Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TRUSTMARK CORP | |
Entity Central Index Key | 36146 | |
Current Fiscal Year End Date | -19 | |
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 | 67,556,702 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks (noninterest-bearing) | $335,244 | $315,973 |
Federal funds sold and securities purchased under reverse repurchase agreements | 0 | 1,885 |
Securities available for sale (at fair value) | 2,381,459 | 2,374,567 |
Securities held to maturity (fair value: $1,212,505-2015; $1,182,846-2014) | 1,184,554 | 1,170,685 |
Loans held for sale (LHFS) (includes $133,754 and $91,182 measured at fair value) | 150,365 | 132,196 |
Loans held for investment (LHFI) | 6,413,876 | 6,449,469 |
Less allowance for loan losses, LHFI | 71,321 | 69,616 |
Net LHFI | 6,342,555 | 6,379,853 |
Acquired loans: | ||
Noncovered loans | 478,172 | 525,783 |
Covered loans | 20,271 | 23,626 |
Less allowance for loan losses, acquired loans | 11,837 | 12,059 |
Net acquired loans | 486,606 | 537,350 |
Net LHFI and acquired loans | 6,829,161 | 6,917,203 |
Premises and equipment, net | 198,039 | 200,781 |
Mortgage servicing rights | 62,903 | 64,358 |
Goodwill | 365,500 | 365,500 |
Identifiable intangible assets | 31,250 | 33,234 |
Other real estate, excluding covered other real estate | 90,175 | 92,509 |
Covered other real estate | 4,794 | 6,060 |
FDIC indemnification asset | 4,743 | 6,997 |
Other assets | 540,977 | 568,685 |
Total Assets | 12,179,164 | 12,250,633 |
Deposits: | ||
Noninterest-bearing | 2,936,875 | 2,748,635 |
Interest-bearing | 6,970,115 | 6,949,723 |
Total deposits | 9,906,990 | 9,698,358 |
Federal funds purchased and securities sold under repurchase agreements | 523,187 | 443,543 |
Short-term borrowings | 50,570 | 425,077 |
Long-term FHLB advances | 1,222 | 1,253 |
Subordinated notes | 49,944 | 49,936 |
Junior subordinated debt securities | 61,856 | 61,856 |
Other liabilities | 139,311 | 150,670 |
Total Liabilities | 10,733,080 | 10,830,693 |
Shareholders' Equity | ||
Common stock, no par value: Authorized: 250,000,000 shares Issued and outstanding: 67,556,591 shares - 2015; 67,481,992 shares - 2014 | 14,076 | 14,060 |
Capital surplus | 358,583 | 356,244 |
Retained earnings | 1,103,077 | 1,092,120 |
Accumulated other comprehensive loss, net of tax | -29,652 | -42,484 |
Total Shareholders' Equity | 1,446,084 | 1,419,940 |
Total Liabilities and Shareholders' Equity | $12,179,164 | $12,250,633 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ||
Securities held to maturity, fair value | $1,212,505 | $1,182,846 |
Loans held for sale (LHFS) measured at fair value | $133,754 | $91,182 |
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) | 67,556,591 | 67,481,992 |
Common stock, outstanding (in shares) | 67,556,591 | 67,481,992 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Income | ||
Interest and fees on LHFS & LHFI | $66,211 | $63,074 |
Interest and fees on acquired loans | 15,078 | 16,786 |
Interest on securities: | ||
Taxable | 19,586 | 19,220 |
Tax exempt | 1,163 | 1,248 |
Interest on federal funds sold and securities purchased under reverse repurchase agreements | 0 | 5 |
Other interest income | 393 | 375 |
Total Interest Income | 102,431 | 100,708 |
Interest Expense | ||
Interest on deposits | 3,247 | 4,365 |
Interest on federal funds purchased and securities sold under repurchase agreements | 143 | 76 |
Other interest expense | 1,649 | 1,363 |
Total Interest Expense | 5,039 | 5,804 |
Net Interest Income | 97,392 | 94,904 |
Provision for loan losses, LHFI | 1,785 | -805 |
Provision for loan losses, acquired loans | 347 | 63 |
Net Interest Income After Provision for Loan Losses | 95,260 | 95,646 |
Noninterest Income | ||
Service charges on deposit accounts | 11,085 | 11,568 |
Bank card and other fees | 6,762 | 9,081 |
Mortgage banking, net | 8,965 | 6,829 |
Insurance commissions | 8,616 | 8,097 |
Wealth management | 7,990 | 8,135 |
Other, net | -1,055 | -21 |
Securities gains, net | 0 | 389 |
Total Noninterest Income | 42,363 | 44,078 |
Noninterest Expense | ||
Salaries and employee benefits | 57,169 | 56,726 |
Services and fees | 14,121 | 13,165 |
Net occupancy - premises | 6,191 | 6,606 |
Equipment expense | 5,974 | 6,138 |
ORE/Foreclosure expense | 1,115 | 3,315 |
FDIC assessment expense | 2,940 | 2,416 |
Other expense | 11,706 | 13,252 |
Total Noninterest Expense | 99,216 | 101,618 |
Income Before Income Taxes | 38,407 | 38,106 |
Income taxes | 9,259 | 9,103 |
Net Income | $29,148 | $29,003 |
Earnings Per Share | ||
Basic (in dollars per share) | $0.43 | $0.43 |
Diluted (in dollars per share) | $0.43 | $0.43 |
Dividends Per Share (in dollars per share) | $0.23 | $0.23 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ||
Net income per consolidated statements of income | $29,148 | $29,003 |
Unrealized gains (losses) on available for sale securities and transferred securities: | ||
Unrealized holding gains arising during the period | 11,386 | 4,229 |
Less: adjustment for net gains realized in net income | 0 | -240 |
Change in net unrealized holding loss on securities transferred to held to maturity | 874 | 823 |
Pension and other postretirement benefit plans: | ||
Net change in prior service costs | 39 | 39 |
Recognized net loss due to lump sum settlements | 257 | 232 |
Change in net actuarial loss | 754 | 559 |
Derivatives: | ||
Change in the accumulated gain on effective cash flow hedge derivatives | -608 | -408 |
Less: adjustment for loss realized in net income | 130 | 0 |
Other comprehensive income, net of tax | 12,832 | 5,234 |
Comprehensive income | $41,980 | $34,237 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) [Abstract] | ||
Balance | $1,419,940 | $1,354,953 |
Net income per consolidated statements of income | 29,148 | 29,003 |
Other comprehensive income | 12,832 | 5,234 |
Common stock dividends paid | -15,639 | -15,597 |
Common stock issued-net, long-term incentive plans: | ||
Restricted stock | -830 | -792 |
Excess tax expense from stock-based compensation arrangements | -218 | -97 |
Compensation expense, long-term incentive plans | 851 | 1,191 |
Balance | $1,446,084 | $1,373,895 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities | ||
Net income | $29,148 | $29,003 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Provision for loan losses, net | 2,132 | -742 |
Depreciation and amortization | 9,080 | 8,756 |
Net amortization of securities | 2,050 | 1,958 |
Securities gains, net | 0 | -389 |
Gains on sales of loans, net | -3,713 | -1,839 |
Deferred income tax provision | 4,625 | 2,400 |
Proceeds from sales of loans held for sale | 236,732 | 186,788 |
Purchases and originations of loans held for sale | -275,587 | -162,937 |
Originations and sales of mortgage servicing rights, net | -3,126 | -2,315 |
Increase in bank-owned life insurance | -1,179 | -1,166 |
Net decrease in other assets | 2,275 | 7,891 |
Net decrease in other liabilities | -9,839 | -14,172 |
Other operating activities, net | 4,554 | 4,159 |
Net cash (used in) provided by operating activities | -2,848 | 57,395 |
Investing Activities | ||
Proceeds from calls and maturities of securities held to maturity | 24,372 | 17,411 |
Proceeds from calls and maturities of securities available for sale | 91,776 | 80,309 |
Proceeds from sales of securities available for sale | 0 | 26,274 |
Purchases of securities held to maturity | -6,738 | -2,968 |
Purchases of securities available for sale | -112,367 | -289,931 |
Net decrease in federal funds sold and securities purchased under reverse repurchase agreements | 1,885 | 7,253 |
Net decrease in member bank stock | 14,100 | 0 |
Net decrease (increase) in loans | 78,479 | -78,370 |
Purchases of premises and equipment | -2,790 | -2,337 |
Proceeds from sales of premises and equipment | 1,300 | 2,251 |
Proceeds from sales of other real estate | 10,632 | 7,330 |
Investments in tax credit and other partnerships | -38 | 0 |
Net cash provided by (used in) investing activities | 100,611 | -232,778 |
Financing Activities | ||
Net increase in deposits | 208,632 | 262,217 |
Net increase in federal funds purchased and securities sold under repurchase agreements | 79,644 | 7,754 |
Net (decrease) increase in short-term borrowings | -350,051 | 16 |
Payments on long-term FHLB advances | -30 | -60 |
Common stock dividends | -15,639 | -15,597 |
Common stock issued-net, long-term incentive plans | -830 | -792 |
Excess tax expense from stock-based compensation arrangements | -218 | -97 |
Net cash (used in) provided by financing activities | -78,492 | 253,441 |
Increase in cash and cash equivalents | 19,271 | 78,058 |
Cash and cash equivalents at beginning of period | 315,973 | 345,761 |
Cash and cash equivalents at end of period | $335,244 | $423,819 |
Business_Basis_of_Financial_St
Business, Basis of Financial Statement Presentation and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2015 | |
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 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 202 offices in Alabama, Florida, Mississippi, Tennessee and Texas. | |
The consolidated financial statements 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. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. | |
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 2014 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. In the opinion of Management, all adjustments (consisting of normal recurring accruals) 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 periods 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 2015 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. |
Securities_Available_for_Sale_
Securities Available for Sale and Held to Maturity | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Securities Available for Sale and Held to Maturity [Abstract] | |||||||||||||||||||||||||||||||||
Securities Available for Sale and Held to Maturity | Note 2 – 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 | ||||||||||||||||||||||||||||||||
31-Mar-15 | Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
Gains | (Losses) | Value | Gains | (Losses) | Value | ||||||||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | $ | 77,812 | $ | 860 | $ | (557 | ) | $ | 78,115 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Issued by U.S. Government sponsored agencies | 32,737 | 339 | - | 33,076 | 101,171 | 4,358 | - | 105,529 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 154,591 | 5,595 | (32 | ) | 160,154 | 62,928 | 3,739 | - | 66,667 | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 11,403 | 613 | (6 | ) | 12,010 | 18,861 | 548 | (6 | ) | 19,403 | |||||||||||||||||||||||
Issued by FNMA and FHLMC | 189,935 | 5,536 | (1 | ) | 195,470 | 11,341 | 578 | - | 11,919 | ||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 1,625,597 | 26,162 | (5,049 | ) | 1,646,710 | 842,827 | 15,784 | (151 | ) | 858,460 | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 219,149 | 6,677 | - | 225,826 | 147,426 | 3,190 | (89 | ) | 150,527 | ||||||||||||||||||||||||
Asset-backed securities and structured financial products | 29,243 | 855 | - | 30,098 | - | - | - | - | |||||||||||||||||||||||||
Total | $ | 2,340,467 | $ | 46,637 | $ | (5,645 | ) | $ | 2,381,459 | $ | 1,184,554 | $ | 28,197 | $ | (246 | ) | $ | 1,212,505 | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 100 | $ | - | $ | - | $ | 100 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | 79,788 | 694 | (826 | ) | 79,656 | - | - | - | - | ||||||||||||||||||||||||
Issued by U.S. Government sponsored agencies | 32,725 | 170 | (77 | ) | 32,818 | 100,971 | 2,631 | - | 103,602 | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 157,001 | 5,325 | (68 | ) | 162,258 | 63,505 | 3,398 | - | 66,903 | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 11,897 | 544 | (14 | ) | 12,427 | 19,115 | 466 | (16 | ) | 19,565 | |||||||||||||||||||||||
Issued by FNMA and FHLMC | 199,599 | 4,842 | - | 204,441 | 11,437 | 471 | - | 11,908 | |||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 1,655,733 | 16,664 | (10,564 | ) | 1,661,833 | 834,176 | 6,440 | (1,916 | ) | 838,700 | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 184,394 | 4,968 | (28 | ) | 189,334 | 141,481 | 1,750 | (1,063 | ) | 142,168 | |||||||||||||||||||||||
Asset-backed securities and structured financial products | 30,776 | 924 | - | 31,700 | - | - | - | - | |||||||||||||||||||||||||
Total | $ | 2,352,013 | $ | 34,131 | $ | (11,577 | ) | $ | 2,374,567 | $ | 1,170,685 | $ | 15,156 | $ | (2,995 | ) | $ | 1,182,846 | |||||||||||||||
During the fourth quarter of 2013, Trustmark reclassified approximately $1.099 billion of securities available for sale to securities held to maturity. The securities were transferred at fair value, which became the cost basis for the securities held to maturity. At the date of transfer, the net unrealized holding loss on the available for sale securities totaled approximately $46.6 million ($28.8 million, net of tax). The net unrealized holding loss is amortized over the remaining life of the securities as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. There were no gains or losses recognized as a result of the transfer. At March 31, 2015, the net unamortized, unrealized loss on the transferred securities included in accumulated other comprehensive loss in the accompanying balance sheet totaled approximately $39.0 million ($24.1 million, net of tax). | |||||||||||||||||||||||||||||||||
Temporarily Impaired Securities | |||||||||||||||||||||||||||||||||
The table below includes securities with gross unrealized losses segregated by length of impairment at March 31, 2015 and December 31, 2014 ($ in thousands): | |||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||
31-Mar-15 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | $ | - | $ | - | $ | 34,542 | $ | (557 | ) | $ | 34,542 | $ | (557 | ) | |||||||||||||||||||
Obligations of states and political subdivisions | 2,359 | (9 | ) | 2,861 | (23 | ) | 5,220 | (32 | ) | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 5,407 | (12 | ) | - | - | 5,407 | (12 | ) | |||||||||||||||||||||||||
Issued by FNMA and FHLMC | 27 | (1 | ) | - | - | 27 | (1 | ) | |||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 114,658 | (634 | ) | 272,760 | (4,566 | ) | 387,418 | (5,200 | ) | ||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 6,703 | (30 | ) | 26,353 | (59 | ) | 33,056 | (89 | ) | ||||||||||||||||||||||||
Total | $ | 129,154 | $ | (686 | ) | $ | 336,516 | $ | (5,205 | ) | $ | 465,670 | $ | (5,891 | ) | ||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | $ | 19,220 | $ | (115 | ) | $ | 32,656 | $ | (711 | ) | $ | 51,876 | $ | (826 | ) | ||||||||||||||||||
Issued by U.S. Government sponsored agencies | 9,948 | (52 | ) | 9,956 | (25 | ) | 19,904 | (77 | ) | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 8,431 | (22 | ) | 3,800 | (46 | ) | 12,231 | (68 | ) | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 7,199 | (22 | ) | 647 | (8 | ) | 7,846 | (30 | ) | ||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 537,033 | (2,449 | ) | 395,342 | (10,031 | ) | 932,375 | (12,480 | ) | ||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 9,134 | (3 | ) | 79,829 | (1,088 | ) | 88,963 | (1,091 | ) | ||||||||||||||||||||||||
Total | $ | 590,965 | $ | (2,663 | ) | $ | 522,230 | $ | (11,909 | ) | $ | 1,113,195 | $ | (14,572 | ) | ||||||||||||||||||
The unrealized losses shown above are 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 March 31, 2015. There were no other-than-temporary impairments for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||||
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 March 31, | |||||||||||||||||||||||||||||||||
Available for Sale | 2015 | 2014 | |||||||||||||||||||||||||||||||
Proceeds from calls and sales of securities | $ | - | $ | 26,274 | |||||||||||||||||||||||||||||
Gross realized gains | - | 389 | |||||||||||||||||||||||||||||||
Realized gains and losses are determined using the specific identification method and are included in noninterest income as securities gains, net. | |||||||||||||||||||||||||||||||||
Contractual Maturities | |||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of securities available for sale and held to maturity at March 31, 2015, 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 | ||||||||||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 18,840 | $ | 18,955 | $ | 2,441 | $ | 2,460 | |||||||||||||||||||||||||
Due after one year through five years | 136,818 | 141,195 | 11,818 | 12,345 | |||||||||||||||||||||||||||||
Due after five years through ten years | 58,712 | 61,041 | 137,514 | 144,041 | |||||||||||||||||||||||||||||
Due after ten years | 80,013 | 80,252 | 12,326 | 13,350 | |||||||||||||||||||||||||||||
294,383 | 301,443 | 164,099 | 172,196 | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 2,046,084 | 2,080,016 | 1,020,455 | 1,040,309 | |||||||||||||||||||||||||||||
Total | $ | 2,340,467 | $ | 2,381,459 | $ | 1,184,554 | $ | 1,212,505 |
Loans_Held_for_Investment_LHFI
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI [Abstract] | |||||||||||||||||||||||||||||
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI | Note 3 – Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI | ||||||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, LHFI consisted of the following ($ in thousands): | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 691,657 | $ | 619,877 | |||||||||||||||||||||||||
Secured by 1-4 family residential properties | 1,613,993 | 1,634,397 | |||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,516,895 | 1,553,193 | |||||||||||||||||||||||||||
Other real estate secured | 233,322 | 253,787 | |||||||||||||||||||||||||||
Commercial and industrial loans | 1,228,788 | 1,270,350 | |||||||||||||||||||||||||||
Consumer loans | 161,535 | 167,964 | |||||||||||||||||||||||||||
State and other political subdivision loans | 614,330 | 602,727 | |||||||||||||||||||||||||||
Other loans | 353,356 | 347,174 | |||||||||||||||||||||||||||
LHFI | 6,413,876 | 6,449,469 | |||||||||||||||||||||||||||
Less allowance for loan losses, LHFI | 71,321 | 69,616 | |||||||||||||||||||||||||||
Net LHFI | $ | 6,342,555 | $ | 6,379,853 | |||||||||||||||||||||||||
Loan Concentrations | |||||||||||||||||||||||||||||
Trustmark does not have any loan concentrations other than those reflected in the preceding table, which exceed 10% of total LHFI. At March 31, 2015, 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 March 31, 2015 and December 31, 2014, the carrying amounts of nonaccrual LHFI, which are individually evaluated for impairment, were $77.0 million and $79.3 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 specifically reviewed and not 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 March 31, 2015 and 2014. | |||||||||||||||||||||||||||||
All of Trustmark’s specifically evaluated impaired LHFI are collateral dependent loans. At March 31, 2015 and December 31, 2014, specifically evaluated impaired LHFI totaled $48.3 million and $47.1 million, respectively. These specifically evaluated impaired LHFI had a related allowance of $12.3 million and $11.3 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 collateral’s fair value less cost to sell is charged off. Charge-offs related to specifically evaluated impaired LHFI totaled $234 thousand and $46 thousand for the first three months of 2015 and 2014, respectively. Provision expense on specifically evaluated impaired LHFI totaled $825 thousand for the first three months of 2015 compared to provision recapture of $536 thousand for the first three months of 2014. | |||||||||||||||||||||||||||||
Fair value estimates for specifically evaluated impaired LHFI are derived from appraised values based on the current market value or as is value of the collateral, 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 collateral’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 March 31, 2015 and December 31, 2014, nonaccrual LHFI not specifically reviewed for impairment and not written down to fair value less cost to sell, totaled $28.7 million and $32.2 million, respectively. In addition, these nonaccrual LHFI had allocated allowance for loan losses of $1.7 million and $1.5 million at the end of the respective periods. | |||||||||||||||||||||||||||||
The following table details LHFI individually and collectively evaluated for impairment at March 31, 2015 and December 31, 2014 ($ in thousands): | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
LHFI Evaluated for Impairment | |||||||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 20,134 | $ | 671,523 | $ | 691,657 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 23,620 | 1,590,373 | 1,613,993 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 17,887 | 1,499,008 | 1,516,895 | ||||||||||||||||||||||||||
Other real estate secured | 723 | 232,599 | 233,322 | ||||||||||||||||||||||||||
Commercial and industrial loans | 14,057 | 1,214,731 | 1,228,788 | ||||||||||||||||||||||||||
Consumer loans | 96 | 161,439 | 161,535 | ||||||||||||||||||||||||||
State and other political subdivision loans | - | 614,330 | 614,330 | ||||||||||||||||||||||||||
Other loans | 491 | 352,865 | 353,356 | ||||||||||||||||||||||||||
Total | $ | 77,008 | $ | 6,336,868 | $ | 6,413,876 | |||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
LHFI Evaluated for Impairment | |||||||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 13,867 | $ | 606,010 | $ | 619,877 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 25,621 | 1,608,776 | 1,634,397 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 25,717 | 1,527,476 | 1,553,193 | ||||||||||||||||||||||||||
Other real estate secured | 1,318 | 252,469 | 253,787 | ||||||||||||||||||||||||||
Commercial and industrial loans | 12,104 | 1,258,246 | 1,270,350 | ||||||||||||||||||||||||||
Consumer loans | 88 | 167,876 | 167,964 | ||||||||||||||||||||||||||
State and other political subdivision loans | - | 602,727 | 602,727 | ||||||||||||||||||||||||||
Other loans | 628 | 346,546 | 347,174 | ||||||||||||||||||||||||||
Total | $ | 79,343 | $ | 6,370,126 | $ | 6,449,469 | |||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, the carrying amount of LHFI individually evaluated for impairment consisted of the following ($ in thousands): | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
LHFI | |||||||||||||||||||||||||||||
Unpaid | With No Related | With an | Total | Related | Average | ||||||||||||||||||||||||
Principal | Allowance | Allowance | Carrying | Allowance | Recorded | ||||||||||||||||||||||||
Balance | Recorded | Recorded | Amount | Investment | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 27,082 | $ | 5,360 | $ | 14,774 | $ | 20,134 | $ | 4,097 | $ | 17,001 | |||||||||||||||||
Secured by 1-4 family residential properties | 29,273 | 1,465 | 22,155 | 23,620 | 429 | 24,621 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 19,489 | 6,293 | 11,594 | 17,887 | 2,728 | 21,801 | |||||||||||||||||||||||
Other real estate secured | 812 | - | 723 | 723 | 51 | 1,021 | |||||||||||||||||||||||
Commercial and industrial loans | 16,390 | 2,498 | 11,559 | 14,057 | 6,502 | 13,080 | |||||||||||||||||||||||
Consumer loans | 148 | - | 96 | 96 | - | 92 | |||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | - | |||||||||||||||||||||||
Other loans | 608 | - | 491 | 491 | 209 | 559 | |||||||||||||||||||||||
Total | $ | 93,802 | $ | 15,616 | $ | 61,392 | $ | 77,008 | $ | 14,016 | $ | 78,175 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
LHFI | |||||||||||||||||||||||||||||
Unpaid | With No Related | With an | Total | Related | Average | ||||||||||||||||||||||||
Principal | Allowance | Allowance | Carrying | Allowance | Recorded | ||||||||||||||||||||||||
Balance | Recorded | Recorded | Amount | Investment | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 20,849 | $ | 7,411 | $ | 6,456 | $ | 13,867 | $ | 2,767 | $ | 13,597 | |||||||||||||||||
Secured by 1-4 family residential properties | 31,151 | 1,650 | 23,971 | 25,621 | 450 | 23,612 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 27,969 | 12,868 | 12,849 | 25,717 | 2,787 | 23,763 | |||||||||||||||||||||||
Other real estate secured | 1,594 | - | 1,318 | 1,318 | 52 | 1,322 | |||||||||||||||||||||||
Commercial and industrial loans | 13,916 | 1,206 | 10,898 | 12,104 | 6,449 | 9,195 | |||||||||||||||||||||||
Consumer loans | 152 | - | 88 | 88 | - | 120 | |||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | - | |||||||||||||||||||||||
Other loans | 734 | - | 628 | 628 | 259 | 682 | |||||||||||||||||||||||
Total | $ | 96,365 | $ | 23,135 | $ | 56,208 | $ | 79,343 | $ | 12,764 | $ | 72,291 | |||||||||||||||||
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 concession that might be granted by Trustmark, Management’s objective is to enhance collectibility 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. | |||||||||||||||||||||||||||||
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. At March 31, 2015, Trustmark held $451 thousand of foreclosed residential real estate as a result of foreclosure or in substance repossession of consumer mortgage LHFI classified as TDRs. Consumer mortgage LHFI classified as TDRs in the process of formal foreclosure proceedings at March 31, 2015 totaled $123 thousand. | |||||||||||||||||||||||||||||
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 March 31, 2015 and 2014, LHFI classified as TDRs totaled $10.8 million and $13.4 million, respectively, and were primarily comprised of credits with interest-only payments for an extended period of time which totaled $6.9 million and $9.1 million, respectively. The remaining TDRs at March 31, 2015 and 2014 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 $1.8 million and $1.6 million at March 31, 2015 and 2014, respectively. LHFI classified as TDRs are charged down to the most likely fair value estimate less an estimated cost to sell for collateral dependent loans, which would approximate net realizable value. There were no specific charge-offs related to TDRs for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||
The following table illustrates the impact of modifications classified as TDRs as well as those TDRs modified within the last 12 months for which there was a payment default during the period for the three months ended March 31, 2015 and 2014 ($ in thousands): | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
Secured by 1-4 family residential properties | 6 | $ | 378 | $ | 378 | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
Secured by 1-4 family residential properties | 10 | $ | 703 | $ | 694 | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Troubled Debt Restructurings that Subsequently Defaulted | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||||||||
Secured by 1-4 family residential properties | 2 | $ | 183 | - | $ | - | |||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
The following table details LHFI classified as TDRs by loan type at March 31, 2015 and 2014 ($ in thousands): | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Accruing | Nonaccrual | Total | |||||||||||||||||||||||||||
Construction, land development and other land loans | $ | - | $ | 3,086 | $ | 3,086 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 1,477 | 3,605 | 5,082 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 834 | 1,121 | 1,955 | ||||||||||||||||||||||||||
Other loans secured by real estate | - | 149 | 149 | ||||||||||||||||||||||||||
Commercial and industrial | - | 511 | 511 | ||||||||||||||||||||||||||
Total Troubled Debt Restructurings by Type | $ | 2,311 | $ | 8,472 | $ | 10,783 | |||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Accruing | Nonaccrual | Total | |||||||||||||||||||||||||||
Construction, land development and other land loans | $ | - | $ | 4,757 | $ | 4,757 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 1,540 | 4,141 | 5,681 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | 2,215 | 2,215 | ||||||||||||||||||||||||||
Other loans secured by real estate | - | 164 | 164 | ||||||||||||||||||||||||||
Commercial and industrial | - | 542 | 542 | ||||||||||||||||||||||||||
Total Troubled Debt Restructurings by Type | $ | 1,540 | $ | 11,819 | $ | 13,359 | |||||||||||||||||||||||
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, underwriting, collateral documentation and compliance with 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 – evaluates whether credits are adequately analyzed, appropriately structured and properly approved within loan policy requirements. A properly approved credit is approved by adequate authority in a timely manner with all conditions of approval fulfilled. Total policy exceptions measure 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: | ||||||||||||||||||||||||||||
✓ | Collateral exceptions are where certain collateral documentation is either not present, is not considered current or has expired. | ||||||||||||||||||||||||||||
✓ | 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 the 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 (Special Mention) - (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 the time of evaluation or where either the capital or collateral is not adequate to support the loan and the secondary means of repayment do 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 special mention (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. | |||||||||||||||||||||||||||||
Each commercial loan is assigned a credit risk grade that is an indication for the likelihood of default and is not a direct indication of loss at default. The loss at default 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 loss at default aspects of the risk rating system, the loss expectations for each risk rating is integrated into the allowance for loan loss methodology where the calculated loss at default is allotted for each individual risk rating with respect to the individual loan group and unique geographic area. The loss at default 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 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 Trustmark’s 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’s Credit Quality Review Committee meets monthly and performs a review of all loans of $100 thousand or more that are either delinquent thirty days or more or on nonaccrual. This review includes recommendations regarding risk ratings, accrual status, charge-offs and appropriate servicing officer as well as evaluation of problem credits for determination of TDRs. Quarterly, the Credit Quality Review Committee reviews and modifies continuous action plans for all credits risk rated seven or worse for relationships of $100 thousand or more. In addition, the Credit Quality Review Committee performs the following reviews on an annual basis: | |||||||||||||||||||||||||||||
· | 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, payout ratios, and loan-to-value ratios. Results are stress tested as to the capacity to absorb losses and price of lots. This analysis is reviewed by each senior credit officer for the respective 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 $1.0 million or more. In addition, credits are stress tested for vacancies and rate sensitivity. Confirmation is obtained that guarantor financial statements are current, taxes have been paid and there are no other issues that need to be addressed. This analysis is reviewed by each senior credit officer in the respective market to determine the need for any risk rate or accrual status changes. | ||||||||||||||||||||||||||||
Consumer Credits | |||||||||||||||||||||||||||||
Consumer LHFI that do not meet a minimum custom credit score are reviewed quarterly by Management. The Retail Credit Review Committee reviews the volume and percentage of approvals that did not meet the minimum passing custom score by region, individual location, and officer. To assure that Trustmark continues to originate quality loans, this process allows Management to make necessary changes such as revisions to underwriting procedures and credit policies, or changes in loan authority to Trustmark personnel. | |||||||||||||||||||||||||||||
Trustmark monitors the levels and severity of past due consumer LHFI on a daily basis through its collection activities. A detailed assessment of consumer LHFI delinquencies is performed monthly at both a product and market level by delivery channel, which incorporates the perceived level of risk at time of underwriting. Trustmark also monitors its consumer LHFI delinquency trends by comparing them to quarterly industry averages. | |||||||||||||||||||||||||||||
The tables below illustrate the carrying amount of LHFI by credit quality indicator at March 31, 2015 and December 31, 2014 ($ in thousands): | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Commercial LHFI | |||||||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | Subtotal | |||||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | ||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 581,894 | $ | 554 | $ | 41,551 | $ | 464 | $ | 624,463 | |||||||||||||||||||
Secured by 1-4 family residential properties | 124,564 | 477 | 6,513 | 283 | 131,837 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,449,377 | 993 | 65,687 | - | 1,516,057 | ||||||||||||||||||||||||
Other real estate secured | 225,962 | 276 | 5,133 | - | 231,371 | ||||||||||||||||||||||||
Commercial and industrial loans | 1,197,042 | 2,654 | 28,432 | 653 | 1,228,781 | ||||||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||||||
State and other political subdivision loans | 597,230 | 7,550 | 9,550 | - | 614,330 | ||||||||||||||||||||||||
Other loans | 346,369 | - | 854 | 418 | 347,641 | ||||||||||||||||||||||||
Total | $ | 4,522,438 | $ | 12,504 | $ | 157,720 | $ | 1,818 | $ | 4,694,480 | |||||||||||||||||||
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 | $ | 66,852 | $ | 220 | $ | - | $ | 122 | $ | 67,194 | $ | 691,657 | |||||||||||||||||
Secured by 1-4 family residential properties | 1,451,991 | 8,601 | 1,207 | 20,357 | 1,482,156 | 1,613,993 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 838 | - | - | - | 838 | 1,516,895 | |||||||||||||||||||||||
Other real estate secured | 1,948 | 3 | - | - | 1,951 | 233,322 | |||||||||||||||||||||||
Commercial and industrial loans | 3 | 4 | - | - | 7 | 1,228,788 | |||||||||||||||||||||||
Consumer loans | 160,882 | 391 | 167 | 95 | 161,535 | 161,535 | |||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | 614,330 | |||||||||||||||||||||||
Other loans | 4,483 | 1,193 | 39 | - | 5,715 | 353,356 | |||||||||||||||||||||||
Total | $ | 1,686,997 | $ | 10,412 | $ | 1,413 | $ | 20,574 | $ | 1,719,396 | $ | 6,413,876 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Commercial LHFI | |||||||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | Subtotal | |||||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | ||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 518,944 | $ | 479 | $ | 37,022 | $ | 196 | $ | 556,641 | |||||||||||||||||||
Secured by 1-4 family residential properties | 125,203 | 1,652 | 7,483 | 213 | 134,551 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,462,226 | 8,431 | 81,661 | - | 1,552,318 | ||||||||||||||||||||||||
Other real estate secured | 246,099 | 306 | 4,975 | - | 251,380 | ||||||||||||||||||||||||
Commercial and industrial loans | 1,239,247 | 4,245 | 26,133 | 719 | 1,270,344 | ||||||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||||||
State and other political subdivision loans | 589,653 | 7,550 | 5,524 | - | 602,727 | ||||||||||||||||||||||||
Other loans | 338,598 | - | 1,255 | 564 | 340,417 | ||||||||||||||||||||||||
Total | $ | 4,519,970 | $ | 22,663 | $ | 164,053 | $ | 1,692 | $ | 4,708,378 | |||||||||||||||||||
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 | $ | 62,897 | $ | 199 | $ | 59 | $ | 81 | $ | 63,236 | $ | 619,877 | |||||||||||||||||
Secured by 1-4 family residential properties | 1,465,355 | 10,429 | 2,367 | 21,695 | 1,499,846 | 1,634,397 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 875 | - | - | - | 875 | 1,553,193 | |||||||||||||||||||||||
Other real estate secured | 2,407 | - | - | - | 2,407 | 253,787 | |||||||||||||||||||||||
Commercial and industrial loans | - | 5 | 1 | - | 6 | 1,270,350 | |||||||||||||||||||||||
Consumer loans | 165,504 | 2,162 | 211 | 87 | 167,964 | 167,964 | |||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | 602,727 | |||||||||||||||||||||||
Other loans | 6,757 | - | - | - | 6,757 | 347,174 | |||||||||||||||||||||||
Total | $ | 1,703,795 | $ | 12,795 | $ | 2,638 | $ | 21,863 | $ | 1,741,091 | $ | 6,449,469 | |||||||||||||||||
Past Due LHFI | |||||||||||||||||||||||||||||
LHFI past due 90 days or more totaled $1.4 million and $2.8 million at March 31, 2015 and December 31, 2014, respectively. The following tables provide an aging analysis of past due and nonaccrual LHFI by class at March 31, 2015 and December 31, 2014 ($ in thousands): | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Nonaccrual | Current | Total LHFI | |||||||||||||||||||||||
or More (1) | Loans | ||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 320 | $ | 1,086 | $ | - | $ | 1,406 | $ | 20,134 | $ | 670,117 | $ | 691,657 | |||||||||||||||
Secured by 1-4 family residential properties | 7,872 | 1,889 | 1,207 | 10,968 | 23,620 | 1,579,405 | 1,613,993 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,640 | 795 | - | 2,435 | 17,887 | 1,496,573 | 1,516,895 | ||||||||||||||||||||||
Other real estate secured | 83 | - | - | 83 | 723 | 232,516 | 233,322 | ||||||||||||||||||||||
Commercial and industrial loans | 947 | 88 | - | 1,035 | 14,057 | 1,213,696 | 1,228,788 | ||||||||||||||||||||||
