||||||||||||||||
The carrying amounts and estimated fair values of financial instruments at September 30, 2013 and December 31, 2012, are as follows ($ in thousands): | |||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Financial Assets: | |||||||||||||||||
Level 2 Inputs: | |||||||||||||||||
Cash and short-term investments | $ | 343,562 | $ | 343,562 | $ | 238,535 | $ | 238,535 | |||||||||
Securities held to maturity | 69,980 | 70,949 | 42,188 | 46,888 | |||||||||||||
Level 3 Inputs: | |||||||||||||||||
Net LHFI | 5,628,009 | 5,701,646 | 5,514,016 | 5,619,933 | |||||||||||||
Net acquired loans | 869,792 | 869,792 | 127,489 | 127,489 | |||||||||||||
FDIC indemnification asset | 17,085 | 17,085 | 21,774 | 21,774 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Level 2 Inputs: | |||||||||||||||||
Deposits | 9,787,234 | 9,792,076 | 7,896,517 | 7,904,179 | |||||||||||||
Short-term liabilities | 403,163 | 403,163 | 375,749 | 375,749 | |||||||||||||
Long-term FHLB advances | 8,562 | 8,562 | - | - | |||||||||||||
Subordinated notes | 49,896 | 53,605 | 49,871 | 53,980 | |||||||||||||
Junior subordinated debt securities | 61,856 | 40,206 | 61,856 | 40,206 | |||||||||||||
In cases where quoted market prices are not available, fair values are generally based on estimates using present value techniques. Trustmark’s premise in present value techniques is to represent the fair values on a basis of replacement value of the existing instrument given observed market rates on the measurement date. These techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates for those assets or liabilities cannot be necessarily substantiated by comparison to independent markets and, in many cases, may not be realizable in immediate settlement of the instruments. The estimated fair value of financial instruments with immediate and shorter-term maturities (generally 90 days or less) is assumed to be the same as the recorded book value. All nonfinancial instruments, by definition, have been excluded from these disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of Trustmark. | |||||||||||||||||
The fair values of net LHFI are estimated for portfolios of loans with similar financial characteristics. For variable rate LHFI that reprice frequently with no significant change in credit risk, fair values are based on carrying values. The fair values of certain mortgage LHFI, such as 1-4 family residential properties, are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values of other types of LHFI are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The processes for estimating the fair value of net LHFI described above does not represent an exit price under FASB ASC Topic 820 and such an exit price could potentially produce a different fair value estimate at September 30, 2013 and December 31, 2012. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
Note 17 – Derivative Financial Instruments | |||||||||||||||||||||||||
Trustmark maintains an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. Trustmark’s interest rate risk management strategy involves modifying the repricing characteristics of certain assets and liabilities so that changes in interest rates do not adversely affect the net interest margin and cash flows. Under the guidelines of FASB ASC Topic 815, “Derivatives and Hedging,” all derivative instruments are required to be recognized as either assets or liabilities and be carried at fair value on the balance sheet. The fair value of derivative positions outstanding is included in other assets and/or other liabilities in the accompanying consolidated balance sheets and in the net change in these financial statement line items in the accompanying consolidated statements of cash flows as well as included in noninterest income in the accompanying consolidated statements of income. | |||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||||
As part of Trustmark’s risk management strategy in the mortgage banking area, derivative instruments such as forward sales contracts are utilized. Trustmark’s obligations under forward contracts consist of commitments to deliver mortgage loans, originated and/or purchased, in the secondary market at a future date. These derivative instruments are designated as fair value hedges under FASB ASC Topic 815. The ineffective portion of changes in the fair value of the forward contracts and changes in the fair value of the loans designated as loans held for sale are recorded in noninterest income in mortgage banking, net. Trustmark’s off-balance sheet obligations under these derivative instruments totaled $149.5 million at September 30, 2013, with a negative valuation adjustment of $2.9 million, compared to $310.3 million, with a negative valuation adjustment of $738 thousand as of December 31, 2012. | |||||||||||||||||||||||||
On April 4, 2013, Trustmark entered into an interest rate swap contract on junior subordinated debentures with a total notional amount of $60.0 million. The interest rate swap contract was designated as a derivative instrument in a cash flow hedge under FASB ASC Topic 815, with the objective of protecting the quarterly interest payments on Trustmark’s $60.0 million of junior subordinated debentures issued to Trustmark Preferred Capital Trust I throughout the five-year period beginning December 31, 2014 and ending December 31, 2019 from the risk of variability of those payments resulting from changes in the three-month LIBOR interest rate. Under the swap, Trustmark will pay a fixed interest rate of 1.66% and receive a variable interest rate based on three-month LIBOR on a total notional amount of $60.0 million, with quarterly settlements. | |||||||||||||||||||||||||
No ineffectiveness related to the interest rate derivative designated as a cash flow hedge was recognized in the consolidated statements of income during the three or nine months ended September 30, 2013. The accumulated net after-tax gain related to effective cash flow hedges included in accumulated other comprehensive loss totaled $1.2 million at September 30, 2013. Trustmark does not expect to reclassify any amounts from accumulated other comprehensive loss to interest expense during the next 12 months since Trustmark’s derivative relating to its junior subordinated debentures does not become effective until December 31, 2014. | |||||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||||||||||||
Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that economically hedges changes in fair value of MSR attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting. These exchange-traded derivative instruments are accounted for at fair value with changes in the fair value recorded in noninterest income in mortgage banking, net and are offset by changes in the fair value of MSR. The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates. Ineffectiveness of hedging the MSR fair value is measured by comparing the change in value of hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions. The impact of this strategy resulted in a net positive ineffectiveness of $1.3 million compared to a net negative ineffectiveness of $1.8 million for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013, the impact was a net positive ineffectiveness of $2.7 million compared to a net negative ineffectiveness of $2.7 million for the nine months ended September 30, 2012. | |||||||||||||||||||||||||
Trustmark also utilizes derivative instruments such as interest rate lock commitments in its mortgage banking area. Rate lock commitments are residential mortgage loan commitments with customers, which guarantee a specified interest rate for a specified time period. Changes in the fair value of these derivative instruments are recorded in noninterest income in mortgage banking, net and are offset by the changes in the fair value of forward sales contracts. Trustmark’s off-balance sheet obligations under these derivative instruments totaled $111.5 million at September 30, 2013, with a positive valuation adjustment of $2.0 million, compared to $186.9 million, with a positive valuation adjustment of $2.3 million as of December 31, 2012. | |||||||||||||||||||||||||
Trustmark offers certain derivatives products directly to qualified commercial borrowers seeking to manage their interest rate risk. Trustmark economically hedges interest rate swap transactions executed with commercial borrowers by entering into offsetting interest rate swap transactions with third parties. Derivative transactions executed as part of this program are not designated as qualifying hedging relationships and are, therefore, carried at fair value with the change in fair value recorded in noninterest income in bank card and other fees. Because these derivatives have mirror-image contractual terms, in addition to collateral provisions which mitigate the impact of non-performance risk, the changes in fair value substantially offset. As of September 30, 2013, Trustmark had interest rate swaps with an aggregate notional amount of $365.7 million related to this program, compared to $321.3 million as of December 31, 2012. | |||||||||||||||||||||||||
Trustmark has agreements with its financial institution counterparties that contain provisions where if Trustmark defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Trustmark could also be declared in default on its derivative obligations. | |||||||||||||||||||||||||
As of September 30, 2013, the termination value of interest rate swaps in a liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $908 thousand compared to $5.4 million as of December 31, 2012. As of September 30, 2013, Trustmark had posted collateral with a market value of $1.2 million against its obligations because of negotiated thresholds and minimum transfer amounts under these agreements. If Trustmark had breached any of these triggering provisions at September 30, 2013, it could have been required to settle its obligations under the agreements at the termination value. | |||||||||||||||||||||||||
Credit risk participation agreements arise when Trustmark contracts with other financial institutions, as a guarantor or beneficiary, to share credit risk associated with certain interest rate swaps. These agreements provide for reimbursement of losses resulting from a third party default on the underlying swap. As of September 30, 2013, Trustmark had entered into three risk participation agreements as a beneficiary with an aggregate notional amount of $19.8 million, compared to two risk participation agreements with an aggregate notional amount of $10.1 million at December 31, 2012. The fair values of these risk participation agreements were immaterial at September 30, 2013. | |||||||||||||||||||||||||
Tabular Disclosures | |||||||||||||||||||||||||
The following tables disclose the fair value of derivative instruments in Trustmark’s balance sheets as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Derivatives in hedging relationships | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Interest rate swaps included in other assets | $ | 1,963 | $ | - | |||||||||||||||||||||
Forward contracts included in other liabilities | 2,878 | 738 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Futures contracts included in other assets | $ | 2,228 | $ | (482 | ) | ||||||||||||||||||||
Exchange traded purchased options included in other assets | 405 | 42 | |||||||||||||||||||||||
OTC written options (rate locks) included in other assets | 2,047 | 2,284 | |||||||||||||||||||||||
Interest rate swaps included in other assets | 4,174 | 5,241 | |||||||||||||||||||||||
Credit risk participation agreements included in other assets | 24 | 22 | |||||||||||||||||||||||
Exchange traded written options included in other liabilities | 480 | 545 | |||||||||||||||||||||||
Interest rate swaps included in other liabilities | 3,947 | 5,329 | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in hedging relationships | |||||||||||||||||||||||||
Amount of loss recognized in mortgage banking, net | $ | (13,008 | ) | $ | (4,212 | ) | $ | (2,141 | ) | $ | (5,279 | ) | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Amount of gain (loss) recognized in mortgage banking, net | $ | 2,728 | $ | 2,883 | $ | (5,421 | ) | $ | 9,913 | ||||||||||||||||
Amount of (loss) gain recognized in bankcard and other fees | (203 | ) | (85 | ) | 192 | (246 | ) | ||||||||||||||||||
The following table discloses the amount included in other comprehensive (loss) income for derivative instruments designated as cash flow hedges for the periods presented ($ in thousands): | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in cash flow hedging relationship | |||||||||||||||||||||||||
Amount of (loss) gain recognized in other comprehensive (loss) income | $ | (242 | ) | $ | - | $ | 1,212 | $ | - | ||||||||||||||||
Certain financial instruments, including resell and repurchase agreements, securities lending arrangements and derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. Information about financial instruments that are eligible for offset in the consolidated balance sheets as of September 30, 2013 and December 31, 2012 is presented in the following tables ($ in thousands): | |||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||
Derivatives | $ | 6,137 | $ | - | $ | 6,137 | $ | (1,253 | ) | $ | (1,500 | ) | $ | 3,384 | |||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||
Derivatives | $ | 3,947 | $ | - | $ | 3,947 | $ | (1,253 | ) | $ | - | $ | 2,694 | ||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||
Derivatives | $ | 5,241 | $ | - | $ | 5,241 | $ | - | $ | - | $ | 5,241 | |||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||
Derivatives | $ | 5,329 | $ | - | $ | 5,329 | $ | - | $ | (594 | ) | $ | 4,735 |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Note 18 – Segment Information | |||||||||||||||||
Trustmark’s management reporting structure includes three segments: General Banking, Wealth Management and Insurance. General Banking is primarily responsible for all traditional banking products and services, including loans and deposits. General Banking also consists of internal operations such as Human Resources, Executive Administration, Treasury, Funds Management, Public Affairs and Corporate Finance. Wealth Management provides customized solutions for affluent customers by integrating financial services with traditional banking products and services such as private banking, money management, full-service brokerage, financial planning, personal and institutional trust and retirement services. Through Fisher Brown Bottrell Insurance, Inc. (FBBI), a wholly owned subsidiary of TNB, Trustmark’s Insurance Division provides a full range of retail insurance products including commercial risk management products, bonding, group benefits and personal lines coverage. | |||||||||||||||||
The accounting policies of each reportable segment are the same as those of Trustmark except for its internal allocations. Noninterest expenses for back-office operations support are allocated to segments based on estimated uses of those services. Trustmark measures the net interest income of its business segments with a process that assigns cost of funds or earnings credit on a matched-term basis. This process, called "funds transfer pricing", charges an appropriate cost of funds to assets held by a business unit, or credits the business unit for potential earnings for carrying liabilities. The net of these charges and credits flows through to the General Banking segment, which contains the management team responsible for determining Trustmark’s funding and interest rate risk strategies. | |||||||||||||||||
The following table discloses financial information by reportable segment for the periods presented ($ in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
General Banking | |||||||||||||||||
Net interest income | $ | 97,210 | $ | 84,125 | $ | 283,134 | $ | 255,184 | |||||||||
Provision for loan losses, net | (375 | ) | 5,448 | (9,606 | ) | 10,849 | |||||||||||
Noninterest income | 31,367 | 30,433 | 90,250 | 92,772 | |||||||||||||
Noninterest expense | 88,615 | 72,029 | 272,951 | 224,256 | |||||||||||||
Income before income taxes | 40,337 | 37,081 | 110,039 | 112,851 | |||||||||||||
Income taxes | 9,916 | 9,817 | 27,803 | 29,834 | |||||||||||||
General banking net income | $ | 30,421 | $ | 27,264 | $ | 82,236 | $ | 83,017 | |||||||||
Selected Financial Information | |||||||||||||||||
Average assets | $ | 11,621,803 | $ | 9,664,428 | $ | 11,312,070 | $ | 9,653,259 | |||||||||
Depreciation and amortization | $ | 9,182 | $ | 7,514 | $ | 26,897 | $ | 20,649 | |||||||||
Wealth Management | |||||||||||||||||
Net interest income | $ | 1,117 | $ | 1,065 | $ | 3,261 | $ | 3,254 | |||||||||
Provision for loan losses, net | 43 | 15 | 38 | 35 | |||||||||||||
Noninterest income | 7,535 | 6,895 | 21,440 | 18,327 | |||||||||||||
Noninterest expense | 6,877 | 5,957 | 19,824 | 16,894 | |||||||||||||
Income before income taxes | 1,732 | 1,988 | 4,839 | 4,652 | |||||||||||||
Income taxes | 570 | 701 | 1,591 | 1,549 | |||||||||||||
Wealth management net income | $ | 1,162 | $ | 1,287 | $ | 3,248 | $ | 3,103 | |||||||||
Selected Financial Information | |||||||||||||||||
Average assets | $ | 66,760 | $ | 77,999 | $ | 71,417 | $ | 78,684 | |||||||||
Depreciation and amortization | $ | 43 | $ | 42 | $ | 126 | $ | 132 | |||||||||
Insurance | |||||||||||||||||
Net interest income | $ | 102 | $ | 89 | $ | 237 | $ | 233 | |||||||||
Provision for loan losses, net | - | - | - | - | |||||||||||||
Noninterest income | 8,231 | 7,537 | 23,496 | 21,311 | |||||||||||||
Noninterest expense | 6,032 | 5,474 | 18,089 | 16,043 | |||||||||||||
Income before income taxes | 2,301 | 2,152 | 5,644 | 5,501 | |||||||||||||
Income taxes | 850 | 799 | 2,107 | 2,048 | |||||||||||||
Insurance net income | $ | 1,451 | $ | 1,353 | $ | 3,537 | $ | 3,453 | |||||||||
Selected Financial Information | |||||||||||||||||
Average assets | $ | 70,545 | $ | 68,936 | $ | 67,268 | $ | 65,876 | |||||||||
Depreciation and amortization | $ | 258 | $ | 306 | $ | 777 | $ | 937 | |||||||||
Consolidated | |||||||||||||||||
Net interest income | $ | 98,429 | $ | 85,279 | $ | 286,632 | $ | 258,671 | |||||||||
Provision for loan losses, net | (332 | ) | 5,463 | (9,568 | ) | 10,884 | |||||||||||
Noninterest income | 47,133 | 44,865 | 135,186 | 132,410 | |||||||||||||
Noninterest expense | 101,524 | 83,460 | 310,864 | 257,193 | |||||||||||||
Income before income taxes | 44,370 | 41,221 | 120,522 | 123,004 | |||||||||||||
Income taxes | 11,336 | 11,317 | 31,501 | 33,431 | |||||||||||||
Consolidated net income | $ | 33,034 | $ | 29,904 | $ | 89,021 | $ | 89,573 | |||||||||
Selected Financial Information | |||||||||||||||||
Average assets | $ | 11,759,108 | $ | 9,811,363 | $ | 11,450,755 | $ | 9,797,819 | |||||||||
Depreciation and amortization | $ | 9,483 | $ | 7,862 | $ | 27,800 | $ | 21,718 |
Accounting_Policies_Recently_A
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies Recently Adopted and Pending Accounting Pronouncements [Abstract] | ' |
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | ' |
Note 19 – Accounting Policies Recently Adopted and Pending Accounting Pronouncements | |
ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force).” Issued in July 2013, ASU 2013-11 provides that an entity’s unrecognized tax benefit, or a portion of its unrecognized tax benefit, should be presented in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with one exception. The exception states that to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 applies prospectively for all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or tax credit carryforward exists at the reporting date. ASU 2013-11 is effective for fiscal years, and interim periods within those years beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a significant impact to Trustmark’s consolidated financial statements. | |
ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” Issued in February 2013, ASU 2013-02 requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on net income line items only for those items that are reported in their entirety in net income in the period of reclassification. For these items, entities are required to disclose the effect of the reclassification on each line item of net income that is affected by the reclassification adjustment. For items that are not reclassified in their entirety into net income, an entity is required to add a cross-reference to the note that includes additional information about the effect of the reclassification. For entities that only have reclassifications into net income in their entirety, this information may be presented either in the notes or parenthetically on the face of the statement that reports net income as long as the required information is reported in a single location. Entities that have one or more reclassification items that are not presented in their entirety in net income in the period of reclassification must present this information in the notes to the financial statements. ASU 2013-02 became effective for Trustmark’s financial statements on January 1, 2013, and the adoption did not have a significant impact to Trustmark’s consolidated financial statements. The required disclosures are reported in Note 15 – Shareholders’ Equity. | |
ASU 2013-01. “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” Issued in January 2013, ASU 2013-01 clarifies that the scope of ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities,” applies to derivatives accounted for in accordance with FASB ASC Topic 815, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreements. ASU 2013-01 became effective for Trustmark’s financial statements on January 1, 2013, and the adoption did not have a significant impact to Trustmark’s consolidated financial statements. The required disclosures are reported in Note 17 – Derivatives. | |
ASU 2012-06, “Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution (a consensus of the FASB Emerging Issues Task Force).” Issued in October 2012, ASU 2012-06 addresses the diversity in practice about how to subsequently measure an indemnification asset recognized as a result of a government-assisted acquisition of a financial institution. The amendments in ASU 2012-06 require a reporting entity to subsequently account for a change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. ASU 2012-06 further requires that any amortization of changes in value be limited to the lesser of the term of the indemnification agreement and the remaining life of the indemnified assets. The amendments in ASU 2012-06 are effective prospectively for fiscal years beginning on or after December 15, 2012, and, therefore, were effective for Trustmark’s consolidated financial statements as of January 1, 2013. The adoption of ASU 2012-06 did not have a significant impact on Trustmark’s consolidated financial statements. The required disclosures are reported in Note 8 – FDIC Indemnification Asset. | |
ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” Issued in July 2012, ASU 2012-02 amends the guidance in ASC 350-30 on testing indefinite-lived intangible assets other than goodwill for impairment. Under the revised guidance, entities testing indefinite-lived intangible assets for impairment have the option of performing a qualitative assessment before calculating the fair value of the reporting unit (i.e., step 1 of the indefinite-lived intangible assets impairment test). If entities determine, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. The ASU does not change how indefinite-lived intangible assets are calculated or assigned to reporting units, nor does it revise the requirement to test indefinite-lived intangible assets annually for impairment. In addition, the ASU does not amend the requirement to test indefinite-lived intangible assets for impairment between annual tests if events or circumstances warrant; however, it does revise the examples of events and circumstances that an entity should consider. The amendments of ASU 2012-02 are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. ASU 2012-02 became effect for Trustmark as of January 1, 2013. As Trustmark does not have any indefinite-lived intangible assets other than goodwill, the adoption of ASU 2012-02 had no impact on Trustmark’s consolidated financial statements. |
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
BancTrust Financial Group, Inc. [Member] | ' | ||||||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||||||
Statement of assets purchased and liabilities assumed | ' | ||||||||||||||||
During the second and third quarters of 2013, Trustmark recorded fair value adjustments based on the estimated fair value of certain acquired loans and other real estate. These measurement period adjustments resulted in a decrease in acquired noncovered loans of $6.8 million, a decrease in other real estate of $2.6 million, an increase in the deferred tax asset of $3.1 million, and an increase in goodwill of $5.9 million. Trustmark also recorded an adjustment to transfer $1.6 million of acquired property from premises and equipment, net to other real estate. These measurement period adjustments have been presented on a retrospective basis, consistent with applicable accounting guidance. The statement of assets purchased and liabilities assumed in the BancTrust acquisition is presented below at their adjusted estimated fair values, which were considered preliminary at September 30, 2013, as of the acquisition date of February 15, 2013 ($ in thousands): | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $ | 141,616 | |||||||||||||||
Securities available for sale | 528,016 | ||||||||||||||||
Loans held for sale | 1,050 | ||||||||||||||||
Acquired noncovered loans | 944,235 | ||||||||||||||||
Premises and equipment, net | 55,579 | ||||||||||||||||
Identifiable intangible assets | 33,498 | ||||||||||||||||
Other real estate | 40,103 | ||||||||||||||||
Other assets | 101,833 | ||||||||||||||||
Total Assets | 1,845,930 | ||||||||||||||||
Liabilities: | |||||||||||||||||
Deposits | 1,740,254 | ||||||||||||||||
Other borrowings | 64,051 | ||||||||||||||||
Other liabilities | 16,761 | ||||||||||||||||
Total Liabilities | 1,821,066 | ||||||||||||||||
Net identified assets acquired at fair value | 24,864 | ||||||||||||||||
Goodwill | 81,210 | ||||||||||||||||
Net assets acquired at fair value | $ | 106,074 | |||||||||||||||
Summary of pro forma financial information | ' | ||||||||||||||||
The following table presents the unaudited pro forma financial information as if the acquisition of BancTrust had occurred on January 1, 2012. The unaudited pro forma information for the three and nine months ended September 30, 2013 and 2012, contains certain adjustments, including acquisition accounting fair value adjustments, amortization of the core deposit intangible and related income tax effects. The non-routine transaction expenses related to the BancTrust acquisition incurred during the first three months of 2013 as well as potential cost savings from the acquisition are not reflected in the unaudited pro forma amounts. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the acquisition been effected on the assumed date ($ in thousands except per share data). | |||||||||||||||||
Pro Forma | Pro Forma | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Interest Income | $ | 98,429 | $ | 103,287 | $ | 294,171 | $ | 309,481 | |||||||||
Total Noninterest Income | 47,133 | 48,110 | 137,049 | 142,513 | |||||||||||||
Net Income | 33,034 | 34,818 | 96,830 | 104,750 | |||||||||||||
Pro Forma Earnings Per Common Share | |||||||||||||||||
Basic | $ | 0.49 | $ | 0.52 | $ | 1.4 | $ | 1.57 | |||||||||
Diluted | $ | 0.49 | $ | 0.52 | $ | 1.4 | $ | 1.56 | |||||||||
Bay Bank and Trust Company [Member] | ' | ||||||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||||||
Statement of assets purchased and liabilities assumed | ' | ||||||||||||||||
