Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | TRUSTMARK CORP | ||
Entity Central Index Key | 36,146 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,124 | ||
Entity Common Stock, Shares Outstanding | 67,610,426 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks (noninterest-bearing) | $ 277,751 | $ 315,973 |
Federal funds sold and securities purchased under reverse repurchase agreements | 250 | 1,885 |
Securities available for sale (at fair value) | 2,345,422 | 2,374,567 |
Securities held to maturity (fair value: $1,195,367-2015; $1,182,846-2014) | 1,187,818 | 1,170,685 |
Loans held for sale (LHFS) | 160,189 | 132,196 |
Loans held for investment (LHFI) | 7,091,385 | 6,449,469 |
Less allowance for loan losses, LHFI | 67,619 | 69,616 |
Net LHFI | 7,023,766 | 6,379,853 |
Acquired Loans: | ||
Noncovered loans | 372,711 | 525,783 |
Covered loans | 17,700 | 23,626 |
Less allowance for loan losses, acquired loans | 11,992 | 12,059 |
Net acquired loans | 378,419 | 537,350 |
Net LHFI and acquired loans | 7,402,185 | 6,917,203 |
Premises and equipment, net | 195,656 | 200,781 |
Mortgage servicing rights | 74,007 | 64,358 |
Goodwill | 366,156 | 365,500 |
Identifiable intangible assets | 27,546 | 33,234 |
Other real estate, excluding covered other real estate | 77,177 | 92,509 |
Covered other real estate | 1,651 | 6,060 |
FDIC indemnification asset | 738 | 6,997 |
Other assets | 562,350 | 568,685 |
Total Assets | 12,678,896 | 12,250,633 |
Deposits: | ||
Noninterest-bearing | 2,998,694 | 2,748,635 |
Interest-bearing | 6,589,536 | 6,949,723 |
Total deposits | 9,588,230 | 9,698,358 |
Federal funds purchased and securities sold under repurchase agreements | 441,042 | 443,543 |
Short-term borrowings | 412,617 | 425,077 |
Long-term FHLB advances | 501,155 | 1,253 |
Subordinated notes | 49,969 | 49,936 |
Junior subordinated debt securities | 61,856 | 61,856 |
Other liabilities | 150,970 | 150,670 |
Total Liabilities | 11,205,839 | 10,830,693 |
Shareholders' Equity | ||
Common stock, no par value: Authorized: 250,000,000 shares Issued and outstanding: 67,559,128 shares - 2015; 67,481,992 shares - 2014 | 14,076 | 14,060 |
Capital surplus | 361,467 | 356,244 |
Retained earnings | 1,142,908 | 1,092,120 |
Accumulated other comprehensive loss, net of tax | (45,394) | (42,484) |
Total Shareholders' Equity | 1,473,057 | 1,419,940 |
Total Liabilities and Shareholders' Equity | $ 12,678,896 | $ 12,250,633 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Securities held to maturity, fair value | $ 1,195,367 | $ 1,182,846 |
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) | 67,559,128 | 67,481,992 |
Common stock, outstanding (in shares) | 67,559,128 | 67,481,992 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | |||
Interest and fees on LHFS & LHFI | $ 274,433 | $ 263,582 | $ 258,550 |
Interest and fees on acquired loans | 51,152 | 76,736 | 76,336 |
Interest on securities: | |||
Taxable | 80,730 | 80,148 | 72,818 |
Tax exempt | 4,323 | 4,869 | 5,145 |
Interest on federal funds sold and securities purchased under reverse repurchase agreements | 8 | 23 | 31 |
Other interest income | 1,579 | 1,524 | 1,466 |
Total Interest Income | 412,225 | 426,882 | 414,346 |
Interest Expense | |||
Interest on deposits | 12,598 | 15,323 | 19,718 |
Interest on federal funds purchased and securities sold under repurchase agreements | 801 | 550 | 379 |
Other interest expense | 7,061 | 5,673 | 5,762 |
Total Interest Expense | 20,460 | 21,546 | 25,859 |
Net Interest Income | 391,765 | 405,336 | 388,487 |
Provision for loan losses, LHFI | 8,375 | 1,211 | (13,421) |
Provision for loan losses, acquired loans | 3,425 | 6,171 | 6,039 |
Net Interest Income After Provision for Loan Losses | 379,965 | 397,954 | 395,869 |
Noninterest Income | |||
Service charges on deposit accounts | 47,366 | 48,671 | 51,576 |
Bank card and other fees | 28,298 | 32,966 | 35,961 |
Mortgage banking, net | 30,176 | 24,780 | 33,504 |
Insurance commissions | 36,424 | 33,468 | 30,826 |
Wealth management | 31,369 | 32,343 | 29,480 |
Other, net | (484) | 614 | (7,973) |
Securities gains, net | 300 | 485 | |
Total Noninterest Income | 173,149 | 173,142 | 173,859 |
Noninterest Expense | |||
Salaries and employee benefits | 230,198 | 226,694 | 221,727 |
Services and fees | 57,534 | 56,598 | 53,904 |
Net occupancy - premises | 25,318 | 26,468 | 25,961 |
Equipment expense | 23,859 | 23,860 | 24,538 |
ORE/Foreclosure expense | 4,903 | 11,321 | 15,039 |
FDIC assessment expense | 10,728 | 10,197 | 9,001 |
Other expense | 49,122 | 53,867 | 65,561 |
Total Noninterest Expense | 401,662 | 409,005 | 415,731 |
Income Before Income Taxes | 151,452 | 162,091 | 153,997 |
Income taxes | 35,414 | 38,529 | 36,937 |
Net Income | $ 116,038 | $ 123,562 | $ 117,060 |
Earnings Per Share | |||
Basic | $ 1.72 | $ 1.83 | $ 1.75 |
Diluted | $ 1.71 | $ 1.83 | $ 1.75 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income per consolidated statements of income | $ 116,038 | $ 123,562 | $ 117,060 |
Unrealized (losses) gains on available for sale securities and transferred securities: | |||
Unrealized holding (losses) gains arising during the period | (10,309) | 10,933 | (41,456) |
Less: adjustment for net gains realized in net income | 0 | (185) | (299) |
Change in net unrealized holding losses on securities transferred to held to maturity | 3,918 | 3,711 | (28,642) |
Pension and other postretirement benefit plans: | |||
Net change in prior service costs | 154 | 154 | 155 |
Recognized net loss due to BancTrust termination | 837 | 0 | |
Recognized net loss due to lump sum settlements | 1,371 | 559 | 1,374 |
Change in net actuarial loss | 2,252 | (13,374) | 20,218 |
Derivatives: | |||
Change in the accumulated loss on effective cash flow hedge derivatives | (812) | (1,387) | 1,524 |
Less: adjustment for loss realized in net income | 516 | (1) | 0 |
Other comprehensive (loss) income, net of tax | (2,910) | 1,247 | (47,126) |
Comprehensive income | $ 113,128 | $ 124,809 | $ 69,934 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2012 | $ 1,287,369 | $ 13,506 | $ 285,905 | $ 984,563 | $ 3,395 |
Balance (in shares) at Dec. 31, 2012 | 64,820,414 | ||||
Net income per consolidated statements of income | 117,060 | $ 0 | 0 | 117,060 | 0 |
Other comprehensive loss, net of tax | (47,126) | 0 | 0 | 0 | (47,126) |
Cash dividends paid on common stock | (62,276) | $ 0 | 0 | (62,276) | 0 |
Common stock issued, long-term incentive plan (in shares) | 307,696 | ||||
Common stock issued, long-term incentive plan | 2,832 | $ 64 | 7,149 | (4,381) | 0 |
Common stock issued, business combination (in shares) | 2,244,870 | ||||
Common stock issued, business combination | 53,495 | $ 468 | 53,027 | 0 | 0 |
Compensation expense, long-term incentive plan | 3,599 | 0 | 3,599 | 0 | 0 |
Balance at Dec. 31, 2013 | 1,354,953 | $ 14,038 | 349,680 | 1,034,966 | (43,731) |
Balance (in shares) at Dec. 31, 2013 | 67,372,980 | ||||
Net income per consolidated statements of income | 123,562 | $ 0 | 0 | 123,562 | 0 |
Other comprehensive loss, net of tax | 1,247 | 0 | 0 | 0 | 1,247 |
Cash dividends paid on common stock | (62,474) | $ 0 | 0 | (62,474) | 0 |
Common stock issued, long-term incentive plan (in shares) | 109,012 | ||||
Common stock issued, long-term incentive plan | (1,500) | $ 22 | 2,412 | (3,934) | 0 |
Compensation expense, long-term incentive plan | 4,152 | 0 | 4,152 | 0 | 0 |
Balance at Dec. 31, 2014 | $ 1,419,940 | $ 14,060 | 356,244 | 1,092,120 | (42,484) |
Balance (in shares) at Dec. 31, 2014 | 67,481,992 | 67,481,992 | |||
Net income per consolidated statements of income | $ 116,038 | 116,038 | |||
Other comprehensive loss, net of tax | (2,910) | (2,910) | |||
Cash dividends paid on common stock | (62,605) | (62,605) | |||
Common stock issued, long-term incentive plan (in shares) | 77,136 | ||||
Common stock issued, long-term incentive plan | (1,074) | $ 16 | 1,555 | (2,645) | |
Compensation expense, long-term incentive plan | 3,668 | 3,668 | |||
Balance at Dec. 31, 2015 | $ 1,473,057 | $ 14,076 | $ 361,467 | $ 1,142,908 | $ (45,394) |
Balance (in shares) at Dec. 31, 2015 | 67,559,128 | 67,559,128 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends paid on common stock (in dollars per share) | $ 0.92 | $ 0.92 | $ 0.92 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income per consolidated statements of income | $ 116,038 | $ 123,562 | $ 117,060 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses, net | 11,800 | 7,382 | (7,382) |
Depreciation and amortization | 37,056 | 36,072 | 37,153 |
Net amortization of securities | 7,793 | 7,701 | 6,427 |
Securities gains, net | 0 | (300) | (485) |
Gains on sales of loans, net | (17,953) | (10,762) | (26,422) |
Deferred income tax provision | 14,800 | 18,700 | 21,163 |
Proceeds from sales of loans held for sale | 1,264,303 | 924,289 | 1,383,967 |
Purchases and originations of loans held for sale | (1,279,321) | (893,569) | (1,270,460) |
Originations and sales of mortgage servicing rights, net | (17,598) | (12,293) | (18,481) |
Increase in bank-owned life insurance | (4,824) | (4,728) | (1,446) |
Net decrease in other assets | 28,794 | 4,886 | 54,885 |
Net increase (decrease) in other liabilities | 6,608 | (6,010) | (2,319) |
Other operating activities, net | 4,391 | 16,337 | 7,523 |
Net cash provided by operating activities | 171,887 | 211,267 | 301,183 |
Investing Activities | |||
Proceeds from calls and maturities of securities held to maturity | 126,546 | 93,471 | 13,374 |
Proceeds from calls and maturities of securities available for sale | 479,927 | 405,186 | 766,858 |
Proceeds from sales of securities available for sale | 0 | 56,814 | 227,930 |
Purchases of securities held to maturity | (107,679) | (90,114) | (35,045) |
Purchases of securities available for sale | (504,920) | (631,713) | (1,227,860) |
Net proceeds from (purchases of) bank-owned life insurance | 648 | 0 | (100,000) |
Net decrease (increase) in federal funds sold and securities purchased under reverse repurchase agreements | 1,635 | 5,368 | (207) |
Net increase in member bank stock | (18,480) | 0 | 0 |
Net (increase) decrease in loans | (528,050) | (437,240) | 18,266 |
Purchases of premises and equipment | (12,757) | (12,389) | (15,989) |
Proceeds from sales of premises and equipment | 3,061 | 4,641 | 4,168 |
Proceeds from sales of other real estate | 48,898 | 48,119 | 46,267 |
Purchases of software | (8,741) | 0 | 0 |
Investments in tax credit and other partnerships | (4,578) | (5,435) | (45,766) |
Distributions received for investments in tax credit and other partnerships | 0 | 7,037 | 0 |
Net cash received in business combination | 0 | 0 | 89,037 |
Purchase of insurance book of business | (2,787) | 0 | 0 |
Net cash provided by (used in) investing activities | (527,277) | (556,255) | (258,967) |
Financing Activities | |||
Net (decrease) increase in deposits | (110,128) | (161,544) | 223,131 |
Net (decrease) increase in federal funds purchased and securities sold under repurchase agreements | (2,501) | 191,956 | (37,242) |
Net (decrease) increase in short-term borrowings | (7,293) | 348,920 | (20,858) |
Proceeds from long-term FHLB advances | 500,000 | 0 | 0 |
Payments on long-term FHLB advances | (94) | (156) | (531) |
Redemption of junior subordinated debt securities | 0 | 0 | (33,000) |
Common stock dividends | (62,605) | (62,474) | (62,276) |
Common stock issued-net, long-term incentive plan | 0 | (1,307) | 3,640 |
Excess tax expense from stock-based compensation arrangements | (211) | (195) | (808) |
Net cash (used in) provided by financing activities | 317,168 | 315,200 | 72,056 |
(Decrease) Increase in cash and cash equivalents | (38,222) | (29,788) | 114,272 |
Cash and cash equivalents at beginning of year | 315,973 | 345,761 | 231,489 |
Cash and cash equivalents at end of year | $ 277,751 | $ 315,973 | $ 345,761 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1 – Significant Accounting Policies Business 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 200 offices in Alabama, Florida, Mississippi, Tennessee and Texas. Basis of Financial Statement Presentation 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 consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP). The preparation of financial statements in conformity with these accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expense during the reporting period and the related disclosures. Although Management’s estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that in 2016 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 Securities are classified as either held to maturity, available for sale or trading. Securities are classified as held to maturity and carried at amortized cost when Management has the positive intent and the ability to hold them until maturity. Securities to be held for indefinite periods of time are classified as available for sale and carried at fair value, with the unrealized holding gains and losses reported as a component of other comprehensive income (loss), net of tax. Securities available for sale are used as part of Trustmark’s interest rate risk management strategy and may be sold in response to changes in interest rates, changes in prepayment rates and other factors. Management determines the appropriate classification of securities at the time of purchase. Trustmark currently has no securities classified as trading. The amortized cost of debt securities classified as securities held to maturity or securities available for sale is adjusted for amortization of premiums and accretion of discounts to maturity over the estimated life of the security using the interest method. Such amortization or accretion is included in interest on securities. Realized gains and losses are determined using the specific identification method and are included in noninterest income as securities gains, net. Securities transferred from the available for sale category to the held to maturity category are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with the transfer of securities from available for sale to held to maturity are included in the balance of accumulated other comprehensive loss in the consolidated balance sheets. These unrealized holding gains or losses are amortized over the remaining life of the security as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Trustmark reviews securities for impairment quarterly. Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized as a component of other comprehensive income (loss), net of tax. In estimating other-than-temporary impairment losses, Management considers, among other things, the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer and Trustmark’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. Loans Held for Sale (LHFS) Primarily, all mortgage loans purchased from wholesale customers or originated in Trustmark’s General Banking Division are considered to be held for sale. In certain circumstances, Trustmark will retain a mortgage loan in its portfolio based on banking relationships or certain investment strategies. Mortgage LHFS in the secondary market that are hedged using fair value hedges are carried at estimated fair value on an aggregate basis. Substantially, all mortgage LHFS are hedged. These loans are primarily first-lien mortgage loans originated or purchased by Trustmark. Deferred loan fees and costs are reflected in the basis of LHFS and, as such, impact the resulting gain or loss when loans are sold. Adjustments to reflect fair value and realized gains and losses upon ultimate sale of the loans are recorded in noninterest income in mortgage banking, net. Government National Mortgage Association (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. Under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 860, “Transfers and Servicing,” 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 LHFS with the offsetting liability being reported as short-term borrowings. During the quarter ended December 31, 2014, Trustmark elected to measure all mortgage loans purchased or originated which are held for sale under the fair value option permitted by FASB ASC Topic 825, “Financial Instruments.” The fair value option election applies to mortgage LHFS purchased or originated by Trustmark on or after October 1, 2014. Trustmark elected the fair value option for its mortgage LHFS in order to report these loans at fair value without having to apply hedge accounting provisions. As a result of this election, Trustmark unrealized gains and losses resulting from changes in the fair value of the mortgage LHFS are reported as noninterest income in mortgage banking, net. Prior to this election, Trustmark deferred the upfront loan fees and costs related to the mortgage LHFS. In general, the mortgage LHFS are only retained on Trustmark’s balance sheet for 30 to 45 days before they are pooled and sold in the secondary market. The difference between deferring these loan fees and costs until the loans are sold and recognizing them in earnings as incurred as required by FASB ASC Topic 825-10 is considered immaterial. Therefore, Trustmark has chosen to continue to defer the upfront loan fees and costs. There was no impact to Trustmark’s consolidated financial statements on the date of the election. Loans Held for Investment (LHFI) LHFI are stated at the amount of unpaid principal, adjusted for the net amount of direct costs and nonrefundable loan fees associated with lending. The net amount of nonrefundable loan origination fees and direct costs associated with the lending process, including commitment fees, is deferred and accreted to interest income over the lives of the loans using a method that approximates the interest method. Interest on LHFI is accrued and recorded as interest income based on the outstanding principal balance. Trustmark has established acceptable ranges or limits for specific types of credit. Within these categories, the overall risk of individual credits is controlled through maximum advance rates and repayment periods and minimum debt service coverage ratios as defined in policy as well as continuous monitoring of these measures throughout the life of the loan. These policy directives are periodically reviewed to ensure that they continue to reflect underwriting considerations deemed essential to maintaining a sound loan portfolio. It is recognized that not all extensions of credit will fully comply with policy limitations. Accordingly, such exceptions to loan policy must be justified by other mitigating features of the loan and must receive proper approval as designated in the loan policy. Past due LHFI are loans contractually past due 30 days or more as to principal or interest payments. A LHFI is classified as nonaccrual, and the accrual of interest on such loan is discontinued, when the contractual payment of principal or interest becomes 90 days past due on commercial credits and 120 days past due on non-business purpose credits. In addition, a credit may be placed on nonaccrual at any other time Management has serious doubts about further collectibility of principal or interest according to the contractual terms, even though the loan is currently performing. A LHFI may remain in accrual status if it is in the process of collection and well secured. When a LHFI is placed in nonaccrual status, unpaid interest is reversed against interest income. Interest received on nonaccrual LHFI is applied against principal. LHFI are restored to accrual status when the obligation is brought current or has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectibility of the total contractual principal and interest is no longer in doubt. 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. If a LHFI is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. All classes of commercial LHFI of $500,000 or more, which are classified as nonaccrual, are identified for impairment analysis (specifically evaluated impaired LHFI). Specific impairment analysis on commercial nonaccrual LHFI under $500,000 is not performed due to the number and dollar amount of these types of loans. Consistent with the policy for nonaccrual LHFI, interest payments on impaired LHFI are applied to principal. Impaired LHFI, or portions thereof, are charged off when deemed uncollectible. Commercial purpose LHFI are charged off when a determination is made that the loan is uncollectible and continuance as a bankable asset is not warranted. Consumer LHFI secured by 1-4 family residential real estate are generally charged off or written down to the fair value of the collateral less cost to sell at no later than 180 days of delinquency. Non-real estate consumer purpose LHFI, including both secured and unsecured loans, are generally charged off by 120 days of delinquency. Consumer revolving lines of credit and credit card debt are generally charged off on or prior to 180 days of delinquency. Allowance for Loan Losses, LHFI The allowance for loan losses, LHFI is established through provisions for estimated loan losses charged against net income. The allowance account is maintained at a level which is believed to be adequate by Management based on estimated probable losses within the LHFI portfolio. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Some of the factors considered, such as amounts and timing of future cash flows expected to be received, may be susceptible to significant change. Trustmark’s allowance methodology is based on guidance provided in Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 102, “Selected Loan Loss Allowance Methodology and Documentation Issues,” as well as other regulatory guidance. The allowance for loan losses, LHFI consists of three components: (i) a historical valuation allowance determined in accordance with FASB ASC Topic 450, “Contingencies,” based on historical loan loss experience for LHFI with similar characteristics and trends, (ii) a specific valuation allowance determined in accordance with FASB ASC Topic 310 “Receivables,” based on probable losses on specific LHFI and (iii) a qualitative risk valuation allowance determined in accordance with FASB ASC Topic 450 based on general economic conditions and other specific internal and external qualitative risk factors. Each of these components calls for estimates, assumptions and judgments as described below. Historical Valuation Allowance The historical valuation allowance is derived by application of a historical net loss percentage to the outstanding balances of LHFI contained in designated pools and risk rating categories. Pools are established by grouping credits that display similar characteristics and trends such as commercial LHFI for working capital purposes and non-working capital purposes, commercial real estate LHFI (which are further segregated into construction, land, lots and development, owner-occupied and non-owner occupied categories), 1-4 family LHFI and other consumer LHFI. Within these pools, LHFI are further segregated based on Trustmark’s internal credit risk rating process that evaluates, among other things: the obligor’s ability and willingness to pay, the value of underlying collateral, the ability of guarantors to meet their payment obligations, management experience and effectiveness, and the economic environment and industry in which the borrower operates. The historical net loss percentages, calculated on a quarterly basis, are proportionally distributed to each risk rate within loan groups based upon degree of risk. Using third-party default data, average cumulative issuer-weighted global default rates by alphanumeric rating are aggregated by Trustmark’s commercial loan risk rates. Management uses the long-term default rates to measure the relative risk across the risk rates while the 12-quarter quantitative loss rate sets the absolute level of allowance for loan loss reserve. Further, given the volatility in the default data, the longer look-back period provides for a more stable allowance for loan loss estimate which better reflects the incremental risk across the risk rates. The historical net loss percentages are calculated using a 12 quarter look-back period, which is the period that best reflects losses inherent in the current loan portfolio. The look-back period sufficiently captures the volatility in net charge-off rates from quarter to quarter and affects the qualitative adjustments that are required to capture the differences in conditions between the current period and those that were prevailing during the look-back period. The loss emergence period refers to the period of time between the events that trigger a loss and charge-off of that loss. Losses are usually not immediately known and determining the loss event can be difficult. It takes time for the borrower and extent of loss to be identified and determined. Management may not be aware that the loss event has occurred until the borrower exhibits the inability to pay or other evidence of credit deterioration. Based upon its analysis, Trustmark has determined that a 1.5 year loss emergence period is appropriate. Loans-Specific Valuation Allowance Once a LHFI is classified, it is subject to periodic review to determine whether or not the loan is impaired. If determined to be impaired, the loan is evaluated using one of the valuation criteria contained in FASB ASC Topic 310. A formal impairment analysis is performed on all commercial non-accrual LHFI with an outstanding balance of $500,000 or more, and based upon this analysis LHFI are written down to net realizable value. Qualitative Risk Valuation Allowance The qualitative risk valuation allowance is based on general economic conditions and other internal and external factors affecting Trustmark as a whole as well as specific LHFI. Factors considered include the following within Trustmark’s five key market regions: the experience, ability, and effectiveness of Trustmark’s lending management and staff; adherence to Trustmark’s loans policies, procedures, and internal controls; the volume of exceptions relating to collateral, underwriting and financial documentation; credit concentrations; recent performance trends; regional economic trends; the impact of recent acquisitions; and the impact of significant natural disasters. These factors are evaluated on a quarterly basis with the results representing Trustmark’s qualitative risk profile in the current period which is used to establish an appropriate allowance. During 2015, Trustmark revised the qualitative portion of the commercial and consumer LHFI allowance for loan loss methodology to incorporate the use of maximum observed gross historical losses observed through the last economic cycle as a way to calculate a maximum qualitative reserve limit. The maximum observed gross historical losses as a percentage of the loan balances results in a maximum observed gross historical loss rate. Once the quantitative component of the allowance for loan loss methodology is calculated, the quantitative reserve percentage is deducted from the maximum observed gross historical loss rate to determine the maximum possible qualitative reserve limit. Management uses its qualitative factor evaluation process in conjunction with this maximum to determine the appropriate estimate of the qualitative considerations not captured by Trustmark’s historical loss rates. Other factors included in the qualitative risk valuation allowance include consideration of: commercial loan facility risk that embodies the nature, frequency and duration of the repayment structure as it pertains to the actual source of loan repayment, commercial nonaccrual loans under $500 thousand which are below the threshold to perform an impairment analysis, and independent consumer credit bureau scores that are monitored to identify shifts in risk that are represented in the retail portfolio. These factors are also evaluated on a quarterly basis with the exception of the commercial nonaccrual loans under $500 thousand which are evaluated monthly. Acquired Loans Acquired loans are accounted for under the acquisition method of accounting. The acquired loans are recorded at their estimated fair values at the time of acquisition. The fair value of acquired loans is determined using a discounted cash flow model based on assumptions regarding the amount and timing of principal and interest payments, estimated prepayments, estimated default rates, estimated loss severity in the event of defaults and current market rates. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not recorded on the acquisition date. Trustmark accounts for acquired impaired loans under FASB ASC Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” An acquired loan is considered impaired when there is evidence of credit deterioration since origination and it is probable at the date of acquisition that Trustmark would be unable to collect all contractually required payments. Acquired loans accounted for under FASB ASC Topic 310-30 are referred to as “acquired impaired loans.” Revolving credit agreements, such as home equity lines, and commercial leases are excluded from acquired impaired loan accounting requirements. For acquired impaired loans, Trustmark (a) calculates the contractual amount and timing of undiscounted principal and interest payments (the “undiscounted contractual cash flows”) and (b) estimates the amount and timing of undiscounted expected principal and interest payments (the “undiscounted expected cash flows”). Under FASB ASC Topic 310-30, the difference between the undiscounted contractual cash flows and the undiscounted expected cash flows is the nonaccretable difference. The nonaccretable difference represents an estimate of the loss exposure of principal and interest related to the acquired impaired loan portfolio, and such amount is subject to change over time based on the performance of such loans. The excess of undiscounted expected cash flows at acquisition over the initial fair value of acquired impaired loans is referred to as the “accretable yield” and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. Under the effective yield method, the accretable yield is recorded as an accretion of interest income over the life of the loan. Trustmark aggregates certain acquired impaired loans into pools of loans with common credit risk characteristics such as loan type and risk rating. To establish accounting pools of acquired impaired loans, loans are first categorized by similar purpose, collateral and geographic region. Within each category, the acquired impaired loans are further segmented by ranges of risk determinants observed at the time of acquisition. For commercial loans, the primary risk determinant is the risk rating as assigned by Trustmark. For consumer acquired impaired loans, the risk determinants include delinquency, delinquency history and FICO scores. Statistical comparison of the pools reflect that each pool is comprised of acquired impaired loans generally of similar characteristics, including loan type, loan risk and weighted average life. Each pool is then reviewed for similarity of the pool constituents, including standard deviation of purchase price, weighted average life and concentration of the largest loans. Loan pools are initially booked at the aggregate fair value of the loan pool constituents, based on the present value of Trustmark's expected cash flows from the acquired impaired loans. An acquired impaired loan is removed from a pool of loans only if the loan is sold, foreclosed, payment is received in full satisfaction of the loan or the loan is fully charged off. The acquired impaired loan is removed from the pool at the carrying value. When an individual acquired impaired loan is removed from a pool of loans, the difference between its relative carrying amount and its cash, fair value of the collateral, or other assets received will be recognized as a gain or loss immediately in interest income on loans and would not affect the effective yield used to recognize the accretable yield on the remaining pool. Certain acquired impaired loans are not pooled and are accounted for individually. Such acquired impaired loans are withheld from pools due to the inherent uncertainty of the timing and amount of their cash flows or because they are not a suitable similar constituent to the established pools. As required by FASB ASC Topic 310-30, Trustmark periodically re-estimates the expected cash flows to be collected over the life of the acquired impaired loans. If, based on current information and events, it is probable that Trustmark will be unable to collect all cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimate after acquisition, the acquired loans are considered impaired. The decrease in the expected cash flows reduces the carrying value of the acquired impaired loans as well as the accretable yield and results in a charge to income through the provision for loan losses, acquired loans, and the establishment of an allowance for loan losses, acquired loans. If, based on current information and events, it is probable that there is a significant increase in the cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected, Trustmark will reduce any remaining allowance for loan losses, acquired loans established on the acquired impaired loans for the increase in the present value of cash flows expected to be collected. The increase in the expected cash flows for the acquired impaired loans over those originally estimated at acquisition increases the carrying value of the acquired impaired loans as well as the accretable yield. The increase in the accretable yield is recognized as interest income prospectively over the remaining life of the acquired impaired loans. The carrying value of acquired impaired loans is reduced by payments received, both principal and interest, and increased by the portion of the accretable yield recognized as interest income. Under FASB ASC Topic 310-30, acquired impaired loans are generally considered accruing and performing loans as the loans accrete interest income over the estimated life of the loan when expected cash flows are reasonably estimable. Accordingly, acquired impaired loans that are contractually past due are still considered to be accruing and performing loans as long as the estimated cash flows are received as expected. If the timing and amount of cash flows is not reasonably estimable, the loans may be classified as nonaccrual loans and interest income may be recognized on a cash basis or as a reduction of the principal amount outstanding. Covered Loans Loans acquired in a FDIC-assisted transaction and covered under loss-share agreements are referred to as “covered loans” and are reported separately in Trustmark’s consolidated financial statements. Covered loans are recorded at their estimated fair value at the time of acquisition exclusive of the expected reimbursement cash flows from the FDIC. FDIC Indemnification Asset Trustmark has elected to account for amounts receivable under a loss-share agreement as an indemnification asset in accordance with FASB ASC Topic 805, “Business Combinations.” A FDIC indemnification asset is initially recorded at fair value, based on the discounted value of expected future cash flows under the loss-share agreement. The difference between the present value at the acquisition date and the undiscounted cash flows Trustmark expects to collect from the FDIC is accreted into noninterest income over the life of the FDIC indemnification asset. Pursuant to the provisions of the loss-share agreement, the FDIC indemnification asset is presented net of any true-up provision due to the FDIC at the termination of the loss-share agreement. The FDIC indemnification asset is reduced as expected losses on covered loans and covered other real estate decline or as loss-share claims are submitted to the FDIC. The FDIC indemnification asset is revalued concurrent with the loan re-estimation and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of covered loans and covered other real estate. These adjustments are measured on the same basis as the related covered loans and covered other real estate. Increases in the cash flows of the covered loans and covered other real estate over those expected reduce the FDIC indemnification asset, and decreases in the cash flows of the covered loans and covered other real estate below those expected increase the FDIC indemnification asset. Increases and decreases to the FDIC indemnification asset are recorded as adjustments to noninterest income. Write-downs of the FDIC indemnification asset resulting from improvements in expected cash flows and covered losses based on the re-estimation of acquired covered loans are amortized over the lesser of the remaining life or contractual FDIC agreement period of the acquired covered loan as a yield adjustment consistent with the associated acquired covered loan. All other valuation changes of the FDIC indemnification asset (i.e., pay-offs of acquired covered loans, sales of covered other real estate, and reductions of FDIC loss claims) are accounted for under the “collectibility method,” which recognized write-downs of the FDIC indemnification asset immediately in noninterest income. Premises and Equipment, Net Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is charged to expense over the estimated useful lives of the assets, which are up to thirty-nine years for buildings and three to ten years for furniture and equipment. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. In cases where Trustmark has the right to renew the lease for additional periods, the lease term for the purpose of calculating amortization of the capitalized cost of the leasehold improvements is extended when Trustmark is “reasonably assured” that it will renew the lease. Depreciation and amortization expenses are computed using the straight-line method. Trustmark continually evaluates whether events and circumstances have occurred that indicate that such long-lived assets have become impaired. Measurement of any impairment of such long-lived assets is based on the fair values of those assets. There were no impairment losses on premises and equipment recorded during 2015, 2014 or 2013. Mortgage Servicing Rights (MSR) Trustmark recognizes as assets the rights to service mortgage loans based on the estimated fair value of the MSR when loans are sold and the associated servicing rights are retained. Trustmark has elected to account for the MSR at fair value. The fair value of the MSR is determined using discounted cash flow techniques benchmarked against third-party valuations. Estimates of fair value involve several assumptions, including the key valuation assumptions about market expectations of future prepayment rates, interest rates and discount rates which are provided by a third-party firm. Prepayment rates are projected using an industry standard prepayment model. The model considers other key factors, such as a wide range of standard industry assumptions tied to specific portfolio characteristics such as remittance cycles, escrow payment requirements, geographic factors, foreclosure loss exposure, VA no-bid exposure, delinquency rates and cost of servicing, including base cost and cost to service delinquent mortgages. Prevailing market conditions at the time of analysis are factored into the accumulation of assumptions and determination of servicing value. Trustmark economically hedges changes in fair value of the MSR attributable to interest rates. See Note 1 – Significant Accounting Policies, “Derivative Financial Instruments – Derivatives not Designated as Hedging Instruments” for information regarding these derivative instruments. Goodwill and Identifiable Intangible Assets Trustmark accounts for goodwill and other intangible assets in accordance with FASB ASC Topic 350, “Intangibles – Goodwill and Other.” Goodwill, which represents the excess of cost over the fair value of the net assets of an acquired business, is not amortized but tested for impairment on an annual basis, which is October 1 for Trustmark, or more often if events or circumstances indicate that there may be impairment. Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with a related contract, asset or liability. Trustmark’s identifiable intangible assets primarily relate to core deposits, insurance customer relationships and borrower relationships. These intangibles, which |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | Note 2 – Business Combinations On February 15, 2013, Trustmark completed its merger with BancTrust Financial Group, Inc. (BancTrust), a 26-year-old bank holding company headquartered in Mobile, Alabama. In accordance with the terms of the definitive agreement, the holders of BancTrust common stock received 0.125 of a share of Trustmark common stock for each share of BancTrust common stock in a tax-free exchange. Trustmark issued approximately 2.24 million shares of its common stock for all issued and outstanding shares of BancTrust common stock. The total value of the 2.24 million shares of Trustmark common stock issued to the BancTrust shareholders on the merger date was approximately $53.5 million, based on a closing stock price of $23.83 per share of Trustmark common stock on February 15, 2013. At closing, Trustmark repurchased the $50.0 million of BancTrust preferred stock and associated warrant issued to the U.S. Department of Treasury under the Capital Purchase Program for approximately $52.6 million. The merger with BancTrust was consistent with Trustmark’s strategic plan to selectively expand the Trustmark franchise. The merger provided Trustmark entry into more than 15 markets in Alabama and enhanced the Trustmark franchise in the Florida Panhandle. This merger was accounted for under the acquisition method in accordance with FASB ASC Topic 805. Accordingly, the assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the merger date. Trustmark recorded fair value adjustments based on the estimated fair value of certain acquired loans, premises and equipment, net and other real estate. During 2013, these measurement period adjustments resulted in a decrease in acquired noncovered loans of $6.8 million, a decrease in premises and equipment, net of $627 thousand, a decrease in other real estate of $2.6 million, an increase in the deferred tax asset of $3.4 million and an increase in goodwill of $6.3 million. Trustmark also recorded an adjustment to transfer $1.6 million of acquired property from premises and equipment, net to other real estate during 2013. During the first quarter of 2014, Trustmark recorded an additional measurement period adjustment that resulted in a $7.4 million decrease in goodwill with a corresponding increase in the deferred tax asset. These measurement period adjustments were presented on a retrospective basis, consistent with applicable accounting guidance. The purchase price allocation was finalized during the first quarter of 2014. The statement of assets purchased and liabilities assumed in the BancTrust merger is presented below at their adjusted estimated fair values as of the merger date of February 15, 2013 ($ in thousands): Assets: Cash and due from banks $ 141,616 Securities available for sale 528,016 Loans held for sale 1,050 Acquired noncovered loans 944,235 Premises and equipment, net 54,952 Identifiable intangible assets 33,498 Other real estate 40,103 Other assets 109,423 Total Assets 1,852,893 Liabilities: Deposits 1,740,254 Other borrowings 64,051 Other liabilities 16,761 Total Liabilities 1,821,066 Net identified assets acquired at fair value 31,827 Goodwill 74,247 Net assets acquired at fair value $ 106,074 The excess of the consideration paid over the estimated fair value of the net assets acquired was $74.2 million, which was recorded as goodwill under FASB ASC Topic 805. The identifiable intangible assets acquired represent the core deposit intangible at fair value at the acquisition date. The core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. Loans, excluding LHFS, acquired from BancTrust were evaluated under a fair value process involving various degrees of deterioration in credit quality since origination, and also for those loans for which it was probable at acquisition that Trustmark would not be able to collect all contractually required payments. These loans, with the exception of revolving credit agreements and leases, are referred to as acquired impaired loans and are accounted for in accordance with FASB ASC Topic 310-30. Refer to Note 6 – Acquired Loans for further information on acquired loans. The operations of BancTrust are included in Trustmark’s operating results from February 15, 2013. Trustmark’s noninterest expense during the first quarter of 2013 included non-routine BancTrust transaction expenses totaling approximately $9.4 million (change in control and severance expense of $1.4 million included in salaries and benefits; professional fees, contract termination and other expenses of $7.9 million included in other expense). Fair Value of Acquired Financial Instruments For financial instruments measured at fair value, Trustmark utilized Level 2 inputs to determine the fair value of securities available for sale, time deposits (included in deposits above) and FHLB advances (shown as other borrowings above). Level 3 inputs were used to determine the fair value of acquired loans, identifiable intangible assets and other real estate. The methodology and significant assumptions used in estimating the fair values of these financial assets and liabilities are as follows: Securities Available for Sale Estimated fair values for securities available for sale are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments. Acquired Loans Fair value of acquired loans is determined using a discounted cash flow model based on assumptions regarding the amount and timing of principal and interest payments, estimated prepayments, estimated default rates, estimated loss severity in the event of defaults and current market rates. Identifiable Intangible Assets The fair value assigned to the identifiable intangible assets, in this case core deposit intangibles, represent the future economic benefit of the potential cost savings from acquiring core deposits in the acquisition compared to the cost of obtaining alternative funding from market sources. Other Real Estate Other real estate was initially recorded at its estimated fair value on the acquisition date based on similar market comparable valuations less estimated selling costs. Time Deposits Time deposits were valued by projecting expected cash flows into the future based on each account’s contracted rate and then determining the present value of those expected cash flows using current rates for deposits with similar maturities. FHLB Advances FHLB advances were valued by projecting expected cash flows into the future based on each advance’s contracted rate and then determining the present value of those expected cash flows using current rates for advances with similar maturities. Please refer to Note 19 – Fair Value for more information on Trustmark’s classification of financial instruments based on valuation inputs within the fair value hierarchy. |
Cash and Due from Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2015 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Due from Banks | Note 3 – Cash and Due from Banks Trustmark is required to maintain average reserve balances with the Federal Reserve Bank of Atlanta based on a percentage of deposits. The average amounts of those reserves for the years ended December 31, 2015 and 2014 were $82.1 million and $75.6 million, respectively. |
Securities Available for Sale a
Securities Available for Sale and Held to Maturity | 12 Months Ended |
Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Securities Available for Sale and Held to Maturity | Note 4 – Securities Available for Sale and Held to Maturity The following tables are a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity at December 31, 2015 and 2014 ($ in thousands): Securities Available for Sale Securities Held to Maturity Gross Gross Estimated Gross Gross Estimated Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains (Losses) Value Cost Gains (Losses) Value U.S. Government agency obligations Issued by U.S. Government agencies $ 68,314 $ 555 $ (734 ) $ 68,135 $ — $ — $ — $ — Issued by U.S. Government sponsored agencies 258 23 — 281 101,782 3,282 — 105,064 Obligations of states and political subdivisions 134,719 3,922 (32 ) 138,609 55,892 2,918 — 58,810 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 25,602 399 (189 ) 25,812 17,363 342 (49 ) 17,656 Issued by FNMA and FHLMC 222,899 2,956 (313 ) 225,542 10,368 311 — 10,679 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 1,584,338 9,541 (11,019 ) 1,582,860 820,012 4,951 (4,742 ) 820,221 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 278,429 2,689 (1,892 ) 279,226 182,401 1,700 (1,164 ) 182,937 Asset-backed securities and structured financial products 25,003 79 (125 ) 24,957 — — — — Total $ 2,339,562 $ 20,164 $ (14,304 ) $ 2,345,422 $ 1,187,818 $ 13,504 $ (5,955 ) $ 1,195,367 December 31, 2014 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 December 31, 2015, the net unamortized, unrealized loss on the transferred securities included in accumulated other comprehensive loss in the accompanying balance sheet totaled approximately $34.0 million ($21.0 million, net of tax). Temporarily Impaired Securities The table below includes securities with gross unrealized losses segregated by length of impairment at December 31, 2015 and 2014 ($ in thousands): Less than 12 Months 12 Months or More Total Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2015 Fair Value Losses Fair Value Losses Fair Value Losses U.S. Government agency obligations Issued by U.S. Government agencies $ 18,924 $ (81 ) $ 30,591 $ (653 ) $ 49,515 $ (734 ) Obligations of states and political subdivisions 4,289 (12 ) 2,842 (20 ) 7,131 (32 ) Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 20,300 (222 ) 1,863 (16 ) 22,163 (238 ) Issued by FNMA and FHLMC 82,177 (313 ) — — 82,177 (313 ) Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 1,135,533 (8,832 ) 238,152 (6,929 ) 1,373,685 (15,761 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 238,668 (2,902 ) 11,090 (154 ) 249,758 (3,056 ) Asset-backed securities and structured financial products 6,778 (125 ) — — 6,778 (125 ) Total $ 1,506,669 $ (12,487 ) $ 284,538 $ (7,772 ) $ 1,791,207 $ (20,259 ) December 31, 2014 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 December 31, 2015. There were no other-than-temporary impairments for the years ended December 31, 2015, 2014 and 2013. Security Gains and Losses For the periods presented, gains and losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows ($ in thousands): Years Ended December 31, Available for Sale 2015 2014 2013 Proceeds from calls and sales of securities $ — $ 56,815 $ 224,853 Gross realized gains — 456 1,680 Gross realized losses — (156 ) (1,195 ) Securities Pledged Securities with a carrying value of $2.157 billion and $2.457 billion at December 31, 2015 and 2014, respectively, were pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law. At December 31, 2015, none of these securities were pledged under the Federal Reserve Discount Window program to provide additional contingency funding capacity. Contractual Maturities The amortized cost and estimated fair value of securities available for sale and held to maturity at December 31, 2015, by contractual maturity, are shown below ($ 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 Estimated Estimated Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 20,805 $ 20,982 $ 6,300 $ 6,505 Due after one year through five years 113,325 117,050 60,315 61,936 Due after five years through ten years 16,997 17,562 91,059 95,433 Due after ten years 77,167 76,388 — — 228,294 231,982 157,674 163,874 Mortgage-backed securities 2,111,268 2,113,440 1,030,144 1,031,493 Total $ 2,339,562 $ 2,345,422 $ 1,187,818 $ 1,195,367 |