Consumer loans | 230 | 161 | 167 | 558 | 96 | 160,881 | 161,535 | ||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | 614,330 | 614,330 | ||||||||||||||||||||||
Other loans | 1,379 | 116 | 39 | 1,534 | 491 | 351,331 | 353,356 | ||||||||||||||||||||||
Total | $ | 12,471 | $ | 4,135 | $ | 1,413 | $ | 18,019 | $ | 77,008 | $ | 6,318,849 | $ | 6,413,876 | |||||||||||||||
(1) Past due 90 days or more but still accruing interest. | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Nonaccrual | Current | Total LHFI | |||||||||||||||||||||||
or More (1) | Loans | ||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 248 | $ | 17 | $ | 60 | $ | 325 | $ | 13,867 | $ | 605,685 | $ | 619,877 | |||||||||||||||
Secured by 1-4 family residential properties | 8,424 | 2,428 | 2,367 | 13,219 | 25,621 | 1,595,557 | 1,634,397 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,960 | 34 | - | 1,994 | 25,717 | 1,525,482 | 1,553,193 | ||||||||||||||||||||||
Other real estate secured | 80 | - | - | 80 | 1,318 | 252,389 | 253,787 | ||||||||||||||||||||||
Commercial and industrial loans | 2,491 | 306 | 126 | 2,923 | 12,104 | 1,255,323 | 1,270,350 | ||||||||||||||||||||||
Consumer loans | 1,811 | 351 | 211 | 2,373 | 88 | 165,503 | 167,964 | ||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | 602,727 | 602,727 | ||||||||||||||||||||||
Other loans | 132 | 9 | - | 141 | 628 | 346,405 | 347,174 | ||||||||||||||||||||||
Total | $ | 15,146 | $ | 3,145 | $ | 2,764 | $ | 21,055 | $ | 79,343 | $ | 6,349,071 | $ | 6,449,469 | |||||||||||||||
(1) Past due 90 days or more but still accruing interest. | |||||||||||||||||||||||||||||
Past Due Loans Held for Sale (LHFS) | |||||||||||||||||||||||||||||
LHFS past due 90 days or more totaled $7.6 million and $25.9 million at March 31, 2015 and December 31, 2014, 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 LHFS, 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 three months of 2015, Trustmark exercised its option to repurchase approximately $28.5 million of 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 subject to guarantees by FHA/VA. As a result of this repurchase and sale, the loans were no longer carried as LHFS. The transaction resulted in a gain of $304 thousand, which was included in mortgage banking, net for the first three months of 2015. Trustmark did not exercise its buy-back option on any delinquent loans serviced for GNMA during the first three months of 2014. | |||||||||||||||||||||||||||||
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 shown 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. | |||||||||||||||||||||||||||||
During the first quarter of 2015, the Loss Emergence Period (LEP), a component of the quantitative portion of the allowance for loan loss methodology for commercial LHFI, was revised to reflect a 1.5 year period rather than a one year period. The LEP refers to the period of time between the events that trigger a loss and a charge-off of that loss. Losses are usually not immediately known, and determining the loss event can be challenging. It takes time for the borrower and extent of loss to be identified and determined. Trustmark may not be aware that the loss event has occurred until the borrower exhibits the inability to pay or other evidence of credit deterioration. Trustmark considers the loss event to have occurred within a one year period prior to the event of default and the charge-off of the loss within a six month period after the event of default, resulting in a 1.5 year LEP. An additional provision of approximately $2.3 million was recorded in the first quarter of 2015 as result of this revision to the quantitative portion of the allowance for loan loss methodology for commercial LHFI. | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
· | Loan facility risk | ||||||||||||||||||||||||||||
· | 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 first quarter of 2015, Trustmark eliminated caps and floors from the criticized risk grades in the qualitative portion and adjusted the Florida market region’s distribution factors in the qualitative and quantitative portions of the allowance for loan loss methodology for commercial LHFI. The caps and floors for criticized risk ratings were eliminated in order to allow the risk associated with those credits to be reflected without constraint of pre-existing limits (caps or floors) on the risk ratings. When the current allowance for loan loss methodology was originally established, the vast majority of the reserve for the Florida market region’s assets was covered by the quantitative features of the allowance for loan loss methodology due to the amount of gross charge-offs at that time and captured the vast majority of the embedded risk in the portfolio. The distribution for the Florida market region was adjusted to be the same as Trustmark’s other key market regions since the credit metrics in the Florida market region now more closely resemble Trustmark as a whole. The elimination of the caps and floors for criticized risk ratings in the qualitative portion of the allowance for loan loss methodology for commercial LHFI resulted in a provision recapture of $1.8 million in the first quarter of 2015. The change in the Florida market region distribution resulted in an additional provision expense of $2.0 million related to the qualitative portion and an additional provision expense of $905 thousand related to the quantitative portion of the allowance for loan loss methodology for commercial LHFI in the first quarter of 2015. Combined, these revisions to the allowance for loan loss methodology for commercial LHFI resulted in an additional provision of approximately $1.1 million recorded during the first quarter of 2015. | |||||||||||||||||||||||||||||
During the third quarter of 2014, Trustmark revised the qualitative portion of the allowance for loan loss methodology for commercial LHFI to incorporate an additional reserve component for commercial nonaccrual loans under $500 thousand. A LHFI is considered impaired when, based on current information and events, it is probable that Trustmark will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. A formal impairment analysis is performed on all commercial nonaccrual LHFI with an outstanding balance of $500 thousand or more, and based upon this analysis LHFI are written down to net realizable value. The implementation of this commercial qualitative factor will allow Trustmark to address additional credit risk and loss potential due to inadequate source of repayment and collateral for commercial nonaccrual LHFI below the $500 thousand threshold. For such loans, it is currently unlikely that full repayment of both principal and interest will be realized. An additional provision of approximately $822 thousand was recorded in the third quarter of 2014 as result of this revision to the qualitative portion of the allowance for loan loss methodology for commercial 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, 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. | |||||||||||||||||||||||||||||
During the second quarter of 2014, Trustmark revised the qualitative portion of the allowance for loan loss methodology for consumer LHFI to incorporate the use of consumer credit bureau scores developed and provided by an independent third party. The credit bureau scores reflect the customer’s historical willingness and ability to service their debt. These credit bureau scores are monitored on an ongoing basis and represent a consumer’s credit payment history with all of their creditors including their repayment performance with Trustmark. The implementation of this consumer qualitative factor will allow Trustmark to better monitor shifts in risk that are represented in the retail portfolio and ensure that it is reflective in the allowance for loan loss calculation. An additional provision of approximately $1.4 million was recorded in the second quarter of 2014 as a result of this revision to the qualitative portion of the allowance for loan loss methodology for consumer LHFI. | |||||||||||||||||||||||||||||
The resulting ratings from the individual factors are weighted and summed to establish the weighted-average qualitative factor of a specific loan portfolio. This weighted-average qualitative factor is then applied over the six loan pools. | |||||||||||||||||||||||||||||
Changes in the allowance for loan losses, LHFI were as follows for the periods presented ($ in thousands): | |||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 69,616 | $ | 66,448 | |||||||||||||||||||||||||
Loans charged-off | (3,004 | ) | (3,016 | ) | |||||||||||||||||||||||||
Recoveries | 2,924 | 4,891 | |||||||||||||||||||||||||||
Net (charge-offs) recoveries | (80 | ) | 1,875 | ||||||||||||||||||||||||||
Provision for loan losses, LHFI | 1,785 | (805 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 71,321 | $ | 67,518 | |||||||||||||||||||||||||
The following tables detail the balance in the allowance for loan losses, LHFI by portfolio segment at March 31, 2015 and 2014 ($ in thousands): | |||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||
Balance | Charge-offs | Recoveries | Provision for | Balance | |||||||||||||||||||||||||
January 1, | Loan Losses | March 31, | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 13,073 | $ | (9 | ) | $ | 240 | $ | 2,969 | $ | 16,273 | ||||||||||||||||||
Secured by 1-4 family residential properties | 9,677 | (434 | ) | 43 | (402 | ) | 8,884 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 18,523 | - | 315 | 15 | 18,853 | ||||||||||||||||||||||||
Other real estate secured | 2,141 | (24 | ) | 3 | (42 | ) | 2,078 | ||||||||||||||||||||||
Commercial and industrial loans | 19,917 | (669 | ) | 342 | 487 | 20,077 | |||||||||||||||||||||||
Consumer loans | 2,149 | (498 | ) | 937 | (627 | ) | 1,961 | ||||||||||||||||||||||
State and other political subdivision loans | 1,314 | - | - | (627 | ) | 687 | |||||||||||||||||||||||
Other loans | 2,822 | (1,370 | ) | 1,044 | 12 | 2,508 | |||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 69,616 | $ | (3,004 | ) | $ | 2,924 | $ | 1,785 | $ | 71,321 | ||||||||||||||||||
Disaggregated by Impairment Method | |||||||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 4,097 | $ | 12,176 | $ | 16,273 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 429 | 8,455 | 8,884 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 2,728 | 16,125 | 18,853 | ||||||||||||||||||||||||||
Other real estate secured | 51 | 2,027 | 2,078 | ||||||||||||||||||||||||||
Commercial and industrial loans | 6,502 | 13,575 | 20,077 | ||||||||||||||||||||||||||
Consumer loans | - | 1,961 | 1,961 | ||||||||||||||||||||||||||
State and other political subdivision loans | - | 687 | 687 | ||||||||||||||||||||||||||
Other loans | 209 | 2,299 | 2,508 | ||||||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 14,016 | $ | 57,305 | $ | 71,321 | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Balance | Charge-offs | Recoveries | Provision for | Balance | |||||||||||||||||||||||||
January 1, | Loan Losses | March 31, | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 13,165 | $ | (49 | ) | $ | 2,615 | $ | (3,297 | ) | $ | 12,434 | |||||||||||||||||
Secured by 1-4 family residential properties | 9,633 | (1,282 | ) | 64 | 515 | 8,930 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 19,672 | (47 | ) | 33 | (859 | ) | 18,799 | ||||||||||||||||||||||
Other real estate secured | 2,080 | - | - | 24 | 2,104 | ||||||||||||||||||||||||
Commercial and industrial loans | 15,522 | (121 | ) | 185 | 3,494 | 19,080 | |||||||||||||||||||||||
Consumer loans | 2,405 | (510 | ) | 1,068 | (910 | ) | 2,053 | ||||||||||||||||||||||
State and other political subdivisions loans | 1,205 | - | - | 261 | 1,466 | ||||||||||||||||||||||||
Other loans | 2,766 | (1,007 | ) | 926 | (33 | ) | 2,652 | ||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 66,448 | $ | (3,016 | ) | $ | 4,891 | $ | (805 | ) | $ | 67,518 | |||||||||||||||||
Disaggregated by Impairment Method | |||||||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 674 | $ | 11,760 | $ | 12,434 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 244 | 8,686 | 8,930 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 2,123 | 16,676 | 18,799 | ||||||||||||||||||||||||||
Other real estate secured | 121 | 1,983 | 2,104 | ||||||||||||||||||||||||||
Commercial and industrial loans | 2,111 | 16,969 | 19,080 | ||||||||||||||||||||||||||
Consumer loans | 1 | 2,052 | 2,053 | ||||||||||||||||||||||||||
State and other political subdivisions loans | - | 1,466 | 1,466 | ||||||||||||||||||||||||||
Other loans | 267 | 2,385 | 2,652 | ||||||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 5,541 | $ | 61,977 | $ | 67,518 |
Acquired_Loans
Acquired Loans | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Acquired Loans [Abstract] | |||||||||||||||||||||||||||||
Acquired Loans | Note 4 – Acquired Loans | ||||||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, acquired loans consisted of the following ($ in thousands): | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Noncovered | Covered | Noncovered | Covered | ||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 51,363 | $ | 1,447 | $ | 58,309 | $ | 1,197 | |||||||||||||||||||||
Secured by 1-4 family residential properties | 111,830 | 11,200 | 116,920 | 13,180 | |||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 177,210 | 5,844 | 202,323 | 7,672 | |||||||||||||||||||||||||
Other real estate secured | 26,819 | 1,469 | 27,813 | 1,096 | |||||||||||||||||||||||||
Commercial and industrial loans | 81,261 | 255 | 88,256 | 277 | |||||||||||||||||||||||||
Consumer loans | 8,494 | - | 9,772 | - | |||||||||||||||||||||||||
Other loans | 21,195 | 56 | 22,390 | 204 | |||||||||||||||||||||||||
Acquired loans | 478,172 | 20,271 | 525,783 | 23,626 | |||||||||||||||||||||||||
Less allowance for loan losses, acquired loans | 11,106 | 731 | 10,541 | 1,518 | |||||||||||||||||||||||||
Net acquired loans | $ | 467,066 | $ | 19,540 | $ | 515,242 | $ | 22,108 | |||||||||||||||||||||
The following table presents changes in the net carrying value of the acquired loans for the periods presented ($ in thousands): | |||||||||||||||||||||||||||||
Noncovered | Covered | ||||||||||||||||||||||||||||
Acquired | Acquired | Acquired | Acquired | ||||||||||||||||||||||||||
Impaired | Not ASC 310-30 (1) | Impaired | Not ASC 310-30 (1) | ||||||||||||||||||||||||||
Carrying value, net at January 1, 2014 | $ | 639,656 | $ | 123,085 | $ | 30,166 | $ | 1,663 | |||||||||||||||||||||
Accretion to interest income | 44,575 | 1,706 | 4,052 | 1 | |||||||||||||||||||||||||
Payments received, net | (216,378 | ) | (42,284 | ) | (12,396 | ) | (30 | ) | |||||||||||||||||||||
Other (2) | (29,724 | ) | (2,102 | ) | (1,733 | ) | (484 | ) | |||||||||||||||||||||
Less change in allowance for loan losses, acquired loans | (3,978 | ) | 686 | 415 | 454 | ||||||||||||||||||||||||
Carrying value, net at December 31, 2014 | 434,151 | 81,091 | 20,504 | 1,604 | |||||||||||||||||||||||||
Accretion to interest income | 9,452 | 270 | 745 | (1 | ) | ||||||||||||||||||||||||
Payments received, net | (53,314 | ) | (4,175 | ) | (4,097 | ) | (3 | ) | |||||||||||||||||||||
Other (2) | 156 | - | 1 | - | |||||||||||||||||||||||||
Less change in allowance for loan losses, acquired loans | (565 | ) | - | 787 | - | ||||||||||||||||||||||||
Carrying value, net at March 31, 2015 | $ | 389,880 | $ | 77,186 | $ | 17,940 | $ | 1,600 | |||||||||||||||||||||
-1 | "Acquired Not ASC 310-30" loans consist of revolving credit agreements and commercial leases that are not in scope for FASB ASC Topic 310-30, "Loans and Debt Securities Acquired with Deteriorated Credit Quality." | ||||||||||||||||||||||||||||
-2 | Includes acquired loan terminations through foreclosure, charge-off, pool recovery and other terminations. | ||||||||||||||||||||||||||||
Under FASB ASC Topic 310-30, the accretable yield is the excess of expected cash flows at acquisition over the initial fair value of acquired impaired loans 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. The following table presents changes in the accretable yield for the periods presented ($ in thousands): | |||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Accretable yield at beginning of period | $ | (77,149 | ) | $ | (109,006 | ) | |||||||||||||||||||||||
Accretion to interest income | 10,197 | 12,709 | |||||||||||||||||||||||||||
Disposals | 3,103 | 2,883 | |||||||||||||||||||||||||||
Reclassification to / (from) nonaccretable difference (1) | (6,179 | ) | (11,904 | ) | |||||||||||||||||||||||||
Accretable yield at end of period | $ | (70,028 | ) | $ | (105,318 | ) | |||||||||||||||||||||||
-1 | Reclassifications from nonaccretable difference are due to lower loss expectations and improvements in expected cash flows. | ||||||||||||||||||||||||||||
The following tables present the components of the allowance for loan losses on acquired loans for the three months ended March 31, 2015 and 2014 ($ in thousands): | |||||||||||||||||||||||||||||
Noncovered | Covered | Total | |||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 10,541 | $ | 1,518 | $ | 12,059 | |||||||||||||||||||||||
Provision for loan losses, acquired loans | 659 | (312 | ) | 347 | |||||||||||||||||||||||||
Loans charged-off | (502 | ) | (516 | ) | (1,018 | ) | |||||||||||||||||||||||
Recoveries | 408 | 41 | 449 | ||||||||||||||||||||||||||
Net charge-offs | (94 | ) | (475 | ) | (569 | ) | |||||||||||||||||||||||
Balance at March 31, 2015 | $ | 11,106 | $ | 731 | $ | 11,837 | |||||||||||||||||||||||
Noncovered | Covered | Total | |||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 7,249 | $ | 2,387 | $ | 9,636 | |||||||||||||||||||||||
Provision for loan losses, acquired loans | 537 | (474 | ) | 63 | |||||||||||||||||||||||||
Loans charged-off | 729 | (53 | ) | 676 | |||||||||||||||||||||||||
Recoveries | 225 | (60 | ) | 165 | |||||||||||||||||||||||||
Net recoveries (charge-offs) | 954 | (113 | ) | 841 | |||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 8,740 | $ | 1,800 | $ | 10,540 | |||||||||||||||||||||||
As discussed in Note 3 - 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 March 31, 2015 and December 31, 2014 ($ in thousands): | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | Subtotal | |||||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | ||||||||||||||||||||||||||
Noncovered Loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 17,743 | $ | 273 | $ | 24,410 | $ | 5,624 | $ | 48,050 | |||||||||||||||||||
Secured by 1-4 family residential properties | 30,997 | 577 | 7,626 | 379 | 39,579 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 137,841 | 3,353 | 34,968 | 1,048 | 177,210 | ||||||||||||||||||||||||
Other real estate secured | 21,709 | 91 | 4,919 | 93 | 26,812 | ||||||||||||||||||||||||
Commercial and industrial loans | 57,852 | 11 | 19,626 | 3,772 | 81,261 | ||||||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||||||
Other loans | 18,613 | 45 | 2,520 | - | 21,178 | ||||||||||||||||||||||||
Total noncovered loans | 284,755 | 4,350 | 94,069 | 10,916 | 394,090 | ||||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | 250 | - | 988 | 119 | 1,357 | ||||||||||||||||||||||||
Secured by 1-4 family residential properties | 1,096 | 214 | 612 | - | 1,922 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 3,993 | 85 | 1,197 | - | 5,275 | ||||||||||||||||||||||||
Other real estate secured | 348 | 123 | 461 | 2 | 934 | ||||||||||||||||||||||||
Commercial and industrial loans | 123 | 23 | 109 | - | 255 | ||||||||||||||||||||||||
Other loans | 53 | - | - | - | 53 | ||||||||||||||||||||||||
Total covered loans | 5,863 | 445 | 3,367 | 121 | 9,796 | ||||||||||||||||||||||||
Total acquired loans | $ | 290,618 | $ | 4,795 | $ | 97,436 | $ | 11,037 | $ | 403,886 | |||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total | ||||||||||||||||||||||||
30-89 Days | 90 Days or More | Acquired Loans | |||||||||||||||||||||||||||
Noncovered Loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | 3,074 | 10 | 229 | $ | - | $ | 3,313 | $ | 51,363 | ||||||||||||||||||||
Secured by 1-4 family residential properties | 66,876 | 2,459 | 2,711 | 205 | 72,251 | 111,830 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | - | - | - | - | 177,210 | |||||||||||||||||||||||
Other real estate secured | 7 | - | - | - | 7 | 26,819 | |||||||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 81,261 | |||||||||||||||||||||||
Consumer loans | 8,371 | 114 | 9 | - | 8,494 | 8,494 | |||||||||||||||||||||||
Other loans | 17 | - | - | - | 17 | 21,195 | |||||||||||||||||||||||
Total noncovered loans | 78,345 | 2,583 | 2,949 | 205 | 84,082 | 478,172 | |||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | 90 | - | - | - | 90 | 1,447 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 8,385 | 388 | 505 | - | 9,278 | 11,200 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 569 | - | - | - | 569 | 5,844 | |||||||||||||||||||||||
Other real estate secured | 500 | - | 35 | - | 535 | 1,469 | |||||||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 255 | |||||||||||||||||||||||
Other loans | 3 | - | - | - | 3 | 56 | |||||||||||||||||||||||
Total covered loans | 9,547 | 388 | 540 | - | 10,475 | 20,271 | |||||||||||||||||||||||
Total acquired loans | 87,892 | $ | 2,971 | $ | 3,489 | $ | 205 | $ | 94,557 | $ | 498,443 | ||||||||||||||||||
-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-14 | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | Subtotal | |||||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | ||||||||||||||||||||||||||
Noncovered Loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 20,224 | $ | 280 | $ | 28,339 | $ | 5,821 | $ | 54,664 | |||||||||||||||||||
Secured by 1-4 family residential properties | 30,796 | 760 | 8,466 | 388 | 40,410 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 157,753 | 3,452 | 39,408 | 1,710 | 202,323 | ||||||||||||||||||||||||
Other real estate secured | 22,754 | 92 | 4,864 | 95 | 27,805 | ||||||||||||||||||||||||
Commercial and industrial loans | 64,720 | 17 | 19,706 | 3,813 | 88,256 | ||||||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||||||
Other loans | 19,706 | 45 | 2,617 | - | 22,368 | ||||||||||||||||||||||||
Total noncovered loans | 315,953 | 4,646 | 103,400 | 11,827 | 435,826 | ||||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | - | - | 955 | 102 | 1,057 | ||||||||||||||||||||||||
Secured by 1-4 family residential properties | 194 | 235 | 1,045 | - | 1,474 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 4,419 | 88 | 2,879 | - | 7,386 | ||||||||||||||||||||||||
Other real estate secured | - | 108 | 426 | 2 | 536 | ||||||||||||||||||||||||
Commercial and industrial loans | 145 | 24 | 108 | - | 277 | ||||||||||||||||||||||||
Other loans | 204 | - | - | - | 204 | ||||||||||||||||||||||||
Total covered loans | 4,962 | 455 | 5,413 | 104 | 10,934 | ||||||||||||||||||||||||
Total acquired loans | $ | 320,915 | $ | 5,101 | $ | 108,813 | $ | 11,931 | $ | 446,760 | |||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total | ||||||||||||||||||||||||
30-89 Days | 90 Days or More | Acquired Loans | |||||||||||||||||||||||||||
Noncovered Loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | 3,338 | 25 | 282 | $ | - | $ | 3,645 | $ | 58,309 | ||||||||||||||||||||
Secured by 1-4 family residential properties | 71,316 | 2,335 | 2,742 | 117 | 76,510 | 116,920 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | - | - | - | - | 202,323 | |||||||||||||||||||||||
Other real estate secured | 8 | - | - | - | 8 | 27,813 | |||||||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 88,256 | |||||||||||||||||||||||
Consumer loans | 9,634 | 114 | 24 | - | 9,772 | 9,772 | |||||||||||||||||||||||
Other loans | 22 | - | - | - | 22 | 22,390 | |||||||||||||||||||||||
Total noncovered loans | 84,318 | 2,474 | 3,048 | 117 | 89,957 | 525,783 | |||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | 140 | - | - | - | 140 | 1,197 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 10,925 | 473 | 308 | - | 11,706 | 13,180 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 286 | - | - | - | 286 | 7,672 | |||||||||||||||||||||||
Other real estate secured | 525 | - | 35 | - | 560 | 1,096 | |||||||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 277 | |||||||||||||||||||||||
Other loans | - | - | - | - | - | 204 | |||||||||||||||||||||||
Total covered loans | 11,876 | 473 | 343 | - | 12,692 | 23,626 | |||||||||||||||||||||||
Total acquired loans | $ | 96,194 | $ | 2,947 | $ | 3,391 | $ | 117 | $ | 102,649 | $ | 549,409 | |||||||||||||||||
-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. | ||||||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, there were no acquired impaired loans accounted for under FASB ASC Topic 310-30 classified as nonaccrual loans. At March 31, 2015, approximately $1.8 million of acquired loans not accounted for under FASB ASC Topic 310-30 were classified as nonaccrual loans, compared to approximately $1.1 million of acquired loans at December 31, 2014. | |||||||||||||||||||||||||||||
The following table provides an aging analysis of contractually past due and nonaccrual acquired loans, by class at March 31, 2015 and December 31, 2014 ($ in thousands): | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Nonaccrual (2) | Current | Total Acquired | |||||||||||||||||||||||
or More (1) | Loans | Loans | |||||||||||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 874 | $ | 119 | $ | 18,348 | $ | 19,341 | $ | 190 | $ | 31,832 | $ | 51,363 | |||||||||||||||
Secured by 1-4 family residential properties | 1,991 | 1,529 | 4,649 | 8,169 | 495 | 103,166 | 111,830 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 588 | 31 | 9,077 | 9,696 | - | 167,514 | 177,210 | ||||||||||||||||||||||
Other real estate secured | 6 | - | 1,992 | 1,998 | - | 24,821 | 26,819 | ||||||||||||||||||||||
Commercial and industrial loans | 2,563 | 89 | 1,434 | 4,086 | 1,035 | 76,140 | 81,261 | ||||||||||||||||||||||
Consumer loans | 79 | 35 | 9 | 123 | - | 8,371 | 8,494 | ||||||||||||||||||||||
Other loans | 34 | - | - | 34 | - | 21,161 | 21,195 | ||||||||||||||||||||||
Total noncovered loans | 6,135 | 1,803 | 35,509 | 43,447 | 1,720 | 433,005 | 478,172 | ||||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | - | - | 119 | 119 | - | 1,328 | 1,447 | ||||||||||||||||||||||
Secured by 1-4 family residential properties | 413 | 67 | 706 | 1,186 | - | 10,014 | 11,200 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 292 | 241 | 489 | 1,022 | - | 4,822 | 5,844 | ||||||||||||||||||||||
Other real estate secured | 30 | - | 384 | 414 | - | 1,055 | 1,469 | ||||||||||||||||||||||
Commercial and industrial loans | 5 | - | 42 | 47 | 67 | 141 | 255 | ||||||||||||||||||||||
Other loans | - | - | - | - | - | 56 | 56 | ||||||||||||||||||||||
Total covered loans | 740 | 308 | 1,740 | 2,788 | 67 | 17,416 | 20,271 | ||||||||||||||||||||||
Total acquired loans | $ | 6,875 | $ | 2,111 | $ | 37,249 | $ | 46,235 | $ | 1,787 | $ | 450,421 | $ | 498,443 | |||||||||||||||
(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-14 | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Nonaccrual (2) | Current | Total Acquired | |||||||||||||||||||||||
or More (1) | Loans | Loans | |||||||||||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 246 | $ | 7 | $ | 21,985 | $ | 22,238 | $ | 194 | $ | 35,877 | $ | 58,309 | |||||||||||||||
Secured by 1-4 family residential properties | 2,576 | 981 | 5,162 | 8,719 | 422 | 107,779 | 116,920 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 89 | 865 | 13,275 | 14,229 | - | 188,094 | 202,323 | ||||||||||||||||||||||
Other real estate secured | - | - | 604 | 604 | - | 27,209 | 27,813 | ||||||||||||||||||||||
Commercial and industrial loans | 334 | 128 | 1,099 | 1,561 | 461 | 86,234 | 88,256 | ||||||||||||||||||||||
Consumer loans | 86 | 29 | 24 | 139 | - | 9,633 | 9,772 | ||||||||||||||||||||||
Other loans | - | - | - | - | - | 22,390 | 22,390 | ||||||||||||||||||||||
Total noncovered loans | 3,331 | 2,010 | 42,149 | 47,490 | 1,077 | 477,216 | 525,783 | ||||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | - | - | 376 | 376 | - | 821 | 1,197 | ||||||||||||||||||||||
Secured by 1-4 family residential properties | 253 | 296 | 477 | 1,026 | - | 12,154 | 13,180 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 239 | 488 | - | 727 | - | 6,945 | 7,672 | ||||||||||||||||||||||
Other real estate secured | - | - | 368 | 368 | - | 728 | 1,096 | ||||||||||||||||||||||
Commercial and industrial loans | - | - | 42 | 42 | 67 | 168 | 277 | ||||||||||||||||||||||
Other loans | - | - | - | - | - | 204 | 204 | ||||||||||||||||||||||
Total covered loans | 492 | 784 | 1,263 | 2,539 | 67 | 21,020 | 23,626 | ||||||||||||||||||||||
Total acquired loans | $ | 3,823 | $ | 2,794 | $ | 43,412 | $ | 50,029 | $ | 1,144 | $ | 498,236 | $ | 549,409 | |||||||||||||||
(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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Mortgage Banking [Abstract] | |||||||||
Mortgage Banking | Note 5 – Mortgage Banking | ||||||||
The activity in mortgage servicing rights (MSR) is detailed in the table below for the periods presented ($ in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 64,358 | $ | 67,834 | |||||
Origination of servicing assets | 3,126 | 2,315 | |||||||
Change in fair value: | |||||||||
Due to market changes | (2,368 | ) | (723 | ) | |||||
Due to runoff | (2,213 | ) | (1,812 | ) | |||||
Balance at end of period | $ | 62,903 | $ | 67,614 | |||||
During the first three months of 2015 and 2014, Trustmark sold $233.0 million and $184.9 million, respectively, of residential mortgage loans. Pretax gains on these sales were recorded to noninterest income in mortgage banking, net and totaled $3.7 million for the first three months of 2015 compared to $1.8 million for the first three months of 2014. Trustmark's mortgage loans serviced for others totaled $5.635 billion at March 31, 2015, compared with $5.636 billion at December 31, 2014. The table below details the mortgage loans sold and serviced for others at March 31, 2015 and December 31, 2014 ($ in thousands): | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Federal National Mortgage Association | $ | 3,588,326 | $ | 3,579,987 | |||||
Government National Mortgage Association | 1,922,043 | 1,948,565 | |||||||
Federal Home Loan Mortgage Corporation | 76,987 | 80,551 | |||||||
Other | 47,609 | 27,146 | |||||||
Total mortage loans sold and serviced for others | $ | 5,634,965 | $ | 5,636,249 | |||||
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, loans that do not meet investor guidelines, loans in which the appraisal does not support the value and/or loans obtained through fraud by the borrowers or other third parties. Generally, putback requests may be made until the loan is paid in full. However, mortgage loans delivered to Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) on or after January 1, 2013 are subject to the Lending and Selling Representations and Warranties Framework updated in May 2014, which provides certain instances in which FNMA and FHLMC will not exercise their remedies, including a putback request, for breaches of certain selling representations and warranties, such as payment history and quality control review. | |||||||||
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 FNMA and FHLMC to provide a response to putback requests within 60 days of the date of receipt. Currently, putback requests primarily relate to 2009 through 2013 vintage mortgage loans. Trustmark incurred no mortgage loan servicing putback expenses during the first three months of 2015 compared to $150 thousand during the same time period in 2014, which was included in other noninterest expense. | |||||||||
Changes in the reserve for mortgage loan servicing putback expense for mortgage loans delivered to FNMA in periods not covered by the November 2013 Resolution Agreement between Trustmark and FNMA and to other entities were as follows for the periods presented ($ in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 1,170 | $ | 1,050 | |||||
Provision for putback expenses | - | 150 | |||||||
Losses | - | (72 | ) | ||||||
Balance at end of period | $ | 1,170 | $ | 1,128 | |||||
Mortgage loans covered by Trustmark’s Resolution Agreement executed with FNMA in November 2013 are only subject to putback risk due to borrower fraud or systemic risk. Trustmark’s exposure to putback requests for loans sold to FNMA, which were originated after 2008, has improved as a result of industry-wide guidelines and process enhancements implemented since that time. Trustmark’s exposure to putback requests for loans sold to GNMA has improved as a result of declining delinquency ratios. Please refer to the “Past Due LHFS” section included in Note 3 – Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI for additional information regarding mortgage loans sold to GNMA. | |||||||||
There is inherent uncertainty in reasonably estimating the requirement for reserves against potential 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. |
Other_Real_Estate_and_Covered_
Other Real Estate and Covered Other Real Estate | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Real Estate and Covered Other Real Estate [Abstract] | |||||||||
Other Real Estate and Covered Other Real Estate | Note 6 – Other Real Estate and Covered Other Real Estate | ||||||||
Other Real Estate, excluding Covered Other Real Estate | |||||||||
At March 31, 2015, 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 gains (losses), net on other real estate, excluding covered other real estate, were as follows ($ in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 92,509 | $ | 106,539 | |||||
Additions | 8,656 | 13,694 | |||||||
Disposals | (10,108 | ) | (7,594 | ) | |||||
Write-downs | (882 | ) | (1,103 | ) | |||||
Balance at end of period | $ | 90,175 | $ | 111,536 | |||||
Gain (Loss), net on the sale of other real estate included in ORE/Foreclosure expense | $ | 1,420 | $ | (415 | ) | ||||
At March 31, 2015 and December 31, 2014, other real estate, excluding covered other real estate, by type of property consisted of the following ($ in thousands): | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Construction, land development and other land properties | $ | 59,286 | $ | 61,015 | |||||
1-4 family residential properties | 8,637 | 10,150 | |||||||
Nonfarm, nonresidential properties | 20,757 | 19,696 | |||||||
Other real estate properties | 1,495 | 1,648 | |||||||
Total other real estate, excluding covered other real estate | $ | 90,175 | $ | 92,509 | |||||
At March 31, 2015 and December 31, 2014, other real estate, excluding covered other real estate, by geographic location consisted of the following ($ in thousands): | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Alabama | $ | 21,795 | $ | 21,196 | |||||
Florida | 34,746 | 35,324 | |||||||
Mississippi (1) | 15,143 | 17,397 | |||||||
Tennessee (2) | 10,072 | 10,292 | |||||||
Texas | 8,419 | 8,300 | |||||||
Total other real estate, excluding covered other real estate | $ | 90,175 | $ | 92,509 | |||||
(1) - Mississippi includes Central and Southern Mississippi Regions | |||||||||
(2) - Tennessee includes Memphis, Tennessee and Northern Mississippi Regions | |||||||||
Covered Other Real Estate | |||||||||
For the periods presented, changes and losses, net on covered other real estate were as follows ($ in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 6,060 | $ | 5,108 | |||||
Transfers from covered loans | - | 98 | |||||||
FASB ASC 310-30 adjustment for the residual recorded investment | (903 | ) | (52 | ) | |||||
Net transfers from covered loans | (903 | ) | 46 | ||||||
Disposals | (221 | ) | (315 | ) | |||||
Write-downs | (142 | ) | (80 | ) | |||||
Balance at end of period | $ | 4,794 | $ | 4,759 | |||||
Loss, net on the sale of covered other real estate included in ORE/Foreclosure expense | $ | (53 | ) | $ | (120 | ) | |||
At March 31, 2015 and December 31, 2014, covered other real estate by type of property consisted of the following ($ in thousands): | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Construction, land development and other land properties | $ | 942 | $ | 1,917 | |||||
1-4 family residential properties | 1,126 | 1,103 | |||||||
Nonfarm, nonresidential properties | 1,998 | 2,296 | |||||||
Other real estate properties | 728 | 744 | |||||||
Total covered other real estate | $ | 4,794 | $ | 6,060 |
FDIC_Indemnification_Asset
FDIC Indemnification Asset | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
FDIC Indemnification Asset [Abstract] | |||||||||
FDIC Indemnification Asset | Note 7 – FDIC Indemnification Asset | ||||||||
On April 15, 2011, the Mississippi Department of Banking and Consumer Finance closed the Heritage Banking Group (Heritage) and appointed the FDIC as receiver. On the same date, Trustmark National Bank (TNB), Trustmark’s principal subsidiary, entered into a purchase and assumption agreement with the FDIC in which TNB agreed to assume all of the deposits and purchase essentially all of the assets of Heritage. The FDIC and TNB also entered into a loss-share agreement covering substantially all loans and all other real estate acquired. Under the loss-share agreement, the FDIC will cover 80% of covered loan and other real estate losses incurred. 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 $2.2 million and $2.1 million at March 31, 2015 and December 31, 2014, respectively. | |||||||||