The statement of assets purchased and liabilities assumed in the Bay Bank acquisition is presented below at their estimated fair values as of the acquisition date of March 16, 2012 ($ in thousands): | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $ | 88,154 | |||||||||||||||
Securities available for sale | 26,369 | ||||||||||||||||
Acquired noncovered loans | 97,914 | ||||||||||||||||
Premises and equipment, net | 9,466 | ||||||||||||||||
Identifiable intangible assets | 7,017 | ||||||||||||||||
Other real estate | 2,569 | ||||||||||||||||
Other assets | 3,471 | ||||||||||||||||
Total Assets | 234,960 | ||||||||||||||||
Liabilities: | |||||||||||||||||
Deposits | 208,796 | ||||||||||||||||
Other liabilities | 526 | ||||||||||||||||
Total Liabilities | 209,322 | ||||||||||||||||
Net assets acquired at fair value | 25,638 | ||||||||||||||||
Consideration paid to Bay Bank | 22,003 | ||||||||||||||||
Bargain purchase gain | 3,635 | ||||||||||||||||
Income taxes | - | ||||||||||||||||
Bargain purchase gain, net of taxes | $ | 3,635 |
Securities_Available_for_Sale_1
Securities Available for Sale and Held to Maturity (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Securities Available for Sale and Held to Maturity [Abstract] | ' | ||||||||||||||||||||||||||||||||
Amortized cost and estimated fair value of available for sale and held to maturity securities | ' | ||||||||||||||||||||||||||||||||
The following table is a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity ($ in thousands): | |||||||||||||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | ||||||||||||||||||||||||||||||||
Gross | Gross | Estimated | Gross | Gross | Estimated | ||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
30-Sep-13 | Cost | Gains | (Losses) | Value | Cost | Gains | (Losses) | Value | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 503 | $ | - | $ | - | $ | 503 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | 133,258 | 1,125 | (1,370 | ) | 133,013 | - | - | - | - | ||||||||||||||||||||||||
Issued by U.S. Government sponsored agencies | 138,937 | 24 | (6,536 | ) | 132,425 | - | - | - | - | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 206,168 | 7,460 | (637 | ) | 212,991 | 30,229 | 2,974 | - | 33,203 | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 48,737 | 596 | (1,093 | ) | 48,240 | 2,420 | 158 | - | 2,578 | ||||||||||||||||||||||||
Issued by FNMA and FHLMC | 211,031 | 4,427 | (663 | ) | 214,795 | 564 | 35 | - | 599 | ||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 2,083,906 | 14,665 | (50,296 | ) | 2,048,275 | - | - | - | - | ||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 349,679 | 8,568 | (4,116 | ) | 354,131 | 36,767 | 114 | (2,312 | ) | 34,569 | |||||||||||||||||||||||
Asset-backed securities and structured financial products | 225,621 | 2,119 | (12 | ) | 227,728 | - | - | - | - | ||||||||||||||||||||||||
Total | $ | 3,397,840 | $ | 38,984 | $ | (64,723 | ) | $ | 3,372,101 | $ | 69,980 | $ | 3,281 | $ | (2,312 | ) | $ | 70,949 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | $ | 10 | $ | - | $ | - | $ | 10 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Issued by U.S. Government sponsored agencies | 105,396 | 339 | - | 105,735 | - | - | - | - | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 202,877 | 12,900 | (16 | ) | 215,761 | 36,206 | 4,184 | - | 40,390 | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 18,981 | 921 | - | 19,902 | 3,245 | 227 | - | 3,472 | |||||||||||||||||||||||||
Issued by FNMA and FHLMC | 201,493 | 7,071 | - | 208,564 | 572 | 52 | - | 624 | |||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 1,436,812 | 29,574 | (20 | ) | 1,466,366 | - | - | - | - | ||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 380,514 | 19,420 | (154 | ) | 399,780 | 2,165 | 237 | - | 2,402 | ||||||||||||||||||||||||
Asset-backed securities and structured financial products | 238,893 | 2,755 | (21 | ) | 241,627 | - | - | - | - | ||||||||||||||||||||||||
Total | $ | 2,584,976 | $ | 72,980 | $ | (211 | ) | $ | 2,657,745 | $ | 42,188 | $ | 4,700 | $ | - | $ | 46,888 | ||||||||||||||||
Securities with gross unrealized losses, segregated by length of impairment | ' | ||||||||||||||||||||||||||||||||
The table below includes securities with gross unrealized losses segregated by length of impairment ($ in thousands): | |||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||||||||||
30-Sep-13 | Fair Value | (Losses) | Fair Value | (Losses) | Fair Value | (Losses) | |||||||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | $ | 60,939 | $ | (1,370 | ) | $ | - | $ | - | $ | 60,939 | $ | (1,370 | ) | |||||||||||||||||||
Issued by U.S. Government sponsored agencies | 132,140 | (6,536 | ) | - | - | 132,140 | (6,536 | ) | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 27,414 | (636 | ) | 569 | (1 | ) | 27,983 | (637 | ) | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 36,322 | (1,093 | ) | - | - | 36,322 | (1,093 | ) | |||||||||||||||||||||||||
Issued by FNMA and FHLMC | 49,792 | (663 | ) | - | - | 49,792 | (663 | ) | |||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 1,352,905 | (50,293 | ) | 368 | (3 | ) | 1,353,273 | (50,296 | ) | ||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC, or GNMA | 153,092 | (6,428 | ) | - | - | 153,092 | (6,428 | ) | |||||||||||||||||||||||||
Asset-backed securities and structured financial products | 16,513 | (12 | ) | - | - | 16,513 | (12 | ) | |||||||||||||||||||||||||
Total | $ | 1,829,117 | $ | (67,031 | ) | $ | 937 | $ | (4 | ) | $ | 1,830,054 | $ | (67,035 | ) | ||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 5,878 | $ | (16 | ) | $ | - | $ | - | $ | 5,878 | $ | (16 | ) | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 3,055 | (20 | ) | - | - | 3,055 | (20 | ) | |||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | - | - | 16,339 | (154 | ) | 16,339 | (154 | ) | |||||||||||||||||||||||||
Asset-backed securities and structured financial products | 16,412 | (21 | ) | - | - | 16,412 | (21 | ) | |||||||||||||||||||||||||
Total | $ | 25,345 | $ | (57 | ) | $ | 16,339 | $ | (154 | ) | $ | 41,684 | $ | (211 | ) | ||||||||||||||||||
Gains and losses as a result of calls and disposition of securities | ' | ||||||||||||||||||||||||||||||||
Gains and losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows ($ in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
Available for Sale | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Proceeds from calls and sales of securities | $ | - | $ | 2,710 | $ | 64,778 | $ | 37,536 | |||||||||||||||||||||||||
Gross realized gains | - | - | 394 | 1,050 | |||||||||||||||||||||||||||||
Gross realized (losses) | - | (1 | ) | (16 | ) | (12 | ) | ||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||
Proceeds from calls of securities | $ | - | $ | - | $ | - | $ | 175 | |||||||||||||||||||||||||
Gross realized gains | - | - | - | 3 | |||||||||||||||||||||||||||||
Contractual maturities of available for sale and held to maturity securities | ' | ||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of securities available for sale and held to maturity at September 30, 2013, by contractual maturity, are shown below ($ in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||
Securities | Securities | ||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 10,080 | $ | 10,142 | $ | 1,627 | $ | 1,650 | |||||||||||||||||||||||||
Due after one year through five years | 244,598 | 248,610 | 13,744 | 14,789 | |||||||||||||||||||||||||||||
Due after five years through ten years | 271,029 | 270,117 | 14,104 | 15,974 | |||||||||||||||||||||||||||||
Due after ten years | 178,780 | 177,791 | 754 | 790 | |||||||||||||||||||||||||||||
704,487 | 706,660 | 30,229 | 33,203 | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 2,693,353 | 2,665,441 | 39,751 | 37,746 | |||||||||||||||||||||||||||||
Total | $ | 3,397,840 | $ | 3,372,101 | $ | 69,980 | $ | 70,949 |
Loans_Held_for_Investment_LHFI1
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI [Abstract] | ' | ||||||||||||||||||||||||
Loan portfolio held for investment | ' | ||||||||||||||||||||||||
For the periods presented, LHFI consisted of the following ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 572,057 | $ | 468,975 | |||||||||||||||||||||
Secured by 1-4 family residential properties | 1,482,963 | 1,497,480 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,408,342 | 1,410,264 | |||||||||||||||||||||||
Other | 196,328 | 189,949 | |||||||||||||||||||||||
Commercial and industrial loans | 1,132,863 | 1,169,513 | |||||||||||||||||||||||
Consumer loans | 164,612 | 171,660 | |||||||||||||||||||||||
Other loans | 739,476 | 684,913 | |||||||||||||||||||||||
LHFI | 5,696,641 | 5,592,754 | |||||||||||||||||||||||
Less allowance for loan losses, LHFI | 68,632 | 78,738 | |||||||||||||||||||||||
Net LHFI | $ | 5,628,009 | $ | 5,514,016 | |||||||||||||||||||||
Summary of LHFI evaluated for impairment | ' | ||||||||||||||||||||||||
The following table details LHFI individually and collectively evaluated for impairment at September 30, 2013 and December 31, 2012 ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
LHFI Evaluated for Impairment | |||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 14,454 | $ | 557,603 | $ | 572,057 | |||||||||||||||||||
Secured by 1-4 family residential properties | 23,715 | 1,459,248 | 1,482,963 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 21,290 | 1,387,052 | 1,408,342 | ||||||||||||||||||||||
Other | 503 | 195,825 | 196,328 | ||||||||||||||||||||||
Commercial and industrial loans | 12,196 | 1,120,667 | 1,132,863 | ||||||||||||||||||||||
Consumer loans | 203 | 164,409 | 164,612 | ||||||||||||||||||||||
Other loans | 1,020 | 738,456 | 739,476 | ||||||||||||||||||||||
Total | $ | 73,381 | $ | 5,623,260 | $ | 5,696,641 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
LHFI Evaluated for Impairment | |||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 27,105 | $ | 441,870 | $ | 468,975 | |||||||||||||||||||
Secured by 1-4 family residential properties | 27,114 | 1,470,366 | 1,497,480 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 18,289 | 1,391,975 | 1,410,264 | ||||||||||||||||||||||
Other | 3,956 | 185,993 | 189,949 | ||||||||||||||||||||||
Commercial and industrial loans | 4,741 | 1,164,772 | 1,169,513 | ||||||||||||||||||||||
Consumer loans | 360 | 171,300 | 171,660 | ||||||||||||||||||||||
Other loans | 798 | 684,115 | 684,913 | ||||||||||||||||||||||
Total | $ | 82,363 | $ | 5,510,391 | $ | 5,592,754 | |||||||||||||||||||
Impaired financing receivables | ' | ||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the carrying amount of LHFI individually evaluated for impairment consisted of the following ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
LHFI | |||||||||||||||||||||||||
Unpaid | With No Related | With an | Total | Average | |||||||||||||||||||||
Principal | Allowance | Allowance | Carrying | Related | Recorded | ||||||||||||||||||||
Balance | Recorded | Recorded | Amount | Allowance | Investment | ||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 26,139 | $ | 11,073 | $ | 3,381 | $ | 14,454 | $ | 957 | $ | 20,779 | |||||||||||||
Secured by 1-4 family residential properties | 28,078 | 3,206 | 20,509 | 23,715 | 260 | 25,415 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 24,270 | 12,391 | 8,899 | 21,290 | 2,733 | 19,790 | |||||||||||||||||||
Other | 543 | - | 503 | 503 | 37 | 2,229 | |||||||||||||||||||
Commercial and industrial loans | 15,549 | 1,918 | 10,278 | 12,196 | 5,393 | 8,468 | |||||||||||||||||||
Consumer loans | 392 | - | 203 | 203 | 2 | 281 | |||||||||||||||||||
Other loans | 1,154 | 49 | 971 | 1,020 | 324 | 909 | |||||||||||||||||||
Total | $ | 96,125 | $ | 28,637 | $ | 44,744 | $ | 73,381 | $ | 9,706 | $ | 77,871 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
LHFI | |||||||||||||||||||||||||
Unpaid | With No Related | With an | Total | Average | |||||||||||||||||||||
Principal | Allowance | Allowance | Carrying | Related | Recorded | ||||||||||||||||||||
Balance | Recorded | Recorded | Amount | Allowance | Investment | ||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 46,558 | $ | 9,571 | $ | 17,534 | $ | 27,105 | $ | 4,992 | $ | 33,759 | |||||||||||||
Secured by 1-4 family residential properties | 35,155 | 2,533 | 24,581 | 27,114 | 1,469 | 25,731 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 23,337 | 8,184 | 10,105 | 18,289 | 2,296 | 21,135 | |||||||||||||||||||
Other | 6,036 | 566 | 3,390 | 3,956 | 760 | 4,914 | |||||||||||||||||||
Commercial and industrial loans | 7,251 | 2,336 | 2,405 | 4,741 | 640 | 9,444 | |||||||||||||||||||
Consumer loans | 624 | - | 360 | 360 | 5 | 592 | |||||||||||||||||||
Other loans | 857 | - | 798 | 798 | 342 | 835 | |||||||||||||||||||
Total | $ | 119,818 | $ | 23,190 | $ | 59,173 | $ | 82,363 | $ | 10,504 | $ | 96,410 | |||||||||||||
Impact of modifications classified as troubled debt restructurings | ' | ||||||||||||||||||||||||
The following table illustrates the impact of modifications classified as TDRs for the three and nine months ended September 30, 2013 and 2012 as well as those TDRs modified within the last 12 months for which there was a payment default during the period ($ in thousands): | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Troubled Debt Restructurings | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||
Secured by 1-4 family residential properties | 1 | $ | 32 | $ | 32 | 39 | $ | 3,695 | $ | 3,691 | |||||||||||||||
Other loans secured by real estate | - | - | - | 1 | 199 | 199 | |||||||||||||||||||
Total | 1 | $ | 32 | $ | 32 | 40 | $ | 3,894 | $ | 3,890 | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Troubled Debt Restructurings | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||
Construction, land development and other land loans | - | $ | - | $ | - | 11 | $ | 4,078 | $ | 4,078 | |||||||||||||||
Secured by 1-4 family residential properties | 6 | 412 | 358 | 44 | 5,062 | 5,069 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1 | 952 | 952 | 2 | 1,210 | 1,210 | |||||||||||||||||||
Other loans secured by real estate | - | - | - | 1 | 199 | 199 | |||||||||||||||||||
Commercial and industrial | 2 | 944 | 937 | - | - | - | |||||||||||||||||||
Other loans | 1 | 2,490 | 2,490 | - | - | - | |||||||||||||||||||
Total | 10 | $ | 4,798 | $ | 4,737 | 58 | $ | 10,549 | $ | 10,556 | |||||||||||||||
Troubled debt restructuring subsequently defaulted | ' | ||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Troubled Debt Restructurings that Subsequently Defaulted | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||||
Construction, land development and other land loans | 1 | $ | 9 | 10 | $ | 3,671 | |||||||||||||||||||
Secured by 1-4 family residential properties | 4 | 389 | 8 | 1,781 | |||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | - | 1 | 870 | |||||||||||||||||||||
Total | 5 | $ | 398 | 19 | $ | 6,322 | |||||||||||||||||||
Troubled debt restructuring related to loans held for investment, excluding covered loans, by loan type | ' | ||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the following table details LHFI classified as TDRs by loan type ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Accruing | Nonaccrual | Total | |||||||||||||||||||||||
Construction, land development and other land loans | $ | 227 | $ | 7,304 | $ | 7,531 | |||||||||||||||||||
Secured by 1-4 family residential properties | 1,255 | 4,965 | 6,220 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | 2,349 | 2,349 | ||||||||||||||||||||||
Other loans secured by real estate | - | 174 | 174 | ||||||||||||||||||||||
Commercial and industrial | - | 568 | 568 | ||||||||||||||||||||||
Total Troubled Debt Restructurings by Type | $ | 1,482 | $ | 15,360 | $ | 16,842 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Accruing | Nonaccrual | Total | |||||||||||||||||||||||
Construction, land development and other land loans | $ | 233 | $ | 12,073 | $ | 12,306 | |||||||||||||||||||
Secured by 1-4 family residential properties | 1,280 | 5,908 | 7,188 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | 4,582 | 4,582 | ||||||||||||||||||||||
Other loans secured by real estate | - | 197 | 197 | ||||||||||||||||||||||
Total Troubled Debt Restructurings by Type | $ | 1,513 | $ | 22,760 | $ | 24,273 | |||||||||||||||||||
Carrying amount of loans by credit quality indicator | ' | ||||||||||||||||||||||||
The table below illustrates the carrying amount of LHFI by credit quality indicator at September 30, 2013 and December 31, 2012 ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial LHFI | |||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | ||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | Subtotal | |||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 444,526 | $ | 24,211 | $ | 56,419 | $ | 143 | $ | 525,299 | |||||||||||||||
Secured by 1-4 family residential properties | 120,665 | 567 | 8,257 | 113 | 129,602 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,304,158 | 9,854 | 92,908 | 556 | 1,407,476 | ||||||||||||||||||||
Other | 185,201 | 2 | 7,361 | - | 192,564 | ||||||||||||||||||||
Commercial and industrial loans | 1,080,726 | 2,951 | 41,506 | 7,618 | 1,132,801 | ||||||||||||||||||||
Consumer loans | 494 | - | - | - | 494 | ||||||||||||||||||||
Other loans | 730,609 | - | 1,737 | 696 | 733,042 | ||||||||||||||||||||
$ | 3,866,379 | $ | 37,585 | $ | 208,188 | $ | 9,126 | $ | 4,121,278 | ||||||||||||||||
Consumer LHFI | |||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total LHFI | ||||||||||||||||||||
30-89 Days | 90 Days or More | ||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 46,473 | $ | 71 | $ | - | $ | 214 | $ | 46,758 | $ | 572,057 | |||||||||||||
Secured by 1-4 family residential properties | 1,321,599 | 10,228 | 1,998 | 19,536 | 1,353,361 | 1,482,963 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 857 | 9 | - | - | 866 | 1,408,342 | |||||||||||||||||||
Other | 3,687 | 77 | - | - | 3,764 | 196,328 | |||||||||||||||||||
Commercial and industrial loans | 49 | 8 | 1 | 4 | 62 | 1,132,863 | |||||||||||||||||||
Consumer loans | 161,592 | 2,018 | 306 | 202 | 164,118 | 164,612 | |||||||||||||||||||
Other loans | 6,434 | - | - | - | 6,434 | 739,476 | |||||||||||||||||||
$ | 1,540,691 | $ | 12,411 | $ | 2,305 | $ | 19,956 | $ | 1,575,363 | $ | 5,696,641 | ||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial LHFI | |||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | ||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | Subtotal | |||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 335,179 | $ | 23,812 | $ | 63,832 | $ | 143 | $ | 422,966 | |||||||||||||||
Secured by 1-4 family residential properties | 110,333 | 1,012 | 13,303 | 432 | 125,080 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,298,820 | 12,156 | 98,082 | - | 1,409,058 | ||||||||||||||||||||
Other | 178,790 | 444 | 5,768 | - | 185,002 | ||||||||||||||||||||
Commercial and industrial loans | 1,091,356 | 36,992 | 39,479 | 1,334 | 1,169,161 | ||||||||||||||||||||
Consumer loans | 404 | - | - | - | 404 | ||||||||||||||||||||
Other loans | 676,618 | 59 | 1,714 | 784 | 679,175 | ||||||||||||||||||||
$ | 3,691,500 | $ | 74,475 | $ | 222,178 | $ | 2,693 | $ | 3,990,846 | ||||||||||||||||
Consumer LHFI | |||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total LHFI | ||||||||||||||||||||
30-89 Days | 90 Days or More | ||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 44,131 | $ | 1,109 | $ | - | $ | 769 | $ | 46,009 | $ | 468,975 | |||||||||||||
Secured by 1-4 family residential properties | 1,339,000 | 10,332 | 2,630 | 20,438 | 1,372,400 | 1,497,480 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,206 | - | - | - | 1,206 | 1,410,264 | |||||||||||||||||||
Other | 4,746 | 150 | - | 51 | 4,947 | 189,949 | |||||||||||||||||||
Commercial and industrial loans | 313 | 29 | - | 10 | 352 | 1,169,513 | |||||||||||||||||||
Consumer loans | 167,131 | 3,481 | 285 | 359 | 171,256 | 171,660 | |||||||||||||||||||
Other loans | 5,738 | - | - | - | 5,738 | 684,913 | |||||||||||||||||||
$ | 1,562,265 | $ | 15,101 | $ | 2,915 | $ | 21,627 | $ | 1,601,908 | $ | 5,592,754 | ||||||||||||||
Aging analysis of past due loans and Nonaccrual Loans, excluding covered loans by class | ' | ||||||||||||||||||||||||
LHFI past due 90 days or more totaled $2.3 million and $6.4 million at September 30, 2013 and December 31, 2012, respectively. The following table provides an aging analysis of past due and nonaccrual LHFI by class at September 30, 2013 and December 31, 2012 ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||
90 Days | Current | ||||||||||||||||||||||||
30-89 Days | or More (1) | Total | Nonaccrual | Loans | Total LHFI | ||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 12,401 | $ | 1 | $ | 12,402 | $ | 14,454 | $ | 545,201 | $ | 572,057 | |||||||||||||
Secured by 1-4 family residential properties | 10,925 | 1,996 | 12,921 | 23,715 | 1,446,327 | 1,482,963 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 6,163 | - | 6,163 | 21,290 | 1,380,889 | 1,408,342 | |||||||||||||||||||
Other | 120 | - | 120 | 503 | 195,705 | 196,328 | |||||||||||||||||||
Commercial and industrial loans | 2,665 | 41 | 2,706 | 12,196 | 1,117,961 | 1,132,863 | |||||||||||||||||||
Consumer loans | 2,018 | 306 | 2,324 | 203 | 162,085 | 164,612 | |||||||||||||||||||
Other loans | 88 | - | 88 | 1,020 | 738,368 | 739,476 | |||||||||||||||||||
Total | $ | 34,380 | $ | 2,344 | $ | 36,724 | $ | 73,381 | $ | 5,586,536 | $ | 5,696,641 | |||||||||||||
(1) - Past due 90 days or more but still accruing interest. | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||
90 Days | Current | ||||||||||||||||||||||||
30-89 Days | or More (1) | Total | Nonaccrual | Loans | Total LHFI | ||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 4,957 | $ | 438 | $ | 5,395 | $ | 27,105 | $ | 436,475 | $ | 468,975 | |||||||||||||
Secured by 1-4 family residential properties | 12,626 | 3,131 | 15,757 | 27,114 | 1,454,609 | 1,497,480 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 9,460 | - | 9,460 | 18,289 | 1,382,515 | 1,410,264 | |||||||||||||||||||
Other | 172 | - | 172 | 3,956 | 185,821 | 189,949 | |||||||||||||||||||
Commercial and industrial loans | 4,317 | 2,525 | 6,842 | 4,741 | 1,157,930 | 1,169,513 | |||||||||||||||||||
Consumer loans | 3,480 | 284 | 3,764 | 360 | 167,536 | 171,660 | |||||||||||||||||||
Other loans | 181 | - | 181 | 798 | 683,934 | 684,913 | |||||||||||||||||||
Total | $ | 35,193 | $ | 6,378 | $ | 41,571 | $ | 82,363 | $ | 5,468,820 | $ | 5,592,754 | |||||||||||||
(1) - Past due 90 days or more but still accruing interest. | |||||||||||||||||||||||||
Change in allowance for loan losses | ' | ||||||||||||||||||||||||
Changes in the allowance for loan losses, LHFI were as follows ($ in thousands): | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Balance at January 1, | $ | 78,738 | $ | 89,518 | |||||||||||||||||||||
Loans charged-off | (10,173 | ) | (22,547 | ) | |||||||||||||||||||||
Recoveries | 11,505 | 9,254 | |||||||||||||||||||||||
Net recoveries (charge-offs) | 1,332 | (13,293 | ) | ||||||||||||||||||||||
Provision for loan losses, LHFI | (11,438 | ) | 7,301 | ||||||||||||||||||||||
Balance at September 30, | $ | 68,632 | $ | 83,526 | |||||||||||||||||||||
The following tables detail the balance in the allowance for loan losses, LHFI by portfolio segment at September 30, 2013 and 2012, respectively ($ in thousands): | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Balance | Provision for | Balance | |||||||||||||||||||||||
January 1, | Charge-offs | Recoveries | Loan Losses | September 30, | |||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 21,838 | $ | (1,091 | ) | $ | 2,561 | $ | (7,419 | ) | $ | 15,889 | |||||||||||||
Secured by 1-4 family residential properties | 12,957 | (839 | ) | 363 | (3,723 | ) | 8,758 | ||||||||||||||||||
Secured by nonfarm, nonresidential properties | 21,096 | (572 | ) | 64 | (1,828 | ) | 18,760 | ||||||||||||||||||
Other | 2,197 | (910 | ) | 80 | 497 | 1,864 | |||||||||||||||||||
Commercial and industrial loans | 14,319 | (1,225 | ) | 2,190 | 2,004 | 17,288 | |||||||||||||||||||
Consumer loans | 3,087 | (1,789 | ) | 3,561 | (2,256 | ) | 2,603 | ||||||||||||||||||
Other loans | 3,244 | (3,747 | ) | 2,686 | 1,287 | 3,470 | |||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 78,738 | $ | (10,173 | ) | $ | 11,505 | $ | (11,438 | ) | $ | 68,632 | |||||||||||||
Disaggregated by Impairment Method | |||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 957 | $ | 14,932 | $ | 15,889 | |||||||||||||||||||
Secured by 1-4 family residential properties | 260 | 8,498 | 8,758 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 2,733 | 16,027 | 18,760 | ||||||||||||||||||||||
Other | 37 | 1,827 | 1,864 | ||||||||||||||||||||||
Commercial and industrial loans | 5,393 | 11,895 | 17,288 | ||||||||||||||||||||||
Consumer loans | 2 | 2,601 | 2,603 | ||||||||||||||||||||||
Other loans | 324 | 3,146 | 3,470 | ||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 9,706 | $ | 58,926 | $ | 68,632 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Balance | Provision for | Balance | |||||||||||||||||||||||
January 1, | Charge-offs | Recoveries | Loan Losses | September 30, | |||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 27,220 | $ | (2,944 | ) | $ | - | $ | (1,732 | ) | $ | 22,544 | |||||||||||||
Secured by 1-4 family residential properties | 12,650 | (3,238 | ) | 364 | 2,203 | 11,979 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 24,358 | (5,409 | ) | - | 3,823 | 22,772 | |||||||||||||||||||
Other | 3,079 | (1,602 | ) | - | 733 | 2,210 | |||||||||||||||||||
Commercial and industrial loans | 15,868 | (2,985 | ) | 2,123 | 3,428 | 18,434 | |||||||||||||||||||
Consumer loans | 3,656 | (2,360 | ) | 4,189 | (2,620 | ) | 2,865 | ||||||||||||||||||
Other loans | 2,687 | (4,009 | ) | 2,578 | 1,466 | 2,722 | |||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 89,518 | $ | (22,547 | ) | $ | 9,254 | $ | 7,301 | $ | 83,526 | ||||||||||||||
Disaggregated by Impairment Method | |||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 4,829 | $ | 17,715 | $ | 22,544 | |||||||||||||||||||
Secured by 1-4 family residential properties | 1,373 | 10,606 | 11,979 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 3,259 | 19,513 | 22,772 | ||||||||||||||||||||||
Other | 855 | 1,355 | 2,210 | ||||||||||||||||||||||
Commercial and industrial loans | 2,995 | 15,439 | 18,434 | ||||||||||||||||||||||
Consumer loans | 4 | 2,861 | 2,865 | ||||||||||||||||||||||
Other loans | 336 | 2,386 | 2,722 | ||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 13,651 | $ | 69,875 | $ | 83,526 |
Acquired_Loans_Tables
Acquired Loans (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Acquired Loans [Abstract] | ' | ||||||||||||||||||||||||
Schedule of covered and noncovered acquired loans by type | ' | ||||||||||||||||||||||||
For the periods presented, acquired loans consisted of the following ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Covered | Noncovered | Covered | Noncovered | ||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 2,585 | $ | 106,655 | $ | 3,924 | $ | 10,056 | |||||||||||||||||
Secured by 1-4 family residential properties | 17,785 | 168,573 | 23,990 | 19,404 | |||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 12,120 | 301,686 | 18,407 | 45,649 | |||||||||||||||||||||
Other | 2,817 | 35,051 | 3,567 | 669 | |||||||||||||||||||||
Commercial and industrial loans | 478 | 186,649 | 747 | 3,035 | |||||||||||||||||||||
Consumer loans | 151 | 22,251 | 177 | 2,610 | |||||||||||||||||||||
Other loans | 1,314 | 17,010 | 1,229 | 100 | |||||||||||||||||||||
Acquired loans | 37,250 | 837,875 | 52,041 | 81,523 | |||||||||||||||||||||
Less allowance for loan losses, acquired loans | 2,326 | 3,007 | 4,190 | 1,885 | |||||||||||||||||||||
Net acquired loans | $ | 34,924 | $ | 834,868 | $ | 47,851 | $ | 79,638 | |||||||||||||||||