LHFI and Allowance for Loan Los
LHFI and Allowance for Loan Losses, LHFI | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
LHFI and Allowance for Loan Losses, LHFI | Note 5 – LHFI and Allowance for Loan Losses, LHFI At December 31, 2015 and 2014, LHFI consisted of the following ($ in thousands): December 31, 2015 2014 Loans secured by real estate: Construction, land development and other land $ 824,723 $ 619,877 Secured by 1-4 family residential properties 1,649,501 1,634,397 Secured by nonfarm, nonresidential properties 1,736,476 1,553,193 Other real estate secured 211,228 253,787 Commercial and industrial loans 1,343,211 1,270,350 Consumer loans 169,135 167,964 State and other political subdivision loans 734,615 602,727 Other loans 422,496 347,174 LHFI 7,091,385 6,449,469 Less allowance for loan losses, LHFI 67,619 69,616 Net LHFI $ 7,023,766 $ 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 December 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. Related Party Loans Trustmark makes loans in the normal course of business to certain executive officers and directors, including their immediate families and companies in which they are principal owners. Such loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collectability at the time of the transaction. At December 31, 2015 and 2014, total loans to these borrowers were $82.2 million and $95.2 million, respectively. During 2015, $422.8 million of new loan advances were made, while repayments were $435.8 million. In addition, decreases in loans due to changes in executive officers and directors totaled $3 thousand. Nonaccrual/Impaired LHFI At December 31, 2015 and December 31, 2014, the carrying amounts of nonaccrual LHFI, which are individually evaluated for impairment, were $55.3 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 years in the three-year period ended December 31, 2015. All of Trustmark’s specifically evaluated impaired LHFI are collateral dependent loans. At December 31, 2015 and December 31, 2014, specifically evaluated impaired LHFI totaled $26.5 million and $47.1 million, respectively. These specifically evaluated impaired LHFI had a related allowance of $7.0 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 $10.1 million, $137 thousand and $2.5 million for 2015, 2014 and 2013, respectively. Provision expense on specifically evaluated impaired LHFI totaled $4.8 million and $3.5 million for 2015 and 2014, respectively, compared to provision recapture of $2.9 million for 2013. 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 December 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 $28.8 million and $32.2 million, respectively. In addition, these nonaccrual LHFI had allocated allowance for loan losses of $2.0 million and $1.5 million at the end of the respective periods. The following tables detail LHFI individually and collectively evaluated for impairment at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 LHFI Evaluated for Impairment Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ 6,123 $ 818,600 $ 824,723 Secured by 1-4 family residential properties 23,079 1,626,422 1,649,501 Secured by nonfarm, nonresidential properties 17,800 1,718,676 1,736,476 Other real estate secured 145 211,083 211,228 Commercial and industrial loans 7,622 1,335,589 1,343,211 Consumer loans 31 169,104 169,135 State and other political subdivision loans — 734,615 734,615 Other loans 512 421,984 422,496 Total $ 55,312 $ 7,036,073 $ 7,091,385 December 31, 2014 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 December 31, 2015 and 2014, the carrying amount of LHFI individually evaluated for impairment consisted of the following ($ in thousands): December 31, 2015 LHFI Unpaid Wit h o With an Total Average Principal Allowance Allowance Carrying Related Recorded Balance Recorded Recorded Amount Allowance Investment Loans secured by real estate: Construction, land development and other land $ 11,113 $ 3,395 $ 2,728 $ 6,123 $ 909 $ 9,995 Secured by 1-4 family residential properties 27,678 283 22,796 23,079 1,230 24,350 Secured by nonfarm, nonresidential properties 20,387 8,037 9,763 17,800 3,402 21,758 Other real estate secured 160 — 145 145 15 732 Commercial and industrial loans 9,880 1,137 6,485 7,622 3,304 9,863 Consumer loans 34 — 31 31 — 59 State and other political subdivision loans — — — — — — Other loans 642 — 512 512 128 570 Total $ 69,894 $ 12,852 $ 42,460 $ 55,312 $ 8,988 $ 67,327 December 31, 2014 LHFI Unpaid Wit h o With an Total Average Principal Allowance Allowance Carrying Related Recorded Balance Recorded Recorded Amount Allowance Investment Loans secured by real estate: Construction, land development and other land $ 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. A formal TDR may include, but is not necessarily limited to, one or a combination of the following situations: · Trustmark accepts a third-party receivable or other asset(s) of the borrower, in lieu of the receivable from the borrower. · Trustmark accepts an equity interest in the borrower in lieu of the receivable. · Trustmark accepts modification of the terms of the debt including but not limited to: o Reduction of (absolute or contingent) the stated interest rate to below the current market rate. o Extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk. o Reduction (absolute or contingent) of the face amount or maturity amount of the debt as stated in the note or other agreement. o Reduction (absolute or contingent) of accrued interest. Troubled debt restructurings are addressed in Trustmark’s loan policy, and in accordance with that policy, any modifications or concessions that may result in a TDR are subject to a special approval process which allows for control, identification, and monitoring of these arrangements. Prior to granting a concession, a revised borrowing arrangement is proposed which is structured so as to improve collectability of the loan in accordance with a reasonable repayment schedule with any loss promptly identified. It is supported by a thorough evaluation of the borrower’s financial condition and prospects for repayment under those revised terms. Other TDRs arising from renewals or extensions of existing debt are routinely identified through the processes utilized in the Problem Loan Committees and in the Credit Quality Review Committee. All TDRs are subsequently reported to the Director Credit Policy Committee on a quarterly basis and are disclosed in Trustmark’s consolidated financial statements in accordance with GAAP and regulatory reporting guidance. All loans whose terms have been modified in a troubled debt restructuring are evaluated for impairment under FASB ASC Topic 310. Accordingly, Trustmark measures any loss on the restructuring in accordance with that guidance. A TDR in which Trustmark receives physical possession of the borrower’s assets, regardless of whether formal foreclosure or repossession proceedings take place, is accounted for in accordance with FASB ASC Subtopic 310-40, “Troubled Debt Restructurings by Creditors.” Thus, the loan is treated as if assets have been received in satisfaction of the loan and reported as a foreclosed asset. At December 31, 2015, Trustmark held $1.0 million 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 December 31, 2015 totaled $83 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 December 31, 2015, 2014 and 2013, LHFI classified as TDRs totaled $9.7 million, $11.3 million and $14.8 million, respectively, and were primarily comprised of credits with interest-only payments for an extended period of time which totaled $5.9 million, $7.4 million and $11.1 million, respectively. The remaining TDRs at December 31, 2015, 2014 and 2013 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 at December 31, 2015, $1.7 million at December 31, 2014 and $1.6 million at December 31, 2013. LHFI classified as TDRs are charged down to the most likely fair value estimate less an estimated cost to sell for collateral dependent loans, which would approximate net realizable value. Specific charge-offs related to TDRs totaled $806 thousand, $75 thousand and $816 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. The following tables illustrate the impact of modifications classified as TDRs as well as those TDRs modified within the last 12 months for which there was a payment default during the period for the periods presented ($ in thousands): Year Ended December 31, 2015 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loans secured by 1-4 family residential properties 13 $ 688 $ 688 Loans secured by nonfarm, nonresidential properties 5 3,613 3,613 Total 18 $ 4,301 $ 4,301 Year Ended December 31, 2014 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loans secured by 1-4 family residential properties 17 $ 1,248 $ 1,234 Year Ended December 31, 2013 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loans secured by 1-4 family residential properties 10 $ 498 $ 441 Loans secured by nonfarm, nonresidential properties 1 952 952 Commercial and industrial loans 2 944 937 Other loans 1 2,490 2,490 Total 14 $ 4,884 $ 4,820 Years Ended December 31, 2015 2014 2013 TDRs that Subsequently Defaulted Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Loans secured by 1-4 family residential properties 5 $ 260 1 $ 103 5 $ 345 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 tables detail LHFI classified as TDRs by loan type at December 31, 2015, 2014 and 2013 ($ in thousands): December 31, 2015 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land loans $ — $ 869 $ 869 Secured by 1-4 family residential properties 1,426 2,424 3,850 Secured by nonfarm, nonresidential properties 809 3,662 4,471 Commercial and industrial loans — 463 463 Total TDRs $ 2,235 $ 7,418 $ 9,653 December 31, 2014 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land loans $ — $ 3,665 $ 3,665 Secured by 1-4 family residential properties 1,385 3,733 5,118 Secured by nonfarm, nonresidential properties — 1,854 1,854 Other real estate secured — 149 149 Commercial and industrial loans — 509 509 Total TDRs $ 1,385 $ 9,910 $ 11,295 December 31, 2013 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land loans $ — $ 6,247 $ 6,247 Secured by 1-4 family residential properties 1,320 4,201 5,521 Secured by nonfarm, nonresidential properties — 2,292 2,292 Other real estate secured — 167 167 Commercial and industrial loans — 549 549 Total TDRs $ 1,320 $ 13,456 $ 14,776 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. · 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 perfect Trustmark’s collateral position and substantiate collateral value. Collateral exceptions measure the level of documentation exceptions within a loan portfolio. Collateral exceptions occur when certain collateral documentation is either not present, is not considered current or has expired. · 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 $1.0 million or more. In addition, credits are stress tested for vacancies and rate sensitivity. Confirmation is obtained that guarantor financial statements are current, taxes have been paid and there are no other issues that need to be addressed. This analysis is reviewed by each senior credit officer in the respective market to determine the need for any risk rate or accrual status changes. Consumer Credits Consumer LHFI that do not meet a minimum custom credit score are reviewed quarterly by Management. The Retail Credit Review Committee reviews the volume and percentage of approvals that did not meet the minimum passing custom score by region, individual location, and officer. To assure that Trustmark continues to originate quality loans, this process allows Management to make necessary changes such as revisions to underwriting procedures and credit policies, or changes in loan authority to Trustmark personnel. Trustmark monitors the levels and severity of past due consumer LHFI on a daily basis through its collection activities. A detailed assessment of consumer LHFI delinquencies is performed monthly at both a product and market level by delivery channel, which incorporates the perceived level of risk at time of underwriting. Trustmark also monitors its consumer LHFI delinquency trends by comparing them to quarterly industry averages. The tables below illustrate the carrying amount of LHFI by credit quality indicator at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Commercial LHFI Pass - Special Mention - Substandard - Doubtful - Categories Category 7 Category 8 Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 746,227 $ — $ 15,637 $ 529 $ 762,393 Secured by 1-4 family residential properties 125,268 345 7,525 190 133,328 Secured by nonfarm, nonresidential properties 1,680,846 2,031 52,485 361 1,735,723 Other real estate secured 205,097 — 4,768 — 209,865 Commercial and industrial loans 1,295,760 9,473 37,284 694 1,343,211 Consumer loans — — — — — State and other political subdivision loans 713,616 12,478 8,521 — 734,615 Other loans 414,089 183 2,663 375 417,310 Total $ 5,180,903 $ 24,510 $ 128,883 $ 2,149 $ 5,336,445 Consumer LHFI Past Due Past Due Current 30-89 Days 90 Days or More Nonaccrual Subtotal Total LHFI Loans secured by real estate: Construction, land development and other land $ 62,158 $ 146 $ — $ 26 $ 62,330 $ 824,723 Secured by 1-4 family residential properties 1,485,914 7,565 2,058 20,636 1,516,173 1,649,501 Secured by nonfarm, nonresidential properties 753 — — — 753 1,736,476 Other real estate secured 1,363 — — — 1,363 211,228 Commercial and industrial loans — — — — — 1,343,211 Consumer loans 166,681 2,182 242 30 169,135 169,135 State and other political subdivision loans — — — — — 734,615 Other loans 5,186 — — — 5,186 422,496 Total $ 1,722,055 $ 9,893 $ 2,300 $ 20,692 $ 1,754,940 $ 7,091,385 December 31, 2014 Commercial LHFI Pass - Special Mention - Substandard - Doubtful - Categories 1-6 Category 7 Category 8 Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 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 Past Due Past Due Current 30-89 Days 90 Nonaccrual Subtotal Total LHFI 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 The following tables provide an aging analysis of past due and nonaccrual LHFI by loan type at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Past Due 90 Days Current 30-59 Days 60-89 Days or More (1) Total Nonaccrual Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 214 $ — $ — $ 214 $ 6,123 $ 818,386 $ 824,723 Secured by 1-4 family residential properties 6,203 1,800 2,058 10,061 23,079 1,616,361 1,649,501 Secured by nonfarm, nonresidential properties 437 88 — 525 17,800 1,718,151 1,736,476 Other real estate secured — — — — 145 211,083 211,228 Commercial and industrial loans 921 45 — 966 7,622 1,334,623 1,343,211 Consumer loans 1,835 347 242 2,424 31 166,680 169,135 State and other political subdivision loans 65 — — 65 — 734,550 734,615 Other loans 68 — — 68 512 421,916 422,496 Total $ 9,743 $ 2,280 $ 2,300 $ 14,323 $ 55,312 $ 7,021,750 $ 7,091,385 (1) Past due 90 days or more but still accruing interest. December 31, 2014 Past Due 90 Days Current 30-59 Days 60-89 Days or More (1) Total Nonaccrual Loans Total 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 LHFS LHFS past due 90 days or more totaled $21.8 million and $25.9 million at December 31, 2015 and 2014, respectively. LHFS past due 90 days or more are serviced loans eligible for repurchase, which are fully guaranteed by the GNMA. GNMA optional repurchase programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the institution provides servicing. At the servicer’s option and without GNMA’s prior authorization, the servicer may repurchase such a delinquent loan for an amount equal to 100 percent of the remaining principal balance of the loan. This buy-back option is considered a conditional option until the delinquency criteria are met, at which time the option becomes unconditional. When Trustmark is deemed to have regained effective control over these loans under the unconditional buy-back option, the loans can no longer be reported as sold and must be brought back onto the balance sheet as loans held for sale, regardless of whether Trustmark intends to exercise the buy-back option. These loans are reported as held for sale with the offsetting liability being reported as sho |
Acquired Loans
Acquired Loans | 12 Months Ended |
Dec. 31, 2015 | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities [Abstract] | |
Acquired Loans | Note 6 – Acquired Loans At December 31, 2015 and 2014, acquired loans consisted of the following ($ in thousands): December 31, 2015 December 31, 2014 Noncovered Covered Noncovered Covered Loans secured by real estate: Construction, land development and other land $ 41,623 $ 1,021 $ 58,309 $ 1,197 Secured by 1-4 family residential properties 86,950 10,058 116,920 13,180 Secured by nonfarm, nonresidential properties 135,626 4,638 202,323 7,672 Other real estate secured 23,860 1,286 27,813 1,096 Commercial and industrial loans 55,075 624 88,256 277 Consumer loans 5,641 — 9,772 — Other loans 23,936 73 22,390 204 Acquired loans 372,711 17,700 525,783 23,626 Less allowance for loan losses, acquired loans 11,259 733 10,541 1,518 Net acquired loans $ 361,452 $ 16,967 $ 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 28,193 479 2,308 — Payments received, net (164,671 ) (15,484 ) (8,592 ) (33 ) Other (2) (1,589 ) — 391 — Less change in allowance for loan losses, acquired loans (718 ) — 785 — Carrying value, net at December 31, 2015 $ 295,366 $ 66,086 $ 15,396 $ 1,571 (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. (2) Includes miscellaneous timing adjustments as well as 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): Years Ended December 31, 2015 2014 Accretable yield at beginning of period $ (77,149 ) $ (109,006 ) Accretion to interest income 30,501 48,627 Disposals 10,013 16,383 Reclassification from nonaccretable difference (1) (16,037 ) (33,153 ) Accretable yield at end of period $ (52,672 ) $ (77,149 ) (1) Reclassifications from nonaccretable difference are due to lower loss expectations and improvements in expected cashflows. The following tables present the components of the allowance for loan losses on acquired impaired loans for the periods presented ($ in thousands): Noncovered Covered Total Balance at January 1, 2015 $ 10,541 $ 1,518 $ 12,059 Provision for loan losses, acquired loans 3,854 (429 ) 3,425 Loans charged-off (6,722 ) (478 ) (7,200 ) Recoveries 3,586 122 3,708 Net charge-offs (3,136 ) (356 ) (3,492 ) Balance at December 31, 2015 $ 11,259 $ 733 $ 11,992 Noncovered Covered Total Balance at January 1, 2014 $ 7,249 $ 2,387 $ 9,636 Provision for loan losses, acquired loans 7,149 (978 ) 6,171 Loans charged-off (6,274 ) 127 (6,147 ) Recoveries 2,417 (18 ) 2,399 Net (charge-offs) recoveries (3,857 ) 109 (3,748 ) Balance at December 31, 2014 $ 10,541 $ 1,518 $ 12,059 Noncovered Covered Total Balance at January 1, 2013 $ 1,885 $ 4,190 $ 6,075 Provision for loan losses, acquired loans 7,367 (1,328 ) 6,039 Loans charged-off (3,634 ) (460 ) (4,094 ) Recoveries 1,631 (15 ) 1,616 Net charge-offs (2,003 ) (475 ) (2,478 ) Balance at December 31, 2013 $ 7,249 $ 2,387 $ 9,636 As discussed in Note 5 - 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 December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Commercial Loans Pass - Special Mention - Substandard - Doubtful - Categories 1-6 Category 7 Category 8 Category 9 Subtotal Noncovered Loans: Loans secured by real estate: Construction, land development and other land $ 15,839 $ 253 $ 19,252 $ 3,874 $ 39,218 Secured by 1-4 family residential properties 22,272 27 5,033 331 27,663 Secured by nonfarm, nonresidential properties 106,924 2,301 25,690 711 135,626 Other real estate secured 19,346 — 3,777 731 23,854 Commercial and industrial loans 36,670 844 15,526 2,035 55,075 Consumer loans — — — — — Other loans 17,150 — 6,624 162 23,936 Total noncovered loans 218,201 3,425 75,902 7,844 305,372 Covered Loans: (1) Loans secured by real estate: Construction, land development and other land 235 — 588 119 942 Secured by 1-4 family residential properties 869 107 534 — 1,510 Secured by nonfarm, nonresidential properties 4,060 35 472 — 4,567 Other real estate secured 730 — 111 — 841 Commercial and industrial loans 560 22 42 — 624 Other loans 70 — — — 70 Total covered loans 6,524 164 1,747 119 8,554 Total acquired loans $ 224,725 $ 3,589 $ 77,649 $ 7,963 $ 313,926 Consumer Loans Past Due Past Due Total Current 30-89 Days 90 Days or More Nonaccrual (2) Subtotal Acquired Loans Noncovered Loans: Loans secured by real estate: Construction, land development and other land $ 2,353 $ 24 $ 28 $ — $ 2,405 $ 41,623 Secured by 1-4 family residential properties 56,371 1,841 930 145 59,287 86,950 Secured by nonfarm, nonresidential properties — — — — — 135,626 Other real estate secured 6 — — — 6 23,860 Commercial and industrial loans — — — — — 55,075 Consumer loans 5,498 142 1 — 5,641 5,641 Other loans — — — — — 23,936 Total noncovered loans 64,228 2,007 959 145 67,339 372,711 Covered Loans: (1) Loans secured by real estate: Construction, land development and other land 70 9 — — 79 1,021 Secured by 1-4 family residential properties 7,472 314 762 — 8,548 10,058 Secured by nonfarm, nonresidential properties 71 — — — 71 4,638 Other real estate secured 445 — — — 445 1,286 Commercial and industrial loans — — — — — 624 Other loans 3 — — — 3 73 Total covered loans 8,061 323 762 — 9,146 17,700 Total acquired loans $ 72,289 $ 2,330 $ 1,721 $ 145 $ 76,485 $ 390,411 (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. (2) Acquired loans not accounted for under FASB ASC Topic 310-30. December 31, 2014 Commercial Loans Pass - Special Mention - Substandard - Doubtful - Categories 1-6 Category 7 Category 8 Category 9 Subtotal 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 Past Due Past Due Total Current 30-89 Days 90 Days or More Nonaccrual (2) Subtotal 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. (2) Acquired loans not accounted for under FASB ASC Topic 310-30. At December 31, 2015 and 2014, there were no acquired impaired loans accounted for under FASB ASC Topic 310-30 classified as nonaccrual loans. At December 31, 2015, approximately $1.0 million of acquired loans not accounted for under FASB ASC Topic 310-30 were classified as nonaccrual loans, compared to approximately $1.1 million of acquired loans at December 31, 2014. The following tables provide an aging analysis of contractually past due and nonaccrual acquired loans, by loan type at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Past Due 30-59 Days 60-89 Days 90 Days or More (1) Total Nonaccrual (2) Current Loans Total Acquired Loans Noncovered loans: Loans secured by real estate: Construction, land development and other land $ 24 $ 114 $ 13,021 $ 13,159 $ — $ 28,464 $ 41,623 Secured by 1-4 family residential properties 1,544 636 1,220 3,400 387 83,163 86,950 Secured by nonfarm, nonresidential properties 192 195 5,913 6,300 144 129,182 135,626 Other real estate secured 9 — 737 746 — 23,114 23,860 Commercial and industrial loans 82 4 184 270 429 54,376 55,075 Consumer loans 119 23 1 143 — 5,498 5,641 Other loans 85 16 — 101 — 23,835 23,936 Total noncovered loans 2,055 988 21,076 24,119 960 347,632 372,711 Covered loans: Loans secured by real estate: Construction, land development and other land 9 — 119 128 — 893 1,021 Secured by 1-4 family residential properties 428 132 978 1,538 — 8,520 10,058 Secured by nonfarm, nonresidential properties 167 478 — 645 — 3,993 4,638 Other real estate secured — — — — — 1,286 1,286 Commercial and industrial loans — — — — 51 573 624 Other loans — — — — — 73 73 Total covered loans 604 610 1,097 2,311 51 15,338 17,700 Total acquired loans $ 2,659 $ 1,598 $ 22,173 $ 26,430 $ 1,011 $ 362,970 $ 390,411 (1) Past due 90 days or more but still accruing interest. (2) Acquired loans not accounted for under FASB ASC Topic 310-30. December 31, 2014 Past Due 30-59 Days 60-89 Days 90 Days or More (1) Total Nonaccrual (2) Current Loans Total Acquired 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. |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment, Net | Note 7 – Premises and Equipment, Net At December 31, 2015 and 2014, premises and equipment consisted of the following ($ in thousands): December 31, 2015 2014 Land $ 57,334 $ 57,794 Buildings and leasehold improvements 200,475 198,739 Furniture and equipment 168,357 162,321 Total cost of premises and equipment 426,166 418,854 Less accumulated depreciation and amortization 230,510 218,073 Premises and equipment, net $ 195,656 $ 200,781 Depreciation and amortization of premises and equipment totaled $14.0 million in 2015, $14.1 million in 2014 and $14.3 million in 2013. |
Mortgage Banking
Mortgage Banking | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Banking [Abstract] | |
Mortgage Banking | Note 8 – Mortgage Banking Mortgage Servicing Rights The activity in the MSR is detailed in the table below for the periods presented ($ in thousands): Years Ended December 31, 2015 2014 Balance at beginning of period $ 64,358 $ 67,834 Origination of servicing assets 17,598 12,293 Change in fair value: Due to market changes 1,578 (7,202 ) Due to runoff (9,527 ) (8,567 ) Balance at end of period $ 74,007 $ 64,358 In the determination of the fair value of the MSR at the date of securitization, certain key economic assumptions are made. For instance, Trustmark considers the conditional prepayment rate (CPR), which is an estimated loan prepayment rate that uses historical prepayment rates for previous loans similar to the loans being evaluated, and the discount rate in determining the fair value of the MSR. An increase in either the CPR or discount rate assumption will result in a decrease in the fair value of the MSR, while a decrease in either assumption will result in an increase in the fair value of the MSR. At December 31, 2015, the fair value of the MSR included an assumed average prepayment speed of 9.32 CPR and an average discount rate of 10.35% compared to an assumed average prepayment speed of 11.51 CPR and an average discount rate of 10.29% at December 31, 2014. In recent years, there have been significant market-driven fluctuations in loan prepayment speeds and discount rates. These fluctuations can be rapid and may continue to be significant. Therefore, estimating prepayment speed and/or discount rates within ranges that market participants would use in determining the fair value of the MSR requires significant management judgment. Mortgage Loans Sold/Serviced During 2015, 2014 and 2013, Trustmark sold $1.246 billion, $913.5 million and $1.358 billion, respectively, of residential mortgage loans. Pretax gains on these sales were recorded to noninterest income in mortgage banking, net and totaled $18.0 million in 2015, $10.8 million in 2014 and $26.4 million in 2013. Trustmark receives annual servicing fee income approximating 0.33% of the outstanding balance of the underlying loans. Trustmark’s mortgage loans serviced for others totaled $5.971 billion at December 31, 2015, compared with $5.636 billion at December 31, 2014. The investors and the securitization trusts have no recourse to the assets of Trustmark for failure of debtors to pay when due. The table below details the mortgage loans sold and serviced for others at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 2014 Federal National Mortgage Association $ 3,750,685 $ 3,579,987 Government National Mortgage Association 2,111,797 1,948,565 Federal Home Loan Mortgage Corporation 67,817 80,551 Other 41,013 27,146 Total mortgage loans sold and serviced for others $ 5,971,312 $ 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. The total mortgage loan servicing putback expenses, included in other noninterest expense, incurred by Trustmark during 2015, 2014 and 2013 were $315 thousand, $600 thousand and $1.6 million, respectively. Changes in the reserve for mortgage loan servicing putback expense for mortgage loans delivered to FNMA in periods not covered by the November 2013 Resolution Agreement between Trustmark and FNMA and to other entities were as follows for the periods presented ($ in thousands): Years Ended December 31, 2015 2014 2013 Balance at beginning of period $ 1,170 $ 1,050 $ 7,800 Provision for putback expenses 315 600 1,561 Gains (Losses) 200 (480 ) (4,756 ) FNMA resolution — — (3,555 ) Balance at end of period $ 1,685 $ 1,170 $ 1,050 During November 2013, Trustmark finalized its agreement with FNMA (the “Resolution Agreement”) to resolve its existing and future repurchase and make whole obligations (collectively “Repurchase Obligations”) related to mortgage loans originated between January 1, 2000 and December 31, 2008 and delivered to FNMA. Under the terms of the Resolution Agreement, Trustmark paid FNMA approximately $3.6 million with respect to the Repurchase Obligations. Trustmark believes that it was in its best interests to execute the Resolution Agreement in order to bring finality to the loss reimbursement exposure with FNMA for these years and reduce the resources spent on individual file reviews and defending loss reimbursement requests. The Repurchase Obligations were covered by Trustmark’s existing reserve for mortgage loan servicing putback expenses. Mortgage loans covered by the Resolution Agreement executed with FNMA are only subject to putback risk due to borrower fraud or systemic risk. Trustmark’s exposure to putback requests for loans sold to FNMA, which were originated after 2008, has improved as a result of industry-wide guidelines and process enhancements implemented since that time. Trustmark’s exposure to putback requests for loans sold to GNMA has improved as a result of declining delinquency ratios. Please refer to the “Past Due LHFS” section included in Note 5 – LHFI and Allowance for Loan Losses, LHFI for additional information regarding mortgage loans sold to GNMA. There is inherent uncertainty in reasonably estimating the requirement for reserves against potential future mortgage loan servicing putback expenses. Future putback expenses are dependent on many subjective factors, including the review procedures of the purchasers and the potential refinance activity on loans sold with servicing released and the subsequent consequences under the representations and warranties. Trustmark believes that it has appropriately reserved for potential mortgage loan servicing putback requests. |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | Note 9 – Goodwill and Identifiable Intangible Assets Goodwill The table below illustrates goodwill by segment for the years ended December 31, 2015 and 2014 ($ in thousands): General Banking Insurance Total Balance as of January 1, 2014 $ 328,483 $ 44,368 $ 372,851 Measurement period adjustment during 2014 (7,351 ) — (7,351 ) Balance as of December 31, 2014 321,132 44,368 365,500 Goodwill from purchase of insurance book of business during 2015 — 656 656 Balance as of December 31, 2015 $ 321,132 $ 45,024 $ 366,156 Trustmark's General Banking segment delivers a full range of banking services to consumer, corporate, small and middle-market businesses through its extensive branch network. During 2014, Trustmark recorded a measurement period adjustment that decreased goodwill $7.4 million as a result of fair value adjustments to BancTrust’s assets and liabilities. The Insurance segment includes TNB’s wholly-owned retail insurance subsidiary that offers a diverse mix of insurance products and services. During 2015, Trustmark purchased an insurance book of business that increased goodwill $656 thousand for the Insurance segment. Trustmark performed goodwill impairment tests for the General Banking and Insurance segments during 2015, 2014 and 2013. Based on these tests, Trustmark concluded that no impairment charge was required. Identifiable Intangible Assets At December 31, 2015 and 2014, identifiable intangible assets consisted of the following ($ in thousands): December 31, 2015 December 31, 2014 Gross Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 85,824 $ 61,603 $ 24,221 $ 85,824 $ 54,464 $ 31,360 Insurance intangibles 13,824 11,117 2,707 11,693 10,566 1,127 Banking charters 1,325 811 514 1,325 745 580 Borrower relationship intangible 690 586 104 690 523 167 Total $ 101,663 $ 74,117 $ 27,546 $ 99,532 $ 66,298 $ 33,234 Trustmark recorded $7.8 million of amortization of identifiable intangible assets in 2015 and recorded $8.8 million in both 2014 and 2013. Trustmark estimates that amortization expense for identifiable intangible assets will be $6.9 million in 2016, $5.9 million in 2017, $4.9 million in 2018, $3.8 million in 2019 and $2.5 million in 2020. Trustmark continually evaluates whether events and circumstances have occurred that indicate that identifiable intangible assets have become impaired. Measurement of any impairment of such identifiable intangible assets is based on the fair values of those assets. There were no impairment losses on identifiable intangible assets recorded during 2015, 2014 or 2013. The following table illustrates the carrying amounts and remaining weighted-average amortization periods of identifiable intangible assets as of December 31, 2015 ($ in thousands): Remaining Weighted- Average Net Carrying Amortization Amount Period in Years Core deposit intangibles $ 24,221 6.6 Insurance intangibles 2,707 15.0 Banking charters 514 7.7 Borrower relationship intangible 104 1.7 Total $ 27,546 7.4 |
Other Real Estate and Covered O
Other Real Estate and Covered Other Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate And Foreclosed Assets [Abstract] | |
Other Real Estate and Covered Other Real Estate | Note 10 – Other Real Estate and Covered Other Real Estate Other Real Estate, excluding Covered Other Real Estate At December 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): Years Ended December 31, 2015 2014 2013 Balance at beginning of period $ 92,509 $ 106,539 $ 78,189 Additions (1) 33,396 37,428 80,256 Disposals (45,826 ) (43,802 ) (45,545 ) Write-downs (2,902 ) (7,656 ) (6,361 ) Balance at end of period $ 77,177 $ 92,509 $ 106,539 Gain (loss), net on the sale of other real estate included in ORE/Foreclosure expense $ 3,995 $ 3,697 $ (881 ) (1) For the year ended December 31, 2013, additions to other real estate includes $40.1 million of other real estate acquired from Trustmark’s merger with BancTrust on February 15, 2013. At December 31, 2015 and 2014, other real estate, excluding covered other real estate, by type of property consisted of the following ($ in thousands): December 31, 2015 2014 Construction, land development and other land properties $ 47,550 $ 61,015 1-4 family residential properties 10,732 10,150 Nonfarm, nonresidential properties 16,717 19,696 Other real estate properties 2,178 1,648 Total other real estate, excluding covered other real estate $ 77,177 $ 92,509 At December 31, 2015 and 2014, other real estate, excluding covered other real estate, by geographic location consisted of the following ($ in thousands): December 31, 2015 2014 Alabama $ 21,578 $ 21,196 Florida 29,579 35,324 Mississippi (1) 14,312 17,397 Tennessee (2) 9,974 10,292 Texas 1,734 8,300 Total other real estate, excluding covered other real estate $ 77,177 $ 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 gains, net on covered other real estate were as follows ($ in thousands): Years Ended December 31, 2015 2014 2013 Balance at beginning of period $ 6,060 $ 5,108 $ 5,741 Transfers from covered loans 266 2,851 1,934 FASB ASC 310-30 adjustment for the residual recorded investment (880 ) 136 (345 ) Net transfers from covered loans (614 ) 2,987 1,589 Disposals (2,526 ) (1,232 ) (1,442 ) Write-downs (1,269 ) (803 ) (780 ) Balance at end of period $ 1,651 $ 6,060 $ 5,108 Gain, net on the sale of covered other real estate included in ORE/Foreclosure expenses $ 46 $ 24 $ 119 At December 31, 2015 and 2014, covered other real estate by type of property consisted of the following ($ in thousands): December 31, 2015 2014 Construction, land development and other land properties $ 638 $ 1,917 1-4 family residential properties 223 1,103 Nonfarm, nonresidential properties 399 2,296 Other real estate properties 391 744 Total covered other real estate $ 1,651 $ 6,060 |
FDIC Indemnification Asset
FDIC Indemnification Asset | 12 Months Ended |
Dec. 31, 2015 | |
F D I C Indemnification Asset [Abstract] | |
FDIC Indemnification Asset | Note 11 – 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, TNB 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 $2.5 million and $2.1 million at December 31, 2015 and 2014, respectively. Trustmark periodically re-estimates the expected cash flows on the acquired covered loans as required by FASB ASC Topic 310-30. For 2015, 2014 and 2013, this analysis resulted in improvements in the estimated future cash flows of the acquired covered loans that remain outstanding as well as lower expected remaining losses on those loans, primarily due to pay-offs of acquired covered loans. The pay-offs and improvements in the estimated expected cash flows of the acquired covered loans resulted in a reduction of the expected loss-share receivable from the FDIC. 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 2015, 2014 and 2013 included $2.6 million, $2.1 million and $2.5 million, 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 2015, 2014 and 2013, other noninterest income also included a reduction of the FDIC indemnification asset of $929 thousand, $800 thousand and $3.4 million, respectively, primarily resulting from loan pay-offs partially offset by loan pools of acquired covered loans with increased loss expectations. For the periods presented, changes in the FDIC indemnification asset were as follows ($ in thousands): Years Ended December 31, 2015 2014 2013 Balance at beginning of period $ 6,997 $ 14,347 $ 21,774 Amortization (2,583 ) (2,074 ) (2,469 ) Transfers to FDIC claims (2,715 ) (4,443 ) (851 ) Change in expected cash flows (536 ) (517 ) (3,472 ) Change in FDIC true-up provision (425 ) (316 ) (635 ) Balance at end of period $ 738 $ 6,997 $ 14,347 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | Note 12 – Deposits At December 31, 2015 and 2014, deposits consisted of the following ($ in thousands): December 2015 2014 Noninterest-bearing demand $ 2,998,694 $ 2,748,635 Interest-bearing demand 1,938,497 1,722,581 Savings 2,970,997 3,280,060 Time 1,680,042 1,947,082 Total $ 9,588,230 $ 9,698,358 Interest expense on deposits by type consisted of the following for the periods presented ($ in thousands): Years Ended December 31, 2015 2014 2013 Interest-bearing demand $ 3,235 $ 3,151 $ 3,948 Savings 2,547 2,949 3,889 Time 6,816 9,223 11,881 Total $ 12,598 $ 15,323 $ 19,718 The maturities of time deposits of $100,000 or more at December 31, 2015 and 2014 are as follows ($ in thousands): December 2015 2014 3 months or less $ 151,339 $ 199,087 Over 3 months through 6 months 132,440 168,886 Over 6 months through 12 months 197,630 227,130 Over 12 months 193,914 222,119 Total $ 675,323 $ 817,222 The maturities of interest-bearing deposits at December 31, 2015, are as follows ($ in thousands): 2016 $ 1,240,268 2017 295,723 2018 73,586 2019 38,962 2020 and thereafter 31,503 Total time deposits 1,680,042 Interest-bearing deposits with no stated maturity 4,909,494 Total interest-bearing deposits $ 6,589,536 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 13 - Borrowings Securities Sold Under Repurchase Agreements Trustmark utilizes securities sold under repurchase agreements as a source of borrowing in connection with overnight repurchase agreements offered to commercial deposit customers by using its unencumbered investment securities as collateral. Trustmark accounts for its securities sold under repurchase agreements as secured borrowings in accordance with FASB ASC Topic 860-30, “Transfers and Servicing – Secured Borrowing and Collateral.” Securities sold under repurchase agreements are stated at the amount of cash received in connection with the transaction. Trustmark monitors collateral levels on a continual basis and may be required to provide additional collateral based on the fair value of the underlying securities. Trustmark’s repurchase agreements are transacted under master repurchase agreements that give Trustmark, in the event of default by the counterparty, the right of offset with the same counterparty. As of December 31, 2015, all repurchase agreements were short-term and consisted primarily of sweep repurchase arrangements, under which excess deposits are “swept” into overnight repurchase agreements with Trustmark. The following table presents the securities sold under repurchase agreements by collateral pledged at December 31, 2015 ($ in thousands): December U.S. Government agency obligations Issued by U.S. Government sponsored agencies $ 22,516 Mortgage-backed securities Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 102,604 Total securities sold under repurchase agreements $ 125,120 Short-Term Borrowings At December 31, 2015 and 2014, short-term borrowings consisted of the following ($ in thousands): December 2015 2014 FHLB advances $ 350,000 $ 356,758 Serviced GNMA loans eligible for repurchase 36,025 41,014 Other 26,592 27,305 Total short-term borrowings $ 412,617 $ 425,077 At December 31, 2015, Trustmark had two outstanding short-term FHLB advances totaling $350.0 million with the FHLB of Dallas. These outstanding advances with the FHLB of Dallas had fixed interest rates of 0.31% and balances of $100.0 million and $250.0 million. At December 31, 2015, these advances had a weighted average remaining maturity of 13 days with a weighted-average cost of 0.31%. Trustmark had four outstanding short-term FHLB advances totaling $350.0 million with the FHLB of Dallas at December 31, 2014. All of the outstanding advances with the FHLB of Dallas had fixed rates and ranged from $50.0 million to $100.0 million with interest rates ranging from 0.10% to 0.18%. At December 31, 2014, these advances had a weighted average remaining maturity of 9 days with a weighted-average cost of 0.14%. At December 31, 2015 and 2014, Trustmark had $1.328 billion and $1.678 billion, respectively, available in additional short and long-term borrowing capacity from the FHLB of Dallas. At December 31, 2015, Trustmark had no outstanding short-term FHLB advances with the FHLB of Atlanta. At December 31, 2014, Trustmark had two outstanding short-term FHLB advances with the FHLB of Atlanta. All of the advances with the FHLB of Atlanta were assumed through the BancTrust merger. The advances outstanding at December 31, 2014 had a weighted average remaining maturity of 297 days with a weighted-average cost of 3.96%. These advances had balances of $80 thousand and $6.5 million with fixed interest rates of 6.95% and 3.92%, respectively. A fair market value adjustment of $178 thousand associated with the BancTrust merger was included in the short-term FHLB advances at December 31, 2014. Trustmark has a non-member status and no additional borrowing capacity with the FHLB of Atlanta. Interest expense on short-term FHLB advances totaled $727 thousand in 2015, $197 thousand in 2014 and $6 thousand in 2013. Long-Term FHLB Advances At December 31, 2015, Trustmark had one outstanding long-term FHLB advance totaling $500.00 million with the FHLB of Dallas. This advance reprices on a monthly basis and is set to mature on December 20, 2017. This advance has a remaining maturity of 1.97 years and had an average cost of 0.32% during 2015. At both December 31, 2015 and 2014, Trustmark had four outstanding long-term FHLB advances totaling $1.2 million with the FHLB of Atlanta, which were assumed through the BancTrust merger. All of the advances outstanding had fixed interest rates ranging from 0.08% to 6.50% with outstanding balances ranging from $15 thousand to $868 thousand at December 31, 2015 and from $23 thousand to $913 thousand at December 31, 2014. At December 31, 2015, these advances had a weighted average remaining maturity of 6.21 years with a weighted-average cost of 1.00%. At December 31, 2014, these advances had a weighted average remaining maturity of 7.13 years with a weighted-average cost of 1.11%. A fair market value adjustment of $3 thousand and $7 thousand associated with the BancTrust merger was included in the long-term FHLB advances at December 31, 2015 and 2014, respectively. Trustmark’s long-term FHLB advances are collateralized by securities held in safekeeping with the FHLB of Atlanta. Trustmark incurred $49 thousand of interest expense on long-term FHLB advances in 2015, compared to $45 thousand of interest expense in 2014 and $57 thousand of interest expense in 2013. Subordinated Notes Payable During 2006, TNB issued $50.0 million aggregate principal amount of Subordinated Notes (the Notes) due December 15, 2016. Proceeds from the sale of the Notes were used for general corporate purposes. At December 31, 2015 and 2014, the carrying amount of the Notes was $50.0 million and $49.9 million, respectively. The Notes have not been, and are not required to be, registered with the SEC under the Securities Act of 1933, as amended. The Notes were sold pursuant to the terms of regulations issued by the Office of the Comptroller of the Currency (OCC) and in reliance upon an exemption provided by the Securities Act of 1933, as amended. The Notes bear interest at the rate of 5.673% per annum from December 13, 2006, until the principal of the Notes has been paid in full. Interest on the Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing June 15, 2007, and through the date of maturity. The Notes are unsecured and subordinate and junior in right of payment to TNB’s obligations to its depositors, its obligations under bankers’ acceptances and letters of credit, its obligations to any Federal Reserve Bank or the FDIC and its obligations to its other creditors, and to any rights acquired by the FDIC as a result of loans made by the FDIC to TNB. Because the Notes, which are not redeemable prior to maturity, now have a remaining maturity of less than one year, none of the remaining balance qualified as Tier 2 capital for both TNB and Trustmark at December 31, 2015. Junior Subordinated Debt Securities On August 18, 2006, Trustmark completed a private placement of $60.0 million of trust preferred securities through a newly formed Delaware trust affiliate, Trustmark Preferred Capital Trust I (the Trust). The trust preferred securities mature September 30, 2036, are redeemable at Trustmark’s option and bear interest at a variable rate per annum equal to the three-month LIBOR plus 1.72%. Under applicable regulatory guidelines, these trust preferred securities qualify as Tier 1 capital. The proceeds from the sale of the trust preferred securities were used by the Trust to purchase $61.9 million in aggregate principal amount of Trustmark’s junior subordinated debentures. The debentures were issued pursuant to a Junior Subordinated Indenture, dated August 18, 2006, between Trustmark, as issuer, and Wilmington Trust Company, National Association, as trustee. Like the trust preferred securities, the debentures bear interest at a variable rate per annum equal to the three-month LIBOR plus 1.72% and mature on September 30, 2036. The debentures may be redeemed at Trustmark’s option at any time. The interest payments by Trustmark will be used to pay the quarterly distributions payable by the Trust to the holder of the trust preferred securities. However, so long as no event of default has occurred under the debentures, Trustmark may defer interest payments on the debentures (in which case the Trust will also defer distributions otherwise due on the trust preferred securities) for up to 20 consecutive quarters. The debentures are subordinated to the prior payment of any other indebtedness of Trustmark that, by its terms, is not similarly subordinated. The trust preferred securities are recorded as a long-term liability on Trustmark’s balance sheet; however, for regulatory purposes the trust preferred securities are treated as Tier 1 capital under the rules of the FRB, Trustmark’s primary federal regulatory agency. Trustmark also entered into a Guarantee Agreement, dated August 18, 2006, pursuant to which it has agreed to guarantee the payment by the Trust of distributions on the trust preferred securities and the payment of principal of the trust preferred securities when due, either at maturity or on redemption, but only if and to the extent that the Trust fails to pay distributions on or principal of the trust preferred securities after having received interest payments or principal payments on the junior subordinated debentures from Trustmark for the purpose of paying those distributions or the principal amount of the trust preferred securities. As defined in applicable accounting standards, the Trust, a wholly-owned subsidiary of Trustmark, is considered a variable interest entity for which Trustmark is not the primary beneficiary. Accordingly, the accounts of the Trust are not included in Trustmark’s consolidated financial statements. At December 31, 2015 and 2014, assets for the Trust totaled $61.9 million, resulting from the investment in junior subordinated debentures issued by Trustmark. Liabilities and shareholder’s equity for the Trust also totaled $61.9 million at December 31, 2015 and 2014, resulting from the issuance of trust preferred securities in the amount of $60.0 million as well as $1.9 million in common securities issued to Trustmark. During 2015, net income for the Trust equaled $38 thousand resulting from interest income from the junior subordinated debt securities issued by Trustmark to the Trust, compared with net income of $37 thousand during 2014 and $38 thousand during 2013. Dividends issued to Trustmark by the Trust during 2015 totaled $38 thousand, compared to $37 thousand during 2014 and $38 thousand during 2013. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14 – Income Taxes The income tax provision included in the consolidated statements of income was as follows for the periods presented ($ in thousands): Years Ended December 31, Current 2015 2014 2013 Federal $ 18,448 $ 17,761 $ 14,537 State 2,166 2,068 1,237 Deferred Federal 12,865 16,256 18,394 State 1,935 2,444 2,769 Income tax provision $ 35,414 $ 38,529 $ 36,937 For the periods presented, the income tax provision differs from the amount computed by applying the statutory federal income tax rate of 35% to income before income taxes as a result of the following ($ in thousands): Years Ended December 31, 2015 2014 2013 Income tax computed at statutory tax rate $ 53,008 $ 56,732 $ 53,899 Tax exempt interest (5,908 ) (5,612 ) (5,222 ) Nondeductible interest expense 119 107 121 State income taxes, net 1,408 2,933 2,604 Income tax credits (15,283 ) (15,212 ) (15,755 ) Other 2,070 (419 ) 1,290 Income tax provision $ 35,414 $ 38,529 $ 36,937 Temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities gave rise to the following net deferred tax assets at December 31, 2015 and 2014, which are included in other assets ($ in thousands): December 31, 2015 2014 Deferred tax assets: Loan purchase accounting $ 26,049 $ 38,471 Other real estate 32,664 36,086 Allowance for loan losses 30,451 31,241 Deferred compensation 21,102 20,825 Realized built in losses 16,215 15,907 Securities 13,016 15,443 Pension and other postretirement benefit plans 14,433 14,904 Nonaccrual loans 3,137 3,372 Stock-based compensation 3,137 3,077 Other 15,820 17,833 Gross deferred tax asset 176,024 197,159 Valuation allowance (8,650 ) (8,650 ) Deferred tax asset net of valuation allowance 167,374 188,509 Deferred tax liabilities: Goodwill and other identifiable intangibles 26,651 28,010 Premises and equipment 21,257 20,813 Unrealized gains on securities available for sale 2,241 8,627 Mortgage servicing rights 9,924 7,747 Securities 1,474 1,353 Leases 106 625 Other 4,764 3,900 Gross deferred tax liability 66,417 71,075 Net deferred tax asset $ 100,957 $ 117,434 Trustmark has evaluated the need for a valuation allowance and, based on the weight of the available evidence, has determined that it is more likely than not that a portion of deferred tax assets will not be realized due to limitations on the deductibility of built in losses in future years. A valuation allowance, which was created as a result of the BancTrust merger in 2013 and reduced in 2014 as a result of measurement period adjustments, has been established to reduce deferred tax assets to the amount that will more likely than not be realized in future years. For additional information regarding the merger with BancTrust and the measurement period adjustments recorded, see Note 2 – Business Combinations. The following table provides a summary of the changes during the 2015 calendar year in the amount of unrecognized tax benefits that are included in other liabilities in the consolidated balance sheet ($ in thousands): Balance at January 1, 2015 $ 2,160 Increases due to tax positions taken during the current year 760 Decreases due to tax positions taken during a prior year (495 ) Decreases due to the lapse of applicable statute of limitations during the current year (613 ) Decreases due to settlements with taxing authorities during the current year (92 ) Balance at December 31, 2015 $ 1,720 Accrued interest, net of federal benefit, at December 31, 2015 $ 380 Unrecognized tax benefits that would impact the effective tax rate, if recognized, at December 31, 2015 $ 1,321 Interest and penalties related to unrecognized tax benefits, if any, are recorded in income tax expense. With limited exception, Trustmark is no longer subject to U.S. federal, state and local audits by tax authorities for 2009 and earlier tax years. Trustmark does not anticipate a significant change to the total amount of unrecognized tax benefits within the next twelve months. |