Trustmark periodically re-estimates the expected cash flows on the acquired covered loans as required by FASB ASC Topic 310-30. For the first three months of 2015 and 2014, 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. Reductions of the FDIC indemnification asset resulting from improvements in expected cash flows and covered losses based on the re-estimation of acquired covered loans are amortized over the lesser of the remaining life or contractual period of the acquired covered loan as a yield adjustment consistent with the associated acquired covered loan. Other noninterest income for the first three months of 2015 and 2014 included $430 thousand and $332 thousand, respectively, of amortization of the FDIC indemnification asset. Amortization of the FDIC indemnification asset resulted from improvements in the expected cash flows and lower loss expectations. During the first three months of 2015 and 2014, other noninterest income also included a reduction of the FDIC indemnification asset of $285 thousand and $356 thousand, respectively, primarily resulting from loan pay-offs partially offset by loan pools of acquired covered loans with increased loss expectations. Noninterest income also included a reduction of the FDIC indemnification asset of $256 thousand during the first three months of 2015 due to sales and valuation adjustments of covered other real estate. | |||||||||
For the periods presented, changes in the FDIC indemnification asset were as follows ($ in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 6,997 | $ | 14,347 | |||||
Amortization | (430 | ) | (332 | ) | |||||
Transfers to FDIC claims | (1,283 | ) | (139 | ) | |||||
Change in expected cash flows | (391 | ) | (239 | ) | |||||
Change in FDIC true-up provision | (150 | ) | (150 | ) | |||||
Balance at end of period | $ | 4,743 | $ | 13,487 |
Deposits
Deposits | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deposits [Abstract] | |||||||||
Deposits | Note 8 – Deposits | ||||||||
Deposits consisted of the following at March 31, 2015 and December 31, 2014 ($ in thousands): | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Noninterest-bearing demand | $ | 2,936,875 | $ | 2,748,635 | |||||
Interest-bearing demand | 1,800,186 | 1,722,581 | |||||||
Savings | 3,271,050 | 3,280,060 | |||||||
Time | 1,898,879 | 1,947,082 | |||||||
Total | $ | 9,906,990 | $ | 9,698,358 |
Defined_Benefit_and_Other_Post
Defined Benefit and Other Postretirement Benefits | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Defined Benefit and Other Postretirement Benefits [Abstract] | |||||||||
Defined Benefit and Other Postretirement Benefits | Note 9 – Defined Benefit and Other Postretirement Benefits | ||||||||
Qualified Pension Plans | |||||||||
Trustmark maintains a noncontributory tax-qualified defined benefit pension plan (Trustmark Capital Accumulation Plan), in which substantially all associates employed prior to 2007 participate. 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. Benefit accruals under the plan were frozen during 2009, with the exception of certain associates covered through plans obtained by acquisitions that were subsequently merged into the Trustmark plan. Associates have not earned additional benefits, except for interest as required by Internal Revenue Service (IRS) regulations, since the plan was frozen. Current and former associates who participate in the plan retain their right to receive benefits that accrued before the plan was frozen. | |||||||||
As a result of the merger with BancTrust Financial Group, Inc. (BancTrust) on February 15, 2013, Trustmark became the sponsor of the Retirement Plan for Employees of BancTrust Financial Group, Inc. (BancTrust Pension Plan), a tax-qualified defined benefit pension plan, which was frozen prior to the merger date. On January 28, 2014, Trustmark's Board of Directors authorized the termination of the BancTrust Pension Plan effective as of April 15, 2014. The IRS has been asked to review the BancTrust Pension Plan’s tax qualification at its termination, and it is anticipated that the IRS will issue a favorable determination letter with respect to the plan’s termination once its review is complete. In addition, as required by law, a termination notice has been filed with the Pension Benefit Guaranty Corporation (PBGC), and it is not anticipated that the PBGC will raise any issues with respect to the plan’s termination. During 2014, the assets of the BancTrust Pension plan were held in trust and distributed in conjunction with the plan termination. All assets of the BancTrust Pension Plan were distributed as of December 31, 2014. Benefits that were not paid to participants were annuitized under annuity contracts. | |||||||||
The following table presents information regarding the net periodic benefit cost for Trustmark’s qualified defined benefit pension plans for the periods presented ($ in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Service cost | $ | 131 | $ | 124 | |||||
Interest cost | 862 | 1,321 | |||||||
Expected return on plan assets | (1,296 | ) | (1,558 | ) | |||||
Recognized net loss due to lump sum settlements | 417 | 375 | |||||||
Recognized net actuarial loss | 967 | 736 | |||||||
Net periodic benefit cost | $ | 1,081 | $ | 998 | |||||
The range of potential contributions to the Trustmark Capital Accumulation Plan is determined annually by the plan’s actuary in accordance with applicable IRS rules and regulations. Trustmark's policy is to fund amounts that are sufficient to satisfy the annual minimum funding requirements and are deductible for federal income tax purposes. The actual amount of the contribution is determined annually based on the plan’s funded status and return on plan assets as of the measurement date, which is December 31. For the plan year ending December 31, 2015, Trustmark’s minimum required contribution to the Trustmark Capital Accumulation Plan is expected to be zero; however, Management and the Board of Directors will monitor the plan throughout 2015 to determine any additional funding requirements by the plan’s measurement date. | |||||||||
Supplemental Retirement Plans | |||||||||
Trustmark maintains a nonqualified supplemental retirement plan covering key executive officers and senior officers as well as directors who have elected to defer fees. The plan provides for defined death benefits and/or retirement benefits based on a participant's covered salary or deferred fees. 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. As a result of the BancTrust merger on February 15, 2013, Trustmark became the administrator of an additional nonqualified supplemental retirement plan, for which the plan benefits were frozen prior to the merger date. | |||||||||
The following table presents information regarding the net periodic benefit cost for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Service cost | $ | 108 | $ | 73 | |||||
Interest cost | 524 | 554 | |||||||
Amortization of prior service cost | 63 | 63 | |||||||
Recognized net actuarial loss | 253 | 170 | |||||||
Net periodic benefit cost | $ | 948 | $ | 860 |
Stock_and_Incentive_Compensati
Stock and Incentive Compensation Plans | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Stock and Incentive Compensation Plans [Abstract] | |||||||||
Stock and Incentive Compensation Plans | Note 10 – Stock and Incentive Compensation Plans | ||||||||
Trustmark has granted stock and incentive compensation awards subject to the provisions of the 2005 Stock and Incentive Compensation Plan (the 2005 Plan). The 2005 Plan was 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. No stock options have been granted since 2006, when Trustmark began granting restricted stock awards exclusively, and none remain outstanding. | |||||||||
Restricted Stock Grants | |||||||||
Performance Awards | |||||||||
Trustmark’s performance awards are granted to Trustmark’s executive and senior management teams. 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. These awards are recognized using the straight-line method over the requisite service period. These awards provide for achievement shares if performance measures exceed 100%. The restricted share agreement provides for voting rights and dividend privileges. | |||||||||
Time-Vested Awards | |||||||||
Trustmark’s time-vested awards are granted to members of Trustmark’s Board of Directors as well as Trustmark’s executive and senior management teams. 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 table summarizes the vesting periods for awards granted under the 2005 Plan (in years): | |||||||||
Vesting Period | |||||||||
Performance awards (includes acheivement shares for grants after 2013) | 3 | ||||||||
Achievement shares from performance grants prior to 2013 | 3 | ||||||||
Time-vested awards | 3 | ||||||||
The following table summarizes the activity for awards granted under the 2005 Plan for the period presented: | |||||||||
Three Months Ended March 31, 2015 | |||||||||
Performance Awards | Time-Vested Awards | ||||||||
Outstanding/Nonvested shares, beginning of period | 181,195 | 263,905 | |||||||
Granted | 84,899 | 120,314 | |||||||
Exercised or released from restriction | (47,360 | ) | (63,209 | ) | |||||
Forfeited | (6,425 | ) | (2,677 | ) | |||||
Outstanding/Nonvested shares, end of period | 212,309 | 318,333 | |||||||
The following table presents information regarding compensation expense for awards under the 2005 Plan for the periods presented ($ in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Performance awards | $ | 246 | $ | 263 | |||||
Time-vested awards | 605 | 928 | |||||||
Total compensation expense | $ | 851 | $ | 1,191 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Contingencies [Abstract] | |
Contingencies | Note 11 – 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 March 31, 2015 and 2014, Trustmark had unused commitments to extend credit of $2.583 billion and $2.289 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 March 31, 2015 and 2014, Trustmark’s maximum exposure to credit loss in the event of nonperformance by the other party for letters of credit was $131.7 million and $147.2 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 March 31, 2015, the fair value of collateral held was $29.6 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 (collectively, “Class Plaintiffs”), 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. 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, the 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. In March 2015, the court entered an order authorizing the parties to conduct discovery regarding class certification and setting a deadline of October 5, 2015 for the parties to complete briefing on class certification issues. In April 2015, the court granted in part and denied in part the defendants’ motions to dismiss the Class Plaintiffs’ claims and the OSIC’s claims. The court dismissed all of the Class Plaintiffs’ fraudulent transfer claims and dismissed certain of the OSIC’s fraudulent transfer claims. The court denied the defendants’ motions to dismiss in all other regards. | |
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 was 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. Both of those cases have now been dismissed pursuant to a court-approved class action settlement. The period has ended in which any party could appeal the order approving the settlement. | |
The settlement of $4.0 million, or $2.5 million net of taxes, was included in other noninterest expense during 2013. The Settlement Administrator has begun distributing the settlement funds. The settlement resolved potential claims of more than 100,000 class members. A total of sixteen customers excluded themselves from the class action settlement. None of those customers have subsequently asserted any claim or made demands on TNB due to overdraft or non-sufficient funds fees. | |
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.” |
Earnings_Per_Share_EPS
Earnings Per Share (EPS) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share (EPS) [Abstract] | |||||||||
Earnings Per Share (EPS) | Note 12 – Earnings Per Share (EPS) | ||||||||
The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Basic shares | 67,526 | 67,410 | |||||||
Dilutive shares | 113 | 140 | |||||||
Diluted shares | 67,639 | 67,550 | |||||||
Weighted-average antidilutive stock awards were excluded in determining diluted EPS. The following table reflects weighted-average antidilutive stock awards for the periods presented (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Weighted-average antidilutive stock awards | - | 117 |
Statements_of_Cash_Flows
Statements of Cash Flows | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Statements of Cash Flows [Abstract] | |||||||||
Statements of Cash Flows | Note 13 – Statements of Cash Flows | ||||||||
The following table reflects specific transaction amounts for the periods presented ($ in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Income taxes paid | $ | 351 | $ | 350 | |||||
Interest expense paid on deposits and borrowings | 4,428 | 5,475 | |||||||
Noncash transfers from loans to other real estate (1) | 7,753 | 13,740 | |||||||
(1) Includes transfers from covered loans to covered other real estate. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Shareholders' Equity [Abstract] | |||||||||||||||||
Shareholders' Equity | Note 14 – Shareholders' Equity | ||||||||||||||||
Regulatory Capital | |||||||||||||||||
As of January 1, 2015, Trustmark and TNB were subject to revised capital requirements as described in the section captioned “Recent Legislative and Regulatory Developments” included in Part I. Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of Operations, located elsewhere in this report. Trustmark and TNB are subject to minimum risk-based capital and leverage 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 and limit Trustmark’s and TNB’s ability to pay dividends. As of March 31, 2015, Trustmark and TNB exceeded all applicable minimum capital standards for the parent company and its primary banking subsidiary. In addition, Trustmark and TNB met applicable regulatory guidelines to be considered well-capitalized at March 31, 2015. To be categorized in this manner, Trustmark and TNB maintained minimum common equity Tier 1 risk-based capital, Tier 1 risk-based capital, total 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 March 31, 2015, which Management believes have affected Trustmark’s or TNB's present classification. | |||||||||||||||||
The following table provides Trustmark's and TNB's actual regulatory capital amounts and ratios under regulatory capital standards in effect at March 31, 2015 (Basel III) and December 31, 2014 (Basel I) ($ in thousands): | |||||||||||||||||
Actual | Minimum | To Be Well | |||||||||||||||
Regulatory Capital | |||||||||||||||||
Amount | Ratio | Requirement | Capitalized | ||||||||||||||
At March 31, 2015: | |||||||||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,117,340 | 13.14 | % | 4.5 | % | n/ | a | |||||||||
Trustmark National Bank | 1,156,239 | 13.6 | % | 4.5 | % | 6.5 | % | ||||||||||
Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,175,578 | 13.83 | % | 6 | % | n/ | a | |||||||||
Trustmark National Bank | 1,156,239 | 13.6 | % | 6 | % | 8 | % | ||||||||||
Total Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,268,725 | 14.92 | % | 8 | % | n/ | a | |||||||||
Trustmark National Bank | 1,249,386 | 14.7 | % | 8 | % | 10 | % | ||||||||||
Tier 1 Leverage (to Average Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,175,578 | 9.99 | % | 4 | % | n/ | a | |||||||||
Trustmark National Bank | 1,156,239 | 9.84 | % | 4 | % | 5 | % | ||||||||||
At December 31, 2014: | |||||||||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,069,630 | 12.75 | % | n/ | a | n/ | a | |||||||||
Trustmark National Bank | 1,108,399 | 13.24 | % | n/ | a | n/ | a | ||||||||||
Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,129,630 | 13.47 | % | 4 | % | n/ | a | |||||||||
Trustmark National Bank | 1,108,399 | 13.24 | % | 4 | % | 6 | % | ||||||||||
Total Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,221,292 | 14.56 | % | 8 | % | n/ | a | |||||||||
Trustmark National Bank | 1,198,697 | 14.32 | % | 8 | % | 10 | % | ||||||||||
Tier 1 Leverage (to Average Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,129,630 | 9.63 | % | 4 | % | n/ | a | |||||||||
Trustmark National Bank | 1,108,399 | 9.46 | % | 4 | % | 5 | % | ||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
The following table presents the components of accumulated other comprehensive loss and the related tax effects allocated to each component for the three months ended March 31, 2015 and 2014 ($ 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, recognized net loss due to lump sum settlements and change in net actuarial loss on pension and other postretirement benefit plans are included in the computation of net periodic benefit cost (see Note 9 – Defined Benefit and Other Postretirement Benefits for additional details). Reclassification adjustments related to the cash flow hedge derivative are included in other interest expense in the accompanying consolidated statements of income. | |||||||||||||||||
Before Tax | Tax (Expense) | Net of Tax | |||||||||||||||
Amount | Benefit | Amount | |||||||||||||||
Three Months Ended March 31, 2015: | |||||||||||||||||
Securities available for sale and transferred securities: | |||||||||||||||||
Unrealized holding gains arising during the period | $ | 18,438 | $ | (7,052 | ) | $ | 11,386 | ||||||||||
Reclassification adjustment for net gains realized in net income | - | - | - | ||||||||||||||
Change in net unrealized holding loss on securities transferred to held to maturity | 1,415 | (541 | ) | 874 | |||||||||||||
Total securities available for sale and transferred securities | 19,853 | (7,593 | ) | 12,260 | |||||||||||||
Pension and other postretirement benefit plans: | |||||||||||||||||
Net change in prior service costs | 63 | (24 | ) | 39 | |||||||||||||
Recognized net loss due to lump sum settlements | 417 | (160 | ) | 257 | |||||||||||||
Change in net actuarial loss | 1,220 | (466 | ) | 754 | |||||||||||||
Total pension and other postretirement benefit plans | 1,700 | (650 | ) | 1,050 | |||||||||||||
Derivatives: | |||||||||||||||||
Change in accumulated gain on effective cash flow hedge derivatives | (985 | ) | 377 | (608 | ) | ||||||||||||
Reclassification adjustment for loss realized in net income | 211 | (81 | ) | 130 | |||||||||||||
Total cash flow hedge derivatives | (774 | ) | 296 | (478 | ) | ||||||||||||
Total other comprehensive income | $ | 20,779 | $ | (7,947 | ) | $ | 12,832 | ||||||||||
Three Months Ended March 31, 2014: | |||||||||||||||||
Securities available for sale and transferred securities: | |||||||||||||||||
Unrealized holding gains arising during the period | $ | 6,848 | $ | (2,619 | ) | $ | 4,229 | ||||||||||
Reclassification adjustment for net gains realized in net income | (389 | ) | 149 | (240 | ) | ||||||||||||
Change in net unrealized holding loss on securities transferred to held to maturity | 1,333 | (510 | ) | 823 | |||||||||||||
Total securities available for sale and transferred securities | 7,792 | (2,980 | ) | 4,812 | |||||||||||||
Pension and other postretirement benefit plans: | |||||||||||||||||
Net change in prior service costs | 63 | (24 | ) | 39 | |||||||||||||
Recognized net loss due to lump sum settlements | 375 | (143 | ) | 232 | |||||||||||||
Change in net actuarial loss | 906 | (347 | ) | 559 | |||||||||||||
Total pension and other postretirement benefit plans | 1,344 | (514 | ) | 830 | |||||||||||||
Derivatives: | |||||||||||||||||
Change in accumulated gain on effective cash flow hedge derivatives | (661 | ) | 253 | (408 | ) | ||||||||||||
Total other comprehensive income | $ | 8,475 | $ | (3,241 | ) | $ | 5,234 | ||||||||||
The following table presents the changes in the balances of each component of accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014 ($ in thousands). All amounts are presented net of tax. | |||||||||||||||||
Securities | Defined | Cash Flow | Total | ||||||||||||||
Available for Sale | Benefit | Hedge | |||||||||||||||
and Transferred | Pension Items | Derivatives | |||||||||||||||
Securities | |||||||||||||||||
Balance at January 1, 2015 | $ | (11,003 | ) | $ | (31,617 | ) | $ | 136 | $ | (42,484 | ) | ||||||
Other comprehensive income before reclassification | 12,260 | 1,050 | (608 | ) | 12,702 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | - | - | 130 | 130 | |||||||||||||
Net other comprehensive income (loss) | 12,260 | 1,050 | (478 | ) | 12,832 | ||||||||||||
Balance at March 31, 2015 | $ | 1,257 | $ | (30,567 | ) | $ | (342 | ) | $ | (29,652 | ) | ||||||
Balance at January 1, 2014 | $ | (25,462 | ) | $ | (19,793 | ) | $ | 1,524 | $ | (43,731 | ) | ||||||
Other comprehensive income (loss) before reclassification | 5,052 | 830 | (408 | ) | 5,474 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (240 | ) | - | - | (240 | ) | |||||||||||
Net other comprehensive income (loss) | 4,812 | 830 | (408 | ) | 5,234 | ||||||||||||
Balance at March 31, 2014 | $ | (20,650 | ) | $ | (18,963 | ) | $ | 1,116 | $ | (38,497 | ) |
Fair_Value
Fair Value | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value [Abstract] | |||||||||||||||||
Fair Value | Note 15 – Fair Value | ||||||||||||||||
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 predominant portion 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 March 31, 2015 and December 31, 2014, 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 three months ended March 31, 2015 and the year ended December 31, 2014. | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
U.S. Government agency obligations | $ | 111,191 | $ | - | $ | 111,191 | $ | - | |||||||||
Obligations of states and political subdivisions | 160,154 | - | 160,154 | - | |||||||||||||
Mortgage-backed securities | 2,080,016 | - | 2,080,016 | - | |||||||||||||
Asset-backed securities and structured financial products | 30,098 | - | 30,098 | - | |||||||||||||
Securities available for sale | 2,381,459 | - | 2,381,459 | - | |||||||||||||
Loans held for sale | 150,365 | - | 150,365 | - | |||||||||||||
Mortgage servicing rights | 62,903 | - | - | 62,903 | |||||||||||||
Other assets - derivatives | 7,814 | 1,908 | 3,318 | 2,588 | |||||||||||||
Other liabilities - derivatives | 6,326 | 917 | 5,409 | - | |||||||||||||
31-Dec-14 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
U.S. Treasury securities | $ | 100 | $ | - | $ | 100 | $ | - | |||||||||
U.S. Government agency obligations | 112,474 | - | 112,474 | - | |||||||||||||
Obligations of states and political subdivisions | 162,258 | - | 162,258 | - | |||||||||||||
Mortgage-backed securities | 2,068,035 | - | 2,068,035 | - | |||||||||||||
Asset-backed securities and structured financial products | 31,700 | - | 31,700 | - | |||||||||||||
Securities available for sale | 2,374,567 | - | 2,374,567 | - | |||||||||||||
Loans held for sale | 132,196 | - | 132,196 | - | |||||||||||||
Mortgage servicing rights | 64,358 | - | - | 64,358 | |||||||||||||
Other assets - derivatives | 5,527 | 1,181 | 3,047 | 1,299 | |||||||||||||
Other liabilities - derivatives | 4,338 | 490 | 3,848 | - | |||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2015 and 2014 are summarized as follows ($ in thousands): | |||||||||||||||||
MSR | Other Assets - | ||||||||||||||||
Derivatives | |||||||||||||||||
Balance, January 1, 2015 | $ | 64,358 | $ | 1,299 | |||||||||||||
Total net (loss) gain included in Mortgage banking, net (1) | (4,581 | ) | 2,410 | ||||||||||||||
Additions | 3,126 | - | |||||||||||||||
Sales | - | (1,121 | ) | ||||||||||||||
Balance, March 31, 2015 | $ | 62,903 | $ | 2,588 | |||||||||||||
The amount of total losses for the period included in | $ | (2,368 | ) | $ | (34 | ) | |||||||||||
earnings that are attributable to the change in unrealized | |||||||||||||||||
gains or losses still held at March 31, 2015 | |||||||||||||||||
Balance, January 1, 2014 | $ | 67,834 | $ | 126 | |||||||||||||
Total net (loss) gain included in Mortgage banking, net (1) | (2,535 | ) | 802 | ||||||||||||||
Additions | 2,315 | - | |||||||||||||||
Sales | - | (112 | ) | ||||||||||||||
Balance, March 31, 2014 | $ | 67,614 | $ | 816 | |||||||||||||
The amount of total losses for the period included in | $ | (723 | ) | $ | (96 | ) | |||||||||||
earnings that are attributable to the change in unrealized | |||||||||||||||||
gains or losses still held at March 31, 2014 | |||||||||||||||||
-1 | Total net (loss) gain included in Mortgage banking, net relating to MSR includes changes in fair value due to market changes and due to run-off. | ||||||||||||||||
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 March 31, 2015, 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 or 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 March 31, 2015, Trustmark had outstanding balances of $48.3 million in impaired LHFI that were specifically identified for evaluation and written down to the fair value of the underlying collateral less cost to sell based on the fair value of the collateral or other unobservable input compared to $47.1 million at December 31, 2014. 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. | |||||||||||||||||
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 March 31, 2015, 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 $8.7 million (utilizing Level 3 valuation inputs) during the three months ended March 31, 2015, compared with $13.7 million for the same period in 2014. In connection with the measurement and initial recognition of the foregoing foreclosed assets, Trustmark recognized charge-offs of the allowance for loan losses totaling $2.3 million and $5.1 million for the first three months of 2015 and 2014, respectively. Other than foreclosed assets measured at fair value upon initial recognition, $13.7 million of foreclosed assets were remeasured during the first three months of 2015, requiring write-downs of $882 thousand to reach their current fair values compared to $7.6 million of foreclosed assets that were remeasured during the first three months of 2014, requiring write-downs of $1.1 million. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
FASB ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. A detailed description of the valuation methodologies used in estimating the fair value of financial instruments can be found in Note 19 – Fair Value included in Item 8 of Trustmark’s Annual Report on Form 10-K for the year ended December 31, 2014. | |||||||||||||||||
The carrying amounts and estimated fair values of financial instruments at March 31, 2015 and December 31, 2014, are as follows ($ in thousands): | |||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Financial Assets: | |||||||||||||||||
Level 2 Inputs: | |||||||||||||||||
Cash and short-term investments | $ | 335,244 | $ | 335,244 | $ | 317,858 | $ | 317,858 | |||||||||
Securities held to maturity | 1,184,554 | 1,212,505 | 1,170,685 | 1,182,846 | |||||||||||||
Level 3 Inputs: | |||||||||||||||||
Net LHFI | 6,342,555 | 6,411,826 | 6,379,853 | 6,453,618 | |||||||||||||
Net acquired loans | 486,606 | 486,606 | 537,350 | 537,350 | |||||||||||||
FDIC indemnification asset | 4,743 | 4,743 | 6,997 | 6,997 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Level 2 Inputs: | |||||||||||||||||
Deposits | 9,906,990 | 9,911,477 | 9,698,358 | 9,702,864 | |||||||||||||
Short-term liabilities | 573,757 | 573,757 | 868,620 | 868,620 | |||||||||||||
Long-term FHLB advances | 1,222 | 1,231 | 1,253 | 1,263 | |||||||||||||
Subordinated notes | 49,944 | 53,063 | 49,936 | 53,504 | |||||||||||||
Junior subordinated debt securities | 61,856 | 46,392 | 61,856 | 46,392 | |||||||||||||
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 necessarily be 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, “Fair Value Measurements and Disclosures,” and such an exit price could potentially produce a different fair value estimate at March 31, 2015 and December 31, 2014. | |||||||||||||||||
Fair Value Option | |||||||||||||||||
Trustmark has elected to account for its mortgage LHFS purchased or originated on or after October 1, 2014 under the fair value option, with interest income on these mortgage LHFS reported in interest and fees on LHFS and LHFI. The fair value of the mortgage LHFS is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan. The mortgage LHFS are actively managed and monitored and certain market risks of the loans may be mitigated through the use of derivatives. These derivative instruments are carried at fair value with changes in fair value recorded in noninterest income in mortgage banking, net. The changes in the fair value of the LHFS are largely offset by changes in the fair value of the derivative instruments. For the three months ended March 31, 2015, $382 thousand was recorded in noninterest income in mortgage banking, net for changes in the fair value of the LHFS accounted for under the fair value option. Interest and fees on LHFS and LHFI for the three months ended March 31, 2015 included $1.1 million of interest earned on the LHFS accounted for under the fair value option. Election of the fair value option allows Trustmark to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value. The fair value option election does not apply to the GNMA optional repurchase loans. | |||||||||||||||||
The following table provides information about the fair value and the contractual principal outstanding of the LHFS accounted for under the fair value option as of March 31, 2015 and December 31, 2014 ($ in thousands): | |||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Fair value of LHFS | $ | 133,754 | $ | 91,182 | |||||||||||||
LHFS contractual principal outstanding | 129,595 | 88,106 | |||||||||||||||
Fair value less unpaid principal | $ | 4,159 | $ | 3,076 |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Financial Instruments [Abstract] | |||||||||||||||||||||||||
Derivative Financial Instruments | Note 16 – Derivative Financial Instruments | ||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||||
On April 4, 2013, Trustmark entered into a forward 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, “Derivatives and Hedging,” 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, which became effective on December 31, 2014, 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 net settlements. | |||||||||||||||||||||||||
No ineffectiveness related to the interest rate swap designated as a cash flow hedge was recognized in the consolidated statements of income for the three months ended March 31, 2015 and 2014. The accumulated net after-tax loss related to the effective cash flow hedge included in accumulated other comprehensive loss totaled $341 thousand at March 31, 2015 compared to an accumulated net after-tax gain of $136 thousand at December 31, 2014. Amounts reported in accumulated other comprehensive loss related to this derivative are reclassified to other interest expense as interest payments are made on Trustmark’s variable rate junior subordinated debentures. During the next twelve months, Trustmark estimates that $736 thousand will be reclassified as an increase to other interest expense. | |||||||||||||||||||||||||
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 the fair value of MSR attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting. Changes in the fair value of these exchange-traded derivative instruments are recorded in noninterest income in mortgage banking, net and are offset by changes in the fair value of MSR. The impact of this strategy resulted in a net positive ineffectiveness of $1.3 million and $1.9 million for the quarters ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||
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 sales contracts consist of commitments to deliver mortgage loans, originated and/or purchased, in the secondary market at a future date. On October 1, 2014, Trustmark elected to account for its mortgage LHFS under the fair value option in order to reduce the accounting volatility of related hedges. As a result of this election, the forward sales contracts no longer qualify as derivative instruments designated as fair value hedges under FASB ASC Topic 815. Changes in the fair value of these derivative instruments are recorded in noninterest income in mortgage banking, net and are offset by changes in the fair value of LHFS. Trustmark’s off-balance sheet obligations under these derivative instruments totaled $246.5 million at March 31, 2015, with a negative valuation adjustment of $1.4 million, compared to $142.0 million, with a negative valuation adjustment of $1.0 million as of December 31, 2014. | |||||||||||||||||||||||||
Trustmark also utilizes derivative instruments such as interest rate lock commitments in its mortgage banking area. Interest 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 $168.6 million at March 31, 2015, with a positive valuation adjustment of $2.6 million, compared to $88.4 million, with a positive valuation adjustment of $1.3 million as of December 31, 2014. | |||||||||||||||||||||||||
Trustmark offers certain derivatives products directly to qualified commercial lending clients seeking to manage their interest rate risk. Trustmark economically hedges interest rate swap transactions executed with commercial lending clients by entering into offsetting interest rate swap transactions with institutional derivatives market participants. 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 are expected to substantially offset. As of March 31, 2015, Trustmark had interest rate swaps with an aggregate notional amount of $344.7 million related to this program, compared to $349.4 million as of December 31, 2014. | |||||||||||||||||||||||||
Credit-risk-related Contingent Features | |||||||||||||||||||||||||
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 March 31, 2015, 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 $4.1 million compared to $1.9 million as of December 31, 2014. As of March 31, 2015, Trustmark had posted collateral of $2.1 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 March 31, 2015, 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 March 31, 2015 and December 31, 2014, Trustmark had entered into three risk participation agreements as a beneficiary with an aggregate notional amount of $19.0 million and $19.1 million, respectively. As of March 31, 2015 and December 31, 2014, Trustmark had entered into one risk participation agreement as a guarantor with an aggregate notional amount of $6.1 million and $6.2 million, respectively. The fair values of these risk participation agreements were immaterial at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||
Tabular Disclosures | |||||||||||||||||||||||||
The following tables disclose the fair value of derivative instruments in Trustmark’s balance sheets as of March 31, 2015 and December 31, 2014 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Derivatives in hedging relationships | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Interest rate swaps included in other assets | $ | (553 | ) | $ | 221 | ||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Futures contracts included in other assets | $ | 1,525 | $ | 928 | |||||||||||||||||||||
Exchange traded purchased options included in other assets | 383 | 253 | |||||||||||||||||||||||
OTC written options (rate locks) included in other assets | 2,588 | 1,299 | |||||||||||||||||||||||
Interest rate swaps included in other assets | 3,842 | 2,804 | |||||||||||||||||||||||
Credit risk participation agreements included in other assets | 29 | 22 | |||||||||||||||||||||||
Forward contracts included in other liabilities | 1,440 | 1,014 | |||||||||||||||||||||||
Exchange traded written options included in other liabilities | 917 | 490 | |||||||||||||||||||||||
Interest rate swaps included in other liabilities | 3,944 | 2,813 | |||||||||||||||||||||||
Credit risk participation agreements included in other liabilities | 25 | 21 | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Derivatives in hedging relationships | |||||||||||||||||||||||||
Amount of loss reclassified from accumulated other comprehensive loss and recognized in other interest expense | $ | (211 | ) | $ | - | ||||||||||||||||||||
Amount of loss recognized in mortgage banking, net | - | (2,029 | ) | ||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Amount of gain recognized in mortgage banking, net | $ | 4,550 | $ | 3,276 | |||||||||||||||||||||
Amount of loss recognized in bank card and other fees | (84 | ) | (121 | ) | |||||||||||||||||||||
The following table discloses the amount included in other comprehensive income for derivative instruments designated as cash flow hedges for the three months ended March 31, 2015 and 2014 ($ in thousands): | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Derivatives in cash flow hedging relationship | |||||||||||||||||||||||||
Amount of loss recognized in other comprehensive income | $ | (608 | ) | $ | (408 | ) | |||||||||||||||||||
Trustmark’s interest rate swap derivative instruments are subject to master netting agreements, and therefore, eligible for offsetting in the consolidated balance sheet. Trustmark has elected to not offset any derivative instruments in its consolidated balance sheets. Information about financial instruments that are eligible for offset in the consolidated balance sheets as of March 31, 2015 and December 31, 2014 is presented in the following tables ($ in thousands): | |||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Assets presented | |||||||||||||||||||||||
Recognized | Statement of | in the Statement of | |||||||||||||||||||||||
Assets | Financial Position | Financial Position | |||||||||||||||||||||||
Derivatives | $ | 3,289 | $ | - | $ | 3,289 | $ | - | $ | - | $ | 3,289 | |||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Liabilities presented | Instruments | Posted | |||||||||||||||||||||