Fair value of acquired loans | ' | ||||||||||||||||||||||||
The following table presents the adjusted fair value of loans acquired as of the date of the BancTrust acquisition ($ in thousands): | |||||||||||||||||||||||||
At acquisition date: | 15-Feb-13 | ||||||||||||||||||||||||
Contractually required principal and interest | $ | 1,256,669 | |||||||||||||||||||||||
Nonaccretable difference | 201,324 | ||||||||||||||||||||||||
Cash flows expected to be collected | 1,055,345 | ||||||||||||||||||||||||
Accretable yield | 98,394 | ||||||||||||||||||||||||
FASB ASC Topic 310-20 discount | 12,716 | ||||||||||||||||||||||||
Fair value of loans at acquisition | $ | 944,235 | |||||||||||||||||||||||
Changes in the carrying value of acquired loans | ' | ||||||||||||||||||||||||
The following tables present changes in the net carrying value of the acquired loans for the periods presented ($ in thousands): | |||||||||||||||||||||||||
Covered | Noncovered | ||||||||||||||||||||||||
Acquired | Acquired | Acquired | Acquired | ||||||||||||||||||||||
Impaired | Not ASC 310-30 (1) | Impaired | Not ASC 310-30 (1) | ||||||||||||||||||||||
Carrying value, net at January 1, 2012 | $ | 72,131 | $ | 4,171 | $ | 4,350 | $ | 13 | |||||||||||||||||
Loans acquired (2) | - | - | 91,987 | 5,927 | |||||||||||||||||||||
Accretion to interest income | 8,031 | 367 | 4,138 | 161 | |||||||||||||||||||||
Payments received, net | (27,496 | ) | (2,107 | ) | (24,330 | ) | 868 | ||||||||||||||||||
Other | (3,085 | ) | 29 | (1,318 | ) | (273 | ) | ||||||||||||||||||
Less allowance for loan losses, acquired loans | (4,190 | ) | - | (1,885 | ) | - | |||||||||||||||||||
Carrying value, net at December 31, 2012 | 45,391 | 2,460 | 72,942 | 6,696 | |||||||||||||||||||||
Loans acquired (3) | - | - | 790,335 | 153,900 | |||||||||||||||||||||
Accretion to interest income | 3,934 | 157 | 24,993 | 2,143 | |||||||||||||||||||||
Payments received, net | (16,136 | ) | (743 | ) | (174,776 | ) | (22,804 | ) | |||||||||||||||||
Other | (1,866 | ) | (137 | ) | (17,243 | ) | (196 | ) | |||||||||||||||||
Less allowance for loan losses, acquired loans | 1,864 | - | (1,122 | ) | - | ||||||||||||||||||||
Carrying value, net at September 30, 2013 | $ | 33,187 | $ | 1,737 | $ | 695,129 | $ | 139,739 | |||||||||||||||||
(1) Acquired nonimpaired loans consist of revolving credit agreements and commercial leases that are not in scope for FASB ASC Topic 310-30. | |||||||||||||||||||||||||
(2) Fair value of loans acquired from Bay Bank on March 16, 2012. | |||||||||||||||||||||||||
(3) Adjusted fair value of loans acquired from BancTrust on February 15, 2013. | |||||||||||||||||||||||||
Changes in accretable yield of acquired loans | ' | ||||||||||||||||||||||||
The following table presents changes in the accretable yield ($ in thousands): | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Accretable yield at January 1, | $ | (26,383 | ) | $ | (17,653 | ) | |||||||||||||||||||
Additions due to acquisition (1) | (98,394 | ) | (15,538 | ) | |||||||||||||||||||||
Accretion to interest income | 28,927 | 9,045 | |||||||||||||||||||||||
Disposals | 11,167 | 2,687 | |||||||||||||||||||||||
Reclassification to / (from) nonaccretable difference | (25,772 | ) | (6,429 | ) | |||||||||||||||||||||
Accretable yield at September 30, | $ | (110,455 | ) | $ | (27,888 | ) | |||||||||||||||||||
(1) Accretable yield on loans acquired from BancTrust on February 15, 2013, and Bay Bank on March 16, 2012. | |||||||||||||||||||||||||
Components of the allowance for loan losses on acquired impaired loans | ' | ||||||||||||||||||||||||
The following table presents the components of the allowance for loan losses on acquired impaired loans for the nine months ended September 30, 2013 and 2012 ($ in thousands): | |||||||||||||||||||||||||
Covered | Noncovered | Total | |||||||||||||||||||||||
Balance at January 1, 2013 | $ | 4,190 | $ | 1,885 | $ | 6,075 | |||||||||||||||||||
Provision for loan losses, acquired loans | (1,168 | ) | 3,038 | 1,870 | |||||||||||||||||||||
Loans charged-off | (663 | ) | (3,028 | ) | (3,691 | ) | |||||||||||||||||||
Recoveries | (33 | ) | 1,112 | 1,079 | |||||||||||||||||||||
Net charge-offs | (696 | ) | (1,916 | ) | (2,612 | ) | |||||||||||||||||||
Balance at September 30, 2013 | $ | 2,326 | $ | 3,007 | $ | 5,333 | |||||||||||||||||||
Covered | Noncovered | Total | |||||||||||||||||||||||
Balance at January 1, 2012 | $ | 502 | $ | - | $ | 502 | |||||||||||||||||||
Provision for loan losses, acquired loans | 2,655 | 928 | 3,583 | ||||||||||||||||||||||
Loans charged-off | 174 | (278 | ) | (104 | ) | ||||||||||||||||||||
Recoveries | 195 | 167 | 362 | ||||||||||||||||||||||
Net recoveries (charge-offs) | 369 | (111 | ) | 258 | |||||||||||||||||||||
Balance at September 30, 2012 | $ | 3,526 | $ | 817 | $ | 4,343 | |||||||||||||||||||
Carrying amount of acquired loans by credit quality indicator | ' | ||||||||||||||||||||||||
The tables below illustrate the carrying amount of acquired loans by credit quality indicator at September 30, 2013 and December 31, 2012 ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | ||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | Subtotal | |||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 204 | $ | - | $ | 1,354 | $ | 748 | $ | 2,306 | |||||||||||||||
Secured by 1-4 family residential properties | 1,670 | 469 | 1,926 | - | 4,065 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 5,309 | 113 | 6,031 | - | 11,453 | ||||||||||||||||||||
Other | 909 | 142 | 737 | 2 | 1,790 | ||||||||||||||||||||
Commercial and industrial loans | 314 | 29 | 135 | - | 478 | ||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||
Other loans | 289 | - | 397 | 628 | 1,314 | ||||||||||||||||||||
Total covered loans | 8,695 | 753 | 10,580 | 1,378 | 21,406 | ||||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | 33,404 | 11,028 | 46,329 | 8,170 | 98,931 | ||||||||||||||||||||
Secured by 1-4 family residential properties | 25,708 | 15,711 | 16,763 | 856 | 59,038 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 192,453 | 22,235 | 80,844 | 6,154 | 301,686 | ||||||||||||||||||||
Other | 23,298 | 6,469 | 5,181 | - | 34,948 | ||||||||||||||||||||
Commercial and industrial loans | 138,428 | 13,677 | 28,927 | 5,617 | 186,649 | ||||||||||||||||||||
Consumer loans | 82 | - | - | - | 82 | ||||||||||||||||||||
Other loans | 15,111 | 1,613 | 261 | - | 16,985 | ||||||||||||||||||||
Total noncovered loans | 428,484 | 70,733 | 178,305 | 20,797 | 698,319 | ||||||||||||||||||||
Total acquired loans | $ | 437,179 | $ | 71,486 | $ | 188,885 | $ | 22,175 | $ | 719,725 | |||||||||||||||
Consumer Loans | |||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total | ||||||||||||||||||||
30-89 | 90 Days or More | Acquired Loans | |||||||||||||||||||||||
Days | |||||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 251 | $ | 28 | $ | - | $ | - | $ | 279 | $ | 2,585 | |||||||||||||
Secured by 1-4 family residential properties | 11,480 | 979 | 1,223 | 38 | 13,720 | 17,785 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 497 | - | 170 | - | 667 | 12,120 | |||||||||||||||||||
Other | 903 | 124 | - | - | 1,027 | 2,817 | |||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 478 | |||||||||||||||||||
Consumer loans | 151 | - | - | - | 151 | 151 | |||||||||||||||||||
Other loans | - | - | - | - | - | 1,314 | |||||||||||||||||||
Total covered loans | 13,282 | 1,131 | 1,393 | 38 | 15,844 | 37,250 | |||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | 6,810 | 179 | 735 | - | 7,724 | 106,655 | |||||||||||||||||||
Secured by 1-4 family residential properties | 101,895 | 3,585 | 3,912 | 143 | 109,535 | 168,573 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | - | - | - | - | 301,686 | |||||||||||||||||||
Other | 103 | - | - | - | 103 | 35,051 | |||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 186,649 | |||||||||||||||||||
Consumer loans | 21,566 | 494 | 109 | - | 22,169 | 22,251 | |||||||||||||||||||
Other loans | 25 | - | - | - | 25 | 17,010 | |||||||||||||||||||
Total noncovered loans | 130,399 | 4,258 | 4,756 | 143 | 139,556 | 837,875 | |||||||||||||||||||
Total acquired loans | $ | 143,681 | $ | 5,389 | $ | 6,149 | $ | 181 | $ | 155,400 | $ | 875,125 | |||||||||||||
-1 | Total dollar balances are presented in this table; however, these loans are covered by the loss-share agreement with the FDIC. | ||||||||||||||||||||||||
TNB is at risk for only 20% of the losses incurred on these loans. | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | ||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | Subtotal | |||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 1,341 | $ | 18 | $ | 1,489 | $ | 744 | $ | 3,592 | |||||||||||||||
Secured by 1-4 family residential properties | 3,128 | 810 | 2,940 | 85 | 6,963 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 5,857 | 1,052 | 9,839 | 798 | 17,546 | ||||||||||||||||||||
Other | 443 | 318 | 1,231 | - | 1,992 | ||||||||||||||||||||
Commercial and industrial loans | 82 | 458 | 207 | - | 747 | ||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||
Other loans | 245 | - | 345 | 535 | 1,125 | ||||||||||||||||||||
Total covered loans | 11,096 | 2,656 | 16,051 | 2,162 | 31,965 | ||||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | 3,259 | 119 | 4,915 | 921 | 9,214 | ||||||||||||||||||||
Secured by 1-4 family residential properties | 7,325 | - | 3,708 | 23 | 11,056 | ||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 22,453 | 3,596 | 18,682 | 831 | 45,562 | ||||||||||||||||||||
Other | 236 | - | 417 | - | 653 | ||||||||||||||||||||
Commercial and industrial loans | 2,853 | 89 | 93 | - | 3,035 | ||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||
Other loans | 86 | - | - | - | 86 | ||||||||||||||||||||
Total noncovered loans | 36,212 | 3,804 | 27,815 | 1,775 | 69,606 | ||||||||||||||||||||
Total acquired loans | $ | 47,308 | $ | 6,460 | $ | 43,866 | $ | 3,937 | $ | 101,571 | |||||||||||||||
Consumer Loans | |||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total | ||||||||||||||||||||
30-89 | 90 Days or More | Acquired Loans | |||||||||||||||||||||||
Days | |||||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 306 | $ | 26 | $ | - | $ | - | $ | 332 | $ | 3,924 | |||||||||||||
Secured by 1-4 family residential properties | 14,311 | 1,028 | 1,650 | 38 | 17,027 | 23,990 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 692 | 169 | - | - | 861 | 18,407 | |||||||||||||||||||
Other | 1,468 | 48 | 52 | 7 | 1,575 | 3,567 | |||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 747 | |||||||||||||||||||
Consumer loans | 177 | - | - | - | 177 | 177 | |||||||||||||||||||
Other loans | 104 | - | - | - | 104 | 1,229 | |||||||||||||||||||
Total covered loans | 17,058 | 1,271 | 1,702 | 45 | 20,076 | 52,041 | |||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | 802 | - | 40 | - | 842 | 10,056 | |||||||||||||||||||
Secured by 1-4 family residential properties | 7,715 | 357 | 215 | 61 | 8,348 | 19,404 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 87 | - | - | - | 87 | 45,649 | |||||||||||||||||||
Other | 16 | - | - | - | 16 | 669 | |||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 3,035 | |||||||||||||||||||
Consumer loans | 2,394 | 164 | 52 | - | 2,610 | 2,610 | |||||||||||||||||||
Other loans | 14 | - | - | - | 14 | 100 | |||||||||||||||||||
Total noncovered loans | 11,028 | 521 | 307 | 61 | 11,917 | 81,523 | |||||||||||||||||||
Total acquired loans | $ | 28,086 | $ | 1,792 | $ | 2,009 | $ | 106 | $ | 31,993 | $ | 133,564 | |||||||||||||
-1 | Total dollar balances are presented in this table; however, these loans are covered by the loss-share agreement with the FDIC. | ||||||||||||||||||||||||
TNB is at risk for only 20% of the losses incurred on these loans. | |||||||||||||||||||||||||
Aging analysis of past due and nonaccrual acquired loans, by class | ' | ||||||||||||||||||||||||
The following table provides an aging analysis of contractually past due and nonaccrual acquired loans, by class at September 30, 2013 and December 31, 2012 ($ in thousands): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||
90 Days | Current | Total Acquired | |||||||||||||||||||||||
30-89 Days | or More (1) | Total | Nonaccrual (2) | Loans | Loans | ||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 290 | $ | 454 | $ | 744 | $ | 445 | $ | 1,396 | $ | 2,585 | |||||||||||||
Secured by 1-4 family residential properties | 1,338 | 1,355 | 2,693 | 38 | 15,054 | 17,785 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 873 | 542 | 1,415 | - | 10,705 | 12,120 | |||||||||||||||||||
Other | 431 | 2 | 433 | - | 2,384 | 2,817 | |||||||||||||||||||
Commercial and industrial loans | 21 | 49 | 70 | 53 | 355 | 478 | |||||||||||||||||||
Consumer loans | - | - | - | - | 151 | 151 | |||||||||||||||||||
Other loans | 397 | 628 | 1,025 | - | 289 | 1,314 | |||||||||||||||||||
Total covered loans | 3,350 | 3,030 | 6,380 | 536 | 30,334 | 37,250 | |||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | 4,801 | 37,844 | 42,645 | 71 | 63,939 | 106,655 | |||||||||||||||||||
Secured by 1-4 family residential properties | 6,273 | 8,825 | 15,098 | 872 | 152,603 | 168,573 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 8,053 | 14,105 | 22,158 | 293 | 279,235 | 301,686 | |||||||||||||||||||
Other | 344 | 1,848 | 2,192 | 270 | 32,589 | 35,051 | |||||||||||||||||||
Commercial and industrial loans | 9,531 | 4,844 | 14,375 | 951 | 171,323 | 186,649 | |||||||||||||||||||
Consumer loans | 508 | 109 | 617 | - | 21,634 | 22,251 | |||||||||||||||||||
Other loans | 91 | 8 | 99 | - | 16,911 | 17,010 | |||||||||||||||||||
Total noncovered loans | 29,601 | 67,583 | 97,184 | 2,457 | 738,234 | 837,875 | |||||||||||||||||||
Total acquired loans | $ | 32,951 | $ | 70,613 | $ | 103,564 | $ | 2,993 | $ | 768,568 | $ | 875,125 | |||||||||||||
(1) - Past due 90 days or more but still accruing interest. | |||||||||||||||||||||||||
(2) - Acquired loans not accounted for under FASB ASC Topic 310-30. | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||
90 Days | Current | Total Acquired | |||||||||||||||||||||||
30-89 Days | or More (1) | Total | Nonaccrual (2) | Loans | Loans | ||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | $ | 240 | $ | 246 | $ | 486 | $ | 445 | $ | 2,993 | $ | 3,924 | |||||||||||||
Secured by 1-4 family residential properties | 1,705 | 1,883 | 3,588 | 234 | 20,168 | 23,990 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 3,953 | 1,539 | 5,492 | - | 12,915 | 18,407 | |||||||||||||||||||
Other | 221 | 52 | 273 | 9 | 3,285 | 3,567 | |||||||||||||||||||
Commercial and industrial loans | 94 | 4 | 98 | 39 | 610 | 747 | |||||||||||||||||||
Consumer loans | - | - | - | - | 177 | 177 | |||||||||||||||||||
Other loans | - | - | - | - | 1,229 | 1,229 | |||||||||||||||||||
Total covered loans | 6,213 | 3,724 | 9,937 | 727 | 41,377 | 52,041 | |||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, land development and other land loans | - | 3,622 | 3,622 | - | 6,434 | 10,056 | |||||||||||||||||||
Secured by 1-4 family residential properties | 458 | 1,392 | 1,850 | 243 | 17,311 | 19,404 | |||||||||||||||||||
Secured by nonfarm, nonresidential properties | 3,526 | 1,217 | 4,743 | 133 | 40,773 | 45,649 | |||||||||||||||||||
Other | 30 | 44 | 74 | - | 595 | 669 | |||||||||||||||||||
Commercial and industrial loans | 217 | 23 | 240 | - | 2,795 | 3,035 | |||||||||||||||||||
Consumer loans | 164 | 52 | 216 | - | 2,394 | 2,610 | |||||||||||||||||||
Other loans | - | - | - | - | 100 | 100 | |||||||||||||||||||
Total noncovered loans | 4,395 | 6,350 | 10,745 | 376 | 70,402 | 81,523 | |||||||||||||||||||
Total acquired loans | $ | 10,608 | $ | 10,074 | $ | 20,682 | $ | 1,103 | $ | 111,779 | $ | 133,564 | |||||||||||||
(1) - Past due 90 days or more but still accruing interest. | |||||||||||||||||||||||||
(2) - Acquired loans not accounted for under FASB ASC Topic 310-30. |
Mortgage_Banking_Tables
Mortgage Banking (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Mortgage Banking [Abstract] | ' | ||||||||
Schedule of activity in Mortgage Servicing Rights | ' | ||||||||
The activity in MSR is detailed in the table below ($ in thousands): | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 47,341 | $ | 43,274 | |||||
Origination of servicing assets | 15,551 | 17,074 | |||||||
Change in fair value: | |||||||||
Due to market changes | 7,881 | (8,960 | ) | ||||||
Due to runoff | (7,623 | ) | (7,177 | ) | |||||
Balance at end of period | $ | 63,150 | $ | 44,211 |
Other_Real_Estate_and_Covered_1
Other Real Estate and Covered Other Real Estate (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Real Estate and Covered Other Real Estate [Abstract] | ' | ||||||||
Changes and losses, net on non-covered other real estate | ' | ||||||||
For the periods presented, changes and losses, net on other real estate, excluding covered other real estate, were as follows ($ in thousands): | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 78,189 | $ | 79,053 | |||||
Additions (1) | 73,890 | 32,428 | |||||||
Disposals | (29,605 | ) | (24,248 | ) | |||||
Writedowns | (6,145 | ) | (4,758 | ) | |||||
Balance at end of period | $ | 116,329 | $ | 82,475 | |||||
Loss, net on the sale of other real estate included in ORE/Foreclosure expense | $ | (110 | ) | $ | (175 | ) | |||
(1) Includes $40.1 million of other real estate acquired from BancTrust at September 30, 2013, and $2.6 million of other real estate acquired from Bay Bank at September 30, 2012. | |||||||||
Other real estate by type of property | ' | ||||||||
Other real estate, excluding covered other real estate, by type of property consisted of the following for the periods presented ($ in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Construction, land development and other land properties | $ | 66,200 | $ | 46,957 | |||||
1-4 family residential properties | 15,280 | 8,134 | |||||||
Nonfarm, nonresidential properties | 32,249 | 22,760 | |||||||
Other real estate properties | 2,600 | 338 | |||||||
Total other real estate, excluding covered other real estate | $ | 116,329 | $ | 78,189 | |||||
Other real estate by geographic location | ' | ||||||||
Other real estate, excluding covered other real estate, by geographic location consisted of the following for the periods presented ($ in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Alabama | $ | 25,308 | $ | - | |||||
Florida | 39,198 | 18,569 | |||||||
Mississippi (1) | 25,439 | 27,771 | |||||||
Tennessee (2) | 14,615 | 17,589 | |||||||
Texas | 11,769 | 14,260 | |||||||
Total other real estate, excluding covered other real estate | $ | 116,329 | $ | 78,189 | |||||
(1) - Mississippi includes Central and Southern Mississippi Regions | |||||||||
(2) - Tennessee includes Memphis, Tennessee and Northern Mississippi Regions | |||||||||
Changes, gains and losses, net on covered other real estate | ' | ||||||||
For the nine months ended September 30, 2013 and 2012, changes and gains, net on covered other real estate were as follows ($ in thousands): | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 5,741 | $ | 6,331 | |||||
Transfers from covered loans | 1,380 | 1,424 | |||||||
FASB ASC 310-30 adjustment for the residual recorded investment | (541 | ) | (112 | ) | |||||
Net transfers from covered loans | 839 | 1,312 | |||||||
Disposals | (848 | ) | (1,673 | ) | |||||
Writedowns | (640 | ) | (248 | ) | |||||
Balance at end of period | $ | 5,092 | $ | 5,722 | |||||
Gain, net on the sale of covered other real estate included in ORE/Foreclosure expense | $ | 47 | $ | 440 | |||||
Covered other real estate by type of property | ' | ||||||||
Covered other real estate by type of property consisted of the following for the periods presented ($ in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Construction, land development and other land properties | $ | 733 | $ | 1,284 | |||||
1-4 family residential properties | 1,777 | 1,306 | |||||||
Nonfarm, nonresidential properties | 2,525 | 3,151 | |||||||
Other real estate properties | 57 | - | |||||||
Total covered other real estate | $ | 5,092 | $ | 5,741 |
FDIC_Indemnification_Asset_Tab
FDIC Indemnification Asset (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
FDIC Indemnification Asset [Abstract] | ' | ||||||||
Changes in FDIC indemnification asset | ' | ||||||||
The following table presents changes in the FDIC indemnification asset for the periods presented ($ in thousands): | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 21,774 | $ | 28,348 | |||||
Accretion | (141 | ) | 187 | ||||||
Transfers to FDIC claims receivable | (1,097 | ) | (1,271 | ) | |||||
Change in expected cash flows (1) | (3,251 | ) | (2,925 | ) | |||||
Change in FDIC true-up provision | (200 | ) | (360 | ) | |||||
Balance at end of period | $ | 17,085 | $ | 23,979 | |||||
(1) The decrease during the first nine months of 2013 was due to loan pay-offs, improved cash flow projections,and lower loss expectations for covered loans. |
Deposits_Tables
Deposits (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deposits [Abstract] | ' | ||||||||
Deposits summary | ' | ||||||||
Deposits consisted of the following for the periods presented ($ in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Noninterest-bearing demand deposits | $ | 2,643,612 | $ | 2,254,211 | |||||
Interest-bearing demand | 1,826,118 | 1,481,182 | |||||||
Savings | 2,977,391 | 2,322,280 | |||||||
Time | 2,340,113 | 1,838,844 | |||||||
Total | $ | 9,787,234 | $ | 7,896,517 |
Defined_Benefit_and_Other_Post1
Defined Benefit and Other Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Trustmark Capital Accumulation Plan [Member] | ' | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Net periodic benefit Cost | ' | ||||||||||||||||
Trustmark maintains a noncontributory defined benefit pension plan (Trustmark Capital Accumulation Plan), which covers substantially all associates employed prior to 2007. The plan provides retirement benefits that are based on the length of credited service and final average compensation, as defined in the plan and vest upon three years of service. In an effort to control expenses, the Board voted to freeze plan benefits effective during 2009, with the exception of certain associates covered through plans obtained by acquisitions. Associates will not earn additional benefits, except for interest as required by the IRS regulations, after the effective date. Associates will retain their previously earned pension benefits. As a result of the BancTrust acquisition on February 15, 2013, Trustmark acquired a qualified pension plan, which was frozen prior to the acquisition date. The following table presents information regarding Trustmark’s net periodic benefit cost for the periods presented and includes amounts related to the acquisition of BancTrust ($ in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 148 | $ | 134 | $ | 446 | $ | 413 | |||||||||
Interest cost | 1,252 | 947 | 3,506 | 2,837 | |||||||||||||
Expected return on plan assets | (2,060 | ) | (1,438 | ) | (5,660 | ) | (4,238 | ) | |||||||||
Recognized net loss due to settlement | 838 | - | 1,363 | - | |||||||||||||
Recognized net actuarial loss | 1,374 | 1,303 | 4,142 | 3,922 | |||||||||||||
Net periodic benefit cost | $ | 1,552 | $ | 946 | $ | 3,797 | $ | 2,934 | |||||||||
Supplemental Retirement Plan [Member] | ' | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Net periodic benefit Cost | ' | ||||||||||||||||
Trustmark maintains a nonqualified supplemental retirement plan covering directors who elected to defer fees, key executive officers and senior officers. The plan provides for defined death benefits and/or retirement benefits based on a participant's covered salary. Trustmark has acquired life insurance contracts on the participants covered under the plan, which may be used to fund future payments under the plan. The measurement date for the plan is December 31. The following table presents information regarding the plan's net periodic benefit cost for the periods presented ($ in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 150 | $ | 170 | $ | 448 | $ | 510 | |||||||||
Interest cost | 484 | 517 | 1,452 | 1,550 | |||||||||||||
Amortization of prior service cost | 62 | 63 | 188 | 188 | |||||||||||||
Recognized net actuarial loss | 260 | 215 | 778 | 645 | |||||||||||||
Net periodic benefit cost | $ | 956 | $ | 965 | $ | 2,866 | $ | 2,893 |
Stock_and_Incentive_Compensati1
Stock and Incentive Compensation Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stock and Incentive Compensation Plans [Abstract] | ' | ||||||||||||||||
Summary of stock and incentive plan activity | ' | ||||||||||||||||
The following tables summarize the stock and incentive plan activity for the periods presented: | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Stock | Performance | Time-Vested | |||||||||||||||
Options | Awards | Awards | |||||||||||||||
Outstanding/Nonvested shares or units, beginning of period | 289,700 | 160,520 | 348,251 | ||||||||||||||
Granted | - | - | 1,800 | ||||||||||||||
Granted - excess shares | - | - | - | ||||||||||||||
Exercised or released from restriction | (17,500 | ) | - | (1,044 | ) | ||||||||||||
Expired | (10,000 | ) | - | - | |||||||||||||
Forfeited | - | - | (2,181 | ) | |||||||||||||
Outstanding/Nonvested shares or units, end of period | 262,200 | 160,520 | 346,826 | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Stock | Performance | Time-Vested | |||||||||||||||
Options | Awards | Awards | |||||||||||||||
Outstanding/Nonvested shares or units, beginning of period | 699,600 | 159,583 | 317,573 | ||||||||||||||
Granted | - | 62,119 | 102,155 | ||||||||||||||
Granted - excess shares | - | - | 10,809 | ||||||||||||||
Exercised or released from restriction | (33,300 | ) | (54,784 | ) | (68,960 | ) | |||||||||||
Expired | (404,100 | ) | - | - | |||||||||||||
Forfeited | - | (6,398 | ) | (14,751 | ) | ||||||||||||
Outstanding/Nonvested shares or units, end of period | 262,200 | 160,520 | 346,826 | ||||||||||||||
Compensation expense for stock and incentive plans | ' | ||||||||||||||||
The following table presents information regarding compensation expense for stock and incentive plans for the periods presented ($ in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Compensation expense - Stock and Incentive plans: | |||||||||||||||||
Performance awards | $ | 222 | $ | 229 | $ | 620 | $ | 677 | |||||||||
Time-vested awards | 754 | 749 | 2,230 | 2,442 | |||||||||||||
Total | $ | 976 | $ | 978 | $ | 2,850 | $ | 3,119 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Weighted-average shares used to calculate basic and diluted EPS | ' | ||||||||||||||||
Basic earnings per share (EPS) is computed by dividing net income by the weighted-average shares of common stock outstanding. Diluted EPS is computed by dividing net income by the weighted-average shares of common stock outstanding, adjusted for the effect of potentially dilutive stock awards outstanding during the period. The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic shares | 67,177 | 64,778 | 66,779 | 64,616 | |||||||||||||
Dilutive shares | 205 | 215 | 184 | 189 | |||||||||||||
Diluted shares | 67,382 | 64,993 | 66,963 | 64,805 | |||||||||||||
Weighted-average antidilutive stock awards | ' | ||||||||||||||||
Weighted-average antidilutive stock awards were excluded in determining diluted earnings per share. The following table reflects weighted-average antidilutive shares for the periods presented (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted-average antidilutive shares | 270 | 501 | 379 | 705 |
Statements_of_Cash_Flows_Table
Statements of Cash Flows (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Statements of Cash Flows [Abstract] | ' | ||||||||
Statement of Cash Flows | ' | ||||||||
For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks. The following table reflects specific transaction amounts for the periods presented ($ in thousands): | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Income taxes paid | $ | 14,220 | $ | 37,551 | |||||