Defined Benefit and Other Postr
Defined Benefit and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Benefit and Other Postretirement Benefits | Note 15 – 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 who began employment 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 have been frozen since 2009, with the exception of certain associates covered through plans obtained in acquisitions that were subsequently merged into the Trustmark plan. Other than the associates covered through these acquired plans that were merged into the Trustmark plan, associates have not earned additional benefits, except for interest as required by law, 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 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. On October 1, 2015, Trustmark received a favorable determination letter from the Internal Revenue Service (IRS) with respect to the plan’s termination. 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. As a result of the termination of the plan, Trustmark recognized a pre-tax gain of $1.2 million during 2014. The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for Trustmark’s qualified defined benefit pension plans (Trustmark Capital Accumulation Plan and BancTrust Pension Plan) ($ in thousands): December 31, 2015 2014 Change in benefit obligation: Benefit obligation, beginning of year $ 101,904 $ 128,974 Service cost 513 495 Interest cost 3,461 5,299 Actuarial (gain) loss (2,807 ) 11,675 Benefits paid for BancTrust Pension Plan — (38,853 ) Benefits paid for Trustmark Capital Accumulation Plan (11,668 ) (7,041 ) Settlement loss from BancTrust termination — 1,355 Benefit obligation, end of year $ 91,403 $ 101,904 Change in plan assets: Fair value of plan assets, beginning of year $ 86,287 $ 126,142 Actual return on plan assets (547 ) 4,632 Employer contributions 65 1,407 Benefit payments for BancTrust Pension Plan — (38,853 ) Benefit payments for Trustmark Capital Accumulation Plan (11,668 ) (7,041 ) Fair value of plan assets, end of year $ 74,137 $ 86,287 Funded status at end of year - net liability $ (17,266 ) $ (15,617 ) Amounts recognized in accumulated other comprehensive loss: Net loss - amount recognized $ 24,927 $ 28,100 Years Ended December 31, 2015 2014 2013 Net periodic benefit cost: Service cost $ 513 $ 495 $ 595 Interest cost 3,461 5,299 4,758 Expected return on plan assets (5,187 ) (6,245 ) (7,720 ) Recognized net loss due to BancTrust termination — 1,355 — Recognized net loss due to lump sum settlements 2,221 905 2,225 Recognized net actuarial (gain) loss 3,878 (283 ) 5,516 Net periodic benefit cost $ 4,886 $ 1,526 $ 5,374 Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss), before taxes: Net (gain) loss - Total recognized in other comprehensive income (loss) $ (3,173 ) $ 12,664 $ (29,742 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 1,713 $ 14,190 $ (24,368 ) Weighted-average assumptions as of end of year: Discount rate for benefit obligation 3.86 % 3.57 % 4.30 % Discount rate for net periodic benefit cost 3.57 % 4.30 % 3.50 % Expected long-term return on plan assets 7.00 % 7.50 % 7.50 % Plan Assets The weighted-average asset allocations by asset category for Trustmark’s qualified defined benefit pension plans at December 31, 2015 and 2014 are presented below. Due to the termination and full distribution of the BancTrust Pension Plan during 2014, December 31, 2015 and 2014 includes only amounts related to the Trustmark Capital Accumulation Plan. December 31, 2015 2014 Money market fund 3.6 % 8.7 % Fixed income mutual funds 29.0 % 11.9 % Equity mutual funds 16.1 % 72.2 % Equity securities 51.3 % 7.0 % Fixed income hedge fund 0.0 % 0.2 % Total 100.0 % 100.0 % The strategic objective of the investments of the assets in the Trustmark Capital Accumulation Plan is capital growth with moderate income. The qualified defined benefit pension plan is managed on a total return basis with the return objective set as a reasonable actuarial rate of return on plan assets net of investment management fees. Moderate risk is assumed given the average age of plan participants and the need to meet the required rate of return. Equity and fixed income securities are utilized to allow for capital appreciation while fully diversifying the portfolio with more conservative fixed income investments. The target asset allocation range for the portfolio is 0-10% Cash and Cash Equivalents, 10-30% Fixed Income, 30-55% Domestic Equity, 10-30% International Equity and 0-20% Other Investments. Changes in allocations are a result of tactical asset allocation decisions and fall within the aforementioned percentage range for each major asset class. Trustmark selects the expected long-term rate-of-return-on-assets assumption in consultation with its investment advisors and actuary. This rate is intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (net of inflation), for the major asset classes held or anticipated to be held by the trust and for the trust itself. Undue weight is not given to recent experience that may not continue over the measurement period, with higher significance placed on current forecasts of future long-term economic conditions. Because assets are held in a qualified trust, anticipated returns are not reduced for taxes. Further, solely for this purpose, the qualified defined benefit pension plans are assumed to continue in force and not terminate during the period in which assets are invested. However, consideration is given to the potential impact of current and future investment policy, cash flow into and out of the trust and expenses (both investment and non-investment) typically paid from plan assets (to the extent such expenses are not explicitly estimated within periodic cost). Fair Value Measurements 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. The following table sets forth by level, within the fair value hierarchy, the qualified defined benefit pension plan’s assets measured at fair value at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Total Level 1 Level 2 Level 3 Money market fund $ 2,678 $ 2,678 $ — $ — Fixed income mutual funds 21,472 21,472 — — Equity mutual funds 11,922 11,922 — — Equity securities 38,065 38,065 — — Total assets at fair value $ 74,137 $ 74,137 $ — $ — December 31, Total Level 1 Level 2 Level 3 Money market fund $ 7,544 $ 7,544 $ — $ — Fixed income mutual funds 10,267 10,267 — — Equity mutual funds 62,265 62,265 — — Equity securities 6,057 6,057 — — Fixed income hedge fund 154 — — 154 Total assets at fair value $ 86 ,287 $ 86,133 $ — $ 154 The following table sets forth a summary of changes in fair value of the Level 3 plan assets for the years ended December 31, 2015 and 2014 ($ in thousands): Fixed Income Hedge Fund Balance, January 1, 2014 $ 163 Change in fair value (9 ) Balance, December 31, 2014 154 Disposition (154 ) Balance, December 31, 2015 $ — There have been no changes in the methodologies used in estimating the fair value of plan assets at December 31, 2015. The methodology and significant assumptions used in estimating the fair values presented above are as follows: · Money market fund approximates fair value due to its immediate maturity. · Fixed income hedge fund is valued in accordance with the valuation provided by the general partner of the underlying partnership. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although Trustmark believes their valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Contributions 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 do not exceed the maximum that is 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 was zero. For the plan year ending December 31, 2014, Trustmark contributed approximately $1.0 million to the Trustmark Capital Accumulation Plan prior to the passage of the Highway and Transportation Funding Act (HATFA). HATFA extended the pension funding relief for several more years and was mandatory for 2014. As a result of HATFA, there was no minimum required contribution for the plan year ending December 31, 2014; therefore, no additional contributions were made during 2014. A contribution of $334 thousand was required during 2014 for the BancTrust Pension Plan in order to complete the plan termination. Since the plan has terminated, there will be no additional contributions required in the future. For the plan year ending December 31, 2016, Trustmark’s minimum required contribution to the Trustmark Capital Accumulation Plan is expected to be zero; however, Management and the Board of Directors of Trustmark will monitor the plan throughout 2016 to determine any additional funding requirements by the plan’s measurement date. Estimated Future Benefit Payments and Other Disclosures The following table presents the expected benefit payments, which reflect expected future service, for Trustmark’s Capital Accumulation Plan ($ in thousands): Year Amount 2016 $ 10,817 2017 8,082 2018 6,417 2019 6,158 2020 5,915 2021 - 2025 26,459 Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2016 include a net loss of $4.6 million. Supplemental Retirement Plans Trustmark maintains a nonqualified supplemental retirement plan covering key executive officers and senior officers as well as directors who have elected to defer fees. The plan provides for retirement and/or death benefits based on a participant’s covered salary or deferred fees. Although plan benefits may be paid from Trustmark’s general assets, Trustmark has purchased life insurance contracts on the participants covered under the plan, which may be used to fund future benefit payments under the plan. The measurement date for the plan is December 31. As a result of the BancTrust merger on February 15, 2013, Trustmark became the administrator of an additional nonqualified supplemental retirement plan, for which the plan benefits were frozen prior to the merger date. The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for Trustmark’s nonqualified supplemental retirement plans ($ in thousands): December 31, 2015 2014 Change in benefit obligation: Benefit obligation, beginning of year $ 59,744 $ 52,489 Service cost 431 296 Interest cost 2,082 2,198 Actuarial (gain) loss (1,702 ) 7,392 Benefits paid (2,789 ) (2,631 ) Benefit obligation, end of year $ 57,766 $ 59,744 Change in plan assets: Fair value of plan assets, beginning of year $ — $ — Employer contributions 2,789 2,631 Benefit payments (2,789 ) (2,631 ) Fair value of plan assets, end of year $ — $ — Funded status at end of year - net liability $ (57,766 ) $ (59,744 ) Amounts recognized in accumulated other comprehensive loss: Net loss $ 18,548 $ 21,242 Prior service cost 1,609 1,860 Amounts recognized $ 20,157 $ 23,102 Years Ended December 31, 2015 2014 2013 Net periodic benefit cost: Service cost $ 431 $ 296 $ 597 Interest cost 2,082 2,198 1,943 Amortization of prior service cost 250 250 250 Recognized net actuarial loss 992 661 1,038 Net periodic benefit cost $ 3,755 $ 3,405 $ 3,828 Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss), before taxes: Net (gain) loss $ (2,694 ) $ 6,733 $ (5,224 ) Amortization of prior service cost (250 ) (250 ) (250 ) Total recognized in other comprehensive income (loss) $ (2,944 ) $ 6,483 $ (5,474 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 811 $ 9,888 $ (1,646 ) Weighted-average assumptions as of end of year: Discount rate for benefit obligation 3.86 % 3.57 % 4.30 % Discount rate for net periodic benefit cost 3.57 % 4.30 % 3.50 % Estimated Supplemental Retirement Plan Payments and Other Disclosures The following table presents the expected benefits payments for Trustmark’s supplemental retirement plans ($ in thousands): Year Amount 2016 $ 3,071 2017 3,462 2018 3,610 2019 3,683 2020 3,865 2021 - 2025 19,685 Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2016 include a loss of $864 thousand and prior service cost of $250 thousand. Other Benefit Plans Defined Contribution Plan Trustmark provides associates with a self-directed 401(k) retirement plan that allows associates to contribute a percentage of base pay, within limits provided by the Internal Revenue Code and accompanying regulations, into the plan. Trustmark matches 100% of associate contributions to the plan based on the amount of each participant’s contributions up to a maximum of 6% of eligible compensation. Associates may become eligible to make elective deferral contributions the first of the month following 30 days of employment. Eligible associates must complete one year of service in order to vest in Trustmark’s matching contributions. Trustmark’s contributions to this plan were $7.0 million in 2015, $6.7 million in 2014 and $6.8 million in 2013. |
Stock and Incentive Compensatio
Stock and Incentive Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock and Incentive Compensation Plans | Note 16 – Stock and Incentive Compensation Plans Trustmark has granted stock and incentive compensation awards subject to the provisions of the Stock and Incentive Compensation Plan (the Plan). On April 28, 2015, Trustmark shareholders approved an amended and restated version of the Plan, which was originally scheduled to expire on May 9, 2015. The amended and restated provisions of the Plan are essentially the same as the previous version of the Plan, except that the number of shares available for issuance has been reduced. Current outstanding and future grants of stock and incentive compensation awards are subject to the provisions of the Plan, which is designed to provide flexibility to Trustmark regarding its ability to motivate, attract and retain the services of key associates and directors. The Plan also allows Trustmark to grant nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and performance units to key associates and directors. At December 31, 2015, the maximum number of shares of Trustmark’s common stock available for issuance under the Plan was 1,444,550 shares. The following table summarizes the vesting periods for awards granted under the Plan (in years): Vesting Period Performance awards (includes achievement shares for grants after 2013) 3 Achievement shares from performance grants prior to 2013 3 Time-vested awards 3 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 and total shareholder return 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. The following table summarizes Trustmark’s performance award activity for the periods presented: Years Ended December 31, 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Grant-Date Grant-Date Grant-Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested shares, beginning of year 181,195 $ 24.98 160,520 $ 25.20 159,583 $ 24.26 Granted 84,899 22.71 73,726 25.58 62,119 23.65 Released from restriction (47,360 ) 24.97 (38,580 ) 25.40 (54,784 ) 24.15 Forfeited (6,425 ) 24.97 (14,471 ) 24.86 (6,398 ) 25.42 Nonvested shares, end of year 212,309 $ 24.14 181,195 $ 24.98 160,520 $ 25.20 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 Trustmark’s time-vested award activity for the periods presented: Years Ended December 31, 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Grant-Date Grant-Date Grant-Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested shares, beginning of year 263,905 $ 24.66 291,634 $ 24.48 317,573 $ 23.28 Granted 121,314 23.61 105,690 24.91 112,964 24.47 Released from restriction (67,087 ) 24.31 (124,869 ) 24.74 (122,727 ) 24.40 Forfeited (11,475 ) 24.22 (8,550 ) 24.77 (16,176 ) 25.14 Nonvested shares, end of year 306,657 $ 24.56 263,905 $ 24.66 291,634 $ 24.48 The following table presents information regarding compensation expense for awards under the Plan for the periods presented ($ in thousands): Weighted Average Life Recognized Compensation Expense Unrecognized of for Years Ended December 31, Compensation Compensation 2015 2014 2013 Expense Expense Performance awards $ 1,201 $ 1,065 $ 825 $ 1,271 1.71 Time-vested awards 2,467 3,087 2,774 2,781 1.78 Total $ 3,668 $ 4,152 $ 3,599 $ 4,052 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17 – Commitments and 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 December 31, 2015 and 2014, Trustmark had unused commitments to extend credit of $2.873 billion and $2.489 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 December 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 $113.6 million and $132.8 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 December 31, 2015 and 2014, the fair value of collateral held was $30.5 million and $31.5 million, respectively. Lease Commitments Trustmark currently has operating lease commitments for banking premises and equipment, which expire from 2016 to 2029. It is expected that certain leases will be renewed, or equipment replaced, as leases expire. Rental expense totaled $9.3 million in 2015, $8.5 million in 2014 and $8.4 million in 2013. At December 31, 2015, future minimum rental commitments under non-cancellable operating leases are as follows ($ in thousands): Year Amount 2016 $ 8,354 2017 7,773 2018 6,750 2019 5,445 2020 4,905 Thereafter 11,348 Total $ 44,575 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 for the parties to complete briefing on class certification issues. All parties have completed and filed briefing on the 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. On June 23, 2015, the court allowed the Class Plaintiffs to file a Second Amended Class Action Complaint (SAC), which asserted new claims against TNB and certain of the other defendants for aiding, abetting, and participating in (i) violations of the Texas Securities Act and (ii) breaches of fiduciary duty. On July 14, 2015, the defendants (including TNB) filed motions to dismiss the SAC. The Court has not yet ruled on the defendants’ motions to dismiss the SAC. 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. TNB has been named as a defendant in two separately filed but now consolidated lawsuits involving two testamentary trusts created in the will of Kathleen Killebrew Paine for her two children, Carolyn Paine Davis and W.K. Paine. TNB is named as the Trustee in both trusts. The lawsuits were filed on June 30, 2014 in the Chancery Court of the First Judicial District of Hinds County, Mississippi by Jennifer Davis Michael, Elizabeth Paine Lindigrin, Wilmer Harrison Paine, Kenneth Whitworth Paine, Robert Harvey Paine and Nathan Davis, who are all children of Mrs. Davis and Mr. Paine. The complaints allege that the plaintiffs are vested current beneficiaries of the respective trusts; that the plaintiffs should have been entitled to be considered for distributions of trust income; and that the interests of Mrs. Davis and Mr. Paine were favored over plaintiffs’ interest in both the distribution of income and in the making of trust investments. Plaintiffs seek compensatory damages, refund of trust fees and sweep fees, punitive damages, attorneys’ fees and pre- and post-judgment interest. On March 9, 2015, the court granted TNB’s motion to add Mrs. Davis and Mr. W.K. Paine as cross-defendants. Following a bench trial that concluded on January 20, 2016, the judge ordered the parties to enter into mandatory mediation. On February 22, 2016, the mediator reported to the judge that the mediation had failed to resolve the matter. The judge will next conduct a scheduling conference for a timeframe for the parties to submit findings of fact and conclusions of law to the court. The judge will consider those submissions and then enter a ruling on the case at some point in the future. 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 accordance FASB ASC Topic 450-20, “Loss Contingencies,” Trustmark will establish an accrued liability for litigation matters when those matters present loss contingencies that are both probable and reasonably estimable. At the present time, Trustmark believes, based on its evaluation and the advice of legal counsel, that a loss in any such proceeding is not both probable and reasonably estimable. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | Note 18 – Shareholders’ Equity Regulatory Capital As of January 1, 2015, Trustmark and TNB were subject to revised capital requirements as described in the section captioned “Capital Adequacy” included in Part I. Item 1. – Business of 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 December 31, 2015, Trustmark and TNB exceeded all applicable minimum capital standards. In addition, Trustmark and TNB met applicable regulatory guidelines to be considered well-capitalized at December 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, and were not subject to any written agreement, order or capital directive, or prompt corrective action directive issued by their primary federal regulators to meet and maintain a specific capital level for any capital measures. There are no significant conditions or events that have occurred since December 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 December 31, 2015 (Basel III) and December 31, 2014 (Basel I) ($ in thousands): Actual Regulatory Capital Minimum To Be Well Amount Ratio Requirement Capitalized At December 31, 2015: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,161,598 12.57 % 4.50 % n/a Trustmark National Bank 1,201,113 13.00 % 4.50 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,220,535 13.21 % 6.00 % n/a Trustmark National Bank 1,201,113 13.00 % 6.00 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,300,146 14.07 % 8.00 % n/a Trustmark National Bank 1,280,724 13.86 % 8.00 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,220,535 10.03 % 4.00 % n/a Trustmark National Bank 1,201,113 9.89 % 4.00 % 5.00 % 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 % 4.00 % n/a Trustmark National Bank 1,108,399 13.24 % 4.00 % 6.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,221,292 14.56 % 8.00 % n/a Trustmark National Bank 1,198,697 14.32 % 8.00 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,129,630 9.63 % 4.00 % n/a Trustmark National Bank 1,108,399 9.46 % 4.00 % 5.00 % Dividends on Common Stock Dividends paid by Trustmark are substantially funded from dividends received from TNB. Approval by TNB’s regulators is required if the total of all dividends declared in any calendar year exceeds the total of its net income for that year combined with its retained net income of the preceding two years. TNB will have available in 2016 approximately $114.3 million plus its net income for that year to pay as dividends. Accumulated Other Comprehensive Loss The following table presents the components of accumulated other comprehensive loss and the related tax effects allocated to each component for the years ended December 31, 2015, 2014 and 2013 ($ 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 BancTrust termination, 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 15 – 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 Net of Tax Amount Benefit Amount Year Ended December 31, 2015: Securities available for sale and transferred securities: Unrealized holding losses arising during the period $ (16,695 ) $ 6,386 $ (10,309 ) Reclassification adjustment for net gains realized in net income — — — Change in net unrealized holding loss on securities transferred to held to maturity 6,345 (2,427 ) 3,918 Total securities available for sale and transferred securities (10,350 ) 3,959 (6,391 ) Pension and other postretirement benefit plans: Net change in prior service costs 250 (96 ) 154 Recognized net loss due to lump sum settlements 2,221 (850 ) 1,371 Change in net actuarial loss 3,647 (1,395 ) 2,252 Total pension and other postretirement benefit plans 6,118 (2,341 ) 3,777 Cash flow hedge derivatives: Change in accumulated loss on effective cash flow hedge derivatives (1,315 ) 503 (812 ) Reclassification adjustment for loss realized in net income 836 (320 ) 516 Total cash flow hedge derivatives (479 ) 183 (296 ) Total other comprehensive loss $ (4,711 ) $ 1,801 $ (2,910 ) Year Ended December 31, 2014: Securities available for sale and transferred securities: Unrealized holding gains arising during the period $ 17,705 $ (6,772 ) $ 10,933 Reclassification adjustment for net gains realized in net income (300 ) 115 (185 ) Change in net unrealized holding loss on securities transferred to held to maturity 6,010 (2,299 ) 3,711 Total securities available for sale and transferred securities 23,415 (8,956 ) 14,459 Pension and other postretirement benefit plans: Net change in prior service costs 249 (95 ) 154 Recognized net loss due to BancTrust termination 1,355 (518 ) 837 Recognized net loss due to lump sum settlements 905 (346 ) 559 Change in net actuarial loss (21,657 ) 8,283 (13,374 ) Total pension and other postretirement benefit plans (19,148 ) 7,324 (11,824 ) Cash flow hedge derivatives: Change in accumulated gain on effective cash flow hedge derivatives (2,246 ) 859 (1,387 ) Reclassification adjustment for loss realized in net income (2 ) 1 (1 ) Total cash flow hedge derivatives (2,248 ) 860 (1,388 ) Total other comprehensive income $ 2,019 $ (772 ) $ 1,247 Year Ended December 31, 2013: Securities available for sale and transferred securities: Unrealized holding losses arising during the period $ (67,135 ) $ 25,679 $ (41,456 ) Reclassification adjustment for net gains realized in net income (485 ) 186 (299 ) Net unrealized holding loss on securities transferred to held to maturity (46,383 ) 17,741 (28,642 ) Total securities available for sale and transferred securities (114,003 ) 43,606 (70,397 ) Pension and other postretirement benefit plans: Net change in prior service costs 251 (96 ) 155 Recognized net loss due to lump sum settlements 2,225 (851 ) 1,374 Change in net actuarial loss 32,742 (12,524 ) 20,218 Total pension and other postretirement benefit plans 35,218 (13,471 ) 21,747 Cash flow hedge derivatives: Change in accumulated gain on effective cash flow hedge derivatives 2,468 (944 ) 1,524 Total other comprehensive loss $ (76,317 ) $ 29,191 $ (47,126 ) The following table presents the changes in the balances of each component of accumulated other comprehensive loss for the periods presented ($ in thousands). All amounts are presented net of tax. Securities Available and Securities Defined Benefit Pension Items Cash Flow Hedge Derivative Total Balance at January 1, 2013 $ 44,935 $ (41,540 ) $ — $ 3,395 Other comprehensive (loss) income before reclassification (70,098 ) 21,747 1,524 (46,827 ) Amounts reclassified from accumulated other comprehensive loss (299 ) — — (299 ) Net other comprehensive (loss) income (70,397 ) 21,747 1,524 (47,126 ) Balance at December 31, 2013 (25,462 ) (19,793 ) 1,524 (43,731 ) Other comprehensive income (loss) before reclassification 14,644 (11,824 ) (1,387 ) 1,433 Amounts reclassified from accumulated other comprehensive loss (185 ) — (1 ) (186 ) Net other comprehensive income (loss) 14,459 (11,824 ) (1,388 ) 1,247 Balance at December 31, 2014 (11,003 ) (31,617 ) 136 (42,484 ) Other comprehensive (loss) income before reclassification (6,391 ) 3,777 (812 ) (3,426 ) Amounts reclassified from accumulated other comprehensive loss — — 516 516 Net other comprehensive (loss) income (6,391 ) 3,777 (296 ) (2,910 ) Balance at December 31, 2015 $ (17,394 ) $ (27,840 ) $ (160 ) $ (45,394 ) |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 19 – 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 the 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 the 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 December 31, 2015 and 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 years ended December 31, 2015 and 2014. December 31, 2015 Total Level 1 Level 2 Level 3 U.S. Government agency obligations $ 68,416 $ — $ 68,416 $ — Obligations of states and political subdivisions 138,609 — 138,609 — Mortgage-backed securities 2,113,440 — 2,113,440 — Asset-backed securities and structured financial products 24,957 — 24,957 — Securities available for sale 2,345,422 — 2,345,422 — Loans held for sale 160,189 — 160,189 — Mortgage servicing rights 74,007 — — 74,007 Other assets - derivatives 3,611 (149 ) 2,647 1,113 Other liabilities - derivatives 3,929 1,220 2,709 — December 31, 2014 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 years ended December 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) (7,949 ) 6,900 Additions 17,598 — Sales — (7,086 ) Balance, December 31, 2015 $ 74,007 $ 1,113 The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held at December 31, 2015 $ 1,578 $ (419 ) Balance, January 1, 2014 $ 67,834 $ 126 Total net (loss) gain included in Mortgage banking, net (1) (15,769 ) 4,554 Additions 12,293 — Sales — (3,381 ) Balance, December 31, 2014 $ 64,358 $ 1,299 The amount of total (losses) gains for the period included in earnings that are attributable to the change in unrealized gains or losses still held at December 31, 2014 $ (7,202 ) $ 587 (1) Total net (loss) gain included in Mortgage banking, net relating to the 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 December 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 December 31, 2015, Trustmark had outstanding balances of $26.5 million in impaired LHFI that were specifically identified for evaluation and written down to fair value of the underlying collateral less cost to sell based on the fair value of the collateral or other unobservable input compared to $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. Please refer to Note 2 – Business Combinations, for financial assets and liabilities acquired, which were measured at fair value on a nonrecurring basis in accordance with GAAP. Nonfinancial Assets and Liabilities Certain nonfinancial assets measured at fair value on a nonrecurring basis include foreclosed assets (upon initial recognition or subsequent impairment), nonfinancial assets and nonfinancial liabilities measured at fair value in the second step of a goodwill impairment test, and intangible assets and other nonfinancial long-lived assets measured at fair value for impairment assessment. Other real estate, excluding covered other real estate, includes assets that have been acquired in satisfaction of debt through foreclosure and is recorded at the lower of cost or estimated fair value less the estimated cost of disposition. Fair value is based on independent appraisals and other relevant factors. In the determination of fair value subsequent to foreclosure, Management also considers other factors or recent developments, such as changes in market conditions from the time of valuation and anticipated sales values considering plans for disposition, which could result in an adjustment to lower the collateral value estimates indicated in the appraisals. At December 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 $33.4 million (utilizing Level 3 valuation inputs) during the year ended December 31, 2015 compared with $37.4 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 $7.9 million and $13.9 million for 2015 and 2014, respectively. Other than foreclosed assets measured at fair value upon initial recognition, $44.5 million of foreclosed assets were remeasured during 2015 requiring write-downs of $2.9 million to reach their current fair values compared to $48.7 million of foreclosed assets that were remeasured during 2014, requiring write-downs of $7.7 million. Fair Value of Financial Instruments The carrying amounts and estimated fair values of financial instruments at December 31, 2015 and 2014 were as follows ($ in thousands): December 31, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Level 2 Inputs: Cash and short-term investments $ 278,001 $ 278,001 $ 317,858 $ 317,858 Securities held to maturity 1,187,818 1,195,367 1,170,685 1,182,846 Level 3 Inputs: Net LHFI 7,023,766 7,136,105 6,379,853 6,453,618 Net acquired loans 378,419 378,419 537,350 537,350 FDIC indemnification asset 738 738 6,997 6,997 Financial Liabilities: Level 2 Inputs: Deposits 9,588,230 9,592,531 9,698,358 9,702,864 Short-term liabilities 853,659 853,659 868,620 868,620 Long-term FHLB advances 501,155 501,160 1,253 1,263 Subordinated notes 49,969 51,405 49,936 53,504 Junior subordinated debt securities 61,856 49,021 61,856 46,392 FASB ASC Topic 825 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. The methodology and significant assumptions used in estimating the fair values presented above are as follows: In cases where quoted market prices are not available, fair values are generally based on estimates using present value techniques. Trustmark’s premise in present value techniques is to represent the fair values on a basis of replacement value of the existing instrument given observed market rates on the measurement date. These techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates for those assets or liabilities cannot be necessarily substantiated by comparison to independent markets and, in many cases, may not be realizable in immediate settlement of the instruments. The estimated fair value of financial instruments with immediate and shorter-term maturities (generally 90 days or less) is assumed to be the same as the recorded book value. All nonfinancial instruments, by definition, have been excluded from these disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of Trustmark. Cash and Short-Term Investments The carrying amounts for cash and due from banks and short-term investments (federal funds sold and securities purchased under reverse repurchase agreements) approximate fair values due to their immediate and shorter-term maturities. Securities Held to Maturity Estimated fair values for securities held to maturity are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments. Net LHFI 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 do not represent an exit price under FASB ASC Topic 820 and such an exit price could potentially produce a different fair value estimate at December 31, 2015 and 2014. Net Acquired Loans The fair value of net acquired loans is based on estimates of future loan cash flows and appropriate discount rates, which incorporate Trustmark’s assumptions about market funding cost and liquidity premium. The estimates of future loan cash flows are determined using Trustmark’s assumptions concerning the amount and timing of principal and interest payments, prepayments and credit losses. FDIC Indemnification Asset The fair value of the FDIC indemnification asset is estimated by discounting estimated future cash flows based on market rates observed at the time of acquisition. Deposits The fair values of deposits with no stated maturity, such as noninterest-bearing demand deposits, NOW accounts, MMDA products and savings accounts are, by definition, equal to the amount payable on demand, which is the carrying value. Fair values for certificates of deposit are based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits with similar remaining maturities. Short-Term Liabilities The carrying amounts for federal funds purchased, securities sold under repurchase agreements and other borrowings, including short-term FHLB advances, approximate their fair values. Long-Term FHLB Advances FHLB advances were valued by projecting expected cash flows into the future based on each advance’s contracted rate and then determining the present value of those expected cash flows using current rates for advances with similar maturities. Subordinated Notes The fair value of the subordinated notes equals quoted market prices, if available. If a quoted market price is not available, the fair value is estimated using quoted market prices for similar subordinated notes. Junior Subordinated Debt Securities The fair value of the junior subordinated debt securities equals quoted market prices, if available. If a quoted market price is not available, the fair value is estimated using quoted market prices for similar junior subordinated debt securities. 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 years ended December 31, 2015 and 2014, a net loss of $857 thousand compared to a net gain of $2.0 million, respectively, 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 years ended December 31, 2015 and 2014 included $4.7 million and $1.1 million, respectively, of interest earned on the LHFS accounted for under the fair value option. Election of the fair value option allows Trustmark to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value. The following table provides information about the fair value and the contractual principal outstanding of the LHFS accounted for under the fair value option as of December 31, 2015 and 2014 ($ in thousands): December 31, 2015 2014 Fair value of LHFS $ 124,165 $ 91,182 LHFS contractual principal outstanding 121,608 88,106 Fair value less unpaid principal $ 2,557 $ 3,076 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 20 – 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 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 years ended December 31, 2015 and 2014. The accumulated net after-tax loss related to the effective cash flow hedge included in accumulated other comprehensive loss totaled $160 thousand at December 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 $495 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 the MSR attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting. The total notional amount of these derivative instruments were $264.5 million at December 31, 2015 compared to $288.5 million at December 31, 2014. 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 the MSR. The impact of this strategy resulted in a net positive ineffectiveness of $1.9 million and $3.1 million for the years ended December 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 $190.5 million at December 31, 2015, with a positive valuation adjustment of $262 thousand, compared to $142.0 million at December 31, 2014, with a negative valuation adjustment of $1.0 million. 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 $108.1 million at December 31, 2015, with a positive valuation adjustment of $1.1 million, compared to $88.4 million at December 31, 2014, with a positive valuation adjustment of $1.3 million. 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. Derivatives 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 December 31, 2015, Trustmark had interest rate swaps with an aggregate notional amount of $359.3 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 derivatives obligations. As of December 31, 2015 and 2014, 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 $2.6 million and $1.9 million, respectively. As of December 31, 2015, Trustmark had posted collateral of $2.2 million against its obligations because of negotiated thresholds and minimum transfer amounts under these agreements. If Trustmark had breached any of these triggering provisions at December 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. At December 31, 2015, Trustmark had entered into two risk participation agreements as a beneficiary with an aggregate notional amount of $14.8 million compared to three risk participation agreements as a beneficiary with an aggregate notional amount of $19.1 million at December 31, 2014. As of December 31, 2015 and 2014, Trustmark had entered into one risk participation agreement as a guarantor with an aggregate notional amount of $5.9 million and $6.2 million, respectively. The aggregate fair values of these risk participation agreements were immaterial at December 31, 2015 and 2014. Tabular Disclosures The following tables disclose the fair value of derivative instruments in Trustmark’s balance sheets as of December 31, 2015 and 2014 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): December 31, 2015 2014 Derivatives in hedging relationships Interest rate contracts: Interest rate swaps included in other assets $ (259 ) $ 221 Derivatives not designated as hedging instruments Interest rate contracts: Futures contracts included in other assets $ (207 ) $ 928 Exchange traded purchased options included in other assets 58 253 OTC written options (rate locks) included in other assets 1,113 1,299 Interest rate swaps included in other assets 2,888 2,804 Credit risk participation agreements included in other assets 18 22 Forward contracts included in other liabilities (262 ) 1,014 Exchange traded written options included in other liabilities 1,220 490 Interest rate swaps included in other liabilities 2,954 2,813 Credit risk participation agreements included in other liabilities 17 21 Years Ended December 31, 2015 2014 2013 Derivatives in hedging relationships Amount of loss reclassified from accumulated other comprehensive loss and recognized in other interest expense $ (836 ) $ (2 ) $ — Amount of (loss) gain recognized in mortgage banking, net — (2,534 ) 2,649 Derivatives not designated as hedging instruments Amount of gain (loss) recognized in mortgage banking, net $ 1,392 $ 11,038 $ (10,459 ) Amount of (loss) gain recognized in bank card and other fees (49 ) (223 ) 290 The following table discloses the amount included in other comprehensive income (loss) for derivative instruments designated as cash flow hedges for the periods presented ($ in thousands): Years Ended December 31, 2015 2014 2013 Derivatives in cash flow hedging relationship Amount of (loss) gain recognized in other comprehensive income (loss) $ (812 ) $ (1,387 ) $ 1,524 Information about financial instruments that are eligible for offset in the consolidated balance sheets as of December 31, 2015 and 2014 is presented in the following tables ($ in thousands): Offsetting of Derivative Assets As of December 31, 2015 Gross Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 2,629 $ — $ 2,629 $ — $ — $ 2,629 Offsetting of Derivative Liabilities As of December 31, 2015 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 2,954 $ — $ 2,954 $ — $ (1,195 ) $ 1,759 Offsetting of Derivative Assets As of December 31, 2014 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in Financial Position Financial Instruments Cash Collateral Received Net Amount 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 Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 2,813 $ — $ 2,813 $ (347 ) $ — $ 2,466 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Note 21 – Segment Information Trustmark’s management reporting structure includes three segments: General Banking, Wealth Management and Insurance. The General Banking Division is responsible for all traditional banking products and services, including loans and deposits. The General Banking Division also consists of internal operations such as Human Resources, Executive Administration, Treasury (Funds Management), Public Affairs and Corporate Finance. The Wealth Management Division 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 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 Division, 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): Years Ended December 31, 2015 2014 2013 General Banking Net interest income $ 391,092 $ 404,214 $ 387,586 Provision for loan losses, net 11,800 7,382 (7,382 ) Noninterest income 105,477 107,457 113,571 Noninterest expense 348,270 355,693 367,031 Income before income taxes 136,499 148,596 141,508 Income taxes 29,761 33,726 32,499 General banking net income $ 106,738 $ 114,870 $ 109,009 Selected Financial Information Average assets $ 12,196,144 $ 11,957,761 $ 11,463,945 Depreciation and amortization $ 36,072 $ 35,038 $ 35,971 Wealth Management Net interest income $ 337 $ 851 $ 582 Noninterest income 31,245 32,209 29,446 Noninterest expense 25,346 26,733 24,713 Income before income taxes 6,236 6,327 5,315 Income taxes 2,386 2,105 1,754 Wealth Management net income $ 3,850 $ 4,222 $ 3,561 Selected Financial Information Average assets $ 4,034 $ 1,821 $ 148 Depreciation and amortization $ 183 $ 190 $ 157 Insurance Net interest income $ 336 $ 271 $ 319 Noninterest income 36,427 33,476 30,842 Noninterest expense 28,046 26,579 23,987 Income before income taxes 8,717 7,168 7,174 Income taxes 3,267 2,698 2,684 Insurance net income $ 5,450 $ 4,470 $ 4,490 Selected Financial Information Average assets $ 70,017 $ 68,448 $ 66,876 Depreciation and amortization $ 801 $ 844 $ 1,025 Consolidated Net interest income $ 391,765 $ 405,336 $ 388,487 Provision for loan losses, net 11,800 7,382 (7,382 ) Noninterest income 173,149 173,142 173,859 Noninterest expense 401,662 409,005 415,731 Income before income taxes 151,452 162,091 153,997 Income taxes 35,414 38,529 36,937 Consolidated net income $ 116,038 $ 123,562 $ 117,060 Selected Financial Information Average assets $ 12,270,195 $ 12,028,030 $ 11,530,969 Depreciation and amortization $ 37,056 $ 36,072 $ 37,153 |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Information | Note 22 – Parent Company Only Financial Information ($ in thousands) Condensed Balance Sheets December 31, 2015 2014 Assets: Investment in banks $ 1,518,292 $ 1,463,676 Other assets 17,339 18,663 Total Assets $ 1,535,631 $ 1,482,339 Liabilities and Shareholders' Equity: Accrued expense $ 718 $ 543 Junior subordinated debt securities 61,856 61,856 Shareholders' equity 1,473,057 1,419,940 Total Liabilities and Shareholders' Equity $ 1,535,631 $ 1,482,339 Condensed Statements of Income Years Ended December 31, 2015 2014 2013 Revenue: Dividends received from banks $ 64,752 $ 64,351 $ 64,155 Earnings of subsidiaries over distributions 53,562 60,783 54,195 Other income 55 55 64 Total Revenue 118,369 125,189 118,414 Expense: Other expense 2,331 1,627 1,354 Total Expense 2,331 1,627 1,354 Net Income $ 116,038 $ 123,562 $ 117,060 Condensed Statements of Cash Flows Years Ended December 31, 2015 2014 2013 Operating Activities: Net income $ 116,038 $ 123,562 $ 117,060 Adjustments to reconcile net income to net cash provided by operating activities: Increase in investment in subsidiaries (53,562 ) (60,783 ) (54,195 ) Other (761 ) (2,158 ) 962 Net cash provided by operating activities 61,715 60,621 63,827 Investing Activities: Payment for investments in subsidiaries — — (73,263 ) Repayment for investments in subsidiaries — — 106,000 Net cash provided by investing activities — — 32,737 Financing Activities: Repayments of advances from subsidiaries — — (33,000 ) Cash dividends paid on common stock (62,605 ) (62,474 ) (62,276 ) Other common stock transactions, net (211 ) (1,502 ) 2,832 Net cash used in financing activities (62,816 ) (63,976 ) (92,444 ) (Decrease) increase in cash and cash equivalents (1,101 ) (3,355 ) 4,120 Cash and cash equivalents at beginning of year 18,421 21,776 17,656 Cash and cash equivalents at end of year $ 17,320 $ 18,421 $ 21,776 Trustmark (parent company only) paid income taxes of approximately $16.3 million in 2015, $13.7 million in 2014 and $14.5 million in 2013. During 2015, interest paid was $837 thousand compared to no interest paid during 2014 or 2013. |
Significant Accounting Polici31
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business | Business 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 200 offices in Alabama, Florida, Mississippi, Tennessee and Texas. |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation 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 consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP). The preparation of financial statements in conformity with these accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expense during the reporting period and the related disclosures. Although Management’s estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that in 2016 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 | Securities Securities are classified as either held to maturity, available for sale or trading. Securities are classified as held to maturity and carried at amortized cost when Management has the positive intent and the ability to hold them until maturity. Securities to be held for indefinite periods of time are classified as available for sale and carried at fair value, with the unrealized holding gains and losses reported as a component of other comprehensive income (loss), net of tax. Securities available for sale are used as part of Trustmark’s interest rate risk management strategy and may be sold in response to changes in interest rates, changes in prepayment rates and other factors. Management determines the appropriate classification of securities at the time of purchase. Trustmark currently has no securities classified as trading. The amortized cost of debt securities classified as securities held to maturity or securities available for sale is adjusted for amortization of premiums and accretion of discounts to maturity over the estimated life of the security using the interest method. Such amortization or accretion is included in interest on securities. Realized gains and losses are determined using the specific identification method and are included in noninterest income as securities gains, net. Securities transferred from the available for sale category to the held to maturity category are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with the transfer of securities from available for sale to held to maturity are included in the balance of accumulated other comprehensive loss in the consolidated balance sheets. These unrealized holding gains or losses are amortized over the remaining life of the security as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Trustmark reviews securities for impairment quarterly. Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized as a component of other comprehensive income (loss), net of tax. In estimating other-than-temporary impairment losses, Management considers, among other things, the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer and Trustmark’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. |