Recognized | Statement of | in the Statement of | |||||||||||||||||||||||
Liabilities | Financial Position | Financial Position | |||||||||||||||||||||||
Derivatives | $ | 3,944 | $ | - | $ | 3,944 | $ | - | $ | 1,128 | $ | 2,816 | |||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Assets presented in | Instruments | Received | |||||||||||||||||||||
Recognized | Statement of | the Statement of | |||||||||||||||||||||||
Assets | Financial Position | Financial Position | |||||||||||||||||||||||
Derivatives | $ | 3,025 | $ | - | $ | 3,025 | $ | (347 | ) | $ | - | $ | 2,678 | ||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Liabilities presented | Instruments | Posted | |||||||||||||||||||||
Recognized | Statement of | in the Statement of | |||||||||||||||||||||||
Liabilities | Financial Position | Financial Position | |||||||||||||||||||||||
Derivatives | $ | 2,813 | $ | - | $ | 2,813 | $ | (347 | ) | $ | - | $ | 2,466 |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Information [Abstract] | |||||||||
Segment Information | Note 17 – 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 customers by integrating financial services with traditional banking products and services such as 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. During the second quarter of 2014, Trustmark revised the composition of its operating segments by moving the Private Banking group from the Wealth Management Division to the General Banking Division as the result of a change in supervision of this group for segment reporting purposes. Prior period amounts presented below include reclassifications to conform to the current period presentation. | |||||||||
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 TNB’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 March 31, | |||||||||
2015 | 2014 | ||||||||
General Banking | |||||||||
Net interest income | $ | 97,260 | $ | 94,686 | |||||
Provision for loan losses, net | 2,132 | (742 | ) | ||||||
Noninterest income | 25,740 | 27,883 | |||||||
Noninterest expense | 85,517 | 88,587 | |||||||
Income before income taxes | 35,351 | 34,724 | |||||||
Income taxes | 8,084 | 7,913 | |||||||
General banking net income | $ | 27,267 | $ | 26,811 | |||||
Selected Financial Information | |||||||||
Average assets | $ | 12,053,721 | $ | 11,851,429 | |||||
Depreciation and amortization | $ | 8,875 | $ | 8,481 | |||||
Wealth Management | |||||||||
Net interest income | $ | 55 | $ | 148 | |||||
Noninterest income | 8,007 | 8,097 | |||||||
Noninterest expense | 6,770 | 6,434 | |||||||
Income before income taxes | 1,292 | 1,811 | |||||||
Income taxes | 513 | 601 | |||||||
Wealth management net income | $ | 779 | $ | 1,210 | |||||
Selected Financial Information | |||||||||
Average assets | $ | 3,263 | $ | 1,945 | |||||
Depreciation and amortization | $ | 46 | $ | 45 | |||||
Insurance | |||||||||
Net interest income | $ | 77 | $ | 70 | |||||
Noninterest income | 8,616 | 8,098 | |||||||
Noninterest expense | 6,929 | 6,597 | |||||||
Income before income taxes | 1,764 | 1,571 | |||||||
Income taxes | 662 | 589 | |||||||
Insurance net income | $ | 1,102 | $ | 982 | |||||
Selected Financial Information | |||||||||
Average assets | $ | 68,319 | $ | 65,442 | |||||
Depreciation and amortization | $ | 159 | $ | 230 | |||||
Consolidated | |||||||||
Net interest income | $ | 97,392 | $ | 94,904 | |||||
Provision for loan losses, net | 2,132 | (742 | ) | ||||||
Noninterest income | 42,363 | 44,078 | |||||||
Noninterest expense | 99,216 | 101,618 | |||||||
Income before income taxes | 38,407 | 38,106 | |||||||
Income taxes | 9,259 | 9,103 | |||||||
Consolidated net income | $ | 29,148 | $ | 29,003 | |||||
Selected Financial Information | |||||||||
Average assets | $ | 12,125,303 | $ | 11,918,816 | |||||
Depreciation and amortization | $ | 9,080 | $ | 8,756 |
Accounting_Policies_Recently_A
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies Recently Adopted and Pending Accounting Pronouncements [Abstract] | |
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | Note 18 – Accounting Policies Recently Adopted and Pending Accounting Pronouncements |
ASU 2015-02, “Consolidation (Subtopic 810): Amendments to the Consolidation Analysis.” Issued in February 2015, ASU 2015-02 eliminates the indefinite deferral allowed under ASU 2009-17, “Consolidation (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities,” for investments in certain investment funds, and significantly changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The changes include, among others, modification of the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and elimination of the presumption that a general partner should consolidate a limited partnership. ASU 2015-02 is expected to result in the deconsolidation of many entities; however, reporting entities will need to reevaluate all previous consolidation conclusions. The amendments of ASU 2015-02 are effective for interim and annual periods beginning after December 15, 2015. The adoption of ASU 2015-02 is not expected to have a material impact on Trustmark's consolidated financial statements. | |
ASU 2014-14, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Residential Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force).” Issued in August 2014, ASU 2014-14 requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if (1) the loan has a government guarantee that is not separable from the loan before foreclosure; (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under the claim; and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. ASU 2014-14 also provides that upon foreclosure, the separate other receivable would be measured based on the current amount of the loan balance (principal and interest) expected to be recovered under the guarantee. ASU 2014-14 became effective for Trustmark on January 1, 2015, and was applied using the prospective transition method as described in ASU 2014-14. The adoption of ASU 2014-14 did not have a material impact on Trustmark’s consolidated financial statements. | |
ASU 2014-11, “Transfers and Servicing (Topic 860) – Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” Issued in June 2014, ASU 2014-11 changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting, and for repurchase financing arrangements requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. ASU 2014-11 also requires disclosures for certain transactions comprising a transfer of a financial asset accounted for as a sale and an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. ASU 2014-11 requires interim and annual disclosures for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings, which include a disaggregation of the gross obligation by class of collateral pledged; the remaining contractual tenor of the agreements; and a discussion of the potential risks associated with the agreements and the related collateral pledged, including obligations arising from a decline in the fair value of the collateral pledged and how those risks are managed. The accounting changes and disclosure requirements for certain transactions accounted for as a sale in ASU 2014-11 became effective for Trustmark’s on January 1, 2014 and had no impact on Trustmark’s consolidated financial statements due to Trustmark’s existing policy of accounting for its repurchase agreements as secured borrowings. The disclosures requirements for transactions accounted for as secured borrowings in ASU 2014-11 became effective for Trustmark on April 1, 2015. For Trustmark, the adoption of ASU 2014-11 will be a change in presentation only for the newly required disclosures and will not have a material impact on Trustmark’s consolidated financial statements. | |
ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” Issued in May 2014, ASU 2014-09 will add FASB ASC Topic 606, “Revenue from Contracts with Customers,” and will supersede revenue recognition requirements in FASB ASC Topic 605, “Revenue Recognition,” as well as certain cost guidance in FASB ASC Topic 605-35, “Revenue Recognition – Construction-Type and Production-Type Contracts.” ASU 2014-09 provides a framework for revenue recognition that replaces the existing industry and transaction specific requirements under the existing standards. ASU 2014-09 requires an entity to apply a five-step model to determine when to recognize revenue and at what amount. The model specifies that revenue should be recognized when (or as) an entity transfers control of goods or services to a customer at the amount in which the entity expects to be entitled. Depending on whether certain criteria are met, revenue should be recognized either over time, in a manner that depicts the entity’s performance, or at a point in time, when control of the goods or services are transferred to the customer. ASU 2014-09 provides that an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. In addition, the existing requirements for the recognition of a gain or loss on the transfer of non-financial assets that are not in a contract with a customer are amended to be consistent with the guidance on recognition and measurement in ASU 2014-09. The amendments of ASU 2014-09 are effective for interim and annual periods beginning after December 15, 2016, and may be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. If the transition method of application is elected, the entity should also provide the additional disclosures in reporting periods that include the date of initial application of (1) the amount by which each financial statement line item is affected in the current reporting period, as compared to the guidance that was in effect before the change, and (2) an explanation of the reasons for significant changes. Management is currently evaluating the impact this ASU will have on Trustmark’s consolidated financial statements as well as the most appropriate method of application; however, regardless of the method of application selected, the adoption of ASU 2014-09 is not expected to have a material impact on Trustmark’s consolidated financial statements. | |
ASU 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force).” Issued in January 2014, ASU 2014-04 clarifies when an “in substance repossession or foreclosure” occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loans, such that all or a portion of the loan should be derecognized and the real estate property recognized. ASU 2014-04 states that a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments of ASU 2014-04 also require interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amendments of ASU 2014-04 may be applied using either a modified retrospective transition method or a prospective transition method. ASU 2014-04 became effective for Trustmark’s financial statements on January 1, 2015 and was applied using the prospective transition method. For Trustmark, the adoption of ASU 2014-04 resulted in a change in presentation only for the newly required disclosures, which are included in Note 3 – Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI, and had no impact on Trustmark’s consolidated financial statements. | |
ASU 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force).” Issued in January 2014, ASU 2014-01 permits reporting entities that invest in qualified affordable housing projects to elect to account for those investments using the “proportional amortization method” if certain conditions are met. Under this method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The decision to apply the proportional amortization method of accounting is an accounting policy decision and should be applied consistently to all qualifying affordable housing project investments. ASU 2014-01 should be applied retrospectively to all periods presented, and became effective for Trustmark’s financial statements on January 1, 2015. Trustmark currently accounts for its tax credit investments utilizing the equity method of accounting and does not have a significant amount of investments in qualified affordable housing projects that qualify for the low income housing tax credit. Trustmark did not elect the proportional amortization method of accounting for its investments in low income housing tax credits; however, management will review any future investments in qualified affordable housing projects to determine if the investments meet the conditions required for using the proportional amortization method of accounting and make a decision regarding the accounting policy. The adoption of ASU 2014-01 had no impact on Trustmark’s consolidated financial statements. |
Securities_Available_for_Sale_1
Securities Available for Sale and Held to Maturity (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
31-Mar-15 | Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
Gains | (Losses) | Value | Gains | (Losses) | Value | ||||||||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | $ | 77,812 | $ | 860 | $ | (557 | ) | $ | 78,115 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Issued by U.S. Government sponsored agencies | 32,737 | 339 | - | 33,076 | 101,171 | 4,358 | - | 105,529 | |||||||||||||||||||||||||
Obligations of states and political subdivisions | 154,591 | 5,595 | (32 | ) | 160,154 | 62,928 | 3,739 | - | 66,667 | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 11,403 | 613 | (6 | ) | 12,010 | 18,861 | 548 | (6 | ) | 19,403 | |||||||||||||||||||||||
Issued by FNMA and FHLMC | 189,935 | 5,536 | (1 | ) | 195,470 | 11,341 | 578 | - | 11,919 | ||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 1,625,597 | 26,162 | (5,049 | ) | 1,646,710 | 842,827 | 15,784 | (151 | ) | 858,460 | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 219,149 | 6,677 | - | 225,826 | 147,426 | 3,190 | (89 | ) | 150,527 | ||||||||||||||||||||||||
Asset-backed securities and structured financial products | 29,243 | 855 | - | 30,098 | - | - | - | - | |||||||||||||||||||||||||
Total | $ | 2,340,467 | $ | 46,637 | $ | (5,645 | ) | $ | 2,381,459 | $ | 1,184,554 | $ | 28,197 | $ | (246 | ) | $ | 1,212,505 | |||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 100 | $ | - | $ | - | $ | 100 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | 79,788 | 694 | (826 | ) | 79,656 | - | - | - | - | ||||||||||||||||||||||||
Issued by U.S. Government sponsored agencies | 32,725 | 170 | (77 | ) | 32,818 | 100,971 | 2,631 | - | 103,602 | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 157,001 | 5,325 | (68 | ) | 162,258 | 63,505 | 3,398 | - | 66,903 | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 11,897 | 544 | (14 | ) | 12,427 | 19,115 | 466 | (16 | ) | 19,565 | |||||||||||||||||||||||
Issued by FNMA and FHLMC | 199,599 | 4,842 | - | 204,441 | 11,437 | 471 | - | 11,908 | |||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 1,655,733 | 16,664 | (10,564 | ) | 1,661,833 | 834,176 | 6,440 | (1,916 | ) | 838,700 | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 184,394 | 4,968 | (28 | ) | 189,334 | 141,481 | 1,750 | (1,063 | ) | 142,168 | |||||||||||||||||||||||
Asset-backed securities and structured financial products | 30,776 | 924 | - | 31,700 | - | - | - | - | |||||||||||||||||||||||||
Total | $ | 2,352,013 | $ | 34,131 | $ | (11,577 | ) | $ | 2,374,567 | $ | 1,170,685 | $ | 15,156 | $ | (2,995 | ) | $ | 1,182,846 | |||||||||||||||
Securities with gross unrealized losses, segregated by length of impairment | The table below includes securities with gross unrealized losses segregated by length of impairment at March 31, 2015 and December 31, 2014 ($ in thousands): | ||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||
31-Mar-15 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | $ | - | $ | - | $ | 34,542 | $ | (557 | ) | $ | 34,542 | $ | (557 | ) | |||||||||||||||||||
Obligations of states and political subdivisions | 2,359 | (9 | ) | 2,861 | (23 | ) | 5,220 | (32 | ) | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 5,407 | (12 | ) | - | - | 5,407 | (12 | ) | |||||||||||||||||||||||||
Issued by FNMA and FHLMC | 27 | (1 | ) | - | - | 27 | (1 | ) | |||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 114,658 | (634 | ) | 272,760 | (4,566 | ) | 387,418 | (5,200 | ) | ||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 6,703 | (30 | ) | 26,353 | (59 | ) | 33,056 | (89 | ) | ||||||||||||||||||||||||
Total | $ | 129,154 | $ | (686 | ) | $ | 336,516 | $ | (5,205 | ) | $ | 465,670 | $ | (5,891 | ) | ||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
U.S. Government agency obligations | |||||||||||||||||||||||||||||||||
Issued by U.S. Government agencies | $ | 19,220 | $ | (115 | ) | $ | 32,656 | $ | (711 | ) | $ | 51,876 | $ | (826 | ) | ||||||||||||||||||
Issued by U.S. Government sponsored agencies | 9,948 | (52 | ) | 9,956 | (25 | ) | 19,904 | (77 | ) | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 8,431 | (22 | ) | 3,800 | (46 | ) | 12,231 | (68 | ) | ||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||
Residential mortgage pass-through securities | |||||||||||||||||||||||||||||||||
Guaranteed by GNMA | 7,199 | (22 | ) | 647 | (8 | ) | 7,846 | (30 | ) | ||||||||||||||||||||||||
Other residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 537,033 | (2,449 | ) | 395,342 | (10,031 | ) | 932,375 | (12,480 | ) | ||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Issued or guaranteed by FNMA, FHLMC or GNMA | 9,134 | (3 | ) | 79,829 | (1,088 | ) | 88,963 | (1,091 | ) | ||||||||||||||||||||||||
Total | $ | 590,965 | $ | (2,663 | ) | $ | 522,230 | $ | (11,909 | ) | $ | 1,113,195 | $ | (14,572 | ) | ||||||||||||||||||
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 March 31, | |||||||||||||||||||||||||||||||||
Available for Sale | 2015 | 2014 | |||||||||||||||||||||||||||||||
Proceeds from calls and sales of securities | $ | - | $ | 26,274 | |||||||||||||||||||||||||||||
Gross realized gains | - | 389 | |||||||||||||||||||||||||||||||
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 March 31, 2015, 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 | ||||||||||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 18,840 | $ | 18,955 | $ | 2,441 | $ | 2,460 | |||||||||||||||||||||||||
Due after one year through five years | 136,818 | 141,195 | 11,818 | 12,345 | |||||||||||||||||||||||||||||
Due after five years through ten years | 58,712 | 61,041 | 137,514 | 144,041 | |||||||||||||||||||||||||||||
Due after ten years | 80,013 | 80,252 | 12,326 | 13,350 | |||||||||||||||||||||||||||||
294,383 | 301,443 | 164,099 | 172,196 | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 2,046,084 | 2,080,016 | 1,020,455 | 1,040,309 | |||||||||||||||||||||||||||||
Total | $ | 2,340,467 | $ | 2,381,459 | $ | 1,184,554 | $ | 1,212,505 |
Loans_Held_for_Investment_LHFI1
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI [Abstract] | |||||||||||||||||||||||||||||
Loan portfolio held for investment | At March 31, 2015 and December 31, 2014, LHFI consisted of the following ($ in thousands): | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 691,657 | $ | 619,877 | |||||||||||||||||||||||||
Secured by 1-4 family residential properties | 1,613,993 | 1,634,397 | |||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,516,895 | 1,553,193 | |||||||||||||||||||||||||||
Other real estate secured | 233,322 | 253,787 | |||||||||||||||||||||||||||
Commercial and industrial loans | 1,228,788 | 1,270,350 | |||||||||||||||||||||||||||
Consumer loans | 161,535 | 167,964 | |||||||||||||||||||||||||||
State and other political subdivision loans | 614,330 | 602,727 | |||||||||||||||||||||||||||
Other loans | 353,356 | 347,174 | |||||||||||||||||||||||||||
LHFI | 6,413,876 | 6,449,469 | |||||||||||||||||||||||||||
Less allowance for loan losses, LHFI | 71,321 | 69,616 | |||||||||||||||||||||||||||
Net LHFI | $ | 6,342,555 | $ | 6,379,853 | |||||||||||||||||||||||||
Summary of LHFI evaluated for impairment | The following table details LHFI individually and collectively evaluated for impairment at March 31, 2015 and December 31, 2014 ($ in thousands): | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
LHFI Evaluated for Impairment | |||||||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 20,134 | $ | 671,523 | $ | 691,657 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 23,620 | 1,590,373 | 1,613,993 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 17,887 | 1,499,008 | 1,516,895 | ||||||||||||||||||||||||||
Other real estate secured | 723 | 232,599 | 233,322 | ||||||||||||||||||||||||||
Commercial and industrial loans | 14,057 | 1,214,731 | 1,228,788 | ||||||||||||||||||||||||||
Consumer loans | 96 | 161,439 | 161,535 | ||||||||||||||||||||||||||
State and other political subdivision loans | - | 614,330 | 614,330 | ||||||||||||||||||||||||||
Other loans | 491 | 352,865 | 353,356 | ||||||||||||||||||||||||||
Total | $ | 77,008 | $ | 6,336,868 | $ | 6,413,876 | |||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
LHFI Evaluated for Impairment | |||||||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 13,867 | $ | 606,010 | $ | 619,877 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 25,621 | 1,608,776 | 1,634,397 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 25,717 | 1,527,476 | 1,553,193 | ||||||||||||||||||||||||||
Other real estate secured | 1,318 | 252,469 | 253,787 | ||||||||||||||||||||||||||
Commercial and industrial loans | 12,104 | 1,258,246 | 1,270,350 | ||||||||||||||||||||||||||
Consumer loans | 88 | 167,876 | 167,964 | ||||||||||||||||||||||||||
State and other political subdivision loans | - | 602,727 | 602,727 | ||||||||||||||||||||||||||
Other loans | 628 | 346,546 | 347,174 | ||||||||||||||||||||||||||
Total | $ | 79,343 | $ | 6,370,126 | $ | 6,449,469 | |||||||||||||||||||||||
Impaired financing receivables | At March 31, 2015 and December 31, 2014, the carrying amount of LHFI individually evaluated for impairment consisted of the following ($ in thousands): | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
LHFI | |||||||||||||||||||||||||||||
Unpaid | With No Related | With an | Total | Related | Average | ||||||||||||||||||||||||
Principal | Allowance | Allowance | Carrying | Allowance | Recorded | ||||||||||||||||||||||||
Balance | Recorded | Recorded | Amount | Investment | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 27,082 | $ | 5,360 | $ | 14,774 | $ | 20,134 | $ | 4,097 | $ | 17,001 | |||||||||||||||||
Secured by 1-4 family residential properties | 29,273 | 1,465 | 22,155 | 23,620 | 429 | 24,621 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 19,489 | 6,293 | 11,594 | 17,887 | 2,728 | 21,801 | |||||||||||||||||||||||
Other real estate secured | 812 | - | 723 | 723 | 51 | 1,021 | |||||||||||||||||||||||
Commercial and industrial loans | 16,390 | 2,498 | 11,559 | 14,057 | 6,502 | 13,080 | |||||||||||||||||||||||
Consumer loans | 148 | - | 96 | 96 | - | 92 | |||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | - | |||||||||||||||||||||||
Other loans | 608 | - | 491 | 491 | 209 | 559 | |||||||||||||||||||||||
Total | $ | 93,802 | $ | 15,616 | $ | 61,392 | $ | 77,008 | $ | 14,016 | $ | 78,175 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
LHFI | |||||||||||||||||||||||||||||
Unpaid | With No Related | With an | Total | Related | Average | ||||||||||||||||||||||||
Principal | Allowance | Allowance | Carrying | Allowance | Recorded | ||||||||||||||||||||||||
Balance | Recorded | Recorded | Amount | Investment | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 20,849 | $ | 7,411 | $ | 6,456 | $ | 13,867 | $ | 2,767 | $ | 13,597 | |||||||||||||||||
Secured by 1-4 family residential properties | 31,151 | 1,650 | 23,971 | 25,621 | 450 | 23,612 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 27,969 | 12,868 | 12,849 | 25,717 | 2,787 | 23,763 | |||||||||||||||||||||||
Other real estate secured | 1,594 | - | 1,318 | 1,318 | 52 | 1,322 | |||||||||||||||||||||||
Commercial and industrial loans | 13,916 | 1,206 | 10,898 | 12,104 | 6,449 | 9,195 | |||||||||||||||||||||||
Consumer loans | 152 | - | 88 | 88 | - | 120 | |||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | - | |||||||||||||||||||||||
Other loans | 734 | - | 628 | 628 | 259 | 682 | |||||||||||||||||||||||
Total | $ | 96,365 | $ | 23,135 | $ | 56,208 | $ | 79,343 | $ | 12,764 | $ | 72,291 | |||||||||||||||||
Impact of modifications classified as troubled debt restructurings | The following table illustrates the impact of modifications classified as TDRs as well as those TDRs modified within the last 12 months for which there was a payment default during the period for the three months ended March 31, 2015 and 2014 ($ in thousands): | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
Secured by 1-4 family residential properties | 6 | $ | 378 | $ | 378 | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
Secured by 1-4 family residential properties | 10 | $ | 703 | $ | 694 | ||||||||||||||||||||||||
Troubled debt restructuring subsequently defaulted | Three Months Ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Troubled Debt Restructurings that Subsequently Defaulted | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||||||||
Secured by 1-4 family residential properties | 2 | $ | 183 | - | $ | - | |||||||||||||||||||||||
Troubled debt restructuring related to loans held for investment, excluding covered loans, by loan type | The following table details LHFI classified as TDRs by loan type at March 31, 2015 and 2014 ($ in thousands): | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Accruing | Nonaccrual | Total | |||||||||||||||||||||||||||
Construction, land development and other land loans | $ | - | $ | 3,086 | $ | 3,086 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 1,477 | 3,605 | 5,082 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 834 | 1,121 | 1,955 | ||||||||||||||||||||||||||
Other loans secured by real estate | - | 149 | 149 | ||||||||||||||||||||||||||
Commercial and industrial | - | 511 | 511 | ||||||||||||||||||||||||||
Total Troubled Debt Restructurings by Type | $ | 2,311 | $ | 8,472 | $ | 10,783 | |||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||
Accruing | Nonaccrual | Total | |||||||||||||||||||||||||||
Construction, land development and other land loans | $ | - | $ | 4,757 | $ | 4,757 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 1,540 | 4,141 | 5,681 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | 2,215 | 2,215 | ||||||||||||||||||||||||||
Other loans secured by real estate | - | 164 | 164 | ||||||||||||||||||||||||||
Commercial and industrial | - | 542 | 542 | ||||||||||||||||||||||||||
Total Troubled Debt Restructurings by Type | $ | 1,540 | $ | 11,819 | $ | 13,359 | |||||||||||||||||||||||
Carrying amount of loans by credit quality indicator | The tables below illustrate the carrying amount of LHFI by credit quality indicator at March 31, 2015 and December 31, 2014 ($ in thousands): | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Commercial LHFI | |||||||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | Subtotal | |||||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | ||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 581,894 | $ | 554 | $ | 41,551 | $ | 464 | $ | 624,463 | |||||||||||||||||||
Secured by 1-4 family residential properties | 124,564 | 477 | 6,513 | 283 | 131,837 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,449,377 | 993 | 65,687 | - | 1,516,057 | ||||||||||||||||||||||||
Other real estate secured | 225,962 | 276 | 5,133 | - | 231,371 | ||||||||||||||||||||||||
Commercial and industrial loans | 1,197,042 | 2,654 | 28,432 | 653 | 1,228,781 | ||||||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||||||
State and other political subdivision loans | 597,230 | 7,550 | 9,550 | - | 614,330 | ||||||||||||||||||||||||
Other loans | 346,369 | - | 854 | 418 | 347,641 | ||||||||||||||||||||||||
Total | $ | 4,522,438 | $ | 12,504 | $ | 157,720 | $ | 1,818 | $ | 4,694,480 | |||||||||||||||||||
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 | $ | 66,852 | $ | 220 | $ | - | $ | 122 | $ | 67,194 | $ | 691,657 | |||||||||||||||||
Secured by 1-4 family residential properties | 1,451,991 | 8,601 | 1,207 | 20,357 | 1,482,156 | 1,613,993 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 838 | - | - | - | 838 | 1,516,895 | |||||||||||||||||||||||
Other real estate secured | 1,948 | 3 | - | - | 1,951 | 233,322 | |||||||||||||||||||||||
Commercial and industrial loans | 3 | 4 | - | - | 7 | 1,228,788 | |||||||||||||||||||||||
Consumer loans | 160,882 | 391 | 167 | 95 | 161,535 | 161,535 | |||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | 614,330 | |||||||||||||||||||||||
Other loans | 4,483 | 1,193 | 39 | - | 5,715 | 353,356 | |||||||||||||||||||||||
Total | $ | 1,686,997 | $ | 10,412 | $ | 1,413 | $ | 20,574 | $ | 1,719,396 | $ | 6,413,876 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Commercial LHFI | |||||||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | Subtotal | |||||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | ||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 518,944 | $ | 479 | $ | 37,022 | $ | 196 | $ | 556,641 | |||||||||||||||||||
Secured by 1-4 family residential properties | 125,203 | 1,652 | 7,483 | 213 | 134,551 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,462,226 | 8,431 | 81,661 | - | 1,552,318 | ||||||||||||||||||||||||
Other real estate secured | 246,099 | 306 | 4,975 | - | 251,380 | ||||||||||||||||||||||||
Commercial and industrial loans | 1,239,247 | 4,245 | 26,133 | 719 | 1,270,344 | ||||||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||||||
State and other political subdivision loans | 589,653 | 7,550 | 5,524 | - | 602,727 | ||||||||||||||||||||||||
Other loans | 338,598 | - | 1,255 | 564 | 340,417 | ||||||||||||||||||||||||
Total | $ | 4,519,970 | $ | 22,663 | $ | 164,053 | $ | 1,692 | $ | 4,708,378 | |||||||||||||||||||
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 | $ | 62,897 | $ | 199 | $ | 59 | $ | 81 | $ | 63,236 | $ | 619,877 | |||||||||||||||||
Secured by 1-4 family residential properties | 1,465,355 | 10,429 | 2,367 | 21,695 | 1,499,846 | 1,634,397 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 875 | - | - | - | 875 | 1,553,193 | |||||||||||||||||||||||
Other real estate secured | 2,407 | - | - | - | 2,407 | 253,787 | |||||||||||||||||||||||
Commercial and industrial loans | - | 5 | 1 | - | 6 | 1,270,350 | |||||||||||||||||||||||
Consumer loans | 165,504 | 2,162 | 211 | 87 | 167,964 | 167,964 | |||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | 602,727 | |||||||||||||||||||||||
Other loans | 6,757 | - | - | - | 6,757 | 347,174 | |||||||||||||||||||||||
Total | $ | 1,703,795 | $ | 12,795 | $ | 2,638 | $ | 21,863 | $ | 1,741,091 | $ | 6,449,469 | |||||||||||||||||
Aging analysis of past due loans and Nonaccrual Loans, excluding covered loans by class | The following tables provide an aging analysis of past due and nonaccrual LHFI by class at March 31, 2015 and December 31, 2014 ($ in thousands): | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Nonaccrual | Current | Total LHFI | |||||||||||||||||||||||
or More (1) | Loans | ||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 320 | $ | 1,086 | $ | - | $ | 1,406 | $ | 20,134 | $ | 670,117 | $ | 691,657 | |||||||||||||||
Secured by 1-4 family residential properties | 7,872 | 1,889 | 1,207 | 10,968 | 23,620 | 1,579,405 | 1,613,993 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,640 | 795 | - | 2,435 | 17,887 | 1,496,573 | 1,516,895 | ||||||||||||||||||||||
Other real estate secured | 83 | - | - | 83 | 723 | 232,516 | 233,322 | ||||||||||||||||||||||
Commercial and industrial loans | 947 | 88 | - | 1,035 | 14,057 | 1,213,696 | 1,228,788 | ||||||||||||||||||||||
Consumer loans | 230 | 161 | 167 | 558 | 96 | 160,881 | 161,535 | ||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | 614,330 | 614,330 | ||||||||||||||||||||||
Other loans | 1,379 | 116 | 39 | 1,534 | 491 | 351,331 | 353,356 | ||||||||||||||||||||||
Total | $ | 12,471 | $ | 4,135 | $ | 1,413 | $ | 18,019 | $ | 77,008 | $ | 6,318,849 | $ | 6,413,876 | |||||||||||||||
(1) Past due 90 days or more but still accruing interest. | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Nonaccrual | Current | Total LHFI | |||||||||||||||||||||||
or More (1) | Loans | ||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 248 | $ | 17 | $ | 60 | $ | 325 | $ | 13,867 | $ | 605,685 | $ | 619,877 | |||||||||||||||
Secured by 1-4 family residential properties | 8,424 | 2,428 | 2,367 | 13,219 | 25,621 | 1,595,557 | 1,634,397 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 1,960 | 34 | - | 1,994 | 25,717 | 1,525,482 | 1,553,193 | ||||||||||||||||||||||
Other real estate secured | 80 | - | - | 80 | 1,318 | 252,389 | 253,787 | ||||||||||||||||||||||
Commercial and industrial loans | 2,491 | 306 | 126 | 2,923 | 12,104 | 1,255,323 | 1,270,350 | ||||||||||||||||||||||
Consumer loans | 1,811 | 351 | 211 | 2,373 | 88 | 165,503 | 167,964 | ||||||||||||||||||||||
State and other political subdivision loans | - | - | - | - | - | 602,727 | 602,727 | ||||||||||||||||||||||
Other loans | 132 | 9 | - | 141 | 628 | 346,405 | 347,174 | ||||||||||||||||||||||
Total | $ | 15,146 | $ | 3,145 | $ | 2,764 | $ | 21,055 | $ | 79,343 | $ | 6,349,071 | $ | 6,449,469 | |||||||||||||||
(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 for the periods presented ($ in thousands): | ||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 69,616 | $ | 66,448 | |||||||||||||||||||||||||
Loans charged-off | (3,004 | ) | (3,016 | ) | |||||||||||||||||||||||||
Recoveries | 2,924 | 4,891 | |||||||||||||||||||||||||||
Net (charge-offs) recoveries | (80 | ) | 1,875 | ||||||||||||||||||||||||||
Provision for loan losses, LHFI | 1,785 | (805 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 71,321 | $ | 67,518 | |||||||||||||||||||||||||
The following tables detail the balance in the allowance for loan losses, LHFI by portfolio segment at March 31, 2015 and 2014 ($ in thousands): | |||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||
Balance | Charge-offs | Recoveries | Provision for | Balance | |||||||||||||||||||||||||
January 1, | Loan Losses | March 31, | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 13,073 | $ | (9 | ) | $ | 240 | $ | 2,969 | $ | 16,273 | ||||||||||||||||||
Secured by 1-4 family residential properties | 9,677 | (434 | ) | 43 | (402 | ) | 8,884 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 18,523 | - | 315 | 15 | 18,853 | ||||||||||||||||||||||||
Other real estate secured | 2,141 | (24 | ) | 3 | (42 | ) | 2,078 | ||||||||||||||||||||||
Commercial and industrial loans | 19,917 | (669 | ) | 342 | 487 | 20,077 | |||||||||||||||||||||||
Consumer loans | 2,149 | (498 | ) | 937 | (627 | ) | 1,961 | ||||||||||||||||||||||
State and other political subdivision loans | 1,314 | - | - | (627 | ) | 687 | |||||||||||||||||||||||
Other loans | 2,822 | (1,370 | ) | 1,044 | 12 | 2,508 | |||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 69,616 | $ | (3,004 | ) | $ | 2,924 | $ | 1,785 | $ | 71,321 | ||||||||||||||||||
Disaggregated by Impairment Method | |||||||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 4,097 | $ | 12,176 | $ | 16,273 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 429 | 8,455 | 8,884 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 2,728 | 16,125 | 18,853 | ||||||||||||||||||||||||||
Other real estate secured | 51 | 2,027 | 2,078 | ||||||||||||||||||||||||||
Commercial and industrial loans | 6,502 | 13,575 | 20,077 | ||||||||||||||||||||||||||
Consumer loans | - | 1,961 | 1,961 | ||||||||||||||||||||||||||
State and other political subdivision loans | - | 687 | 687 | ||||||||||||||||||||||||||
Other loans | 209 | 2,299 | 2,508 | ||||||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 14,016 | $ | 57,305 | $ | 71,321 | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Balance | Charge-offs | Recoveries | Provision for | Balance | |||||||||||||||||||||||||
January 1, | Loan Losses | March 31, | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 13,165 | $ | (49 | ) | $ | 2,615 | $ | (3,297 | ) | $ | 12,434 | |||||||||||||||||
Secured by 1-4 family residential properties | 9,633 | (1,282 | ) | 64 | 515 | 8,930 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 19,672 | (47 | ) | 33 | (859 | ) | 18,799 | ||||||||||||||||||||||
Other real estate secured | 2,080 | - | - | 24 | 2,104 | ||||||||||||||||||||||||
Commercial and industrial loans | 15,522 | (121 | ) | 185 | 3,494 | 19,080 | |||||||||||||||||||||||
Consumer loans | 2,405 | (510 | ) | 1,068 | (910 | ) | 2,053 | ||||||||||||||||||||||
State and other political subdivisions loans | 1,205 | - | - | 261 | 1,466 | ||||||||||||||||||||||||
Other loans | 2,766 | (1,007 | ) | 926 | (33 | ) | 2,652 | ||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 66,448 | $ | (3,016 | ) | $ | 4,891 | $ | (805 | ) | $ | 67,518 | |||||||||||||||||
Disaggregated by Impairment Method | |||||||||||||||||||||||||||||
Individually | Collectively | Total | |||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 674 | $ | 11,760 | $ | 12,434 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 244 | 8,686 | 8,930 | ||||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 2,123 | 16,676 | 18,799 | ||||||||||||||||||||||||||
Other real estate secured | 121 | 1,983 | 2,104 | ||||||||||||||||||||||||||
Commercial and industrial loans | 2,111 | 16,969 | 19,080 | ||||||||||||||||||||||||||
Consumer loans | 1 | 2,052 | 2,053 | ||||||||||||||||||||||||||
State and other political subdivisions loans | - | 1,466 | 1,466 | ||||||||||||||||||||||||||
Other loans | 267 | 2,385 | 2,652 | ||||||||||||||||||||||||||
Total allowance for loan losses, LHFI | $ | 5,541 | $ | 61,977 | $ | 67,518 |