Interest expense paid on deposits and borrowings | 18,656 | 24,197 | |||||||
Noncash transfers from loans to foreclosed properties (1) | 34,226 | 33,740 | |||||||
Assets acquired in business combinations | 1,845,930 | 234,960 | |||||||
Liabilities assumed in business combinations | 1,821,066 | 209,322 | |||||||
(1) Includes transfers from covered loans to foreclosed properties |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Shareholders' Equity [Abstract] | ' | ||||||||||||||||||||||||
Table of actual regulatory capital amounts and ratios | ' | ||||||||||||||||||||||||
Trustmark's and TNB's actual regulatory capital amounts and ratios are presented in the table below ($ in thousands): | |||||||||||||||||||||||||
Minimum Regulatory | |||||||||||||||||||||||||
Actual | Minimum Regulatory | Provision to be | |||||||||||||||||||||||
Regulatory Capital | Capital Required | Well-Capitalized | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
At September 30, 2013: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 1,097,058 | 14.02 | % | $ | 626,067 | 8 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 1,055,807 | 13.63 | % | 619,558 | 8 | % | $ | 774,448 | 10 | % | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 993,155 | 12.69 | % | $ | 313,034 | 4 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 954,563 | 12.33 | % | 309,779 | 4 | % | $ | 464,669 | 6 | % | |||||||||||||||
Tier 1 Capital (to Average Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 993,155 | 8.78 | % | $ | 339,316 | 3 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 954,563 | 8.53 | % | 335,621 | 3 | % | $ | 559,369 | 5 | % | |||||||||||||||
At December 31, 2012: | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 1,157,838 | 17.22 | % | $ | 537,861 | 8 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 1,119,438 | 16.85 | % | 531,577 | 8 | % | $ | 664,472 | 10 | % | |||||||||||||||
Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 1,043,865 | 15.53 | % | $ | 268,930 | 4 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 1,007,775 | 15.17 | % | 265,789 | 4 | % | $ | 398,683 | 6 | % | |||||||||||||||
Tier 1 Capital (to Average Assets) | |||||||||||||||||||||||||
Trustmark Corporation | $ | 1,043,865 | 10.97 | % | $ | 285,556 | 3 | % | n/ | a | n/ | a | |||||||||||||
Trustmark National Bank | 1,007,775 | 10.72 | % | 281,984 | 3 | % | $ | 469,974 | 5 | % | |||||||||||||||
Components of accumulated other comprehensive income (loss) and the related tax effects | ' | ||||||||||||||||||||||||
The following table presents the components of accumulated other comprehensive (loss) income and the related tax effects allocated to each component for the periods ended September 30, 2013 and 2012 ($ in thousands): | |||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Before-Tax | Tax | Comprehensive | |||||||||||||||||||||||
Amount | Effect | (Loss) Income | |||||||||||||||||||||||
Balance, January 1, 2013 | $ | 5,533 | $ | (2,138 | ) | $ | 3,395 | ||||||||||||||||||
Unrealized holding losses on AFS arising during period | (98,130 | ) | 37,534 | (60,596 | ) | ||||||||||||||||||||
Adjustment for net gains realized in net income | (378 | ) | 145 | (233 | ) | ||||||||||||||||||||
Pension and other postretirement benefit plans | 6,471 | (2,475 | ) | 3,996 | |||||||||||||||||||||
Change in accumulated gain on effective cash flow hedge derivatives | 1,963 | (751 | ) | 1,212 | |||||||||||||||||||||
Balance, September 30, 2013 | $ | (84,541 | ) | $ | 32,315 | $ | (52,226 | ) | |||||||||||||||||
Balance, January 1, 2012 | $ | 5,089 | $ | (1,968 | ) | $ | 3,121 | ||||||||||||||||||
Unrealized holding gains on AFS arising during period | 2,970 | (1,136 | ) | 1,834 | |||||||||||||||||||||
Adjustment for net gains realized in net income | (1,041 | ) | 398 | (643 | ) | ||||||||||||||||||||
Pension and other postretirement benefit plans | 4,755 | (1,819 | ) | 2,936 | |||||||||||||||||||||
Balance, September 30, 2012 | $ | 11,773 | $ | (4,525 | ) | $ | 7,248 | ||||||||||||||||||
Components of reclassifications out of accumulated other comprehensive income | ' | ||||||||||||||||||||||||
The following table presents the amounts affecting accumulated other comprehensive (loss) income that are included in their entirety in net income for the periods presented ($ in thousands). Reclassification adjustments related to securities available for sale are included in securities gains, net in the accompanying consolidated statements of income. The amortization of prior service cost and recognized net actuarial loss on pension and other postretirement benefit plans are included in the computation of net periodic benefit cost (see Note 10 – Defined Benefit and Other Postretirement Benefits for additional details). | |||||||||||||||||||||||||
Pre-Tax | Tax | After Tax | |||||||||||||||||||||||
Income | (Expense) | Income | |||||||||||||||||||||||
(Expense) | Benefit | (Expense) | |||||||||||||||||||||||
Nine Months Ended September 30, 2013: | |||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Reclassification adjustment for net gains realized in net income | $ | 378 | $ | (145 | ) | $ | 233 | ||||||||||||||||||
Pension and other postretirement benefit plans: | |||||||||||||||||||||||||
Amortization of prior service cost | $ | (188 | ) | $ | 72 | $ | (116 | ) | |||||||||||||||||
Recognized net loss due to settlement | (1,363 | ) | 521 | (842 | ) | ||||||||||||||||||||
Recognized net actuarial loss | (4,920 | ) | 1,882 | (3,038 | ) | ||||||||||||||||||||
Total pension and other postretirement benefit plans | $ | (6,471 | ) | $ | 2,475 | $ | (3,996 | ) | |||||||||||||||||
Nine Months Ended September 30, 2012: | |||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
Reclassification adjustment for net gains realized in net income | $ | 1,041 | $ | (398 | ) | $ | 643 | ||||||||||||||||||
Pension and other postretirement benefit plans: | |||||||||||||||||||||||||
Amortization of prior service cost | $ | (188 | ) | $ | 72 | $ | (116 | ) | |||||||||||||||||
Recognized net actuarial loss | (4,567 | ) | 1,747 | (2,820 | ) | ||||||||||||||||||||
Total pension and other postretirement benefit plans | $ | (4,755 | ) | $ | 1,819 | $ | (2,936 | ) |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||
Financial assets and liabilities measured at fair value recurring basis | ' | ||||||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands). There were no transfers between fair value levels for the nine months ended September 30, 2013 and the year ended December 31, 2012. | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
U.S. Treasury securities | $ | 503 | $ | - | $ | 503 | $ | - | |||||||||
U.S. Government agency obligations | 265,438 | - | 265,438 | - | |||||||||||||
Obligations of states and political subdivisions | 212,991 | - | 212,991 | - | |||||||||||||
Mortgage-backed securities | 2,665,441 | - | 2,665,441 | - | |||||||||||||
Asset-backed securities | 227,728 | - | 227,728 | - | |||||||||||||
Securities available for sale | 3,372,101 | - | 3,372,101 | - | |||||||||||||
Loans held for sale | 119,986 | - | 119,986 | - | |||||||||||||
Mortgage servicing rights | 63,150 | - | - | 63,150 | |||||||||||||
Other assets - derivatives | 10,841 | 2,633 | 6,161 | 2,047 | |||||||||||||
Other liabilities - derivatives | 7,305 | 480 | 6,825 | - | |||||||||||||
31-Dec-12 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
U.S. Government agency obligations | $ | 105,745 | $ | - | $ | 105,745 | $ | - | |||||||||
Obligations of states and political subdivisions | 215,761 | - | 215,761 | - | |||||||||||||
Mortgage-backed securities | 2,094,612 | - | 2,094,612 | - | |||||||||||||
Asset-backed securities | 241,627 | - | 241,627 | - | |||||||||||||
Securities available for sale | 2,657,745 | - | 2,657,745 | - | |||||||||||||
Loans held for sale | 257,986 | - | 257,986 | - | |||||||||||||
Mortgage servicing rights | 47,341 | - | - | 47,341 | |||||||||||||
Other assets - derivatives | 7,107 | (440 | ) | 5,263 | 2,284 | ||||||||||||
Other liabilities - derivatives | 6,612 | 545 | 6,067 | - | |||||||||||||
Changes in level 3 assets measured at fair value on a recurring basis | ' | ||||||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis for the periods ended September 30, 2013 and 2012 are summarized as follows ($ in thousands): | |||||||||||||||||
MSR | Other Assets - Derivatives | ||||||||||||||||
Balance, January 1, 2013 | $ | 47,341 | $ | 2,284 | |||||||||||||
Total net gains included in net income (1) | 258 | 7,558 | |||||||||||||||
Additions | 15,551 | - | |||||||||||||||
Sales | - | (7,795 | ) | ||||||||||||||
Balance, September 30, 2013 | $ | 63,150 | $ | 2,047 | |||||||||||||
The amount of total gains for the period included in | $ | 7,881 | $ | 954 | |||||||||||||
earnings that are attributable to the change in unrealized | |||||||||||||||||
gains or losses still held at September 30, 2013 | |||||||||||||||||
Balance, January 1, 2012 | $ | 43,274 | $ | 702 | |||||||||||||
Total net (losses) gains included in net income (1) | (16,137 | ) | 10,261 | ||||||||||||||
Additions | 17,074 | - | |||||||||||||||
Sales | - | (6,658 | ) | ||||||||||||||
Balance, September 30, 2012 | $ | 44,211 | $ | 4,305 | |||||||||||||
The amount of total (losses) gains for the period included in | $ | (8,960 | ) | $ | 2,320 | ||||||||||||
earnings that are attributable to the change in unrealized | |||||||||||||||||
gains or losses still held at September 30, 2012 | |||||||||||||||||
(1) Total net gains (losses) included in net income relating to MSR includes changes in fair value due to market changes and due to runoff. | |||||||||||||||||
Carrying amounts and estimated fair values of financial instruments | ' | ||||||||||||||||
The carrying amounts and estimated fair values of financial instruments at September 30, 2013 and December 31, 2012, are as follows ($ in thousands): | |||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Financial Assets: | |||||||||||||||||
Level 2 Inputs: | |||||||||||||||||
Cash and short-term investments | $ | 343,562 | $ | 343,562 | $ | 238,535 | $ | 238,535 | |||||||||
Securities held to maturity | 69,980 | 70,949 | 42,188 | 46,888 | |||||||||||||
Level 3 Inputs: | |||||||||||||||||
Net LHFI | 5,628,009 | 5,701,646 | 5,514,016 | 5,619,933 | |||||||||||||
Net acquired loans | 869,792 | 869,792 | 127,489 | 127,489 | |||||||||||||
FDIC indemnification asset | 17,085 | 17,085 | 21,774 | 21,774 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Level 2 Inputs: | |||||||||||||||||
Deposits | 9,787,234 | 9,792,076 | 7,896,517 | 7,904,179 | |||||||||||||
Short-term liabilities | 403,163 | 403,163 | 375,749 | 375,749 | |||||||||||||
Long-term FHLB advances | 8,562 | 8,562 | - | - | |||||||||||||
Subordinated notes | 49,896 | 53,605 | 49,871 | 53,980 | |||||||||||||
Junior subordinated debt securities | 61,856 | 40,206 | 61,856 | 40,206 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||
Fair value of derivative instruments | ' | ||||||||||||||||||||||||
The following tables disclose the fair value of derivative instruments in Trustmark’s balance sheets as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Derivatives in hedging relationships | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Interest rate swaps included in other assets | $ | 1,963 | $ | - | |||||||||||||||||||||
Forward contracts included in other liabilities | 2,878 | 738 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Futures contracts included in other assets | $ | 2,228 | $ | (482 | ) | ||||||||||||||||||||
Exchange traded purchased options included in other assets | 405 | 42 | |||||||||||||||||||||||
OTC written options (rate locks) included in other assets | 2,047 | 2,284 | |||||||||||||||||||||||
Interest rate swaps included in other assets | 4,174 | 5,241 | |||||||||||||||||||||||
Credit risk participation agreements included in other assets | 24 | 22 | |||||||||||||||||||||||
Exchange traded written options included in other liabilities | 480 | 545 | |||||||||||||||||||||||
Interest rate swaps included in other liabilities | 3,947 | 5,329 | |||||||||||||||||||||||
Effects of derivative instruments on statements of operations | ' | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in hedging relationships | |||||||||||||||||||||||||
Amount of loss recognized in mortgage banking, net | $ | (13,008 | ) | $ | (4,212 | ) | $ | (2,141 | ) | $ | (5,279 | ) | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Amount of gain (loss) recognized in mortgage banking, net | $ | 2,728 | $ | 2,883 | $ | (5,421 | ) | $ | 9,913 | ||||||||||||||||
Amount of (loss) gain recognized in bankcard and other fees | (203 | ) | (85 | ) | 192 | (246 | ) | ||||||||||||||||||
Schedule of amount included in other comprehensive loss for derivative instruments designated as hedges of cash flows | ' | ||||||||||||||||||||||||
The following table discloses the amount included in other comprehensive (loss) income for derivative instruments designated as cash flow hedges for the periods presented ($ in thousands): | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Derivatives in cash flow hedging relationship | |||||||||||||||||||||||||
Amount of (loss) gain recognized in other comprehensive (loss) income | $ | (242 | ) | $ | - | $ | 1,212 | $ | - | ||||||||||||||||
Information about financial instruments that are eligible for offset in the consolidated balance sheets | ' | ||||||||||||||||||||||||
Certain financial instruments, including resell and repurchase agreements, securities lending arrangements and derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. Information about financial instruments that are eligible for offset in the consolidated balance sheets as of September 30, 2013 and December 31, 2012 is presented in the following tables ($ in thousands): | |||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||
Derivatives | $ | 6,137 | $ | - | $ | 6,137 | $ | (1,253 | ) | $ | (1,500 | ) | $ | 3,384 | |||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||
Derivatives | $ | 3,947 | $ | - | $ | 3,947 | $ | (1,253 | ) | $ | - | $ | 2,694 | ||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||
Derivatives | $ | 5,241 | $ | - | $ | 5,241 | $ | - | $ | - | $ | 5,241 | |||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||
Derivatives | $ | 5,329 | $ | - | $ | 5,329 | $ | - | $ | (594 | ) | $ | 4,735 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||
Schedule of Segment Information | ' | ||||||||||||||||
The following table discloses financial information by reportable segment for the periods presented ($ in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
General Banking | |||||||||||||||||
Net interest income | $ | 97,210 | $ | 84,125 | $ | 283,134 | $ | 255,184 | |||||||||
Provision for loan losses, net | (375 | ) | 5,448 | (9,606 | ) | 10,849 | |||||||||||
Noninterest income | 31,367 | 30,433 | 90,250 | 92,772 | |||||||||||||
Noninterest expense | 88,615 | 72,029 | 272,951 | 224,256 | |||||||||||||
Income before income taxes | 40,337 | 37,081 | 110,039 | 112,851 | |||||||||||||
Income taxes | 9,916 | 9,817 | 27,803 | 29,834 | |||||||||||||
General banking net income | $ | 30,421 | $ | 27,264 | $ | 82,236 | $ | 83,017 | |||||||||
Selected Financial Information | |||||||||||||||||
Average assets | $ | 11,621,803 | $ | 9,664,428 | $ | 11,312,070 | $ | 9,653,259 | |||||||||
Depreciation and amortization | $ | 9,182 | $ | 7,514 | $ | 26,897 | $ | 20,649 | |||||||||
Wealth Management | |||||||||||||||||
Net interest income | $ | 1,117 | $ | 1,065 | $ | 3,261 | $ | 3,254 | |||||||||
Provision for loan losses, net | 43 | 15 | 38 | 35 | |||||||||||||
Noninterest income | 7,535 | 6,895 | 21,440 | 18,327 | |||||||||||||
Noninterest expense | 6,877 | 5,957 | 19,824 | 16,894 | |||||||||||||
Income before income taxes | 1,732 | 1,988 | 4,839 | 4,652 | |||||||||||||
Income taxes | 570 | 701 | 1,591 | 1,549 | |||||||||||||
Wealth management net income | $ | 1,162 | $ | 1,287 | $ | 3,248 | $ | 3,103 | |||||||||
Selected Financial Information | |||||||||||||||||
Average assets | $ | 66,760 | $ | 77,999 | $ | 71,417 | $ | 78,684 | |||||||||
Depreciation and amortization | $ | 43 | $ | 42 | $ | 126 | $ | 132 | |||||||||
Insurance | |||||||||||||||||
Net interest income | $ | 102 | $ | 89 | $ | 237 | $ | 233 | |||||||||
Provision for loan losses, net | - | - | - | - | |||||||||||||
Noninterest income | 8,231 | 7,537 | 23,496 | 21,311 | |||||||||||||
Noninterest expense | 6,032 | 5,474 | 18,089 | 16,043 | |||||||||||||
Income before income taxes | 2,301 | 2,152 | 5,644 | 5,501 | |||||||||||||
Income taxes | 850 | 799 | 2,107 | 2,048 | |||||||||||||
Insurance net income | $ | 1,451 | $ | 1,353 | $ | 3,537 | $ | 3,453 | |||||||||
Selected Financial Information | |||||||||||||||||
Average assets | $ | 70,545 | $ | 68,936 | $ | 67,268 | $ | 65,876 | |||||||||
Depreciation and amortization | $ | 258 | $ | 306 | $ | 777 | $ | 937 | |||||||||
Consolidated | |||||||||||||||||
Net interest income | $ | 98,429 | $ | 85,279 | $ | 286,632 | $ | 258,671 | |||||||||
Provision for loan losses, net | (332 | ) | 5,463 | (9,568 | ) | 10,884 | |||||||||||
Noninterest income | 47,133 | 44,865 | 135,186 | 132,410 | |||||||||||||
Noninterest expense | 101,524 | 83,460 | 310,864 | 257,193 | |||||||||||||
Income before income taxes | 44,370 | 41,221 | 120,522 | 123,004 | |||||||||||||
Income taxes | 11,336 | 11,317 | 31,501 | 33,431 | |||||||||||||
Consolidated net income | $ | 33,034 | $ | 29,904 | $ | 89,021 | $ | 89,573 | |||||||||
Selected Financial Information | |||||||||||||||||
Average assets | $ | 11,759,108 | $ | 9,811,363 | $ | 11,450,755 | $ | 9,797,819 | |||||||||
Depreciation and amortization | $ | 9,483 | $ | 7,862 | $ | 27,800 | $ | 21,718 |
Business_Basis_of_Financial_St1
Business, Basis of Financial Statement Presentation and Principles of Consolidation (Details) | Sep. 30, 2013 |
Office | |
Business, Basis of Financial Statement Presentation and Principles of Consolidation [Abstract] | ' |
Number of offices | 214 |
Business_Combinations_Details
Business Combinations (Details) (Oxford, Mississippi Branches [Member], USD $) | Jul. 26, 2013 |
In Thousands, unless otherwise specified | Branch |
Oxford, Mississippi Branches [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of branches acquired | 2 |
Business acquisition purchase price allocation deposits acquired | $11,700 |
Business_Combinations_BancTrus
Business Combinations, BancTrust Financial Group (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Feb. 15, 2013 | Sep. 30, 2013 | |
BancTrust Financial Group, Inc. [Member] | BancTrust Financial Group, Inc. [Member] | ||||
Market | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Age of acquired entity | ' | ' | ' | '26 years | ' |
Preferred stock and warrants repurchased | ' | ' | ' | $50,000,000 | ' |
Issued value of preferred stock associated warrant under capital purchase program | ' | ' | ' | 52,600,000 | ' |
Equity issued, per share of acquired company (in shares) | ' | ' | ' | 0.125 | ' |
Decrease in acquired non covered loans as measurement period adjustment | 6,800,000 | ' | ' | ' | 6,800,000 |
Decrease in other real estate as measurement period adjustment | ' | ' | ' | ' | 2,600,000 |
Increase in deferred tax asset as measurement period adjustment | ' | ' | ' | ' | 3,100,000 |
Increase in goodwill as measurement period adjustment | ' | ' | ' | ' | 5,900,000 |
Transfer to other real estate as measurement period adjustment | ' | ' | ' | ' | 1,600,000 |
Assets [Abstract] | ' | ' | ' | ' | ' |
Cash and due from banks | ' | ' | ' | 141,616,000 | ' |
Securities available for sale | ' | ' | ' | 528,016,000 | ' |
Loans held for sale | ' | ' | ' | 1,050,000 | ' |
Acquired noncovered loans | ' | ' | ' | 944,235,000 | ' |
Premises and equipment, net | ' | ' | ' | 55,579,000 | ' |
Identifiable intangible assets | ' | ' | ' | 33,498,000 | ' |
Other real estate | ' | ' | ' | 40,103,000 | ' |
Other assets | ' | ' | ' | 101,833,000 | ' |
Total Assets | 1,845,930,000 | ' | 234,960,000 | 1,845,930,000 | ' |
Liabilities [Abstract] | ' | ' | ' | ' | ' |
Deposits | ' | ' | ' | 1,740,254,000 | ' |
Other borrowings | ' | ' | ' | 64,051,000 | ' |
Other liabilities | ' | ' | ' | 16,761,000 | ' |
Total Liabilities | 1,821,066,000 | ' | 209,322,000 | 1,821,066,000 | ' |
Net identified assets acquired at fair value | ' | ' | ' | 24,864,000 | ' |
Goodwill | 372,463,000 | 291,104,000 | ' | 81,210,000 | ' |
Net assets acquired at fair value | ' | ' | ' | 106,074,000 | ' |
Equity issued (in shares) | ' | ' | ' | 2,240,000 | ' |
Business acquisition, equity issued, value assigned | ' | ' | ' | 53,500,000 | ' |
Business acquisition, closing stock price (in dollars per share) | ' | ' | ' | $23.83 | ' |
Number of markets entered due to acquisition | ' | ' | ' | ' | 15 |
Amortization period of acquired intangible asset | ' | ' | ' | ' | '10 years |
Revenue from the operations of BancTrust included in Trustmark's operations results | ' | ' | ' | ' | 50,500,000 |
Net income, excluding non-routine transaction expenses | ' | ' | ' | ' | 13,000,000 |
Recoveries, net of tax | ' | ' | ' | ' | 4,200,000 |
Business acquisition, total transaction expenses | ' | ' | ' | ' | 9,400,000 |
Business acquisition, severance expense | ' | ' | ' | ' | 1,400,000 |
Business acquisition, contract termination and other expenses | ' | ' | ' | ' | $7,900,000 |
Business_Combinations_BancTrus1
Business Combinations, BancTrust Financial Group, Pro forma Financial Information (Details) (BancTrust Financial Group, Inc. [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
BancTrust Financial Group, Inc. [Member] | ' | ' | ' | ' |
Unaudited pro forma financial information [Abstract] | ' | ' | ' | ' |
Net Interest Income | $98,429 | $103,287 | $294,171 | $309,481 |
Total Noninterest Income | 47,133 | 48,110 | 137,049 | 142,513 |
Net income | $33,034 | $34,818 | $96,830 | $104,750 |
Pro Forma Earnings Per Common Share [Abstract] | ' | ' | ' | ' |
Basic (in dollars per share) | $0.49 | $0.52 | $1.40 | $1.57 |
Diluted (in dollars per share) | $0.49 | $0.52 | $1.40 | $1.56 |
Business_Combinations_Bay_Bank
Business Combinations, (Bay Bank and Trust Company) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 16, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 |
Bay Bank and Trust Company [Member] | Bay Bank and Trust Company [Member] | Bay Bank and Trust Company [Member] | Bay Bank and Trust Company [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Age of acquired entity | ' | ' | '76 years | ' | ' | ' |
Business acquisition, cost of acquired entity, cash paid | ' | ' | $10,000,000 | ' | ' | ' |
Business acquisition, equity issued (in shares) | ' | ' | 510 | ' | ' | ' |
Business acquisition, equity issued, value assigned | ' | ' | 12,000,000 | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and due from banks | ' | ' | 88,154,000 | ' | ' | ' |
Securities available for sale | ' | ' | 26,369,000 | ' | ' | ' |
Acquired noncovered loans | ' | ' | 97,914,000 | ' | ' | ' |
Premises and equipment, net | ' | ' | 9,466,000 | ' | ' | ' |
Identifiable intangible assets | ' | ' | 7,017,000 | ' | ' | ' |
Other real estate | ' | ' | 2,569,000 | ' | ' | ' |
Other assets | ' | ' | 3,471,000 | ' | ' | ' |
Total Assets | 1,845,930,000 | 234,960,000 | 234,960,000 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | 208,796,000 | ' | ' | ' |
Other liabilities | ' | ' | 526,000 | ' | ' | ' |
Total Liabilities | 1,821,066,000 | 209,322,000 | 209,322,000 | ' | ' | ' |
Net assets acquired at fair value | ' | ' | 25,638,000 | ' | ' | ' |
Consideration paid to Bay Bank | ' | ' | 22,003,000 | ' | ' | ' |
Bargain purchase gain | 0 | 3,635,000 | ' | 881,000 | 2,800,000 | 3,635,000 |
Income taxes | ' | ' | ' | ' | ' | 0 |
Bargain purchase gain, net of taxes | ' | ' | ' | ' | ' | 3,635,000 |
Business acquisition, total transaction expenses | ' | ' | ' | ' | 2,600,000 | ' |
Business acquisition, severance expense | ' | ' | ' | ' | 672,000 | ' |
Business acquisition, contract termination and other expenses | ' | ' | ' | ' | $1,900,000 | ' |
Amortization period of acquired intangible asset | ' | ' | ' | ' | '10 years | ' |
Securities_Available_for_Sale_2
Securities Available for Sale and Held to Maturity (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Available for sale securities [Abstract] | ' | ' |
Amortized cost | $3,397,840 | $2,584,976 |
Gross unrealized gains | 38,984 | 72,980 |
Gross unrealized (losses) | -64,723 | -211 |
Estimated fair value | 3,372,101 | 2,657,745 |
Held to maturity securities [Abstract] | ' | ' |
Amortized cost | 69,980 | 42,188 |
Gross unrealized gains | 3,281 | 4,700 |
Gross unrealized (losses) | -2,312 | 0 |
Estimated fair value | 70,949 | 46,888 |
US Treasury Securities [Member] | ' | ' |
Held to maturity securities [Abstract] | ' | ' |
Amortized cost | 0 | ' |
Gross unrealized gains | 0 | ' |
Gross unrealized (losses) | 0 | ' |
Estimated fair value | 0 | ' |
U.S. Government Agency Obligations Issued by U.S. Government Agencies [Member] | ' | ' |
Held to maturity securities [Abstract] | ' | ' |
Amortized cost | 0 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized (losses) | 0 | 0 |
Estimated fair value | 0 | 0 |
U.S. Government Agency Obligations Issued by U.S. Government Sponsored Agencies [Member] | ' | ' |
Held to maturity securities [Abstract] | ' | ' |
Amortized cost | 0 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized (losses) | 0 | 0 |
Estimated fair value | 0 | 0 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Held to maturity securities [Abstract] | ' | ' |
Amortized cost | 30,229 | 36,206 |
Gross unrealized gains | 2,974 | 4,184 |
Gross unrealized (losses) | 0 | 0 |
Estimated fair value | 33,203 | 40,390 |
Residential Mortgage Pass Through Securities Guaranteed by GNMA [Member] | ' | ' |
Held to maturity securities [Abstract] | ' | ' |
Amortized cost | 2,420 | 3,245 |
Gross unrealized gains | 158 | 227 |
Gross unrealized (losses) | 0 | 0 |
Estimated fair value | 2,578 | 3,472 |
Residential Mortgage Pass Through Securities Issued by FNMA and FHLMC [Member] | ' | ' |
Held to maturity securities [Abstract] | ' | ' |
Amortized cost | 564 | 572 |
Gross unrealized gains | 35 | 52 |
Gross unrealized (losses) | 0 | 0 |
Estimated fair value | 599 | 624 |
Other Residential Mortgage Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ' | ' |
Held to maturity securities [Abstract] | ' | ' |
Amortized cost | 0 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized (losses) | 0 | 0 |
Estimated fair value | 0 | 0 |
Commercial Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ' | ' |
Held to maturity securities [Abstract] | ' | ' |
Amortized cost | 36,767 | 2,165 |
Gross unrealized gains | 114 | 237 |
Gross unrealized (losses) | -2,312 | 0 |
Estimated fair value | 34,569 | 2,402 |
Asset-Backed Securities and Structured Financial Products [Member] | ' | ' |
Held to maturity securities [Abstract] | ' | ' |
Amortized cost | 0 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized (losses) | 0 | 0 |
Estimated fair value | 0 | 0 |
US Treasury Securities [Member] | ' | ' |
Available for sale securities [Abstract] | ' | ' |
Amortized cost | 503 | ' |
Gross unrealized gains | 0 | ' |
Gross unrealized (losses) | 0 | ' |
Estimated fair value | 503 | ' |
U.S. Government Agency Obligations Issued by U.S. Government Agencies [Member] | ' | ' |
Available for sale securities [Abstract] | ' | ' |
Amortized cost | 133,258 | 10 |
Gross unrealized gains | 1,125 | 0 |
Gross unrealized (losses) | -1,370 | 0 |
Estimated fair value | 133,013 | 10 |
U.S. Government Agency Obligations Issued by U.S. Government Sponsored Agencies [Member] | ' | ' |
Available for sale securities [Abstract] | ' | ' |
Amortized cost | 138,937 | 105,396 |
Gross unrealized gains | 24 | 339 |
Gross unrealized (losses) | -6,536 | 0 |
Estimated fair value | 132,425 | 105,735 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Available for sale securities [Abstract] | ' | ' |