Loans Held for Sale (LHFS) | Loans Held for Sale (LHFS) Primarily, all mortgage loans purchased from wholesale customers or originated in Trustmark’s General Banking Division are considered to be held for sale. In certain circumstances, Trustmark will retain a mortgage loan in its portfolio based on banking relationships or certain investment strategies. Mortgage LHFS in the secondary market that are hedged using fair value hedges are carried at estimated fair value on an aggregate basis. Substantially, all mortgage LHFS are hedged. These loans are primarily first-lien mortgage loans originated or purchased by Trustmark. Deferred loan fees and costs are reflected in the basis of LHFS and, as such, impact the resulting gain or loss when loans are sold. Adjustments to reflect fair value and realized gains and losses upon ultimate sale of the loans are recorded in noninterest income in mortgage banking, net. Government National Mortgage Association (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. Under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 860, “Transfers and Servicing,” 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 LHFS with the offsetting liability being reported as short-term borrowings. During the quarter ended December 31, 2014, Trustmark elected to measure all mortgage loans purchased or originated which are held for sale under the fair value option permitted by FASB ASC Topic 825, “Financial Instruments.” The fair value option election applies to mortgage LHFS purchased or originated by Trustmark on or after October 1, 2014. Trustmark elected the fair value option for its mortgage LHFS in order to report these loans at fair value without having to apply hedge accounting provisions. As a result of this election, Trustmark unrealized gains and losses resulting from changes in the fair value of the mortgage LHFS are reported as noninterest income in mortgage banking, net. Prior to this election, Trustmark deferred the upfront loan fees and costs related to the mortgage LHFS. In general, the mortgage LHFS are only retained on Trustmark’s balance sheet for 30 to 45 days before they are pooled and sold in the secondary market. The difference between deferring these loan fees and costs until the loans are sold and recognizing them in earnings as incurred as required by FASB ASC Topic 825-10 is considered immaterial. Therefore, Trustmark has chosen to continue to defer the upfront loan fees and costs. There was no impact to Trustmark’s consolidated financial statements on the date of the election. |
Loans Held for Investment (LHFI) | Loans Held for Investment (LHFI) LHFI are stated at the amount of unpaid principal, adjusted for the net amount of direct costs and nonrefundable loan fees associated with lending. The net amount of nonrefundable loan origination fees and direct costs associated with the lending process, including commitment fees, is deferred and accreted to interest income over the lives of the loans using a method that approximates the interest method. Interest on LHFI is accrued and recorded as interest income based on the outstanding principal balance. Trustmark has established acceptable ranges or limits for specific types of credit. Within these categories, the overall risk of individual credits is controlled through maximum advance rates and repayment periods and minimum debt service coverage ratios as defined in policy as well as continuous monitoring of these measures throughout the life of the loan. These policy directives are periodically reviewed to ensure that they continue to reflect underwriting considerations deemed essential to maintaining a sound loan portfolio. It is recognized that not all extensions of credit will fully comply with policy limitations. Accordingly, such exceptions to loan policy must be justified by other mitigating features of the loan and must receive proper approval as designated in the loan policy. Past due LHFI are loans contractually past due 30 days or more as to principal or interest payments. A LHFI is classified as nonaccrual, and the accrual of interest on such loan is discontinued, when the contractual payment of principal or interest becomes 90 days past due on commercial credits and 120 days past due on non-business purpose credits. In addition, a credit may be placed on nonaccrual at any other time Management has serious doubts about further collectibility of principal or interest according to the contractual terms, even though the loan is currently performing. A LHFI may remain in accrual status if it is in the process of collection and well secured. When a LHFI is placed in nonaccrual status, unpaid interest is reversed against interest income. Interest received on nonaccrual LHFI is applied against principal. LHFI are restored to accrual status when the obligation is brought current or has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectibility of the total contractual principal and interest is no longer in doubt. 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. If a LHFI is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. All classes of commercial LHFI of $500,000 or more, which are classified as nonaccrual, are identified for impairment analysis (specifically evaluated impaired LHFI). Specific impairment analysis on commercial nonaccrual LHFI under $500,000 is not performed due to the number and dollar amount of these types of loans. Consistent with the policy for nonaccrual LHFI, interest payments on impaired LHFI are applied to principal. Impaired LHFI, or portions thereof, are charged off when deemed uncollectible. Commercial purpose LHFI are charged off when a determination is made that the loan is uncollectible and continuance as a bankable asset is not warranted. Consumer LHFI secured by 1-4 family residential real estate are generally charged off or written down to the fair value of the collateral less cost to sell at no later than 180 days of delinquency. Non-real estate consumer purpose LHFI, including both secured and unsecured loans, are generally charged off by 120 days of delinquency. Consumer revolving lines of credit and credit card debt are generally charged off on or prior to 180 days of delinquency. |
Allowance for Loan Losses, LHFI | Allowance for Loan Losses, LHFI The allowance for loan losses, LHFI is established through provisions for estimated loan losses charged against net income. The allowance account is maintained at a level which is believed to be adequate by Management based on estimated probable losses within the LHFI portfolio. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Some of the factors considered, such as amounts and timing of future cash flows expected to be received, may be susceptible to significant change. Trustmark’s allowance methodology is based on guidance provided in Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 102, “Selected Loan Loss Allowance Methodology and Documentation Issues,” as well as other regulatory guidance. The allowance for loan losses, LHFI consists of three components: (i) a historical valuation allowance determined in accordance with FASB ASC Topic 450, “Contingencies,” based on historical loan loss experience for LHFI with similar characteristics and trends, (ii) a specific valuation allowance determined in accordance with FASB ASC Topic 310 “Receivables,” based on probable losses on specific LHFI and (iii) a qualitative risk valuation allowance determined in accordance with FASB ASC Topic 450 based on general economic conditions and other specific internal and external qualitative risk factors. Each of these components calls for estimates, assumptions and judgments as described below. Historical Valuation Allowance The historical valuation allowance is derived by application of a historical net loss percentage to the outstanding balances of LHFI contained in designated pools and risk rating categories. Pools are established by grouping credits that display similar characteristics and trends such as commercial LHFI for working capital purposes and non-working capital purposes, commercial real estate LHFI (which are further segregated into construction, land, lots and development, owner-occupied and non-owner occupied categories), 1-4 family LHFI and other consumer LHFI. Within these pools, LHFI are further segregated based on Trustmark’s internal credit risk rating process that evaluates, among other things: the obligor’s ability and willingness to pay, the value of underlying collateral, the ability of guarantors to meet their payment obligations, management experience and effectiveness, and the economic environment and industry in which the borrower operates. The historical net loss percentages, calculated on a quarterly basis, are proportionally distributed to each risk rate within loan groups based upon degree of risk. Using third-party default data, average cumulative issuer-weighted global default rates by alphanumeric rating are aggregated by Trustmark’s commercial loan risk rates. Management uses the long-term default rates to measure the relative risk across the risk rates while the 12-quarter quantitative loss rate sets the absolute level of allowance for loan loss reserve. Further, given the volatility in the default data, the longer look-back period provides for a more stable allowance for loan loss estimate which better reflects the incremental risk across the risk rates. The historical net loss percentages are calculated using a 12 quarter look-back period, which is the period that best reflects losses inherent in the current loan portfolio. The look-back period sufficiently captures the volatility in net charge-off rates from quarter to quarter and affects the qualitative adjustments that are required to capture the differences in conditions between the current period and those that were prevailing during the look-back period. The loss emergence period refers to the period of time between the events that trigger a loss and charge-off of that loss. Losses are usually not immediately known and determining the loss event can be difficult. It takes time for the borrower and extent of loss to be identified and determined. Management may not be aware that the loss event has occurred until the borrower exhibits the inability to pay or other evidence of credit deterioration. Based upon its analysis, Trustmark has determined that a 1.5 year loss emergence period is appropriate. Loans-Specific Valuation Allowance Once a LHFI is classified, it is subject to periodic review to determine whether or not the loan is impaired. If determined to be impaired, the loan is evaluated using one of the valuation criteria contained in FASB ASC Topic 310. A formal impairment analysis is performed on all commercial non-accrual LHFI with an outstanding balance of $500,000 or more, and based upon this analysis LHFI are written down to net realizable value. Qualitative Risk Valuation Allowance The qualitative risk valuation allowance is based on general economic conditions and other internal and external factors affecting Trustmark as a whole as well as specific LHFI. Factors considered include the following within Trustmark’s five key market regions: the experience, ability, and effectiveness of Trustmark’s lending management and staff; adherence to Trustmark’s loans policies, procedures, and internal controls; the volume of exceptions relating to collateral, underwriting and financial documentation; credit concentrations; recent performance trends; regional economic trends; the impact of recent acquisitions; and the impact of significant natural disasters. These factors are evaluated on a quarterly basis with the results representing Trustmark’s qualitative risk profile in the current period which is used to establish an appropriate allowance. During 2015, Trustmark revised the qualitative portion of the commercial and consumer LHFI allowance for loan loss methodology to incorporate the use of maximum observed gross historical losses observed through the last economic cycle as a way to calculate a maximum qualitative reserve limit. The maximum observed gross historical losses as a percentage of the loan balances results in a maximum observed gross historical loss rate. Once the quantitative component of the allowance for loan loss methodology is calculated, the quantitative reserve percentage is deducted from the maximum observed gross historical loss rate to determine the maximum possible qualitative reserve limit. Management uses its qualitative factor evaluation process in conjunction with this maximum to determine the appropriate estimate of the qualitative considerations not captured by Trustmark’s historical loss rates. Other factors included in the qualitative risk valuation allowance include consideration of: commercial loan facility risk that embodies the nature, frequency and duration of the repayment structure as it pertains to the actual source of loan repayment, commercial nonaccrual loans under $500 thousand which are below the threshold to perform an impairment analysis, and independent consumer credit bureau scores that are monitored to identify shifts in risk that are represented in the retail portfolio. These factors are also evaluated on a quarterly basis with the exception of the commercial nonaccrual loans under $500 thousand which are evaluated monthly. |
Acquired Loans | Acquired Loans Acquired loans are accounted for under the acquisition method of accounting. The acquired loans are recorded at their estimated fair values at the time of acquisition. The fair value of acquired loans is determined using a discounted cash flow model based on assumptions regarding the amount and timing of principal and interest payments, estimated prepayments, estimated default rates, estimated loss severity in the event of defaults and current market rates. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not recorded on the acquisition date. Trustmark accounts for acquired impaired loans under FASB ASC Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” An acquired loan is considered impaired when there is evidence of credit deterioration since origination and it is probable at the date of acquisition that Trustmark would be unable to collect all contractually required payments. Acquired loans accounted for under FASB ASC Topic 310-30 are referred to as “acquired impaired loans.” Revolving credit agreements, such as home equity lines, and commercial leases are excluded from acquired impaired loan accounting requirements. For acquired impaired loans, Trustmark (a) calculates the contractual amount and timing of undiscounted principal and interest payments (the “undiscounted contractual cash flows”) and (b) estimates the amount and timing of undiscounted expected principal and interest payments (the “undiscounted expected cash flows”). Under FASB ASC Topic 310-30, the difference between the undiscounted contractual cash flows and the undiscounted expected cash flows is the nonaccretable difference. The nonaccretable difference represents an estimate of the loss exposure of principal and interest related to the acquired impaired loan portfolio, and such amount is subject to change over time based on the performance of such loans. The excess of undiscounted expected cash flows at acquisition over the initial fair value of acquired impaired loans is referred to as the “accretable yield” and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. Under the effective yield method, the accretable yield is recorded as an accretion of interest income over the life of the loan. Trustmark aggregates certain acquired impaired loans into pools of loans with common credit risk characteristics such as loan type and risk rating. To establish accounting pools of acquired impaired loans, loans are first categorized by similar purpose, collateral and geographic region. Within each category, the acquired impaired loans are further segmented by ranges of risk determinants observed at the time of acquisition. For commercial loans, the primary risk determinant is the risk rating as assigned by Trustmark. For consumer acquired impaired loans, the risk determinants include delinquency, delinquency history and FICO scores. Statistical comparison of the pools reflect that each pool is comprised of acquired impaired loans generally of similar characteristics, including loan type, loan risk and weighted average life. Each pool is then reviewed for similarity of the pool constituents, including standard deviation of purchase price, weighted average life and concentration of the largest loans. Loan pools are initially booked at the aggregate fair value of the loan pool constituents, based on the present value of Trustmark's expected cash flows from the acquired impaired loans. An acquired impaired loan is removed from a pool of loans only if the loan is sold, foreclosed, payment is received in full satisfaction of the loan or the loan is fully charged off. The acquired impaired loan is removed from the pool at the carrying value. When an individual acquired impaired loan is removed from a pool of loans, the difference between its relative carrying amount and its cash, fair value of the collateral, or other assets received will be recognized as a gain or loss immediately in interest income on loans and would not affect the effective yield used to recognize the accretable yield on the remaining pool. Certain acquired impaired loans are not pooled and are accounted for individually. Such acquired impaired loans are withheld from pools due to the inherent uncertainty of the timing and amount of their cash flows or because they are not a suitable similar constituent to the established pools. As required by FASB ASC Topic 310-30, Trustmark periodically re-estimates the expected cash flows to be collected over the life of the acquired impaired loans. If, based on current information and events, it is probable that Trustmark will be unable to collect all cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimate after acquisition, the acquired loans are considered impaired. The decrease in the expected cash flows reduces the carrying value of the acquired impaired loans as well as the accretable yield and results in a charge to income through the provision for loan losses, acquired loans, and the establishment of an allowance for loan losses, acquired loans. If, based on current information and events, it is probable that there is a significant increase in the cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected, Trustmark will reduce any remaining allowance for loan losses, acquired loans established on the acquired impaired loans for the increase in the present value of cash flows expected to be collected. The increase in the expected cash flows for the acquired impaired loans over those originally estimated at acquisition increases the carrying value of the acquired impaired loans as well as the accretable yield. The increase in the accretable yield is recognized as interest income prospectively over the remaining life of the acquired impaired loans. The carrying value of acquired impaired loans is reduced by payments received, both principal and interest, and increased by the portion of the accretable yield recognized as interest income. Under FASB ASC Topic 310-30, acquired impaired loans are generally considered accruing and performing loans as the loans accrete interest income over the estimated life of the loan when expected cash flows are reasonably estimable. Accordingly, acquired impaired loans that are contractually past due are still considered to be accruing and performing loans as long as the estimated cash flows are received as expected. If the timing and amount of cash flows is not reasonably estimable, the loans may be classified as nonaccrual loans and interest income may be recognized on a cash basis or as a reduction of the principal amount outstanding. Covered Loans Loans acquired in a FDIC-assisted transaction and covered under loss-share agreements are referred to as “covered loans” and are reported separately in Trustmark’s consolidated financial statements. Covered loans are recorded at their estimated fair value at the time of acquisition exclusive of the expected reimbursement cash flows from the FDIC. |
FDIC Indemnification Asset | FDIC Indemnification Asset Trustmark has elected to account for amounts receivable under a loss-share agreement as an indemnification asset in accordance with FASB ASC Topic 805, “Business Combinations.” A FDIC indemnification asset is initially recorded at fair value, based on the discounted value of expected future cash flows under the loss-share agreement. The difference between the present value at the acquisition date and the undiscounted cash flows Trustmark expects to collect from the FDIC is accreted into noninterest income over the life of the FDIC indemnification asset. Pursuant to the provisions of the loss-share agreement, the FDIC indemnification asset is presented net of any true-up provision due to the FDIC at the termination of the loss-share agreement. The FDIC indemnification asset is reduced as expected losses on covered loans and covered other real estate decline or as loss-share claims are submitted to the FDIC. The FDIC indemnification asset is revalued concurrent with the loan re-estimation and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of covered loans and covered other real estate. These adjustments are measured on the same basis as the related covered loans and covered other real estate. Increases in the cash flows of the covered loans and covered other real estate over those expected reduce the FDIC indemnification asset, and decreases in the cash flows of the covered loans and covered other real estate below those expected increase the FDIC indemnification asset. Increases and decreases to the FDIC indemnification asset are recorded as adjustments to noninterest income. Write-downs of the FDIC indemnification asset resulting from improvements in expected cash flows and covered losses based on the re-estimation of acquired covered loans are amortized over the lesser of the remaining life or contractual FDIC agreement period of the acquired covered loan as a yield adjustment consistent with the associated acquired covered loan. All other valuation changes of the FDIC indemnification asset (i.e., pay-offs of acquired covered loans, sales of covered other real estate, and reductions of FDIC loss claims) are accounted for under the “collectibility method,” which recognized write-downs of the FDIC indemnification asset immediately in noninterest income. |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is charged to expense over the estimated useful lives of the assets, which are up to thirty-nine years for buildings and three to ten years for furniture and equipment. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. In cases where Trustmark has the right to renew the lease for additional periods, the lease term for the purpose of calculating amortization of the capitalized cost of the leasehold improvements is extended when Trustmark is “reasonably assured” that it will renew the lease. Depreciation and amortization expenses are computed using the straight-line method. Trustmark continually evaluates whether events and circumstances have occurred that indicate that such long-lived assets have become impaired. Measurement of any impairment of such long-lived assets is based on the fair values of those assets. There were no impairment losses on premises and equipment recorded during 2015, 2014 or 2013. |
Mortgage Servicing Rights (MSR) | Mortgage Servicing Rights (MSR) Trustmark recognizes as assets the rights to service mortgage loans based on the estimated fair value of the MSR when loans are sold and the associated servicing rights are retained. Trustmark has elected to account for the MSR at fair value. The fair value of the MSR is determined using discounted cash flow techniques benchmarked against third-party valuations. Estimates of fair value involve several assumptions, including the key valuation assumptions about market expectations of future prepayment rates, interest rates and discount rates which are provided by a third-party firm. Prepayment rates are projected using an industry standard prepayment model. The model considers other key factors, such as a wide range of standard industry assumptions tied to specific portfolio characteristics such as remittance cycles, escrow payment requirements, geographic factors, foreclosure loss exposure, VA no-bid exposure, delinquency rates and cost of servicing, including base cost and cost to service delinquent mortgages. Prevailing market conditions at the time of analysis are factored into the accumulation of assumptions and determination of servicing value. Trustmark economically hedges changes in fair value of the MSR attributable to interest rates. See Note 1 – Significant Accounting Policies, “Derivative Financial Instruments – Derivatives not Designated as Hedging Instruments” for information regarding these derivative instruments. |
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets Trustmark accounts for goodwill and other intangible assets in accordance with FASB ASC Topic 350, “Intangibles – Goodwill and Other.” Goodwill, which represents the excess of cost over the fair value of the net assets of an acquired business, is not amortized but tested for impairment on an annual basis, which is October 1 for Trustmark, or more often if events or circumstances indicate that there may be impairment. Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with a related contract, asset or liability. Trustmark’s identifiable intangible assets primarily relate to core deposits, insurance customer relationships and borrower relationships. These intangibles, which have definite useful lives, are amortized on an accelerated basis over their estimated useful lives. In addition, these intangibles are evaluated annually for impairment or whenever events and changes in circumstances indicate that the carrying amount should be reevaluated. Trustmark also purchased banking charters in order to facilitate its entry into the states of Florida and Texas. These identifiable intangible assets are being amortized on a straight-line method over 20 years. |
Other Real Estate | Other Real Estate 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. Valuation adjustments required at foreclosure are charged to the allowance for loan losses. Other real estate is revalued on an annual basis or more often if market conditions necessitate. Subsequent to foreclosure, losses on the periodic revaluation of the property are charged against an existing other real estate specific reserve or to noninterest expense in ORE/Foreclosure expense if a reserve does not exist. Costs of operating and maintaining the properties as well as gains or losses on their disposition are also included in ORE/Foreclosure expense as incurred. Improvements made to properties are capitalized if the expenditures are expected to be recovered upon the sale of the properties. Covered Other Real Estate All other real estate acquired in a FDIC-assisted acquisition that is subject to a FDIC loss-share agreement is referred to as “covered other real estate” and reported separately in Trustmark’s consolidated balance sheets. Covered other real estate is initially recorded at its estimated fair value on the acquisition date based on an independent appraisal less estimated selling costs. Foreclosed covered loan collateral is transferred into covered other real estate at the collateral’s net realizable value. Covered other real estate is reported exclusive of expected reimbursement cash flows from the FDIC. Any subsequent valuation adjustments due to declines in fair value are charged to noninterest expense in ORE/Foreclosure expense and are mostly offset by other noninterest income representing the corresponding increase to the FDIC indemnification asset for the offsetting loss reimbursement amount. Any recoveries of previous valuation adjustments are credited to ORE/Foreclosure expense with a corresponding charge to other noninterest income for the portion of the recovery that is due to the FDIC. |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank of Atlanta Stock | Federal Home Loan Bank (FHLB) and Federal Reserve Bank of Atlanta Stock Securities with limited marketability, such as stock in the Federal Reserve Bank of Atlanta and the FHLB, are carried at cost. Trustmark’s investment in member bank stock is included in other assets because these equity securities do not have a readily determinable fair value, which places them outside the scope of FASB ASC Topic 320, “Investments – Debt and Equity Securities.” At December 31, 2015 and 2014, Trustmark’s investment in member bank stock totaled $62.6 million and $44.1 million, respectively. The carrying value of Trustmark’s member bank stock gave rise to no other-than-temporary impairment for the years ended December 31, 2015, 2014 and 2013. |
Insurance Commissions | Insurance Commissions Commission revenue is recognized as of the effective date of the insurance policy or the date the customer is billed, whichever is later. Trustmark also receives contingent commissions from insurance companies as additional incentive for achieving specified premium volume goals and/or the loss experience of the insurance placed by Trustmark. Contingent commissions from insurance companies are recognized throughout the calendar year using reasonable estimates that are continuously reviewed and revised to reflect current experience. Trustmark maintains reserves for commission adjustments and doubtful accounts receivable which were not considered significant at December 31, 2015 or 2014. |
Wealth Management | Wealth Management Assets under administration held by Trustmark in a fiduciary or agency capacity for customers are not included in the Trustmark’s consolidated balance sheets. Investment management and trust fee income is recorded on a cash basis, which because of the regularity of the billing cycles, approximates the accrual method, in accordance with industry practice. |
Derivative Financial Instruments | Derivative Financial Instruments Trustmark maintains an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. Trustmark’s interest rate risk management strategy involves modifying the repricing characteristics of certain assets and liabilities so that changes in interest rates do not adversely affect the net interest margin and cash flows. Under the guidelines of FASB ASC Topic 815, “Derivatives and Hedging,” all derivative instruments are required to be recognized as either assets or liabilities and carried at fair value on the balance sheet. The fair value of derivative positions outstanding is included in other assets and/or other liabilities in the accompanying consolidated balance sheets and in the net change in these financial statement line items in the accompanying consolidated statements of cash flows as well as included in noninterest income in the accompanying consolidated statements of income and other comprehensive income (loss), net of tax in the accompanying consolidated statements of comprehensive income. Trustmark’s interest rate swap derivative instruments are subject to master netting agreements, and therefore, eligible for offsetting in the consolidated balance sheets. Trustmark has elected to not offset any derivative instruments in its consolidated balance sheets. Derivatives Designated as Hedging Instruments During 2013, Trustmark entered into a forward interest rate swap contract on its junior subordinated debentures, with the objective of protecting the quarterly interest payments from the risk of variability of those payments resulting from changes in the three-month LIBOR interest rate for the five-year period beginning December 31, 2014 and ending December 31, 2019. This derivative instrument was designated as a cash flow hedge under FASB ASC Topic 815. Any accumulated net after-tax gains related to effective cash flow hedge are included in accumulated other comprehensive loss. Any ineffective portion of the interest rate swap is reclassified from accumulated other comprehensive loss to noninterest expense in the consolidated statements of income for the relevant periods. Beginning December 31, 2014, the effective date of the interest rate swap, amounts reported in accumulated other comprehensive loss related to this derivative will be reclassified to other interest expense as interest payments are made on Trustmark’s variable rate junior subordinated debentures. Derivatives not Designated as Hedging Instruments Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that economically hedges changes in fair value of MSR attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting. These exchange-traded derivative instruments are accounted for at fair value with changes in the fair value recorded in noninterest income in mortgage banking, net and are offset by changes in the fair value of the MSR. The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates. Ineffectiveness of hedging the MSR fair value is measured by comparing the change in value of hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions. As part of Trustmark’s risk management strategy in the mortgage banking area, derivative instruments such as forward sales contracts are utilized. Trustmark’s obligations under forward contracts consist of commitments to deliver mortgage loans, originated and/or purchased, in the secondary market at a future date. 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. See Note 1 – Significant Accounting Policies, “Loans Held for Sale (LHFS)” for information regarding the fair value option election. Trustmark also utilizes derivative instruments such as interest rate lock commitments in its mortgage banking area. Rate lock commitments are residential mortgage loan commitments with customers, which guarantee a specified interest rate for a specified time period. Changes in the fair value of these derivative instruments are recorded in noninterest income in mortgage banking, net and are offset by the changes in the fair value of forward sales contracts. Trustmark 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. |
Income Taxes | Income Taxes Trustmark accounts for uncertain tax positions in accordance with FASB ASC Topic 740, “Income Taxes,” which clarifies the accounting and disclosure for uncertainty in tax positions. Under the guidance of FASB ASC Topic 740, Trustmark accounts for deferred income taxes using the liability method. Deferred tax assets and liabilities are based on temporary differences between the financial statement carrying amounts and the tax basis of Trustmark’s assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled and are presented net in the balance sheet in other assets. |
Stock-Based Compensation | Stock-Based Compensation Trustmark accounts for the stock and incentive compensation under the provisions of FASB ASC Topic 718, “Compensation – Stock Compensation.” Under this accounting guidance, fair value is established as the measurement objective in accounting for stock awards and requires the application of a fair value based measurement method in accounting for compensation cost, which is recognized over the requisite service period. |
Statements of Cash Flows | Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks. The following table reflects specific transaction amounts for the periods presented ($ in thousands): Years Ended December 31, 2015 2014 2013 Income taxes paid $ 16,321 $ 13,710 $ 14,520 Interest expense paid on deposits and borrowings 20,733 22,268 25,715 Noncash transfers from loans to foreclosed properties (1) 32,782 39,778 41,042 Transfer of long-term FHLB advances to short-term — 6,644 — Assets acquired in business combination — — 1,845,543 Liabilities assumed in business combination — — 1,821,066 (1) Includes transfers from covered loans to foreclosed properties. |
Per Share Data | Per Share Data Trustmark accounts for per share data in accordance with FASB ASC Topic 260, “Earnings Per Share,” which provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share (EPS) pursuant to the two-class method. Trustmark has determined that its outstanding unvested stock awards and deferred stock units are not participating securities. Based on this determination, no change has been made to Trustmark’s current computation for basic and diluted EPS. Basic EPS is computed by dividing net income by the weighted-average shares of common stock outstanding. Diluted EPS is computed by dividing net income by the weighted-average shares of common stock outstanding, adjusted for the effect of potentially dilutive stock awards outstanding during the period. The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): Years Ended December 31, 2015 2014 2013 Basic shares 67,550 67,434 66,897 Dilutive shares 142 160 176 Diluted shares 67,692 67,594 67,073 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): Years Ended December 31, 2015 2014 2013 Weighted-average antidilutive stock awards 1 32 333 |
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and requires certain disclosures about fair value measurements. The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. Depending on the nature of the asset or liability, Trustmark uses various valuation techniques and assumptions when estimating fair value. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. FASB ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that Trustmark has the ability to access at the measurement date. Level 2 Inputs – Valuation is based upon quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability such as interest rates, yield curves, volatilities and default rates and inputs that are derived principally from or corroborated by observable market data. Level 3 Inputs – Unobservable inputs reflecting the reporting entity’s own determination about the assumptions that market participants would use in pricing the asset or liability based on the best information available. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety is classified is based on the lowest level input that is significant to the fair value measurement in its entirety. Trustmark’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. |
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | Accounting Policies Recently Adopted and Pending Accounting Pronouncements ASU 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (An Amendment of the FASB Accounting Standards Codification).” Issued in January 2016, ASU 2016-01 is intended to enhance the reporting model for financial instruments to provide users of financial statements with improved decision-making information. The amendments of ASU 2016-01 include: (i) requiring equity investments, except those accounted for under the equity method of accounting or those that result in the consolidation of an investee, to be measured at fair value with changes in fair value recognized in net income; (ii) requiring a qualitative assessment to identify impairment of equity investments without readily determinable fair values; and (iii) clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entity’s other deferred tax assets. The amendments of ASU 2016-01 are effective for interim and annual periods beginning after December 15, 2017. Management is currently evaluating the impact this ASU will have on Trustmark’s consolidated financial statements; however, the adoption of ASU 2016-01 is not expected to have a material impact on Trustmark’s consolidated financial statements. 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 2014-11, “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 requirement 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 resulted in a change in presentation only for the newly required disclosures, which are included in Note 13 – Borrowings, and had no 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 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. ASU 2015-14, issued in August 2015, defers the effective date of ASU 2014-09 by one year. ASU 2015-14 provides that the amendments of ASU 2014-09 become effective for interim and annual periods beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. 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 5 – LHFI and Allowance for Loan Losses, LHFI, and had no impact on Trustmark’s consolidated financial statements. |
Significant Accounting Polici32
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Supplemental Cash Flow Information | For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks. The following table reflects specific transaction amounts for the periods presented ($ in thousands): Years Ended December 31, 2015 2014 2013 Income taxes paid $ 16,321 $ 13,710 $ 14,520 Interest expense paid on deposits and borrowings 20,733 22,268 25,715 Noncash transfers from loans to foreclosed properties (1) 32,782 39,778 41,042 Transfer of long-term FHLB advances to short-term — 6,644 — Assets acquired in business combination — — 1,845,543 Liabilities assumed in business combination — — 1,821,066 (1) Includes transfers from covered loans to foreclosed properties. |
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): Years Ended December 31, 2015 2014 2013 Basic shares 67,550 67,434 66,897 Dilutive shares 142 160 176 Diluted shares 67,692 67,594 67,073 |
Weighted-Average Antidilutive Stock Awards Excluded from Determining Diluted EPS | 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): Years Ended December 31, 2015 2014 2013 Weighted-average antidilutive stock awards 1 32 333 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Statement of Assets Purchased and Liabilities Assumed | The statement of assets purchased and liabilities assumed in the BancTrust merger is presented below at their adjusted estimated fair values as of the merger date of February 15, 2013 ($ in thousands): Assets: Cash and due from banks $ 141,616 Securities available for sale 528,016 Loans held for sale 1,050 Acquired noncovered loans 944,235 Premises and equipment, net 54,952 Identifiable intangible assets 33,498 Other real estate 40,103 Other assets 109,423 Total Assets 1,852,893 Liabilities: Deposits 1,740,254 Other borrowings 64,051 Other liabilities 16,761 Total Liabilities 1,821,066 Net identified assets acquired at fair value 31,827 Goodwill 74,247 Net assets acquired at fair value $ 106,074 |
Securities Available for Sale34
Securities Available for Sale and Held to Maturity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Available for Sale and Held to Maturity Securities | The following tables are a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity at December 31, 2015 and 2014 ($ in thousands): Securities Available for Sale Securities Held to Maturity Gross Gross Estimated Gross Gross Estimated Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains (Losses) Value Cost Gains (Losses) Value U.S. Government agency obligations Issued by U.S. Government agencies $ 68,314 $ 555 $ (734 ) $ 68,135 $ — $ — $ — $ — Issued by U.S. Government sponsored agencies 258 23 — 281 101,782 3,282 — 105,064 Obligations of states and political subdivisions 134,719 3,922 (32 ) 138,609 55,892 2,918 — 58,810 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 25,602 399 (189 ) 25,812 17,363 342 (49 ) 17,656 Issued by FNMA and FHLMC 222,899 2,956 (313 ) 225,542 10,368 311 — 10,679 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 1,584,338 9,541 (11,019 ) 1,582,860 820,012 4,951 (4,742 ) 820,221 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 278,429 2,689 (1,892 ) 279,226 182,401 1,700 (1,164 ) 182,937 Asset-backed securities and structured financial products 25,003 79 (125 ) 24,957 — — — — Total $ 2,339,562 $ 20,164 $ (14,304 ) $ 2,345,422 $ 1,187,818 $ 13,504 $ (5,955 ) $ 1,195,367 December 31, 2014 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 December 31, 2015 and 2014 ($ in thousands): Less than 12 Months 12 Months or More Total Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2015 Fair Value Losses Fair Value Losses Fair Value Losses U.S. Government agency obligations Issued by U.S. Government agencies $ 18,924 $ (81 ) $ 30,591 $ (653 ) $ 49,515 $ (734 ) Obligations of states and political subdivisions 4,289 (12 ) 2,842 (20 ) 7,131 (32 ) Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 20,300 (222 ) 1,863 (16 ) 22,163 (238 ) Issued by FNMA and FHLMC 82,177 (313 ) — — 82,177 (313 ) Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 1,135,533 (8,832 ) 238,152 (6,929 ) 1,373,685 (15,761 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 238,668 (2,902 ) 11,090 (154 ) 249,758 (3,056 ) Asset-backed securities and structured financial products 6,778 (125 ) — — 6,778 (125 ) Total $ 1,506,669 $ (12,487 ) $ 284,538 $ (7,772 ) $ 1,791,207 $ (20,259 ) December 31, 2014 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 | For the periods presented, gains and losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows ($ in thousands): Years Ended December 31, Available for Sale 2015 2014 2013 Proceeds from calls and sales of securities $ — $ 56,815 $ 224,853 Gross realized gains — 456 1,680 Gross realized losses — (156 ) (1,195 ) |
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 December 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 Estimated Estimated Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 20,805 $ 20,982 $ 6,300 $ 6,505 Due after one year through five years 113,325 117,050 60,315 61,936 Due after five years through ten years 16,997 17,562 91,059 95,433 Due after ten years 77,167 76,388 — — 228,294 231,982 157,674 163,874 Mortgage-backed securities 2,111,268 2,113,440 1,030,144 1,031,493 Total $ 2,339,562 $ 2,345,422 $ 1,187,818 $ 1,195,367 |
LHFI and Allowance for Loan L35
LHFI and Allowance for Loan Losses, LHFI (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
Loan Portfolio Held for Investment | At December 31, 2015 and 2014, LHFI consisted of the following ($ in thousands): December 31, 2015 2014 Loans secured by real estate: Construction, land development and other land $ 824,723 $ 619,877 Secured by 1-4 family residential properties 1,649,501 1,634,397 Secured by nonfarm, nonresidential properties 1,736,476 1,553,193 Other real estate secured 211,228 253,787 Commercial and industrial loans 1,343,211 1,270,350 Consumer loans 169,135 167,964 State and other political subdivision loans 734,615 602,727 Other loans 422,496 347,174 LHFI 7,091,385 6,449,469 Less allowance for loan losses, LHFI 67,619 69,616 Net LHFI $ 7,023,766 $ 6,379,853 |
Summary of LHFI Evaluated for Impairment | The following tables detail LHFI individually and collectively evaluated for impairment at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 LHFI Evaluated for Impairment Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ 6,123 $ 818,600 $ 824,723 Secured by 1-4 family residential properties 23,079 1,626,422 1,649,501 Secured by nonfarm, nonresidential properties 17,800 1,718,676 1,736,476 Other real estate secured 145 211,083 211,228 Commercial and industrial loans 7,622 1,335,589 1,343,211 Consumer loans 31 169,104 169,135 State and other political subdivision loans — 734,615 734,615 Other loans 512 421,984 422,496 Total $ 55,312 $ 7,036,073 $ 7,091,385 December 31, 2014 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 December 31, 2015 and 2014, the carrying amount of LHFI individually evaluated for impairment consisted of the following ($ in thousands): December 31, 2015 LHFI Unpaid Wit h o With an Total Average Principal Allowance Allowance Carrying Related Recorded Balance Recorded Recorded Amount Allowance Investment Loans secured by real estate: Construction, land development and other land $ 11,113 $ 3,395 $ 2,728 $ 6,123 $ 909 $ 9,995 Secured by 1-4 family residential properties 27,678 283 22,796 23,079 1,230 24,350 Secured by nonfarm, nonresidential properties 20,387 8,037 9,763 17,800 3,402 21,758 Other real estate secured 160 — 145 145 15 732 Commercial and industrial loans 9,880 1,137 6,485 7,622 3,304 9,863 Consumer loans 34 — 31 31 — 59 State and other political subdivision loans — — — — — — Other loans 642 — 512 512 128 570 Total $ 69,894 $ 12,852 $ 42,460 $ 55,312 $ 8,988 $ 67,327 December 31, 2014 LHFI Unpaid Wit h o With an Total Average Principal Allowance Allowance Carrying Related Recorded Balance Recorded Recorded Amount Allowance Investment Loans secured by real estate: Construction, land development and other land $ 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 tables illustrate 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 periods presented ($ in thousands): Year Ended December 31, 2015 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loans secured by 1-4 family residential properties 13 $ 688 $ 688 Loans secured by nonfarm, nonresidential properties 5 3,613 3,613 Total 18 $ 4,301 $ 4,301 Year Ended December 31, 2014 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loans secured by 1-4 family residential properties 17 $ 1,248 $ 1,234 Year Ended December 31, 2013 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loans secured by 1-4 family residential properties 10 $ 498 $ 441 Loans secured by nonfarm, nonresidential properties 1 952 952 Commercial and industrial loans 2 944 937 Other loans 1 2,490 2,490 Total 14 $ 4,884 $ 4,820 |
Troubled Debt Restructuring Subsequently Defaulted | Years Ended December 31, 2015 2014 2013 TDRs that Subsequently Defaulted Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Loans secured by 1-4 family residential properties 5 $ 260 1 $ 103 5 $ 345 |
Troubled Debt Restructuring Related to Loans Held for Investment, Excluding Covered Loans, by Loan Type | The following tables detail LHFI classified as TDRs by loan type at December 31, 2015, 2014 and 2013 ($ in thousands): December 31, 2015 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land loans $ — $ 869 $ 869 Secured by 1-4 family residential properties 1,426 2,424 3,850 Secured by nonfarm, nonresidential properties 809 3,662 4,471 Commercial and industrial loans — 463 463 Total TDRs $ 2,235 $ 7,418 $ 9,653 December 31, 2014 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land loans $ — $ 3,665 $ 3,665 Secured by 1-4 family residential properties 1,385 3,733 5,118 Secured by nonfarm, nonresidential properties — 1,854 1,854 Other real estate secured — 149 149 Commercial and industrial loans — 509 509 Total TDRs $ 1,385 $ 9,910 $ 11,295 December 31, 2013 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land loans $ — $ 6,247 $ 6,247 Secured by 1-4 family residential properties 1,320 4,201 5,521 Secured by nonfarm, nonresidential properties — 2,292 2,292 Other real estate secured — 167 167 Commercial and industrial loans — 549 549 Total TDRs $ 1,320 $ 13,456 $ 14,776 |