Acquired_Loans_Tables
Acquired Loans (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Acquired Loans [Abstract] | |||||||||||||||||||||||||||||
Schedule of covered and noncovered acquired loans by type | At March 31, 2015 and December 31, 2014, acquired loans consisted of the following ($ in thousands): | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Noncovered | Covered | Noncovered | Covered | ||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 51,363 | $ | 1,447 | $ | 58,309 | $ | 1,197 | |||||||||||||||||||||
Secured by 1-4 family residential properties | 111,830 | 11,200 | 116,920 | 13,180 | |||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 177,210 | 5,844 | 202,323 | 7,672 | |||||||||||||||||||||||||
Other real estate secured | 26,819 | 1,469 | 27,813 | 1,096 | |||||||||||||||||||||||||
Commercial and industrial loans | 81,261 | 255 | 88,256 | 277 | |||||||||||||||||||||||||
Consumer loans | 8,494 | - | 9,772 | - | |||||||||||||||||||||||||
Other loans | 21,195 | 56 | 22,390 | 204 | |||||||||||||||||||||||||
Acquired loans | 478,172 | 20,271 | 525,783 | 23,626 | |||||||||||||||||||||||||
Less allowance for loan losses, acquired loans | 11,106 | 731 | 10,541 | 1,518 | |||||||||||||||||||||||||
Net acquired loans | $ | 467,066 | $ | 19,540 | $ | 515,242 | $ | 22,108 | |||||||||||||||||||||
Changes in the carrying value of acquired loans | The following table presents changes in the net carrying value of the acquired loans for the periods presented ($ in thousands): | ||||||||||||||||||||||||||||
Noncovered | Covered | ||||||||||||||||||||||||||||
Acquired | Acquired | Acquired | Acquired | ||||||||||||||||||||||||||
Impaired | Not ASC 310-30 (1) | Impaired | Not ASC 310-30 (1) | ||||||||||||||||||||||||||
Carrying value, net at January 1, 2014 | $ | 639,656 | $ | 123,085 | $ | 30,166 | $ | 1,663 | |||||||||||||||||||||
Accretion to interest income | 44,575 | 1,706 | 4,052 | 1 | |||||||||||||||||||||||||
Payments received, net | (216,378 | ) | (42,284 | ) | (12,396 | ) | (30 | ) | |||||||||||||||||||||
Other (2) | (29,724 | ) | (2,102 | ) | (1,733 | ) | (484 | ) | |||||||||||||||||||||
Less change in allowance for loan losses, acquired loans | (3,978 | ) | 686 | 415 | 454 | ||||||||||||||||||||||||
Carrying value, net at December 31, 2014 | 434,151 | 81,091 | 20,504 | 1,604 | |||||||||||||||||||||||||
Accretion to interest income | 9,452 | 270 | 745 | (1 | ) | ||||||||||||||||||||||||
Payments received, net | (53,314 | ) | (4,175 | ) | (4,097 | ) | (3 | ) | |||||||||||||||||||||
Other (2) | 156 | - | 1 | - | |||||||||||||||||||||||||
Less change in allowance for loan losses, acquired loans | (565 | ) | - | 787 | - | ||||||||||||||||||||||||
Carrying value, net at March 31, 2015 | $ | 389,880 | $ | 77,186 | $ | 17,940 | $ | 1,600 | |||||||||||||||||||||
-1 | "Acquired Not ASC 310-30" loans consist of revolving credit agreements and commercial leases that are not in scope for FASB ASC Topic 310-30, "Loans and Debt Securities Acquired with Deteriorated Credit Quality." | ||||||||||||||||||||||||||||
-2 | Includes acquired loan terminations through foreclosure, charge-off, pool recovery and other terminations. | ||||||||||||||||||||||||||||
Changes in accretable yield of acquired loans | The following table presents changes in the accretable yield for the periods presented ($ in thousands): | ||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Accretable yield at beginning of period | $ | (77,149 | ) | $ | (109,006 | ) | |||||||||||||||||||||||
Accretion to interest income | 10,197 | 12,709 | |||||||||||||||||||||||||||
Disposals | 3,103 | 2,883 | |||||||||||||||||||||||||||
Reclassification to / (from) nonaccretable difference (1) | (6,179 | ) | (11,904 | ) | |||||||||||||||||||||||||
Accretable yield at end of period | $ | (70,028 | ) | $ | (105,318 | ) | |||||||||||||||||||||||
-1 | Reclassifications from nonaccretable difference are due to lower loss expectations and improvements in expected cash flows. | ||||||||||||||||||||||||||||
Components of the allowance for loan losses on acquired loans | The following tables present the components of the allowance for loan losses on acquired loans for the three months ended March 31, 2015 and 2014 ($ in thousands): | ||||||||||||||||||||||||||||
Noncovered | Covered | Total | |||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 10,541 | $ | 1,518 | $ | 12,059 | |||||||||||||||||||||||
Provision for loan losses, acquired loans | 659 | (312 | ) | 347 | |||||||||||||||||||||||||
Loans charged-off | (502 | ) | (516 | ) | (1,018 | ) | |||||||||||||||||||||||
Recoveries | 408 | 41 | 449 | ||||||||||||||||||||||||||
Net charge-offs | (94 | ) | (475 | ) | (569 | ) | |||||||||||||||||||||||
Balance at March 31, 2015 | $ | 11,106 | $ | 731 | $ | 11,837 | |||||||||||||||||||||||
Noncovered | Covered | Total | |||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 7,249 | $ | 2,387 | $ | 9,636 | |||||||||||||||||||||||
Provision for loan losses, acquired loans | 537 | (474 | ) | 63 | |||||||||||||||||||||||||
Loans charged-off | 729 | (53 | ) | 676 | |||||||||||||||||||||||||
Recoveries | 225 | (60 | ) | 165 | |||||||||||||||||||||||||
Net recoveries (charge-offs) | 954 | (113 | ) | 841 | |||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 8,740 | $ | 1,800 | $ | 10,540 | |||||||||||||||||||||||
Carrying amount of acquired loans by credit quality indicator | The tables below illustrate the carrying amount of acquired loans by credit quality indicator at March 31, 2015 and December 31, 2014 ($ in thousands): | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | Subtotal | |||||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | ||||||||||||||||||||||||||
Noncovered Loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 17,743 | $ | 273 | $ | 24,410 | $ | 5,624 | $ | 48,050 | |||||||||||||||||||
Secured by 1-4 family residential properties | 30,997 | 577 | 7,626 | 379 | 39,579 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 137,841 | 3,353 | 34,968 | 1,048 | 177,210 | ||||||||||||||||||||||||
Other real estate secured | 21,709 | 91 | 4,919 | 93 | 26,812 | ||||||||||||||||||||||||
Commercial and industrial loans | 57,852 | 11 | 19,626 | 3,772 | 81,261 | ||||||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||||||
Other loans | 18,613 | 45 | 2,520 | - | 21,178 | ||||||||||||||||||||||||
Total noncovered loans | 284,755 | 4,350 | 94,069 | 10,916 | 394,090 | ||||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | 250 | - | 988 | 119 | 1,357 | ||||||||||||||||||||||||
Secured by 1-4 family residential properties | 1,096 | 214 | 612 | - | 1,922 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 3,993 | 85 | 1,197 | - | 5,275 | ||||||||||||||||||||||||
Other real estate secured | 348 | 123 | 461 | 2 | 934 | ||||||||||||||||||||||||
Commercial and industrial loans | 123 | 23 | 109 | - | 255 | ||||||||||||||||||||||||
Other loans | 53 | - | - | - | 53 | ||||||||||||||||||||||||
Total covered loans | 5,863 | 445 | 3,367 | 121 | 9,796 | ||||||||||||||||||||||||
Total acquired loans | $ | 290,618 | $ | 4,795 | $ | 97,436 | $ | 11,037 | $ | 403,886 | |||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total | ||||||||||||||||||||||||
30-89 Days | 90 Days or More | Acquired Loans | |||||||||||||||||||||||||||
Noncovered Loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | 3,074 | 10 | 229 | $ | - | $ | 3,313 | $ | 51,363 | ||||||||||||||||||||
Secured by 1-4 family residential properties | 66,876 | 2,459 | 2,711 | 205 | 72,251 | 111,830 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | - | - | - | - | 177,210 | |||||||||||||||||||||||
Other real estate secured | 7 | - | - | - | 7 | 26,819 | |||||||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 81,261 | |||||||||||||||||||||||
Consumer loans | 8,371 | 114 | 9 | - | 8,494 | 8,494 | |||||||||||||||||||||||
Other loans | 17 | - | - | - | 17 | 21,195 | |||||||||||||||||||||||
Total noncovered loans | 78,345 | 2,583 | 2,949 | 205 | 84,082 | 478,172 | |||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | 90 | - | - | - | 90 | 1,447 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 8,385 | 388 | 505 | - | 9,278 | 11,200 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 569 | - | - | - | 569 | 5,844 | |||||||||||||||||||||||
Other real estate secured | 500 | - | 35 | - | 535 | 1,469 | |||||||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 255 | |||||||||||||||||||||||
Other loans | 3 | - | - | - | 3 | 56 | |||||||||||||||||||||||
Total covered loans | 9,547 | 388 | 540 | - | 10,475 | 20,271 | |||||||||||||||||||||||
Total acquired loans | 87,892 | $ | 2,971 | $ | 3,489 | $ | 205 | $ | 94,557 | $ | 498,443 | ||||||||||||||||||
-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-14 | |||||||||||||||||||||||||||||
Commercial Loans | |||||||||||||||||||||||||||||
Pass - | Special Mention - | Substandard - | Doubtful - | Subtotal | |||||||||||||||||||||||||
Categories 1-6 | Category 7 | Category 8 | Category 9 | ||||||||||||||||||||||||||
Noncovered Loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 20,224 | $ | 280 | $ | 28,339 | $ | 5,821 | $ | 54,664 | |||||||||||||||||||
Secured by 1-4 family residential properties | 30,796 | 760 | 8,466 | 388 | 40,410 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 157,753 | 3,452 | 39,408 | 1,710 | 202,323 | ||||||||||||||||||||||||
Other real estate secured | 22,754 | 92 | 4,864 | 95 | 27,805 | ||||||||||||||||||||||||
Commercial and industrial loans | 64,720 | 17 | 19,706 | 3,813 | 88,256 | ||||||||||||||||||||||||
Consumer loans | - | - | - | - | - | ||||||||||||||||||||||||
Other loans | 19,706 | 45 | 2,617 | - | 22,368 | ||||||||||||||||||||||||
Total noncovered loans | 315,953 | 4,646 | 103,400 | 11,827 | 435,826 | ||||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | - | - | 955 | 102 | 1,057 | ||||||||||||||||||||||||
Secured by 1-4 family residential properties | 194 | 235 | 1,045 | - | 1,474 | ||||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 4,419 | 88 | 2,879 | - | 7,386 | ||||||||||||||||||||||||
Other real estate secured | - | 108 | 426 | 2 | 536 | ||||||||||||||||||||||||
Commercial and industrial loans | 145 | 24 | 108 | - | 277 | ||||||||||||||||||||||||
Other loans | 204 | - | - | - | 204 | ||||||||||||||||||||||||
Total covered loans | 4,962 | 455 | 5,413 | 104 | 10,934 | ||||||||||||||||||||||||
Total acquired loans | $ | 320,915 | $ | 5,101 | $ | 108,813 | $ | 11,931 | $ | 446,760 | |||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Current | Past Due | Past Due | Nonaccrual | Subtotal | Total | ||||||||||||||||||||||||
30-89 Days | 90 Days or More | Acquired Loans | |||||||||||||||||||||||||||
Noncovered Loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | 3,338 | 25 | 282 | $ | - | $ | 3,645 | $ | 58,309 | ||||||||||||||||||||
Secured by 1-4 family residential properties | 71,316 | 2,335 | 2,742 | 117 | 76,510 | 116,920 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | - | - | - | - | - | 202,323 | |||||||||||||||||||||||
Other real estate secured | 8 | - | - | - | 8 | 27,813 | |||||||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 88,256 | |||||||||||||||||||||||
Consumer loans | 9,634 | 114 | 24 | - | 9,772 | 9,772 | |||||||||||||||||||||||
Other loans | 22 | - | - | - | 22 | 22,390 | |||||||||||||||||||||||
Total noncovered loans | 84,318 | 2,474 | 3,048 | 117 | 89,957 | 525,783 | |||||||||||||||||||||||
Covered Loans: (1) | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | 140 | - | - | - | 140 | 1,197 | |||||||||||||||||||||||
Secured by 1-4 family residential properties | 10,925 | 473 | 308 | - | 11,706 | 13,180 | |||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 286 | - | - | - | 286 | 7,672 | |||||||||||||||||||||||
Other real estate secured | 525 | - | 35 | - | 560 | 1,096 | |||||||||||||||||||||||
Commercial and industrial loans | - | - | - | - | - | 277 | |||||||||||||||||||||||
Other loans | - | - | - | - | - | 204 | |||||||||||||||||||||||
Total covered loans | 11,876 | 473 | 343 | - | 12,692 | 23,626 | |||||||||||||||||||||||
Total acquired loans | $ | 96,194 | $ | 2,947 | $ | 3,391 | $ | 117 | $ | 102,649 | $ | 549,409 | |||||||||||||||||
-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 March 31, 2015 and December 31, 2014 ($ in thousands): | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Nonaccrual (2) | Current | Total Acquired | |||||||||||||||||||||||
or More (1) | Loans | Loans | |||||||||||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 874 | $ | 119 | $ | 18,348 | $ | 19,341 | $ | 190 | $ | 31,832 | $ | 51,363 | |||||||||||||||
Secured by 1-4 family residential properties | 1,991 | 1,529 | 4,649 | 8,169 | 495 | 103,166 | 111,830 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 588 | 31 | 9,077 | 9,696 | - | 167,514 | 177,210 | ||||||||||||||||||||||
Other real estate secured | 6 | - | 1,992 | 1,998 | - | 24,821 | 26,819 | ||||||||||||||||||||||
Commercial and industrial loans | 2,563 | 89 | 1,434 | 4,086 | 1,035 | 76,140 | 81,261 | ||||||||||||||||||||||
Consumer loans | 79 | 35 | 9 | 123 | - | 8,371 | 8,494 | ||||||||||||||||||||||
Other loans | 34 | - | - | 34 | - | 21,161 | 21,195 | ||||||||||||||||||||||
Total noncovered loans | 6,135 | 1,803 | 35,509 | 43,447 | 1,720 | 433,005 | 478,172 | ||||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | - | - | 119 | 119 | - | 1,328 | 1,447 | ||||||||||||||||||||||
Secured by 1-4 family residential properties | 413 | 67 | 706 | 1,186 | - | 10,014 | 11,200 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 292 | 241 | 489 | 1,022 | - | 4,822 | 5,844 | ||||||||||||||||||||||
Other real estate secured | 30 | - | 384 | 414 | - | 1,055 | 1,469 | ||||||||||||||||||||||
Commercial and industrial loans | 5 | - | 42 | 47 | 67 | 141 | 255 | ||||||||||||||||||||||
Other loans | - | - | - | - | - | 56 | 56 | ||||||||||||||||||||||
Total covered loans | 740 | 308 | 1,740 | 2,788 | 67 | 17,416 | 20,271 | ||||||||||||||||||||||
Total acquired loans | $ | 6,875 | $ | 2,111 | $ | 37,249 | $ | 46,235 | $ | 1,787 | $ | 450,421 | $ | 498,443 | |||||||||||||||
(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-14 | |||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Nonaccrual (2) | Current | Total Acquired | |||||||||||||||||||||||
or More (1) | Loans | Loans | |||||||||||||||||||||||||||
Noncovered loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | $ | 246 | $ | 7 | $ | 21,985 | $ | 22,238 | $ | 194 | $ | 35,877 | $ | 58,309 | |||||||||||||||
Secured by 1-4 family residential properties | 2,576 | 981 | 5,162 | 8,719 | 422 | 107,779 | 116,920 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 89 | 865 | 13,275 | 14,229 | - | 188,094 | 202,323 | ||||||||||||||||||||||
Other real estate secured | - | - | 604 | 604 | - | 27,209 | 27,813 | ||||||||||||||||||||||
Commercial and industrial loans | 334 | 128 | 1,099 | 1,561 | 461 | 86,234 | 88,256 | ||||||||||||||||||||||
Consumer loans | 86 | 29 | 24 | 139 | - | 9,633 | 9,772 | ||||||||||||||||||||||
Other loans | - | - | - | - | - | 22,390 | 22,390 | ||||||||||||||||||||||
Total noncovered loans | 3,331 | 2,010 | 42,149 | 47,490 | 1,077 | 477,216 | 525,783 | ||||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||||||
Construction, land development and other land | - | - | 376 | 376 | - | 821 | 1,197 | ||||||||||||||||||||||
Secured by 1-4 family residential properties | 253 | 296 | 477 | 1,026 | - | 12,154 | 13,180 | ||||||||||||||||||||||
Secured by nonfarm, nonresidential properties | 239 | 488 | - | 727 | - | 6,945 | 7,672 | ||||||||||||||||||||||
Other real estate secured | - | - | 368 | 368 | - | 728 | 1,096 | ||||||||||||||||||||||
Commercial and industrial loans | - | - | 42 | 42 | 67 | 168 | 277 | ||||||||||||||||||||||
Other loans | - | - | - | - | - | 204 | 204 | ||||||||||||||||||||||
Total covered loans | 492 | 784 | 1,263 | 2,539 | 67 | 21,020 | 23,626 | ||||||||||||||||||||||
Total acquired loans | $ | 3,823 | $ | 2,794 | $ | 43,412 | $ | 50,029 | $ | 1,144 | $ | 498,236 | $ | 549,409 | |||||||||||||||
(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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Mortgage Banking [Abstract] | |||||||||
Schedule of activity in mortgage servicing rights | The activity in mortgage servicing rights (MSR) is detailed in the table below for the periods presented ($ in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 64,358 | $ | 67,834 | |||||
Origination of servicing assets | 3,126 | 2,315 | |||||||
Change in fair value: | |||||||||
Due to market changes | (2,368 | ) | (723 | ) | |||||
Due to runoff | (2,213 | ) | (1,812 | ) | |||||
Balance at end of period | $ | 62,903 | $ | 67,614 | |||||
Schedule of mortgage loans sold and serviced for others | The table below details the mortgage loans sold and serviced for others at March 31, 2015 and December 31, 2014 ($ in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Federal National Mortgage Association | $ | 3,588,326 | $ | 3,579,987 | |||||
Government National Mortgage Association | 1,922,043 | 1,948,565 | |||||||
Federal Home Loan Mortgage Corporation | 76,987 | 80,551 | |||||||
Other | 47,609 | 27,146 | |||||||
Total mortage loans sold and serviced for others | $ | 5,634,965 | $ | 5,636,249 | |||||
Changes in the reserve for mortgage loan servicing putback expense | Changes in the reserve for mortgage loan servicing putback expense for mortgage loans delivered to FNMA in periods not covered by the November 2013 Resolution Agreement between Trustmark and FNMA and to other entities were as follows for the periods presented ($ in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 1,170 | $ | 1,050 | |||||
Provision for putback expenses | - | 150 | |||||||
Losses | - | (72 | ) | ||||||
Balance at end of period | $ | 1,170 | $ | 1,128 |
Other_Real_Estate_and_Covered_1
Other Real Estate and Covered Other Real Estate (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Real Estate and Covered Other Real Estate [Abstract] | |||||||||
Changes and gains (losses), net on non-covered other real estate | For the periods presented, changes and gains (losses), net on other real estate, excluding covered other real estate, were as follows ($ in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 92,509 | $ | 106,539 | |||||
Additions | 8,656 | 13,694 | |||||||
Disposals | (10,108 | ) | (7,594 | ) | |||||
Write-downs | (882 | ) | (1,103 | ) | |||||
Balance at end of period | $ | 90,175 | $ | 111,536 | |||||
Gain (Loss), net on the sale of other real estate included in ORE/Foreclosure expense | $ | 1,420 | $ | (415 | ) | ||||
Other real estate by type of property | At March 31, 2015 and December 31, 2014, other real estate, excluding covered other real estate, by type of property consisted of the following ($ in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Construction, land development and other land properties | $ | 59,286 | $ | 61,015 | |||||
1-4 family residential properties | 8,637 | 10,150 | |||||||
Nonfarm, nonresidential properties | 20,757 | 19,696 | |||||||
Other real estate properties | 1,495 | 1,648 | |||||||
Total other real estate, excluding covered other real estate | $ | 90,175 | $ | 92,509 | |||||
Other real estate by geographic location | At March 31, 2015 and December 31, 2014, other real estate, excluding covered other real estate, by geographic location consisted of the following ($ in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Alabama | $ | 21,795 | $ | 21,196 | |||||
Florida | 34,746 | 35,324 | |||||||
Mississippi (1) | 15,143 | 17,397 | |||||||
Tennessee (2) | 10,072 | 10,292 | |||||||
Texas | 8,419 | 8,300 | |||||||
Total other real estate, excluding covered other real estate | $ | 90,175 | $ | 92,509 | |||||
(1) - Mississippi includes Central and Southern Mississippi Regions | |||||||||
(2) - Tennessee includes Memphis, Tennessee and Northern Mississippi Regions | |||||||||
Changes and gains (losses), net on covered other real estate | For the periods presented, changes and losses, net on covered other real estate were as follows ($ in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 6,060 | $ | 5,108 | |||||
Transfers from covered loans | - | 98 | |||||||
FASB ASC 310-30 adjustment for the residual recorded investment | (903 | ) | (52 | ) | |||||
Net transfers from covered loans | (903 | ) | 46 | ||||||
Disposals | (221 | ) | (315 | ) | |||||
Write-downs | (142 | ) | (80 | ) | |||||
Balance at end of period | $ | 4,794 | $ | 4,759 | |||||
Loss, net on the sale of covered other real estate included in ORE/Foreclosure expense | $ | (53 | ) | $ | (120 | ) | |||
Covered other real estate by type of property | At March 31, 2015 and December 31, 2014, covered other real estate by type of property consisted of the following ($ in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Construction, land development and other land properties | $ | 942 | $ | 1,917 | |||||
1-4 family residential properties | 1,126 | 1,103 | |||||||
Nonfarm, nonresidential properties | 1,998 | 2,296 | |||||||
Other real estate properties | 728 | 744 | |||||||
Total covered other real estate | $ | 4,794 | $ | 6,060 |
FDIC_Indemnification_Asset_Tab
FDIC Indemnification Asset (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
FDIC Indemnification Asset [Abstract] | |||||||||
Changes in FDIC indemnification asset | For the periods presented, changes in the FDIC indemnification asset were as follows ($ in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 6,997 | $ | 14,347 | |||||
Amortization | (430 | ) | (332 | ) | |||||
Transfers to FDIC claims | (1,283 | ) | (139 | ) | |||||
Change in expected cash flows | (391 | ) | (239 | ) | |||||
Change in FDIC true-up provision | (150 | ) | (150 | ) | |||||
Balance at end of period | $ | 4,743 | $ | 13,487 |
Deposits_Tables
Deposits (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Deposits [Abstract] | |||||||||
Deposits summary | Deposits consisted of the following at March 31, 2015 and December 31, 2014 ($ in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Noninterest-bearing demand | $ | 2,936,875 | $ | 2,748,635 | |||||
Interest-bearing demand | 1,800,186 | 1,722,581 | |||||||
Savings | 3,271,050 | 3,280,060 | |||||||
Time | 1,898,879 | 1,947,082 | |||||||
Total | $ | 9,906,990 | $ | 9,698,358 |
Defined_Benefit_and_Other_Post1
Defined Benefit and Other Postretirement Benefits (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Trustmark Capital Accumulation Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Net periodic benefit cost | The following table presents information regarding the net periodic benefit cost for Trustmark’s qualified defined benefit pension plans for the periods presented ($ in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Service cost | $ | 131 | $ | 124 | |||||
Interest cost | 862 | 1,321 | |||||||
Expected return on plan assets | (1,296 | ) | (1,558 | ) | |||||
Recognized net loss due to lump sum settlements | 417 | 375 | |||||||
Recognized net actuarial loss | 967 | 736 | |||||||
Net periodic benefit cost | $ | 1,081 | $ | 998 | |||||
Supplemental Retirement Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Net periodic benefit cost | The following table presents information regarding the net periodic benefit cost for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Service cost | $ | 108 | $ | 73 | |||||
Interest cost | 524 | 554 | |||||||
Amortization of prior service cost | 63 | 63 | |||||||
Recognized net actuarial loss | 253 | 170 | |||||||
Net periodic benefit cost | $ | 948 | $ | 860 |
Stock_and_Incentive_Compensati1
Stock and Incentive Compensation Plans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Stock and Incentive Compensation Plans [Abstract] | |||||||||
Summary of stock and incentive plans' vesting periods and contractual terms | The following table summarizes the vesting periods for awards granted under the 2005 Plan (in years): | ||||||||
Vesting Period | |||||||||
Performance awards (includes acheivement shares for grants after 2013) | 3 | ||||||||
Achievement shares from performance grants prior to 2013 | 3 | ||||||||
Time-vested awards | 3 | ||||||||
Summary of stock and incentive plan activity | The following table summarizes the activity for awards granted under the 2005 Plan for the period presented: | ||||||||
Three Months Ended March 31, 2015 | |||||||||
Performance Awards | Time-Vested Awards | ||||||||
Outstanding/Nonvested shares, beginning of period | 181,195 | 263,905 | |||||||
Granted | 84,899 | 120,314 | |||||||
Exercised or released from restriction | (47,360 | ) | (63,209 | ) | |||||
Forfeited | (6,425 | ) | (2,677 | ) | |||||
Outstanding/Nonvested shares, end of period | 212,309 | 318,333 | |||||||
Compensation expense for stock and incentive plans | The following table presents information regarding compensation expense for awards under the 2005 Plan for the periods presented ($ in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Performance awards | $ | 246 | $ | 263 | |||||
Time-vested awards | 605 | 928 | |||||||
Total compensation expense | $ | 851 | $ | 1,191 |
Earnings_Per_Share_EPS_Tables
Earnings Per Share (EPS) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share (EPS) [Abstract] | |||||||||
Weighted-average shares used to calculate basic and diluted EPS | The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Basic shares | 67,526 | 67,410 | |||||||
Dilutive shares | 113 | 140 | |||||||
Diluted shares | 67,639 | 67,550 | |||||||
Weighted-average antidilutive stock awards | Weighted-average antidilutive stock awards were excluded in determining diluted EPS. The following table reflects weighted-average antidilutive stock awards for the periods presented (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Weighted-average antidilutive stock awards | - | 117 |
Statements_of_Cash_Flows_Table
Statements of Cash Flows (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Statements of Cash Flows [Abstract] | |||||||||
Cash Flows Supplementary Disclosures | The following table reflects specific transaction amounts for the periods presented ($ in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Income taxes paid | $ | 351 | $ | 350 | |||||
Interest expense paid on deposits and borrowings | 4,428 | 5,475 | |||||||
Noncash transfers from loans to other real estate (1) | 7,753 | 13,740 | |||||||
(1) Includes transfers from covered loans to covered other real estate. |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Shareholders' Equity [Abstract] | |||||||||||||||||
Table of actual regulatory capital amounts and ratios | The following table provides Trustmark's and TNB's actual regulatory capital amounts and ratios under regulatory capital standards in effect at March 31, 2015 (Basel III) and December 31, 2014 (Basel I) ($ in thousands): | ||||||||||||||||
Actual | Minimum | To Be Well | |||||||||||||||
Regulatory Capital | |||||||||||||||||
Amount | Ratio | Requirement | Capitalized | ||||||||||||||
At March 31, 2015: | |||||||||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,117,340 | 13.14 | % | 4.5 | % | n/ | a | |||||||||
Trustmark National Bank | 1,156,239 | 13.6 | % | 4.5 | % | 6.5 | % | ||||||||||
Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,175,578 | 13.83 | % | 6 | % | n/ | a | |||||||||
Trustmark National Bank | 1,156,239 | 13.6 | % | 6 | % | 8 | % | ||||||||||
Total Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,268,725 | 14.92 | % | 8 | % | n/ | a | |||||||||
Trustmark National Bank | 1,249,386 | 14.7 | % | 8 | % | 10 | % | ||||||||||
Tier 1 Leverage (to Average Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,175,578 | 9.99 | % | 4 | % | n/ | a | |||||||||
Trustmark National Bank | 1,156,239 | 9.84 | % | 4 | % | 5 | % | ||||||||||
At December 31, 2014: | |||||||||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,069,630 | 12.75 | % | n/ | a | n/ | a | |||||||||
Trustmark National Bank | 1,108,399 | 13.24 | % | n/ | a | n/ | a | ||||||||||
Tier 1 Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,129,630 | 13.47 | % | 4 | % | n/ | a | |||||||||
Trustmark National Bank | 1,108,399 | 13.24 | % | 4 | % | 6 | % | ||||||||||
Total Capital (to Risk Weighted Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,221,292 | 14.56 | % | 8 | % | n/ | a | |||||||||
Trustmark National Bank | 1,198,697 | 14.32 | % | 8 | % | 10 | % | ||||||||||
Tier 1 Leverage (to Average Assets) | |||||||||||||||||
Trustmark Corporation | $ | 1,129,630 | 9.63 | % | 4 | % | n/ | a | |||||||||
Trustmark National Bank | 1,108,399 | 9.46 | % | 4 | % | 5 | % | ||||||||||
Components of accumulated other comprehensive income (loss) and the related tax effects | The following table presents the components of accumulated other comprehensive loss and the related tax effects allocated to each component for the three months ended March 31, 2015 and 2014 ($ 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, recognized net loss due to lump sum settlements and change in net actuarial loss on pension and other postretirement benefit plans are included in the computation of net periodic benefit cost (see Note 9 – Defined Benefit and Other Postretirement Benefits for additional details). Reclassification adjustments related to the cash flow hedge derivative are included in other interest expense in the accompanying consolidated statements of income. | ||||||||||||||||
Before Tax | Tax (Expense) | Net of Tax | |||||||||||||||
Amount | Benefit | Amount | |||||||||||||||
Three Months Ended March 31, 2015: | |||||||||||||||||
Securities available for sale and transferred securities: | |||||||||||||||||
Unrealized holding gains arising during the period | $ | 18,438 | $ | (7,052 | ) | $ | 11,386 | ||||||||||
Reclassification adjustment for net gains realized in net income | - | - | - | ||||||||||||||
Change in net unrealized holding loss on securities transferred to held to maturity | 1,415 | (541 | ) | 874 | |||||||||||||
Total securities available for sale and transferred securities | 19,853 | (7,593 | ) | 12,260 | |||||||||||||
Pension and other postretirement benefit plans: | |||||||||||||||||
Net change in prior service costs | 63 | (24 | ) | 39 | |||||||||||||
Recognized net loss due to lump sum settlements | 417 | (160 | ) | 257 | |||||||||||||
Change in net actuarial loss | 1,220 | (466 | ) | 754 | |||||||||||||
Total pension and other postretirement benefit plans | 1,700 | (650 | ) | 1,050 | |||||||||||||
Derivatives: | |||||||||||||||||
Change in accumulated gain on effective cash flow hedge derivatives | (985 | ) | 377 | (608 | ) | ||||||||||||
Reclassification adjustment for loss realized in net income | 211 | (81 | ) | 130 | |||||||||||||
Total cash flow hedge derivatives | (774 | ) | 296 | (478 | ) | ||||||||||||
Total other comprehensive income | $ | 20,779 | $ | (7,947 | ) | $ | 12,832 | ||||||||||
Three Months Ended March 31, 2014: | |||||||||||||||||
Securities available for sale and transferred securities: | |||||||||||||||||
Unrealized holding gains arising during the period | $ | 6,848 | $ | (2,619 | ) | $ | 4,229 | ||||||||||
Reclassification adjustment for net gains realized in net income | (389 | ) | 149 | (240 | ) | ||||||||||||
Change in net unrealized holding loss on securities transferred to held to maturity | 1,333 | (510 | ) | 823 | |||||||||||||
Total securities available for sale and transferred securities | 7,792 | (2,980 | ) | 4,812 | |||||||||||||
Pension and other postretirement benefit plans: | |||||||||||||||||
Net change in prior service costs | 63 | (24 | ) | 39 | |||||||||||||
Recognized net loss due to lump sum settlements | 375 | (143 | ) | 232 | |||||||||||||
Change in net actuarial loss | 906 | (347 | ) | 559 | |||||||||||||
Total pension and other postretirement benefit plans | 1,344 | (514 | ) | 830 | |||||||||||||
Derivatives: | |||||||||||||||||
Change in accumulated gain on effective cash flow hedge derivatives | (661 | ) | 253 | (408 | ) | ||||||||||||
Total other comprehensive income | $ | 8,475 | $ | (3,241 | ) | $ | 5,234 | ||||||||||
Components of reclassifications out of accumulated other comprehensive income | The following table presents the changes in the balances of each component of accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014 ($ in thousands). All amounts are presented net of tax. | ||||||||||||||||
Securities | Defined | Cash Flow | Total | ||||||||||||||
Available for Sale | Benefit | Hedge | |||||||||||||||
and Transferred | Pension Items | Derivatives | |||||||||||||||
Securities | |||||||||||||||||
Balance at January 1, 2015 | $ | (11,003 | ) | $ | (31,617 | ) | $ | 136 | $ | (42,484 | ) | ||||||
Other comprehensive income before reclassification | 12,260 | 1,050 | (608 | ) | 12,702 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | - | - | 130 | 130 | |||||||||||||
Net other comprehensive income (loss) | 12,260 | 1,050 | (478 | ) | 12,832 | ||||||||||||
Balance at March 31, 2015 | $ | 1,257 | $ | (30,567 | ) | $ | (342 | ) | $ | (29,652 | ) | ||||||
Balance at January 1, 2014 | $ | (25,462 | ) | $ | (19,793 | ) | $ | 1,524 | $ | (43,731 | ) | ||||||
Other comprehensive income (loss) before reclassification | 5,052 | 830 | (408 | ) | 5,474 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (240 | ) | - | - | (240 | ) | |||||||||||
Net other comprehensive income (loss) | 4,812 | 830 | (408 | ) | 5,234 | ||||||||||||
Balance at March 31, 2014 | $ | (20,650 | ) | $ | (18,963 | ) | $ | 1,116 | $ | (38,497 | ) |
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014, 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 three months ended March 31, 2015 and the year ended December 31, 2014. | ||||||||||||||||
31-Mar-15 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
U.S. Government agency obligations | $ | 111,191 | $ | - | $ | 111,191 | $ | - | |||||||||
Obligations of states and political subdivisions | 160,154 | - | 160,154 | - | |||||||||||||
Mortgage-backed securities | 2,080,016 | - | 2,080,016 | - | |||||||||||||
Asset-backed securities and structured financial products | 30,098 | - | 30,098 | - | |||||||||||||
Securities available for sale | 2,381,459 | - | 2,381,459 | - | |||||||||||||
Loans held for sale | 150,365 | - | 150,365 | - | |||||||||||||
Mortgage servicing rights | 62,903 | - | - | 62,903 | |||||||||||||
Other assets - derivatives | 7,814 | 1,908 | 3,318 | 2,588 | |||||||||||||
Other liabilities - derivatives | 6,326 | 917 | 5,409 | - | |||||||||||||
31-Dec-14 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
U.S. Treasury securities | $ | 100 | $ | - | $ | 100 | $ | - | |||||||||
U.S. Government agency obligations | 112,474 | - | 112,474 | - | |||||||||||||
Obligations of states and political subdivisions | 162,258 | - | 162,258 | - | |||||||||||||
Mortgage-backed securities | 2,068,035 | - | 2,068,035 | - | |||||||||||||
Asset-backed securities and structured financial products | 31,700 | - | 31,700 | - | |||||||||||||
Securities available for sale | 2,374,567 | - | 2,374,567 | - | |||||||||||||
Loans held for sale | 132,196 | - | 132,196 | - | |||||||||||||
Mortgage servicing rights | 64,358 | - | - | 64,358 | |||||||||||||
Other assets - derivatives | 5,527 | 1,181 | 3,047 | 1,299 | |||||||||||||
Other liabilities - derivatives | 4,338 | 490 | 3,848 | - | |||||||||||||
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 three months ended March 31, 2015 and 2014 are summarized as follows ($ in thousands): | ||||||||||||||||
MSR | Other Assets - | ||||||||||||||||
Derivatives | |||||||||||||||||
Balance, January 1, 2015 | $ | 64,358 | $ | 1,299 | |||||||||||||
Total net (loss) gain included in Mortgage banking, net (1) | (4,581 | ) | 2,410 | ||||||||||||||
Additions | 3,126 | - | |||||||||||||||
Sales | - | (1,121 | ) | ||||||||||||||
Balance, March 31, 2015 | $ | 62,903 | $ | 2,588 | |||||||||||||
The amount of total losses for the period included in | $ | (2,368 | ) | $ | (34 | ) | |||||||||||
earnings that are attributable to the change in unrealized | |||||||||||||||||
gains or losses still held at March 31, 2015 | |||||||||||||||||
Balance, January 1, 2014 | $ | 67,834 | $ | 126 | |||||||||||||
Total net (loss) gain included in Mortgage banking, net (1) | (2,535 | ) | 802 | ||||||||||||||
Additions | 2,315 | - | |||||||||||||||
Sales | - | (112 | ) | ||||||||||||||
Balance, March 31, 2014 | $ | 67,614 | $ | 816 | |||||||||||||
The amount of total losses for the period included in | $ | (723 | ) | $ | (96 | ) | |||||||||||
earnings that are attributable to the change in unrealized | |||||||||||||||||
gains or losses still held at March 31, 2014 | |||||||||||||||||
-1 | Total net (loss) gain included in Mortgage banking, net relating to MSR includes changes in fair value due to market changes and due to run-off. | ||||||||||||||||
Carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments at March 31, 2015 and December 31, 2014, are as follows ($ in thousands): | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Financial Assets: | |||||||||||||||||
Level 2 Inputs: | |||||||||||||||||
Cash and short-term investments | $ | 335,244 | $ | 335,244 | $ | 317,858 | $ | 317,858 | |||||||||
Securities held to maturity | 1,184,554 | 1,212,505 | 1,170,685 | 1,182,846 | |||||||||||||
Level 3 Inputs: | |||||||||||||||||
Net LHFI | 6,342,555 | 6,411,826 | 6,379,853 | 6,453,618 | |||||||||||||
Net acquired loans | 486,606 | 486,606 | 537,350 | 537,350 | |||||||||||||
FDIC indemnification asset | 4,743 | 4,743 | 6,997 | 6,997 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Level 2 Inputs: | |||||||||||||||||
Deposits | 9,906,990 | 9,911,477 | 9,698,358 | 9,702,864 | |||||||||||||
Short-term liabilities | 573,757 | 573,757 | 868,620 | 868,620 | |||||||||||||
Long-term FHLB advances | 1,222 | 1,231 | 1,253 | 1,263 | |||||||||||||