Amortized cost | 206,168 | 202,877 |
Gross unrealized gains | 7,460 | 12,900 |
Gross unrealized (losses) | -637 | -16 |
Estimated fair value | 212,991 | 215,761 |
Residential Mortgage Pass Through Securities Guaranteed by GNMA [Member] | ' | ' |
Available for sale securities [Abstract] | ' | ' |
Amortized cost | 48,737 | 18,981 |
Gross unrealized gains | 596 | 921 |
Gross unrealized (losses) | -1,093 | 0 |
Estimated fair value | 48,240 | 19,902 |
Residential Mortgage Pass Through Securities Issued by FNMA and FHLMC [Member] | ' | ' |
Available for sale securities [Abstract] | ' | ' |
Amortized cost | 211,031 | 201,493 |
Gross unrealized gains | 4,427 | 7,071 |
Gross unrealized (losses) | -663 | 0 |
Estimated fair value | 214,795 | 208,564 |
Other Residential Mortgage Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ' | ' |
Available for sale securities [Abstract] | ' | ' |
Amortized cost | 2,083,906 | 1,436,812 |
Gross unrealized gains | 14,665 | 29,574 |
Gross unrealized (losses) | -50,296 | -20 |
Estimated fair value | 2,048,275 | 1,466,366 |
Commercial Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ' | ' |
Available for sale securities [Abstract] | ' | ' |
Amortized cost | 349,679 | 380,514 |
Gross unrealized gains | 8,568 | 19,420 |
Gross unrealized (losses) | -4,116 | -154 |
Estimated fair value | 354,131 | 399,780 |
Asset-Backed Securities and Structured Financial Products [Member] | ' | ' |
Available for sale securities [Abstract] | ' | ' |
Amortized cost | 225,621 | 238,893 |
Gross unrealized gains | 2,119 | 2,755 |
Gross unrealized (losses) | -12 | -21 |
Estimated fair value | $227,728 | $241,627 |
Securities_Available_for_Sale_3
Securities Available for Sale and Held to Maturity (1) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Available for Sale [Member] | Available for Sale [Member] | Available for Sale [Member] | Available for Sale [Member] | Held to Maturity [Member] | Held to Maturity [Member] | Held to Maturity [Member] | Held to Maturity [Member] | U.S. Government Agency Obligations Issued by U.S. Government Agencies [Member] | U.S. Government Agency Obligations Issued by U.S. Government Agencies [Member] | U.S. Government Agency Obligations Issued by U.S. Government Sponsored Agencies [Member] | U.S. Government Agency Obligations Issued by U.S. Government Sponsored Agencies [Member] | Obligations of States and Political Subdivisions [Member] | Obligations of States and Political Subdivisions [Member] | Residential Mortgage Pass Through Securities Guaranteed by GNMA [Member] | Residential Mortgage Pass Through Securities Guaranteed by GNMA [Member] | Residential Mortgage Pass Through Securities Issued by FNMA and FHLMC [Member] | Residential Mortgage Pass Through Securities Issued by FNMA and FHLMC [Member] | Other Residential Mortgage Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | Other Residential Mortgage Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | Commercial Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | Commercial Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | Asset-Backed Securities and Structured Financial Products [Member] | Asset-Backed Securities and Structured Financial Products [Member] | ||||
Estimated Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Fair Value, Less than 12 Months | $1,829,117 | ' | $25,345 | ' | ' | ' | ' | ' | ' | ' | ' | $60,939 | ' | $132,140 | ' | $27,414 | $5,878 | $36,322 | ' | $49,792 | ' | $1,352,905 | $3,055 | $153,092 | $0 | $16,513 | $16,412 |
Estimated Fair Value, 12 Months or More | 937 | ' | 16,339 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 569 | 0 | 0 | ' | 0 | ' | 368 | 0 | 0 | 16,339 | 0 | 0 |
Estimated Fair Value, Total | 1,830,054 | ' | 41,684 | ' | ' | ' | ' | ' | ' | ' | ' | 60,939 | ' | 132,140 | ' | 27,983 | 5,878 | 36,322 | ' | 49,792 | ' | 1,353,273 | 3,055 | 153,092 | 16,339 | 16,513 | 16,412 |
Gross Unrealized (Losses) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Unrealized (Losses), Less than 12 Months | -67,031 | ' | -57 | ' | ' | ' | ' | ' | ' | ' | ' | -1,370 | ' | -6,536 | ' | -636 | -16 | -1,093 | ' | -663 | ' | -50,293 | -20 | -6,428 | 0 | -12 | -21 |
Gross Unrealized (Losses), 12 Months or More | -4 | ' | -154 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | -1 | 0 | 0 | ' | 0 | ' | -3 | 0 | 0 | -154 | 0 | 0 |
Gross Unrealized (Losses), Total | -67,035 | ' | -211 | ' | ' | ' | ' | ' | ' | ' | ' | -1,370 | ' | -6,536 | ' | -637 | -16 | -1,093 | ' | -663 | ' | -50,296 | -20 | -6,428 | -154 | -12 | -21 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other-than-temporary impairments | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (losses) on investments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from calls and sales of securities | ' | ' | ' | 0 | 2,710 | 64,778 | 37,536 | 0 | 0 | 0 | 175 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross realized gains | ' | ' | ' | 0 | 0 | 394 | 1,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross realized (losses) | ' | ' | ' | 0 | -1 | -16 | -12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross realized gains | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities Available for Sale, Amortized Cost [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due in one year or less | 10,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after one year through five years | 244,598 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after five years through ten years | 271,029 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after ten years | 178,780 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amortized cost, before mortgage-backed securities | 704,487 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage-backed securities | 2,693,353 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total, securities available for sale, amortized cost | 3,397,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities Available for Sale, Estimated Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due in one year or less | 10,142 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after one year through five years | 248,610 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after five years through ten years | 270,117 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after ten years | 177,791 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total, estimated fair value, before mortgage-backed securities | 706,660 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage-backed securities | 2,665,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total, securities available for sale, estimated fair value | 3,372,101 | ' | 2,657,745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities Held to Maturity, Amortized Cost [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due in one year or less | 1,627 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after one year through five years | 13,744 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after five years through ten years | 14,104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after ten years | 754 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total, amortized cost, before mortgage-backed securities | 30,229 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage-backed securities | 39,751 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total, securities held to maturity, amortized cost | 69,980 | ' | 42,188 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 30,229 | 36,206 | 2,420 | 3,245 | 564 | 572 | 0 | 0 | 36,767 | 2,165 | 0 | 0 |
Securities Held to Maturity, Estimated Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due in one year or less | 1,650 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after one year through five years | 14,789 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after five years through ten years | 15,974 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after ten years | 790 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total, estimated fair value, before mortgage-backed securities | 33,203 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage-backed securities | 37,746 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total, securities held to maturity, estimated fair value | $70,949 | ' | $46,888 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $33,203 | $40,390 | $2,578 | $3,472 | $599 | $624 | $0 | $0 | $34,569 | $2,402 | $0 | $0 |
Loans_Held_for_Investment_LHFI2
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loan Portfolio [Abstract] | ' | ' |
Total LHFI | $5,696,641 | $5,592,754 |
Less Allowance For Loan Losses, LHFI | 68,632 | 78,738 |
Net LHFI | 5,628,009 | 5,514,016 |
Loans and Leases Receivable, Other Information [Abstract] | ' | ' |
LHFI, Individually Evaluated For Impairment | 73,381 | 82,363 |
LHFI, Collectively Evaluated For Impairment | 5,623,260 | 5,510,391 |
Total LHFI | 5,696,641 | 5,592,754 |
Loans Secured by Real Estate [Member] | Construction Land Development and Other Land Loans [Member] | ' | ' |
Loan Portfolio [Abstract] | ' | ' |
Total LHFI | 572,057 | 468,975 |
Loans and Leases Receivable, Other Information [Abstract] | ' | ' |
LHFI, Individually Evaluated For Impairment | 14,454 | 27,105 |
LHFI, Collectively Evaluated For Impairment | 557,603 | 441,870 |
Total LHFI | 572,057 | 468,975 |
Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ' | ' |
Loan Portfolio [Abstract] | ' | ' |
Total LHFI | 1,482,963 | 1,497,480 |
Loans and Leases Receivable, Other Information [Abstract] | ' | ' |
LHFI, Individually Evaluated For Impairment | 23,715 | 27,114 |
LHFI, Collectively Evaluated For Impairment | 1,459,248 | 1,470,366 |
Total LHFI | 1,482,963 | 1,497,480 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ' | ' |
Loan Portfolio [Abstract] | ' | ' |
Total LHFI | 1,408,342 | 1,410,264 |
Loans and Leases Receivable, Other Information [Abstract] | ' | ' |
LHFI, Individually Evaluated For Impairment | 21,290 | 18,289 |
LHFI, Collectively Evaluated For Impairment | 1,387,052 | 1,391,975 |
Total LHFI | 1,408,342 | 1,410,264 |
Loans Secured by Real Estate [Member] | Other Real Estate Properties [Member] | ' | ' |
Loan Portfolio [Abstract] | ' | ' |
Total LHFI | 196,328 | 189,949 |
Loans and Leases Receivable, Other Information [Abstract] | ' | ' |
LHFI, Individually Evaluated For Impairment | 503 | 3,956 |
LHFI, Collectively Evaluated For Impairment | 195,825 | 185,993 |
Total LHFI | 196,328 | 189,949 |
Commercial and Industrial Loans [Member] | ' | ' |
Loan Portfolio [Abstract] | ' | ' |
Total LHFI | 1,132,863 | 1,169,513 |
Loans and Leases Receivable, Other Information [Abstract] | ' | ' |
LHFI, Individually Evaluated For Impairment | 12,196 | 4,741 |
LHFI, Collectively Evaluated For Impairment | 1,120,667 | 1,164,772 |
Total LHFI | 1,132,863 | 1,169,513 |
Consumer Loans [Member] | ' | ' |
Loan Portfolio [Abstract] | ' | ' |
Total LHFI | 164,612 | 171,660 |
Loans and Leases Receivable, Other Information [Abstract] | ' | ' |
LHFI, Individually Evaluated For Impairment | 203 | 360 |
LHFI, Collectively Evaluated For Impairment | 164,409 | 171,300 |
Total LHFI | 164,612 | 171,660 |
Other Loans [Member] | ' | ' |
Loan Portfolio [Abstract] | ' | ' |
Total LHFI | 739,476 | 684,913 |
Loans and Leases Receivable, Other Information [Abstract] | ' | ' |
LHFI, Individually Evaluated For Impairment | 1,020 | 798 |
LHFI, Collectively Evaluated For Impairment | 738,456 | 684,115 |
Total LHFI | $739,476 | $684,913 |
Loans_Held_for_Investment_LHFI3
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (1) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Region | |||
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' |
Unpaid Principal Balance | $96,125,000 | ' | $119,818,000 |
Total LHFI With No Related Allowance Recorded | 28,637,000 | ' | 23,190,000 |
Total LHFI With an Allowance Recorded | 44,744,000 | ' | 59,173,000 |
Total Carrying Amount | 73,381,000 | ' | 82,363,000 |
Related Allowance | 9,706,000 | ' | 10,504,000 |
Average Recorded Investment | 77,871,000 | ' | 96,410,000 |
Maximum concentration of loan as a percentage of total LHFI (in hundredths) | 10.00% | ' | ' |
Key market regions | 5 | ' | ' |
Carrying amounts of nonaccrual LHFI considered for impairment analysis | 73,400,000 | ' | 82,400,000 |
Minimum loan amount for loan to be individually assessed for impairment | 500,000 | ' | ' |
Nonaccrual financing receivable, specifically evaluated for impairment | 32,200,000 | ' | 40,600,000 |
Nonaccrual financing receivable, allowance for credit losses, specifically evaluated for impairment | 2,000,000 | ' | 5,900,000 |
Nonaccrual financing receivable, allowance for credit losses, charge-offs, specifically evaluated for impairment | 2,100,000 | 11,000,000 | ' |
Nonaccrual financing receivable specifically evaluated for impairment allowance for credit losses provisions | 3,500,000 | 276,000 | ' |
Nonaccrual financing receivable, not specifically evaluated for impairment | 41,200,000 | ' | 41,800,000 |
Nonaccrual financing receivable, allowance for credit losses, not specifically evaluated for impairment | 7,700,000 | ' | 4,600,000 |
Classified as Troubled Debt Restructuring LHFI | 16,800,000 | ' | 24,300,000 |
TDRs comprised of credits with interest only payments | 12,600,000 | ' | 21,600,000 |
Financing receivable, related allowance | 1,700,000 | ' | 4,300,000 |
Financing receivable, related charge-offs | 703,000 | 5,300,000 | ' |
Loans Secured by Real Estate [Member] | Construction Land Development And Other Financing Receivable [Member] | ' | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' |
Unpaid Principal Balance | 26,139,000 | ' | 46,558,000 |
Total LHFI With No Related Allowance Recorded | 11,073,000 | ' | 9,571,000 |
Total LHFI With an Allowance Recorded | 3,381,000 | ' | 17,534,000 |
Total Carrying Amount | 14,454,000 | ' | 27,105,000 |
Related Allowance | 957,000 | ' | 4,992,000 |
Average Recorded Investment | 20,779,000 | ' | 33,759,000 |
Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ' | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' |
Unpaid Principal Balance | 28,078,000 | ' | 35,155,000 |
Total LHFI With No Related Allowance Recorded | 3,206,000 | ' | 2,533,000 |
Total LHFI With an Allowance Recorded | 20,509,000 | ' | 24,581,000 |
Total Carrying Amount | 23,715,000 | ' | 27,114,000 |
Related Allowance | 260,000 | ' | 1,469,000 |
Average Recorded Investment | 25,415,000 | ' | 25,731,000 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ' | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' |
Unpaid Principal Balance | 24,270,000 | ' | 23,337,000 |
Total LHFI With No Related Allowance Recorded | 12,391,000 | ' | 8,184,000 |
Total LHFI With an Allowance Recorded | 8,899,000 | ' | 10,105,000 |
Total Carrying Amount | 21,290,000 | ' | 18,289,000 |
Related Allowance | 2,733,000 | ' | 2,296,000 |
Average Recorded Investment | 19,790,000 | ' | 21,135,000 |
Loans Secured by Real Estate [Member] | Other Loans Secured by Real Estate [Member] | ' | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' |
Unpaid Principal Balance | 543,000 | ' | 6,036,000 |
Total LHFI With No Related Allowance Recorded | 0 | ' | 566,000 |
Total LHFI With an Allowance Recorded | 503,000 | ' | 3,390,000 |
Total Carrying Amount | 503,000 | ' | 3,956,000 |
Related Allowance | 37,000 | ' | 760,000 |
Average Recorded Investment | 2,229,000 | ' | 4,914,000 |
Commercial and Industrial Loans [Member] | ' | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' |
Unpaid Principal Balance | 15,549,000 | ' | 7,251,000 |
Total LHFI With No Related Allowance Recorded | 1,918,000 | ' | 2,336,000 |
Total LHFI With an Allowance Recorded | 10,278,000 | ' | 2,405,000 |
Total Carrying Amount | 12,196,000 | ' | 4,741,000 |
Related Allowance | 5,393,000 | ' | 640,000 |
Average Recorded Investment | 8,468,000 | ' | 9,444,000 |
Consumer Loans [Member] | ' | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' |
Unpaid Principal Balance | 392,000 | ' | 624,000 |
Total LHFI With No Related Allowance Recorded | 0 | ' | 0 |
Total LHFI With an Allowance Recorded | 203,000 | ' | 360,000 |
Total Carrying Amount | 203,000 | ' | 360,000 |
Related Allowance | 2,000 | ' | 5,000 |
Average Recorded Investment | 281,000 | ' | 592,000 |
Other Loans [Member] | ' | ' | ' |
Loan and Lease Receivables, Impaired [Abstract] | ' | ' | ' |
Unpaid Principal Balance | 1,154,000 | ' | 857,000 |
Total LHFI With No Related Allowance Recorded | 49,000 | ' | 0 |
Total LHFI With an Allowance Recorded | 971,000 | ' | 798,000 |
Total Carrying Amount | 1,020,000 | ' | 798,000 |
Related Allowance | 324,000 | ' | 342,000 |
Average Recorded Investment | $909,000 | ' | $835,000 |
Loans_Held_for_Investment_LHFI4
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (2) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Contract | Contract | Contract | Contract | |
Troubled Debt Restructurings [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings [Abstract] | ' | ' | ' | ' |
Number of Contracts | 1 | 40 | 10 | 58 |
Pre-Modification Outstanding Recorded Investment | $32 | $3,894 | $4,798 | $10,549 |
Post-Modification Outstanding Recorded Investment | 32 | 3,890 | 4,737 | 10,556 |
Troubled Debt Restructurings [Member] | Construction Land Development And Other Financing Receivable [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings [Abstract] | ' | ' | ' | ' |
Number of Contracts | ' | ' | 0 | 11 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 0 | 4,078 |
Post-Modification Outstanding Recorded Investment | ' | ' | 0 | 4,078 |
Troubled Debt Restructurings [Member] | Secured by 1-4 Family Residential Properties [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings [Abstract] | ' | ' | ' | ' |
Number of Contracts | 1 | 39 | 6 | 44 |
Pre-Modification Outstanding Recorded Investment | 32 | 3,695 | 412 | 5,062 |
Post-Modification Outstanding Recorded Investment | 32 | 3,691 | 358 | 5,069 |
Troubled Debt Restructurings [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings [Abstract] | ' | ' | ' | ' |
Number of Contracts | ' | ' | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 952 | 1,210 |
Post-Modification Outstanding Recorded Investment | ' | ' | 952 | 1,210 |
Troubled Debt Restructurings [Member] | Other Loans Secured by Real Estate [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings [Abstract] | ' | ' | ' | ' |
Number of Contracts | 0 | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | 0 | 199 | 0 | 199 |
Post-Modification Outstanding Recorded Investment | 0 | 199 | 0 | 199 |
Troubled Debt Restructurings [Member] | Commercial and Industrial [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings [Abstract] | ' | ' | ' | ' |
Number of Contracts | ' | ' | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 944 | 0 |
Post-Modification Outstanding Recorded Investment | ' | ' | 937 | 0 |
Troubled Debt Restructurings [Member] | Other Loans [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings [Abstract] | ' | ' | ' | ' |
Number of Contracts | ' | ' | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 2,490 | 0 |
Post-Modification Outstanding Recorded Investment | ' | ' | 2,490 | 0 |
Troubled Debt Restructurings that Subsequently Defaulted [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings that Subsequently Defaulted [Abstract] | ' | ' | ' | ' |
Number of Contracts | 5 | 19 | 5 | 19 |
Recorded Investment | 398 | 6,322 | 398 | 6,322 |
Troubled Debt Restructurings that Subsequently Defaulted [Member] | Construction Land Development And Other Financing Receivable [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings that Subsequently Defaulted [Abstract] | ' | ' | ' | ' |
Number of Contracts | 1 | 10 | 1 | 10 |
Recorded Investment | 9 | 3,671 | 9 | 3,671 |
Troubled Debt Restructurings that Subsequently Defaulted [Member] | Secured by 1-4 Family Residential Properties [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings that Subsequently Defaulted [Abstract] | ' | ' | ' | ' |
Number of Contracts | 4 | 8 | 4 | 8 |
Recorded Investment | 389 | 1,781 | 389 | 1,781 |
Troubled Debt Restructurings that Subsequently Defaulted [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ' | ' | ' | ' |
Troubled Debt Restructurings that Subsequently Defaulted [Abstract] | ' | ' | ' | ' |
Number of Contracts | 0 | 1 | 0 | 1 |
Recorded Investment | $0 | $870 | $0 | $870 |
Loans_Held_for_Investment_LHFI5
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (3) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Nonaccrual | $73,381 | $82,363 |
Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 1,482 | 1,513 |
Nonaccrual | 15,360 | 22,760 |
Total | 16,842 | 24,273 |
Troubled Debt Restructurings [Member] | Construction Land Development and Other Land Loans [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 227 | 233 |
Nonaccrual | 7,304 | 12,073 |
Total | 7,531 | 12,306 |
Troubled Debt Restructurings [Member] | Secured by 1-4 Family Residential Properties [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 1,255 | 1,280 |
Nonaccrual | 4,965 | 5,908 |
Total | 6,220 | 7,188 |
Troubled Debt Restructurings [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 0 | 0 |
Nonaccrual | 2,349 | 4,582 |
Total | 2,349 | 4,582 |
Troubled Debt Restructurings [Member] | Other Loans Secured by Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 0 | 0 |
Nonaccrual | 174 | 197 |
Total | 174 | 197 |
Troubled Debt Restructurings [Member] | Commercial and Industrial Loans [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Accruing | 0 | ' |
Nonaccrual | 568 | ' |
Total | $568 | ' |
Loans_Held_for_Investment_LHFI6
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (4) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Financing Receivable Aging [Abstract] | ' | ' |
Current | $5,586,536,000 | $5,468,820,000 |
Past Due 30 - 89 Days | 34,380,000 | 35,193,000 |
Nonaccrual | 73,381,000 | 82,363,000 |
Total LHFI | 5,696,641,000 | 5,592,754,000 |
Number of days used as baseline in evaluating collateral documentation exceptions for loan policy | '90 days | ' |
Credit amount used as baseline in evaluating residential real estate development and non-owner occupied commercial real estate for loan policy | 1,000,000 | ' |
Loan amount used as baseline in credit quality review for loan policy | 100,000 | ' |
Charge-off amount used as baseline in credit quality review for loan policy | 25,000 | ' |
Loans Secured by Real Estate [Member] | Construction Land Development and Other Land Loans [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 545,201,000 | 436,475,000 |
Past Due 30 - 89 Days | 12,401,000 | 4,957,000 |
Nonaccrual | 14,454,000 | 27,105,000 |
Total LHFI | 572,057,000 | 468,975,000 |
Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 1,446,327,000 | 1,454,609,000 |
Past Due 30 - 89 Days | 10,925,000 | 12,626,000 |
Nonaccrual | 23,715,000 | 27,114,000 |
Total LHFI | 1,482,963,000 | 1,497,480,000 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 1,380,889,000 | 1,382,515,000 |
Past Due 30 - 89 Days | 6,163,000 | 9,460,000 |
Nonaccrual | 21,290,000 | 18,289,000 |
Total LHFI | 1,408,342,000 | 1,410,264,000 |
Loans Secured by Real Estate [Member] | Other Loans Secured by Real Estate [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 195,705,000 | 185,821,000 |
Past Due 30 - 89 Days | 120,000 | 172,000 |
Nonaccrual | 503,000 | 3,956,000 |
Total LHFI | 196,328,000 | 189,949,000 |
Consumer Loans [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 162,085,000 | 167,536,000 |
Past Due 30 - 89 Days | 2,018,000 | 3,480,000 |
Nonaccrual | 203,000 | 360,000 |
Total LHFI | 164,612,000 | 171,660,000 |
Other Loans [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 738,368,000 | 683,934,000 |
Past Due 30 - 89 Days | 88,000 | 181,000 |
Nonaccrual | 1,020,000 | 798,000 |
Total LHFI | 739,476,000 | 684,913,000 |
Commercial Portfolio Segment [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 4,121,278,000 | 3,990,846,000 |
Commercial Portfolio Segment [Member] | Pass [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 3,866,379,000 | 3,691,500,000 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 37,585,000 | 74,475,000 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 208,188,000 | 222,178,000 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 9,126,000 | 2,693,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land Loans [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 525,299,000 | 422,966,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 444,526,000 | 335,179,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land Loans [Member] | Special Mention [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 24,211,000 | 23,812,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land Loans [Member] | Substandard [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 56,419,000 | 63,832,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land Loans [Member] | Doubtful [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 143,000 | 143,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 129,602,000 | 125,080,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Pass [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 120,665,000 | 110,333,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Special Mention [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 567,000 | 1,012,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Substandard [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 8,257,000 | 13,303,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Doubtful [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 113,000 | 432,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 1,407,476,000 | 1,409,058,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Pass [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 1,304,158,000 | 1,298,820,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Special Mention [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 9,854,000 | 12,156,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Substandard [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 92,908,000 | 98,082,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Doubtful [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 556,000 | 0 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Loans Secured by Real Estate [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 192,564,000 | 185,002,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Loans Secured by Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 185,201,000 | 178,790,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Loans Secured by Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 2,000 | 444,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Loans Secured by Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 7,361,000 | 5,768,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Loans Secured by Real Estate [Member] | Doubtful [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 1,132,801,000 | 1,169,161,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 1,080,726,000 | 1,091,356,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Special Mention [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 2,951,000 | 36,992,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 41,506,000 | 39,479,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Doubtful [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 7,618,000 | 1,334,000 |
Commercial Portfolio Segment [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 494,000 | 404,000 |
Commercial Portfolio Segment [Member] | Consumer Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 494,000 | 404,000 |
Commercial Portfolio Segment [Member] | Consumer Loans [Member] | Special Mention [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 0 | 0 |
Commercial Portfolio Segment [Member] | Consumer Loans [Member] | Substandard [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 0 | 0 |