Carrying Amount of Loans by Credit Quality Indicator | The tables below illustrate the carrying amount of LHFI by credit quality indicator at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Commercial LHFI Pass - Special Mention - Substandard - Doubtful - Categories Category 7 Category 8 Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 746,227 $ — $ 15,637 $ 529 $ 762,393 Secured by 1-4 family residential properties 125,268 345 7,525 190 133,328 Secured by nonfarm, nonresidential properties 1,680,846 2,031 52,485 361 1,735,723 Other real estate secured 205,097 — 4,768 — 209,865 Commercial and industrial loans 1,295,760 9,473 37,284 694 1,343,211 Consumer loans — — — — — State and other political subdivision loans 713,616 12,478 8,521 — 734,615 Other loans 414,089 183 2,663 375 417,310 Total $ 5,180,903 $ 24,510 $ 128,883 $ 2,149 $ 5,336,445 Consumer LHFI Past Due Past Due Current 30-89 Days 90 Days or More Nonaccrual Subtotal Total LHFI Loans secured by real estate: Construction, land development and other land $ 62,158 $ 146 $ — $ 26 $ 62,330 $ 824,723 Secured by 1-4 family residential properties 1,485,914 7,565 2,058 20,636 1,516,173 1,649,501 Secured by nonfarm, nonresidential properties 753 — — — 753 1,736,476 Other real estate secured 1,363 — — — 1,363 211,228 Commercial and industrial loans — — — — — 1,343,211 Consumer loans 166,681 2,182 242 30 169,135 169,135 State and other political subdivision loans — — — — — 734,615 Other loans 5,186 — — — 5,186 422,496 Total $ 1,722,055 $ 9,893 $ 2,300 $ 20,692 $ 1,754,940 $ 7,091,385 December 31, 2014 Commercial LHFI Pass - Special Mention - Substandard - Doubtful - Categories 1-6 Category 7 Category 8 Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 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 Past Due Past Due Current 30-89 Days 90 Nonaccrual Subtotal Total LHFI 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 loan type at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Past Due 90 Days Current 30-59 Days 60-89 Days or More (1) Total Nonaccrual Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 214 $ — $ — $ 214 $ 6,123 $ 818,386 $ 824,723 Secured by 1-4 family residential properties 6,203 1,800 2,058 10,061 23,079 1,616,361 1,649,501 Secured by nonfarm, nonresidential properties 437 88 — 525 17,800 1,718,151 1,736,476 Other real estate secured — — — — 145 211,083 211,228 Commercial and industrial loans 921 45 — 966 7,622 1,334,623 1,343,211 Consumer loans 1,835 347 242 2,424 31 166,680 169,135 State and other political subdivision loans 65 — — 65 — 734,550 734,615 Other loans 68 — — 68 512 421,916 422,496 Total $ 9,743 $ 2,280 $ 2,300 $ 14,323 $ 55,312 $ 7,021,750 $ 7,091,385 (1) Past due 90 days or more but still accruing interest. December 31, 2014 Past Due 90 Days Current 30-59 Days 60-89 Days or More (1) Total Nonaccrual Loans Total 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): Years Ended December31, 2015 2014 2013 Balance at beginning of period $ 69,616 $ 66,448 $ 78,738 Loans charged-off (22,469 ) (13,226 ) (13,478 ) Recoveries 12,097 15,183 14,609 Net (charge-offs) recoveries (10,372 ) 1,957 1,131 Provision for loan losses, LHFI 8,375 1,211 (13,421 ) Balance at end of period $ 67,619 $ 69,616 $ 66,448 The following tables detail the balance in the allowance for loan losses, LHFI by loan type at December 31, 2015 and 2014, respectively ($ in thousands): 2015 Balance Provision for Balance January 1, Charge-offs Recoveries Loan Losses December 31, Loans secured by real estate: Construction, land development and other land $ 13,073 $ (2,435 ) $ 1,773 $ (824 ) $ 11,587 Secured by 1-4 family residential properties 9,677 (2,473 ) 920 2,554 10,678 Secured by nonfarm, nonresidential properties 18,523 (1,439 ) 605 3,874 21,563 Other real estate secured 2,141 (24 ) 136 214 2,467 Commercial and industrial loans 19,917 (8,081 ) 1,761 2,218 15,815 Consumer loans 2,149 (2,171 ) 3,289 (388 ) 2,879 State and other political subdivision loans 1,314 — — (505 ) 809 Other loans 2,822 (5,846 ) 3,613 1,232 1,821 Total allowance for loan losses, LHFI $ 69,616 $ (22,469 ) $ 12,097 $ 8,375 $ 67,619 Disaggregated by Impairment Method Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ 909 $ 10,678 $ 11,587 Secured by 1-4 family residential properties 1,230 9,448 10,678 Secured by nonfarm, nonresidential properties 3,402 18,161 21,563 Other real estate secured 15 2,452 2,467 Commercial and industrial loans 3,304 12,511 15,815 Consumer loans — 2,879 2,879 State and other political subdivision loans — 809 809 Other loans 128 1,693 1,821 Total allowance for loan losses, LHFI $ 8,988 $ 58,631 $ 67,619 2014 Balance Provision for Balance January 1, Charge-offs Recoveries Loan Losses December 31, Loans secured by real estate: Construction, land development and other land $ 13,165 $ (1,100 ) $ 3,608 $ (2,600 ) $ 13,073 Secured by 1-4 family residential properties 9,633 (2,505 ) 922 1,627 9,677 Secured by nonfarm, nonresidential properties 19,672 (390 ) 944 (1,703 ) 18,523 Other real estate secured 2,080 (277 ) — 338 2,141 Commercial and industrial loans 15,522 (2,092 ) 2,657 3,830 19,917 Consumer loans 2,405 (1,965 ) 3,883 (2,174 ) 2,149 State and other political subdivision loans 1,205 — — 109 1,314 Other loans 2,766 (4,897 ) 3,169 1,784 2,822 Total allowance for loan losses, LHFI $ 66,448 $ (13,226 ) $ 15,183 $ 1,211 $ 69,616 Disaggregated by Impairment Method Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ 2,767 $ 10,306 $ 13,073 Secured by 1-4 family residential properties 450 9,227 9,677 Secured by nonfarm, nonresidential properties 2,787 15,736 18,523 Other real estate secured 52 2,089 2,141 Commercial and industrial loans 6,449 13,468 19,917 Consumer loans — 2,149 2,149 State and other political subdivision loans — 1,314 1,314 Other loans 259 2,563 2,822 Total allowance for loan losses, LHFI $ 12,764 $ 56,852 $ 69,616 |
Acquired Loans (Tables)
Acquired Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities [Abstract] | |
Schedule of Covered and Noncovered Acquired Loans by Type | At December 31, 2015 and 2014, acquired loans consisted of the following ($ in thousands): December 31, 2015 December 31, 2014 Noncovered Covered Noncovered Covered Loans secured by real estate: Construction, land development and other land $ 41,623 $ 1,021 $ 58,309 $ 1,197 Secured by 1-4 family residential properties 86,950 10,058 116,920 13,180 Secured by nonfarm, nonresidential properties 135,626 4,638 202,323 7,672 Other real estate secured 23,860 1,286 27,813 1,096 Commercial and industrial loans 55,075 624 88,256 277 Consumer loans 5,641 — 9,772 — Other loans 23,936 73 22,390 204 Acquired loans 372,711 17,700 525,783 23,626 Less allowance for loan losses, acquired loans 11,259 733 10,541 1,518 Net acquired loans $ 361,452 $ 16,967 $ 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 28,193 479 2,308 — Payments received, net (164,671 ) (15,484 ) (8,592 ) (33 ) Other (2) (1,589 ) — 391 — Less change in allowance for loan losses, acquired loans (718 ) — 785 — Carrying value, net at December 31, 2015 $ 295,366 $ 66,086 $ 15,396 $ 1,571 (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. (2) Includes miscellaneous timing adjustments as well as 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): Years Ended December 31, 2015 2014 Accretable yield at beginning of period $ (77,149 ) $ (109,006 ) Accretion to interest income 30,501 48,627 Disposals 10,013 16,383 Reclassification from nonaccretable difference (1) (16,037 ) (33,153 ) Accretable yield at end of period $ (52,672 ) $ (77,149 ) (1) Reclassifications from nonaccretable difference are due to lower loss expectations and improvements in expected cashflows. |
Components of the Allowance for Loan Losses on Acquired Loans | The following tables present the components of the allowance for loan losses on acquired impaired loans for the periods presented ($ in thousands): Noncovered Covered Total Balance at January 1, 2015 $ 10,541 $ 1,518 $ 12,059 Provision for loan losses, acquired loans 3,854 (429 ) 3,425 Loans charged-off (6,722 ) (478 ) (7,200 ) Recoveries 3,586 122 3,708 Net charge-offs (3,136 ) (356 ) (3,492 ) Balance at December 31, 2015 $ 11,259 $ 733 $ 11,992 Noncovered Covered Total Balance at January 1, 2014 $ 7,249 $ 2,387 $ 9,636 Provision for loan losses, acquired loans 7,149 (978 ) 6,171 Loans charged-off (6,274 ) 127 (6,147 ) Recoveries 2,417 (18 ) 2,399 Net (charge-offs) recoveries (3,857 ) 109 (3,748 ) Balance at December 31, 2014 $ 10,541 $ 1,518 $ 12,059 Noncovered Covered Total Balance at January 1, 2013 $ 1,885 $ 4,190 $ 6,075 Provision for loan losses, acquired loans 7,367 (1,328 ) 6,039 Loans charged-off (3,634 ) (460 ) (4,094 ) Recoveries 1,631 (15 ) 1,616 Net charge-offs (2,003 ) (475 ) (2,478 ) Balance at December 31, 2013 $ 7,249 $ 2,387 $ 9,636 |
Carrying Amount of Acquired Loans by Credit Quality Indicator | The tables below illustrate the carrying amount of acquired loans by credit quality indicator at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Commercial Loans Pass - Special Mention - Substandard - Doubtful - Categories 1-6 Category 7 Category 8 Category 9 Subtotal Noncovered Loans: Loans secured by real estate: Construction, land development and other land $ 15,839 $ 253 $ 19,252 $ 3,874 $ 39,218 Secured by 1-4 family residential properties 22,272 27 5,033 331 27,663 Secured by nonfarm, nonresidential properties 106,924 2,301 25,690 711 135,626 Other real estate secured 19,346 — 3,777 731 23,854 Commercial and industrial loans 36,670 844 15,526 2,035 55,075 Consumer loans — — — — — Other loans 17,150 — 6,624 162 23,936 Total noncovered loans 218,201 3,425 75,902 7,844 305,372 Covered Loans: (1) Loans secured by real estate: Construction, land development and other land 235 — 588 119 942 Secured by 1-4 family residential properties 869 107 534 — 1,510 Secured by nonfarm, nonresidential properties 4,060 35 472 — 4,567 Other real estate secured 730 — 111 — 841 Commercial and industrial loans 560 22 42 — 624 Other loans 70 — — — 70 Total covered loans 6,524 164 1,747 119 8,554 Total acquired loans $ 224,725 $ 3,589 $ 77,649 $ 7,963 $ 313,926 Consumer Loans Past Due Past Due Total Current 30-89 Days 90 Days or More Nonaccrual (2) Subtotal Acquired Loans Noncovered Loans: Loans secured by real estate: Construction, land development and other land $ 2,353 $ 24 $ 28 $ — $ 2,405 $ 41,623 Secured by 1-4 family residential properties 56,371 1,841 930 145 59,287 86,950 Secured by nonfarm, nonresidential properties — — — — — 135,626 Other real estate secured 6 — — — 6 23,860 Commercial and industrial loans — — — — — 55,075 Consumer loans 5,498 142 1 — 5,641 5,641 Other loans — — — — — 23,936 Total noncovered loans 64,228 2,007 959 145 67,339 372,711 Covered Loans: (1) Loans secured by real estate: Construction, land development and other land 70 9 — — 79 1,021 Secured by 1-4 family residential properties 7,472 314 762 — 8,548 10,058 Secured by nonfarm, nonresidential properties 71 — — — 71 4,638 Other real estate secured 445 — — — 445 1,286 Commercial and industrial loans — — — — — 624 Other loans 3 — — — 3 73 Total covered loans 8,061 323 762 — 9,146 17,700 Total acquired loans $ 72,289 $ 2,330 $ 1,721 $ 145 $ 76,485 $ 390,411 (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. (2) Acquired loans not accounted for under FASB ASC Topic 310-30. December 31, 2014 Commercial Loans Pass - Special Mention - Substandard - Doubtful - Categories 1-6 Category 7 Category 8 Category 9 Subtotal 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 Past Due Past Due Total Current 30-89 Days 90 Days or More Nonaccrual (2) Subtotal 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. (2) Acquired loans not accounted for under FASB ASC Topic 310-30. |
Aging Analysis of Past Due and Nonaccrual Acquired Loans, by Class | The following tables provide an aging analysis of contractually past due and nonaccrual acquired loans, by loan type at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Past Due 30-59 Days 60-89 Days 90 Days or More (1) Total Nonaccrual (2) Current Loans Total Acquired Loans Noncovered loans: Loans secured by real estate: Construction, land development and other land $ 24 $ 114 $ 13,021 $ 13,159 $ — $ 28,464 $ 41,623 Secured by 1-4 family residential properties 1,544 636 1,220 3,400 387 83,163 86,950 Secured by nonfarm, nonresidential properties 192 195 5,913 6,300 144 129,182 135,626 Other real estate secured 9 — 737 746 — 23,114 23,860 Commercial and industrial loans 82 4 184 270 429 54,376 55,075 Consumer loans 119 23 1 143 — 5,498 5,641 Other loans 85 16 — 101 — 23,835 23,936 Total noncovered loans 2,055 988 21,076 24,119 960 347,632 372,711 Covered loans: Loans secured by real estate: Construction, land development and other land 9 — 119 128 — 893 1,021 Secured by 1-4 family residential properties 428 132 978 1,538 — 8,520 10,058 Secured by nonfarm, nonresidential properties 167 478 — 645 — 3,993 4,638 Other real estate secured — — — — — 1,286 1,286 Commercial and industrial loans — — — — 51 573 624 Other loans — — — — — 73 73 Total covered loans 604 610 1,097 2,311 51 15,338 17,700 Total acquired loans $ 2,659 $ 1,598 $ 22,173 $ 26,430 $ 1,011 $ 362,970 $ 390,411 (1) Past due 90 days or more but still accruing interest. (2) Acquired loans not accounted for under FASB ASC Topic 310-30. December 31, 2014 Past Due 30-59 Days 60-89 Days 90 Days or More (1) Total Nonaccrual (2) Current Loans Total Acquired 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. |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | At December 31, 2015 and 2014, premises and equipment consisted of the following ($ in thousands): December 31, 2015 2014 Land $ 57,334 $ 57,794 Buildings and leasehold improvements 200,475 198,739 Furniture and equipment 168,357 162,321 Total cost of premises and equipment 426,166 418,854 Less accumulated depreciation and amortization 230,510 218,073 Premises and equipment, net $ 195,656 $ 200,781 |
Mortgage Banking (Tables)
Mortgage Banking (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Banking [Abstract] | |
Schedule of Activity in the Mortgage Servicing Rights | The activity in the MSR is detailed in the table below for the periods presented ($ in thousands): Years Ended December 31, 2015 2014 Balance at beginning of period $ 64,358 $ 67,834 Origination of servicing assets 17,598 12,293 Change in fair value: Due to market changes 1,578 (7,202 ) Due to runoff (9,527 ) (8,567 ) Balance at end of period $ 74,007 $ 64,358 |
Schedule of Mortgage Loans Sold and Serviced for Others | The table below details the mortgage loans sold and serviced for others at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 2014 Federal National Mortgage Association $ 3,750,685 $ 3,579,987 Government National Mortgage Association 2,111,797 1,948,565 Federal Home Loan Mortgage Corporation 67,817 80,551 Other 41,013 27,146 Total mortgage loans sold and serviced for others $ 5,971,312 $ 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): Years Ended December 31, 2015 2014 2013 Balance at beginning of period $ 1,170 $ 1,050 $ 7,800 Provision for putback expenses 315 600 1,561 Gains (Losses) 200 (480 ) (4,756 ) FNMA resolution — — (3,555 ) Balance at end of period $ 1,685 $ 1,170 $ 1,050 |
Goodwill and Identifiable Int39
Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill by segment | The table below illustrates goodwill by segment for the years ended December 31, 2015 and 2014 ($ in thousands): General Banking Insurance Total Balance as of January 1, 2014 $ 328,483 $ 44,368 $ 372,851 Measurement period adjustment during 2014 (7,351 ) — (7,351 ) Balance as of December 31, 2014 321,132 44,368 365,500 Goodwill from purchase of insurance book of business during 2015 — 656 656 Balance as of December 31, 2015 $ 321,132 $ 45,024 $ 366,156 |
Schedule of identifiable intangible assets | At December 31, 2015 and 2014, identifiable intangible assets consisted of the following ($ in thousands): December 31, 2015 December 31, 2014 Gross Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 85,824 $ 61,603 $ 24,221 $ 85,824 $ 54,464 $ 31,360 Insurance intangibles 13,824 11,117 2,707 11,693 10,566 1,127 Banking charters 1,325 811 514 1,325 745 580 Borrower relationship intangible 690 586 104 690 523 167 Total $ 101,663 $ 74,117 $ 27,546 $ 99,532 $ 66,298 $ 33,234 The following table illustrates the carrying amounts and remaining weighted-average amortization periods of identifiable intangible assets as of December 31, 2015 ($ in thousands): Remaining Weighted- Average Net Carrying Amortization Amount Period in Years Core deposit intangibles $ 24,221 6.6 Insurance intangibles 2,707 15.0 Banking charters 514 7.7 Borrower relationship intangible 104 1.7 Total $ 27,546 7.4 |
Other Real Estate and Covered40
Other Real Estate and Covered Other Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate And Foreclosed Assets [Abstract] | |
Changes and Gains, Net On Other Real Estate, Excluding 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): Years Ended December 31, 2015 2014 2013 Balance at beginning of period $ 92,509 $ 106,539 $ 78,189 Additions (1) 33,396 37,428 80,256 Disposals (45,826 ) (43,802 ) (45,545 ) Write-downs (2,902 ) (7,656 ) (6,361 ) Balance at end of period $ 77,177 $ 92,509 $ 106,539 Gain (loss), net on the sale of other real estate included in ORE/Foreclosure expense $ 3,995 $ 3,697 $ (881 ) (1) For the year ended December 31, 2013, additions to other real estate includes $40.1 million of other real estate acquired from Trustmark’s merger with BancTrust on February 15, 2013. |
Other Real Estate, Excluding Covered Other Real Estate, By Type of Property | At December 31, 2015 and 2014, other real estate, excluding covered other real estate, by type of property consisted of the following ($ in thousands): December 31, 2015 2014 Construction, land development and other land properties $ 47,550 $ 61,015 1-4 family residential properties 10,732 10,150 Nonfarm, nonresidential properties 16,717 19,696 Other real estate properties 2,178 1,648 Total other real estate, excluding covered other real estate $ 77,177 $ 92,509 |
Other Real Estate, Excluding Covered Other Real Estate, By Geographic Location | At December 31, 2015 and 2014, other real estate, excluding covered other real estate, by geographic location consisted of the following ($ in thousands): December 31, 2015 2014 Alabama $ 21,578 $ 21,196 Florida 29,579 35,324 Mississippi (1) 14,312 17,397 Tennessee (2) 9,974 10,292 Texas 1,734 8,300 Total other real estate, excluding covered other real estate $ 77,177 $ 92,509 (1) Mississippi includes Central and Southern Mississippi Regions (2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions |
Changes and Losses, Net On Covered Other Real Estate | For the periods presented, changes and gains, net on covered other real estate were as follows ($ in thousands): Years Ended December 31, 2015 2014 2013 Balance at beginning of period $ 6,060 $ 5,108 $ 5,741 Transfers from covered loans 266 2,851 1,934 FASB ASC 310-30 adjustment for the residual recorded investment (880 ) 136 (345 ) Net transfers from covered loans (614 ) 2,987 1,589 Disposals (2,526 ) (1,232 ) (1,442 ) Write-downs (1,269 ) (803 ) (780 ) Balance at end of period $ 1,651 $ 6,060 $ 5,108 Gain, net on the sale of covered other real estate included in ORE/Foreclosure expenses $ 46 $ 24 $ 119 |
Covered Other Real Estate by Type of Property | At December 31, 2015 and 2014, covered other real estate by type of property consisted of the following ($ in thousands): December 31, 2015 2014 Construction, land development and other land properties $ 638 $ 1,917 1-4 family residential properties 223 1,103 Nonfarm, nonresidential properties 399 2,296 Other real estate properties 391 744 Total covered other real estate $ 1,651 $ 6,060 |
FDIC Indemnification Asset (Tab
FDIC Indemnification Asset (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
F D I C Indemnification Asset [Abstract] | |
Changes in FDIC Indemnification Asset | For the periods presented, changes in the FDIC indemnification asset were as follows ($ in thousands): Years Ended December 31, 2015 2014 2013 Balance at beginning of period $ 6,997 $ 14,347 $ 21,774 Amortization (2,583 ) (2,074 ) (2,469 ) Transfers to FDIC claims (2,715 ) (4,443 ) (851 ) Change in expected cash flows (536 ) (517 ) (3,472 ) Change in FDIC true-up provision (425 ) (316 ) (635 ) Balance at end of period $ 738 $ 6,997 $ 14,347 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits Summary | At December 31, 2015 and 2014, deposits consisted of the following ($ in thousands): December 2015 2014 Noninterest-bearing demand $ 2,998,694 $ 2,748,635 Interest-bearing demand 1,938,497 1,722,581 Savings 2,970,997 3,280,060 Time 1,680,042 1,947,082 Total $ 9,588,230 $ 9,698,358 |
Interest Expense on Deposits by Type | Interest expense on deposits by type consisted of the following for the periods presented ($ in thousands): Years Ended December 31, 2015 2014 2013 Interest-bearing demand $ 3,235 $ 3,151 $ 3,948 Savings 2,547 2,949 3,889 Time 6,816 9,223 11,881 Total $ 12,598 $ 15,323 $ 19,718 |
Maturities on Outstanding Time Deposits of $100,000 or More | The maturities of time deposits of $100,000 or more at December 31, 2015 and 2014 are as follows ($ in thousands): December 2015 2014 3 months or less $ 151,339 $ 199,087 Over 3 months through 6 months 132,440 168,886 Over 6 months through 12 months 197,630 227,130 Over 12 months 193,914 222,119 Total $ 675,323 $ 817,222 |
Maturities of Interest-Bearing Deposits | The maturities of interest-bearing deposits at December 31, 2015, are as follows ($ in thousands): 2016 $ 1,240,268 2017 295,723 2018 73,586 2019 38,962 2020 and thereafter 31,503 Total time deposits 1,680,042 Interest-bearing deposits with no stated maturity 4,909,494 Total interest-bearing deposits $ 6,589,536 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Securities Sold Under Repurchase Agreements | The following table presents the securities sold under repurchase agreements by collateral pledged at December 31, 2015 ($ in thousands): December U.S. Government agency obligations Issued by U.S. Government sponsored agencies $ 22,516 Mortgage-backed securities Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 102,604 Total securities sold under repurchase agreements $ 125,120 |
Summary of Short-Term Borrowings | At December 31, 2015 and 2014, short-term borrowings consisted of the following ($ in thousands): December 2015 2014 FHLB advances $ 350,000 $ 356,758 Serviced GNMA loans eligible for repurchase 36,025 41,014 Other 26,592 27,305 Total short-term borrowings $ 412,617 $ 425,077 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | The income tax provision included in the consolidated statements of income was as follows for the periods presented ($ in thousands): Years Ended December 31, Current 2015 2014 2013 Federal $ 18,448 $ 17,761 $ 14,537 State 2,166 2,068 1,237 Deferred Federal 12,865 16,256 18,394 State 1,935 2,444 2,769 Income tax provision $ 35,414 $ 38,529 $ 36,937 |
Income Tax Reconciliation | For the periods presented, the income tax provision differs from the amount computed by applying the statutory federal income tax rate of 35% to income before income taxes as a result of the following ($ in thousands): Years Ended December 31, 2015 2014 2013 Income tax computed at statutory tax rate $ 53,008 $ 56,732 $ 53,899 Tax exempt interest (5,908 ) (5,612 ) (5,222 ) Nondeductible interest expense 119 107 121 State income taxes, net 1,408 2,933 2,604 Income tax credits (15,283 ) (15,212 ) (15,755 ) Other 2,070 (419 ) 1,290 Income tax provision $ 35,414 $ 38,529 $ 36,937 |
Deferred Tax Assets and Liabilities | Temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities gave rise to the following net deferred tax assets at December 31, 2015 and 2014, which are included in other assets ($ in thousands): December 31, 2015 2014 Deferred tax assets: Loan purchase accounting $ 26,049 $ 38,471 Other real estate 32,664 36,086 Allowance for loan losses 30,451 31,241 Deferred compensation 21,102 20,825 Realized built in losses 16,215 15,907 Securities 13,016 15,443 Pension and other postretirement benefit plans 14,433 14,904 Nonaccrual loans 3,137 3,372 Stock-based compensation 3,137 3,077 Other 15,820 17,833 Gross deferred tax asset 176,024 197,159 Valuation allowance (8,650 ) (8,650 ) Deferred tax asset net of valuation allowance 167,374 188,509 Deferred tax liabilities: Goodwill and other identifiable intangibles 26,651 28,010 Premises and equipment 21,257 20,813 Unrealized gains on securities available for sale 2,241 8,627 Mortgage servicing rights 9,924 7,747 Securities 1,474 1,353 Leases 106 625 Other 4,764 3,900 Gross deferred tax liability 66,417 71,075 Net deferred tax asset $ 100,957 $ 117,434 |
Changes in Unrecognized Tax Benefits | The following table provides a summary of the changes during the 2015 calendar year in the amount of unrecognized tax benefits that are included in other liabilities in the consolidated balance sheet ($ in thousands): Balance at January 1, 2015 $ 2,160 Increases due to tax positions taken during the current year 760 Decreases due to tax positions taken during a prior year (495 ) Decreases due to the lapse of applicable statute of limitations during the current year (613 ) Decreases due to settlements with taxing authorities during the current year (92 ) Balance at December 31, 2015 $ 1,720 Accrued interest, net of federal benefit, at December 31, 2015 $ 380 Unrecognized tax benefits that would impact the effective tax rate, if recognized, at December 31, 2015 $ 1,321 |
Defined Benefit and Other Pos45
Defined Benefit and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Trustmark Capital Accumulation Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Plan Benefit Obligation, Plan Assets and Funded Status of the Plan | The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for Trustmark’s qualified defined benefit pension plans (Trustmark Capital Accumulation Plan and BancTrust Pension Plan) ($ in thousands): December 31, 2015 2014 Change in benefit obligation: Benefit obligation, beginning of year $ 101,904 $ 128,974 Service cost 513 495 Interest cost 3,461 5,299 Actuarial (gain) loss (2,807 ) 11,675 Benefits paid for BancTrust Pension Plan — (38,853 ) Benefits paid for Trustmark Capital Accumulation Plan (11,668 ) (7,041 ) Settlement loss from BancTrust termination — 1,355 Benefit obligation, end of year $ 91,403 $ 101,904 Change in plan assets: Fair value of plan assets, beginning of year $ 86,287 $ 126,142 Actual return on plan assets (547 ) 4,632 Employer contributions 65 1,407 Benefit payments for BancTrust Pension Plan — (38,853 ) Benefit payments for Trustmark Capital Accumulation Plan (11,668 ) (7,041 ) Fair value of plan assets, end of year $ 74,137 $ 86,287 Funded status at end of year - net liability $ (17,266 ) $ (15,617 ) Amounts recognized in accumulated other comprehensive loss: Net loss - amount recognized $ 24,927 $ 28,100 |
Net Periodic Benefit Cost | Years Ended December 31, 2015 2014 2013 Net periodic benefit cost: Service cost $ 513 $ 495 $ 595 Interest cost 3,461 5,299 4,758 Expected return on plan assets (5,187 ) (6,245 ) (7,720 ) Recognized net loss due to BancTrust termination — 1,355 — Recognized net loss due to lump sum settlements 2,221 905 2,225 Recognized net actuarial (gain) loss 3,878 (283 ) 5,516 Net periodic benefit cost $ 4,886 $ 1,526 $ 5,374 Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss), before taxes: Net (gain) loss - Total recognized in other comprehensive income (loss) $ (3,173 ) $ 12,664 $ (29,742 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 1,713 $ 14,190 $ (24,368 ) Weighted-average assumptions as of end of year: Discount rate for benefit obligation 3.86 % 3.57 % 4.30 % Discount rate for net periodic benefit cost 3.57 % 4.30 % 3.50 % Expected long-term return on plan assets 7.00 % 7.50 % 7.50 % |
Weighted-Average Asset Allocation | The weighted-average asset allocations by asset category for Trustmark’s qualified defined benefit pension plans at December 31, 2015 and 2014 are presented below. Due to the termination and full distribution of the BancTrust Pension Plan during 2014, December 31, 2015 and 2014 includes only amounts related to the Trustmark Capital Accumulation Plan. December 31, 2015 2014 Money market fund 3.6 % 8.7 % Fixed income mutual funds 29.0 % 11.9 % Equity mutual funds 16.1 % 72.2 % Equity securities 51.3 % 7.0 % Fixed income hedge fund 0.0 % 0.2 % Total 100.0 % 100.0 % |
Plan Assets Measured at Fair Value | The following table sets forth by level, within the fair value hierarchy, the qualified defined benefit pension plan’s assets measured at fair value at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Total Level 1 Level 2 Level 3 Money market fund $ 2,678 $ 2,678 $ — $ — Fixed income mutual funds 21,472 21,472 — — Equity mutual funds 11,922 11,922 — — Equity securities 38,065 38,065 — — Total assets at fair value $ 74,137 $ 74,137 $ — $ — December 31, Total Level 1 Level 2 Level 3 Money market fund $ 7,544 $ 7,544 $ — $ — Fixed income mutual funds 10,267 10,267 — — Equity mutual funds 62,265 62,265 — — Equity securities 6,057 6,057 — — Fixed income hedge fund 154 — — 154 Total assets at fair value $ 86 ,287 $ 86,133 $ — $ 154 |
Changes in Fair Value of Plan Level Three Assets | The following table sets forth a summary of changes in fair value of the Level 3 plan assets for the years ended December 31, 2015 and 2014 ($ in thousands): Fixed Income Hedge Fund Balance, January 1, 2014 $ 163 Change in fair value (9 ) Balance, December 31, 2014 154 Disposition (154 ) Balance, December 31, 2015 $ — |
Estimated Future Benefit Payments and Other Disclosures | The following table presents the expected benefit payments, which reflect expected future service, for Trustmark’s Capital Accumulation Plan ($ in thousands): Year Amount 2016 $ 10,817 2017 8,082 2018 6,417 2019 6,158 2020 5,915 2021 - 2025 26,459 |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Plan Benefit Obligation, Plan Assets and Funded Status of the Plan | The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for Trustmark’s nonqualified supplemental retirement plans ($ in thousands): December 31, 2015 2014 Change in benefit obligation: Benefit obligation, beginning of year $ 59,744 $ 52,489 Service cost 431 296 Interest cost 2,082 2,198 Actuarial (gain) loss (1,702 ) 7,392 Benefits paid (2,789 ) (2,631 ) Benefit obligation, end of year $ 57,766 $ 59,744 Change in plan assets: Fair value of plan assets, beginning of year $ — $ — Employer contributions 2,789 2,631 Benefit payments (2,789 ) (2,631 ) Fair value of plan assets, end of year $ — $ — Funded status at end of year - net liability $ (57,766 ) $ (59,744 ) Amounts recognized in accumulated other comprehensive loss: Net loss $ 18,548 $ 21,242 Prior service cost 1,609 1,860 Amounts recognized $ 20,157 $ 23,102 |
Net Periodic Benefit Cost | Years Ended December 31, 2015 2014 2013 Net periodic benefit cost: Service cost $ 431 $ 296 $ 597 Interest cost 2,082 2,198 1,943 Amortization of prior service cost 250 250 250 Recognized net actuarial loss 992 661 1,038 Net periodic benefit cost $ 3,755 $ 3,405 $ 3,828 Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss), before taxes: Net (gain) loss $ (2,694 ) $ 6,733 $ (5,224 ) Amortization of prior service cost (250 ) (250 ) (250 ) Total recognized in other comprehensive income (loss) $ (2,944 ) $ 6,483 $ (5,474 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 811 $ 9,888 $ (1,646 ) Weighted-average assumptions as of end of year: Discount rate for benefit obligation 3.86 % 3.57 % 4.30 % Discount rate for net periodic benefit cost 3.57 % 4.30 % 3.50 % |
Estimated Future Benefit Payments and Other Disclosures | The following table presents the expected benefits payments for Trustmark’s supplemental retirement plans ($ in thousands): Year Amount 2016 $ 3,071 2017 3,462 2018 3,610 2019 3,683 2020 3,865 2021 - 2025 19,685 |
Stock and Incentive Compensat46
Stock and Incentive Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary Of Stock And Incentive Plans Vesting Periods And Contractual Terms | The following table summarizes the vesting periods for awards granted under the Plan (in years): Vesting Period Performance awards (includes achievement shares for grants after 2013) 3 Achievement shares from performance grants prior to 2013 3 Time-vested awards 3 |
Restricted Stock Grants | The following table summarizes Trustmark’s performance award activity for the periods presented: Years Ended December 31, 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Grant-Date Grant-Date Grant-Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested shares, beginning of year 181,195 $ 24.98 160,520 $ 25.20 159,583 $ 24.26 Granted 84,899 22.71 73,726 25.58 62,119 23.65 Released from restriction (47,360 ) 24.97 (38,580 ) 25.40 (54,784 ) 24.15 Forfeited (6,425 ) 24.97 (14,471 ) 24.86 (6,398 ) 25.42 Nonvested shares, end of year 212,309 $ 24.14 181,195 $ 24.98 160,520 $ 25.20 The following table summarizes Trustmark’s time-vested award activity for the periods presented: Years Ended December 31, 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Grant-Date Grant-Date Grant-Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested shares, beginning of year 263,905 $ 24.66 291,634 $ 24.48 317,573 $ 23.28 Granted 121,314 23.61 105,690 24.91 112,964 24.47 Released from restriction (67,087 ) 24.31 (124,869 ) 24.74 (122,727 ) 24.40 Forfeited (11,475 ) 24.22 (8,550 ) 24.77 (16,176 ) 25.14 Nonvested shares, end of year 306,657 $ 24.56 263,905 $ 24.66 291,634 $ 24.48 |
Compensation Expense for Stock and Incentive Plans | The following table presents information regarding compensation expense for awards under the Plan for the periods presented ($ in thousands): Weighted Average Life Recognized Compensation Expense Unrecognized of for Years Ended December 31, Compensation Compensation 2015 2014 2013 Expense Expense Performance awards $ 1,201 $ 1,065 $ 825 $ 1,271 1.71 Time-vested awards 2,467 3,087 2,774 2,781 1.78 Total $ 3,668 $ 4,152 $ 3,599 $ 4,052 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Rental Commitments Under Non-cancellable Operating Leases | At December 31, 2015, future minimum rental commitments under non-cancellable operating leases are as follows ($ in thousands): Year Amount 2016 $ 8,354 2017 7,773 2018 6,750 2019 5,445 2020 4,905 Thereafter 11,348 Total $ 44,575 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [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 December 31, 2015 (Basel III) and December 31, 2014 (Basel I) ($ in thousands): Actual Regulatory Capital Minimum To Be Well Amount Ratio Requirement Capitalized At December 31, 2015: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,161,598 12.57 % 4.50 % n/a Trustmark National Bank 1,201,113 13.00 % 4.50 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,220,535 13.21 % 6.00 % n/a Trustmark National Bank 1,201,113 13.00 % 6.00 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,300,146 14.07 % 8.00 % n/a Trustmark National Bank 1,280,724 13.86 % 8.00 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,220,535 10.03 % 4.00 % n/a Trustmark National Bank 1,201,113 9.89 % 4.00 % 5.00 % 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 % 4.00 % n/a Trustmark National Bank 1,108,399 13.24 % 4.00 % 6.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,221,292 14.56 % 8.00 % n/a Trustmark National Bank 1,198,697 14.32 % 8.00 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,129,630 9.63 % 4.00 % n/a Trustmark National Bank 1,108,399 9.46 % 4.00 % 5.00 % |
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 years ended December 31, 2015, 2014 and 2013 ($ 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 BancTrust termination, 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 15 – 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 Net of Tax Amount Benefit Amount Year Ended December 31, 2015: Securities available for sale and transferred securities: Unrealized holding losses arising during the period $ (16,695 ) $ 6,386 $ (10,309 ) Reclassification adjustment for net gains realized in net income — — — Change in net unrealized holding loss on securities transferred to held to maturity 6,345 (2,427 ) 3,918 Total securities available for sale and transferred securities (10,350 ) 3,959 (6,391 ) Pension and other postretirement benefit plans: Net change in prior service costs 250 (96 ) 154 Recognized net loss due to lump sum settlements 2,221 (850 ) 1,371 Change in net actuarial loss 3,647 (1,395 ) 2,252 Total pension and other postretirement benefit plans 6,118 (2,341 ) 3,777 Cash flow hedge derivatives: Change in accumulated loss on effective cash flow hedge derivatives (1,315 ) 503 (812 ) Reclassification adjustment for loss realized in net income 836 (320 ) 516 Total cash flow hedge derivatives (479 ) 183 (296 ) Total other comprehensive loss $ (4,711 ) $ 1,801 $ (2,910 ) Year Ended December 31, 2014: Securities available for sale and transferred securities: Unrealized holding gains arising during the period $ 17,705 $ (6,772 ) $ 10,933 Reclassification adjustment for net gains realized in net income (300 ) 115 (185 ) Change in net unrealized holding loss on securities transferred to held to maturity 6,010 (2,299 ) 3,711 Total securities available for sale and transferred securities 23,415 (8,956 ) 14,459 Pension and other postretirement benefit plans: Net change in prior service costs 249 (95 ) 154 Recognized net loss due to BancTrust termination 1,355 (518 ) 837 Recognized net loss due to lump sum settlements 905 (346 ) 559 Change in net actuarial loss (21,657 ) 8,283 (13,374 ) Total pension and other postretirement benefit plans (19,148 ) 7,324 (11,824 ) Cash flow hedge derivatives: Change in accumulated gain on effective cash flow hedge derivatives (2,246 ) 859 (1,387 ) Reclassification adjustment for loss realized in net income (2 ) 1 (1 ) Total cash flow hedge derivatives (2,248 ) 860 (1,388 ) Total other comprehensive income $ 2,019 $ (772 ) $ 1,247 Year Ended December 31, 2013: Securities available for sale and transferred securities: Unrealized holding losses arising during the period $ (67,135 ) $ 25,679 $ (41,456 ) Reclassification adjustment for net gains realized in net income (485 ) 186 (299 ) Net unrealized holding loss on securities transferred to held to maturity (46,383 ) 17,741 (28,642 ) Total securities available for sale and transferred securities (114,003 ) 43,606 (70,397 ) Pension and other postretirement benefit plans: Net change in prior service costs 251 (96 ) 155 Recognized net loss due to lump sum settlements 2,225 (851 ) 1,374 Change in net actuarial loss 32,742 (12,524 ) 20,218 Total pension and other postretirement benefit plans 35,218 (13,471 ) 21,747 Cash flow hedge derivatives: Change in accumulated gain on effective cash flow hedge derivatives 2,468 (944 ) 1,524 Total other comprehensive loss $ (76,317 ) $ 29,191 $ (47,126 ) |
Components of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in the balances of each component of accumulated other comprehensive loss for the periods presented ($ in thousands). All amounts are presented net of tax. Securities Available and Securities Defined Benefit Pension Items Cash Flow Hedge Derivative Total Balance at January 1, 2013 $ 44,935 $ (41,540 ) $ — $ 3,395 Other comprehensive (loss) income before reclassification (70,098 ) 21,747 1,524 (46,827 ) Amounts reclassified from accumulated other comprehensive loss (299 ) — — (299 ) Net other comprehensive (loss) income (70,397 ) 21,747 1,524 (47,126 ) Balance at December 31, 2013 (25,462 ) (19,793 ) 1,524 (43,731 ) Other comprehensive income (loss) before reclassification 14,644 (11,824 ) (1,387 ) 1,433 Amounts reclassified from accumulated other comprehensive loss (185 ) — (1 ) (186 ) Net other comprehensive income (loss) 14,459 (11,824 ) (1,388 ) 1,247 Balance at December 31, 2014 (11,003 ) (31,617 ) 136 (42,484 ) Other comprehensive (loss) income before reclassification (6,391 ) 3,777 (812 ) (3,426 ) Amounts reclassified from accumulated other comprehensive loss — — 516 516 Net other comprehensive (loss) income (6,391 ) 3,777 (296 ) (2,910 ) Balance at December 31, 2015 $ (17,394 ) $ (27,840 ) $ (160 ) $ (45,394 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [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 December 31, 2015 and 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 years ended December 31, 2015 and 2014. December 31, 2015 Total Level 1 Level 2 Level 3 U.S. Government agency obligations $ 68,416 $ — $ 68,416 $ — Obligations of states and political subdivisions 138,609 — 138,609 — Mortgage-backed securities 2,113,440 — 2,113,440 — Asset-backed securities and structured financial products 24,957 — 24,957 — Securities available for sale 2,345,422 — 2,345,422 — Loans held for sale 160,189 — 160,189 — Mortgage servicing rights 74,007 — — 74,007 Other assets - derivatives 3,611 (149 ) 2,647 1,113 Other liabilities - derivatives 3,929 1,220 2,709 — December 31, 2014 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 years ended December 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) (7,949 ) 6,900 Additions 17,598 — Sales — (7,086 ) Balance, December 31, 2015 $ 74,007 $ 1,113 The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held at December 31, 2015 $ 1,578 $ (419 ) Balance, January 1, 2014 $ 67,834 $ 126 Total net (loss) gain included in Mortgage banking, net (1) (15,769 ) 4,554 Additions 12,293 — Sales — (3,381 ) Balance, December 31, 2014 $ 64,358 $ 1,299 The amount of total (losses) gains for the period included in earnings that are attributable to the change in unrealized gains or losses still held at December 31, 2014 $ (7,202 ) $ 587 (1) Total net (loss) gain included in Mortgage banking, net relating to the 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 December 31, 2015 and 2014 were as follows ($ in thousands): December 31, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Level 2 Inputs: Cash and short-term investments $ 278,001 $ 278,001 $ 317,858 $ 317,858 Securities held to maturity 1,187,818 1,195,367 1,170,685 1,182,846 Level 3 Inputs: Net LHFI 7,023,766 7,136,105 6,379,853 6,453,618 Net acquired loans 378,419 378,419 537,350 537,350 FDIC indemnification asset 738 738 6,997 6,997 Financial Liabilities: Level 2 Inputs: Deposits 9,588,230 9,592,531 9,698,358 9,702,864 Short-term liabilities 853,659 853,659 868,620 868,620 Long-term FHLB advances 501,155 501,160 1,253 1,263 Subordinated notes 49,969 51,405 49,936 53,504 Junior subordinated debt securities 61,856 49,021 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 December 31, 2015 and 2014 ($ in thousands): December 31, 2015 2014 Fair value of LHFS $ 124,165 $ 91,182 LHFS contractual principal outstanding 121,608 88,106 Fair value less unpaid principal $ 2,557 $ 3,076 |
Derivative Financial Instrume50
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | The following tables disclose the fair value of derivative instruments in Trustmark’s balance sheets as of December 31, 2015 and 2014 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): December 31, 2015 2014 Derivatives in hedging relationships Interest rate contracts: Interest rate swaps included in other assets $ (259 ) $ 221 Derivatives not designated as hedging instruments Interest rate contracts: Futures contracts included in other assets $ (207 ) $ 928 Exchange traded purchased options included in other assets 58 253 OTC written options (rate locks) included in other assets 1,113 1,299 Interest rate swaps included in other assets 2,888 2,804 Credit risk participation agreements included in other assets 18 22 Forward contracts included in other liabilities (262 ) 1,014 Exchange traded written options included in other liabilities 1,220 490 Interest rate swaps included in other liabilities 2,954 2,813 Credit risk participation agreements included in other liabilities 17 21 |
Effects of Derivative Instruments on Statements of Operations | Years Ended December 31, 2015 2014 2013 Derivatives in hedging relationships Amount of loss reclassified from accumulated other comprehensive loss and recognized in other interest expense $ (836 ) $ (2 ) $ — Amount of (loss) gain recognized in mortgage banking, net — (2,534 ) 2,649 Derivatives not designated as hedging instruments Amount of gain (loss) recognized in mortgage banking, net $ 1,392 $ 11,038 $ (10,459 ) Amount of (loss) gain recognized in bank card and other fees (49 ) (223 ) 290 |
Schedule of Amount Included in Other Comprehensive Income (Loss) for Derivative Instruments Designated as Hedges of Cash Flows | The following table discloses the amount included in other comprehensive income (loss) for derivative instruments designated as cash flow hedges for the periods presented ($ in thousands): Years Ended December 31, 2015 2014 2013 Derivatives in cash flow hedging relationship Amount of (loss) gain recognized in other comprehensive income (loss) $ (812 ) $ (1,387 ) $ 1,524 |
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 December 31, 2015 and 2014 is presented in the following tables ($ in thousands): Offsetting of Derivative Assets As of December 31, 2015 Gross Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 2,629 $ — $ 2,629 $ — $ — $ 2,629 Offsetting of Derivative Liabilities As of December 31, 2015 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 2,954 $ — $ 2,954 $ — $ (1,195 ) $ 1,759 Offsetting of Derivative Assets As of December 31, 2014 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in Financial Position Financial Instruments Cash Collateral Received Net Amount 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 Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 2,813 $ — $ 2,813 $ (347 ) $ — $ 2,466 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following table discloses financial information by reportable segment for the periods presented ($ in thousands): Years Ended December 31, 2015 2014 2013 General Banking Net interest income $ 391,092 $ 404,214 $ 387,586 Provision for loan losses, net 11,800 7,382 (7,382 ) Noninterest income 105,477 107,457 113,571 Noninterest expense 348,270 355,693 367,031 Income before income taxes 136,499 148,596 141,508 Income taxes 29,761 33,726 32,499 General banking net income $ 106,738 $ 114,870 $ 109,009 Selected Financial Information Average assets $ 12,196,144 $ 11,957,761 $ 11,463,945 Depreciation and amortization $ 36,072 $ 35,038 $ 35,971 Wealth Management Net interest income $ 337 $ 851 $ 582 Noninterest income 31,245 32,209 29,446 Noninterest expense 25,346 26,733 24,713 Income before income taxes 6,236 6,327 5,315 Income taxes 2,386 2,105 1,754 Wealth Management net income $ 3,850 $ 4,222 $ 3,561 Selected Financial Information Average assets $ 4,034 $ 1,821 $ 148 Depreciation and amortization $ 183 $ 190 $ 157 Insurance Net interest income $ 336 $ 271 $ 319 Noninterest income 36,427 33,476 30,842 Noninterest expense 28,046 26,579 23,987 Income before income taxes 8,717 7,168 7,174 Income taxes 3,267 2,698 2,684 Insurance net income $ 5,450 $ 4,470 $ 4,490 Selected Financial Information Average assets $ 70,017 $ 68,448 $ 66,876 Depreciation and amortization $ 801 $ 844 $ 1,025 Consolidated Net interest income $ 391,765 $ 405,336 $ 388,487 Provision for loan losses, net 11,800 7,382 (7,382 ) Noninterest income 173,149 173,142 173,859 Noninterest expense 401,662 409,005 415,731 Income before income taxes 151,452 162,091 153,997 Income taxes 35,414 38,529 36,937 Consolidated net income $ 116,038 $ 123,562 $ 117,060 Selected Financial Information Average assets $ 12,270,195 $ 12,028,030 $ 11,530,969 Depreciation and amortization $ 37,056 $ 36,072 $ 37,153 |
Parent Company Only Financial52
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Only Financial Statements | Condensed Balance Sheets December 31, 2015 2014 Assets: Investment in banks $ 1,518,292 $ 1,463,676 Other assets 17,339 18,663 Total Assets $ 1,535,631 $ 1,482,339 Liabilities and Shareholders' Equity: Accrued expense $ 718 $ 543 Junior subordinated debt securities 61,856 61,856 Shareholders' equity 1,473,057 1,419,940 Total Liabilities and Shareholders' Equity $ 1,535,631 $ 1,482,339 Condensed Statements of Income Years Ended December 31, 2015 2014 2013 Revenue: Dividends received from banks $ 64,752 $ 64,351 $ 64,155 Earnings of subsidiaries over distributions 53,562 60,783 54,195 Other income 55 55 64 Total Revenue 118,369 125,189 118,414 Expense: Other expense 2,331 1,627 1,354 Total Expense 2,331 1,627 1,354 Net Income $ 116,038 $ 123,562 $ 117,060 Condensed Statements of Cash Flows Years Ended December 31, 2015 2014 2013 Operating Activities: Net income $ 116,038 $ 123,562 $ 117,060 Adjustments to reconcile net income to net cash provided by operating activities: Increase in investment in subsidiaries (53,562 ) (60,783 ) (54,195 ) Other (761 ) (2,158 ) 962 Net cash provided by operating activities 61,715 60,621 63,827 Investing Activities: Payment for investments in subsidiaries — — (73,263 ) Repayment for investments in subsidiaries — — 106,000 Net cash provided by investing activities — — 32,737 Financing Activities: Repayments of advances from subsidiaries — — (33,000 ) Cash dividends paid on common stock (62,605 ) (62,474 ) (62,276 ) Other common stock transactions, net (211 ) (1,502 ) 2,832 Net cash used in financing activities (62,816 ) (63,976 ) (92,444 ) (Decrease) increase in cash and cash equivalents (1,101 ) (3,355 ) 4,120 Cash and cash equivalents at beginning of year 18,421 21,776 17,656 Cash and cash equivalents at end of year $ 17,320 $ 18,421 $ 21,776 |
Significant Accounting Polici53
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)OfficeFactorRegion | Dec. 31, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of offices | Office | 200 | |
Percentage of remaining principal balance of the loan servicer repurchase (in hundredths) | 100.00% | |
Number of days to pass to be classified as past due LHFI | 30 days | |
Balance of commercial nonaccrual loans identified for impairment analysis, minimum | $ 500,000 | |
Components in allowance for loan losses methodology | Factor | 3 | |
Key market regions | Region | 5 | |
Impairment losses on premises and equipment | $ 0 | |
Finite-lived intangible assets, average useful life | 20 years | |
Securities with limited marketability | $ 62,600,000 | $ 44,100,000 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Variable interest rate, description | three-month LIBOR | |
Period for which cash flow hedges will be used to hedge quarterly interest payments | 5 years | |
Commercial Credits [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of days past due for loan to be classified as nonaccrual | 90 days | |
Non-Business Purpose Credits [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of days past due for loan to be classified as nonaccrual | 120 days | |
Number of days past due loans are to be charged-off | 120 days | |
Credit Card Loans [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of days past due loans are to be charged-off | 180 days | |
Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of days mortgage LHFS are retained on balance sheet | 30 days | |
Minimum [Member] | Furniture and Equipment [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the assets | 3 years | |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of days mortgage LHFS are retained on balance sheet | 45 days | |
Maximum [Member] | Buildings [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the assets | 39 years | |
Maximum [Member] | Furniture and Equipment [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the assets | 10 years | |
Maximum [Member] | 1-4 Family Residential Real Estate [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of days past due loans are to be charged-off | 180 days |
Significant Accounting Polici54
Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of cash flows specific transaction amounts [Abstract] | ||||
Income taxes paid | $ 16,321 | $ 13,710 | $ 14,520 | |
Interest expense paid on deposits and borrowings | 20,733 | 22,268 | 25,715 | |
Noncash transfers from loans to foreclosed properties | [1] | $ 32,782 | 39,778 | 41,042 |
Transfer of long-term FHLB advances to short-term | 6,644 | 0 | ||
Assets acquired in business combination | 0 | 1,845,543 | ||
Liabilities assumed in business combination | $ 0 | $ 1,821,066 | ||
[1] | (1) Includes transfers from covered loans to foreclosed properties. |
Significant Accounting Polici55