Subordinated notes | 49,944 | 53,063 | 49,936 | 53,504 | |||||||||||||
Junior subordinated debt securities | 61,856 | 46,392 | 61,856 | 46,392 | |||||||||||||
Fair value and the contractual principal outstanding of the LHFS | The following table provides information about the fair value and the contractual principal outstanding of the LHFS accounted for under the fair value option as of March 31, 2015 and December 31, 2014 ($ in thousands): | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Fair value of LHFS | $ | 133,754 | $ | 91,182 | |||||||||||||
LHFS contractual principal outstanding | 129,595 | 88,106 | |||||||||||||||
Fair value less unpaid principal | $ | 4,159 | $ | 3,076 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 of March 31, 2015 and December 31, 2014 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Derivatives in hedging relationships | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Interest rate swaps included in other assets | $ | (553 | ) | $ | 221 | ||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Futures contracts included in other assets | $ | 1,525 | $ | 928 | |||||||||||||||||||||
Exchange traded purchased options included in other assets | 383 | 253 | |||||||||||||||||||||||
OTC written options (rate locks) included in other assets | 2,588 | 1,299 | |||||||||||||||||||||||
Interest rate swaps included in other assets | 3,842 | 2,804 | |||||||||||||||||||||||
Credit risk participation agreements included in other assets | 29 | 22 | |||||||||||||||||||||||
Forward contracts included in other liabilities | 1,440 | 1,014 | |||||||||||||||||||||||
Exchange traded written options included in other liabilities | 917 | 490 | |||||||||||||||||||||||
Interest rate swaps included in other liabilities | 3,944 | 2,813 | |||||||||||||||||||||||
Credit risk participation agreements included in other liabilities | 25 | 21 | |||||||||||||||||||||||
Effects of derivative instruments on statements of operations | Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Derivatives in hedging relationships | |||||||||||||||||||||||||
Amount of loss reclassified from accumulated other comprehensive loss and recognized in other interest expense | $ | (211 | ) | $ | - | ||||||||||||||||||||
Amount of loss recognized in mortgage banking, net | - | (2,029 | ) | ||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Amount of gain recognized in mortgage banking, net | $ | 4,550 | $ | 3,276 | |||||||||||||||||||||
Amount of loss recognized in bank card and other fees | (84 | ) | (121 | ) | |||||||||||||||||||||
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 income for derivative instruments designated as cash flow hedges for the three months ended March 31, 2015 and 2014 ($ in thousands): | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Derivatives in cash flow hedging relationship | |||||||||||||||||||||||||
Amount of loss recognized in other comprehensive income | $ | (608 | ) | $ | (408 | ) | |||||||||||||||||||
Information about financial instruments that are eligible for offset in the consolidated balance sheets | Information about financial instruments that are eligible for offset in the consolidated balance sheets as of March 31, 2015 and December 31, 2014 is presented in the following tables ($ in thousands): | ||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Assets presented | |||||||||||||||||||||||
Recognized | Statement of | in the Statement of | |||||||||||||||||||||||
Assets | Financial Position | Financial Position | |||||||||||||||||||||||
Derivatives | $ | 3,289 | $ | - | $ | 3,289 | $ | - | $ | - | $ | 3,289 | |||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Liabilities presented | Instruments | Posted | |||||||||||||||||||||
Recognized | Statement of | in the Statement of | |||||||||||||||||||||||
Liabilities | Financial Position | Financial Position | |||||||||||||||||||||||
Derivatives | $ | 3,944 | $ | - | $ | 3,944 | $ | - | $ | 1,128 | $ | 2,816 | |||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Assets presented in | Instruments | Received | |||||||||||||||||||||
Recognized | Statement of | the Statement of | |||||||||||||||||||||||
Assets | Financial Position | Financial Position | |||||||||||||||||||||||
Derivatives | $ | 3,025 | $ | - | $ | 3,025 | $ | (347 | ) | $ | - | $ | 2,678 | ||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Financial | Cash Collateral | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Liabilities presented | Instruments | Posted | |||||||||||||||||||||
Recognized | Statement of | in the Statement of | |||||||||||||||||||||||
Liabilities | Financial Position | Financial Position | |||||||||||||||||||||||
Derivatives | $ | 2,813 | $ | - | $ | 2,813 | $ | (347 | ) | $ | - | $ | 2,466 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 March 31, | |||||||||
2015 | 2014 | ||||||||
General Banking | |||||||||
Net interest income | $ | 97,260 | $ | 94,686 | |||||
Provision for loan losses, net | 2,132 | (742 | ) | ||||||
Noninterest income | 25,740 | 27,883 | |||||||
Noninterest expense | 85,517 | 88,587 | |||||||
Income before income taxes | 35,351 | 34,724 | |||||||
Income taxes | 8,084 | 7,913 | |||||||
General banking net income | $ | 27,267 | $ | 26,811 | |||||
Selected Financial Information | |||||||||
Average assets | $ | 12,053,721 | $ | 11,851,429 | |||||
Depreciation and amortization | $ | 8,875 | $ | 8,481 | |||||
Wealth Management | |||||||||
Net interest income | $ | 55 | $ | 148 | |||||
Noninterest income | 8,007 | 8,097 | |||||||
Noninterest expense | 6,770 | 6,434 | |||||||
Income before income taxes | 1,292 | 1,811 | |||||||
Income taxes | 513 | 601 | |||||||
Wealth management net income | $ | 779 | $ | 1,210 | |||||
Selected Financial Information | |||||||||
Average assets | $ | 3,263 | $ | 1,945 | |||||
Depreciation and amortization | $ | 46 | $ | 45 | |||||
Insurance | |||||||||
Net interest income | $ | 77 | $ | 70 | |||||
Noninterest income | 8,616 | 8,098 | |||||||
Noninterest expense | 6,929 | 6,597 | |||||||
Income before income taxes | 1,764 | 1,571 | |||||||
Income taxes | 662 | 589 | |||||||
Insurance net income | $ | 1,102 | $ | 982 | |||||
Selected Financial Information | |||||||||
Average assets | $ | 68,319 | $ | 65,442 | |||||
Depreciation and amortization | $ | 159 | $ | 230 | |||||
Consolidated | |||||||||
Net interest income | $ | 97,392 | $ | 94,904 | |||||
Provision for loan losses, net | 2,132 | (742 | ) | ||||||
Noninterest income | 42,363 | 44,078 | |||||||
Noninterest expense | 99,216 | 101,618 | |||||||
Income before income taxes | 38,407 | 38,106 | |||||||
Income taxes | 9,259 | 9,103 | |||||||
Consolidated net income | $ | 29,148 | $ | 29,003 | |||||
Selected Financial Information | |||||||||
Average assets | $ | 12,125,303 | $ | 11,918,816 | |||||
Depreciation and amortization | $ | 9,080 | $ | 8,756 |
Business_Basis_of_Financial_St1
Business, Basis of Financial Statement Presentation and Principles of Consolidation (Details) | Mar. 31, 2015 |
Office | |
Business, Basis of Financial Statement Presentation and Principles of Consolidation [Abstract] | |
Number of offices | 202 |
Securities_Available_for_Sale_2
Securities Available for Sale and Held to Maturity (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | $2,340,467 | $2,352,013 |
Gross Unrealized Gains | 46,637 | 34,131 |
Gross Unrealized (Losses) | -5,645 | -11,577 |
Estimated Fair Value | 2,381,459 | 2,374,567 |
Securities Held to Maturity [Abstract] | ||
Amortized Cost | 1,184,554 | 1,170,685 |
Gross Unrealized Gains | 28,197 | 15,156 |
Gross Unrealized (Losses) | -246 | -2,995 |
Estimated Fair Value | 1,212,505 | 1,182,846 |
US Treasury Securities [Member] | ||
Securities Held to Maturity [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] | ||
Securities Held to Maturity [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] | ||
Securities Held to Maturity [Abstract] | ||
Amortized Cost | 101,171 | 100,971 |
Gross Unrealized Gains | 4,358 | 2,631 |
Gross Unrealized (Losses) | 0 | 0 |
Estimated Fair Value | 105,529 | 103,602 |
Obligations of States and Political Subdivisions [Member] | ||
Securities Held to Maturity [Abstract] | ||
Amortized Cost | 62,928 | 63,505 |
Gross Unrealized Gains | 3,739 | 3,398 |
Gross Unrealized (Losses) | 0 | 0 |
Estimated Fair Value | 66,667 | 66,903 |
Residential Mortgage Pass Through Securities Guaranteed by GNMA [Member] | ||
Securities Held to Maturity [Abstract] | ||
Amortized Cost | 18,861 | 19,115 |
Gross Unrealized Gains | 548 | 466 |
Gross Unrealized (Losses) | -6 | -16 |
Estimated Fair Value | 19,403 | 19,565 |
Residential Mortgage Pass Through Securities Issued by FNMA and FHLMC [Member] | ||
Securities Held to Maturity [Abstract] | ||
Amortized Cost | 11,341 | 11,437 |
Gross Unrealized Gains | 578 | 471 |
Gross Unrealized (Losses) | 0 | 0 |
Estimated Fair Value | 11,919 | 11,908 |
Other Residential Mortgage Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ||
Securities Held to Maturity [Abstract] | ||
Amortized Cost | 842,827 | 834,176 |
Gross Unrealized Gains | 15,784 | 6,440 |
Gross Unrealized (Losses) | -151 | -1,916 |
Estimated Fair Value | 858,460 | 838,700 |
Commercial Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ||
Securities Held to Maturity [Abstract] | ||
Amortized Cost | 147,426 | 141,481 |
Gross Unrealized Gains | 3,190 | 1,750 |
Gross Unrealized (Losses) | -89 | -1,063 |
Estimated Fair Value | 150,527 | 142,168 |
Asset-Backed Securities and Structured Financial Products [Member] | ||
Securities Held to Maturity [Abstract] | ||
Amortized Cost | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Estimated Fair Value | 0 | 0 |
US Treasury Securities [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 100 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized (Losses) | 0 | |
Estimated Fair Value | 100 | |
U.S. Government Agency Obligations Issued by U.S. Government Agencies [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 77,812 | 79,788 |
Gross Unrealized Gains | 860 | 694 |
Gross Unrealized (Losses) | -557 | -826 |
Estimated Fair Value | 78,115 | 79,656 |
U.S. Government Agency Obligations Issued by U.S. Government Sponsored Agencies [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 32,737 | 32,725 |
Gross Unrealized Gains | 339 | 170 |
Gross Unrealized (Losses) | 0 | -77 |
Estimated Fair Value | 33,076 | 32,818 |
Obligations of States and Political Subdivisions [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 154,591 | 157,001 |
Gross Unrealized Gains | 5,595 | 5,325 |
Gross Unrealized (Losses) | -32 | -68 |
Estimated Fair Value | 160,154 | 162,258 |
Residential Mortgage Pass Through Securities Guaranteed by GNMA [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 11,403 | 11,897 |
Gross Unrealized Gains | 613 | 544 |
Gross Unrealized (Losses) | -6 | -14 |
Estimated Fair Value | 12,010 | 12,427 |
Residential Mortgage Pass Through Securities Issued by FNMA and FHLMC [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 189,935 | 199,599 |
Gross Unrealized Gains | 5,536 | 4,842 |
Gross Unrealized (Losses) | -1 | 0 |
Estimated Fair Value | 195,470 | 204,441 |
Other Residential Mortgage Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 1,625,597 | 1,655,733 |
Gross Unrealized Gains | 26,162 | 16,664 |
Gross Unrealized (Losses) | -5,049 | -10,564 |
Estimated Fair Value | 1,646,710 | 1,661,833 |
Commercial Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 219,149 | 184,394 |
Gross Unrealized Gains | 6,677 | 4,968 |
Gross Unrealized (Losses) | 0 | -28 |
Estimated Fair Value | 225,826 | 189,334 |
Asset-Backed Securities and Structured Financial Products [Member] | ||
Securities Available for Sale [Abstract] | ||
Amortized Cost | 29,243 | 30,776 |
Gross Unrealized Gains | 855 | 924 |
Gross Unrealized (Losses) | 0 | 0 |
Estimated Fair Value | $30,098 | $31,700 |
Securities_Available_for_Sale_3
Securities Available for Sale and Held to Maturity (1) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Estimated Fair Value [Abstract] | ||||
Estimated Fair Value, Less than 12 Months | $129,154,000 | $590,965,000 | ||
Estimated Fair Value, 12 Months or More | 336,516,000 | 522,230,000 | ||
Estimated Fair Value, Total | 465,670,000 | 1,113,195,000 | ||
Gross Unrealized (Losses) [Abstract] | ||||
Gross Unrealized (Losses), Less than 12 Months | -686,000 | -2,663,000 | ||
Gross Unrealized (Losses), 12 Months or More | -5,205,000 | -11,909,000 | ||
Gross Unrealized (Losses), Total | -5,891,000 | -14,572,000 | ||
Reclassification of Securities available for sale to securities held to maturity | 1,099,000,000 | |||
Net unrealized holding loss on AFS Securities at date of transfer | 46,600,000 | |||
Net unrealized holding loss on AFS Securities, net of tax at date of transfer | 28,800,000 | |||
Net unamortized, unrealized loss on transfer of securities | 39,000,000 | |||
Net unamortized, unrealized loss on transfer of securities, net of tax | 24,100,000 | |||
Gain (Loss) on Investments [Line Items] | ||||
Other-than-temporary impairments | 0 | 0 | ||
Securities Available for Sale, Amortized Cost [Abstract] | ||||
Due in one year or less | 18,840,000 | |||
Due after one year through five years | 136,818,000 | |||
Due after five years through ten years | 58,712,000 | |||
Due after ten years | 80,013,000 | |||
Total amortized cost, before mortgage-backed securities | 294,383,000 | |||
Mortgage-backed securities | 2,046,084,000 | |||
Securities available for sale (at amortized cost) | 2,340,467,000 | |||
Securities Available for Sale, Estimated Fair Value [Abstract] | ||||
Due in one year or less | 18,955,000 | |||
Due after one year through five years | 141,195,000 | |||
Due after five years through ten years | 61,041,000 | |||
Due after ten years | 80,252,000 | |||
Total fair value, before mortgage-backed securities | 301,443,000 | |||
Mortgage-backed securities | 2,080,016,000 | |||
Securities available for sale (at fair value) | 2,381,459,000 | 2,374,567,000 | ||
Securities Held to Maturity, Amortized Cost [Abstract] | ||||
Due in one year or less | 2,441,000 | |||
Due after one year through five years | 11,818,000 | |||
Due after five years through ten years | 137,514,000 | |||
Due after ten years | 12,326,000 | |||
Total, amortized cost, before mortgage-backed securities | 164,099,000 | |||
Mortgage-backed securities | 1,020,455,000 | |||
Securities held to maturity (at amortized cost) | 1,184,554,000 | 1,170,685,000 | ||
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||||
Due in one year or less | 2,460,000 | |||
Due after one year through five years | 12,345,000 | |||
Due after five years through ten years | 144,041,000 | |||
Due after ten years | 13,350,000 | |||
Total fair value, before mortgage-backed securities | 172,196,000 | |||
Mortgage-backed securities | 1,040,309,000 | |||
Securities held to maturity (at fair value) | 1,212,505,000 | 1,182,846,000 | ||
Available for Sale [Member] | ||||
Gains (losses) on Investments [Abstract] | ||||
Proceeds from calls and sales of securities | 0 | 26,274,000 | ||
Gross realized gains | 0 | 389,000 | ||
U.S. Government Agency Obligations Issued by U.S. Government Agencies [Member] | ||||
Estimated Fair Value [Abstract] | ||||
Estimated Fair Value, Less than 12 Months | 0 | 19,220,000 | ||
Estimated Fair Value, 12 Months or More | 34,542,000 | 32,656,000 | ||
Estimated Fair Value, Total | 34,542,000 | 51,876,000 | ||
Gross Unrealized (Losses) [Abstract] | ||||
Gross Unrealized (Losses), Less than 12 Months | 0 | -115,000 | ||
Gross Unrealized (Losses), 12 Months or More | -557,000 | -711,000 | ||
Gross Unrealized (Losses), Total | -557,000 | -826,000 | ||
Securities Held to Maturity, Amortized Cost [Abstract] | ||||
Securities held to maturity (at amortized cost) | 0 | 0 | ||
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||||
Securities held to maturity (at fair value) | 0 | 0 | ||
U.S. Government Agency Obligations Issued by U.S. Government Sponsored Agencies [Member] | ||||
Estimated Fair Value [Abstract] | ||||
Estimated Fair Value, Less than 12 Months | 9,948,000 | |||
Estimated Fair Value, 12 Months or More | 9,956,000 | |||
Estimated Fair Value, Total | 19,904,000 | |||
Gross Unrealized (Losses) [Abstract] | ||||
Gross Unrealized (Losses), Less than 12 Months | -52,000 | |||
Gross Unrealized (Losses), 12 Months or More | -25,000 | |||
Gross Unrealized (Losses), Total | -77,000 | |||
Securities Held to Maturity, Amortized Cost [Abstract] | ||||
Securities held to maturity (at amortized cost) | 101,171,000 | 100,971,000 | ||
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||||
Securities held to maturity (at fair value) | 105,529,000 | 103,602,000 | ||
Obligations of States and Political Subdivisions [Member] | ||||
Estimated Fair Value [Abstract] | ||||
Estimated Fair Value, Less than 12 Months | 2,359,000 | 8,431,000 | ||
Estimated Fair Value, 12 Months or More | 2,861,000 | 3,800,000 | ||
Estimated Fair Value, Total | 5,220,000 | 12,231,000 | ||
Gross Unrealized (Losses) [Abstract] | ||||
Gross Unrealized (Losses), Less than 12 Months | -9,000 | -22,000 | ||
Gross Unrealized (Losses), 12 Months or More | -23,000 | -46,000 | ||
Gross Unrealized (Losses), Total | -32,000 | -68,000 | ||
Securities Held to Maturity, Amortized Cost [Abstract] | ||||
Securities held to maturity (at amortized cost) | 62,928,000 | 63,505,000 | ||
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||||
Securities held to maturity (at fair value) | 66,667,000 | 66,903,000 | ||
Residential Mortgage Pass Through Securities Guaranteed by GNMA [Member] | ||||
Estimated Fair Value [Abstract] | ||||
Estimated Fair Value, Less than 12 Months | 5,407,000 | 7,199,000 | ||
Estimated Fair Value, 12 Months or More | 0 | 647,000 | ||
Estimated Fair Value, Total | 5,407,000 | 7,846,000 | ||
Gross Unrealized (Losses) [Abstract] | ||||
Gross Unrealized (Losses), Less than 12 Months | -12,000 | -22,000 | ||
Gross Unrealized (Losses), 12 Months or More | 0 | -8,000 | ||
Gross Unrealized (Losses), Total | -12,000 | -30,000 | ||
Securities Held to Maturity, Amortized Cost [Abstract] | ||||
Securities held to maturity (at amortized cost) | 18,861,000 | 19,115,000 | ||
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||||
Securities held to maturity (at fair value) | 19,403,000 | 19,565,000 | ||
Residential Mortgage Pass Through Securities Issued by FNMA and FHLMC [Member] | ||||
Estimated Fair Value [Abstract] | ||||
Estimated Fair Value, Less than 12 Months | 27,000 | |||
Estimated Fair Value, 12 Months or More | 0 | |||
Estimated Fair Value, Total | 27,000 | |||
Gross Unrealized (Losses) [Abstract] | ||||
Gross Unrealized (Losses), Less than 12 Months | -1,000 | |||
Gross Unrealized (Losses), 12 Months or More | 0 | |||
Gross Unrealized (Losses), Total | -1,000 | |||
Securities Held to Maturity, Amortized Cost [Abstract] | ||||
Securities held to maturity (at amortized cost) | 11,341,000 | 11,437,000 | ||
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||||
Securities held to maturity (at fair value) | 11,919,000 | 11,908,000 | ||
Other Residential Mortgage Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ||||
Estimated Fair Value [Abstract] | ||||
Estimated Fair Value, Less than 12 Months | 114,658,000 | 537,033,000 | ||
Estimated Fair Value, 12 Months or More | 272,760,000 | 395,342,000 | ||
Estimated Fair Value, Total | 387,418,000 | 932,375,000 | ||
Gross Unrealized (Losses) [Abstract] | ||||
Gross Unrealized (Losses), Less than 12 Months | -634,000 | -2,449,000 | ||
Gross Unrealized (Losses), 12 Months or More | -4,566,000 | -10,031,000 | ||
Gross Unrealized (Losses), Total | -5,200,000 | -12,480,000 | ||
Securities Held to Maturity, Amortized Cost [Abstract] | ||||
Securities held to maturity (at amortized cost) | 842,827,000 | 834,176,000 | ||
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||||
Securities held to maturity (at fair value) | 858,460,000 | 838,700,000 | ||
Commercial Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ||||
Estimated Fair Value [Abstract] | ||||
Estimated Fair Value, Less than 12 Months | 6,703,000 | 9,134,000 | ||
Estimated Fair Value, 12 Months or More | 26,353,000 | 79,829,000 | ||
Estimated Fair Value, Total | 33,056,000 | 88,963,000 | ||
Gross Unrealized (Losses) [Abstract] | ||||
Gross Unrealized (Losses), Less than 12 Months | -30,000 | -3,000 | ||
Gross Unrealized (Losses), 12 Months or More | -59,000 | -1,088,000 | ||
Gross Unrealized (Losses), Total | -89,000 | -1,091,000 | ||
Securities Held to Maturity, Amortized Cost [Abstract] | ||||
Securities held to maturity (at amortized cost) | 147,426,000 | 141,481,000 | ||
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||||
Securities held to maturity (at fair value) | 150,527,000 | 142,168,000 | ||
Asset-Backed Securities and Structured Financial Products [Member] | ||||
Securities Held to Maturity, Amortized Cost [Abstract] | ||||
Securities held to maturity (at amortized cost) | 0 | 0 | ||
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||||
Securities held to maturity (at fair value) | $0 | $0 |
Loans_Held_for_Investment_LHFI2
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Loan Portfolio [Abstract] | ||
Total LHFI | $6,413,876 | $6,449,469 |
Less allowance for loan losses, LHFI | 71,321 | 69,616 |
Net LHFI | 6,342,555 | 6,379,853 |
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 77,008 | 79,343 |
LHFI, Collectively Evaluated For Impairment | 6,336,868 | 6,370,126 |
Total LHFI | 6,413,876 | 6,449,469 |
Loans Secured by Real Estate [Member] | Construction Land Development and Other Land [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 691,657 | 619,877 |
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 20,134 | 13,867 |
LHFI, Collectively Evaluated For Impairment | 671,523 | 606,010 |
Total LHFI | 691,657 | 619,877 |
Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,613,993 | 1,634,397 |
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 23,620 | 25,621 |
LHFI, Collectively Evaluated For Impairment | 1,590,373 | 1,608,776 |
Total LHFI | 1,613,993 | 1,634,397 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,516,895 | 1,553,193 |
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 17,887 | 25,717 |
LHFI, Collectively Evaluated For Impairment | 1,499,008 | 1,527,476 |
Total LHFI | 1,516,895 | 1,553,193 |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 233,322 | 253,787 |
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 723 | 1,318 |
LHFI, Collectively Evaluated For Impairment | 232,599 | 252,469 |
Total LHFI | 233,322 | 253,787 |
Commercial and Industrial Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,228,788 | 1,270,350 |
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 14,057 | 12,104 |
LHFI, Collectively Evaluated For Impairment | 1,214,731 | 1,258,246 |
Total LHFI | 1,228,788 | 1,270,350 |
Consumer Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 161,535 | 167,964 |
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 96 | 88 |
LHFI, Collectively Evaluated For Impairment | 161,439 | 167,876 |
Total LHFI | 161,535 | 167,964 |
State and Other Political Subdivision Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 614,330 | 602,727 |
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 0 | 0 |
LHFI, Collectively Evaluated For Impairment | 614,330 | 602,727 |
Total LHFI | 614,330 | 602,727 |
Other Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 353,356 | 347,174 |
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 491 | 628 |
LHFI, Collectively Evaluated For Impairment | 352,865 | 346,546 |
Total LHFI | $353,356 | $347,174 |
Loans_Held_for_Investment_LHFI3
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (1) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Region | |||
Loan and Lease Receivables, Impaired [Abstract] | |||
Total LHFI Unpaid Principal Balance | $93,802,000 | $96,365,000 | |
Total LHFI With No Related Allowance Recorded | 15,616,000 | 23,135,000 | |
Total LHFI With an Allowance Recorded | 61,392,000 | 56,208,000 | |
Total LHFI Carrying Amount | 77,008,000 | 79,343,000 | |
Related Allowance | 14,016,000 | 12,764,000 | |
Average Recorded Investment | 78,175,000 | 72,291,000 | |
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 | 77,000,000 | 79,300,000 | |
Minimum loan amount for loan to be individually assessed for impairment | 500,000 | ||
Nonaccrual financing receivable, specifically evaluated for impairment | 48,300,000 | 47,100,000 | |
Nonaccrual financing receivable, allowance for credit losses, specifically evaluated for impairment | 12,300,000 | 11,300,000 | |
Nonaccrual financing receivable, allowance for credit losses, charge-offs, specifically evaluated for impairment | 234,000 | 46,000 | |
Nonaccrual financing receivable specifically evaluated for impairment allowance for credit losses provisions | 825,000 | 536,000 | |
Nonaccrual financing receivable, not specifically evaluated for impairment | 28,700,000 | 32,200,000 | |
Nonaccrual financing receivable, allowance for credit losses, not specifically evaluated for impairment | 1,700,000 | 1,500,000 | |
Amount held by company of foreclosure or in substance repossession of consumer mortgage LHFI classified as TDRs | 451,000 | ||
TDRs Classified as Consumer mortgage LHFI in the process of formal disclosure | 123,000 | ||
Classified as Troubled Debt Restructuring LHFI | 10,800,000 | 13,400,000 | |
TDRs comprised of credits with interest only payments | 6,900,000 | 9,100,000 | |
Financing receivable, related allowance | 1,800,000 | 1,600,000 | |
Financing receivable, related charge-offs | 0 | 0 | |
Loans Secured by Real Estate [Member] | Construction Land Development and Other Land [Member] | |||
Loan and Lease Receivables, Impaired [Abstract] | |||
Total LHFI Unpaid Principal Balance | 27,082,000 | 20,849,000 | |
Total LHFI With No Related Allowance Recorded | 5,360,000 | 7,411,000 | |
Total LHFI With an Allowance Recorded | 14,774,000 | 6,456,000 | |
Total LHFI Carrying Amount | 20,134,000 | 13,867,000 | |
Related Allowance | 4,097,000 | 2,767,000 | |
Average Recorded Investment | 17,001,000 | 13,597,000 | |
Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | |||
Loan and Lease Receivables, Impaired [Abstract] | |||
Total LHFI Unpaid Principal Balance | 29,273,000 | 31,151,000 | |
Total LHFI With No Related Allowance Recorded | 1,465,000 | 1,650,000 | |
Total LHFI With an Allowance Recorded | 22,155,000 | 23,971,000 | |
Total LHFI Carrying Amount | 23,620,000 | 25,621,000 | |
Related Allowance | 429,000 | 450,000 | |
Average Recorded Investment | 24,621,000 | 23,612,000 | |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | |||
Loan and Lease Receivables, Impaired [Abstract] | |||
Total LHFI Unpaid Principal Balance | 19,489,000 | 27,969,000 | |
Total LHFI With No Related Allowance Recorded | 6,293,000 | 12,868,000 | |
Total LHFI With an Allowance Recorded | 11,594,000 | 12,849,000 | |
Total LHFI Carrying Amount | 17,887,000 | 25,717,000 | |
Related Allowance | 2,728,000 | 2,787,000 | |
Average Recorded Investment | 21,801,000 | 23,763,000 | |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | |||
Loan and Lease Receivables, Impaired [Abstract] | |||
Total LHFI Unpaid Principal Balance | 812,000 | 1,594,000 | |
Total LHFI With No Related Allowance Recorded | 0 | 0 | |
Total LHFI With an Allowance Recorded | 723,000 | 1,318,000 | |
Total LHFI Carrying Amount | 723,000 | 1,318,000 | |
Related Allowance | 51,000 | 52,000 | |
Average Recorded Investment | 1,021,000 | 1,322,000 | |
Commercial and Industrial Loans [Member] | |||
Loan and Lease Receivables, Impaired [Abstract] | |||
Total LHFI Unpaid Principal Balance | 16,390,000 | 13,916,000 | |
Total LHFI With No Related Allowance Recorded | 2,498,000 | 1,206,000 | |
Total LHFI With an Allowance Recorded | 11,559,000 | 10,898,000 | |
Total LHFI Carrying Amount | 14,057,000 | 12,104,000 | |
Related Allowance | 6,502,000 | 6,449,000 | |
Average Recorded Investment | 13,080,000 | 9,195,000 | |
Consumer Loans [Member] | |||
Loan and Lease Receivables, Impaired [Abstract] | |||
Total LHFI Unpaid Principal Balance | 148,000 | 152,000 | |
Total LHFI With No Related Allowance Recorded | 0 | 0 | |
Total LHFI With an Allowance Recorded | 96,000 | 88,000 | |
Total LHFI Carrying Amount | 96,000 | 88,000 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 92,000 | 120,000 | |
State and Other Political Subdivision Loans [Member] | |||
Loan and Lease Receivables, Impaired [Abstract] | |||
Total LHFI Unpaid Principal Balance | 0 | 0 | |
Total LHFI With No Related Allowance Recorded | 0 | 0 | |
Total LHFI With an Allowance Recorded | 0 | 0 | |
Total LHFI Carrying Amount | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Other Loans [Member] | |||
Loan and Lease Receivables, Impaired [Abstract] | |||
Total LHFI Unpaid Principal Balance | 608,000 | 734,000 | |
Total LHFI With No Related Allowance Recorded | 0 | 0 | |
Total LHFI With an Allowance Recorded | 491,000 | 628,000 | |
Total LHFI Carrying Amount | 491,000 | 628,000 | |
Related Allowance | 209,000 | 259,000 | |
Average Recorded Investment | $559,000 | $682,000 |
Loans_Held_for_Investment_LHFI4
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (2) (Details) (Secured by 1-4 Family Residential Properties [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Contract | Contract | |
Troubled Debt Restructurings [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | 6 | 10 |
Pre-Modification Outstanding Recorded Investment | $378 | $703 |
Post-Modification Outstanding Recorded Investment | 378 | 694 |
Troubled Debt Restructurings that Subsequently Defaulted [Member] | ||
Troubled Debt Restructurings that Subsequently Defaulted [Abstract] | ||
Number of Contracts | 2 | 0 |
Recorded Investment | $183 | $0 |
Loans_Held_for_Investment_LHFI5
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (3) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccrual | $77,008 | $79,343 | |
Troubled Debt Restructurings [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 2,311 | 1,540 | |
Nonaccrual | 8,472 | 11,819 | |
Total | 10,783 | 13,359 | |
Troubled Debt Restructurings [Member] | Construction Land Development and Other Land Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 3,086 | 4,757 | |
Total | 3,086 | 4,757 | |
Troubled Debt Restructurings [Member] | Secured by 1-4 Family Residential Properties [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 1,477 | 1,540 | |
Nonaccrual | 3,605 | 4,141 | |
Total | 5,082 | 5,681 | |
Troubled Debt Restructurings [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 834 | 0 | |
Nonaccrual | 1,121 | 2,215 | |
Total | 1,955 | 2,215 | |
Troubled Debt Restructurings [Member] | Other Real Estate Secured [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 149 | 164 | |
Total | 149 | 164 | |
Troubled Debt Restructurings [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 511 | 542 | |
Total | $511 | $542 |
Loans_Held_for_Investment_LHFI6
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (4) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
CreditRiskGrade | ||
LoanPool | ||
KeyRatio | ||
Financing Receivable Aging [Abstract] | ||
Current | $6,318,849,000 | $6,349,071,000 |
Nonaccrual | 77,008,000 | 79,343,000 |
Total LHFI | 6,413,876,000 | 6,449,469,000 |
Credit amount used as baseline in evaluating residential real estate development and non-owner occupied commercial real estate for loan policy | 1,000,000 | |
Number of days used as baseline in evaluating collateral documentation exceptions for loan policy | 90 days | |
Loan amount used as baseline in credit quality review for loan policy | 100,000 | |
Number of key quality ratios | 6 | |
Number of individual credit risk grades | 10 | |
Number of primary commercial loan groups | 9 | |
Minimum [Member] | ||
Financing Receivable Aging [Abstract] | ||
Period to conduct asset review | 6 months | |
Maximum [Member] | ||
Financing Receivable Aging [Abstract] | ||
Period to conduct asset review | 18 months | |
Loans Secured by Real Estate [Member] | Construction Land Development and Other Land [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 670,117,000 | 605,685,000 |
Nonaccrual | 20,134,000 | 13,867,000 |
Total LHFI | 691,657,000 | 619,877,000 |
Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 1,579,405,000 | 1,595,557,000 |
Nonaccrual | 23,620,000 | 25,621,000 |
Total LHFI | 1,613,993,000 | 1,634,397,000 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 1,496,573,000 | 1,525,482,000 |
Nonaccrual | 17,887,000 | 25,717,000 |
Total LHFI | 1,516,895,000 | 1,553,193,000 |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 232,516,000 | 252,389,000 |
Nonaccrual | 723,000 | 1,318,000 |
Total LHFI | 233,322,000 | 253,787,000 |
Consumer Loans [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 160,881,000 | 165,503,000 |
Nonaccrual | 96,000 | 88,000 |
Total LHFI | 161,535,000 | 167,964,000 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 614,330,000 | 602,727,000 |
Nonaccrual | 0 | 0 |
Total LHFI | 614,330,000 | 602,727,000 |
Other Loans [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 351,331,000 | 346,405,000 |
Nonaccrual | 491,000 | 628,000 |
Total LHFI | 353,356,000 | 347,174,000 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 4,694,480,000 | 4,708,378,000 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 4,522,438,000 | 4,519,970,000 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 12,504,000 | 22,663,000 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 157,720,000 | 164,053,000 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 1,818,000 | 1,692,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 624,463,000 | 556,641,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land [Member] | Pass [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 581,894,000 | 518,944,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land [Member] | Special Mention [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 554,000 | 479,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land [Member] | Substandard [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 41,551,000 | 37,022,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land [Member] | Doubtful [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 464,000 | 196,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 131,837,000 | 134,551,000 |
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 | 124,564,000 | 125,203,000 |
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 | 477,000 | 1,652,000 |
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 | 6,513,000 | 7,483,000 |
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 | 283,000 | 213,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 1,516,057,000 | 1,552,318,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Pass [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 1,449,377,000 | 1,462,226,000 |
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 | 993,000 | 8,431,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Substandard [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 65,687,000 | 81,661,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Doubtful [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 0 | 0 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 231,371,000 | 251,380,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Pass [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 225,962,000 | 246,099,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Special Mention [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 276,000 | 306,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Substandard [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 5,133,000 | 4,975,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [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 | 1,228,781,000 | 1,270,344,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 1,197,042,000 | 1,239,247,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Special Mention [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 2,654,000 | 4,245,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 28,432,000 | 26,133,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Doubtful [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 653,000 | 719,000 |
Commercial Portfolio Segment [Member] | Consumer Loans [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 0 | 0 |
Commercial Portfolio Segment [Member] | Consumer Loans [Member] | Pass [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 0 | 0 |
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] | State and Other Political Subdivision Loans [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 614,330,000 | 602,727,000 |
Commercial Portfolio Segment [Member] | State and Other Political Subdivision Loans [Member] | Pass [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 597,230,000 | 589,653,000 |
Commercial Portfolio Segment [Member] | State and Other Political Subdivision Loans [Member] | Special Mention [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 7,550,000 | 7,550,000 |
Commercial Portfolio Segment [Member] | State and Other Political Subdivision Loans [Member] | Substandard [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 9,550,000 | 5,524,000 |
Commercial Portfolio Segment [Member] | State and Other Political Subdivision 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 | 347,641,000 | 340,417,000 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Pass [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 346,369,000 | 338,598,000 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Special Mention [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 0 | 0 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Substandard [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 854,000 | 1,255,000 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | Doubtful [Member] | ||