Commercial Portfolio Segment [Member] | Consumer Loans [Member] | Doubtful [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 0 | 0 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 733,042,000 | 679,175,000 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 730,609,000 | 676,618,000 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Special Mention [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 0 | 59,000 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Substandard [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 1,737,000 | 1,714,000 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Doubtful [Member] | ' | ' |
Financing Receivable [Abstract] | ' | ' |
Financing receivable commercial | 696,000 | 784,000 |
Consumer Portfolio Segment [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 1,540,691,000 | 1,562,265,000 |
Past Due 30 - 89 Days | 12,411,000 | 15,101,000 |
Past Due 90 Days or More | 2,305,000 | 2,915,000 |
Nonaccrual | 19,956,000 | 21,627,000 |
Subtotal | 1,575,363,000 | 1,601,908,000 |
Total LHFI | 5,696,641,000 | 5,592,754,000 |
Consumer Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land Loans [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 46,473,000 | 44,131,000 |
Past Due 30 - 89 Days | 71,000 | 1,109,000 |
Past Due 90 Days or More | 0 | 0 |
Nonaccrual | 214,000 | 769,000 |
Subtotal | 46,758,000 | 46,009,000 |
Total LHFI | 572,057,000 | 468,975,000 |
Consumer Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 1,321,599,000 | 1,339,000,000 |
Past Due 30 - 89 Days | 10,228,000 | 10,332,000 |
Past Due 90 Days or More | 1,998,000 | 2,630,000 |
Nonaccrual | 19,536,000 | 20,438,000 |
Subtotal | 1,353,361,000 | 1,372,400,000 |
Total LHFI | 1,482,963,000 | 1,497,480,000 |
Consumer Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 857,000 | 1,206,000 |
Past Due 30 - 89 Days | 9,000 | 0 |
Past Due 90 Days or More | 0 | 0 |
Nonaccrual | 0 | 0 |
Subtotal | 866,000 | 1,206,000 |
Total LHFI | 1,408,342,000 | 1,410,264,000 |
Consumer Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Loans Secured by Real Estate [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 3,687,000 | 4,746,000 |
Past Due 30 - 89 Days | 77,000 | 150,000 |
Past Due 90 Days or More | 0 | 0 |
Nonaccrual | 0 | 51,000 |
Subtotal | 3,764,000 | 4,947,000 |
Total LHFI | 196,328,000 | 189,949,000 |
Consumer Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 49,000 | 313,000 |
Past Due 30 - 89 Days | 8,000 | 29,000 |
Past Due 90 Days or More | 1,000 | 0 |
Nonaccrual | 4,000 | 10,000 |
Subtotal | 62,000 | 352,000 |
Total LHFI | 1,132,863,000 | 1,169,513,000 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 161,592,000 | 167,131,000 |
Past Due 30 - 89 Days | 2,018,000 | 3,481,000 |
Past Due 90 Days or More | 306,000 | 285,000 |
Nonaccrual | 202,000 | 359,000 |
Subtotal | 164,118,000 | 171,256,000 |
Total LHFI | 164,612,000 | 171,660,000 |
Consumer Portfolio Segment [Member] | Other Loans [Member] | ' | ' |
Financing Receivable Aging [Abstract] | ' | ' |
Current | 6,434,000 | 5,738,000 |
Past Due 30 - 89 Days | 0 | 0 |
Past Due 90 Days or More | 0 | 0 |
Nonaccrual | 0 | 0 |
Subtotal | 6,434,000 | 5,738,000 |
Total LHFI | $739,476,000 | $684,913,000 |
Loans_Held_for_Investment_LHFI7
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (5) (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | $34,380,000 | $35,193,000 | ||
Past Due 90 Days or More | 2,344,000 | [1] | 6,378,000 | [1] |
Total Past Due | 36,724,000 | 41,571,000 | ||
Nonaccrual | 73,381,000 | 82,363,000 | ||
Current Loans | 5,586,536,000 | 5,468,820,000 | ||
Total LHFI | 5,696,641,000 | 5,592,754,000 | ||
LHFI past due 90 days or more | 2,300,000 | 6,400,000 | ||
LHFS past due 90 days or more | 18,400,000 | 43,100,000 | ||
Percentage of outstanding principal to be repurchased under GNMA optional repurchase program (in hundredths) | 100.00% | ' | ||
Repurchase gain included in gain on sales of loans | 534,000 | ' | ||
Loans Secured by Real Estate [Member] | Construction Land Development and Other Land Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 12,401,000 | 4,957,000 | ||
Past Due 90 Days or More | 1,000 | [1] | 438,000 | [1] |
Total Past Due | 12,402,000 | 5,395,000 | ||
Nonaccrual | 14,454,000 | 27,105,000 | ||
Current Loans | 545,201,000 | 436,475,000 | ||
Total LHFI | 572,057,000 | 468,975,000 | ||
Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 10,925,000 | 12,626,000 | ||
Past Due 90 Days or More | 1,996,000 | [1] | 3,131,000 | [1] |
Total Past Due | 12,921,000 | 15,757,000 | ||
Nonaccrual | 23,715,000 | 27,114,000 | ||
Current Loans | 1,446,327,000 | 1,454,609,000 | ||
Total LHFI | 1,482,963,000 | 1,497,480,000 | ||
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 6,163,000 | 9,460,000 | ||
Past Due 90 Days or More | 0 | [1] | 0 | [1] |
Total Past Due | 6,163,000 | 9,460,000 | ||
Nonaccrual | 21,290,000 | 18,289,000 | ||
Current Loans | 1,380,889,000 | 1,382,515,000 | ||
Total LHFI | 1,408,342,000 | 1,410,264,000 | ||
Loans Secured by Real Estate [Member] | Other Loans Secured by Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 120,000 | 172,000 | ||
Past Due 90 Days or More | 0 | [1] | 0 | [1] |
Total Past Due | 120,000 | 172,000 | ||
Nonaccrual | 503,000 | 3,956,000 | ||
Current Loans | 195,705,000 | 185,821,000 | ||
Total LHFI | 196,328,000 | 189,949,000 | ||
Commercial and Industrial Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 2,665,000 | 4,317,000 | ||
Past Due 90 Days or More | 41,000 | [1] | 2,525,000 | [1] |
Total Past Due | 2,706,000 | 6,842,000 | ||
Nonaccrual | 12,196,000 | 4,741,000 | ||
Current Loans | 1,117,961,000 | 1,157,930,000 | ||
Total LHFI | 1,132,863,000 | 1,169,513,000 | ||
Consumer Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 2,018,000 | 3,480,000 | ||
Past Due 90 Days or More | 306,000 | [1] | 284,000 | [1] |
Total Past Due | 2,324,000 | 3,764,000 | ||
Nonaccrual | 203,000 | 360,000 | ||
Current Loans | 162,085,000 | 167,536,000 | ||
Total LHFI | 164,612,000 | 171,660,000 | ||
Other Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 88,000 | 181,000 | ||
Past Due 90 Days or More | 0 | [1] | 0 | [1] |
Total Past Due | 88,000 | 181,000 | ||
Nonaccrual | 1,020,000 | 798,000 | ||
Current Loans | 738,368,000 | 683,934,000 | ||
Total LHFI | $739,476,000 | $684,913,000 | ||
[1] | Past due 90 days or more but still accruing interest. |
Loans_Held_for_Investment_LHFI8
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (6) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Factor | Scale | |||
Market | Factor | |||
Loan | Market | |||
Loan | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $78,738,000 | ' |
Provision for loan losses, LHFI | -3,624,000 | 3,358,000 | -11,438,000 | 7,301,000 |
Balance at end of period | 68,632,000 | ' | 68,632,000 | ' |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' |
Total | 68,632,000 | ' | 68,632,000 | ' |
Number of loan types for commercial portfolio | 9 | ' | 9 | ' |
Number of unique qualitative factors used to analyze consumer loans | 5 | ' | 5 | ' |
Number of risk rate factors for commercial loans | 450 | ' | 450 | ' |
Minimum score for qualitative risk factor | ' | ' | 0 | ' |
Maximum score for qualitative risk factor | ' | ' | 100 | ' |
One time additional provision due to revision of methodology | ' | ' | 1,400,000 | ' |
Allowance for Loan Loses, LHFI [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 78,738,000 | 89,518,000 |
Loans charged-off | ' | ' | -10,173,000 | -22,547,000 |
Recoveries | ' | ' | 11,505,000 | 9,254,000 |
Net recoveries (charge-offs) | ' | ' | 1,332,000 | -13,293,000 |
Provision for loan losses, LHFI | ' | ' | -11,438,000 | 7,301,000 |
Balance at end of period | 68,632,000 | 83,526,000 | 68,632,000 | 83,526,000 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' |
Individually | 9,706,000 | 13,651,000 | 9,706,000 | 13,651,000 |
Collectively | 58,926,000 | 69,875,000 | 58,926,000 | 69,875,000 |
Total | 68,632,000 | 83,526,000 | 68,632,000 | 83,526,000 |
Loans Secured by Real Estate [Member] | Construction Land Development and Other Land Loans [Member] | Allowance for Loan Loses, LHFI [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 21,838,000 | 27,220,000 |
Loans charged-off | ' | ' | -1,091,000 | -2,944,000 |
Recoveries | ' | ' | 2,561,000 | 0 |
Provision for loan losses, LHFI | ' | ' | -7,419,000 | -1,732,000 |
Balance at end of period | 15,889,000 | 22,544,000 | 15,889,000 | 22,544,000 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' |
Individually | 957,000 | 4,829,000 | 957,000 | 4,829,000 |
Collectively | 14,932,000 | 17,715,000 | 14,932,000 | 17,715,000 |
Total | 15,889,000 | 22,544,000 | 15,889,000 | 22,544,000 |
Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Allowance for Loan Loses, LHFI [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 12,957,000 | 12,650,000 |
Loans charged-off | ' | ' | -839,000 | -3,238,000 |
Recoveries | ' | ' | 363,000 | 364,000 |
Provision for loan losses, LHFI | ' | ' | -3,723,000 | 2,203,000 |
Balance at end of period | 8,758,000 | 11,979,000 | 8,758,000 | 11,979,000 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' |
Individually | 260,000 | 1,373,000 | 260,000 | 1,373,000 |
Collectively | 8,498,000 | 10,606,000 | 8,498,000 | 10,606,000 |
Total | 8,758,000 | 11,979,000 | 8,758,000 | 11,979,000 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Allowance for Loan Loses, LHFI [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 21,096,000 | 24,358,000 |
Loans charged-off | ' | ' | -572,000 | -5,409,000 |
Recoveries | ' | ' | 64,000 | 0 |
Provision for loan losses, LHFI | ' | ' | -1,828,000 | 3,823,000 |
Balance at end of period | 18,760,000 | 22,772,000 | 18,760,000 | 22,772,000 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' |
Individually | 2,733,000 | 3,259,000 | 2,733,000 | 3,259,000 |
Collectively | 16,027,000 | 19,513,000 | 16,027,000 | 19,513,000 |
Total | 18,760,000 | 22,772,000 | 18,760,000 | 22,772,000 |
Loans Secured by Real Estate [Member] | Other Loans Secured by Real Estate [Member] | Allowance for Loan Loses, LHFI [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 2,197,000 | 3,079,000 |
Loans charged-off | ' | ' | -910,000 | -1,602,000 |
Recoveries | ' | ' | 80,000 | 0 |
Provision for loan losses, LHFI | ' | ' | 497,000 | 733,000 |
Balance at end of period | 1,864,000 | 2,210,000 | 1,864,000 | 2,210,000 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' |
Individually | 37,000 | 855,000 | 37,000 | 855,000 |
Collectively | 1,827,000 | 1,355,000 | 1,827,000 | 1,355,000 |
Total | 1,864,000 | 2,210,000 | 1,864,000 | 2,210,000 |
Commercial and Industrial Loans [Member] | Allowance for Loan Loses, LHFI [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 14,319,000 | 15,868,000 |
Loans charged-off | ' | ' | -1,225,000 | -2,985,000 |
Recoveries | ' | ' | 2,190,000 | 2,123,000 |
Provision for loan losses, LHFI | ' | ' | 2,004,000 | 3,428,000 |
Balance at end of period | 17,288,000 | 18,434,000 | 17,288,000 | 18,434,000 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' |
Individually | 5,393,000 | 2,995,000 | 5,393,000 | 2,995,000 |
Collectively | 11,895,000 | 15,439,000 | 11,895,000 | 15,439,000 |
Total | 17,288,000 | 18,434,000 | 17,288,000 | 18,434,000 |
Consumer Loans [Member] | Allowance for Loan Loses, LHFI [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 3,087,000 | 3,656,000 |
Loans charged-off | ' | ' | -1,789,000 | -2,360,000 |
Recoveries | ' | ' | 3,561,000 | 4,189,000 |
Provision for loan losses, LHFI | ' | ' | -2,256,000 | -2,620,000 |
Balance at end of period | 2,603,000 | 2,865,000 | 2,603,000 | 2,865,000 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' |
Individually | 2,000 | 4,000 | 2,000 | 4,000 |
Collectively | 2,601,000 | 2,861,000 | 2,601,000 | 2,861,000 |
Total | 2,603,000 | 2,865,000 | 2,603,000 | 2,865,000 |
Other Loans [Member] | Allowance for Loan Loses, LHFI [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 3,244,000 | 2,687,000 |
Loans charged-off | ' | ' | -3,747,000 | -4,009,000 |
Recoveries | ' | ' | 2,686,000 | 2,578,000 |
Provision for loan losses, LHFI | ' | ' | 1,287,000 | 1,466,000 |
Balance at end of period | 3,470,000 | 2,722,000 | 3,470,000 | 2,722,000 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' |
Individually | 324,000 | 336,000 | 324,000 | 336,000 |
Collectively | 3,146,000 | 2,386,000 | 3,146,000 | 2,386,000 |
Total | $3,470,000 | $2,722,000 | $3,470,000 | $2,722,000 |
Acquired_Loans_Details
Acquired Loans (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Covered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | $37,250 | $52,041 |
Less allowance for loan losses, acquired loans | 2,326 | 4,190 |
Net acquired loans | 34,924 | 47,851 |
Noncovered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 837,875 | 81,523 |
Less allowance for loan losses, acquired loans | 3,007 | 1,885 |
Net acquired loans | 834,868 | 79,638 |
Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Covered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 2,585 | 3,924 |
Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Noncovered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 106,655 | 10,056 |
Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Covered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 17,785 | 23,990 |
Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Noncovered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 168,573 | 19,404 |
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Covered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 12,120 | 18,407 |
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 301,686 | 45,649 |
Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Covered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 2,817 | 3,567 |
Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Noncovered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 35,051 | 669 |
Commercial and Industrial Loans [Member] | Covered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 478 | 747 |
Commercial and Industrial Loans [Member] | Noncovered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 186,649 | 3,035 |
Consumer Loans Financing Receivable [Member] | Covered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 151 | 177 |
Consumer Loans Financing Receivable [Member] | Noncovered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 22,251 | 2,610 |
Other Loans Financing Receivable [Member] | Covered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | 1,314 | 1,229 |
Other Loans Financing Receivable [Member] | Noncovered [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Acquired loans | $17,010 | $100 |
Acquired_Loans_Part_1_Details
Acquired Loans Part 1 (Details) (USD $) | Sep. 30, 2013 | Feb. 15, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||
At acquisition date [Abstract] | ' | ' | ' | ' | ' |
Contractually required principal and interest | ' | $1,256,669 | ' | ' | ' |
Nonaccretable difference | ' | 201,324 | ' | ' | ' |
Cash flows expected to be collected | ' | 1,055,345 | ' | ' | ' |
Accretable yield | -110,455 | 98,394 | -26,383 | -27,888 | -17,653 |
FASB ASC Topic 310-20 discount | ' | 12,716 | ' | ' | ' |
Fair value of loans at acquisition | ' | $944,235 | ' | ' | ' |
Acquired_Loans_Part_2_Details
Acquired Loans Part 2 (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||||
Acquired Impaired [Member] | Acquired Impaired [Member] | Acquired Impaired [Member] | Acquired Impaired [Member] | Acquired Not ASC 310-30 [Member] | Acquired Not ASC 310-30 [Member] | Acquired Not ASC 310-30 [Member] | Acquired Not ASC 310-30 [Member] | |||||||||||
Covered Loans [Member] | Covered Loans [Member] | Noncovered Loans [Member] | Noncovered Loans [Member] | Covered Loans [Member] | Covered Loans [Member] | Noncovered Loans [Member] | Noncovered Loans [Member] | |||||||||||
Carrying value of acquired loans [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net carrying value, beginning | ' | ' | $45,391 | $72,131 | $72,942 | $4,350 | $2,460 | [1] | $4,171 | [1] | $6,696 | [1] | $13 | [1] | ||||
Loans acquired | ' | ' | 0 | [2] | 0 | [3] | 790,335 | [2] | 91,987 | [3] | 0 | [1],[2] | 0 | [1],[3] | 153,900 | [1],[2] | 5,927 | [1],[3] |
Accretion to interest income | 28,927 | 9,045 | 3,934 | 8,031 | 24,993 | 4,138 | 157 | [1] | 367 | [1] | 2,143 | [1] | 161 | [1] | ||||
Payments received, net | ' | ' | -16,136 | -27,496 | -174,776 | -24,330 | -743 | [1] | -2,107 | [1] | -22,804 | [1] | 868 | [1] | ||||
Other | ' | ' | -1,866 | -3,085 | -17,243 | -1,318 | -137 | [1] | 29 | [1] | -196 | [1] | -273 | [1] | ||||
Less allowance for loan losses, acquired loans | ' | ' | 1,864 | -4,190 | -1,122 | -1,885 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ||||
Net carrying value, ending | ' | ' | $33,187 | $45,391 | $695,129 | $72,942 | $1,737 | [1] | $2,460 | [1] | $139,739 | [1] | $6,696 | [1] | ||||
[1] | Acquired nonimpaired loans consist of revolving credit agreements and commercial leases that are not in scope for FASB ASC Topic 310-30. | |||||||||||||||||
[2] | Adjusted fair value of loans acquired from BancTrust on February 15, 2013. | |||||||||||||||||
[3] | Fair value of loans acquired from Bay Bank on March 16, 2012. |
Acquired_Loans_Part_3_Details
Acquired Loans Part 3 (Details) (USD $) | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 15, 2013 | ||
Change in accretable difference on acquired loans [Abstract] | ' | ' | ' | ||
Accretable yield, beginning | ($26,383) | ($17,653) | $98,394 | ||
Additions due to acquisition | -98,394 | [1] | -15,538 | [1] | ' |
Accretion to interest income | 28,927 | 9,045 | ' | ||
Disposals | 11,167 | 2,687 | ' | ||
Reclassification to / (from) nonaccretable difference | -25,772 | -6,429 | ' | ||
Accretable yield, ending | ($110,455) | ($27,888) | $98,394 | ||
[1] | Accretable yield on loans acquired from BancTrust on February 15, 2013, and Bay Bank on March 16, 2012. |
Acquired_Loans_Part_4_Details
Acquired Loans Part 4 (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Feb. 15, 2013 | Mar. 16, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
BancTrust Financial Group, Inc. [Member] | BancTrust Financial Group, Inc. [Member] | Bay Bank and Trust Company [Member] | Covered Loans [Member] | Covered Loans [Member] | Noncovered Loans [Member] | Noncovered Loans [Member] | ||||
Allowance for loan loss [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning | $6,075,000 | $502,000 | ' | ' | ' | ' | $4,190,000 | $502,000 | $1,885,000 | $0 |
Provision for loan losses, acquired loans | 1,870,000 | 3,583,000 | ' | ' | ' | ' | -1,168,000 | 2,655,000 | 3,038,000 | 928,000 |
Loans charged-off | -3,691,000 | -104,000 | ' | ' | ' | ' | -663,000 | 174,000 | -3,028,000 | -278,000 |
Recoveries | 1,079,000 | 362,000 | ' | ' | ' | ' | -33,000 | 195,000 | 1,112,000 | 167,000 |
Net recoveries (charge-offs) | -2,612,000 | 258,000 | ' | ' | ' | ' | -696,000 | 369,000 | -1,916,000 | -111,000 |
Balance, ending | 5,333,000 | 4,343,000 | ' | ' | ' | ' | 2,326,000 | 3,526,000 | 3,007,000 | 817,000 |
Revolving credit agreements acquired | ' | ' | ' | ' | 153,900,000 | 5,900,000 | ' | ' | ' | ' |
Nonaccrual loans not accounted for under FASB ASC Topic 310 30 | 3,000,000 | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' |
Decrease in acquired non covered loans as measurement period adjustment | $6,800,000 | ' | ' | $6,800,000 | ' | ' | ' | ' | ' | ' |
Acquired_Loans_Part_5_Details
Acquired Loans Part 5 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | $768,568 | $111,779 | ||
Past Due 30-89 Days | 32,951 | 10,608 | ||
Past Due Greater Than 90 Days | 70,613 | [1] | 10,074 | [1] |
Nonaccrual | 2,993 | [2] | 1,103 | [2] |
Total acquired loans | 875,125 | 133,564 | ||
Percentage of risk of losses incurred on acquired covered loans (in hundredths) | 20.00% | 20.00% | ||
Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 30,334 | 41,377 | ||
Past Due 30-89 Days | 3,350 | 6,213 | ||
Past Due Greater Than 90 Days | 3,030 | [1] | 3,724 | [1] |
Nonaccrual | 536 | [2] | 727 | [2] |
Total acquired loans | 37,250 | 52,041 | ||
Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 738,234 | 70,402 | ||
Past Due 30-89 Days | 29,601 | 4,395 | ||
Past Due Greater Than 90 Days | 67,583 | [1] | 6,350 | [1] |
Nonaccrual | 2,457 | [2] | 376 | [2] |
Total acquired loans | 837,875 | 81,523 | ||
Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 1,396 | 2,993 | ||
Past Due 30-89 Days | 290 | 240 | ||
Past Due Greater Than 90 Days | 454 | [1] | 246 | [1] |
Nonaccrual | 445 | [2] | 445 | [2] |
Total acquired loans | 2,585 | 3,924 | ||
Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 63,939 | 6,434 | ||
Past Due 30-89 Days | 4,801 | 0 | ||
Past Due Greater Than 90 Days | 37,844 | [1] | 3,622 | [1] |
Nonaccrual | 71 | [2] | 0 | [2] |
Total acquired loans | 106,655 | 10,056 | ||
Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 15,054 | 20,168 | ||
Past Due 30-89 Days | 1,338 | 1,705 | ||
Past Due Greater Than 90 Days | 1,355 | [1] | 1,883 | [1] |
Nonaccrual | 38 | [2] | 234 | [2] |
Total acquired loans | 17,785 | 23,990 | ||
Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 152,603 | 17,311 | ||
Past Due 30-89 Days | 6,273 | 458 | ||
Past Due Greater Than 90 Days | 8,825 | [1] | 1,392 | [1] |
Nonaccrual | 872 | [2] | 243 | [2] |
Total acquired loans | 168,573 | 19,404 | ||
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 10,705 | 12,915 | ||
Past Due 30-89 Days | 873 | 3,953 | ||
Past Due Greater Than 90 Days | 542 | [1] | 1,539 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 12,120 | 18,407 | ||
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 279,235 | 40,773 | ||
Past Due 30-89 Days | 8,053 | 3,526 | ||
Past Due Greater Than 90 Days | 14,105 | [1] | 1,217 | [1] |
Nonaccrual | 293 | [2] | 133 | [2] |
Total acquired loans | 301,686 | 45,649 | ||
Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 2,384 | 3,285 | ||
Past Due 30-89 Days | 431 | 221 | ||
Past Due Greater Than 90 Days | 2 | [1] | 52 | [1] |
Nonaccrual | 0 | [2] | 9 | [2] |
Total acquired loans | 2,817 | 3,567 | ||
Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 32,589 | 595 | ||
Past Due 30-89 Days | 344 | 30 | ||
Past Due Greater Than 90 Days | 1,848 | [1] | 44 | [1] |
Nonaccrual | 270 | [2] | 0 | [2] |
Total acquired loans | 35,051 | 669 | ||
Commercial and Industrial Loans [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 355 | 610 | ||
Past Due 30-89 Days | 21 | 94 | ||
Past Due Greater Than 90 Days | 49 | [1] | 4 | [1] |
Nonaccrual | 53 | [2] | 39 | [2] |
Total acquired loans | 478 | 747 | ||
Commercial and Industrial Loans [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 171,323 | 2,795 | ||
Past Due 30-89 Days | 9,531 | 217 | ||
Past Due Greater Than 90 Days | 4,844 | [1] | 23 | [1] |
Nonaccrual | 951 | [2] | 0 | [2] |
Total acquired loans | 186,649 | 3,035 | ||
Consumer Loans Financing Receivable [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 151 | 177 | ||
Past Due 30-89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 0 | [1] | 0 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 151 | 177 | ||
Consumer Loans Financing Receivable [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 21,634 | 2,394 | ||
Past Due 30-89 Days | 508 | 164 | ||
Past Due Greater Than 90 Days | 109 | [1] | 52 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 22,251 | 2,610 | ||
Other Loans Financing Receivable [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 289 | 1,229 | ||
Past Due 30-89 Days | 397 | 0 | ||
Past Due Greater Than 90 Days | 628 | [1] | 0 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 1,314 | 1,229 | ||
Other Loans Financing Receivable [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 16,911 | 100 | ||
Past Due 30-89 Days | 91 | 0 | ||
Past Due Greater Than 90 Days | 8 | [1] | 0 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 17,010 | 100 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 437,179 | 47,308 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 8,695 | [3] | 11,096 | [3] |
Commercial Portfolio Segment [Member] | Pass [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 428,484 | 36,212 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 71,486 | 6,460 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 753 | [3] | 2,656 | [3] |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 70,733 | 3,804 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 188,885 | 43,866 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 10,580 | [3] | 16,051 | [3] |
Commercial Portfolio Segment [Member] | Substandard [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 178,305 | 27,815 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 22,175 | 3,937 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 1,378 | [3] | 2,162 | [3] |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 20,797 | 1,775 | ||
Commercial Portfolio Segment [Member] | Commercial Subtotal [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 719,725 | 101,571 | ||
Commercial Portfolio Segment [Member] | Commercial Subtotal [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 21,406 | [3] | 31,965 | [3] |