Significant Accounting Policies - Weighted-Average Shares Used to Calculate Basic and Diluted EPS (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share (EPS) [Abstract] | |||
Basic shares (in shares) | 67,550 | 67,434 | 66,897 |
Dilutive shares (in shares) | 142 | 160 | 176 |
Diluted shares (in shares) | 67,692 | 67,594 | 67,073 |
Significant Accounting Polici56
Significant Accounting Policies - Weighted-Average Antidilutive Stock Awards Excluded from Determining Diluted EPS (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Weighted-average antidilutive stock awards (in shares) | 1 | 32 | 333 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) $ / shares in Units, $ in Thousands | Feb. 15, 2013USD ($)$ / sharesshares | Mar. 31, 2014USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2015USD ($)Market | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||||
Decrease in goodwill with a corresponding increase in deferred tax asset as measurement period adjustment | $ 7,400 | |||||
Goodwill | $ 366,156 | $ 372,851 | $ 365,500 | |||
Amortization period of acquired intangible asset | 20 years | |||||
BancTrust Financial Group, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Age of acquired entity | 26 years | |||||
Equity issued, per share of acquired company (in shares) | shares | 0.125 | |||||
Equity issued (in shares) | shares | 2,240,000 | |||||
Business acquisition, equity issued, value assigned | $ 53,500 | |||||
Business acquisition, closing stock price (in dollars per share) | $ / shares | $ 23.83 | |||||
Issued value of preferred stock and associated warrant under capital purchase program | $ 50,000 | |||||
Preferred stock and warrants repurchase amount | 52,600 | |||||
Number of markets entered due to acquisition | Market | 15 | |||||
Decrease in acquired non covered loans as measurement period adjustment | 6,800 | |||||
Decrease in Premises and equipment as measurement period adjustment | 627 | |||||
Decrease in other real estate as measurement period adjustment | 2,600 | |||||
Increase in deferred tax asset as measurement period adjustment | 3,400 | |||||
Increase in goodwill as measurement period adjustment | 6,300 | |||||
Transfer to other real estate as measurement period adjustment | $ 1,600 | |||||
Goodwill | $ 74,247 | |||||
Amortization period of acquired intangible asset | 10 years | |||||
Business acquisition, total transaction expenses | $ 9,400 | |||||
Business acquisition, severance expense | 1,400 | |||||
Business acquisition, contract termination and other expenses | $ 7,900 |
Business Combinations - Stateme
Business Combinations - Statement of Assets Purchased and Liabilities Assumed (Details) - USD ($) $ in Thousands | Feb. 15, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Total Assets | $ 0 | $ 1,845,543 | ||
Liabilities | ||||
Total Liabilities | 0 | 1,821,066 | ||
Goodwill | $ 366,156 | $ 365,500 | $ 372,851 | |
BancTrust Financial Group, Inc. [Member] | ||||
Assets | ||||
Cash and due from banks | $ 141,616 | |||
Securities available for sale | 528,016 | |||
Loans held for sale | 1,050 | |||
Acquired noncovered loans | 944,235 | |||
Premises and equipment, net | 54,952 | |||
Identifiable intangible assets | 33,498 | |||
Other real estate | 40,103 | |||
Other assets | 109,423 | |||
Total Assets | 1,852,893 | |||
Liabilities | ||||
Deposits | 1,740,254 | |||
Other borrowings | 64,051 | |||
Other liabilities | 16,761 | |||
Total Liabilities | 1,821,066 | |||
Net identified assets acquired at fair value | 31,827 | |||
Goodwill | 74,247 | |||
Net assets acquired at fair value | $ 106,074 |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash And Cash Equivalents [Abstract] | ||
Average reserve balances with Federal Reserve Bank | $ 82.1 | $ 75.6 |
Securities Available for Sale60
Securities Available for Sale and Held to Maturity - Amortized Cost and Estimated Fair Value of Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | $ 2,339,562 | $ 2,352,013 |
Gross Unrealized Gains | 20,164 | 34,131 |
Gross Unrealized (Losses) | (14,304) | (11,577) |
Estimated Fair Value | 2,345,422 | 2,374,567 |
Amortized Cost | 1,187,818 | 1,170,685 |
Gross Unrealized Gains | 13,504 | 15,156 |
Gross Unrealized (Losses) | (5,955) | (2,995) |
Estimated Fair Value | 1,195,367 | 1,182,846 |
U.S. Government Agency Obligations Issued by U.S. Government Agencies [Member] | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 68,314 | 79,788 |
Gross Unrealized Gains | 555 | 694 |
Gross Unrealized (Losses) | (734) | (826) |
Estimated Fair Value | 68,135 | 79,656 |
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] | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 258 | 32,725 |
Gross Unrealized Gains | 23 | 170 |
Gross Unrealized (Losses) | 0 | (77) |
Estimated Fair Value | 281 | 32,818 |
Amortized Cost | 101,782 | 100,971 |
Gross Unrealized Gains | 3,282 | 2,631 |
Gross Unrealized (Losses) | 0 | 0 |
Estimated Fair Value | 105,064 | 103,602 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 134,719 | 157,001 |
Gross Unrealized Gains | 3,922 | 5,325 |
Gross Unrealized (Losses) | (32) | (68) |
Estimated Fair Value | 138,609 | 162,258 |
Amortized Cost | 55,892 | 63,505 |
Gross Unrealized Gains | 2,918 | 3,398 |
Gross Unrealized (Losses) | 0 | 0 |
Estimated Fair Value | 58,810 | 66,903 |
Residential Mortgage Pass-Through Securities Guaranteed by GNMA [Member] | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 25,602 | 11,897 |
Gross Unrealized Gains | 399 | 544 |
Gross Unrealized (Losses) | (189) | (14) |
Estimated Fair Value | 25,812 | 12,427 |
Amortized Cost | 17,363 | 19,115 |
Gross Unrealized Gains | 342 | 466 |
Gross Unrealized (Losses) | (49) | (16) |
Estimated Fair Value | 17,656 | 19,565 |
Residential Mortgage Pass-Through Securities Issued by FNMA and FHLMC [Member] | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 222,899 | 199,599 |
Gross Unrealized Gains | 2,956 | 4,842 |
Gross Unrealized (Losses) | (313) | 0 |
Estimated Fair Value | 225,542 | 204,441 |
Amortized Cost | 10,368 | 11,437 |
Gross Unrealized Gains | 311 | 471 |
Gross Unrealized (Losses) | 0 | 0 |
Estimated Fair Value | 10,679 | 11,908 |
Other Residential Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 1,584,338 | 1,655,733 |
Gross Unrealized Gains | 9,541 | 16,664 |
Gross Unrealized (Losses) | (11,019) | (10,564) |
Estimated Fair Value | 1,582,860 | 1,661,833 |
Amortized Cost | 820,012 | 834,176 |
Gross Unrealized Gains | 4,951 | 6,440 |
Gross Unrealized (Losses) | (4,742) | (1,916) |
Estimated Fair Value | 820,221 | 838,700 |
Commercial Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 278,429 | 184,394 |
Gross Unrealized Gains | 2,689 | 4,968 |
Gross Unrealized (Losses) | (1,892) | (28) |
Estimated Fair Value | 279,226 | 189,334 |
Amortized Cost | 182,401 | 141,481 |
Gross Unrealized Gains | 1,700 | 1,750 |
Gross Unrealized (Losses) | (1,164) | (1,063) |
Estimated Fair Value | 182,937 | 142,168 |
Asset-Backed Securities and Structured Financial Products [Member] | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 25,003 | 30,776 |
Gross Unrealized Gains | 79 | 924 |
Gross Unrealized (Losses) | (125) | 0 |
Estimated Fair Value | 24,957 | 31,700 |
Amortized Cost | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Estimated Fair Value | $ 0 | 0 |
US Treasury Securities [Member] | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 100 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized (Losses) | 0 | |
Estimated Fair Value | 100 | |
Amortized Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized (Losses) | 0 | |
Estimated Fair Value | $ 0 |
Securities Available for Sale61
Securities Available for Sale and Held to Maturity - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments Debt And Equity Securities [Abstract] | |||
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 losses on AFS Securities, net of tax at date of transfer | 28,800,000 | ||
Net unamortized, unrealized loss on transfer of securities | $ 34,000,000 | ||
Net unamortized, unrealized loss on transfer of securities, net of tax | 21,000,000 | ||
Other-than-temporary impairments | 0 | $ 0 | $ 0 |
Pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law | 2,157,000,000 | $ 2,457,000,000 | |
Pledged securities providing additional contingency funding | $ 0 |
Securities Available for Sale62
Securities Available for Sale and Held to Maturity - Securities with Gross Unrealized Losses, Segregated by Length of Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $ 1,506,669 | $ 590,965 |
Estimated Fair Value, 12 Months or More | 284,538 | 522,230 |
Estimated Fair Value, Total | 1,791,207 | 1,113,195 |
Gross Unrealized (Losses), Less than 12 Months | (12,487) | (2,663) |
Gross Unrealized (Losses), 12 Months or More | (7,772) | (11,909) |
Gross Unrealized (Losses), Total | (20,259) | (14,572) |
U.S. Government Agency Obligations Issued by U.S. Government Agencies [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 18,924 | 19,220 |
Estimated Fair Value, 12 Months or More | 30,591 | 32,656 |
Estimated Fair Value, Total | 49,515 | 51,876 |
Gross Unrealized (Losses), Less than 12 Months | (81) | (115) |
Gross Unrealized (Losses), 12 Months or More | (653) | (711) |
Gross Unrealized (Losses), Total | (734) | (826) |
U.S. Government Agency Obligations Issued by U.S. Government Sponsored Agencies [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 9,948 | |
Estimated Fair Value, 12 Months or More | 9,956 | |
Estimated Fair Value, Total | 19,904 | |
Gross Unrealized (Losses), Less than 12 Months | (52) | |
Gross Unrealized (Losses), 12 Months or More | (25) | |
Gross Unrealized (Losses), Total | (77) | |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 4,289 | 8,431 |
Estimated Fair Value, 12 Months or More | 2,842 | 3,800 |
Estimated Fair Value, Total | 7,131 | 12,231 |
Gross Unrealized (Losses), Less than 12 Months | (12) | (22) |
Gross Unrealized (Losses), 12 Months or More | (20) | (46) |
Gross Unrealized (Losses), Total | (32) | (68) |
Residential Mortgage Pass-Through Securities Guaranteed by GNMA [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 20,300 | 7,199 |
Estimated Fair Value, 12 Months or More | 1,863 | 647 |
Estimated Fair Value, Total | 22,163 | 7,846 |
Gross Unrealized (Losses), Less than 12 Months | (222) | (22) |
Gross Unrealized (Losses), 12 Months or More | (16) | (8) |
Gross Unrealized (Losses), Total | (238) | (30) |
Residential Mortgage Pass-Through Securities Issued by FNMA and FHLMC [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 82,177 | |
Estimated Fair Value, 12 Months or More | 0 | |
Estimated Fair Value, Total | 82,177 | |
Gross Unrealized (Losses), Less than 12 Months | (313) | |
Gross Unrealized (Losses), 12 Months or More | 0 | |
Gross Unrealized (Losses), Total | (313) | |
Other Residential Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 1,135,533 | 537,033 |
Estimated Fair Value, 12 Months or More | 238,152 | 395,342 |
Estimated Fair Value, Total | 1,373,685 | 932,375 |
Gross Unrealized (Losses), Less than 12 Months | (8,832) | (2,449) |
Gross Unrealized (Losses), 12 Months or More | (6,929) | (10,031) |
Gross Unrealized (Losses), Total | (15,761) | (12,480) |
Commercial Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 238,668 | 9,134 |
Estimated Fair Value, 12 Months or More | 11,090 | 79,829 |
Estimated Fair Value, Total | 249,758 | 88,963 |
Gross Unrealized (Losses), Less than 12 Months | (2,902) | (3) |
Gross Unrealized (Losses), 12 Months or More | (154) | (1,088) |
Gross Unrealized (Losses), Total | (3,056) | $ (1,091) |
Asset-Backed Securities and Structured Financial Products [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 6,778 | |
Estimated Fair Value, 12 Months or More | 0 | |
Estimated Fair Value, Total | 6,778 | |
Gross Unrealized (Losses), Less than 12 Months | (125) | |
Gross Unrealized (Losses), 12 Months or More | 0 | |
Gross Unrealized (Losses), Total | $ (125) |
Securities Available for Sale63
Securities Available for Sale and Held to Maturity - Gains and Losses as a Result of Calls and Disposition of Securities (Details) - Available for Sale [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gains (losses) on Investments [Abstract] | |||
Proceeds from calls and sales of securities | $ 0 | $ 56,815 | $ 224,853 |
Gross realized gains | 0 | 456 | 1,680 |
Gross realized losses | $ 0 | $ (156) | $ (1,195) |
Securities Available for Sale64
Securities Available for Sale and Held to Maturity - Contractual Maturities of Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities Available for Sale, Amortized Cost [Abstract] | ||
Due in one year or less | $ 20,805 | |
Due after one year through five years | 113,325 | |
Due after five years through ten years | 16,997 | |
Due after ten years | 77,167 | |
Total amortized cost, before mortgage-backed securities | 228,294 | |
Mortgage-backed securities | 2,111,268 | |
Total | 2,339,562 | |
Securities Available for Sale, Estimated Fair Value [Abstract] | ||
Due in one year or less | 20,982 | |
Due after one year through five years | 117,050 | |
Due after five years through ten years | 17,562 | |
Due after ten years | 76,388 | |
Total fair value, before mortgage-backed securities | 231,982 | |
Mortgage-backed securities | 2,113,440 | |
Total | 2,345,422 | $ 2,374,567 |
Securities Held to Maturity, Amortized Cost [Abstract] | ||
Due in one year or less | 6,300 | |
Due after one year through five years | 60,315 | |
Due after five years through ten years | 91,059 | |
Due after ten years | 0 | |
Total amortized cost, before mortgage-backed securities | 157,674 | |
Mortgage-backed securities | 1,030,144 | |
Amortized Cost | 1,187,818 | 1,170,685 |
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||
Due in one year or less | 6,505 | |
Due after one year through five years | 61,936 | |
Due after five years through ten years | 95,433 | |
Due after ten years | 0 | |
Total fair value, before mortgage-backed securities | 163,874 | |
Mortgage-backed securities | 1,031,493 | |
Total | $ 1,195,367 | $ 1,182,846 |
LHFI and Allowance for Loan L65
LHFI and Allowance for Loan Losses, LHFI - Loan Portfolio Held for Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loan Portfolio [Abstract] | ||
Total LHFI | $ 7,091,385 | $ 6,449,469 |
Less allowance for loan losses, LHFI | 67,619 | 69,616 |
Net LHFI | 7,023,766 | 6,379,853 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 824,723 | 619,877 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,649,501 | 1,634,397 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 211,228 | 253,787 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,736,476 | 1,553,193 |
Commercial and Industrial Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,343,211 | 1,270,350 |
Consumer Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 169,135 | 167,964 |
State and Other Political Subdivision Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 734,615 | 602,727 |
Other Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | $ 422,496 | $ 347,174 |
LHFI and Allowance for Loan L66
LHFI and Allowance for Loan Losses, LHFI - Additional Information (Details 1) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Region | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |||
Maximum concentration of loan as a percentage of total LHFI | 10.00% | ||
Key market regions | Region | 5 | ||
Loans and Leases Receivable, Related Parties | $ 82,200 | $ 95,200 | |
New loan advances to related party | 422,800 | ||
Loan repayment by related party | 435,800 | ||
Loan decreases from changes in executive officers and directors | 3 | ||
Carrying amounts of nonaccrual LHFI considered for impairment analysis | 55,300 | 79,300 | |
Minimum loan amount for loan to be individually assessed for impairment | 500 | ||
Nonaccrual financing receivable, specifically evaluated for impairment | 26,500 | 47,100 | |
Nonaccrual financing receivable, allowance for credit losses, specifically evaluated for impairment | 7,000 | 11,300 | |
Nonaccrual financing receivable, allowance for credit losses, charge-offs, specifically evaluated for impairment | 10,100 | 137 | $ 2,500 |
Nonaccrual financing receivable specifically evaluated for impairment allowance for credit losses provisions | 4,800 | 3,500 | 2,900 |
Nonaccrual financing receivable, not specifically evaluated for impairment | 28,800 | 32,200 | |
Nonaccrual financing receivable, allowance for credit losses, not specifically evaluated for impairment | 2,000 | 1,500 | |
Amount held by company of foreclosure or in substance repossession of consumer mortgage LHFI classified as TDRs | 1,000 | ||
TDRs Classified as Consumer mortgage LHFI in the process of formal disclosure | 83 | ||
LHFI Classified as TDRs | 9,700 | 11,300 | 14,800 |
LHFI classified as TDRs from credits with interest only payments | 5,900 | 7,400 | 11,100 |
Financing receivable, related allowance | 1,800 | 1,700 | 1,600 |
Financing receivable, related charge-offs | $ 806 | $ 75 | $ 816 |
LHFI and Allowance for Loan L67
LHFI and Allowance for Loan Losses, LHFI - Summary of LHFI Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | $ 55,312 | $ 79,343 |
LHFI, Collectively Evaluated For Impairment | 7,036,073 | 6,370,126 |
Total LHFI | 7,091,385 | 6,449,469 |
Commercial and Industrial Loans [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 7,622 | 12,104 |
LHFI, Collectively Evaluated For Impairment | 1,335,589 | 1,258,246 |
Total LHFI | 1,343,211 | 1,270,350 |
Consumer Loans [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 31 | 88 |
LHFI, Collectively Evaluated For Impairment | 169,104 | 167,876 |
Total LHFI | 169,135 | 167,964 |
State and Other Political Subdivision Loans [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 0 | 0 |
LHFI, Collectively Evaluated For Impairment | 734,615 | 602,727 |
Total LHFI | 734,615 | 602,727 |
Other Loans [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 512 | 628 |
LHFI, Collectively Evaluated For Impairment | 421,984 | 346,546 |
Total LHFI | 422,496 | 347,174 |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 6,123 | 13,867 |
LHFI, Collectively Evaluated For Impairment | 818,600 | 606,010 |
Total LHFI | 824,723 | 619,877 |
Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 23,079 | 25,621 |
LHFI, Collectively Evaluated For Impairment | 1,626,422 | 1,608,776 |
Total LHFI | 1,649,501 | 1,634,397 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 17,800 | 25,717 |
LHFI, Collectively Evaluated For Impairment | 1,718,676 | 1,527,476 |
Total LHFI | 1,736,476 | 1,553,193 |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 145 | 1,318 |
LHFI, Collectively Evaluated For Impairment | 211,083 | 252,469 |
Total LHFI | $ 211,228 | $ 253,787 |
LHFI and Allowance for Loan L68
LHFI and Allowance for Loan Losses, LHFI - Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | $ 69,894 | $ 96,365 |
Total LHFI With No Related Allowance Recorded | 12,852 | 23,135 |
Total LHFI With an Allowance Recorded | 42,460 | 56,208 |
Total LHFI Carrying Amount | 55,312 | 79,343 |
Related Allowance | 8,988 | 12,764 |
Average Recorded Investment | 67,327 | 72,291 |
Commercial and Industrial Loans [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 9,880 | 13,916 |
Total LHFI With No Related Allowance Recorded | 1,137 | 1,206 |
Total LHFI With an Allowance Recorded | 6,485 | 10,898 |
Total LHFI Carrying Amount | 7,622 | 12,104 |
Related Allowance | 3,304 | 6,449 |
Average Recorded Investment | 9,863 | 9,195 |
Consumer Loans [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 34 | 152 |
Total LHFI With No Related Allowance Recorded | 0 | 0 |
Total LHFI With an Allowance Recorded | 31 | 88 |
Total LHFI Carrying Amount | 31 | 88 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 59 | 120 |
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 | 642 | 734 |
Total LHFI With No Related Allowance Recorded | 0 | 0 |
Total LHFI With an Allowance Recorded | 512 | 628 |
Total LHFI Carrying Amount | 512 | 628 |
Related Allowance | 128 | 259 |
Average Recorded Investment | 570 | 682 |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 11,113 | 20,849 |
Total LHFI With No Related Allowance Recorded | 3,395 | 7,411 |
Total LHFI With an Allowance Recorded | 2,728 | 6,456 |
Total LHFI Carrying Amount | 6,123 | 13,867 |
Related Allowance | 909 | 2,767 |
Average Recorded Investment | 9,995 | 13,597 |
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 | 27,678 | 31,151 |
Total LHFI With No Related Allowance Recorded | 283 | 1,650 |
Total LHFI With an Allowance Recorded | 22,796 | 23,971 |
Total LHFI Carrying Amount | 23,079 | 25,621 |
Related Allowance | 1,230 | 450 |
Average Recorded Investment | 24,350 | 23,612 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 20,387 | 27,969 |
Total LHFI With No Related Allowance Recorded | 8,037 | 12,868 |
Total LHFI With an Allowance Recorded | 9,763 | 12,849 |
Total LHFI Carrying Amount | 17,800 | 25,717 |
Related Allowance | 3,402 | 2,787 |
Average Recorded Investment | 21,758 | 23,763 |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 160 | 1,594 |
Total LHFI With No Related Allowance Recorded | 0 | 0 |
Total LHFI With an Allowance Recorded | 145 | 1,318 |
Total LHFI Carrying Amount | 145 | 1,318 |
Related Allowance | 15 | 52 |
Average Recorded Investment | $ 732 | $ 1,322 |
LHFI and Allowance for Loan L69
LHFI and Allowance for Loan Losses, LHFI - Impact of Modifications Classified as Troubled Debt Restructurings (Details) - Troubled Debt Restructurings [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($)Contract | |
Troubled Debt Restructurings [Abstract] | |||
Number of Contracts | Contract | 18 | 14 | |
Pre-Modification Outstanding Recorded Investment | $ 4,301 | $ 4,884 | |
Post-Modification Outstanding Recorded Investment | $ 4,301 | $ 4,820 | |
Secured by 1-4 Family Residential Properties [Member] | |||
Troubled Debt Restructurings [Abstract] | |||
Number of Contracts | Contract | 13 | 17 | 10 |
Pre-Modification Outstanding Recorded Investment | $ 688 | $ 1,248 | $ 498 |
Post-Modification Outstanding Recorded Investment | $ 688 | $ 1,234 | $ 441 |
Loans secured by Nonfarm, Nonresidential Properties [Member] | |||
Troubled Debt Restructurings [Abstract] | |||
Number of Contracts | Contract | 5 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 3,613 | $ 952 | |
Post-Modification Outstanding Recorded Investment | $ 3,613 | $ 952 | |
Commercial And Industrial Loans | |||
Troubled Debt Restructurings [Abstract] | |||
Number of Contracts | Contract | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 944 | ||
Post-Modification Outstanding Recorded Investment | $ 937 | ||
Other Loans [Member] | |||
Troubled Debt Restructurings [Abstract] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 2,490 | ||
Post-Modification Outstanding Recorded Investment | $ 2,490 |
LHFI and Allowance for Loan L70
LHFI and Allowance for Loan Losses, LHFI - Troubled Debt Restructuring Subsequently Defaulted (Details) - Troubled Debt Restructurings that Subsequently Defaulted [Member] - Secured by 1-4 Family Residential Properties [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($)Contract | |
Troubled Debt Restructurings [Abstract] | |||
Number of Contracts | Contract | 5 | 1 | 5 |
Recorded Investment | $ | $ 260 | $ 103 | $ 345 |
LHFI and Allowance for Loan L71
LHFI and Allowance for Loan Losses, LHFI - Troubled Debt Restructuring Related to Loans Held for Investment, Excluding Covered Loans, by Loan Type (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | $ 55,312 | $ 79,343 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 6,123 | 13,867 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 23,079 | 25,621 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 17,800 | 25,717 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 145 | 1,318 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 7,622 | 12,104 | |
Troubled Debt Restructurings [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 2,235 | 1,385 | $ 1,320 |
Nonaccrual | 7,418 | 9,910 | 13,456 |
Total | 9,653 | 11,295 | 14,776 |
Troubled Debt Restructurings [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | 0 |
Nonaccrual | 869 | 3,665 | 6,247 |
Total | 869 | 3,665 | 6,247 |
Troubled Debt Restructurings [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 1,426 | 1,385 | 1,320 |
Nonaccrual | 2,424 | 3,733 | 4,201 |
Total | 3,850 | 5,118 | 5,521 |
Troubled Debt Restructurings [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 809 | 0 | 0 |
Nonaccrual | 3,662 | 1,854 | 2,292 |
Total | 4,471 | 1,854 | 2,292 |
Troubled Debt Restructurings [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 149 | 167 | |
Total | 149 | 167 | |
Troubled Debt Restructurings [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | 0 |
Nonaccrual | 463 | 509 | 549 |
Total | $ 463 | $ 509 | $ 549 |
LHFI and Allowance for Loan L72
LHFI and Allowance for Loan Losses, LHFI - Additional Information (Details 2) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)KeyRatioLoanPoolCreditRiskGrade | Dec. 31, 2014USD ($) | |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Number of days used as baseline in evaluating collateral documentation exceptions for loan policy | 90 days | |
Number of key quality ratios | KeyRatio | 6 | |
LHFS past due 90 days or more | $ 21,800 | $ 25,900 |
Percentage of outstanding principal to be repurchased under GNMA optional repurchase program | 100.00% | |
Amount of delinquent loans repurchased | $ 28,500 | |
Repurchase gain included in gain on sales of loans | $ 304 | |
Financing Receivable [Abstract] | ||
Number of primary commercial loan groups | LoanPool | 9 | |
Number of individual credit risk grades | CreditRiskGrade | 10 | |
Minimum [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Loan amount used as baseline in credit quality review for loan policy | $ 1,000 | |
Financing Receivable [Abstract] | ||
Period to conduct asset review | 6 months | |
Credit amount used as baseline in evaluating non-owner occupied commercial real estate for loan policy | $ 100 | |
Maximum [Member] | ||
Financing Receivable [Abstract] | ||
Period to conduct asset review | 18 months |
LHFI and Allowance for Loan L73
LHFI and Allowance for Loan Losses, LHFI - Carrying Amount of Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable [Abstract] | |||
Current | $ 7,021,750 | $ 6,349,071 | |
Financing Receivable, Recorded Investment, Past Due | 14,323 | 21,055 | |
Nonaccrual | 55,312 | 79,343 | |
Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | [1] | 2,300 | 2,764 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Current | 818,386 | 605,685 | |
Financing Receivable, Recorded Investment, Past Due | 214 | 325 | |
Nonaccrual | 6,123 | 13,867 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | [1] | 60 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Current | 1,616,361 | 1,595,557 | |
Financing Receivable, Recorded Investment, Past Due | 10,061 | 13,219 | |
Nonaccrual | 23,079 | 25,621 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | [1] | 2,058 | 2,367 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Current | 1,718,151 | 1,525,482 | |
Financing Receivable, Recorded Investment, Past Due | 525 | 1,994 | |
Nonaccrual | 17,800 | 25,717 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Current | 211,083 | 252,389 | |
Financing Receivable, Recorded Investment, Past Due | 80 | ||
Nonaccrual | 145 | 1,318 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable [Abstract] | |||
Current | 1,334,623 | 1,255,323 | |
Financing Receivable, Recorded Investment, Past Due | 966 | 2,923 | |
Nonaccrual | 7,622 | 12,104 | |
Commercial and Industrial Loans [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | [1] | 126 | |
Consumer Loans [Member] | |||
Financing Receivable [Abstract] | |||
Current | 166,680 | 165,503 | |
Financing Receivable, Recorded Investment, Past Due | 2,424 | 2,373 | |
Nonaccrual | 31 | 88 | |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | [1] | 242 | 211 |
State and Other Political Subdivision Loans [Member] | |||
Financing Receivable [Abstract] | |||
Current | 734,550 | 602,727 | |
Financing Receivable, Recorded Investment, Past Due | 65 | ||
Other Loans [Member] | |||
Financing Receivable [Abstract] | |||
Current | 421,916 | 346,405 | |
Financing Receivable, Recorded Investment, Past Due | 68 | 141 | |
Nonaccrual | 512 | 628 | |
Commercial LHFI [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 5,336,445 | 4,708,378 | |
Commercial LHFI [Member] | Pass [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 5,180,903 | 4,519,970 | |
Commercial LHFI [Member] | Special Mention [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 24,510 | 22,663 | |
Commercial LHFI [Member] | Substandard [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 128,883 | 164,053 | |
Commercial LHFI [Member] | Doubtful [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 2,149 | 1,692 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 762,393 | 556,641 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Pass [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 746,227 | 518,944 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Special Mention [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 479 | ||
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Substandard [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 15,637 | 37,022 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Doubtful [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 529 | 196 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 133,328 | 134,551 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Pass [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 125,268 | 125,203 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Special Mention [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 345 | 1,652 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Substandard [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 7,525 | 7,483 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Doubtful [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 190 | 213 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,735,723 | 1,552,318 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Pass [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,680,846 | 1,462,226 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Special Mention [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 2,031 | 8,431 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Substandard [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 52,485 | 81,661 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Doubtful [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 361 | ||
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 209,865 | 251,380 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Pass [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 205,097 | 246,099 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Special Mention [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 306 | ||
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Substandard [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 4,768 | 4,975 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,343,211 | 1,270,344 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,295,760 | 1,239,247 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Special Mention [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 9,473 | 4,245 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 37,284 | 26,133 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Doubtful [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 694 | 719 | |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 734,615 | 602,727 | |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | Pass [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 713,616 | 589,653 | |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | Special Mention [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 12,478 | 7,550 | |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | Substandard [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 8,521 | 5,524 | |
Commercial LHFI [Member] | Other Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 417,310 | 340,417 | |
Commercial LHFI [Member] | Other Loans [Member] | Pass [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 414,089 | 338,598 | |
Commercial LHFI [Member] | Other Loans [Member] | Special Mention [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 183 | ||
Commercial LHFI [Member] | Other Loans [Member] | Substandard [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 2,663 | 1,255 | |
Commercial LHFI [Member] | Other Loans [Member] | Doubtful [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 375 | 564 | |
Consumer LHFI [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 7,091,385 | 6,449,469 | |
Current | 1,722,055 | 1,703,795 | |
Nonaccrual | 20,692 | 21,863 | |
Subtotal | 1,754,940 | 1,741,091 | |
Consumer LHFI [Member] | Past Due 30-89 Days [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 9,893 | 12,795 | |
Consumer LHFI [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 2,300 | 2,638 | |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 824,723 | 619,877 | |
Current | 62,158 | 62,897 | |
Nonaccrual | 26 | 81 | |
Subtotal | 62,330 | 63,236 | |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 146 | 199 | |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 59 | ||
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,649,501 | 1,634,397 | |
Current | 1,485,914 | 1,465,355 | |
Nonaccrual | 20,636 | 21,695 | |
Subtotal | 1,516,173 | 1,499,846 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 7,565 | 10,429 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 2,058 | 2,367 | |
Consumer LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,736,476 | 1,553,193 | |
Current | 753 | 875 | |
Subtotal | 753 | 875 | |
Consumer LHFI [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 211,228 | 253,787 | |
Current | 1,363 | 2,407 | |
Subtotal | 1,363 | 2,407 | |
Consumer LHFI [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,343,211 | 1,270,350 | |
Subtotal | 6 | ||
Consumer LHFI [Member] | Commercial and Industrial Loans [Member] | Past Due 30-89 Days [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 5 | ||
Consumer LHFI [Member] | Commercial and Industrial Loans [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 1 | ||
Consumer LHFI [Member] | Consumer Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 169,135 | 167,964 | |
Current | 166,681 | 165,504 | |
Nonaccrual | 30 | 87 | |
Subtotal | 169,135 | 167,964 | |
Consumer LHFI [Member] | Consumer Loans [Member] | Past Due 30-89 Days [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 2,182 | 2,162 | |
Consumer LHFI [Member] | Consumer Loans [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 242 | 211 | |
Consumer LHFI [Member] | State and Other Political Subdivision Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 734,615 | 602,727 | |
Consumer LHFI [Member] | Other Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 422,496 | 347,174 | |
Current | 5,186 | 6,757 | |
Subtotal | $ 5,186 | $ 6,757 | |
[1] | (1) Past due 90 days or more but still accruing interest. |
LHFI and Allowance for Loan L74
LHFI and Allowance for Loan Losses, LHFI - Aging Analysis of Past Due Loans and Nonaccrual Loans, Excluding Covered Loans by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | $ 14,323 | $ 21,055 | |
Nonaccrual | 55,312 | 79,343 | |
Current Loans | 7,021,750 | 6,349,071 | |
Total LHFI | 7,091,385 | 6,449,469 | |
Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 9,743 | 15,146 | |
Past Due 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 2,280 | 3,145 | |
Past Due 90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | [1] | 2,300 | 2,764 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 214 | 325 | |
Nonaccrual | 6,123 | 13,867 | |
Current Loans | 818,386 | 605,685 | |
Total LHFI | 824,723 | 619,877 | |
Construction, Land Development and Other Land [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 214 | 248 | |
Construction, Land Development and Other Land [Member] | Past Due 60 to 89 Days [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 17 | ||
Construction, Land Development and Other Land [Member] | Past Due 90 Days or More [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | [1] | 60 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 10,061 | 13,219 | |
Nonaccrual | 23,079 | 25,621 | |
Current Loans | 1,616,361 | 1,595,557 | |
Total LHFI | 1,649,501 | 1,634,397 | |
Secured by 1-4 Family Residential Properties [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 6,203 | 8,424 | |
Secured by 1-4 Family Residential Properties [Member] | Past Due 60 to 89 Days [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 1,800 | 2,428 | |
Secured by 1-4 Family Residential Properties [Member] | Past Due 90 Days or More [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | [1] | 2,058 | 2,367 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 525 | 1,994 | |
Nonaccrual | 17,800 | 25,717 | |
Current Loans | 1,718,151 | 1,525,482 | |
Total LHFI | 1,736,476 | 1,553,193 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 437 | 1,960 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Past Due 60 to 89 Days [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 88 | 34 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 80 | ||
Nonaccrual | 145 | 1,318 | |
Current Loans | 211,083 | 252,389 | |
Total LHFI | 211,228 | 253,787 | |
Other Real Estate Secured [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 80 | ||
Commercial and Industrial Loans [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 966 | 2,923 | |
Nonaccrual | 7,622 | 12,104 | |
Current Loans | 1,334,623 | 1,255,323 | |
Total LHFI | 1,343,211 | 1,270,350 | |
Commercial and Industrial Loans [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 921 | 2,491 | |
Commercial and Industrial Loans [Member] | Past Due 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 45 | 306 | |
Commercial and Industrial Loans [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | [1] | 126 | |
Consumer Loans [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 2,424 | 2,373 | |
Nonaccrual | 31 | 88 | |
Current Loans | 166,680 | 165,503 | |
Total LHFI | 169,135 | 167,964 | |
Consumer Loans [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 1,835 | 1,811 | |
Consumer Loans [Member] | Past Due 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 347 | 351 | |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | [1] | 242 | 211 |
State and Other Political Subdivision Loans [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 65 | ||
Current Loans | 734,550 | 602,727 | |
Total LHFI | 734,615 | 602,727 | |
State and Other Political Subdivision Loans [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 65 | ||
Other Loans [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 68 | 141 | |
Nonaccrual | 512 | 628 | |
Current Loans | 421,916 | 346,405 | |
Total LHFI | 422,496 | 347,174 | |
Other Loans [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | $ 68 | 132 | |
Other Loans [Member] | Past Due 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | $ 9 | ||
[1] | (1) Past due 90 days or more but still accruing interest. |
LHFI and Allowance for Loan L75
LHFI and Allowance for Loan Losses, LHFI - Additional Information (Details 3) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)FactorMarketLoanScale | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Number of loan types for commercial portfolio | Loan | 9 | ||
Number of unique qualitative factors used to analyze consumer loans | Market | 5 | ||
Number of risk rate factors for commercial loans | Factor | 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 | ||
Additional provision amount quantitative portion of the allowance for loan loss methodology for commercial LHFI due to incorporate third-party default data | $ 1,300 | ||
Minimum score for qualitative risk factor | Scale | 0 | ||
Maximum score for qualitative risk factor | Scale | 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 | ||
Amount of provision recapture resulting from market region distribution related to qualitative portion of the allowance for loan loss methodology for commercial LHFI | 2,100 | ||
Amount of provision recapture resulting from market region distribution related to quantitative portion of the allowance for loan loss methodology for commercial LHFI | $ 785 | ||
Additional provision due to revision of methodology | $ 1,600 | ||
Length of loss emergence period in the qualitative portion of the allowance for loan loss methodology for commercial LHFI to observe the maximum observed gross historical losses | 3 years | ||
Additional provision due to revision of methodology to incorporate the use of maximum observed gross historical losses | $ 4,400 | ||
Amount of provision recapture resulting from revision to loan facility risk component related to qualitative portion of the allowance for loan loss methodology for commercial LHFI | 2,100 | ||
Maximum value of commercial LHFI which were subject to further refinement of allowance for loan loss methodology | $ 500 | ||
Amount of provision recapture resulting from market region distribution related to quantitative portion of the allowance for loan loss methodology for consumer LHFI regarding consumer mortgage portfolio | 455 | ||
Additional provision amount qualitative portion of the allowance for loan loss methodology for consumer LHFI to incorporate the use of maximum observed gross historical losses | 750 | ||
Commercial and Industrial Loans [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Additional provision due to revision of methodology | 1,100 | 822 | |
Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Additional provision due to revision of methodology | $ 2,200 | $ 1,400 |
LHFI and Allowance for Loan L76
LHFI and Allowance for Loan Losses, LHFI - Change in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | $ 69,616 | ||||
Provision for loan losses, LHFI | 8,375 | $ 1,211 | $ (13,421) | ||
Balance at end of period | 67,619 | 69,616 | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Total | 67,619 | 69,616 | $ 67,619 | $ 69,616 | |
Allowance for Loan Losses, LHFI [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 69,616 | 66,448 | 78,738 | ||
Loans charged-off | (22,469) | (13,226) | (13,478) | ||
Recoveries | 12,097 | 15,183 | 14,609 | ||
Net (charge-offs) recoveries | (10,372) | 1,957 | 1,131 | ||
Provision for loan losses, LHFI | 8,375 | 1,211 | (13,421) | ||
Balance at end of period | 67,619 | 69,616 | 66,448 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Individually | 8,988 | 12,764 | |||
Collectively | 58,631 | 69,616 | |||
Total | 69,616 | 69,616 | 66,448 | 67,619 | 69,616 |
Allowance for Loan Losses, LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 13,073 | 13,165 | |||
Loans charged-off | (2,435) | (1,100) | |||
Recoveries | 1,773 | 3,608 | |||
Provision for loan losses, LHFI | (824) | (2,600) | |||
Balance at end of period | 11,587 | 13,073 | 13,165 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Individually | 909 | 2,767 | |||
Collectively | 10,678 | 13,073 | |||
Total | 13,073 | 13,073 | 13,165 | 11,587 | 13,073 |
Allowance for Loan Losses, LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 9,677 | 9,633 | |||
Loans charged-off | (2,473) | (2,505) | |||
Recoveries | 920 | 922 | |||
Provision for loan losses, LHFI | 2,554 | 1,627 | |||
Balance at end of period | 10,678 | 9,677 | 9,633 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Individually | 1,230 | 450 | |||
Collectively | 9,448 | 9,677 | |||
Total | 9,677 | 9,677 | 9,633 | 10,678 | 9,677 |
Allowance for Loan Losses, LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 18,523 | 19,672 | |||
Loans charged-off | (1,439) | (390) | |||
Recoveries | 605 | 944 | |||
Provision for loan losses, LHFI | 3,874 | (1,703) | |||
Balance at end of period | 21,563 | 18,523 | 19,672 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Individually | 3,402 | 2,787 | |||
Collectively | 18,161 | 18,523 | |||
Total | 18,523 | 18,523 | 19,672 | 21,563 | 18,523 |
Allowance for Loan Losses, LHFI [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 2,141 | 2,080 | |||
Loans charged-off | (24) | (277) | |||
Recoveries | 136 | ||||
Provision for loan losses, LHFI | 214 | 338 | |||
Balance at end of period | 2,467 | 2,141 | 2,080 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Individually | 15 | 52 | |||
Collectively | 2,452 | 2,141 | |||
Total | 2,141 | 2,141 | 2,080 | 2,467 | 2,141 |
Allowance for Loan Losses, LHFI [Member] | Commercial and Industrial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 19,917 | 15,522 | |||
Loans charged-off | (8,081) | (2,092) | |||
Recoveries | 1,761 | 2,657 | |||
Provision for loan losses, LHFI | 2,218 | 3,830 | |||
Balance at end of period | 15,815 | 19,917 | 15,522 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Individually | 3,304 | 6,449 | |||
Collectively | 12,511 | 19,917 | |||
Total | 19,917 | 19,917 | 15,522 | 15,815 | 19,917 |
Allowance for Loan Losses, LHFI [Member] | Consumer Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 2,149 | 2,405 | |||
Loans charged-off | (2,171) | (1,965) | |||
Recoveries | 3,289 | 3,883 | |||
Provision for loan losses, LHFI | (388) | (2,174) | |||
Balance at end of period | 2,879 | 2,149 | 2,405 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Collectively | 2,879 | 2,149 | |||
Total | 2,149 | 2,149 | 2,405 | 2,879 | 2,149 |
Allowance for Loan Losses, LHFI [Member] | State and Other Political Subdivision Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 1,314 | 1,205 | |||
Provision for loan losses, LHFI | (505) | 109 | |||
Balance at end of period | 809 | 1,314 | 1,205 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Collectively | 809 | 1,314 | |||
Total | 1,314 | 1,314 | 1,205 | 809 | 1,314 |
Allowance for Loan Losses, LHFI [Member] | Other Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 2,822 | 2,766 | |||
Loans charged-off | (5,846) | (4,897) | |||
Recoveries | 3,613 | 3,169 | |||
Provision for loan losses, LHFI | 1,232 | 1,784 | |||
Balance at end of period | 1,821 | 2,822 | 2,766 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Individually | 128 | 259 | |||
Collectively | 1,693 | 2,822 | |||
Total | $ 2,822 | $ 2,822 | $ 2,766 | $ 1,821 | $ 2,822 |
Acquired Loans - Schedule of Co
Acquired Loans - Schedule of Covered and Noncovered Acquired Loans by Type (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | $ 390,411 | $ 549,409 |
Less allowance for loan losses, acquired loans | 67,619 | 69,616 |
Noncovered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 372,711 | 525,783 |
Less allowance for loan losses, acquired loans | 11,259 | 10,541 |
Net acquired loans | 361,452 | 515,242 |
Covered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 17,700 | 23,626 |
Less allowance for loan losses, acquired loans | 733 | 1,518 |
Net acquired loans | 16,967 | 22,108 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 41,623 | 58,309 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 1,021 | 1,197 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 86,950 | 116,920 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 10,058 | 13,180 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 135,626 | 202,323 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 4,638 | 7,672 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 23,860 | 27,813 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 1,286 | 1,096 |
Commercial and Industrial Loans [Member] | Noncovered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 55,075 | 88,256 |
Commercial and Industrial Loans [Member] | Covered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 624 | 277 |
Consumer Loans [Member] | Noncovered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 5,641 | 9,772 |
Consumer Loans [Member] | Covered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 0 | |
Other Loans [Member] | Noncovered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | 23,936 | 22,390 |
Other Loans [Member] | Covered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Acquired loans | $ 73 | $ 204 |
Acquired Loans - Changes in the
Acquired Loans - Changes in the Carrying Value of Acquired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Carrying value of acquired loans [Abstract] | |||
Accretion to interest income | $ 30,501 | $ 48,627 | |
Noncovered Loans [Member] | |||
Carrying value of acquired loans [Abstract] | |||
Carrying value, net, beginning | 515,242 | ||
Carrying value, net, ending | 361,452 | 515,242 | |
Covered Loans [Member] | |||
Carrying value of acquired loans [Abstract] | |||
Carrying value, net, beginning | 22,108 | ||
Carrying value, net, ending | 16,967 | 22,108 | |
Acquired Not ASC 310-30 [Member] | Noncovered Loans [Member] | |||
Carrying value of acquired loans [Abstract] | |||
Carrying value, net, beginning | [1] | 81,091 | 123,085 |
Accretion to interest income | [1] | 479 | 1,706 |
Payments received, net | [1] | (15,484) | (42,284) |
Other | [1],[2] | 0 | (2,102) |
Less change in allowance for loan losses, acquired loans | [1] | 0 | 686 |
Carrying value, net, ending | [1] | 66,086 | 81,091 |
Acquired Not ASC 310-30 [Member] | Covered Loans [Member] | |||
Carrying value of acquired loans [Abstract] | |||
Carrying value, net, beginning | [1] | 1,604 | 1,663 |
Accretion to interest income | [1] | 0 | 1 |
Payments received, net | [1] | (33) | (30) |
Other | [1],[2] | 0 | (484) |
Less change in allowance for loan losses, acquired loans | [1] | 0 | 454 |
Carrying value, net, ending | [1] | 1,571 | 1,604 |
Acquired Impaired [Member] | Noncovered Loans [Member] | |||
Carrying value of acquired loans [Abstract] | |||
Carrying value, net, beginning | 434,151 | 639,656 | |
Accretion to interest income | 28,193 | 44,575 | |
Payments received, net | (164,671) | (216,378) | |
Other | [2] | (1,589) | (29,724) |
Less change in allowance for loan losses, acquired loans | (718) | (3,978) | |
Carrying value, net, ending | 295,366 | 434,151 | |
Acquired Impaired [Member] | Covered Loans [Member] | |||
Carrying value of acquired loans [Abstract] | |||
Carrying value, net, beginning | 20,504 | 30,166 | |
Accretion to interest income | 2,308 | 4,052 | |
Payments received, net | (8,592) | (12,396) | |
Other | [2] | 391 | (1,733) |
Less change in allowance for loan losses, acquired loans | 785 | 415 | |
Carrying value, net, ending | $ 15,396 | $ 20,504 | |
[1] | (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. | ||
[2] | (1) Includes miscellaneous timing adjustments as well as acquired loan terminations through foreclosure, charge-off, pool recovery and other terminations. |
Acquired Loans - Changes in Acc
Acquired Loans - Changes in Accretable Yield of Acquired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Change in accretable difference on acquired loans [Abstract] | |||
Accretable yield at beginning of period | $ (77,149) | $ (109,006) | |
Accretion to interest income | 30,501 | 48,627 | |
Disposals | 10,013 | 16,383 | |
Reclassification from nonaccretable difference | [1] | (16,037) | (33,153) |
Accretable yield at end of period | $ (52,672) | $ (77,149) | |
[1] | (1) Reclassifications from nonaccretable difference are due to lower loss expectations and improvements in expected cashflows. |
Acquired Loans - Components of
Acquired Loans - Components of the Allowance for Loan Losses on Acquired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning | $ 12,059 | $ 9,636 | $ 6,075 |
Provision for loan losses, acquired loans | 3,425 | 6,171 | 6,039 |
Loans charged-off | (7,200) | (6,147) | (4,094) |
Recoveries | 3,708 | 2,399 | 1,616 |