Financing Receivable [Abstract] | ||
Financing receivable commercial | 418,000 | 564,000 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 1,686,997,000 | 1,703,795,000 |
Past Due 30-89 Days | 10,412,000 | 12,795,000 |
Past Due 90 Days or More | 1,413,000 | 2,638,000 |
Nonaccrual | 20,574,000 | 21,863,000 |
Subtotal | 1,719,396,000 | 1,741,091,000 |
Total LHFI | 6,413,876,000 | 6,449,469,000 |
Consumer Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Construction Land Development and Other Land [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 66,852,000 | 62,897,000 |
Past Due 30-89 Days | 220,000 | 199,000 |
Past Due 90 Days or More | 0 | 59,000 |
Nonaccrual | 122,000 | 81,000 |
Subtotal | 67,194,000 | 63,236,000 |
Total LHFI | 691,657,000 | 619,877,000 |
Consumer Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 1,451,991,000 | 1,465,355,000 |
Past Due 30-89 Days | 8,601,000 | 10,429,000 |
Past Due 90 Days or More | 1,207,000 | 2,367,000 |
Nonaccrual | 20,357,000 | 21,695,000 |
Subtotal | 1,482,156,000 | 1,499,846,000 |
Total LHFI | 1,613,993,000 | 1,634,397,000 |
Consumer Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 838,000 | 875,000 |
Past Due 30-89 Days | 0 | 0 |
Past Due 90 Days or More | 0 | 0 |
Nonaccrual | 0 | 0 |
Subtotal | 838,000 | 875,000 |
Total LHFI | 1,516,895,000 | 1,553,193,000 |
Consumer Portfolio Segment [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 1,948,000 | 2,407,000 |
Past Due 30-89 Days | 3,000 | 0 |
Past Due 90 Days or More | 0 | 0 |
Nonaccrual | 0 | 0 |
Subtotal | 1,951,000 | 2,407,000 |
Total LHFI | 233,322,000 | 253,787,000 |
Consumer Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 3,000 | 0 |
Past Due 30-89 Days | 4,000 | 5,000 |
Past Due 90 Days or More | 0 | 1,000 |
Nonaccrual | 0 | 0 |
Subtotal | 7,000 | 6,000 |
Total LHFI | 1,228,788,000 | 1,270,350,000 |
Consumer Portfolio Segment [Member] | Consumer Loans [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 160,882,000 | 165,504,000 |
Past Due 30-89 Days | 391,000 | 2,162,000 |
Past Due 90 Days or More | 167,000 | 211,000 |
Nonaccrual | 95,000 | 87,000 |
Subtotal | 161,535,000 | 167,964,000 |
Total LHFI | 161,535,000 | 167,964,000 |
Consumer Portfolio Segment [Member] | State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 0 | 0 |
Past Due 30-89 Days | 0 | 0 |
Past Due 90 Days or More | 0 | 0 |
Nonaccrual | 0 | 0 |
Subtotal | 0 | 0 |
Total LHFI | 614,330,000 | 602,727,000 |
Consumer Portfolio Segment [Member] | Other Loans [Member] | ||
Financing Receivable Aging [Abstract] | ||
Current | 4,483,000 | 6,757,000 |
Past Due 30-89 Days | 1,193,000 | 0 |
Past Due 90 Days or More | 39,000 | 0 |
Nonaccrual | 0 | 0 |
Subtotal | 5,715,000 | 6,757,000 |
Total LHFI | $353,356,000 | $347,174,000 |
Loans_Held_for_Investment_LHFI7
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (5) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past Due 30 - 59 Days | $12,471,000 | $15,146,000 | ||
Past Due 60 - 89 Days | 4,135,000 | 3,145,000 | ||
Past Due 90 Days or More | 1,413,000 | [1] | 2,764,000 | [1] |
Total Past Due | 18,019,000 | 21,055,000 | ||
Nonaccrual | 77,008,000 | 79,343,000 | ||
Current Loans | 6,318,849,000 | 6,349,071,000 | ||
Total LHFI | 6,413,876,000 | 6,449,469,000 | ||
LHFI past due 90 days or more | 1,400,000 | 2,800,000 | ||
LHFS past due 90 days or more | 7,600,000 | 25,900,000 | ||
Percentage of outstanding principal to be repurchased under GNMA optional repurchase program (in hundredths) | 100.00% | |||
Amount of delinquent loans repurchased | 28,500,000 | |||
Repurchase gain included in gain on sales of loans | 304,000 | |||
Loans Secured by Real Estate [Member] | Construction Land Development and Other Land [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 320,000 | 248,000 | ||
Past Due 60 - 89 Days | 1,086,000 | 17,000 | ||
Past Due 90 Days or More | 0 | [1] | 60,000 | [1] |
Total Past Due | 1,406,000 | 325,000 | ||
Nonaccrual | 20,134,000 | 13,867,000 | ||
Current Loans | 670,117,000 | 605,685,000 | ||
Total LHFI | 691,657,000 | 619,877,000 | ||
Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 7,872,000 | 8,424,000 | ||
Past Due 60 - 89 Days | 1,889,000 | 2,428,000 | ||
Past Due 90 Days or More | 1,207,000 | [1] | 2,367,000 | [1] |
Total Past Due | 10,968,000 | 13,219,000 | ||
Nonaccrual | 23,620,000 | 25,621,000 | ||
Current Loans | 1,579,405,000 | 1,595,557,000 | ||
Total LHFI | 1,613,993,000 | 1,634,397,000 | ||
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 1,640,000 | 1,960,000 | ||
Past Due 60 - 89 Days | 795,000 | 34,000 | ||
Past Due 90 Days or More | 0 | [1] | 0 | [1] |
Total Past Due | 2,435,000 | 1,994,000 | ||
Nonaccrual | 17,887,000 | 25,717,000 | ||
Current Loans | 1,496,573,000 | 1,525,482,000 | ||
Total LHFI | 1,516,895,000 | 1,553,193,000 | ||
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 83,000 | 80,000 | ||
Past Due 60 - 89 Days | 0 | 0 | ||
Past Due 90 Days or More | 0 | [1] | 0 | [1] |
Total Past Due | 83,000 | 80,000 | ||
Nonaccrual | 723,000 | 1,318,000 | ||
Current Loans | 232,516,000 | 252,389,000 | ||
Total LHFI | 233,322,000 | 253,787,000 | ||
Commercial and Industrial Loans [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 947,000 | 2,491,000 | ||
Past Due 60 - 89 Days | 88,000 | 306,000 | ||
Past Due 90 Days or More | 0 | [1] | 126,000 | [1] |
Total Past Due | 1,035,000 | 2,923,000 | ||
Nonaccrual | 14,057,000 | 12,104,000 | ||
Current Loans | 1,213,696,000 | 1,255,323,000 | ||
Total LHFI | 1,228,788,000 | 1,270,350,000 | ||
Consumer Loans [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 230,000 | 1,811,000 | ||
Past Due 60 - 89 Days | 161,000 | 351,000 | ||
Past Due 90 Days or More | 167,000 | [1] | 211,000 | [1] |
Total Past Due | 558,000 | 2,373,000 | ||
Nonaccrual | 96,000 | 88,000 | ||
Current Loans | 160,881,000 | 165,503,000 | ||
Total LHFI | 161,535,000 | 167,964,000 | ||
State and Other Political Subdivision Loans [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 0 | 0 | ||
Past Due 60 - 89 Days | 0 | 0 | ||
Past Due 90 Days or More | 0 | [1] | 0 | [1] |
Total Past Due | 0 | 0 | ||
Nonaccrual | 0 | 0 | ||
Current Loans | 614,330,000 | 602,727,000 | ||
Total LHFI | 614,330,000 | 602,727,000 | ||
Other Loans [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 1,379,000 | 132,000 | ||
Past Due 60 - 89 Days | 116,000 | 9,000 | ||
Past Due 90 Days or More | 39,000 | [1] | 0 | [1] |
Total Past Due | 1,534,000 | 141,000 | ||
Nonaccrual | 491,000 | 628,000 | ||
Current Loans | 351,331,000 | 346,405,000 | ||
Total LHFI | $353,356,000 | $347,174,000 | ||
[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 | |||
Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Scale | ||||
Factor | ||||
Market | ||||
Loan | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | $69,616,000 | |||
Provision for loan losses, LHFI | 1,785,000 | -805,000 | ||
Balance at end of period | 71,321,000 | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Total | 71,321,000 | |||
Number of loan types for commercial portfolio | 9 | |||
Number of unique qualitative factors used to analyze consumer loans | 5 | |||
Number of risk rate factors for commercial loans | 450 | |||
Length of loss emergence period in the quantitative portion of the allowance for loan loss methodology for commercial LHFI | 1 year 6 months | |||
Additional provision amount quantitative portion of the allowance for loan loss methodology for commercial LHFI | 2,300,000 | |||
Minimum score for qualitative risk factor | 0 | |||
Maximum score for qualitative risk factor | 100 | |||
Amount of provision recapture resulting from the elimination of cap and floors for criticized risk ratings in the qualitative portion of the allowance for loan loss methodology for commercial LHFI | 1,800,000 | |||
Amount of provision recapture resulting from market region distribution related to qualitative portion of the allowance for loan loss methodology for commercial LHFI | 2,000,000 | |||
Amount of provision recapture resulting from market region distribution related to quantitative portion of the allowance for loan loss methodology for commercial LHFI | 905,000 | |||
Additional provision due to revision of methodology | 1,100,000 | 822,000 | 1,400,000 | |
Maximum value of commercial LHFI which were subject to further refinement of allowance for loan loss methodology | 500,000 | |||
Allowance for Loan Loses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 69,616,000 | 66,448,000 | ||
Loans charged-off | -3,004,000 | -3,016,000 | ||
Recoveries | 2,924,000 | 4,891,000 | ||
Net (charge-offs) recoveries | -80,000 | 1,875,000 | ||
Provision for loan losses, LHFI | 1,785,000 | -805,000 | ||
Balance at end of period | 71,321,000 | 67,518,000 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually | 14,016,000 | 5,541,000 | ||
Collectively | 57,305,000 | 61,977,000 | ||
Total | 71,321,000 | 67,518,000 | ||
Loans Secured by Real Estate [Member] | Construction Land Development and Other Land [Member] | Allowance for Loan Loses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 13,073,000 | 13,165,000 | ||
Loans charged-off | -9,000 | -49,000 | ||
Recoveries | 240,000 | 2,615,000 | ||
Provision for loan losses, LHFI | 2,969,000 | -3,297,000 | ||
Balance at end of period | 16,273,000 | 12,434,000 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually | 4,097,000 | 674,000 | ||
Collectively | 12,176,000 | 11,760,000 | ||
Total | 16,273,000 | 12,434,000 | ||
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 | 9,677,000 | 9,633,000 | ||
Loans charged-off | -434,000 | -1,282,000 | ||
Recoveries | 43,000 | 64,000 | ||
Provision for loan losses, LHFI | -402,000 | 515,000 | ||
Balance at end of period | 8,884,000 | 8,930,000 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually | 429,000 | 244,000 | ||
Collectively | 8,455,000 | 8,686,000 | ||
Total | 8,884,000 | 8,930,000 | ||
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 | 18,523,000 | 19,672,000 | ||
Loans charged-off | 0 | -47,000 | ||
Recoveries | 315,000 | 33,000 | ||
Provision for loan losses, LHFI | 15,000 | -859,000 | ||
Balance at end of period | 18,853,000 | 18,799,000 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually | 2,728,000 | 2,123,000 | ||
Collectively | 16,125,000 | 16,676,000 | ||
Total | 18,853,000 | 18,799,000 | ||
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Allowance for Loan Loses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 2,141,000 | 2,080,000 | ||
Loans charged-off | -24,000 | 0 | ||
Recoveries | 3,000 | 0 | ||
Provision for loan losses, LHFI | -42,000 | 24,000 | ||
Balance at end of period | 2,078,000 | 2,104,000 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually | 51,000 | 121,000 | ||
Collectively | 2,027,000 | 1,983,000 | ||
Total | 2,078,000 | 2,104,000 | ||
Commercial and Industrial Loans [Member] | Allowance for Loan Loses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 19,917,000 | 15,522,000 | ||
Loans charged-off | -669,000 | -121,000 | ||
Recoveries | 342,000 | 185,000 | ||
Provision for loan losses, LHFI | 487,000 | 3,494,000 | ||
Balance at end of period | 20,077,000 | 19,080,000 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually | 6,502,000 | 2,111,000 | ||
Collectively | 13,575,000 | 16,969,000 | ||
Total | 20,077,000 | 19,080,000 | ||
Consumer Loans [Member] | Allowance for Loan Loses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 2,149,000 | 2,405,000 | ||
Loans charged-off | -498,000 | -510,000 | ||
Recoveries | 937,000 | 1,068,000 | ||
Provision for loan losses, LHFI | -627,000 | -910,000 | ||
Balance at end of period | 1,961,000 | 2,053,000 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually | 0 | 1,000 | ||
Collectively | 1,961,000 | 2,052,000 | ||
Total | 1,961,000 | 2,053,000 | ||
State and Other Political Subdivision Loans [Member] | Allowance for Loan Loses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 1,314,000 | 1,205,000 | ||
Loans charged-off | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision for loan losses, LHFI | -627,000 | 261,000 | ||
Balance at end of period | 687,000 | 1,466,000 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually | 0 | 0 | ||
Collectively | 687,000 | 1,466,000 | ||
Total | 687,000 | 1,466,000 | ||
Other Loans [Member] | Allowance for Loan Loses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 2,822,000 | 2,766,000 | ||
Loans charged-off | -1,370,000 | -1,007,000 | ||
Recoveries | 1,044,000 | 926,000 | ||
Provision for loan losses, LHFI | 12,000 | -33,000 | ||
Balance at end of period | 2,508,000 | 2,652,000 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually | 209,000 | 267,000 | ||
Collectively | 2,299,000 | 2,385,000 | ||
Total | $2,508,000 | $2,652,000 |
Acquired_Loans_Details
Acquired Loans (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Noncovered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | $478,172 | $525,783 |
Less allowance for loan losses, acquired loans | 11,106 | 10,541 |
Net acquired loans | 467,066 | 515,242 |
Covered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 20,271 | 23,626 |
Less allowance for loan losses, acquired loans | 731 | 1,518 |
Net acquired loans | 19,540 | 22,108 |
Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Noncovered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 51,363 | 58,309 |
Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Covered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 1,447 | 1,197 |
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 | 111,830 | 116,920 |
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 | 11,200 | 13,180 |
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 177,210 | 202,323 |
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Covered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 5,844 | 7,672 |
Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Noncovered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 26,819 | 27,813 |
Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Covered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 1,469 | 1,096 |
Commercial and Industrial Loans [Member] | Noncovered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 81,261 | 88,256 |
Commercial and Industrial Loans [Member] | Covered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 255 | 277 |
Consumer Loans Financing Receivable [Member] | Noncovered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 8,494 | 9,772 |
Consumer Loans Financing Receivable [Member] | Covered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 0 | 0 |
Other Loans Financing Receivable [Member] | Noncovered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 21,195 | 22,390 |
Other Loans Financing Receivable [Member] | Covered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | $56 | $204 |
Acquired_Loans_Part_1_Details
Acquired Loans Part 1 (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Carrying value of acquired loans [Abstract] | ||||||
Accretion to interest income | $10,197 | $12,709 | ||||
Acquired Impaired [Member] | Covered Loans [Member] | ||||||
Carrying value of acquired loans [Abstract] | ||||||
Net carrying value, beginning | 20,504 | 30,166 | 30,166 | |||
Accretion to interest income | 745 | 4,052 | ||||
Payments received, net | -4,097 | -12,396 | ||||
Other | 1 | [1] | -1,733 | [1] | ||
Less change in allowance for loan losses, acquired loans | 787 | 415 | ||||
Net carrying value, ending | 17,940 | 20,504 | ||||
Acquired Impaired [Member] | Noncovered Loans [Member] | ||||||
Carrying value of acquired loans [Abstract] | ||||||
Net carrying value, beginning | 434,151 | 639,656 | 639,656 | |||
Accretion to interest income | 9,452 | 44,575 | ||||
Payments received, net | -53,314 | -216,378 | ||||
Other | 156 | [1] | -29,724 | [1] | ||
Less change in allowance for loan losses, acquired loans | -565 | -3,978 | ||||
Net carrying value, ending | 389,880 | 434,151 | ||||
Acquired Not ASC 310-30 [Member] | Covered Loans [Member] | ||||||
Carrying value of acquired loans [Abstract] | ||||||
Net carrying value, beginning | 1,604 | [2] | 1,663 | [2] | 1,663 | [2] |
Accretion to interest income | -1 | [2] | 1 | [2] | ||
Payments received, net | -3 | [2] | -30 | [2] | ||
Other | 0 | [1],[2] | -484 | [1],[2] | ||
Less change in allowance for loan losses, acquired loans | 0 | [2] | 454 | [2] | ||
Net carrying value, ending | 1,600 | [2] | 1,604 | [2] | ||
Acquired Not ASC 310-30 [Member] | Noncovered Loans [Member] | ||||||
Carrying value of acquired loans [Abstract] | ||||||
Net carrying value, beginning | 81,091 | [2] | 123,085 | [2] | 123,085 | [2] |
Accretion to interest income | 270 | [2] | 1,706 | [2] | ||
Payments received, net | -4,175 | [2] | -42,284 | [2] | ||
Other | 0 | [1],[2] | -2,102 | [1],[2] | ||
Less change in allowance for loan losses, acquired loans | 0 | [2] | 686 | [2] | ||
Net carrying value, ending | $77,186 | [2] | $81,091 | [2] | ||
[1] | Includes acquired loan terminations through foreclosure, charge-off, pool recovery and other terminations. | |||||
[2] | "Acquired Not ASC 310-30" loans consist of revolving credit agreements and commercial leases that are not in scope for FASB ASC Topic 310-30, "Loans and Debt Securities Acquired with Deteriorated Credit Quality." |
Acquired_Loans_Part_2_Details
Acquired Loans Part 2 (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Change in accretable difference on acquired loans [Abstract] | ||||
Accretable yield at beginning of period | ($77,149) | ($109,006) | ||
Accretion to interest income | 10,197 | 12,709 | ||
Disposals | 3,103 | 2,883 | ||
Reclassification to / (from) nonaccretable difference | -6,179 | [1] | -11,904 | [1] |
Accretable yield at end of period | ($70,028) | ($105,318) | ||
[1] | Reclassifications from nonaccretable difference are due to lower loss expectations and improvements in expected cash flows. |
Acquired_Loans_Part_3_Details
Acquired Loans Part 3 (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
CreditRiskGrade | |||
Allowance for loan loss [Abstract] | |||
Balance, beginning | $12,059,000 | $9,636,000 | |
Provision for loan losses, acquired loans | 347,000 | 63,000 | |
Loans charged-off | -1,018,000 | 676,000 | |
Recoveries | 449,000 | 165,000 | |
Net (charge-offs) recoveries | -569,000 | 841,000 | |
Balance, ending | 11,837,000 | 10,540,000 | |
Number of individual credit risk grades | 10 | ||
Nonaccrual loans not accounted for under FASB ASC Topic 310 30 | 1,800,000 | 1,100,000 | |
Covered Loans [Member] | |||
Allowance for loan loss [Abstract] | |||
Balance, beginning | 1,518,000 | 2,387,000 | |
Provision for loan losses, acquired loans | -312,000 | -474,000 | |
Loans charged-off | -516,000 | -53,000 | |
Recoveries | 41,000 | -60,000 | |
Net (charge-offs) recoveries | -475,000 | -113,000 | |
Balance, ending | 731,000 | 1,800,000 | |
Noncovered Loans [Member] | |||
Allowance for loan loss [Abstract] | |||
Balance, beginning | 10,541,000 | 7,249,000 | |
Provision for loan losses, acquired loans | 659,000 | 537,000 | |
Loans charged-off | -502,000 | 729,000 | |
Recoveries | 408,000 | 225,000 | |
Net (charge-offs) recoveries | -94,000 | 954,000 | |
Balance, ending | $11,106,000 | $8,740,000 |
Acquired_Loans_Part_4_Details
Acquired Loans Part 4 (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | $450,421 | $498,236 | ||
Past Due Greater Than 90 Days | 37,249 | [1] | 43,412 | [1] |
Nonaccrual | 1,787 | [2] | 1,144 | [2] |
Total acquired loans | 498,443 | 549,409 | ||
Percentage of risk of losses incurred on acquired covered loans (in hundredths) | 20.00% | 20.00% | ||
Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 17,416 | 21,020 | ||
Past Due Greater Than 90 Days | 1,740 | [1] | 1,263 | [1] |
Nonaccrual | 67 | [2] | 67 | [2] |
Total acquired loans | 20,271 | 23,626 | ||
Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 433,005 | 477,216 | ||
Past Due Greater Than 90 Days | 35,509 | [1] | 42,149 | [1] |
Nonaccrual | 1,720 | [2] | 1,077 | [2] |
Total acquired loans | 478,172 | 525,783 | ||
Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 1,328 | 821 | ||
Past Due Greater Than 90 Days | 119 | [1] | 376 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 1,447 | 1,197 | ||
Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 31,832 | 35,877 | ||
Past Due Greater Than 90 Days | 18,348 | [1] | 21,985 | [1] |
Nonaccrual | 190 | [2] | 194 | [2] |
Total acquired loans | 51,363 | 58,309 | ||
Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 10,014 | 12,154 | ||
Past Due Greater Than 90 Days | 706 | [1] | 477 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 11,200 | 13,180 | ||
Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 103,166 | 107,779 | ||
Past Due Greater Than 90 Days | 4,649 | [1] | 5,162 | [1] |
Nonaccrual | 495 | [2] | 422 | [2] |
Total acquired loans | 111,830 | 116,920 | ||
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 4,822 | 6,945 | ||
Past Due Greater Than 90 Days | 489 | [1] | 0 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 5,844 | 7,672 | ||
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 167,514 | 188,094 | ||
Past Due Greater Than 90 Days | 9,077 | [1] | 13,275 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 177,210 | 202,323 | ||
Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 1,055 | 728 | ||
Past Due Greater Than 90 Days | 384 | [1] | 368 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 1,469 | 1,096 | ||
Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 24,821 | 27,209 | ||
Past Due Greater Than 90 Days | 1,992 | [1] | 604 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 26,819 | 27,813 | ||
Commercial and Industrial Loans [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 141 | 168 | ||
Past Due Greater Than 90 Days | 42 | [1] | 42 | [1] |
Nonaccrual | 67 | [2] | 67 | [2] |
Total acquired loans | 255 | 277 | ||
Commercial and Industrial Loans [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 76,140 | 86,234 | ||
Past Due Greater Than 90 Days | 1,434 | [1] | 1,099 | [1] |
Nonaccrual | 1,035 | [2] | 461 | [2] |
Total acquired loans | 81,261 | 88,256 | ||
Consumer Loans Financing Receivable [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 8,371 | 9,633 | ||
Past Due Greater Than 90 Days | 9 | [1] | 24 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 8,494 | 9,772 | ||
Other Loans Financing Receivable [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 56 | 204 | ||
Past Due Greater Than 90 Days | 0 | [1] | 0 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 56 | 204 | ||
Other Loans Financing Receivable [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 21,161 | 22,390 | ||
Past Due Greater Than 90 Days | 0 | [1] | 0 | [1] |
Nonaccrual | 0 | [2] | 0 | [2] |
Total acquired loans | 21,195 | 22,390 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 290,618 | 320,915 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 5,863 | [3] | 4,962 | [3] |
Commercial Portfolio Segment [Member] | Pass [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 284,755 | 315,953 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 4,795 | 5,101 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 445 | [3] | 455 | [3] |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 4,350 | 4,646 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 97,436 | 108,813 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 3,367 | [3] | 5,413 | [3] |
Commercial Portfolio Segment [Member] | Substandard [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 94,069 | 103,400 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 11,037 | 11,931 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 121 | [3] | 104 | [3] |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 10,916 | 11,827 | ||
Commercial Portfolio Segment [Member] | Commercial Subtotal [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 403,886 | 446,760 | ||
Commercial Portfolio Segment [Member] | Commercial Subtotal [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 9,796 | [3] | 10,934 | [3] |
Commercial Portfolio Segment [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 394,090 | 435,826 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Pass [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 250 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Pass [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 17,743 | 20,224 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Special Mention [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 0 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Special Mention [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 273 | 280 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Substandard [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 988 | [3] | 955 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Substandard [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 24,410 | 28,339 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Doubtful [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 119 | [3] | 102 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Doubtful [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 5,624 | 5,821 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Commercial Subtotal [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 1,357 | [3] | 1,057 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 48,050 | 54,664 | ||
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 | 1,096 | [3] | 194 | [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 | 30,997 | 30,796 | ||
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 | 214 | [3] | 235 | [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 | 577 | 760 | ||
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 | 612 | [3] | 1,045 | [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 | 7,626 | 8,466 | ||
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] | 0 | [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 | 379 | 388 | ||
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 | 1,922 | [3] | 1,474 | [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 | 39,579 | 40,410 | ||
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 | 3,993 | [3] | 4,419 | [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 | 137,841 | 157,753 | ||
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 | 85 | [3] | 88 | [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 | 3,353 | 3,452 | ||
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 | 1,197 | [3] | 2,879 | [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 | 34,968 | 39,408 | ||
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] | 0 | [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 | 1,048 | 1,710 | ||
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 | 5,275 | [3] | 7,386 | [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 | 177,210 | 202,323 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Pass [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 348 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Pass [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 21,709 | 22,754 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Special Mention [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 123 | [3] | 108 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Special Mention [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 91 | 92 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Substandard [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 461 | [3] | 426 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Substandard [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 4,919 | 4,864 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Doubtful [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 2 | [3] | 2 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Doubtful [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 93 | 95 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Commercial Subtotal [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 934 | [3] | 536 | [3] |
Commercial Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 26,812 | 27,805 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 123 | [3] | 145 | [3] |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 57,852 | 64,720 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Special Mention [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 23 | [3] | 24 | [3] |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Special Mention [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 11 | 17 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 109 | [3] | 108 | [3] |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 19,626 | 19,706 | ||
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 | 3,772 | 3,813 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Commercial Subtotal [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 255 | [3] | 277 | [3] |
Commercial Portfolio Segment [Member] | Commercial and Industrial Loans [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 81,261 | 88,256 | ||
Commercial Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Pass [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 0 | 0 | ||
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] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 0 | 0 | ||
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] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Pass [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 53 | [3] | 204 | [3] |
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Pass [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 18,613 | 19,706 | ||
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 | 45 | 45 | ||
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Substandard [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 0 | [3] | 0 | [3] |
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Substandard [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 2,520 | 2,617 | ||
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Doubtful [Member] | Covered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 0 | [3] | 0 | [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 | 53 | [3] | 204 | [3] |
Commercial Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Commercial Subtotal [Member] | Noncovered [Member] | ||||
Acquired Loans, Commercial Loans [Abstract] | ||||
Acquired loans | 21,178 | 22,368 | ||
Consumer Portfolio Segment [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 87,892 | 96,194 | ||
Past Due 30-89 Days | 2,971 | 2,947 | ||
Past Due Greater Than 90 Days | 3,489 | 3,391 | ||
Nonaccrual | 205 | 117 | ||
Subtotal | 94,557 | 102,649 | ||
Total acquired loans | 498,443 | 549,409 | ||
Consumer Portfolio Segment [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 9,547 | [3] | 11,876 | [3] |
Past Due 30-89 Days | 388 | [3] | 473 | [3] |
Past Due Greater Than 90 Days | 540 | [3] | 343 | [3] |
Nonaccrual | 0 | [3] | 0 | [3] |
Subtotal | 10,475 | [3] | 12,692 | [3] |
Total acquired loans | 20,271 | [3] | 23,626 | [3] |
Consumer Portfolio Segment [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 78,345 | 84,318 | ||
Past Due 30-89 Days | 2,583 | 2,474 | ||
Past Due Greater Than 90 Days | 2,949 | 3,048 | ||
Nonaccrual | 205 | 117 | ||
Subtotal | 84,082 | 89,957 | ||
Total acquired loans | 478,172 | 525,783 | ||
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 90 | [3] | 140 | [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 | 90 | [3] | 140 | [3] |
Total acquired loans | 1,447 | [3] | 1,197 | [3] |
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 3,074 | 3,338 | ||
Past Due 30-89 Days | 10 | 25 | ||
Past Due Greater Than 90 Days | 229 | 282 | ||
Nonaccrual | 0 | 0 | ||
Subtotal | 3,313 | 3,645 | ||
Total acquired loans | 51,363 | 58,309 | ||
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 | 8,385 | [3] | 10,925 | [3] |
Past Due 30-89 Days | 388 | [3] | 473 | [3] |
Past Due Greater Than 90 Days | 505 | [3] | 308 | [3] |
Nonaccrual | 0 | [3] | 0 | [3] |
Subtotal | 9,278 | [3] | 11,706 | [3] |
Total acquired loans | 11,200 | [3] | 13,180 | [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 | 66,876 | 71,316 | ||
Past Due 30-89 Days | 2,459 | 2,335 | ||
Past Due Greater Than 90 Days | 2,711 | 2,742 | ||
Nonaccrual | 205 | 117 | ||
Subtotal | 72,251 | 76,510 | ||
Total acquired loans | 111,830 | 116,920 | ||
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 569 | [3] | 286 | [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 | 569 | [3] | 286 | [3] |
Total acquired loans | 5,844 | [3] | 7,672 | [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 | 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 | 177,210 | 202,323 | ||
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 500 | [3] | 525 | [3] |
Past Due 30-89 Days | 0 | [3] | 0 | [3] |
Past Due Greater Than 90 Days | 35 | [3] | 35 | [3] |
Nonaccrual | 0 | [3] | 0 | [3] |
Subtotal | 535 | [3] | 560 | [3] |
Total acquired loans | 1,469 | [3] | 1,096 | [3] |
Consumer Portfolio Segment [Member] | Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 7 | 8 | ||
Past Due 30-89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 0 | 0 | ||
Nonaccrual | 0 | 0 | ||
Subtotal | 7 | 8 | ||
Total acquired loans | 26,819 | 27,813 | ||
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 | 255 | [3] | 277 | [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 | 81,261 | 88,256 | ||
Consumer Portfolio Segment [Member] | Consumer Loans Financing Receivable [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 8,371 | 9,634 | ||
Past Due 30-89 Days | 114 | 114 | ||
Past Due Greater Than 90 Days | 9 | 24 | ||
Nonaccrual | 0 | 0 | ||
Subtotal | 8,494 | 9,772 | ||
Total acquired loans | 8,494 | 9,772 | ||
Consumer Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 3 | [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 | 3 | [3] | 0 | [3] |
Total acquired loans | 56 | [3] | 204 | [3] |
Consumer Portfolio Segment [Member] | Other Loans Financing Receivable [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Current | 17 | 22 | ||
Past Due 30-89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 0 | 0 | ||
Nonaccrual | 0 | 0 | ||
Subtotal | 17 | 22 | ||
Total acquired loans | $21,195 | $22,390 | ||
[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_5_Details
Acquired Loans Part 5 (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | $6,875 | $3,823 | ||
Past Due 60 - 89 Days | 2,111 | 2,794 | ||
Past Due Greater Than 90 Days | 37,249 | [1] | 43,412 | [1] |
Total Past Due | 46,235 | 50,029 | ||
Nonaccrual | 1,787 | [2] | 1,144 | [2] |
Current Loans | 450,421 | 498,236 | ||
Acquired loans | 498,443 | 549,409 | ||
Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 740 | 492 | ||
Past Due 60 - 89 Days | 308 | 784 | ||
Past Due Greater Than 90 Days | 1,740 | [1] | 1,263 | [1] |
Total Past Due | 2,788 | 2,539 | ||
Nonaccrual | 67 | [2] | 67 | [2] |
Current Loans | 17,416 | 21,020 | ||
Acquired loans | 20,271 | 23,626 | ||
Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 6,135 | 3,331 | ||
Past Due 60 - 89 Days | 1,803 | 2,010 | ||
Past Due Greater Than 90 Days | 35,509 | [1] | 42,149 | [1] |
Total Past Due | 43,447 | 47,490 | ||
Nonaccrual | 1,720 | [2] | 1,077 | [2] |
Current Loans | 433,005 | 477,216 | ||
Acquired loans | 478,172 | 525,783 | ||
Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 0 | 0 | ||
Past Due 60 - 89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 119 | [1] | 376 | [1] |
Total Past Due | 119 | 376 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 1,328 | 821 | ||
Acquired loans | 1,447 | 1,197 | ||
Real Estate Secured Financing Receivable [Member] | Construction Land Development and Other Land [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 874 | 246 | ||
Past Due 60 - 89 Days | 119 | 7 | ||
Past Due Greater Than 90 Days | 18,348 | [1] | 21,985 | [1] |
Total Past Due | 19,341 | 22,238 | ||
Nonaccrual | 190 | [2] | 194 | [2] |
Current Loans | 31,832 | 35,877 | ||
Acquired loans | 51,363 | 58,309 | ||
Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 413 | 253 | ||
Past Due 60 - 89 Days | 67 | 296 | ||
Past Due Greater Than 90 Days | 706 | [1] | 477 | [1] |
Total Past Due | 1,186 | 1,026 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 10,014 | 12,154 | ||
Acquired loans | 11,200 | 13,180 | ||
Real Estate Secured Financing Receivable [Member] | Secured by 1-4 Family Residential Properties [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 1,991 | 2,576 | ||
Past Due 60 - 89 Days | 1,529 | 981 | ||
Past Due Greater Than 90 Days | 4,649 | [1] | 5,162 | [1] |
Total Past Due | 8,169 | 8,719 | ||
Nonaccrual | 495 | [2] | 422 | [2] |
Current Loans | 103,166 | 107,779 | ||
Acquired loans | 111,830 | 116,920 | ||
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 292 | 239 | ||
Past Due 60 - 89 Days | 241 | 488 | ||
Past Due Greater Than 90 Days | 489 | [1] | 0 | [1] |
Total Past Due | 1,022 | 727 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 4,822 | 6,945 | ||
Acquired loans | 5,844 | 7,672 | ||
Real Estate Secured Financing Receivable [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 588 | 89 | ||
Past Due 60 - 89 Days | 31 | 865 | ||
Past Due Greater Than 90 Days | 9,077 | [1] | 13,275 | [1] |
Total Past Due | 9,696 | 14,229 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 167,514 | 188,094 | ||
Acquired loans | 177,210 | 202,323 | ||
Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 30 | 0 | ||
Past Due 60 - 89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 384 | [1] | 368 | [1] |
Total Past Due | 414 | 368 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 1,055 | 728 | ||