Commercial Portfolio Segment [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 698,319 | 69,606 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Pass [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 204 | [3] | 1,341 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Pass [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 33,404 | 3,259 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Special Mention [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | [3] | 18 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Special Mention [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 11,028 | 119 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Substandard [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 1,354 | [3] | 1,489 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Substandard [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 46,329 | 4,915 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Doubtful [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 748 | [3] | 744 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Doubtful [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 8,170 | 921 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Commercial Subtotal [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 2,306 | [3] | 3,592 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 98,931 | 9,214 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Pass [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 1,670 | [3] | 3,128 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Pass [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 25,708 | 7,325 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Special Mention [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 469 | [3] | 810 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Special Mention [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 15,711 | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Substandard [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 1,926 | [3] | 2,940 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Substandard [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 16,763 | 3,708 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Doubtful [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | [3] | 85 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Doubtful [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 856 | 23 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Commercial Subtotal [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 4,065 | [3] | 6,963 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 59,038 | 11,056 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Pass [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 5,309 | [3] | 5,857 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Pass [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 192,453 | 22,453 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Special Mention [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 113 | [3] | 1,052 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Special Mention [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 22,235 | 3,596 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Substandard [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 6,031 | [3] | 9,839 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Substandard [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 80,844 | 18,682 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Doubtful [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | [3] | 798 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Doubtful [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 6,154 | 831 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Commercial Subtotal [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 11,453 | [3] | 17,546 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 301,686 | 45,562 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Pass [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 909 | [3] | 443 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Pass [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 23,298 | 236 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Special Mention [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 142 | [3] | 318 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Special Mention [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 6,469 | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Substandard [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 737 | [3] | 1,231 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Substandard [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 5,181 | 417 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Doubtful [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 2 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Doubtful [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Commercial Subtotal [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 1,790 | [3] | 1,992 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 34,948 | 653 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 314 | [3] | 82 | [3] |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 138,428 | 2,853 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Special Mention [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 29 | [3] | 458 | [3] |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Special Mention [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 13,677 | 89 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 135 | [3] | 207 | [3] |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 28,927 | 93 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Doubtful [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Doubtful [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 5,617 | 0 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Commercial Subtotal [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 478 | [3] | 747 | [3] |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 186,649 | 3,035 | ||
Commercial Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Pass [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Pass [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 82 | 0 | ||
Commercial Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Special Mention [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Special Mention [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Substandard [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Substandard [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Doubtful [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Doubtful [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Commercial Subtotal [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 82 | 0 | ||
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Pass [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 289 | [3] | 245 | [3] |
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Pass [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 15,111 | 86 | ||
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Special Mention [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Special Mention [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 1,613 | 0 | ||
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Substandard [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 397 | [3] | 345 | [3] |
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Substandard [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 261 | 0 | ||
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Doubtful [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 628 | [3] | 535 | [3] |
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Doubtful [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Commercial Subtotal [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 1,314 | [3] | 1,125 | [3] |
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Commercial Loans [Abstract] | ' | ' | ||
Acquired loans | 16,985 | 86 | ||
Consumer Portfolio Segment [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 143,681 | 28,086 | ||
Past Due 30-89 Days | 5,389 | 1,792 | ||
Past Due Greater Than 90 Days | 6,149 | 2,009 | ||
Nonaccrual | 181 | 106 | ||
Subtotal | 155,400 | 31,993 | ||
Total acquired loans | 875,125 | 133,564 | ||
Consumer Portfolio Segment [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 13,282 | [3] | 17,058 | [3] |
Past Due 30-89 Days | 1,131 | [3] | 1,271 | [3] |
Past Due Greater Than 90 Days | 1,393 | [3] | 1,702 | [3] |
Nonaccrual | 38 | [3] | 45 | [3] |
Subtotal | 15,844 | [3] | 20,076 | [3] |
Total acquired loans | 37,250 | [3] | 52,041 | [3] |
Consumer Portfolio Segment [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 130,399 | 11,028 | ||
Past Due 30-89 Days | 4,258 | 521 | ||
Past Due Greater Than 90 Days | 4,756 | 307 | ||
Nonaccrual | 143 | 61 | ||
Subtotal | 139,556 | 11,917 | ||
Total acquired loans | 837,875 | 81,523 | ||
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 251 | [3] | 306 | [3] |
Past Due 30-89 Days | 28 | [3] | 26 | [3] |
Past Due Greater Than 90 Days | 0 | [3] | 0 | [3] |
Nonaccrual | 0 | [3] | 0 | [3] |
Subtotal | 279 | [3] | 332 | [3] |
Total acquired loans | 2,585 | [3] | 3,924 | [3] |
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 6,810 | 802 | ||
Past Due 30-89 Days | 179 | 0 | ||
Past Due Greater Than 90 Days | 735 | 40 | ||
Nonaccrual | 0 | 0 | ||
Subtotal | 7,724 | 842 | ||
Total acquired loans | 106,655 | 10,056 | ||
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 11,480 | [3] | 14,311 | [3] |
Past Due 30-89 Days | 979 | [3] | 1,028 | [3] |
Past Due Greater Than 90 Days | 1,223 | [3] | 1,650 | [3] |
Nonaccrual | 38 | [3] | 38 | [3] |
Subtotal | 13,720 | [3] | 17,027 | [3] |
Total acquired loans | 17,785 | [3] | 23,990 | [3] |
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 101,895 | 7,715 | ||
Past Due 30-89 Days | 3,585 | 357 | ||
Past Due Greater Than 90 Days | 3,912 | 215 | ||
Nonaccrual | 143 | 61 | ||
Subtotal | 109,535 | 8,348 | ||
Total acquired loans | 168,573 | 19,404 | ||
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 497 | [3] | 692 | [3] |
Past Due 30-89 Days | 0 | [3] | 169 | [3] |
Past Due Greater Than 90 Days | 170 | [3] | 0 | [3] |
Nonaccrual | 0 | [3] | 0 | [3] |
Subtotal | 667 | [3] | 861 | [3] |
Total acquired loans | 12,120 | [3] | 18,407 | [3] |
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 0 | 87 | ||
Past Due 30-89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 0 | 0 | ||
Nonaccrual | 0 | 0 | ||
Subtotal | 0 | 87 | ||
Total acquired loans | 301,686 | 45,649 | ||
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 903 | [3] | 1,468 | [3] |
Past Due 30-89 Days | 124 | [3] | 48 | [3] |
Past Due Greater Than 90 Days | 0 | [3] | 52 | [3] |
Nonaccrual | 0 | [3] | 7 | [3] |
Subtotal | 1,027 | [3] | 1,575 | [3] |
Total acquired loans | 2,817 | [3] | 3,567 | [3] |
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 103 | 16 | ||
Past Due 30-89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 0 | 0 | ||
Nonaccrual | 0 | 0 | ||
Subtotal | 103 | 16 | ||
Total acquired loans | 35,051 | 669 | ||
Consumer Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 0 | [3] | 0 | [3] |
Past Due 30-89 Days | 0 | [3] | 0 | [3] |
Past Due Greater Than 90 Days | 0 | [3] | 0 | [3] |
Nonaccrual | 0 | [3] | 0 | [3] |
Subtotal | 0 | [3] | 0 | [3] |
Total acquired loans | 478 | [3] | 747 | [3] |
Consumer Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 0 | 0 | ||
Past Due 30-89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 0 | 0 | ||
Nonaccrual | 0 | 0 | ||
Subtotal | 0 | 0 | ||
Total acquired loans | 186,649 | 3,035 | ||
Consumer Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 151 | [3] | 177 | [3] |
Past Due 30-89 Days | 0 | [3] | 0 | [3] |
Past Due Greater Than 90 Days | 0 | [3] | 0 | [3] |
Nonaccrual | 0 | [3] | 0 | [3] |
Subtotal | 151 | [3] | 177 | [3] |
Total acquired loans | 151 | [3] | 177 | [3] |
Consumer Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 21,566 | 2,394 | ||
Past Due 30-89 Days | 494 | 164 | ||
Past Due Greater Than 90 Days | 109 | 52 | ||
Nonaccrual | 0 | 0 | ||
Subtotal | 22,169 | 2,610 | ||
Total acquired loans | 22,251 | 2,610 | ||
Consumer Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 0 | [3] | 104 | [3] |
Past Due 30-89 Days | 0 | [3] | 0 | [3] |
Past Due Greater Than 90 Days | 0 | [3] | 0 | [3] |
Nonaccrual | 0 | [3] | 0 | [3] |
Subtotal | 0 | [3] | 104 | [3] |
Total acquired loans | 1,314 | [3] | 1,229 | [3] |
Consumer Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Current | 25 | 14 | ||
Past Due 30-89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 0 | 0 | ||
Nonaccrual | 0 | 0 | ||
Subtotal | 25 | 14 | ||
Total acquired loans | $17,010 | $100 | ||
[1] | Past due 90 days or more but still accruing interest. | |||
[2] | Acquired loans not accounted for under FASB ASC Topic 310-30. | |||
[3] | Total dollar balances are presented in this table; however, these loans are covered by the loss-share agreement with the FDIC. TNB is at risk for only 20% of the losses incurred on these loans. |
Acquired_Loans_Part_6_Details
Acquired Loans Part 6 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | $32,951 | $10,608 | ||
Past Due Greater Than 90 Days | 70,613 | [1] | 10,074 | [1] |
Total Past Due | 103,564 | 20,682 | ||
Nonaccrual | 2,993 | [2] | 1,103 | [2] |
Current Loans | 768,568 | 111,779 | ||
Acquired loans | 875,125 | 133,564 | ||
Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 3,350 | 6,213 | ||
Past Due Greater Than 90 Days | 3,030 | [1] | 3,724 | [1] |
Total Past Due | 6,380 | 9,937 | ||
Nonaccrual | 536 | [2] | 727 | [2] |
Current Loans | 30,334 | 41,377 | ||
Acquired loans | 37,250 | 52,041 | ||
Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 29,601 | 4,395 | ||
Past Due Greater Than 90 Days | 67,583 | [1] | 6,350 | [1] |
Total Past Due | 97,184 | 10,745 | ||
Nonaccrual | 2,457 | [2] | 376 | [2] |
Current Loans | 738,234 | 70,402 | ||
Acquired loans | 837,875 | 81,523 | ||
Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 290 | 240 | ||
Past Due Greater Than 90 Days | 454 | [1] | 246 | [1] |
Total Past Due | 744 | 486 | ||
Nonaccrual | 445 | [2] | 445 | [2] |
Current Loans | 1,396 | 2,993 | ||
Acquired loans | 2,585 | 3,924 | ||
Real Estate Secured Financing Receivable [Member] | Construction Land Development And Other Financing Receivable [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 4,801 | 0 | ||
Past Due Greater Than 90 Days | 37,844 | [1] | 3,622 | [1] |
Total Past Due | 42,645 | 3,622 | ||
Nonaccrual | 71 | [2] | 0 | [2] |
Current Loans | 63,939 | 6,434 | ||
Acquired loans | 106,655 | 10,056 | ||
Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 1,338 | 1,705 | ||
Past Due Greater Than 90 Days | 1,355 | [1] | 1,883 | [1] |
Total Past Due | 2,693 | 3,588 | ||
Nonaccrual | 38 | [2] | 234 | [2] |
Current Loans | 15,054 | 20,168 | ||
Acquired loans | 17,785 | 23,990 | ||
Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 6,273 | 458 | ||
Past Due Greater Than 90 Days | 8,825 | [1] | 1,392 | [1] |
Total Past Due | 15,098 | 1,850 | ||
Nonaccrual | 872 | [2] | 243 | [2] |
Current Loans | 152,603 | 17,311 | ||
Acquired loans | 168,573 | 19,404 | ||
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 873 | 3,953 | ||
Past Due Greater Than 90 Days | 542 | [1] | 1,539 | [1] |
Total Past Due | 1,415 | 5,492 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 10,705 | 12,915 | ||
Acquired loans | 12,120 | 18,407 | ||
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 8,053 | 3,526 | ||
Past Due Greater Than 90 Days | 14,105 | [1] | 1,217 | [1] |
Total Past Due | 22,158 | 4,743 | ||
Nonaccrual | 293 | [2] | 133 | [2] |
Current Loans | 279,235 | 40,773 | ||
Acquired loans | 301,686 | 45,649 | ||
Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 431 | 221 | ||
Past Due Greater Than 90 Days | 2 | [1] | 52 | [1] |
Total Past Due | 433 | 273 | ||
Nonaccrual | 0 | [2] | 9 | [2] |
Current Loans | 2,384 | 3,285 | ||
Acquired loans | 2,817 | 3,567 | ||
Real Estate Secured Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 344 | 30 | ||
Past Due Greater Than 90 Days | 1,848 | [1] | 44 | [1] |
Total Past Due | 2,192 | 74 | ||
Nonaccrual | 270 | [2] | 0 | [2] |
Current Loans | 32,589 | 595 | ||
Acquired loans | 35,051 | 669 | ||
Commercial And Industrial Loans Financing Receivable [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 21 | 94 | ||
Past Due Greater Than 90 Days | 49 | [1] | 4 | [1] |
Total Past Due | 70 | 98 | ||
Nonaccrual | 53 | [2] | 39 | [2] |
Current Loans | 355 | 610 | ||
Acquired loans | 478 | 747 | ||
Commercial And Industrial Loans Financing Receivable [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 9,531 | 217 | ||
Past Due Greater Than 90 Days | 4,844 | [1] | 23 | [1] |
Total Past Due | 14,375 | 240 | ||
Nonaccrual | 951 | [2] | 0 | [2] |
Current Loans | 171,323 | 2,795 | ||
Acquired loans | 186,649 | 3,035 | ||
Consumer Loans Financing Receivable [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 0 | [1] | 0 | [1] |
Total Past Due | 0 | 0 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 151 | 177 | ||
Acquired loans | 151 | 177 | ||
Consumer Loans Financing Receivable [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 508 | 164 | ||
Past Due Greater Than 90 Days | 109 | [1] | 52 | [1] |
Total Past Due | 617 | 216 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 21,634 | 2,394 | ||
Acquired loans | 22,251 | 2,610 | ||
Other Loans Financing Receivable [Member] | Covered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 397 | 0 | ||
Past Due Greater Than 90 Days | 628 | [1] | 0 | [1] |
Total Past Due | 1,025 | 0 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 289 | 1,229 | ||
Acquired loans | 1,314 | 1,229 | ||
Other Loans Financing Receivable [Member] | Noncovered [Member] | ' | ' | ||
Acquired Loans, Aging [Abstract] | ' | ' | ||
Past Due 30 - 89 Days | 91 | 0 | ||
Past Due Greater Than 90 Days | 8 | [1] | 0 | [1] |
Total Past Due | 99 | 0 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 16,911 | 100 | ||
Acquired loans | $17,010 | $100 | ||
[1] | Past due 90 days or more but still accruing interest. | |||
[2] | Acquired loans not accounted for under FASB ASC Topic 310-30. |
Mortgage_Banking_Details
Mortgage Banking (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Oct. 31, 2013 | |
Subsequent Event [Member] | |||||||
Mortgage Banking [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Gain on fair value hedge ineffectiveness, net | $1,300,000 | ' | $2,700,000 | ' | ' | ' | ' |
Loss on fair value hedge ineffectiveness, net | ' | -1,800,000 | ' | -2,700,000 | ' | ' | ' |
Period of put back response | ' | ' | '60 days | ' | ' | ' | ' |
Mortgage servicing rights [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 47,341,000 | 43,274,000 | ' | ' | ' |
Origination of servicing assets | ' | ' | 15,551,000 | 17,074,000 | ' | ' | ' |
Change in fair value [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Due to market changes | ' | ' | 7,881,000 | -8,960,000 | ' | ' | ' |
Due to runoff | ' | ' | -7,623,000 | -7,177,000 | ' | ' | ' |
Balance at end of period | 63,150,000 | 44,211,000 | 63,150,000 | 44,211,000 | ' | ' | ' |
Mortgage loan servicing representation and warranty expenses | ' | ' | 1,000,000 | 7,200,000 | ' | ' | ' |
Reserve for mortgage loan servicing put back expenses | 5,000,000 | ' | 5,000,000 | ' | 7,800,000 | ' | ' |
Additional accrual for mortgage loan servicing representation and warranty expenses | ' | ' | ' | ' | ' | 4,000,000 | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Payments to FNMA for repurchase obligations | ' | ' | ' | ' | ' | ' | $4,400,000 |
Other_Real_Estate_and_Covered_2
Other Real Estate and Covered Other Real Estate (Details) (USD $) | 9 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Construction, Land Development And Other Land Properties [Member] | Construction, Land Development And Other Land Properties [Member] | 1 - 4 Family Residential Properties [Member] | 1 - 4 Family Residential Properties [Member] | Nonfarm, Nonresidential Properties [Member] | Nonfarm, Nonresidential Properties [Member] | Other Real Estate Properties [Member] | Other Real Estate Properties [Member] | BancTrust Financial Group, Inc. [Member] | Bay Bank and Trust Company [Member] | |||||
Other Real Estate and Covered Other Real Estate [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Loss, net on the sale of other real estate included in ORE/Foreclosure expense | ($110,000) | ($175,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other real estate acquired | 40,100,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 40,100,000 | 2,600,000 | ||
Other real estate, excluding covered other real estate [Rollforward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at beginning of period | 78,189,000 | 79,053,000 | 66,200,000 | 46,957,000 | 15,280,000 | 8,134,000 | 32,249,000 | 22,760,000 | 2,600,000 | 338,000 | ' | ' | ||
Additions | 73,890,000 | [1] | 32,428,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposals | -29,605,000 | -24,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Writedowns | -6,145,000 | -4,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at end of period | 116,329,000 | 82,475,000 | 66,200,000 | 46,957,000 | 15,280,000 | 8,134,000 | 32,249,000 | 22,760,000 | 2,600,000 | 338,000 | ' | ' | ||
Total other real estate, excluding covered other real estate | $116,329,000 | $82,475,000 | $66,200,000 | $46,957,000 | $15,280,000 | $8,134,000 | $32,249,000 | $22,760,000 | $2,600,000 | $338,000 | ' | ' | ||
[1] | Includes $40.1 million of other real estate acquired from BancTrust at September 30, 2013, and $2.6 million of other real estate acquired from Bay Bank at September 30, 2012. |
Other_Real_Estate_and_Covered_3
Other Real Estate and Covered Other Real Estate, (by geographic location) (Details) (USD $) | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Other Real Estate and Covered Other Real Estate [Abstract] | ' | ' | ' | ' | ||
Covered other real estate, beginning of period | $5,741 | $6,331 | ' | ' | ||
Transfers from covered loans | 1,380 | 1,424 | ' | ' | ||
FASB ASC 310-30 adjustment for the residual recorded investment | -541 | -112 | ' | ' | ||
Net transfers from covered loans | 839 | 1,312 | ' | ' | ||
Disposals | -848 | -1,673 | ' | ' | ||
Writedowns | -640 | -248 | ' | ' | ||
Covered other real estate, end of period | 5,092 | 5,722 | ' | ' | ||
Gain, net on the sale of covered other real estate included in ORE/Foreclosure expense | 47 | 440 | ' | ' | ||
Other non covered real estate [Line Items] | ' | ' | ' | ' | ||
Total other real estate, excluding covered other real estate | 116,329 | 82,475 | 78,189 | 79,053 | ||
Alabama [Member] | ' | ' | ' | ' | ||
Other non covered real estate [Line Items] | ' | ' | ' | ' | ||
Total other real estate, excluding covered other real estate | 25,308 | ' | 0 | ' | ||
Florida [Member] | ' | ' | ' | ' | ||
Other non covered real estate [Line Items] | ' | ' | ' | ' | ||
Total other real estate, excluding covered other real estate | 39,198 | ' | 18,569 | ' | ||
Mississippi [Member] | ' | ' | ' | ' | ||
Other non covered real estate [Line Items] | ' | ' | ' | ' | ||
Total other real estate, excluding covered other real estate | 25,439 | [1] | ' | 27,771 | [1] | ' |
Tennessee [Member] | ' | ' | ' | ' | ||
Other non covered real estate [Line Items] | ' | ' | ' | ' | ||
Total other real estate, excluding covered other real estate | 14,615 | [2] | ' | 17,589 | [2] | ' |
Texas [Member] | ' | ' | ' | ' | ||
Other non covered real estate [Line Items] | ' | ' | ' | ' | ||
Total other real estate, excluding covered other real estate | $11,769 | ' | $14,260 | ' | ||
[1] | Mississippi includes Central and Southern Mississippi Regions | |||||
[2] | Tennessee includes Memphis, Tennessee and Northern Mississippi Regions |
Other_Real_Estate_and_Covered_4
Other Real Estate and Covered Other Real Estate, (by type of property) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Schedule Of Covered Other Real Estate by Property Type [Line Items] | ' | ' | ' | ' |
Total covered other real estate | $5,092 | $5,741 | $5,722 | $6,331 |
Construction Land Development And Other Land Properties [Member] | ' | ' | ' | ' |
Schedule Of Covered Other Real Estate by Property Type [Line Items] | ' | ' | ' | ' |
Total covered other real estate | 733 | 1,284 | ' | ' |
1-4 Family Residential Properties [Member] | ' | ' | ' | ' |
Schedule Of Covered Other Real Estate by Property Type [Line Items] | ' | ' | ' | ' |
Total covered other real estate | 1,777 | 1,306 | ' | ' |
Nonfarm, Nonresidential Properties [Member] | ' | ' | ' | ' |
Schedule Of Covered Other Real Estate by Property Type [Line Items] | ' | ' | ' | ' |
Total covered other real estate | 2,525 | 3,151 | ' | ' |
Other Real Estate Properties [Member] | ' | ' | ' | ' |
Schedule Of Covered Other Real Estate by Property Type [Line Items] | ' | ' | ' | ' |
Total covered other real estate | $57 | $0 | ' | ' |
FDIC_Indemnification_Asset_Det
FDIC Indemnification Asset (Details) (USD $) | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
FDIC Indemnification Asset [Abstract] | ' | ' | ' | ||
FDIC True-up provisions | $1,300,000 | ' | $1,100,000 | ||
Write-down of FDIC indemnification asset | 3,500,000 | 3,000,000 | ' | ||
Balance, beginning of period | 21,774,000 | 28,348,000 | ' | ||
Accretion | -141,000 | 187,000 | ' | ||
Transfers to FDIC claims receivable | -1,097,000 | -1,271,000 | ' | ||
Change in expected cash flows | -3,251,000 | [1] | -2,925,000 | [1] | ' |
Change in FDIC true up provision | -200,000 | -360,000 | ' | ||
Balance, end of period | $17,085,000 | $23,979,000 | ' | ||
[1] | The decrease during the first nine months of 2013 was due to loan pay-offs, improved cash flow projections, and lower loss expectations for covered loans. |
Deposits_Details
Deposits (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Noninterest-bearing demand deposits | $2,643,612 | $2,254,211 |
Interest-bearing demand | 1,826,118 | 1,481,182 |
Savings | 2,977,391 | 2,322,280 |
Time | 2,340,113 | 1,838,844 |
Total deposits | $9,787,234 | $7,896,517 |
Defined_Benefit_and_Other_Post2
Defined Benefit and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Trustmark Capital Accumulation Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Years of service required to vest | ' | ' | '3 years | ' | ' |
Net periodic benefit cost [Abstract] | ' | ' | ' | ' | ' |
Service cost | $148,000 | $134,000 | $446,000 | $413,000 | ' |
Interest cost | 1,252,000 | 947,000 | 3,506,000 | 2,837,000 | ' |
Expected return on plan assets | -2,060,000 | -1,438,000 | -5,660,000 | -4,238,000 | ' |
Recognized net loss due to Settlement | 838,000 | 0 | 1,363,000 | 0 | ' |
Recognized net actuarial loss | 1,374,000 | 1,303,000 | 4,142,000 | 3,922,000 | ' |
Net periodic benefit cost | 1,552,000 | 946,000 | 3,797,000 | 2,934,000 | ' |
Period of average interest rate before MAP-21 | ' | ' | '2 years | ' | ' |
Period of average interest rate after MAP-21 | ' | ' | '25 years | '25 years | ' |
Pension funding contributions cap percentage (in hundredths) | ' | ' | 115.00% | ' | 110.00% |
Pension funding contributions floor percentage (in hundredths) | ' | ' | 85.00% | ' | 90.00% |
Minimum required contribution | ' | ' | 2,100,000 | ' | 1,500,000 |
Change in minimum required contribution | ' | ' | 600,000 | ' | ' |
Defined Benefit Plan, Effective Interest Rate | ' | ' | 6.13% | ' | 6.82% |
Supplemental Retirement Plan [Member] | ' | ' | ' | ' | ' |
Net periodic benefit cost [Abstract] | ' | ' | ' | ' | ' |
Service cost | 150,000 | 170,000 | 448,000 | 510,000 | ' |
Interest cost | 484,000 | 517,000 | 1,452,000 | 1,550,000 | ' |
Amortization of prior service credits | 62,000 | 63,000 | 188,000 | 188,000 | ' |
Recognized net actuarial loss | 260,000 | 215,000 | 778,000 | 645,000 | ' |
Net periodic benefit cost | $956,000 | $965,000 | $2,866,000 | $2,893,000 | ' |
Stock_and_Incentive_Compensati2
Stock and Incentive Compensation Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Compensation expense - Stock and Incentive plans [Abstract] | ' | ' | ' | ' |
Compensation expense - Stock and Incentive plans | $976 | $978 | $2,850 | $3,119 |
Performance Based Award [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
ROATE Performance measure (in hundredths) | ' | ' | 100.00% | ' |
TSR Performance measure (in hundredths) | ' | ' | 100.00% | ' |
Stock and incentive plan [Roll Forward] | ' | ' | ' | ' |
Outstanding/Nonvested shares or units, beginning of period (in shares) | 160,520 | ' | 159,583 | ' |
Granted (in shares) | 0 | ' | 62,119 | ' |
Granted - excess shares (in shares) | 0 | ' | 0 | ' |
Exercised or released from restriction (in shares) | 0 | ' | -54,784 | ' |
Expired (in shares) | 0 | ' | 0 | ' |
Forfeited (in shares) | 0 | ' | -6,398 | ' |
Outstanding/Nonvested shares or units, end of period (in shares) | 160,520 | ' | 160,520 | ' |
Compensation expense - Stock and Incentive plans [Abstract] | ' | ' | ' | ' |
Compensation expense - Stock and Incentive plans | 222 | 229 | 620 | 677 |
Time Vested Award [Member] | ' | ' | ' | ' |
Stock and incentive plan [Roll Forward] | ' | ' | ' | ' |
Outstanding/Nonvested shares or units, beginning of period (in shares) | 348,251 | ' | 317,573 | ' |
Granted (in shares) | 1,800 | ' | 102,155 | ' |
Granted - excess shares (in shares) | 0 | ' | 10,809 | ' |
Exercised or released from restriction (in shares) | -1,044 | ' | -68,960 | ' |
Expired (in shares) | 0 | ' | 0 | ' |
Forfeited (in shares) | -2,181 | ' | -14,751 | ' |
Outstanding/Nonvested shares or units, end of period (in shares) | 346,826 | ' | 346,826 | ' |
Compensation expense - Stock and Incentive plans [Abstract] | ' | ' | ' | ' |
Compensation expense - Stock and Incentive plans | $754 | $749 | $2,230 | $2,442 |
Restricted Stock [Member] | Performance Based Award [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | ' | '3 years | ' |
Restricted Stock [Member] | Time Vested Award [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | ' | '3 years | ' |
Stock option-based awards [Member] | ' | ' | ' | ' |
Stock and incentive plan [Roll Forward] | ' | ' | ' | ' |
Outstanding/Nonvested shares or units, beginning of period (in shares) | 289,700 | ' | 699,600 | ' |
Granted (in shares) | 0 | ' | 0 | ' |
Granted - excess shares (in shares) | 0 | ' | 0 | ' |
Exercised or released from restriction (in shares) | -17,500 | ' | -33,300 | ' |
Expired (in shares) | -10,000 | ' | -404,100 | ' |
Forfeited (in shares) | 0 | ' | 0 | ' |
Outstanding/Nonvested shares or units, end of period (in shares) | 262,200 | ' | 262,200 | ' |