Net (charge-offs) recoveries | (3,492) | (3,748) | (2,478) |
Balance, ending | 11,992 | 12,059 | 9,636 |
Noncovered Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning | 10,541 | 7,249 | 1,885 |
Provision for loan losses, acquired loans | 3,854 | 7,149 | 7,367 |
Loans charged-off | (6,722) | (6,274) | (3,634) |
Recoveries | 3,586 | 2,417 | 1,631 |
Net (charge-offs) recoveries | (3,136) | (3,857) | (2,003) |
Balance, ending | 11,259 | 10,541 | 7,249 |
Covered Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning | 1,518 | 2,387 | 4,190 |
Provision for loan losses, acquired loans | (429) | (978) | (1,328) |
Loans charged-off | (478) | 127 | (460) |
Recoveries | 122 | (18) | (15) |
Net (charge-offs) recoveries | (356) | 109 | (475) |
Balance, ending | $ 733 | $ 1,518 | $ 2,387 |
Acquired Loans - Additional Inf
Acquired Loans - Additional Information (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)CreditRiskGrade | Dec. 31, 2014USD ($) | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Number of individual credit risk grades | CreditRiskGrade | 10 | |
Loans and Leases Receivable Disclosure [Abstract] | ||
Nonaccrual loans not accounted for under FASB ASC Topic 310 30 | $ | $ 1 | $ 1.1 |
Acquired Loans - Carrying Amoun
Acquired Loans - Carrying Amount of Acquired Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Loans, Aging [Abstract] | |||
Current | $ 362,970 | $ 498,236 | |
Acquired Loans, Past Due | 26,430 | 50,029 | |
Nonaccrual | [1] | 1,011 | 1,144 |
Total Acquired Loans | 390,411 | 549,409 | |
Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 22,173 | 43,412 |
Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 361,452 | 515,242 | |
Acquired Loans, Aging [Abstract] | |||
Current | 347,632 | 477,216 | |
Acquired Loans, Past Due | 24,119 | 47,490 | |
Nonaccrual | [1] | 960 | 1,077 |
Total Acquired Loans | 372,711 | 525,783 | |
Noncovered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 21,076 | 42,149 |
Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 16,967 | 22,108 | |
Acquired Loans, Aging [Abstract] | |||
Current | 15,338 | 21,020 | |
Acquired Loans, Past Due | 2,311 | 2,539 | |
Nonaccrual | [1] | 51 | 67 |
Total Acquired Loans | 17,700 | 23,626 | |
Covered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 1,097 | 1,263 |
Construction, Land Development and Other Land [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 28,464 | 35,877 | |
Acquired Loans, Past Due | 13,159 | 22,238 | |
Nonaccrual | [1] | 194 | |
Total Acquired Loans | 41,623 | 58,309 | |
Construction, Land Development and Other Land [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 13,021 | 21,985 |
Construction, Land Development and Other Land [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 893 | 821 | |
Acquired Loans, Past Due | 128 | 376 | |
Nonaccrual | [1] | 0 | |
Total Acquired Loans | 1,021 | 1,197 | |
Construction, Land Development and Other Land [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 119 | 376 |
Secured by 1-4 Family Residential Properties [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 83,163 | 107,779 | |
Acquired Loans, Past Due | 3,400 | 8,719 | |
Nonaccrual | [1] | 387 | 422 |
Total Acquired Loans | 86,950 | 116,920 | |
Secured by 1-4 Family Residential Properties [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 1,220 | 5,162 |
Secured by 1-4 Family Residential Properties [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 8,520 | 12,154 | |
Acquired Loans, Past Due | 1,538 | 1,026 | |
Nonaccrual | [1] | 0 | |
Total Acquired Loans | 10,058 | 13,180 | |
Secured by 1-4 Family Residential Properties [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 978 | 477 |
Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 129,182 | 188,094 | |
Acquired Loans, Past Due | 6,300 | 14,229 | |
Nonaccrual | [1] | 144 | 0 |
Total Acquired Loans | 135,626 | 202,323 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 5,913 | 13,275 |
Secured by Nonfarm, Nonresidential Properties [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 3,993 | 6,945 | |
Acquired Loans, Past Due | 645 | 727 | |
Nonaccrual | [1] | 0 | |
Total Acquired Loans | 4,638 | 7,672 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 0 | |
Other Real Estate Secured [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 23,114 | 27,209 | |
Acquired Loans, Past Due | 746 | 604 | |
Nonaccrual | [1] | 0 | |
Total Acquired Loans | 23,860 | 27,813 | |
Other Real Estate Secured [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 737 | 604 |
Other Real Estate Secured [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 1,286 | 728 | |
Acquired Loans, Past Due | 368 | ||
Nonaccrual | [1] | 0 | |
Total Acquired Loans | 1,286 | 1,096 | |
Other Real Estate Secured [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 368 | |
Commercial and Industrial Loans [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 54,376 | 86,234 | |
Acquired Loans, Past Due | 270 | 1,561 | |
Nonaccrual | [1] | 429 | 461 |
Total Acquired Loans | 55,075 | 88,256 | |
Commercial and Industrial Loans [Member] | Noncovered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 184 | 1,099 |
Commercial and Industrial Loans [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 573 | 168 | |
Acquired Loans, Past Due | 42 | ||
Nonaccrual | [1] | 51 | 67 |
Total Acquired Loans | 624 | 277 | |
Commercial and Industrial Loans [Member] | Covered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 42 | |
Consumer Loans [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 5,498 | 9,633 | |
Acquired Loans, Past Due | 143 | 139 | |
Nonaccrual | [1] | 0 | |
Total Acquired Loans | 5,641 | 9,772 | |
Consumer Loans [Member] | Noncovered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 1 | 24 |
Consumer Loans [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Total Acquired Loans | 0 | ||
Other Loans [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 23,835 | 22,390 | |
Acquired Loans, Past Due | 101 | 0 | |
Nonaccrual | [1] | 0 | |
Total Acquired Loans | 23,936 | 22,390 | |
Other Loans [Member] | Noncovered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 0 | |
Other Loans [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 73 | 204 | |
Acquired Loans, Past Due | 0 | ||
Nonaccrual | [1] | 0 | |
Total Acquired Loans | 73 | 204 | |
Other Loans [Member] | Covered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 0 | |
Commercial LHFI [Member] | Pass [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 224,725 | 320,915 | |
Commercial LHFI [Member] | Pass [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 218,201 | 315,953 | |
Commercial LHFI [Member] | Pass [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 6,524 | 4,962 |
Commercial LHFI [Member] | Special Mention [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 3,589 | 5,101 | |
Commercial LHFI [Member] | Special Mention [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 3,425 | 4,646 | |
Commercial LHFI [Member] | Special Mention [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 164 | 455 |
Commercial LHFI [Member] | Substandard [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 77,649 | 108,813 | |
Commercial LHFI [Member] | Substandard [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 75,902 | 103,400 | |
Commercial LHFI [Member] | Substandard [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 1,747 | 5,413 |
Commercial LHFI [Member] | Doubtful [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 7,963 | 11,931 | |
Commercial LHFI [Member] | Doubtful [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 7,844 | 11,827 | |
Commercial LHFI [Member] | Doubtful [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 119 | 104 |
Commercial LHFI [Member] | Commercial Loan [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 313,926 | 446,760 | |
Commercial LHFI [Member] | Commercial Loan [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 305,372 | 435,826 | |
Commercial LHFI [Member] | Commercial Loan [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 8,554 | 10,934 |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Pass [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 15,839 | 20,224 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Pass [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 235 | 0 |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Special Mention [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 253 | 280 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Special Mention [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 0 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Substandard [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 19,252 | 28,339 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Substandard [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 588 | 955 |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Doubtful [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 3,874 | 5,821 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Doubtful [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 119 | 102 |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Commercial Loan [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 39,218 | 54,664 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Commercial Loan [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 942 | 1,057 |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Pass [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 22,272 | 30,796 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Pass [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 869 | 194 |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Special Mention [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 27 | 760 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Special Mention [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 107 | 235 |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Substandard [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 5,033 | 8,466 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Substandard [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 534 | 1,045 |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Doubtful [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 331 | 388 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Doubtful [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 0 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Commercial Loan [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 27,663 | 40,410 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Commercial Loan [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 1,510 | 1,474 |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Pass [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 106,924 | 157,753 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Pass [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 4,060 | 4,419 |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Special Mention [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 2,301 | 3,452 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Special Mention [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 35 | 88 |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Substandard [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 25,690 | 39,408 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Substandard [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 472 | 2,879 |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Doubtful [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 711 | 1,710 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Doubtful [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 0 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Commercial Loan [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 135,626 | 202,323 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Commercial Loan [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 4,567 | 7,386 |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Pass [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 19,346 | 22,754 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Pass [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 730 | 0 |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Special Mention [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 92 | ||
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Special Mention [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 108 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Substandard [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 3,777 | 4,864 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Substandard [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 111 | 426 |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Doubtful [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 731 | 95 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Doubtful [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 2 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Commercial Loan [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 23,854 | 27,805 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Commercial Loan [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 841 | 536 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 36,670 | 64,720 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 560 | 145 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Special Mention [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 844 | 17 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Special Mention [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 22 | 24 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 15,526 | 19,706 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 42 | 108 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Doubtful [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 2,035 | 3,813 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Doubtful [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 0 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Commercial Loan [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 55,075 | 88,256 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Commercial Loan [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 624 | 277 |
Commercial LHFI [Member] | Consumer Loans [Member] | Pass [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 0 | ||
Commercial LHFI [Member] | Consumer Loans [Member] | Special Mention [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 0 | ||
Commercial LHFI [Member] | Consumer Loans [Member] | Substandard [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 0 | ||
Commercial LHFI [Member] | Consumer Loans [Member] | Doubtful [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 0 | ||
Commercial LHFI [Member] | Consumer Loans [Member] | Commercial Loan [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 0 | ||
Commercial LHFI [Member] | Other Loans [Member] | Pass [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 17,150 | 19,706 | |
Commercial LHFI [Member] | Other Loans [Member] | Pass [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 70 | 204 |
Commercial LHFI [Member] | Other Loans [Member] | Special Mention [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 45 | ||
Commercial LHFI [Member] | Other Loans [Member] | Special Mention [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 0 | |
Commercial LHFI [Member] | Other Loans [Member] | Substandard [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 6,624 | 2,617 | |
Commercial LHFI [Member] | Other Loans [Member] | Substandard [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 0 | |
Commercial LHFI [Member] | Other Loans [Member] | Doubtful [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 162 | 0 | |
Commercial LHFI [Member] | Other Loans [Member] | Doubtful [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 0 | |
Commercial LHFI [Member] | Other Loans [Member] | Commercial Loan [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 23,936 | 22,368 | |
Commercial LHFI [Member] | Other Loans [Member] | Commercial Loan [Member] | Covered Loans [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | [3] | 70 | 204 |
Consumer LHFI [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 72,289 | 96,194 | |
Nonaccrual | [1] | 145 | 117 |
Subtotal | 76,485 | 102,649 | |
Total Acquired Loans | 390,411 | 549,409 | |
Consumer LHFI [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 2,330 | 2,947 | |
Consumer LHFI [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 1,721 | 3,391 | |
Consumer LHFI [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 64,228 | 84,318 | |
Nonaccrual | [1] | 145 | 117 |
Subtotal | 67,339 | 89,957 | |
Total Acquired Loans | 372,711 | 525,783 | |
Consumer LHFI [Member] | Noncovered Loans [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 2,007 | 2,474 | |
Consumer LHFI [Member] | Noncovered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 959 | 3,048 | |
Consumer LHFI [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | [3] | 8,061 | 11,876 |
Nonaccrual | [1],[3] | 0 | |
Subtotal | [3] | 9,146 | 12,692 |
Total Acquired Loans | [3] | 17,700 | 23,626 |
Consumer LHFI [Member] | Covered Loans [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 323 | 473 |
Consumer LHFI [Member] | Covered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 762 | 343 |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 2,353 | 3,338 | |
Nonaccrual | [1] | 0 | |
Subtotal | 2,405 | 3,645 | |
Total Acquired Loans | 41,623 | 58,309 | |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 24 | 25 | |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 28 | 282 | |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | [3] | 70 | 140 |
Nonaccrual | [1],[3] | 0 | |
Subtotal | [3] | 79 | 140 |
Total Acquired Loans | [3] | 1,021 | 1,197 |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 9 | 0 |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 0 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 56,371 | 71,316 | |
Nonaccrual | [1] | 145 | 117 |
Subtotal | 59,287 | 76,510 | |
Total Acquired Loans | 86,950 | 116,920 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 1,841 | 2,335 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 930 | 2,742 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | [3] | 7,472 | 10,925 |
Nonaccrual | [1],[3] | 0 | |
Subtotal | [3] | 8,548 | 11,706 |
Total Acquired Loans | [3] | 10,058 | 13,180 |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 314 | 473 |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 762 | 308 |
Consumer LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 0 | ||
Nonaccrual | [1] | 0 | |
Subtotal | 0 | ||
Total Acquired Loans | 135,626 | 202,323 | |
Consumer LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Consumer LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Consumer LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | [3] | 71 | 286 |
Nonaccrual | [1],[3] | 0 | |
Subtotal | [3] | 71 | 286 |
Total Acquired Loans | [3] | 4,638 | 7,672 |
Consumer LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 0 | |
Consumer LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 0 | |
Consumer LHFI [Member] | Other Real Estate Secured [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 6 | 8 | |
Nonaccrual | [1] | 0 | |
Subtotal | 6 | 8 | |
Total Acquired Loans | 23,860 | 27,813 | |
Consumer LHFI [Member] | Other Real Estate Secured [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Consumer LHFI [Member] | Other Real Estate Secured [Member] | Noncovered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Consumer LHFI [Member] | Other Real Estate Secured [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | [3] | 445 | 525 |
Nonaccrual | [1],[3] | 0 | |
Subtotal | [3] | 445 | 560 |
Total Acquired Loans | [3] | 1,286 | 1,096 |
Consumer LHFI [Member] | Other Real Estate Secured [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 0 | |
Consumer LHFI [Member] | Other Real Estate Secured [Member] | Covered Loans [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 35 | |
Consumer LHFI [Member] | Commercial and Industrial Loans [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 0 | ||
Nonaccrual | [1] | 0 | |
Subtotal | 0 | ||
Total Acquired Loans | 55,075 | 88,256 | |
Consumer LHFI [Member] | Commercial and Industrial Loans [Member] | Noncovered Loans [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Consumer LHFI [Member] | Commercial and Industrial Loans [Member] | Noncovered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Consumer LHFI [Member] | Commercial and Industrial Loans [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | [3] | 0 | |
Nonaccrual | [1],[3] | 0 | |
Subtotal | [3] | 0 | |
Total Acquired Loans | [3] | 624 | 277 |
Consumer LHFI [Member] | Commercial and Industrial Loans [Member] | Covered Loans [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 0 | |
Consumer LHFI [Member] | Commercial and Industrial Loans [Member] | Covered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 0 | |
Consumer LHFI [Member] | Consumer Loans [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 5,498 | 9,634 | |
Nonaccrual | [1] | 0 | |
Subtotal | 5,641 | 9,772 | |
Total Acquired Loans | 5,641 | 9,772 | |
Consumer LHFI [Member] | Consumer Loans [Member] | Noncovered Loans [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 142 | 114 | |
Consumer LHFI [Member] | Consumer Loans [Member] | Noncovered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 1 | 24 | |
Consumer LHFI [Member] | Other Loans [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 22 | ||
Nonaccrual | [1] | 0 | |
Subtotal | 22 | ||
Total Acquired Loans | 23,936 | 22,390 | |
Consumer LHFI [Member] | Other Loans [Member] | Noncovered Loans [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Consumer LHFI [Member] | Other Loans [Member] | Noncovered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Consumer LHFI [Member] | Other Loans [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | [3] | 3 | 0 |
Nonaccrual | [1],[3] | 0 | |
Subtotal | [3] | 3 | 0 |
Total Acquired Loans | [3] | $ 73 | 204 |
Consumer LHFI [Member] | Other Loans [Member] | Covered Loans [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | 0 | |
Consumer LHFI [Member] | Other Loans [Member] | Covered Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [3] | $ 0 | |
[1] | Acquired loans not accounted for under FASB ASC Topic 310-30. | ||
[2] | Past due 90 days or more but still accruing interest. | ||
[3] | (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. |
Acquired Loans - Carrying Amo83
Acquired Loans - Carrying Amount of Acquired Loans by Credit Quality Indicator (Parenthetical) (Details) | Dec. 31, 2015 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities [Abstract] | |
Percentage of risk of losses incurred on acquired covered loans | 20.00% |
Acquired Loans - Aging Analysis
Acquired Loans - Aging Analysis of Past Due and Nonaccrual Acquired Loans, by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | $ 26,430 | $ 50,029 | |
Nonaccrual | [1] | 1,011 | 1,144 |
Current Loans | 362,970 | 498,236 | |
Acquired Loans | 390,411 | 549,409 | |
Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 24,119 | 47,490 | |
Nonaccrual | [1] | 960 | 1,077 |
Current Loans | 347,632 | 477,216 | |
Acquired Loans | 372,711 | 525,783 | |
Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 2,311 | 2,539 | |
Nonaccrual | [1] | 51 | 67 |
Current Loans | 15,338 | 21,020 | |
Acquired Loans | 17,700 | 23,626 | |
Past Due 30 to 59 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 2,659 | 3,823 | |
Past Due 30 to 59 Days [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 2,055 | 3,331 | |
Past Due 30 to 59 Days [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 604 | 492 | |
Past Due 60 to 89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 1,598 | 2,794 | |
Past Due 60 to 89 Days [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 988 | 2,010 | |
Past Due 60 to 89 Days [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 610 | 784 | |
Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 22,173 | 43,412 |
Past Due 90 Days or More [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 21,076 | 42,149 |
Past Due 90 Days or More [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 1,097 | 1,263 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 13,159 | 22,238 | |
Nonaccrual | [1] | 194 | |
Current Loans | 28,464 | 35,877 | |
Acquired Loans | 41,623 | 58,309 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 128 | 376 | |
Nonaccrual | [1] | 0 | |
Current Loans | 893 | 821 | |
Acquired Loans | 1,021 | 1,197 | |
Construction, Land Development and Other Land [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 24 | 246 | |
Construction, Land Development and Other Land [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 9 | 0 | |
Construction, Land Development and Other Land [Member] | Past Due 60 to 89 Days [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 114 | 7 | |
Construction, Land Development and Other Land [Member] | Past Due 60 to 89 Days [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Construction, Land Development and Other Land [Member] | Past Due 90 Days or More [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 13,021 | 21,985 |
Construction, Land Development and Other Land [Member] | Past Due 90 Days or More [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 119 | 376 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 3,400 | 8,719 | |
Nonaccrual | [1] | 387 | 422 |
Current Loans | 83,163 | 107,779 | |
Acquired Loans | 86,950 | 116,920 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 1,538 | 1,026 | |
Nonaccrual | [1] | 0 | |
Current Loans | 8,520 | 12,154 | |
Acquired Loans | 10,058 | 13,180 | |
Secured by 1-4 Family Residential Properties [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 1,544 | 2,576 | |
Secured by 1-4 Family Residential Properties [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 428 | 253 | |
Secured by 1-4 Family Residential Properties [Member] | Past Due 60 to 89 Days [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 636 | 981 | |
Secured by 1-4 Family Residential Properties [Member] | Past Due 60 to 89 Days [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 132 | 296 | |
Secured by 1-4 Family Residential Properties [Member] | Past Due 90 Days or More [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 1,220 | 5,162 |
Secured by 1-4 Family Residential Properties [Member] | Past Due 90 Days or More [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 978 | 477 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 6,300 | 14,229 | |
Nonaccrual | [1] | 144 | 0 |
Current Loans | 129,182 | 188,094 | |
Acquired Loans | 135,626 | 202,323 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 645 | 727 | |
Nonaccrual | [1] | 0 | |
Current Loans | 3,993 | 6,945 | |
Acquired Loans | 4,638 | 7,672 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 192 | 89 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 167 | 239 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Past Due 60 to 89 Days [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 195 | 865 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Past Due 60 to 89 Days [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 478 | 488 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Past Due 90 Days or More [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 5,913 | 13,275 |
Secured by Nonfarm, Nonresidential Properties [Member] | Past Due 90 Days or More [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 0 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 746 | 604 | |
Nonaccrual | [1] | 0 | |
Current Loans | 23,114 | 27,209 | |
Acquired Loans | 23,860 | 27,813 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 368 | ||
Nonaccrual | [1] | 0 | |
Current Loans | 1,286 | 728 | |
Acquired Loans | 1,286 | 1,096 | |
Other Real Estate Secured [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 9 | 0 | |
Other Real Estate Secured [Member] | Past Due 30 to 59 Days [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Other Real Estate Secured [Member] | Past Due 60 to 89 Days [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Other Real Estate Secured [Member] | Past Due 60 to 89 Days [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Other Real Estate Secured [Member] | Past Due 90 Days or More [Member] | Loans Secured by Real Estate [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 737 | 604 |
Other Real Estate Secured [Member] | Past Due 90 Days or More [Member] | Loans Secured by Real Estate [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 368 | |
Commercial and Industrial Loans [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 270 | 1,561 | |
Nonaccrual | [1] | 429 | 461 |
Current Loans | 54,376 | 86,234 | |
Acquired Loans | 55,075 | 88,256 | |
Commercial and Industrial Loans [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 42 | ||
Nonaccrual | [1] | 51 | 67 |
Current Loans | 573 | 168 | |
Acquired Loans | 624 | 277 | |
Commercial and Industrial Loans [Member] | Past Due 30 to 59 Days [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 82 | 334 | |
Commercial and Industrial Loans [Member] | Past Due 30 to 59 Days [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Commercial and Industrial Loans [Member] | Past Due 60 to 89 Days [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 4 | 128 | |
Commercial and Industrial Loans [Member] | Past Due 60 to 89 Days [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Commercial and Industrial Loans [Member] | Past Due 90 Days or More [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 184 | 1,099 |
Commercial and Industrial Loans [Member] | Past Due 90 Days or More [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 42 | |
Consumer Loans [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 143 | 139 | |
Nonaccrual | [1] | 0 | |
Current Loans | 5,498 | 9,633 | |
Acquired Loans | 5,641 | 9,772 | |
Consumer Loans [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans | 0 | ||
Consumer Loans [Member] | Past Due 30 to 59 Days [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 119 | 86 | |
Consumer Loans [Member] | Past Due 60 to 89 Days [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 23 | 29 | |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 1 | 24 |
Other Loans [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 101 | 0 | |
Nonaccrual | [1] | 0 | |
Current Loans | 23,835 | 22,390 | |
Acquired Loans | 23,936 | 22,390 | |
Other Loans [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Nonaccrual | [1] | 0 | |
Current Loans | 73 | 204 | |
Acquired Loans | 73 | 204 | |
Other Loans [Member] | Past Due 30 to 59 Days [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 85 | 0 | |
Other Loans [Member] | Past Due 30 to 59 Days [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Other Loans [Member] | Past Due 60 to 89 Days [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | $ 16 | 0 | |
Other Loans [Member] | Past Due 60 to 89 Days [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | ||
Other Loans [Member] | Past Due 90 Days or More [Member] | Noncovered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 0 | |
Other Loans [Member] | Past Due 90 Days or More [Member] | Covered Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | $ 0 | |
[1] | Acquired loans not accounted for under FASB ASC Topic 310-30. | ||
[2] | Past due 90 days or more but still accruing interest. |
Premises and Equipment, Net - P
Premises and Equipment, Net - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Premises and Equipment, Net, by Type [Abstract] | ||
Total cost of premises and equipment | $ 426,166 | $ 418,854 |
Less accumulated depreciation and amortization | 230,510 | 218,073 |
Premises and equipment, net | 195,656 | 200,781 |
Land [Member] | ||
Premises and Equipment, Net, by Type [Abstract] | ||
Total cost of premises and equipment | 57,334 | 57,794 |
Building and Leasehold Improvements [Member] | ||
Premises and Equipment, Net, by Type [Abstract] | ||
Total cost of premises and equipment | 200,475 | 198,739 |
Furniture and Equipment [Member] | ||
Premises and Equipment, Net, by Type [Abstract] | ||
Total cost of premises and equipment | $ 168,357 | $ 162,321 |
Premises and Equipment, Net - A
Premises and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Premises and Equipment, Net, by Type [Abstract] | |||
Depreciation and amortization of premises and equipment | $ 14 | $ 14.1 | $ 14.3 |
Mortgage Banking - Schedule of
Mortgage Banking - Schedule of Activity in the Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage servicing rights [Abstract] | ||
Balance at beginning of period | $ 64,358 | $ 67,834 |
Origination of servicing assets | 17,598 | 12,293 |
Change in fair value [Abstract] | ||
Due to market changes | 1,578 | (7,202) |
Due to runoff | (9,527) | (8,567) |
Balance at end of period | $ 74,007 | $ 64,358 |
Mortgage Banking - Additional I
Mortgage Banking - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)CPR | Dec. 31, 2014USD ($)CPR | Dec. 31, 2013USD ($) | |
Schedule of changes in the reserve for mortgage loan [Abstract] | |||
Assumed average prepayment speed | CPR | 9.32 | 11.51 | |
Average discount rate (in hundredths) | 10.35% | 10.29% | |
Servicing fee income percentage of outstanding balance of underlying loans (in hundredths) | 0.33% | ||
FNMA resolution | $ 0 | $ 0 | $ 3,555 |
Mortgage servicing rights [Abstract] | |||
Residential mortgage loans sold | 1,246,000 | 913,500 | 1,358,000 |
Gains on sales of residential mortgage loans, before tax | 18,000 | 10,800 | 26,400 |
Total mortgage loans sold and serviced for others | $ 5,971,312 | 5,636,249 | |
Period of putback response | 60 days | ||
Mortgage loan servicing putback expenses | $ 315 | $ 600 | $ 1,600 |
Mortgage Banking - Schedule o89
Mortgage Banking - Schedule of Mortgage Loans Sold and Serviced for Others (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | $ 5,971,312 | $ 5,636,249 |
Federal National Mortgage Association [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 3,750,685 | 3,579,987 |
Government National Mortgage Association [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 2,111,797 | 1,948,565 |
Federal Home Loan Mortgage Corporation [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 67,817 | 80,551 |
Other [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | $ 41,013 | $ 27,146 |
Mortgage Banking - Changes in t
Mortgage Banking - Changes in the Reserve for Mortgage Loan Servicing Putback Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of changes in the reserve for mortgage loan [Abstract] | |||
Balance at beginning of period | $ 1,170 | $ 1,050 | $ 7,800 |
Provision for putback expenses | 315 | 600 | 1,561 |
Gains (Losses) | 200 | (480) | (4,756) |
FNMA resolution | 0 | 0 | (3,555) |
Balance at end of period | $ 1,685 | $ 1,170 | $ 1,050 |
Goodwill and Identifiable Int91
Goodwill and Identifiable Intangible Assets - Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | $ 365,500 | $ 372,851 | |
Measurement period adjustment during 2014 | (7,351) | ||
Balance, end of period | 366,156 | 365,500 | $ 372,851 |
Goodwill from purchase of insurance book of business during 2015 | 656 | ||
General Banking [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | 321,132 | 328,483 | |
Measurement period adjustment during 2014 | (7,351) | ||
Balance, end of period | 321,132 | 321,132 | 328,483 |
Goodwill from purchase of insurance book of business during 2015 | 0 | ||
Insurance [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | 44,368 | 44,368 | |
Measurement period adjustment during 2014 | 0 | ||
Balance, end of period | 45,024 | 44,368 | 44,368 |
Goodwill from purchase of insurance book of business during 2015 | $ 656 | $ 656 | $ 656 |
Goodwill and Identifiable Int92
Goodwill and Identifiable Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Future amortization expense for identifiable intangible assets [Abstract] | |||
Goodwill from purchase of insurance book of business | $ 656,000 | ||
Impairment charge | 0 | ||
Amortization expense of identifiable intangible assets | 7,800,000 | $ 8,800,000 | $ 8,800,000 |
2,016 | 6,900,000 | ||
2,017 | 5,900,000 | ||
2,018 | 4,900,000 | ||
2,019 | 3,800,000 | ||
2,020 | 2,500,000 | ||
Impairment losses on identifiable intangible assets | 0 | 0 | 0 |
Insurance [Member] | |||
Future amortization expense for identifiable intangible assets [Abstract] | |||
Goodwill from purchase of insurance book of business | 656,000 | 656,000 | 656,000 |
General Banking And Insurance [Member] | |||
Future amortization expense for identifiable intangible assets [Abstract] | |||
Impairment charge | $ 0 | 0 | $ 0 |
BancTrust acquisition [Member] | |||
Future amortization expense for identifiable intangible assets [Abstract] | |||
Goodwill decreased as a result of fair value adjustment | $ 7,400,000 |
Goodwill and Identifiable Int93
Goodwill and Identifiable Intangible Assets - Schedule of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 101,663 | $ 99,532 |
Accumulated Amortization | 74,117 | 66,298 |
Net Carrying Amount | $ 27,546 | 33,234 |
Remaining Weighted-Average Amortization Periods in Years | 7 years 4 months 24 days | |
Core Deposit Intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 85,824 | 85,824 |
Accumulated Amortization | 61,603 | 54,464 |
Net Carrying Amount | $ 24,221 | 31,360 |
Remaining Weighted-Average Amortization Periods in Years | 6 years 7 months 6 days | |
Insurance Intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 13,824 | 11,693 |
Accumulated Amortization | 11,117 | 10,566 |
Net Carrying Amount | $ 2,707 | 1,127 |
Remaining Weighted-Average Amortization Periods in Years | 15 years | |
Banking Charters [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,325 | 1,325 |
Accumulated Amortization | 811 | 745 |
Net Carrying Amount | $ 514 | 580 |
Remaining Weighted-Average Amortization Periods in Years | 7 years 8 months 12 days | |
Borrower Relationship Intangible [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 690 | 690 |
Accumulated Amortization | 586 | 523 |
Net Carrying Amount | $ 104 | $ 167 |
Remaining Weighted-Average Amortization Periods in Years | 1 year 8 months 12 days |
Other Real Estate and Covered94
Other Real Estate and Covered Other Real Estate - Changes and Gains, Net on Other Real Estate, Excluding Covered Other Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reconciliation Of Carrying Amount Of Real Estate Investments Roll Forward | ||||
Balance at beginning of period | $ 92,509 | $ 106,539 | $ 78,189 | |
Additions | [1] | 33,396 | 37,428 | 80,256 |
Disposals | (45,826) | (43,802) | (45,545) | |
Write-downs | (2,902) | (7,656) | (6,361) | |
Balance at end of period | 77,177 | 92,509 | 106,539 | |
Gain (loss), net on the sale of other real estate included in ORE/Foreclosure expense | $ 3,995 | $ 3,697 | $ (881) | |
[1] | (1) For the year ended December 31, 2013, additions to other real estate includes $40.1 million of other real estate acquired from Trustmark’s merger with BancTrust on February 15, 2013. |
Other Real Estate and Covered95
Other Real Estate and Covered Other Real Estate - Changes and Gains, Net on Other Real Estate, Excluding Covered Other Real Estate (Parenthetical) (Details) $ in Millions | Feb. 15, 2013USD ($) |
BancTrust Financial Group, Inc. [Member] | |
Other real estate, excluding covered other real estate [Line Items] | |
Business acquisition, covered other real estate acquired | $ 40.1 |
Other Real Estate and Covered96
Other Real Estate and Covered Other Real Estate - Other Real Estate, Excluding Covered Other Real Estate, By Type of Property (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other real estate, excluding covered other real estate [Line Items] | ||||
Other real estate, excluding covered other real estate | $ 77,177 | $ 92,509 | $ 106,539 | $ 78,189 |
Construction, Land Development And Other Land Properties [Member] | ||||
Other real estate, excluding covered other real estate [Line Items] | ||||
Other real estate, excluding covered other real estate | 47,550 | 61,015 | ||
1 - 4 Family Residential Properties [Member] | ||||
Other real estate, excluding covered other real estate [Line Items] | ||||
Other real estate, excluding covered other real estate | 10,732 | 10,150 | ||
Nonfarm, Nonresidential Properties [Member] | ||||
Other real estate, excluding covered other real estate [Line Items] | ||||
Other real estate, excluding covered other real estate | 16,717 | 19,696 | ||
Other Real Estate Properties [Member] | ||||
Other real estate, excluding covered other real estate [Line Items] | ||||
Other real estate, excluding covered other real estate | $ 2,178 | $ 1,648 |
Other Real Estate and Covered97
Other Real Estate and Covered Other Real Estate - Other Real Estate, Excluding Covered Other Real Estate, By Geographic Location (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other real estate, excluding covered other real estate [Line Items] | |||||
Other real estate, excluding covered other real estate | $ 77,177 | $ 92,509 | $ 106,539 | $ 78,189 | |
Alabama [Member] | |||||
Other real estate, excluding covered other real estate [Line Items] | |||||
Other real estate, excluding covered other real estate | 21,578 | 21,196 | |||
Florida [Member] | |||||
Other real estate, excluding covered other real estate [Line Items] | |||||
Other real estate, excluding covered other real estate | 29,579 | 35,324 | |||
Mississippi [Member] | |||||
Other real estate, excluding covered other real estate [Line Items] | |||||
Other real estate, excluding covered other real estate | [1] | 14,312 | 17,397 | ||
Tennessee [Member | |||||
Other real estate, excluding covered other real estate [Line Items] | |||||
Other real estate, excluding covered other real estate | [2] | 9,974 | 10,292 | ||
Texas [Member] | |||||
Other real estate, excluding covered other real estate [Line Items] | |||||
Other real estate, excluding covered other real estate | $ 1,734 | $ 8,300 | |||
[1] | Mississippi includes Central and Southern Mississippi Regions | ||||
[2] | Tennessee includes Memphis, Tennessee and Northern Mississippi Regions |
Other Real Estate and Covered98
Other Real Estate and Covered Other Real Estate - Changes and Losses, Net On Covered Other Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Covered Other Real Estate Roll Forward | |||
Covered other real estate, beginning of period | $ 6,060 | $ 5,108 | $ 5,741 |
Transfers from covered loans | 266 | 2,851 | 1,934 |
FASB ASC 310-30 adjustment for the residual recorded investment | (880) | 136 | (345) |
Net transfers from covered loans | (614) | 2,987 | 1,589 |
Disposals | (2,526) | (1,232) | (1,442) |
Write-downs | (1,269) | (803) | (780) |
Covered other real estate, end of period | 1,651 | 6,060 | 5,108 |
Gain, net on the sale of covered other real estate included in ORE/Foreclosure expenses | $ 46 | $ 24 | $ 119 |
Other Real Estate and Covered99
Other Real Estate and Covered Other Real Estate - Covered Other Real Estate by Type of Property (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other real estate, covered other real estate [Line Items] | ||||
Total covered other real estate | $ 1,651 | $ 6,060 | $ 5,108 | $ 5,741 |
Construction, Land Development and Other Land [Member] | ||||
Other real estate, covered other real estate [Line Items] | ||||
Total covered other real estate | 638 | 1,917 | ||
Secured by 1-4 Family Residential Properties [Member] | ||||
Other real estate, covered other real estate [Line Items] | ||||
Total covered other real estate | 223 | 1,103 | ||
Loans secured by Nonfarm, Nonresidential Properties [Member] | ||||
Other real estate, covered other real estate [Line Items] | ||||
Total covered other real estate | 399 | 2,296 | ||
Other Real Estate Secured [Member] | ||||
Other real estate, covered other real estate [Line Items] | ||||
Total covered other real estate | $ 391 | $ 744 |
FDIC Indemnification Asset - Ad
FDIC Indemnification Asset - Additional Information (Details) - USD ($) $ in Thousands | Apr. 15, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
F D I C Indemnification Asset [Abstract] | ||||
FDIC loss-share agreement covered loans and other real estate losses | 80.00% | |||
FDIC true-up provisions | $ 2,500 | $ 2,100 | ||
Amortization of the FDIC indemnification asset | (2,583) | (2,074) | $ (2,469) | |
Reduction of FDIC indemnification asset included in other noninterest income - Covered Loans | $ 929 | $ 800 | $ 3,400 |
FDIC Indemnification Asset - Ch
FDIC Indemnification Asset - Changes in FDIC Indemnification Asset (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
F D I C Indemnification Asset [Abstract] | |||
Balance at beginning of period | $ 6,997 | $ 14,347 | $ 21,774 |
Amortization | (2,583) | (2,074) | (2,469) |
Transfers to FDIC claims | (2,715) | (4,443) | (851) |
Change in expected cash flows | (536) | (517) | (3,472) |
Change in FDIC true-up provision | (425) | (316) | (635) |
Balance at end of period | $ 738 | $ 6,997 | $ 14,347 |
Deposits - Deposits Summary (De
Deposits - Deposits Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Noninterest-bearing demand | $ 2,998,694 | $ 2,748,635 |
Interest-bearing demand | 1,938,497 | 1,722,581 |
Savings | 2,970,997 | 3,280,060 |
Time | 1,680,042 | 1,947,082 |
Total deposits | $ 9,588,230 | $ 9,698,358 |
Deposits - Interest Expense on
Deposits - Interest Expense on Deposits by Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest expense on deposits by type [Abstract] | |||
Interest-bearing demand | $ 3,235 | $ 3,151 | $ 3,948 |
Savings | 2,547 | 2,949 | 3,889 |
Time | 6,816 | 9,223 | 11,881 |
Total | $ 12,598 | $ 15,323 | $ 19,718 |
Deposits - Maturities on Outsta
Deposits - Maturities on Outstanding Time Deposits of $100,000 or More (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Maturities of time deposits of $ 100000 or more [Abstract] | ||
3 months or less | $ 151,339 | $ 199,087 |
Over 3 months through 6 months | 132,440 | 168,886 |
Over 6 months through 12 months | 197,630 | 227,130 |
Over 12 months | 193,914 | 222,119 |
Total | $ 675,323 | $ 817,222 |
Deposits - Maturities of Intere
Deposits - Maturities of Interest-Bearing Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Maturities of interest-bearing deposits [Abstract] | ||
2,016 | $ 1,240,268 | |
2,017 | 295,723 | |
2,018 | 73,586 | |
2,019 | 38,962 | |
2020 and thereafter | 31,503 | |
Total time deposits | 1,680,042 | $ 1,947,082 |
Interest-bearing deposits with no stated maturity | 4,909,494 | |
Total interest-bearing deposits | $ 6,589,536 | $ 6,949,723 |
Borrowings - Securities Sold Un
Borrowings - Securities Sold Under Repurchase Agreement (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Securities sold under repurchase agreements by collateral pledged | |
Total securities sold under repurchase agreements | $ 125,120 |
U.S. Government Agency Obligations Issued by U.S. Government Sponsored Agencies [Member] | |
Securities sold under repurchase agreements by collateral pledged | |
Total securities sold under repurchase agreements | 22,516 |
Other Residential Mortgage-Backed Securities Issued or Guaranteed by FNMA, FHLMC or GNMA [Member] | |
Securities sold under repurchase agreements by collateral pledged | |
Total securities sold under repurchase agreements | $ 102,604 |
Borrowings - Summary of Short-T
Borrowings - Summary of Short-Term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Short Term Debt [Line Items] | ||
Total short-term borrowings | $ 412,617 | $ 425,077 |
Federal Home Loan Bank Advances [Member] | ||
Short Term Debt [Line Items] | ||
Total short-term borrowings | 350,000 | 356,758 |
Serviced GNMA Loans Eligible for Repurchase [Member] | ||
Short Term Debt [Line Items] | ||
Total short-term borrowings | 36,025 | 41,014 |
Other [Member] | ||
Short Term Debt [Line Items] | ||
Total short-term borrowings | $ 26,592 | $ 27,305 |
Borrowings - Short-Term Borrowi
Borrowings - Short-Term Borrowings - Additional information (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Loan | Dec. 31, 2014USD ($)Loan | Dec. 31, 2013USD ($) | |
Short-term Debt [Abstract] | |||
Total short-term borrowings | $ 412,617,000 | $ 425,077,000 | |
Interest rate (in hundredths) | 5.673% | ||
Additional debt instrument borrowing capacity | $ 0 | ||
BancTrust [Member] | Short Term Borrowing [Member] | Fair Market Value Adjustment [Member] | |||
Short-term Debt [Abstract] | |||
Total short-term borrowings | 178,000 | ||
Federal Home Loan Bank Advances [Member] | |||
Short-term Debt [Abstract] | |||
Total short-term borrowings | 350,000,000 | 356,758,000 | |
Dallas [Member] | |||
Short-term Debt [Abstract] | |||
Additional debt instrument borrowing capacity | $ 1,328,000,000 | $ 1,678,000,000 | |
Dallas [Member] | Federal Home Loan Bank Advances [Member] | |||
Short-term Debt [Abstract] | |||
Number of outstanding short-term FHLB advances | Loan | 2 | 4 | |
Total short-term borrowings | $ 350,000,000 | $ 350,000,000 | |
Interest rate (in hundredths) | 0.31% | ||
Weighted average remaining maturity | 13 days | 9 days | |
Weighted-average cost related to FHLB advances (in hundredths) | 0.31% | 0.14% | |
Atlanta [Member] | |||
Short-term Debt [Abstract] | |||
Interest expense, short-term borrowings | $ 727,000 | $ 197,000 | $ 6,000 |
Atlanta [Member] | Federal Home Loan Bank Advances [Member] | |||
Short-term Debt [Abstract] | |||
Number of outstanding short-term FHLB advances | Loan | 0 | 2 | |
Weighted average remaining maturity | 297 days | ||
Interest rate (in hundredths) | 3.96% | ||
Atlanta [Member] | Federal Home Loan Bank Advances [Member] | Advance One [Member] | |||
Short-term Debt [Abstract] | |||
Total short-term borrowings | $ 80,000 | ||
Interest rate (in hundredths) | 6.95% | ||
Atlanta [Member] | Federal Home Loan Bank Advances [Member] | Advance Two [Member] | |||
Short-term Debt [Abstract] | |||
Total short-term borrowings | $ 6,500,000 | ||
Interest rate (in hundredths) | 3.92% | ||
Minimum [Member] | Dallas [Member] | Federal Home Loan Bank Advances [Member] | |||
Short-term Debt [Abstract] | |||
Total short-term borrowings | $ 100,000,000 | $ 50,000,000 | |
Interest rate (in hundredths) | 0.10% | ||
Maximum [Member] | Dallas [Member] | Federal Home Loan Bank Advances [Member] | |||
Short-term Debt [Abstract] | |||
Total short-term borrowings | $ 250,000,000 | $ 100,000,000 | |
Interest rate (in hundredths) | 0.18% |
Borrowings - Long-term Debt Ins
Borrowings - Long-term Debt Instruments - Additional information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Loan | Dec. 31, 2014USD ($)Loan | Dec. 31, 2013USD ($) | |
Long-Term Borrowings [Abstract] | |||
Maturity date | Dec. 15, 2016 | ||
Interest rate (in hundredths) | 5.673% | ||
Face amount of debt issued | $ 50,000 | ||
Subordinated notes | $ 49,969 | $ 49,936 | |
Maximum [Member] | |||
Long-Term Borrowings [Abstract] | |||
Maturity period | 1 year | ||
Federal Home Loan Bank Advances [Member] | Dallas [Member] | |||
Long-Term Borrowings [Abstract] | |||
Number of outstanding long-term FHLB advances | Loan | 1 | ||
Weighted average remaining maturity | 1 year 11 months 19 days | ||
Weighted-average cost related to FHLB advances (in hundredths) | 0.32% | ||
Maturity date | Dec. 27, 2017 | ||
Federal Home Loan Bank Advances [Member] | Atlanta [Member] | |||
Long-Term Borrowings [Abstract] | |||
Number of outstanding long-term FHLB advances | Loan | 4 | 4 | |
Weighted average remaining maturity | 6 years 2 months 16 days | 7 years 1 month 17 days | |