Acquired loans | 1,469 | 1,096 | ||
Real Estate Secured Financing Receivable [Member] | Other Real Estate Secured [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 6 | 0 | ||
Past Due 60 - 89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 1,992 | [1] | 604 | [1] |
Total Past Due | 1,998 | 604 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 24,821 | 27,209 | ||
Acquired loans | 26,819 | 27,813 | ||
Commercial And Industrial Loans Financing Receivable [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 5 | 0 | ||
Past Due 60 - 89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 42 | [1] | 42 | [1] |
Total Past Due | 47 | 42 | ||
Nonaccrual | 67 | [2] | 67 | [2] |
Current Loans | 141 | 168 | ||
Acquired loans | 255 | 277 | ||
Commercial And Industrial Loans Financing Receivable [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 2,563 | 334 | ||
Past Due 60 - 89 Days | 89 | 128 | ||
Past Due Greater Than 90 Days | 1,434 | [1] | 1,099 | [1] |
Total Past Due | 4,086 | 1,561 | ||
Nonaccrual | 1,035 | [2] | 461 | [2] |
Current Loans | 76,140 | 86,234 | ||
Acquired loans | 81,261 | 88,256 | ||
Consumer Loans Financing Receivable [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 79 | 86 | ||
Past Due 60 - 89 Days | 35 | 29 | ||
Past Due Greater Than 90 Days | 9 | [1] | 24 | [1] |
Total Past Due | 123 | 139 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 8,371 | 9,633 | ||
Acquired loans | 8,494 | 9,772 | ||
Other Loans Financing Receivable [Member] | Covered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 0 | 0 | ||
Past Due 60 - 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 | 56 | 204 | ||
Acquired loans | 56 | 204 | ||
Other Loans Financing Receivable [Member] | Noncovered [Member] | ||||
Acquired Loans, Aging [Abstract] | ||||
Past Due 30 - 59 Days | 34 | 0 | ||
Past Due 60 - 89 Days | 0 | 0 | ||
Past Due Greater Than 90 Days | 0 | [1] | 0 | [1] |
Total Past Due | 34 | 0 | ||
Nonaccrual | 0 | [2] | 0 | [2] |
Current Loans | 21,161 | 22,390 | ||
Acquired loans | $21,195 | $22,390 | ||
[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 | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Mortgage servicing rights [Abstract] | |||
Balance at beginning of period | $64,358,000 | $67,834,000 | |
Origination of servicing assets | 3,126,000 | 2,315,000 | |
Change in fair value [Abstract] | |||
Due to market changes | -2,368,000 | -723,000 | |
Due to runoff | -2,213,000 | -1,812,000 | |
Balance at end of period | 62,903,000 | 67,614,000 | |
Residential mortgage loans sold | 233,000,000 | 184,900,000 | |
Gains on sales of residential mortgage loans, before tax | 3,700,000 | 1,800,000 | |
Mortgage loans serviced for others | 5,635,000,000 | 5,636,000,000 | |
Period of put back response | 60 days | ||
Mortgage Loans on Real Estate [Line Items] | |||
Total mortgage loans sold and serviced for others | 5,634,965,000 | 5,636,249,000 | |
Schedule of changes in the reserve for mortgage loan [Abstract] | |||
Balance at beginning of period | 1,170,000 | 1,050,000 | |
Provision for putback expenses | 0 | 150,000 | |
Losses | 0 | -72,000 | |
Balance at end of period | 1,170,000 | 1,128,000 | |
Mortgage loan servicing representation and warranty expenses | 0 | 150,000 | |
Federal National Mortgage Association [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Total mortgage loans sold and serviced for others | 3,588,326,000 | 3,579,987,000 | |
Government National Mortgage Association [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Total mortgage loans sold and serviced for others | 1,922,043,000 | 1,948,565,000 | |
Federal Home Loan Mortgage Corporation [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Total mortgage loans sold and serviced for others | 76,987,000 | 80,551,000 | |
Other [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Total mortgage loans sold and serviced for others | $47,609,000 | $27,146,000 |
Other_Real_Estate_and_Covered_2
Other Real Estate and Covered Other Real Estate (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Other real estate, excluding covered other real estate [Rollforward] | |||
Balance at beginning of period | $92,509 | $106,539 | |
Additions | 8,656 | 13,694 | |
Disposals | -10,108 | -7,594 | |
Write-downs | -882 | -1,103 | |
Balance at end of period | 90,175 | 111,536 | |
Gain (Loss), net on the sale of other real estate included in ORE/Foreclosure expense | 1,420 | -415 | |
Other real estate, excluding covered other real estate [Line Items] | |||
Total other real estate, excluding covered other real estate | 90,175 | 111,536 | |
Covered other real estate, beginning of period | 6,060 | 5,108 | |
Transfers from covered loans | 0 | 98 | |
FASB ASC 310-30 adjustment for the residual recorded investment | -903 | -52 | |
Net transfers from covered loans | -903 | 46 | |
Disposals | -221 | -315 | |
Write-downs | -142 | -80 | |
Covered other real estate, end of period | 4,794 | 4,759 | |
Loss, net on the sale of covered other real estate included in ORE/Foreclosure expense | -53 | -120 | |
Schedule Of Covered Loans And Other Real Estate Acquired [Line Items] | |||
Total covered other real estate | 4,794 | 4,759 | |
Construction Land Development and Other Land [Member] | |||
Other real estate, excluding covered other real estate [Line Items] | |||
Covered other real estate, beginning of period | 1,917 | ||
Covered other real estate, end of period | 942 | 1,917 | |
Schedule Of Covered Loans And Other Real Estate Acquired [Line Items] | |||
Total covered other real estate | 942 | 1,917 | |
1-4 Family Residential Properties [Member] | |||
Other real estate, excluding covered other real estate [Line Items] | |||
Covered other real estate, beginning of period | 1,103 | ||
Covered other real estate, end of period | 1,126 | 1,103 | |
Schedule Of Covered Loans And Other Real Estate Acquired [Line Items] | |||
Total covered other real estate | 1,126 | 1,103 | |
Nonfarm, Nonresidential Properties [Member] | |||
Other real estate, excluding covered other real estate [Line Items] | |||
Covered other real estate, beginning of period | 2,296 | ||
Covered other real estate, end of period | 1,998 | 2,296 | |
Schedule Of Covered Loans And Other Real Estate Acquired [Line Items] | |||
Total covered other real estate | 1,998 | 2,296 | |
Other Real Estate Properties [Member] | |||
Other real estate, excluding covered other real estate [Line Items] | |||
Covered other real estate, beginning of period | 744 | ||
Covered other real estate, end of period | 728 | 744 | |
Schedule Of Covered Loans And Other Real Estate Acquired [Line Items] | |||
Total covered other real estate | 728 | 744 | |
Construction, Land Development And Other Land Properties [Member] | |||
Other real estate, excluding covered other real estate [Rollforward] | |||
Balance at beginning of period | 61,015 | ||
Balance at end of period | 59,286 | 61,015 | |
Other real estate, excluding covered other real estate [Line Items] | |||
Total other real estate, excluding covered other real estate | 59,286 | 61,015 | |
1 - 4 Family Residential Properties [Member] | |||
Other real estate, excluding covered other real estate [Rollforward] | |||
Balance at beginning of period | 10,150 | ||
Balance at end of period | 8,637 | 10,150 | |
Other real estate, excluding covered other real estate [Line Items] | |||
Total other real estate, excluding covered other real estate | 8,637 | 10,150 | |
Nonfarm, Nonresidential Properties [Member] | |||
Other real estate, excluding covered other real estate [Rollforward] | |||
Balance at beginning of period | 19,696 | ||
Balance at end of period | 20,757 | 19,696 | |
Other real estate, excluding covered other real estate [Line Items] | |||
Total other real estate, excluding covered other real estate | 20,757 | 19,696 | |
Other Real Estate Properties [Member] | |||
Other real estate, excluding covered other real estate [Rollforward] | |||
Balance at beginning of period | 1,648 | ||
Balance at end of period | 1,495 | 1,648 | |
Other real estate, excluding covered other real estate [Line Items] | |||
Total other real estate, excluding covered other real estate | $1,495 | $1,648 |
Other_Real_Estate_and_Covered_3
Other Real Estate and Covered Other Real Estate, (by geographic location) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||||
Other real estate, excluding covered other real estate [Line Items] | ||||||
Total other real estate, excluding covered other real estate | $90,175 | $92,509 | $111,536 | $106,539 | ||
Alabama [Member] | ||||||
Other real estate, excluding covered other real estate [Line Items] | ||||||
Total other real estate, excluding covered other real estate | 21,795 | 21,196 | ||||
Florida [Member] | ||||||
Other real estate, excluding covered other real estate [Line Items] | ||||||
Total other real estate, excluding covered other real estate | 34,746 | 35,324 | ||||
Mississippi [Member] | ||||||
Other real estate, excluding covered other real estate [Line Items] | ||||||
Total other real estate, excluding covered other real estate | 15,143 | [1] | 17,397 | [1] | ||
Tennessee [Member] | ||||||
Other real estate, excluding covered other real estate [Line Items] | ||||||
Total other real estate, excluding covered other real estate | 10,072 | [2] | 10,292 | [2] | ||
Texas [Member] | ||||||
Other real estate, excluding covered other real estate [Line Items] | ||||||
Total other real estate, excluding covered other real estate | $8,419 | $8,300 | ||||
[1] | Mississippi includes Central and Southern Mississippi Regions | |||||
[2] | Tennessee includes Memphis, Tennessee and Northern Mississippi Regions |
FDIC_Indemnification_Asset_Det
FDIC Indemnification Asset (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
Apr. 15, 2011 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
FDIC Indemnification Asset [Abstract] | ||||
FDIC loss-share agreement covered loans and other real estate losses (in hundredths) | 80.00% | |||
FDIC True-up provisions | $2,200,000 | $2,100,000 | ||
Reduction of FDIC indemnification asset included in other noninterest income - Covered Loans | 285,000 | 356,000 | ||
Reduction of FDIC indemnification asset included in noninterest income - Covered Other Real Estate | 256,000 | |||
Balance at beginning of period | 6,997,000 | 14,347,000 | ||
Amortization | -430,000 | -332,000 | ||
Transfers to FDIC claims | -1,283,000 | -139,000 | ||
Change in expected cash flows | -391,000 | -239,000 | ||
Change in FDIC true up-provision | -150,000 | -150,000 | ||
Balance at end of period | $4,743,000 | $13,487,000 |
Deposits_Details
Deposits (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Noninterest-bearing demand | $2,936,875 | $2,748,635 |
Interest-bearing demand | 1,800,186 | 1,722,581 |
Savings | 3,271,050 | 3,280,060 |
Time | 1,898,879 | 1,947,082 |
Total deposits | $9,906,990 | $9,698,358 |
Defined_Benefit_and_Other_Post2
Defined Benefit and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2015 |
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 | $131 | $124 | |
Interest cost | 862 | 1,321 | |
Expected return on plan assets | -1,296 | -1,558 | |
Recognized net loss due to lump sum settlements | 417 | 375 | |
Recognized net actuarial loss | 967 | 736 | |
Net periodic benefit cost | 1,081 | 998 | |
Supplemental Retirement Plan [Member] | |||
Net periodic benefit cost [Abstract] | |||
Service cost | 108 | 73 | |
Interest cost | 524 | 554 | |
Amortization of prior service cost | 63 | 63 | |
Recognized net actuarial loss | 253 | 170 | |
Net periodic benefit cost | 948 | 860 | |
Subsequent Event [Member] | Trustmark Capital Accumulation Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Trustmark's minimum required contribution to Trustmark Capital Accumulation Plan | $0 |
Stock_and_Incentive_Compensati2
Stock and Incentive Compensation Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restricted Stock Units (RSUs) [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% | |
2005 Stock and Incentive Compensation Plan [Member] | ||
Compensation expense [Abstract] | ||
Total compensation expense | $851 | $1,191 |
2005 Stock and Incentive Compensation Plan [Member] | Performance Awards [Member] | ||
Shares [Roll Forward] | ||
Outstanding/Nonvested shares, beginning of period (in shares) | 181,195 | |
Granted (in shares) | 84,899 | |
Exercised or released from restriction (in shares) | -47,360 | |
Forfeited (in shares) | -6,425 | |
Outstanding/Nonvested shares, end of period (in shares) | 212,309 | |
Compensation expense [Abstract] | ||
Total compensation expense | 246 | 263 |
2005 Stock and Incentive Compensation Plan [Member] | Time-Vested Awards [Member] | ||
Shares [Roll Forward] | ||
Outstanding/Nonvested shares, beginning of period (in shares) | 263,905 | |
Granted (in shares) | 120,314 | |
Exercised or released from restriction (in shares) | -63,209 | |
Forfeited (in shares) | -2,677 | |
Outstanding/Nonvested shares, end of period (in shares) | 318,333 | |
Compensation expense [Abstract] | ||
Total compensation expense | $605 | $928 |
2005 Stock and Incentive Compensation Plan [Member] | Restricted Stock [Member] | Performance Awards Includes Achievement Shares For Grants After 2013 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
2005 Stock and Incentive Compensation Plan [Member] | Restricted Stock [Member] | Achievement Shares From Performance Grants Prior To 2013 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
2005 Stock and Incentive Compensation Plan [Member] | Restricted Stock [Member] | Time-Vested Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | $2,583 | $2,289 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Maximum potential exposure to credit loss in the event of nonperformance | 131.7 | 147.2 |
Letters of credit, maturity term - maximum | 3 years | |
Collateral held, fair value | 29.6 | |
Pending or Threatened Litigation, Stanford Financial Group [Member] | ||
Legal Proceedings [Abstract] | ||
Lawsuits naming entity as defendant, number | 2 | |
Pending or Threatened Litigation, Overdraft Fees [Member] | ||
Legal Proceedings [Abstract] | ||
Lawsuits naming entity as defendant, number | 2 | |
Litigation settlement | 4 | |
Litigation settlement net of taxes | $2.50 | |
Potential claims resolved by settlement | 100,000 | |
Number of customers that excluded themselves from the class action settlement | 16 |
Earnings_Per_Share_EPS_Details
Earnings Per Share (EPS) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share (EPS) [Abstract] | ||
Basic shares (in shares) | 67,526 | 67,410 |
Dilutive shares (in shares) | 113 | 140 |
Diluted shares (in shares) | 67,639 | 67,550 |
Weighted-average antidilutive stock awards (in shares) | 0 | 117 |
Statements_of_Cash_Flows_Detai
Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Statements of Cash Flows [Abstract] | ||||
Income taxes paid | $351 | $350 | ||
Interest expense paid on deposits and borrowings | 4,428 | 5,475 | ||
Noncash transfers from loans to other real estate | $7,753 | [1] | $13,740 | [1] |
[1] | Includes transfers from covered loans to covered other real estate. |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Securities available for sale and transferred securities, Before tax amount: [Abstract] | |||||
Unrealized holding gains arising during the period, Before tax amount | $18,438 | $6,848 | |||
Reclassification adjustment for net gains realized in net income, Before tax amount | 0 | -389 | |||
Change in net unrealized holding loss on securities transferred to held to maturity, Before tax amount | 1,415 | 1,333 | |||
Total securities available for sale and transferred securities, Before tax amount | 19,853 | 7,792 | |||
Securities available for sale and transferred securities, Tax (expense) benefit: [Abstract] | |||||
Unrealized holding gains arising during the period, Tax Effect | -7,052 | -2,619 | |||
Reclassification adjustment for net gains realized in net income, Tax | 0 | 149 | |||
Change in net unrealized holding loss on securities transferred to held to maturity, Tax | -541 | -510 | |||
Total securities available for sale and transferred securities, Tax | -7,593 | -2,980 | |||
Securities available for sale and transferred securities, Net of tax amount: [Abstract] | |||||
Unrealized holding gains arising during the period, after tax income (expense) | 11,386 | 4,229 | |||
Reclassification adjustment for net gains realized in net income, after tax income (expense) | 0 | -240 | |||
Change in net unrealized holding loss on securities transferred to held to maturity, after tax income (expense) | 874 | 823 | |||
Total securities available for sale and transferred securities, after tax income (expense) | 12,260 | 4,812 | |||
Pension and other postretirement benefit plans, Before tax amount: [Abstract] | |||||
Net change in prior service costs, before tax amount | 63 | 63 | |||
Recognized net loss due to lump sum settlements, before tax amount | 417 | 375 | |||
Change in net actuarial loss, before tax amount | 1,220 | 906 | |||
Total pension and other postretirement benefit plans, before tax amount | 1,700 | 1,344 | |||
Pension and other postretirement benefit plans, Tax (expense) benefit: [Abstract] | |||||
Net change in prior service costs, tax (expense) benefit | -24 | -24 | |||
Recognized net loss due to lump sum settlements, tax (expense) benefit | -160 | -143 | |||
Change in net actuarial loss, tax (expense) benefit | -466 | -347 | |||
Total pension and other postretirement benefit plans, tax (expense) benefit | -650 | -514 | |||
Pension and other postretirement benefit plans, Net of tax amount: [Abstract] | |||||
Net change in prior service costs, after tax income (expense) | 39 | 39 | |||
Recognized net loss due to lump sum settlements, after tax income (expense) | 257 | 232 | |||
Change in net actuarial loss, after tax income (expense) | 754 | 559 | |||
Total pension and other postretirement benefit plans, after tax income (expense) | 1,050 | 830 | |||
Derivatives, Before tax amount: [Abstract] | |||||
Change in accumulated gain on effective cash flow hedge derivatives, before tax amount | -985 | -661 | |||
Reclassification adjustment for loss realized in net income, before tax amount | 211 | ||||
Total cash flow hedge derivatives, before tax benefit | -774 | ||||
Derivatives, Tax (expense) benefit: [Abstract] | |||||
Change in accumulated gain on effective cash flow hedge derivatives, tax (expense) benefit | 377 | 253 | |||
Reclassification adjustment for loss realized in net income, tax (expense) benefit | -81 | ||||
Total cash flow hedge derivatives, tax (expense) benefit | 296 | ||||
Derivatives, Net of tax amount: [Abstract] | |||||
Change in the accumulated gain on effective cash flow hedge derivatives, after tax amount | -608 | -408 | |||
Reclassification adjustment for loss realized in net income, after tax amount | 130 | 0 | |||
Total cash flow hedge derivatives, after tax amount | -478 | ||||
Total other comprehensive income (loss), Before tax amount | 20,779 | 8,475 | |||
Total other comprehensive income (loss), Tax expense (benefit) | -7,947 | -3,241 | |||
Total other comprehensive income (loss), Net of tax | 12,832 | 5,234 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Opening balance | -42,484 | -43,731 | |||
Other comprehensive income (loss) before reclassification | 12,702 | 5,474 | |||
Amounts reclassified from accumulated other comprehensive loss | 130 | -240 | |||
Net other comprehensive income (loss) | 12,832 | 5,234 | |||
Ending balance | -29,652 | -38,497 | |||
Securities Available for Sale and Transferred Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Opening balance | -11,003 | -25,462 | |||
Other comprehensive income (loss) before reclassification | 12,260 | 5,052 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | -240 | |||
Net other comprehensive income (loss) | 12,260 | 4,812 | |||
Ending balance | 1,257 | -20,650 | |||
Defined Benefit Pension Items [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Opening balance | -31,617 | -19,793 | |||
Other comprehensive income (loss) before reclassification | 1,050 | 830 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||
Net other comprehensive income (loss) | 1,050 | 830 | |||
Ending balance | -30,567 | -18,963 | |||
Cash Flow Hedge Derivatives [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Opening balance | 136 | 1,524 | |||
Other comprehensive income (loss) before reclassification | -608 | -408 | |||
Amounts reclassified from accumulated other comprehensive loss | 130 | 0 | |||
Net other comprehensive income (loss) | -478 | -408 | |||
Ending balance | -342 | 1,116 | |||
Trustmark Corporation [Member] | Tier 1 Capital (to Risk Weighted Assets) [Member] | |||||
Common Equity Tier One Risk Based Capital [Abstract] | |||||
Actual Regulatory Capital Amount | 1,117,340 | 1,069,630 | |||
Actual Regulatory Capital Ratio (in hundredths) | 13.14% | 12.75% | |||
Minimum Regulatory Capital Required Ratio (in hundredths) | 4.50% | [1] | |||
Minimum Regulatory Provision to be Well-Capitalized Ratio (in hundredths) | [1] | [1] | |||
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | |||||
Actual Regulatory Capital Amount | 1,175,578 | 1,129,630 | |||
Actual Regulatory Capital Ratio (in hundredths) | 13.83% | 13.47% | |||
Minimum Regulatory Capital Required Ratio (in hundredths) | 6.00% | 4.00% | |||
Minimum Regulatory Provision to be Well-Capitalized Ratio (in hundredths) | [1] | [1] | |||
Trustmark Corporation [Member] | Total Capital (to Risk Weighted Assets) [Member] | |||||
Total Capital (to Risk Weighted Assets) [Abstract] | |||||
Actual Regulatory Capital Amount | 1,268,725 | 1,221,292 | |||
Actual Regulatory Capital Ratio (in hundredths) | 14.92% | 14.56% | |||
Minimum Regulatory Capital Required Ratio (in hundredths) | 8.00% | 8.00% | |||
Minimum Regulatory Provision to be Well-Capitalized Ratio (in hundredths) | [1] | [1] | |||
Trustmark Corporation [Member] | Tier 1 Capital (to Average Assets) [Member] | |||||
Tier 1 Leverage (to Average Assets) [Abstract] | |||||
Actual Regulatory Capital Amount | 1,175,578 | 1,129,630 | |||
Actual Regulatory Capital Ratio (in hundredths) | 9.99% | 9.63% | |||
Minimum Regulatory Capital Required Ratio (in hundredths) | 4.00% | 4.00% | |||
Minimum Regulatory Provision to be Well-Capitalized Ratio (in hundredths) | [1] | [1] | |||
Trustmark National Bank [Member] | Tier 1 Capital (to Risk Weighted Assets) [Member] | |||||
Common Equity Tier One Risk Based Capital [Abstract] | |||||
Actual Regulatory Capital Amount | 1,156,239 | 1,108,399 | |||
Actual Regulatory Capital Ratio (in hundredths) | 13.60% | 13.24% | |||
Minimum Regulatory Capital Required Ratio (in hundredths) | 4.50% | [1] | |||
Minimum Regulatory Provision to be Well-Capitalized Ratio (in hundredths) | 6.50% | [1] | |||
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | |||||
Actual Regulatory Capital Amount | 1,156,239 | 1,108,399 | |||
Actual Regulatory Capital Ratio (in hundredths) | 13.60% | 13.24% | |||
Minimum Regulatory Capital Required Ratio (in hundredths) | 6.00% | 4.00% | |||
Minimum Regulatory Provision to be Well-Capitalized Ratio (in hundredths) | 8.00% | 6.00% | |||
Trustmark National Bank [Member] | Total Capital (to Risk Weighted Assets) [Member] | |||||
Total Capital (to Risk Weighted Assets) [Abstract] | |||||
Actual Regulatory Capital Amount | 1,249,386 | 1,198,697 | |||
Actual Regulatory Capital Ratio (in hundredths) | 14.70% | 14.32% | |||
Minimum Regulatory Capital Required Ratio (in hundredths) | 8.00% | 8.00% | |||
Minimum Regulatory Provision to be Well-Capitalized Ratio (in hundredths) | 10.00% | 10.00% | |||
Trustmark National Bank [Member] | Tier 1 Capital (to Average Assets) [Member] | |||||
Tier 1 Leverage (to Average Assets) [Abstract] | |||||
Actual Regulatory Capital Amount | $1,156,239 | $1,108,399 | |||
Actual Regulatory Capital Ratio (in hundredths) | 9.84% | 9.46% | |||
Minimum Regulatory Capital Required Ratio (in hundredths) | 4.00% | 4.00% | |||
Minimum Regulatory Provision to be Well-Capitalized Ratio (in hundredths) | 5.00% | 5.00% | |||
[1] | n/a |
Fair_Value_Part_1_Details
Fair Value Part 1 (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $2,381,459 | $2,374,567 | ||
Loans held for sale | 150,365 | 132,196 | ||
Mortgage servicing rights | 62,903 | 64,358 | 67,614 | 67,834 |
Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
U.S. Treasury securities | 100 | |||
U.S. Government agency obligations | 111,191 | 112,474 | ||
Obligations of states and political subdivisions | 160,154 | 162,258 | ||
Mortgage-backed securities | 2,080,016 | 2,068,035 | ||
Asset-backed securities and structured financial products | 30,098 | 31,700 | ||
Securities available for sale | 2,381,459 | 2,374,567 | ||
Loans held for sale | 150,365 | 132,196 | ||
Mortgage servicing rights | 62,903 | 64,358 | ||
Other assets - derivatives | 7,814 | 5,527 | ||
Other liabilities - derivatives | 6,326 | 4,338 | ||
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 and structured financial products | 0 | 0 | ||
Securities available for sale | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Other assets - derivatives | 1,908 | 1,181 | ||
Other liabilities - derivatives | 917 | 490 | ||
Level 2 [Member] | Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
U.S. Treasury securities | 100 | |||
U.S. Government agency obligations | 111,191 | 112,474 | ||
Obligations of states and political subdivisions | 160,154 | 162,258 | ||
Mortgage-backed securities | 2,080,016 | 2,068,035 | ||
Asset-backed securities and structured financial products | 30,098 | 31,700 | ||
Securities available for sale | 2,381,459 | 2,374,567 | ||
Loans held for sale | 150,365 | 132,196 | ||
Mortgage servicing rights | 0 | 0 | ||
Other assets - derivatives | 3,318 | 3,047 | ||
Other liabilities - derivatives | 5,409 | 3,848 | ||
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 and structured financial products | 0 | 0 | ||
Securities available for sale | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Mortgage servicing rights | 62,903 | 64,358 | ||
Other assets - derivatives | 2,588 | 1,299 | ||
Other liabilities - derivatives | $0 | $0 |
Fair_Value_Part_2_Details
Fair Value Part 2 (Details) (Recurring Basis [Member], Level 3 [Member], USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
MSR [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $64,358 | $67,834 | ||
Total net (loss) gain included in Mortgage banking, net | -4,581 | [1] | -2,535 | [1] |
Additions | 3,126 | 2,315 | ||
Sales | 0 | 0 | ||
Ending Balance | 62,903 | 67,614 | ||
The amount of total losses for the period included in earnings that are attributable to the change in unrealized gains or losses still held, end of period | -2,368 | -723 | ||
Other Assets - Derivatives [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 1,299 | 126 | ||
Total net (loss) gain included in Mortgage banking, net | 2,410 | [1] | 802 | [1] |
Additions | 0 | 0 | ||
Sales | -1,121 | -112 | ||
Ending Balance | 2,588 | 816 | ||
The amount of total losses for the period included in earnings that are attributable to the change in unrealized gains or losses still held, end of period | ($34) | ($96) | ||
[1] | Total net (loss) gain included in Mortgage banking, net relating to MSR includes changes in fair value due to market changes and due to run-off. |
Fair_Value_Part_3_Details
Fair Value Part 3 (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities held to maturity | $1,184,554,000 | $1,170,685,000 | ||
Net LHFI | 6,342,555,000 | 6,379,853,000 | ||
FDIC indemnification asset | 4,743,000 | 13,487,000 | 6,997,000 | 14,347,000 |
Deposits | 9,906,990,000 | 9,698,358,000 | ||
Long-term FHLB advances | 1,222,000 | 1,253,000 | ||
Subordinated notes | 49,944,000 | 49,936,000 | ||
Junior subordinated debt securities | 61,856,000 | 61,856,000 | ||
Nonfinancial Assets and Liabilities [Abstract] | ||||
Outstanding balances in impaired loans | 48,300,000 | 47,100,000 | ||
Foreclosed assets measured at fair value | 8,700,000 | 13,700,000 | ||
Allowance for possible loan losses, Charge-offs for foreclosed assets upon initial recognition | 2,300,000 | 5,100,000 | ||
Foreclosed assets re-measured after initial recognition | 13,700,000 | 7,600,000 | ||
Write-downs of allowance for foreclosed assets after initial recognition | 882,000 | 1,100,000 | ||
Estimated fair value of financial instruments with immediate and shorter-term maturities maximum | 90 days | |||
Noninterest income in Mortgage banking, net for changes in fair value of LHFS | 382,000 | |||
Interest earned on LHFS included in Interest and fees on LHFS and LHFI | 1,100,000 | |||
Fair value and the contractual principal outstanding of the LHFS [Abstract] | ||||
Fair value of LHFS | 133,754,000 | 91,182,000 | ||
LHFS contractual principal outstanding | 129,595,000 | 88,106,000 | ||
Fair value less unpaid principal | 4,159,000 | 3,076,000 | ||
Level 2 [Member] | Carrying Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and short-term investments | 335,244,000 | 317,858,000 | ||
Securities held to maturity | 1,184,554,000 | 1,170,685,000 | ||
Deposits | 9,906,990,000 | 9,698,358,000 | ||
Short-term liabilities | 573,757,000 | 868,620,000 | ||
Long-term FHLB advances | 1,222,000 | 1,253,000 | ||
Subordinated notes | 49,944,000 | 49,936,000 | ||
Junior subordinated debt securities | 61,856,000 | 61,856,000 | ||
Level 2 [Member] | Estimate Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and short-term investments | 335,244,000 | 317,858,000 | ||
Securities held to maturity | 1,212,505,000 | 1,182,846,000 | ||
Deposits | 9,911,477,000 | 9,702,864,000 | ||
Short-term liabilities | 573,757,000 | 868,620,000 | ||
Long-term FHLB advances | 1,231,000 | 1,263,000 | ||
Subordinated notes | 53,063,000 | 53,504,000 | ||
Junior subordinated debt securities | 46,392,000 | 46,392,000 | ||
Level 3 [Member] | Carrying Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net LHFI | 6,342,555,000 | 6,379,853,000 | ||
Net acquired loans | 486,606,000 | 537,350,000 | ||
FDIC indemnification asset | 4,743,000 | 6,997,000 | ||
Level 3 [Member] | Estimate Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net LHFI | 6,411,826,000 | 6,453,618,000 | ||
Net acquired loans | 486,606,000 | 537,350,000 | ||
FDIC indemnification asset | $4,743,000 | $6,997,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Part 1 (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Notional amount of mirror-image derivative contracts | $60,000,000 | ||
Period for which cash flow hedges will be used to hedge quarterly interest payments | 5 years | ||
Derivative inception date | 31-Dec-14 | ||
Derivative maturity date | 31-Dec-19 | ||
Description of variable rate basis for derivative | three-month LIBOR | ||
Swap fixed interest rate to be paid (in hundredths) | 1.66% | ||
Accumulated net, after tax (loss) gain included in other comprehensive loss | -341,000 | 136,000 | |
The period over which OCI will be reclassified as interest expense | 12 months | ||
Estimated amount to be reclassified as an increase to interest expense | 736,000 | ||
Derivatives not Designated as Hedging Instruments [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Net positive ineffectiveness on MSR fair value | 1,300,000 | 1,900,000 | |
Derivatives not Designated as Hedging Instruments [Member] | Forward Contracts [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet obligations | 246,500,000 | 142,000,000 | |
Valuation adjustment | -1,400,000 | -1,000,000 | |
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 | 168,600,000 | 88,400,000 | |
Positive valuation adjustment | 2,600,000 | 1,300,000 | |
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 | 344,700,000 | 349,400,000 | |
Termination value of derivatives | 4,100,000 | 1,900,000 | |
Market value of posted collateral | 2,100,000 | ||
Derivatives not Designated as Hedging Instruments [Member] | Beneficiary [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Number of risk participation agreements | 3 | 3 | |
Aggregate notional amount of credit risk participation agreements | 19,000,000 | 19,100,000 | |
Derivatives not Designated as Hedging Instruments [Member] | Guarantor [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Number of risk participation agreements | 1 | 1 | |
Aggregate notional amount of credit risk participation agreements | $6,100,000 | $6,200,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Part 2 (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | $3,289 | $3,025 | |
Fair value of derivative liability | 3,944 | 2,813 | |
Derivatives in Hedging Relationships [Member] | Mortgage Banking, Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of loss recognized | 0 | -2,029 | |
Derivatives in Hedging Relationships [Member] | Other Comprehensive Income (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net [Abstract] | |||
Amount of loss recognized in other comprehensive income | -608 | -408 | |
Derivatives in Hedging Relationships [Member] | Other Comprehensive Loss and other interest expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of loss recognized | -211 | 0 | |
Derivatives in Hedging Relationships [Member] | Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | -553 | 221 | |
Derivatives not Designated as Hedging Instruments [Member] | Mortgage Banking, Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain recognized in mortgage banking, net | 4,550 | 3,276 | |
Derivatives not Designated as Hedging Instruments [Member] | Bank card and Other Fees [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of loss recognized in bank card and other fees | -84 | -121 | |
Derivatives not Designated as Hedging Instruments [Member] | Forward Contracts [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | 1,440 | 1,014 | |
Derivatives not Designated as Hedging Instruments [Member] | Future Contracts [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | 1,525 | 928 | |
Derivatives not Designated as Hedging Instruments [Member] | Exchange Traded Purchased Options [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | 383 | 253 | |
Derivatives not Designated as Hedging Instruments [Member] | OTC Written Options (Rate Locks) [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | 2,588 | 1,299 | |
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | 3,842 | 2,804 | |
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | 3,944 | 2,813 | |
Derivatives not Designated as Hedging Instruments [Member] | Credit Risk Participation Agreement [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | 29 | 22 | |
Derivatives not Designated as Hedging Instruments [Member] | Credit Risk Participation Agreement [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | 25 | 21 | |
Derivatives not Designated as Hedging Instruments [Member] | Exchange Traded Written Options [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | $917 | $490 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments, Offsetting (Details) (Interest Rate Swap [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Gross Amounts of Recognized Assets, Offsetting of Derivative Assets | $3,289 | $3,025 |
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 | 3,289 | 3,025 |
Financial Instruments, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Assets | 0 | -347 |
Cash Collateral Received, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Assets | 0 | 0 |
Net Amount, Offsetting of Derivative Assets | 3,289 | 2,678 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross Amounts of Recognized Liabilities, Offsetting of Derivative Liabilities | 3,944 | 2,813 |
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 | 3,944 | 2,813 |
Financial Instruments, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | 0 | -347 |
Cash Collateral Posted, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | 1,128 | 0 |
Net Amount, Offsetting of Derivative Liabilities | $2,816 | $2,466 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment | ||
Segment Reporting Information [Line Items] | ||
Number of segments in which the business operates | 3 | |
Net interest income | $97,392 | $94,904 |
Provision for loan losses, net | 2,132 | -742 |
Noninterest income | 42,363 | 44,078 |
Noninterest expense | 99,216 | 101,618 |
Income before income taxes | 38,407 | 38,106 |
Income taxes | 9,259 | 9,103 |
Net Income | 29,148 | 29,003 |
Selected Financial Information [Abstract] | ||
Average assets | 12,125,303 | 11,918,816 |
Depreciation and amortization | 9,080 | 8,756 |
General Banking [Member] | Reportable Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 97,260 | 94,686 |
Provision for loan losses, net | 2,132 | -742 |
Noninterest income | 25,740 | 27,883 |
Noninterest expense | 85,517 | 88,587 |
Income before income taxes | 35,351 | 34,724 |
Income taxes | 8,084 | 7,913 |
Net Income | 27,267 | 26,811 |
Selected Financial Information [Abstract] | ||
Average assets | 12,053,721 | 11,851,429 |
Depreciation and amortization | 8,875 | 8,481 |
Wealth Management [Member] | Reportable Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 55 | 148 |
Noninterest income | 8,007 | 8,097 |
Noninterest expense | 6,770 | 6,434 |
Income before income taxes | 1,292 | 1,811 |
Income taxes | 513 | 601 |
Net Income | 779 | 1,210 |
Selected Financial Information [Abstract] | ||
Average assets | 3,263 | 1,945 |
Depreciation and amortization | 46 | 45 |
Insurance [Member] | Reportable Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 77 | 70 |
Noninterest income | 8,616 | 8,098 |
Noninterest expense | 6,929 | 6,597 |
Income before income taxes | 1,764 | 1,571 |
Income taxes | 662 | 589 |
Net Income | 1,102 | 982 |
Selected Financial Information [Abstract] | ||
Average assets | 68,319 | 65,442 |
Depreciation and amortization | $159 | $230 |