2005 Stock and Incentive Compensation Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock and incentive compensation plan, contractual term | ' | ' | '7 years | ' |
Vesting period | ' | ' | '5 years | ' |
1997 Long Term Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock and incentive compensation plan, contractual term | ' | ' | '10 years | ' |
Vesting period | ' | ' | '4 years | ' |
Contingencies_Details
Contingencies (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Standby Letters of Credit [Member] | Standby Letters of Credit [Member] | Pending or Threatened Litigation, Stanford Financial Group [Member] | Pending or Threatened Litigation, Overdraft Fees [Member] | Pending or Threatened Litigation, Overdraft Fees [Member] | ||
Lawsuit | Lawsuit | ||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Unused commitments to extend credit | $2,064 | $1,843 | ' | ' | ' | ' | ' |
Maximum potential exposure to credit loss in the event of nonperformance | ' | ' | 148.5 | 152.9 | ' | ' | ' |
Letters of credit, maturity term - maximum | ' | ' | '3 | ' | ' | ' | ' |
Collateral held, fair value | ' | ' | 39.9 | ' | ' | ' | ' |
Legal Proceedings [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Lawsuits naming entity as defendant, number | ' | ' | ' | ' | 2 | ' | 2 |
Litigation settlement | ' | ' | ' | ' | ' | 4 | ' |
Litigation settlement net of taxes | ' | ' | ' | ' | ' | $2.50 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic shares (in shares) | 67,177 | 64,778 | 66,779 | 64,616 |
Dilutive shares (in shares) | 205 | 215 | 184 | 189 |
Diluted shares (in shares) | 67,382 | 64,993 | 66,963 | 64,805 |
Weighted-average antidilutive shares (in shares) | 270 | 501 | 379 | 705 |
Statements_of_Cash_Flows_Detai
Statements of Cash Flows (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
Statements of Cash Flows [Abstract] | ' | ' | ||
Income taxes paid | $14,220 | $37,551 | ||
Interest expense paid on deposits and borrowings | 18,656 | 24,197 | ||
Noncash transfers from loans to foreclosed properties | 34,226 | [1] | 33,740 | [1] |
Assets acquired in business combination | 1,845,930 | 234,960 | ||
Liabilities assumed in business combination | $1,821,066 | $209,322 | ||
[1] | Includes transfers from covered loans to foreclosed properties |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Trustmark Corporation [Member] | Trustmark Corporation [Member] | Trustmark Corporation [Member] | Trustmark Corporation [Member] | Trustmark Corporation [Member] | Trustmark Corporation [Member] | Trustmark National Bank [Member] | Trustmark National Bank [Member] | Trustmark National Bank [Member] | Trustmark National Bank [Member] | Trustmark National Bank [Member] | Trustmark National Bank [Member] | |||||||||||
Total Capital (to Risk Weighted Assets) [Member] | Total Capital (to Risk Weighted Assets) [Member] | Tier 1 Capital (to Risk Weighted Assets) [Member] | Tier 1 Capital (to Risk Weighted Assets) [Member] | Tier 1 Capital (to Average Assets) [Member] | Tier 1 Capital (to Average Assets) [Member] | Total Capital (to Risk Weighted Assets) [Member] | Total Capital (to Risk Weighted Assets) [Member] | Tier 1 Capital (to Risk Weighted Assets) [Member] | Tier 1 Capital (to Risk Weighted Assets) [Member] | Tier 1 Capital (to Average Assets) [Member] | Tier 1 Capital (to Average Assets) [Member] | |||||||||||||
Total Capital (to Risk Weighted Assets) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Actual Regulatory Capital Amount | ' | ' | ' | ' | ' | ' | $1,097,058 | $1,157,838 | ' | ' | ' | ' | $1,055,807 | $1,119,438 | ' | ' | ' | ' | ||||||
Actual Regulatory Capital Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | 14.02% | 17.22% | ' | ' | ' | ' | 13.63% | 16.85% | ' | ' | ' | ' | ||||||
Minimum Regulatory Capital Required Amount | ' | ' | ' | ' | ' | ' | 626,067 | 537,861 | ' | ' | ' | ' | 619,558 | 531,577 | ' | ' | ' | ' | ||||||
Minimum Regulatory Capital Required Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | ' | ' | ' | ' | 8.00% | 8.00% | ' | ' | ' | ' | ||||||
Minimum Regulatory Provision to be Well-Capitalized Amount | ' | ' | ' | ' | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | ' | 774,448 | 664,472 | ' | ' | ' | ' | ||||
Minimum Regulatory Provision to be Well-Capitalized Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ||||
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Actual Regulatory Capital Amount | ' | ' | ' | ' | ' | ' | ' | ' | 993,155 | 1,043,865 | ' | ' | ' | ' | 954,563 | 1,007,775 | ' | ' | ||||||
Actual Regulatory Capital Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 12.69% | 15.53% | ' | ' | ' | ' | 12.33% | 15.17% | ' | ' | ||||||
Minimum Regulatory Capital Required Amount | ' | ' | ' | ' | ' | ' | ' | ' | 313,034 | 268,930 | ' | ' | ' | ' | 309,779 | 265,789 | ' | ' | ||||||
Minimum Regulatory Capital Required Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 4.00% | ' | ' | ' | ' | 4.00% | 4.00% | ' | ' | ||||||
Minimum Regulatory Provision to be Well-Capitalized Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | ' | 464,669 | 398,683 | ' | ' | ||||
Minimum Regulatory Provision to be Well-Capitalized Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | ' | 6.00% | 6.00% | ' | ' | ||||
Tier 1 Capital (to Average Assets) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Actual Regulatory Capital Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 993,155 | 1,043,865 | ' | ' | ' | ' | 954,563 | 1,007,775 | ||||||
Actual Regulatory Capital Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.78% | 10.97% | ' | ' | ' | ' | 8.53% | 10.72% | ||||||
Minimum Regulatory Capital Required Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 339,316 | 285,556 | ' | ' | ' | ' | 335,621 | 281,984 | ||||||
Minimum Regulatory Capital Required Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | ' | ' | ' | ' | 3.00% | 3.00% | ||||||
Minimum Regulatory Provision to be Well-Capitalized Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | ' | 559,369 | 469,974 | ||||
Minimum Regulatory Provision to be Well-Capitalized Ratio (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | ' | 5.00% | 5.00% | ||||
Before-Tax Amount [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accumulated other comprehensive income (loss), Before - Tax, balance | ' | ' | 5,533 | 5,089 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unrealized holding gains (losses) on AFS arising during period, Before - Tax | ' | ' | -98,130 | 2,970 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Adjustment for net gains realized in net income, Before - Tax | ' | ' | -378 | -1,041 | 378 | 1,041 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Pension and other postretirement benefit plans, Before - Tax | ' | ' | 6,471 | 4,755 | 6,471 | 4,755 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Change in accumulated gain on effective cash flow hedge derivatives | ' | ' | 1,963 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accumulated other comprehensive income (loss), Before - Tax, balance | -84,541 | 11,773 | -84,541 | 11,773 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Tax Effect [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accumulated other comprehensive income (loss), Tax Effect, balance | ' | ' | -2,138 | -1,968 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unrealized holding (gain) losses arising during period, Tax Effect | ' | ' | 37,534 | -1,136 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Adjustment for net gains realized in net income, Tax Effect | ' | ' | 145 | 398 | 145 | 398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Pension and other postretirement benefit plans, Tax Effect, balance | ' | ' | -2,475 | -1,819 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Change in accumulated gain on effective cash flow hedge derivatives | ' | ' | -751 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accumulated other comprehensive income (loss), Tax Effect | 32,315 | -4,525 | 32,315 | -4,525 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, balance | ' | ' | 3,395 | 3,121 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Unrealized holding gains (losses) arising during the period | -17,461 | 2,618 | -60,596 | 1,834 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Adjustment for net gains realized in net income | 0 | 0 | -233 | -643 | -233 | -643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Pension and other postretirement benefit plans | 1,565 | 976 | 3,996 | 2,936 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Change in accumulated gain on effective cash flow hedge derivatives | -242 | 0 | 1,212 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accumulated Other Comprehensive Income, (Loss) Net of Tax, balance | -52,226 | 7,248 | -52,226 | 7,248 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Securities available for sale: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Reclassification adjustment for net gains realized in net income, pre-tax income (expense) | ' | ' | -378 | -1,041 | 378 | 1,041 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Reclassification adjustment for net gains realized in net income, tax (expense) benefit | ' | ' | -145 | -398 | -145 | -398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Reclassification adjustment for net gains realized in net income, after tax income (expense) | 0 | 0 | 233 | 643 | 233 | 643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Pension and other postretirement benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Amortization of prior service cost, pre-tax income (expense) | ' | ' | ' | ' | -188 | -188 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Recognized net loss due to Settlement | ' | ' | ' | ' | -1,363 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Recognized net actuarial loss, pre-tax income (expense) | ' | ' | ' | ' | -4,920 | -4,567 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total pension and other postretirement benefit plans, pre-tax income (expense) | ' | ' | -6,471 | -4,755 | -6,471 | -4,755 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Amortization of prior service cost, tax (expense) benefit | ' | ' | ' | ' | 72 | 72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Recognized net loss due to settlement, tax benefit | ' | ' | ' | ' | 521 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Recognized net actuarial loss, tax (expense) benefit | ' | ' | ' | ' | 1,882 | 1,747 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total pension and other postretirement benefit plans, tax (expense) benefit | ' | ' | ' | ' | 2,475 | 1,819 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Amortization of prior service cost, after tax income (expense) | ' | ' | ' | ' | -116 | -116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Recognized net loss due to settlement after tax income (expense) | ' | ' | ' | ' | -842 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Recognized net actuarial loss, after tax income (expense) | ' | ' | ' | ' | -3,038 | -2,820 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total pension and other postretirement benefit plans, after tax income (expense) | ' | ' | ' | ' | ($3,996) | ($2,936) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | n/a |
Fair_Value_Part_1_Details
Fair Value Part 1 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Total, securities available for sale, estimated fair value | $3,372,101 | $2,657,745 | ' | ' |
Loans held for sale | 119,986 | 257,986 | ' | ' |
Mortgage servicing rights | 63,150 | 47,341 | 44,211 | 43,274 |
Other assets - derivatives | 6,137 | 5,241 | ' | ' |
Other liabilities - derivatives | 3,947 | 5,329 | ' | ' |
Recurring Basis [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
U.S. Treasury securities | 503 | ' | ' | ' |
U.S. Government agency obligations | 265,438 | 105,745 | ' | ' |
Obligations of states and political subdivisions | 212,991 | 215,761 | ' | ' |
Mortgage-backed securities | 2,665,441 | 2,094,612 | ' | ' |
Asset-backed securities | 227,728 | 241,627 | ' | ' |
Total, securities available for sale, estimated fair value | 3,372,101 | 2,657,745 | ' | ' |
Loans held for sale | 119,986 | 257,986 | ' | ' |
Mortgage servicing rights | 63,150 | 47,341 | ' | ' |
Other assets - derivatives | 10,841 | 7,107 | ' | ' |
Other liabilities - derivatives | 7,305 | 6,612 | ' | ' |
Level 1 [Member] | Recurring Basis [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
U.S. Treasury securities | 0 | ' | ' | ' |
U.S. Government agency obligations | 0 | 0 | ' | ' |
Obligations of states and political subdivisions | 0 | 0 | ' | ' |
Mortgage-backed securities | 0 | 0 | ' | ' |
Asset-backed securities | 0 | 0 | ' | ' |
Total, securities available for sale, estimated fair value | 0 | 0 | ' | ' |
Loans held for sale | 0 | 0 | ' | ' |
Mortgage servicing rights | 0 | 0 | ' | ' |
Other assets - derivatives | 2,633 | -440 | ' | ' |
Other liabilities - derivatives | 480 | 545 | ' | ' |
Level 2 [Member] | Recurring Basis [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
U.S. Treasury securities | 503 | ' | ' | ' |
U.S. Government agency obligations | 265,438 | 105,745 | ' | ' |
Obligations of states and political subdivisions | 212,991 | 215,761 | ' | ' |
Mortgage-backed securities | 2,665,441 | 2,094,612 | ' | ' |
Asset-backed securities | 227,728 | 241,627 | ' | ' |
Total, securities available for sale, estimated fair value | 3,372,101 | 2,657,745 | ' | ' |
Loans held for sale | 119,986 | 257,986 | ' | ' |
Mortgage servicing rights | 0 | 0 | ' | ' |
Other assets - derivatives | 6,161 | 5,263 | ' | ' |
Other liabilities - derivatives | 6,825 | 6,067 | ' | ' |
Level 3 [Member] | Recurring Basis [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
U.S. Treasury securities | 0 | ' | ' | ' |
U.S. Government agency obligations | 0 | 0 | ' | ' |
Obligations of states and political subdivisions | 0 | 0 | ' | ' |
Mortgage-backed securities | 0 | 0 | ' | ' |
Asset-backed securities | 0 | 0 | ' | ' |
Total, securities available for sale, estimated fair value | 0 | 0 | ' | ' |
Loans held for sale | 0 | 0 | ' | ' |
Mortgage servicing rights | 63,150 | 47,341 | ' | ' |
Other assets - derivatives | 2,047 | 2,284 | ' | ' |
Other liabilities - derivatives | $0 | $0 | ' | ' |
Fair_Value_Part_2_Details
Fair Value Part 2 (Details) (Recurring Basis [Member], Level 3 [Member], USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
Other Assets - Derivatives [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Beginning Balance | $2,284 | $702 | ||
Total net (losses) gains included in net income | 7,558 | [1] | 10,261 | [1] |
Additions | 0 | 0 | ||
Sales | -7,795 | -6,658 | ||
Ending Balance | 2,047 | 4,305 | ||
The amount of total (losses) gains for the period included in earnings that are attributable to the change in unrealized gains or losses still held, end of period | 954 | 2,320 | ||
MSR [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Beginning Balance | 47,341 | 43,274 | ||
Total net (losses) gains included in net income | 258 | [1] | -16,137 | [1] |
Additions | 15,551 | 17,074 | ||
Sales | 0 | 0 | ||
Ending Balance | 63,150 | 44,211 | ||
The amount of total (losses) gains for the period included in earnings that are attributable to the change in unrealized gains or losses still held, end of period | $7,881 | ($8,960) | ||
[1] | Total net gains (losses) included in net income relating to MSR includes changes in fair value due to market changes and due to runoff. |
Fair_Value_Part_3_Details
Fair Value Part 3 (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Securities held to maturity | $69,980,000 | ' | $42,188,000 | ' |
Net LHFI | 5,628,009,000 | ' | 5,514,016,000 | ' |
FDIC indemnification asset | 17,085,000 | 23,979,000 | 21,774,000 | 28,348,000 |
Deposits | 9,787,234,000 | ' | 7,896,517,000 | ' |
Long-term FHLB advances | 8,562,000 | ' | 0 | ' |
Subordinated notes | 49,896,000 | ' | 49,871,000 | ' |
Junior subordinated debt securities | 61,856,000 | ' | 61,856,000 | ' |
Nonfinancial Assets and Liabilities [Abstract] | ' | ' | ' | ' |
Outstanding balances in impaired loans | 32,200,000 | ' | 40,600,000 | ' |
Foreclosed assets measured at fair value | 73,900,000 | 32,400,000 | ' | ' |
Foreclosed assets measured at fair value, acquired | 40,100,000 | 2,600,000 | ' | ' |
Allowance for possible loan losses, Charge-offs for foreclosed assets upon initial recognition | 9,200,000 | 8,500,000 | ' | ' |
Foreclosed assets re-measured after initial recognition | 35,000,000 | 29,700,000 | ' | ' |
Write-downs of allowance for foreclosed assets after initial recognition | 5,500,000 | 4,800,000 | ' | ' |
Estimated fair value of financial instruments with immediate and shorter-term maturities maximum | '90 days | ' | ' | ' |
Level 2 [Member] | Carrying Value [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and short-term investments | 343,562,000 | ' | 238,535,000 | ' |
Securities held to maturity | 69,980,000 | ' | 42,188,000 | ' |
Deposits | 9,787,234,000 | ' | 7,896,517,000 | ' |
Short-term liabilities | 403,163,000 | ' | 375,749,000 | ' |
Long-term FHLB advances | 8,562,000 | ' | 0 | ' |
Subordinated notes | 49,896,000 | ' | 49,871,000 | ' |
Junior subordinated debt securities | 61,856,000 | ' | 61,856,000 | ' |
Level 2 [Member] | Estimate of Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and short-term investments | 343,562,000 | ' | 238,535,000 | ' |
Securities held to maturity | 70,949,000 | ' | 46,888,000 | ' |
Deposits | 9,792,076,000 | ' | 7,904,179,000 | ' |
Short-term liabilities | 403,163,000 | ' | 375,749,000 | ' |
Long-term FHLB advances | 8,562,000 | ' | 0 | ' |
Subordinated notes | 53,605,000 | ' | 53,980,000 | ' |
Junior subordinated debt securities | 40,206,000 | ' | 40,206,000 | ' |
Level 3 [Member] | Carrying Value [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Net LHFI | 5,628,009,000 | ' | 5,514,016,000 | ' |
Net acquired loans | 869,792,000 | ' | 127,489,000 | ' |
FDIC indemnification asset | 17,085,000 | ' | 21,774,000 | ' |
Level 3 [Member] | Estimate of Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Net LHFI | 5,701,646,000 | ' | 5,619,933,000 | ' |
Net acquired loans | 869,792,000 | ' | 127,489,000 | ' |
FDIC indemnification asset | $17,085,000 | ' | $21,774,000 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Part 1 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Contract | Contract | Contract | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' | ' | ' |
Net negative ineffectiveness on MSR fair value | ' | $1,800,000 | ' | $2,700,000 | ' |
Net positive ineffectiveness on MSR fair value | 1,300,000 | ' | 2,700,000 | ' | ' |
Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' | ' | ' |
Accumulated, net after tax gain included in other comprehensive loss | -242,000 | 0 | 1,212,000 | 0 | ' |
Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ' | ' | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' | ' | ' |
Off-balance sheet obligations | 149,500,000 | ' | 149,500,000 | ' | 310,300,000 |
Negative valuation adjustment | 2,900,000 | ' | 2,900,000 | ' | 738,000 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' | ' | ' |
Period for which cash flow hedges will be used to hedge quarterly interest payments | ' | ' | '5 years | ' | ' |
Description of variable rate basis for derivative | ' | ' | 'three-month LIBOR | ' | ' |
Swap fixed interest rate to be paid (in hundredths) | 1.66% | ' | 1.66% | ' | ' |
Notional amount of mirror-image derivative contracts | 60,000,000 | ' | 60,000,000 | ' | ' |
Accumulated, net after tax gain included in other comprehensive loss | ' | ' | 1,200,000 | ' | ' |
Period before derivative instrument becomes effective | ' | ' | '12 months | ' | ' |
Derivatives not Designated as Hedging Instruments [Member] | ' | ' | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' | ' | ' |
Net negative ineffectiveness on MSR fair value | ' | 1,800,000 | ' | 2,700,000 | ' |
Net positive ineffectiveness on MSR fair value | 1,300,000 | ' | 2,700,000 | ' | ' |
Number of risk participation agreements | 3 | ' | 3 | ' | 2 |
Aggregate notional amount of credit risk participation agreements | 19,800,000 | ' | 19,800,000 | ' | 10,100,000 |
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Lock Commitments Member] | ' | ' | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' | ' | ' |
Off-balance sheet obligations | 111,500,000 | ' | 111,500,000 | ' | 186,900,000 |
Positive valuation adjustment | 2,000,000 | ' | 2,000,000 | ' | 2,300,000 |
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' | ' | ' |
Notional amount of mirror-image derivative contracts | 365,700,000 | ' | 365,700,000 | ' | 321,300,000 |
Termination value of derivatives | 908,000 | ' | 908,000 | ' | 5,400,000 |
Market value of posted collateral | $1,200,000 | ' | $1,200,000 | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Part 2 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Derivatives in Hedging Relationships [Member] | Derivatives in Hedging Relationships [Member] | Derivatives in Hedging Relationships [Member] | Derivatives in Hedging Relationships [Member] | Derivatives in Hedging Relationships [Member] | Derivatives in Hedging Relationships [Member] | Derivatives in Hedging Relationships [Member] | Derivatives in Hedging Relationships [Member] | Derivatives in Hedging Relationships [Member] | Derivatives in Hedging Relationships [Member] | Derivatives in Hedging Relationships [Member] | Derivatives in Hedging Relationships [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | Derivatives not Designated as Hedging Instruments [Member] | ||
Mortgage Banking, Net [Member] | Mortgage Banking, Net [Member] | Mortgage Banking, Net [Member] | Mortgage Banking, Net [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Mortgage Banking, Net [Member] | Mortgage Banking, Net [Member] | Mortgage Banking, Net [Member] | Mortgage Banking, Net [Member] | Bankcard and Other Fees [Member] | Bankcard and Other Fees [Member] | Bankcard and Other Fees [Member] | Bankcard and Other Fees [Member] | Future Contracts [Member] | Future Contracts [Member] | Exchange Traded Purchased Options [Member] | Exchange Traded Purchased Options [Member] | OTC Written Options (Rate Locks) [Member] | OTC Written Options (Rate Locks) [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Credit Risk Participation Agreement [Member] | Credit Risk Participation Agreement [Member] | Exchange Traded Written Options [Member] | Exchange Traded Written Options [Member] | |||||||
Other Liabilities [Member] | Other Liabilities [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Assets [Member] | Other Assets [Member] | Other Liabilities [Member] | Other Liabilities [Member] | |||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivative asset | $6,137 | $5,241 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,963 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $2,228 | ($482) | $405 | $42 | $2,047 | $2,284 | $4,174 | $5,241 | ' | ' | $24 | $22 | ' | ' |
Fair value of derivative liability | 3,947 | 5,329 | ' | ' | ' | ' | ' | ' | ' | ' | 2,878 | 738 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,947 | 5,329 | ' | ' | 480 | 545 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of gain (loss) recognized | ' | ' | ' | ' | ' | ' | -13,008 | -4,212 | -2,141 | -5,279 | ' | ' | ' | ' | 2,728 | 2,883 | -5,421 | 9,913 | -203 | -85 | 192 | -246 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of (loss) gain recognized in other comprehensive (loss) income | ' | ' | -242 | 0 | 1,212 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offsetting of Derivative Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Amounts of Recognized Assets, Offsetting of Derivative Assets | 6,137 | 5,241 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,963 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 2,228 | -482 | 405 | 42 | 2,047 | 2,284 | 4,174 | 5,241 | ' | ' | 24 | 22 | ' | ' |
Gross Amounts Offset in the Statement of Financial Position, Offsetting of Derivative Assets | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Amounts of Assets presented in the Statement of Financial Position, Offsetting of Derivative Assets | 6,137 | 5,241 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Instruments, Offsetting of Derivative Assets | -1,253 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Collateral Received, Offsetting of Derivative Assets | -1,500 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Amount, Offsetting of Derivative Assets | 3,384 | 5,241 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offsetting of Derivative Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Amounts of Recognized Liabilities, Offsetting of Derivative Liabilities | 3,947 | 5,329 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Amounts Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Amounts of Liabilities presented in the Statement of Financial Position, Offsetting of Derivative Liabilities | 3,947 | 5,329 | ' | ' | ' | ' | ' | ' | ' | ' | 2,878 | 738 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,947 | 5,329 | ' | ' | 480 | 545 |
Financial Instruments, Offsetting of Derivative Liabilities | -1,253 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Collateral Posted, Offsetting of Derivative Liabilities | 0 | -594 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Amount, Offsetting of Derivative Liabilities | $2,694 | $4,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of segments in which the business operates | ' | ' | 3 | ' |
Net interest income | $98,429 | $85,279 | $286,632 | $258,671 |
Provision for loan losses, net | -332 | 5,463 | -9,568 | 10,884 |
Noninterest income | 47,133 | 44,865 | 135,186 | 132,410 |
Noninterest expense | 101,524 | 83,460 | 310,864 | 257,193 |
Income before income taxes | 44,370 | 41,221 | 120,522 | 123,004 |
Income taxes | 11,336 | 11,317 | 31,501 | 33,431 |
Net Income | 33,034 | 29,904 | 89,021 | 89,573 |
Selected Financial Information [Abstract] | ' | ' | ' | ' |
Average assets | 11,759,108 | 9,811,363 | 11,450,755 | 9,797,819 |
Depreciation and amortization | 9,483 | 7,862 | 27,800 | 21,718 |
General Banking [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net interest income | 97,210 | 84,125 | 283,134 | 255,184 |
Provision for loan losses, net | -375 | 5,448 | -9,606 | 10,849 |
Noninterest income | 31,367 | 30,433 | 90,250 | 92,772 |
Noninterest expense | 88,615 | 72,029 | 272,951 | 224,256 |
Income before income taxes | 40,337 | 37,081 | 110,039 | 112,851 |
Income taxes | 9,916 | 9,817 | 27,803 | 29,834 |
Net Income | 30,421 | 27,264 | 82,236 | 83,017 |
Selected Financial Information [Abstract] | ' | ' | ' | ' |
Average assets | 11,621,803 | 9,664,428 | 11,312,070 | 9,653,259 |
Depreciation and amortization | 9,182 | 7,514 | 26,897 | 20,649 |
Wealth Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net interest income | 1,117 | 1,065 | 3,261 | 3,254 |
Provision for loan losses, net | 43 | 15 | 38 | 35 |
Noninterest income | 7,535 | 6,895 | 21,440 | 18,327 |
Noninterest expense | 6,877 | 5,957 | 19,824 | 16,894 |
Income before income taxes | 1,732 | 1,988 | 4,839 | 4,652 |
Income taxes | 570 | 701 | 1,591 | 1,549 |
Net Income | 1,162 | 1,287 | 3,248 | 3,103 |
Selected Financial Information [Abstract] | ' | ' | ' | ' |
Average assets | 66,760 | 77,999 | 71,417 | 78,684 |
Depreciation and amortization | 43 | 42 | 126 | 132 |
Insurance [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net interest income | 102 | 89 | 237 | 233 |
Provision for loan losses, net | 0 | 0 | 0 | 0 |
Noninterest income | 8,231 | 7,537 | 23,496 | 21,311 |
Noninterest expense | 6,032 | 5,474 | 18,089 | 16,043 |
Income before income taxes | 2,301 | 2,152 | 5,644 | 5,501 |
Income taxes | 850 | 799 | 2,107 | 2,048 |
Net Income | 1,451 | 1,353 | 3,537 | 3,453 |
Selected Financial Information [Abstract] | ' | ' | ' | ' |
Average assets | 70,545 | 68,936 | 67,268 | 65,876 |
Depreciation and amortization | $258 | $306 | $777 | $937 |