Weighted-average cost related to FHLB advances (in hundredths) | 1.00% | 1.11% | |
Interest expense, long-term | $ 49 | $ 45 | $ 57 |
Federal Home Loan Bank Advances [Member] | Atlanta [Member] | Minimum [Member] | |||
Long-Term Borrowings [Abstract] | |||
Interest rate (in hundredths) | 0.08% | 0.08% | |
Federal Home Loan Bank Advances [Member] | Atlanta [Member] | Maximum [Member] | |||
Long-Term Borrowings [Abstract] | |||
Interest rate (in hundredths) | 6.50% | 6.50% | |
BancTrust [Member] | Long Term Borrowing [Member] | Federal Home Loan Bank Advances [Member] | Fair Market Value Adjustment [Member] | |||
Long-Term Borrowings [Abstract] | |||
Long-term FHLB advances | $ 3 | $ 7 | |
BancTrust [Member] | Long Term Borrowing [Member] | Federal Home Loan Bank Advances [Member] | Dallas [Member] | |||
Long-Term Borrowings [Abstract] | |||
Long-term FHLB advances | 500,000 | ||
BancTrust [Member] | Long Term Borrowing [Member] | Federal Home Loan Bank Advances [Member] | Atlanta [Member] | |||
Long-Term Borrowings [Abstract] | |||
Long-term FHLB advances | 1,200 | 1,200 | |
BancTrust [Member] | Long Term Borrowing [Member] | Federal Home Loan Bank Advances [Member] | Atlanta [Member] | Minimum [Member] | |||
Long-Term Borrowings [Abstract] | |||
Long-term FHLB advances | 15 | 23 | |
BancTrust [Member] | Long Term Borrowing [Member] | Federal Home Loan Bank Advances [Member] | Atlanta [Member] | Maximum [Member] | |||
Long-Term Borrowings [Abstract] | |||
Long-term FHLB advances | $ 868 | $ 913 |
Borrowings - Junior Subordinate
Borrowings - Junior Subordinated Debt Securities - Additional information (Details) $ in Thousands | Aug. 18, 2006USD ($)Quarter | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Variable Interest Entity [Line Items] | ||||
Face amount of debt issued | $ 50,000 | |||
Maturity date | Dec. 15, 2016 | |||
Junior subordinated debt securities | $ 61,856 | $ 61,856 | ||
Total assets | 12,678,896 | 12,250,633 | ||
Total liabilities and shareholders' equity | 12,678,896 | 12,250,633 | ||
Common securities | 14,076 | 14,060 | ||
Net income | $ 116,038 | 123,562 | $ 117,060 | |
Trustmark Preferred Capital Trust I [Member] | Junior Subordinated Debt Securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Face amount of debt issued | $ 60,000 | |||
Maturity date | Sep. 30, 2036 | |||
Variable interest rate, description | three-month LIBOR | |||
Basis spread over LIBOR rate (in hundredths) | 1.72% | |||
Junior subordinated debt securities | $ 61,900 | |||
Consecutive quarters that Trustmark may defer interest payments | Quarter | 20 | |||
Total assets | $ 61,900 | 61,900 | ||
Total liabilities and shareholders' equity | 61,900 | 61,900 | ||
Common securities | 1,900 | 1,900 | ||
Net income | 38 | 37 | 38 | |
Dividends paid | $ 38 | $ 37 | $ 38 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current [Abstract] | |||
Federal | $ 18,448 | $ 17,761 | $ 14,537 |
State | 2,166 | 2,068 | 1,237 |
Deferred [Abstract] | |||
Federal | 12,865 | 16,256 | 18,394 |
State | 1,935 | 2,444 | 2,769 |
Income tax provision | $ 35,414 | $ 38,529 | $ 36,937 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of provision for tax from the federal rate to the effective tax rate [Abstract] | |||
Income tax computed at statutory tax rate | $ 53,008 | $ 56,732 | $ 53,899 |
Tax exempt interest | (5,908) | (5,612) | (5,222) |
Nondeductible interest expense | 119 | 107 | 121 |
State income taxes, net | 1,408 | 2,933 | 2,604 |
Income tax credits | (15,283) | (15,212) | (15,755) |
Other | 2,070 | (419) | 1,290 |
Income tax provision | $ 35,414 | $ 38,529 | $ 36,937 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets [Abstract] | ||
Loan purchase accounting | $ 26,049 | $ 38,471 |
Other real estate | 32,664 | 36,086 |
Allowance for loan losses | 30,451 | 31,241 |
Deferred compensation | 21,102 | 20,825 |
Realized built in losses | 16,215 | 15,907 |
Securities | 13,016 | 15,443 |
Pension and other postretirement benefit plans | 14,433 | 14,904 |
Nonaccrual loans | 3,137 | 3,372 |
Stock-based compensation | 3,137 | 3,077 |
Other | 15,820 | 17,833 |
Gross deferred tax asset | 176,024 | 197,159 |
Valuation allowance | (8,650) | (8,650) |
Deferred tax asset net of valuation allowance | 167,374 | 188,509 |
Deferred tax liabilities [Abstract] | ||
Goodwill and other identifiable intangibles | 26,651 | 28,010 |
Premises and equipment | 21,257 | 20,813 |
Unrealized gains on securities available for sale | 2,241 | 8,627 |
Mortgage servicing rights | 9,924 | 7,747 |
Securities | 1,474 | 1,353 |
Leases | 106 | 625 |
Other | 4,764 | 3,900 |
Gross deferred tax liability | 66,417 | 71,075 |
Net deferred tax asset | $ 100,957 | $ 117,434 |
Income Taxes - Changes in Unrec
Income Taxes - Changes in Unrecognized Tax Benefits (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Changes in unrecognized tax benefits [Roll Forward] | |
Balance at beginning of period | $ 2,160 |
Increases due to tax positions taken during the current year | 760 |
Decreases due to tax positions taken during a prior year | (495) |
Decreases due to the lapse of applicable statute of limitations during the current year | (613) |
Decreases due to settlements with taxing authorities during the current year | (92) |
Balance at end of period | 1,720 |
Accrued interest, net of federal benefit, at end of period | 380 |
Unrecognized tax benefits that would impact the effective tax rate, if recognized, at end of period | $ 1,321 |
Defined Benefit and Other Po116
Defined Benefit and Other Postretirement Benefits - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trustmark Capital Accumulation Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Years of service required to vest | 3 years | ||
Contributions [Abstract] | |||
Expected minimum required contribution, Prior to HAFTA | $ 0 | ||
Actual contribution | $ 1,000,000 | ||
Expected minimum required contribution in the next fiscal year | 0 | ||
Expected minimum required contribution, after HAFTA | 0 | ||
Other Benefit Plans - Defined Contribution Plan [Abstract] | |||
Trustmarks contribution to defined contribution plan | $ 7,000,000 | 6,700,000 | $ 6,800,000 |
Contributions up to a maximum of eligible compensation | 6.00% | ||
Trustmark contributions to the plan | 100.00% | ||
Period when associates may become eligible to make elective deferral contributions after employment | 30 days | ||
Eligible associates must complete number of years of service | 1 year | ||
Estimated future benefit payments [Abstract] | |||
Accumulated other comprehensive loss expected to be recognized during next fiscal year as components of net periodic benefit cost | $ (4,600,000) | ||
Trustmark Capital Accumulation Plan [Member] | Cash and Cash Equivalents [Member] | |||
Asset target allocations [Abstract] | |||
Target asset allocation, minimum (in hundredths) | 0.00% | ||
Target asset allocation, maximum (in hundredths) | 10.00% | ||
Trustmark Capital Accumulation Plan [Member] | Fixed Income Funds [Member] | |||
Asset target allocations [Abstract] | |||
Target asset allocation, minimum (in hundredths) | 10.00% | ||
Target asset allocation, maximum (in hundredths) | 30.00% | ||
Trustmark Capital Accumulation Plan [Member] | Domestic Equity [Member] | |||
Asset target allocations [Abstract] | |||
Target asset allocation, minimum (in hundredths) | 30.00% | ||
Target asset allocation, maximum (in hundredths) | 55.00% | ||
Trustmark Capital Accumulation Plan [Member] | International Equity [Member] | |||
Asset target allocations [Abstract] | |||
Target asset allocation, minimum (in hundredths) | 10.00% | ||
Target asset allocation, maximum (in hundredths) | 30.00% | ||
Trustmark Capital Accumulation Plan [Member] | Other Investments [Member] | |||
Asset target allocations [Abstract] | |||
Target asset allocation, minimum (in hundredths) | 0.00% | ||
Target asset allocation, maximum (in hundredths) | 20.00% | ||
BancTrust Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pre-tax gain recognized in OCI as a result of the termination of the plan | 1,200,000 | ||
Other Benefit Plans - Defined Contribution Plan [Abstract] | |||
Contribution to complete the plan termination | $ 334,000 | ||
Supplemental Retirement Plan [Member] | |||
Estimated future benefit payments [Abstract] | |||
Accumulated other comprehensive loss expected to be recognized during next fiscal year as components of net periodic benefit cost | $ (864,000) | ||
Accumulated other comprehensive loss expected to be recognized during next fiscal year as prior service cost | $ 250,000 |
Defined Benefit and Other Po117
Defined Benefit and Other Postretirement Benefits - Plan Benefit Obligation, Plan Assets and Funded Status of the Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trustmark Capital Accumulation Plan [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 101,904 | $ 128,974 | |
Service cost | 513 | 495 | $ 595 |
Interest cost | 3,461 | 5,299 | 4,758 |
Actuarial (gain) loss | (2,807) | 11,675 | |
Benefits paid | (11,668) | (7,041) | |
Settlement loss from BancTrust termination | 0 | 1,355 | |
Benefit obligation, end of year | 91,403 | 101,904 | 128,974 |
Change in plan assets [ Roll Forward] | |||
Fair value of plan assets, beginning of year | 86,287 | 126,142 | |
Actual return on plan assets | (547) | 4,632 | |
Employer contributions | 65 | 1,407 | |
Benefits paid | (11,668) | (7,041) | |
Fair value of plan assets, end of year | 74,137 | 86,287 | 126,142 |
Funded status at end of year - net liability | (17,266) | (15,617) | |
Amounts recognized in accumulated other comprehensive income (loss) [Abstract] | |||
Net loss | 24,927 | 28,100 | |
BancTrust Pension Plan [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefits paid | 0 | (38,853) | |
Change in plan assets [ Roll Forward] | |||
Benefits paid | 0 | (38,853) | |
Supplemental Retirement Plan [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 59,744 | 52,489 | |
Service cost | 431 | 296 | 597 |
Interest cost | 2,082 | 2,198 | 1,943 |
Actuarial (gain) loss | (1,702) | 7,392 | |
Benefits paid | (2,789) | (2,631) | |
Benefit obligation, end of year | 57,766 | 59,744 | 52,489 |
Change in plan assets [ Roll Forward] | |||
Fair value of plan assets, beginning of year | 0 | 0 | |
Employer contributions | 2,789 | 2,631 | |
Benefits paid | (2,789) | (2,631) | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status at end of year - net liability | (57,766) | (59,744) | |
Amounts recognized in accumulated other comprehensive income (loss) [Abstract] | |||
Net loss | 18,548 | 21,242 | |
Prior service cost | 1,609 | 1,860 | |
Amounts recognized | $ 20,157 | $ 23,102 |
Defined Benefit and Other Po118
Defined Benefit and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trustmark Capital Accumulation Plan [Member] | |||
Net periodic benefit cost [Abstract] | |||
Service cost | $ 513 | $ 495 | $ 595 |
Interest cost | 3,461 | 5,299 | 4,758 |
Expected return on plan assets | (5,187) | (6,245) | (7,720) |
Recognized net loss due to BancTrust termination | 0 | 1,355 | 0 |
Recognized net loss due to lump sum settlements | 2,221 | 905 | 2,225 |
Recognized net actuarial (gain) loss | 3,878 | (283) | 5,516 |
Net periodic benefit cost | 4,886 | 1,526 | 5,374 |
Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss), before taxes: | |||
Total recognized in other comprehensive income (loss) | (3,173) | 12,664 | (29,742) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 1,713 | $ 14,190 | $ (24,368) |
Weighted-average assumptions as of end of year [Abstract] | |||
Discount rate for benefit obligation (in hundredths) | 3.86% | 3.57% | 4.30% |
Discount rate for net periodic benefit cost (in hundredths) | 3.57% | 4.30% | 3.50% |
Expected long-term return on plan assets (in hundredths) | 7.00% | 7.50% | 7.50% |
Supplemental Retirement Plan [Member] | |||
Net periodic benefit cost [Abstract] | |||
Service cost | $ 431 | $ 296 | $ 597 |
Interest cost | 2,082 | 2,198 | 1,943 |
Amortization of prior service credits | 250 | 250 | 250 |
Recognized net actuarial (gain) loss | 992 | 661 | 1,038 |
Net periodic benefit cost | 3,755 | 3,405 | 3,828 |
Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss), before taxes: | |||
Net loss (gain) | (2,694) | 6,733 | (5,224) |
Amortization of prior service cost | (250) | (250) | (250) |
Total recognized in other comprehensive income (loss) | (2,944) | 6,483 | (5,474) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 811 | $ 9,888 | $ (1,646) |
Weighted-average assumptions as of end of year [Abstract] | |||
Discount rate for benefit obligation (in hundredths) | 3.86% | 3.57% | 4.30% |
Discount rate for net periodic benefit cost (in hundredths) | 3.57% | 4.30% | 3.50% |
Defined Benefit and Other Po119
Defined Benefit and Other Postretirement Benefits - Weighted-Average Asset Allocation (Details) - Trustmark Capital Accumulation Plan [Member] | Dec. 31, 2015 | Dec. 31, 2014 |
Asset target allocations [Abstract] | ||
Weighted-average asset allocation (in hundredths) | 100.00% | 100.00% |
Money Market Funds [Member] | ||
Asset target allocations [Abstract] | ||
Weighted-average asset allocation (in hundredths) | 3.60% | 8.70% |
Fixed Income Mutual Funds [Member] | ||
Asset target allocations [Abstract] | ||
Weighted-average asset allocation (in hundredths) | 29.00% | 11.90% |
Equity Mutual Funds [Member] | ||
Asset target allocations [Abstract] | ||
Weighted-average asset allocation (in hundredths) | 16.10% | 72.20% |
Equity Securities [Member] | ||
Asset target allocations [Abstract] | ||
Weighted-average asset allocation (in hundredths) | 51.30% | 7.00% |
Fixed Income Hedge Funds [Member] | ||
Asset target allocations [Abstract] | ||
Weighted-average asset allocation (in hundredths) | 0.00% | 0.20% |
Defined Benefit and Other Po120
Defined Benefit and Other Postretirement Benefits - Plan Assets Measured at Fair Value (Details) - Trustmark Capital Accumulation Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Asset target allocations [Abstract] | |||
Fair value of plan assets | $ 74,137 | $ 86,287 | $ 126,142 |
Level 1 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 74,137 | 86,133 | |
Level 2 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | 154 | |
Money Market Funds [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 2,678 | 7,544 | |
Money Market Funds [Member] | Level 1 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 2,678 | 7,544 | |
Money Market Funds [Member] | Level 2 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Money Market Funds [Member] | Level 3 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Mutual Funds [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 21,472 | 10,267 | |
Fixed Income Mutual Funds [Member] | Level 1 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 21,472 | 10,267 | |
Fixed Income Mutual Funds [Member] | Level 2 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Mutual Funds [Member] | Level 3 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Equity Mutual Funds [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 11,922 | 62,265 | |
Equity Mutual Funds [Member] | Level 1 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 11,922 | 62,265 | |
Equity Mutual Funds [Member] | Level 2 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Equity Mutual Funds [Member] | Level 3 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 38,065 | 6,057 | |
Equity Securities [Member] | Level 1 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 38,065 | 6,057 | |
Equity Securities [Member] | Level 2 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities [Member] | Level 3 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Hedge Funds [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 154 | ||
Fixed Income Hedge Funds [Member] | Level 1 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | ||
Fixed Income Hedge Funds [Member] | Level 2 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 0 | ||
Fixed Income Hedge Funds [Member] | Level 3 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | $ 0 | $ 154 | $ 163 |
Defined Benefit and Other Po121
Defined Benefit and Other Postretirement Benefits - Changes in Fair Value of Plan Level Three Assets (Details) - Trustmark Capital Accumulation Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | $ 86,287 | $ 126,142 |
Fair value of plan assets, end of year | 74,137 | 86,287 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | 154 | |
Fair value of plan assets, end of year | 0 | 154 |
Fixed Income Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | 154 | |
Fair value of plan assets, end of year | 154 | |
Fixed Income Hedge Funds [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | 154 | 163 |
Change in fair value | (9) | |
Disposition | (154) | |
Fair value of plan assets, end of year | $ 0 | $ 154 |
Defined Benefit and Other Po122
Defined Benefit and Other Postretirement Benefits - Estimated Future Benefit Payments and Other Disclosures (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Trustmark Capital Accumulation Plan [Member] | |
Estimated future benefit payments [Abstract] | |
2,016 | $ 10,817 |
2,017 | 8,082 |
2,018 | 6,417 |
2,019 | 6,158 |
2,020 | 5,915 |
2021 - 2025 | 26,459 |
Supplemental Retirement Plan [Member] | |
Estimated future benefit payments [Abstract] | |
2,016 | 3,071 |
2,017 | 3,462 |
2,018 | 3,610 |
2,019 | 3,683 |
2,020 | 3,865 |
2021 - 2025 | $ 19,685 |
Stock and Incentive Compensa123
Stock and Incentive Compensation Plans (Details) | 12 Months Ended |
Dec. 31, 2015shares | |
Stock and Incentive Compensation Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock available for issuance (in shares) | 1,444,550 |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Return on average tangible equity, performance measure | 100.00% |
Total shareholder return, performance measure | 100.00% |
Stock and Incentive Compensa124
Stock and Incentive Compensation Plans - Summary of Stock and Incentive Plans Vesting Periods and Contractual Terms (Details) - Stock and Incentive Compensation Plan [Member] | 12 Months Ended |
Dec. 31, 2015 | |
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 |
Achievement Shares from Performance Grants Prior to 2013 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting Period | 3 years |
Time-Vested Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting Period | 3 years |
Stock and Incentive Compensa125
Stock and Incentive Compensation Plans - Summary of Performance Award Activity (Details) - Performance Based Award [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares [Roll Forward] | |||
Nonvested shares, beginning of year (in shares) | 181,195 | 160,520 | 159,583 |
Granted (in shares) | 84,899 | 73,726 | 62,119 |
Released from restriction (in shares) | (47,360) | (38,580) | (54,784) |
Forfeited (in shares) | (6,425) | (14,471) | (6,398) |
Nonvested shares, end of year (in shares) | 212,309 | 181,195 | 160,520 |
Weighted-Average Grant Date Fair Value [Abstract] | |||
Nonvested shares, beginning of year (in dollars per share) | $ 24.98 | $ 25.20 | $ 24.26 |
Granted (in dollars per share) | 22.71 | 25.58 | 23.65 |
Released from restriction (in dollars per share) | 24.97 | 25.40 | 24.15 |
Forfeited (in dollars per share) | 24.97 | 24.86 | 25.42 |
Nonvested shares, end of year (in dollars per share) | $ 24.14 | $ 24.98 | $ 25.20 |
Stock and Incentive Compensa126
Stock and Incentive Compensation Plans - Summary of Time-Vested Award Activity (Details) - Time-Vested Awards [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares [Roll Forward] | |||
Nonvested shares, beginning of year (in shares) | 263,905 | 291,634 | 317,573 |
Granted (in shares) | 121,314 | 105,690 | 112,964 |
Released from restriction (in shares) | (67,087) | (124,869) | (122,727) |
Forfeited (in shares) | (11,475) | (8,550) | (16,176) |
Nonvested shares, end of year (in shares) | 306,657 | 263,905 | 291,634 |
Weighted-Average Grant Date Fair Value [Abstract] | |||
Nonvested shares, beginning of year (in dollars per share) | $ 24.66 | $ 24.48 | $ 23.28 |
Granted (in dollars per share) | 23.61 | 24.91 | 24.47 |
Released from restriction (in dollars per share) | 24.31 | 24.74 | 24.40 |
Forfeited (in dollars per share) | 24.22 | 24.77 | 25.14 |
Nonvested shares, end of year (in dollars per share) | $ 24.56 | $ 24.66 | $ 24.48 |
Stock and Incentive Compensa127
Stock and Incentive Compensation Plans - Compensation Expense for Stock and Incentive Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation expense [Abstract] | |||
Recognized compensation expense | $ 3,668 | $ 4,152 | $ 3,599 |
Unrecognized compensation expense | 4,052 | ||
Performance Based Award [Member] | |||
Compensation expense [Abstract] | |||
Recognized compensation expense | 1,201 | 1,065 | 825 |
Unrecognized compensation expense | $ 1,271 | ||
Weighted average life of unrecognized compensation expense | 1 year 8 months 16 days | ||
Time-Vested Awards [Member] | |||
Compensation expense [Abstract] | |||
Recognized compensation expense | $ 2,467 | $ 3,087 | $ 2,774 |
Unrecognized compensation expense | $ 2,781 | ||
Weighted average life of unrecognized compensation expense | 1 year 9 months 11 days |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Lawsuit | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Loss Contingencies [Line Items] | |||
Unused commitments to extend credit | $ 2,873 | $ 2,489 | |
Lease Commitments [Abstract] | |||
Rental expense | 9.3 | 8.5 | $ 8.4 |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Maximum potential exposure to credit loss in the event of nonperformance | $ 113.6 | 132.8 | |
Letters of credit, maturity term - maximum | 3 years | ||
Collateral held, fair value | $ 30.5 | $ 31.5 | |
Pending or Threatened Litigation, Stanford Financial Group [Member] | |||
Legal Proceedings [Abstract] | |||
Lawsuits naming entity as defendant, number | Lawsuit | 2 |
Commitments and Contingencie129
Commitments and Contingencies - Future Minimum Rental Commitments Under Non-cancellable Operating Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2,016 | $ 8,354 |
2,017 | 7,773 |
2,018 | 6,750 |
2,019 | 5,445 |
2,020 | 4,905 |
Thereafter | 11,348 |
Total | $ 44,575 |
Shareholders' Equity - Table of
Shareholders' Equity - Table of Actual Regulatory Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | ||
Trustmark Corporation [Member] | Common Equity Tier 1 Capital (to Risk Weighted Assets) [Member] | ||||
Common Equity Tier One Risk Based Capital [Abstract] | ||||
Actual Regulatory Capital Amount | $ 1,161,598 | $ 1,069,630 | ||
Actual Regulatory Capital Ratio | 12.57% | 12.75% | ||
Minimum Regulatory Capital Required Ratio | 4.50% | [1] | ||
Minimum Regulatory Provision to be Well-Capitalized Ratio | [1] | |||
Trustmark Corporation [Member] | Tier 1 Capital (to Risk Weighted Assets) [Member] | ||||
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | ||||
Actual Regulatory Capital Amount | $ 1,220,535 | $ 1,129,630 | ||
Actual Regulatory Capital Ratio | 13.21% | 13.47% | ||
Minimum Regulatory Capital Required Ratio | 6.00% | 4.00% | ||
Minimum Regulatory Provision to be Well-Capitalized Ratio | [1] | |||
Trustmark Corporation [Member] | Total Capital (to Risk Weighted Assets) [Member] | ||||
Total Capital (to Risk Weighted Assets) [Abstract] | ||||
Actual Regulatory Capital Amount | $ 1,300,146 | $ 1,221,292 | ||
Actual Regulatory Capital Ratio | 14.07% | 14.56% | ||
Minimum Regulatory Capital Required Ratio | 8.00% | 8.00% | ||
Minimum Regulatory Provision to be Well-Capitalized Ratio | [1] | |||
Trustmark Corporation [Member] | Tier 1 Leverage (to Average Assets) [Member] | ||||
Tier 1 Leverage (to Average Assets) [Abstract] | ||||
Actual Regulatory Capital Amount | $ 1,220,535 | $ 1,129,630 | ||
Actual Regulatory Capital Ratio | 10.03% | 9.63% | ||
Minimum Regulatory Capital Required Ratio | 4.00% | 4.00% | ||
Minimum Regulatory Provision to be Well-Capitalized Ratio | [1] | |||
Trustmark National Bank [Member] | Common Equity Tier 1 Capital (to Risk Weighted Assets) [Member] | ||||
Common Equity Tier One Risk Based Capital [Abstract] | ||||
Actual Regulatory Capital Amount | $ 1,201,113 | $ 1,108,399 | ||
Actual Regulatory Capital Ratio | 13.00% | 13.24% | ||
Minimum Regulatory Capital Required Ratio | 4.50% | [1] | ||
Minimum Regulatory Provision to be Well-Capitalized Ratio | 6.50% | [1] | ||
Trustmark National Bank [Member] | Tier 1 Capital (to Risk Weighted Assets) [Member] | ||||
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | ||||
Actual Regulatory Capital Amount | $ 1,201,113 | $ 1,108,399 | ||
Actual Regulatory Capital Ratio | 13.00% | 13.24% | ||
Minimum Regulatory Capital Required Ratio | 6.00% | 4.00% | ||
Minimum Regulatory Provision to be Well-Capitalized Ratio | 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 | $ 1,280,724 | $ 1,198,697 | ||
Actual Regulatory Capital Ratio | 13.86% | 14.32% | ||
Minimum Regulatory Capital Required Ratio | 8.00% | 8.00% | ||
Minimum Regulatory Provision to be Well-Capitalized Ratio | 10.00% | 10.00% | ||
Trustmark National Bank [Member] | Tier 1 Leverage (to Average Assets) [Member] | ||||
Tier 1 Leverage (to Average Assets) [Abstract] | ||||
Actual Regulatory Capital Amount | $ 1,201,113 | $ 1,108,399 | ||
Actual Regulatory Capital Ratio | 9.89% | 9.46% | ||
Minimum Regulatory Capital Required Ratio | 4.00% | 4.00% | ||
Minimum Regulatory Provision to be Well-Capitalized Ratio | 5.00% | 5.00% | ||
[1] | n/a |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Dividends on common stock [Abstract] | |
Dividend potential for next fiscal year | $ 114.3 |
Period for which retained net income considered for approval | 2 years |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) and the Related Tax Effects (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Securities available for sale and transferred securities, Before tax amount [Abstract] | |||
Unrealized holding (losses) gains arising during the period, Before tax amount | $ (16,695) | $ 17,705 | $ (67,135) |
Reclassification adjustment for net gains realized in net income, Before tax amount | 0 | (300) | (485) |
Change in net unrealized holding loss on securities transferred to held to maturity, Before tax amount | 6,345 | 6,010 | (46,383) |
Total securities available for sale and transferred securities, Before tax amount | (10,350) | 23,415 | (114,003) |
Securities available for sale and transferred securities, Tax (expense) benefit [Abstract] | |||
Unrealized holding losses (gains) arising during the period, Tax (expense) benefit | 6,386 | (6,772) | 25,679 |
Reclassification adjustment for net gains realized in net income, Tax (expense) benefit | 0 | 115 | 186 |
Change in net unrealized holding loss on securities transferred to held to maturity, Tax (expense) benefit | (2,427) | (2,299) | 17,741 |
Total securities available for sale and transferred securities, Tax (expense) benefit | 3,959 | (8,956) | 43,606 |
Securities available for sale and transferred securities, Net of tax amount [Abstract] | |||
Net unrealized holding (losses) gains on AFS Securities, net of tax at date of transfer | (10,309) | 10,933 | (41,456) |
Less: adjustment for net gains realized in net income | 0 | (185) | (299) |
Change in net unrealized holding loss on securities transferred to held to maturity, after tax income (expense) | 3,918 | 3,711 | (28,642) |
Total securities available for sale and transferred securities, after tax income (expense) | (6,391) | 14,459 | (70,397) |
Pension and other postretirement benefit plans, Before tax amount [Abstract] | |||
Net change in prior service costs, before tax amount | 250 | 249 | 251 |
Recognized net loss, before tax amount | 2,221 | 905 | 2,225 |
Change in net actuarial loss, before tax amount | 3,647 | (21,657) | 32,742 |
Total pension and other postretirement benefit plans, before tax amount | 6,118 | (19,148) | 35,218 |
Pension and other postretirement benefit plans, Tax (expense) benefit [Abstract] | |||
Net change in prior service costs, tax (expense) benefit | (96) | (95) | (96) |
Recognized net loss, tax (expense) benefit | (850) | (346) | (851) |
Change in net actuarial loss, tax (expense) benefit | (1,395) | 8,283 | (12,524) |
Total pension and other postretirement benefit plans, tax (expense) benefit | 2,341 | (7,324) | 13,471 |
Pension and other postretirement benefit plans, Net of tax amount [Abstract] | |||
Net change in prior service costs | 154 | 154 | 155 |
Recognized net loss, after tax income (expense) | 1,371 | 559 | 1,374 |
Change in net actuarial loss, after tax income (expense) | 2,252 | (13,374) | 20,218 |
Total pension and other postretirement benefit plans, after tax income (expense) | 3,777 | (11,824) | 21,747 |
Cash flow hedge derivatives, Before tax amount [Abstract] | |||
Change in accumulated gain (loss) on effective cash flow hedge derivatives, before tax amount | (1,315) | (2,246) | 2,468 |
Reclassification adjustment for loss realized in net income, before tax amount | 836 | (2) | |
Total cash flow hedge derivatives, before tax benefit | (479) | (2,248) | |
Total other comprehensive income (loss), Before tax amount | (4,711) | 2,019 | (76,317) |
Cash flow hedge derivatives, Tax (expense) benefit [Abstract] | |||
Change in accumulated gain (loss) on effective cash flow hedge derivatives, tax (expense) benefit | 503 | 859 | (944) |
Reclassification adjustment for loss realized in net income, tax (expense) benefit | (320) | 1 | |
Total cash flow hedge derivatives, tax (expense) benefit | 183 | 860 | |
Total other comprehensive income (loss), Tax expense (benefit) | 1,801 | (772) | 29,191 |
Cash flow hedge derivatives, Net of tax amount [Abstract] | |||
Change in the accumulated gain (loss) on effective cash flow hedge derivatives, after tax amount | (812) | (1,387) | 1,524 |
Less: adjustment for loss realized in net income | 516 | (1) | 0 |
Total cash flow hedge derivatives, after tax amount | (296) | (1,388) | |
Total other comprehensive income (loss), Net of tax | $ (2,910) | 1,247 | $ (47,126) |
BancTrust Financial Group, Inc. [Member] | |||
Pension and other postretirement benefit plans, Before tax amount [Abstract] | |||
Recognized net loss, before tax amount | 1,355 | ||
Pension and other postretirement benefit plans, Tax (expense) benefit [Abstract] | |||
Recognized net loss, tax (expense) benefit | (518) | ||
Pension and other postretirement benefit plans, Net of tax amount [Abstract] | |||
Recognized net loss, after tax income (expense) | $ 837 |
Shareholders' Equity - Compo133
Shareholders' Equity - Components of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening balance | $ (42,484) | $ (43,731) | $ 3,395 |
Other comprehensive income (loss) before reclassification | (3,426) | 1,433 | (46,827) |
Amounts reclassified from accumulated other comprehensive loss | 516 | (186) | (299) |
Other comprehensive (loss) income, net of tax | (2,910) | 1,247 | (47,126) |
Ending balance | (45,394) | (42,484) | (43,731) |
Securities Available for Sale and Transferred Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening balance | (11,003) | (25,462) | 44,935 |
Other comprehensive income (loss) before reclassification | (6,391) | 14,644 | (70,098) |
Amounts reclassified from accumulated other comprehensive loss | (185) | (299) | |
Other comprehensive (loss) income, net of tax | (6,391) | 14,459 | (70,397) |
Ending balance | (17,394) | (11,003) | (25,462) |
Defined Benefit Pension Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening balance | (31,617) | (19,793) | (41,540) |
Other comprehensive income (loss) before reclassification | 3,777 | (11,824) | 21,747 |
Other comprehensive (loss) income, net of tax | 3,777 | (11,824) | 21,747 |
Ending balance | (27,840) | (31,617) | (19,793) |
Cash Flow Hedge Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Opening balance | 136 | 1,524 | |
Other comprehensive income (loss) before reclassification | (812) | (1,387) | 1,524 |
Amounts reclassified from accumulated other comprehensive loss | 516 | (1) | |
Other comprehensive (loss) income, net of tax | (296) | (1,388) | 1,524 |
Ending balance | $ (160) | $ 136 | $ 1,524 |
Fair Value - Financial Assets a
Fair Value - Financial Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 2,345,422 | $ 2,374,567 | |
Loans held for sale | 160,189 | 132,196 | |
Mortgage servicing rights | 74,007 | 64,358 | $ 67,834 |
US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 100 | ||
U.S. Government Agency Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 68,135 | 79,656 | |
Obligations of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 138,609 | 162,258 | |
Asset-Backed Securities and Structured Financial Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 24,957 | 31,700 | |
Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 2,345,422 | 2,374,567 | |
Loans held for sale | 160,189 | 132,196 | |
Mortgage servicing rights | 74,007 | 64,358 | |
Other assets - derivatives | 3,611 | 5,527 | |
Other liabilities - derivatives | 3,929 | 4,338 | |
Recurring Basis [Member] | US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 100 | ||
Recurring Basis [Member] | U.S. Government Agency Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 68,416 | 112,474 | |
Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 138,609 | 162,258 | |
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 2,113,440 | 2,068,035 | |
Recurring Basis [Member] | Asset-Backed Securities and Structured Financial Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 24,957 | 31,700 | |
Level 1 [Member] | Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Other assets - derivatives | (149) | 1,181 | |
Other liabilities - derivatives | 1,220 | 490 | |
Level 1 [Member] | Recurring Basis [Member] | US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | ||
Level 1 [Member] | Recurring Basis [Member] | U.S. Government Agency Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Level 1 [Member] | Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Level 1 [Member] | Recurring Basis [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Level 1 [Member] | Recurring Basis [Member] | Asset-Backed Securities and Structured Financial Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Level 2 [Member] | Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 2,345,422 | 2,374,567 | |
Loans held for sale | 160,189 | 132,196 | |
Mortgage servicing rights | 0 | 0 | |
Other assets - derivatives | 2,647 | 3,047 | |
Other liabilities - derivatives | 2,709 | 3,848 | |
Level 2 [Member] | Recurring Basis [Member] | US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 100 | ||
Level 2 [Member] | Recurring Basis [Member] | U.S. Government Agency Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 68,416 | 112,474 | |
Level 2 [Member] | Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 138,609 | 162,258 | |
Level 2 [Member] | Recurring Basis [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 2,113,440 | 2,068,035 | |
Level 2 [Member] | Recurring Basis [Member] | Asset-Backed Securities and Structured Financial Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 24,957 | 31,700 | |
Level 3 [Member] | Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Mortgage servicing rights | 74,007 | 64,358 | |
Other assets - derivatives | 1,113 | 1,299 | |
Other liabilities - derivatives | 0 | 0 | |
Level 3 [Member] | Recurring Basis [Member] | US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | ||
Level 3 [Member] | Recurring Basis [Member] | U.S. Government Agency Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Level 3 [Member] | Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Level 3 [Member] | Recurring Basis [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Level 3 [Member] | Recurring Basis [Member] | Asset-Backed Securities and Structured Financial Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 0 | $ 0 |
Fair Value - Changes in Level 3
Fair Value - Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - Recurring Basis [Member] - Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 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 | [1] | (7,949) | (15,769) |
Additions | 17,598 | 12,293 | |
Sales | 0 | 0 | |
Ending Balance | 74,007 | 64,358 | |
The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held, end of period | 1,578 | (7,202) | |
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 | [1] | 6,900 | 4,554 |
Additions | 0 | 0 | |
Sales | (7,086) | (3,381) | |
Ending Balance | 1,113 | 1,299 | |
The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held, end of period | $ (419) | $ 587 | |
[1] | Total net (loss) gain included in Mortgage banking, net relating to the MSR includes changes in fair value due to market changes and due to run-off. |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Region | Dec. 31, 2014USD ($) | |
Nonfinancial Assets and Liabilities [Abstract] | ||
Outstanding balances in impaired loans | $ 26,500 | $ 47,100 |
Key market regions | Region | 5 | |
Foreclosed assets measured at fair value | $ 33,400 | 37,400 |
Allowance for possible loan losses, Charge-offs for foreclosed assets upon initial recognition | 7,900 | 13,900 |
Foreclosed assets re-measured after initial recognition | 44,500 | 48,700 |
Write-downs of allowance for foreclosed assets after initial recognition | $ 2,900 | 7,700 |
Estimated fair value of financial instruments with immediate and shorter-term maturities maximum | 90 days | |
Noninterest gain (loss) Mortgage banking, net for changes in fair value of LHFS | $ (857) | 2,000 |
Interest earned on LHFS included in Interest and fees on LHFS and LHFI | $ 4,700 | $ 1,100 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities held to maturity (fair value: $1,195,367-2015; $1,182,846-2014) | $ 1,187,818 | $ 1,170,685 | ||
Net LHFI | 7,023,766 | 6,379,853 | ||
FDIC indemnification asset | 738 | 6,997 | $ 14,347 | $ 21,774 |
Deposits | 9,588,230 | 9,698,358 | ||
Long-term FHLB advances | 501,155 | 1,253 | ||
Subordinated notes | 49,969 | 49,936 | ||
Junior subordinated debt securities | 61,856 | 61,856 | ||
Level 2 [Member] | Carrying Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and short-term investments | 278,001 | 317,858 | ||
Securities held to maturity (fair value: $1,195,367-2015; $1,182,846-2014) | 1,187,818 | 1,170,685 | ||
Deposits | 9,588,230 | 9,698,358 | ||
Short-term liabilities | 853,659 | 868,620 | ||
Long-term FHLB advances | 501,155 | 1,253 | ||
Subordinated notes | 49,969 | 49,936 | ||
Junior subordinated debt securities | 61,856 | 61,856 | ||
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 | 278,001 | 317,858 | ||
Securities held to maturity (fair value: $1,195,367-2015; $1,182,846-2014) | 1,195,367 | 1,182,846 | ||
Deposits | 9,592,531 | 9,702,864 | ||
Short-term liabilities | 853,659 | 868,620 | ||
Long-term FHLB advances | 501,160 | 1,263 | ||
Subordinated notes | 51,405 | 53,504 | ||
Junior subordinated debt securities | 49,021 | 46,392 | ||
Level 3 [Member] | Carrying Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net LHFI | 7,023,766 | 6,379,853 | ||
Acquired loans | 378,419 | 537,350 | ||
FDIC indemnification asset | 738 | 6,997 | ||
Level 3 [Member] | Estimate Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net LHFI | 7,136,105 | 6,453,618 | ||
Acquired loans | 378,419 | 537,350 | ||
FDIC indemnification asset | $ 738 | $ 6,997 |
Fair Value - Fair Value and the
Fair Value - Fair Value and the Contractual Principal Outstanding of the LHFS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair value and the contractual principal outstanding of the LHFS [Abstract] | ||
Fair value of LHFS | $ 124,165 | $ 91,182 |
LHFS contractual principal outstanding | 121,608 | 88,106 |
Fair value less unpaid principal | $ 2,557 | $ 3,076 |
Derivative Financial Instrum139
Derivative Financial Instruments - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($) | Apr. 04, 2013USD ($) | |
Designated as Hedging Instrument [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Accumulated net, after tax (loss) gain included in other comprehensive loss | $ (812,000) | $ (1,387,000) | $ 1,524,000 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Total notional amounts of futures contracts and option contracts | $ 60,000,000 | |||
Period for which cash flow hedges will be used to hedge quarterly interest payments | 5 years | |||
Derivative inception date | Dec. 31, 2014 | |||
Derivative maturity date | Dec. 31, 2019 | |||
Description of variable rate basis for derivative | three-month LIBOR | |||
Interest rate swap designated as a cash flow hedge | $ 0 | 0 | ||
Accumulated net, after tax (loss) gain included in other comprehensive loss | $ (160,000) | 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 | $ 495,000 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Three-month LIBOR [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Swap fixed interest rate to be paid | 1.66% | |||
Derivatives not Designated as Hedging Instruments [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Total notional amounts of futures contracts and option contracts | $ 264,500,000 | 288,500,000 | ||
Net positive ineffectiveness on MSR fair value | $ 1,900,000 | $ 3,100,000 | ||
Derivatives not Designated as Hedging Instruments [Member] | Beneficiary [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Number of risk participation agreements | Contract | 2 | 3 | ||
Aggregate notional amount of credit risk participation agreements | $ 14,800,000 | $ 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 | Contract | 1 | 1 | ||
Aggregate notional amount of credit risk participation agreements | $ 5,900,000 | $ 6,200,000 | ||
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Total notional amounts of futures contracts and option contracts | 359,300,000 | 349,400,000 | ||
Termination value of derivatives | 2,600,000 | 1,900,000 | ||
Collateral Posted | 2,200,000 | |||
Derivatives not Designated as Hedging Instruments [Member] | Forward Contracts [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet obligations | 190,500,000 | 142,000,000 | ||
Valuation adjustment | 262,000 | (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 | 108,100,000 | 88,400,000 | ||
Valuation adjustment | $ 1,100,000 | $ 1,300,000 |
Derivative Financial Instrum140
Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 2,629 | $ 3,025 |
Fair value of derivative liability | 2,954 | 2,813 |
Derivatives in Hedging Relationships [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | (259) | 221 |
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 2,888 | 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 | 2,954 | 2,813 |
Derivatives not Designated as Hedging Instruments [Member] | Future Contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | (207) | 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 | 58 | 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 | 1,113 | 1,299 |
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 | 18 | 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 | 17 | 21 |
Derivatives not Designated as Hedging Instruments [Member] | Forward Contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | (262) | 1,014 |
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 | $ 1,220 | $ 490 |
Derivative Financial Instrum141
Derivative Financial Instruments - Effects of Derivative Instruments on Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivatives in Hedging Relationships [Member] | Accumulated Other Comprehensive Loss and Other Interest Expense [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of gain (loss) recognized | $ (836) | $ (2) | $ 0 |
Derivatives in Hedging Relationships [Member] | Mortgage Banking, Net [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of gain (loss) recognized | (2,534) | 2,649 | |
Derivatives not Designated as Hedging Instruments [Member] | Mortgage Banking, Net [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of gain (loss) recognized in mortgage banking, net | 1,392 | 11,038 | (10,459) |
Derivatives not Designated as Hedging Instruments [Member] | Bank Card and Other Fees [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (loss) gain recognized in bank card and other fees | $ (49) | $ (223) | $ 290 |
Derivative Financial Instrum142
Derivative Financial Instruments - Schedule of Amount Included in Other Comprehensive Income (Loss) for Derivative Instruments Designated as Hedges of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivatives in Hedging Relationships [Member] | |||
Derivatives in cash flow hedging relationship | |||
Amount of (loss) gain recognized in other comprehensive income (loss) | $ (812) | $ (1,387) | $ 1,524 |
Derivative Financial Instrum143
Derivative Financial Instruments - Information about Financial Instruments that are Eligible for Offset in the Consolidated Balance Sheets (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Derivative Assets | ||
Gross Amounts of Recognized Assets, Offsetting of Derivative Assets | $ 2,629 | $ 3,025 |
Gross Amounts Offset in the Statement of Financial Position, Offsetting of Derivative Assets | 0 | |
Net Amounts of Assets presented in the Statement of Financial Position, Offsetting of Derivative Assets | 2,629 | 3,025 |
Financial Instruments, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Assets | (347) | |
Cash Collateral Received, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Assets | 0 | |
Net Amount, Offsetting of Derivative Assets | 2,629 | 2,678 |
Offsetting Derivative Liabilities | ||
Fair value of derivative liability | 2,954 | 2,813 |
Gross Amounts Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | 0 | |
Net Amounts of Liabilities presented in the Statement of Financial Position, Offsetting of Derivative Liabilities | 2,954 | 2,813 |
Financial Instruments, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | (347) | |
Cash Collateral Posted, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | (1,195) | 0 |
Net Amount, Offsetting of Derivative Liabilities | $ 1,759 | $ 2,466 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015Segment | |
Segment Reporting [Abstract] | |
Number of segments in which the business operates | 3 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 391,765 | $ 405,336 | $ 388,487 |
Provision for loan losses, net | 11,800 | 7,382 | (7,382) |
Noninterest income | 173,149 | 173,142 | 173,859 |
Noninterest expense | 401,662 | 409,005 | 415,731 |
Income Before Income Taxes | 151,452 | 162,091 | 153,997 |
Income taxes | 35,414 | 38,529 | 36,937 |
Net Income | 116,038 | 123,562 | 117,060 |
Selected Financial Information | |||
Average assets | 12,270,195 | 12,028,030 | 11,530,969 |
Depreciation and amortization | 37,056 | 36,072 | 37,153 |
General Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 391,092 | 404,214 | 387,586 |
Provision for loan losses, net | 11,800 | 7,382 | (7,382) |
Noninterest income | 105,477 | 107,457 | 113,571 |
Noninterest expense | 348,270 | 355,693 | 367,031 |
Income Before Income Taxes | 136,499 | 148,596 | 141,508 |
Income taxes | 29,761 | 33,726 | 32,499 |
Net Income | 106,738 | 114,870 | 109,009 |
Selected Financial Information | |||
Average assets | 12,196,144 | 11,957,761 | 11,463,945 |
Depreciation and amortization | 36,072 | 35,038 | 35,971 |
Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 337 | 851 | 582 |
Noninterest income | 31,245 | 32,209 | 29,446 |
Noninterest expense | 25,346 | 26,733 | 24,713 |
Income Before Income Taxes | 6,236 | 6,327 | 5,315 |
Income taxes | 2,386 | 2,105 | 1,754 |
Net Income | 3,850 | 4,222 | 3,561 |
Selected Financial Information | |||
Average assets | 4,034 | 1,821 | 148 |
Depreciation and amortization | 183 | 190 | 157 |
Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 336 | 271 | 319 |
Noninterest income | 36,427 | 33,476 | 30,842 |
Noninterest expense | 28,046 | 26,579 | 23,987 |
Income Before Income Taxes | 8,717 | 7,168 | 7,174 |
Income taxes | 3,267 | 2,698 | 2,684 |
Net Income | 5,450 | 4,470 | 4,490 |
Selected Financial Information | |||
Average assets | 70,017 | 68,448 | 66,876 |
Depreciation and amortization | $ 801 | $ 844 | $ 1,025 |
Parent Company Only Financia146
Parent Company Only Financial Information - Parent Only Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Assets | ||||
Other assets | $ 562,350 | $ 568,685 | ||
Total Assets | 12,678,896 | 12,250,633 | ||
Liabilities and Shareholders' Equity: | ||||
Junior subordinated debt securities | 61,856 | 61,856 | ||
Shareholders' equity | 1,473,057 | 1,419,940 | $ 1,354,953 | $ 1,287,369 |
Total Liabilities and Shareholders' Equity | 12,678,896 | 12,250,633 | ||
Expense: | ||||
Net Income | 116,038 | 123,562 | 117,060 | |
Operating Activities | ||||
Net income per consolidated statements of income | 116,038 | 123,562 | 117,060 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Other | 4,391 | 16,337 | 7,523 | |
Net cash provided by operating activities | 171,887 | 211,267 | 301,183 | |
Investing Activities | ||||
Net cash provided by (used in) investing activities | (527,277) | (556,255) | (258,967) | |
Financing Activities | ||||
Cash dividends paid on common stock | (62,605) | (62,474) | (62,276) | |
Net cash (used in) provided by financing activities | 317,168 | 315,200 | 72,056 | |
(Decrease) Increase in cash and cash equivalents | (38,222) | (29,788) | 114,272 | |
Cash and cash equivalents at beginning of year | 315,973 | 345,761 | 231,489 | |
Cash and cash equivalents at end of year | 277,751 | 315,973 | 345,761 | |
Trustmark Corp (Parent Company Only) [Member] | ||||
Assets | ||||
Investment in banks | 1,518,292 | 1,463,676 | ||
Other assets | 17,339 | 18,663 | ||
Total Assets | 1,535,631 | 1,482,339 | ||
Liabilities and Shareholders' Equity: | ||||
Accrued expense | 718 | 543 | ||
Junior subordinated debt securities | 61,856 | 61,856 | ||
Shareholders' equity | 1,473,057 | 1,419,940 | ||
Total Liabilities and Shareholders' Equity | 1,535,631 | 1,482,339 | ||
Revenue: | ||||
Dividends received from banks | 64,752 | 64,351 | 64,155 | |
Earnings of subsidiaries over distributions | 53,562 | 60,783 | 54,195 | |
Other income | 55 | 55 | 64 | |
Total Revenue | 118,369 | 125,189 | 118,414 | |
Expense: | ||||
Other expense | 2,331 | 1,627 | 1,354 | |
Total Expense | 2,331 | 1,627 | 1,354 | |
Net Income | 116,038 | 123,562 | 117,060 | |
Operating Activities | ||||
Net income per consolidated statements of income | 116,038 | 123,562 | 117,060 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Increase in investment in subsidiaries | (53,562) | (60,783) | (54,195) | |
Other | (761) | (2,158) | 962 | |
Net cash provided by operating activities | 61,715 | 60,621 | 63,827 | |
Investing Activities | ||||
Payment for investments in subsidiaries | 0 | (73,263) | ||
Repayment for investments in subsidiaries | 0 | 106,000 | ||
Net cash provided by (used in) investing activities | 0 | 32,737 | ||
Financing Activities | ||||
Repayments of advances from subsidiaries | 0 | (33,000) | ||
Cash dividends paid on common stock | (62,605) | (62,474) | (62,276) | |
Other common stock transactions, net | (211) | (1,502) | 2,832 | |
Net cash (used in) provided by financing activities | (62,816) | (63,976) | (92,444) | |
(Decrease) Increase in cash and cash equivalents | (1,101) | (3,355) | 4,120 | |
Cash and cash equivalents at beginning of year | 18,421 | 21,776 | 17,656 | |
Cash and cash equivalents at end of year | $ 17,320 | $ 18,421 | $ 21,776 |
Parent Company Only Financia147
Parent Company Only Financial Information - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements Captions [Line Items] | |||
Income taxes paid | $ 16,321,000 | $ 13,710,000 | $ 14,520,000 |
Interest paid | 20,733,000 | 22,268,000 | 25,715,000 |
Trustmark Corp (Parent Company Only) [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Income taxes paid | 16,300,000 | 13,700,000 | 14,500,000 |
Interest paid | $ 837,000 | $ 0 | $ 0 |