Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | Trustmark Corp | |
Entity Central Index Key | 0000036146 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 60,953,864 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Trading Symbol | TRMK | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity File Number | 000-03683 | |
Entity Incorporation, State or Country Code | MS | |
Entity Tax Identification Number | 64-0471500 | |
Entity Address, Address Line One | 248 East Capitol Street | |
Entity Address, City or Town | Jackson | |
Entity Address, State or Province | MS | |
Entity Address, Postal Zip Code | 39201 | |
City Area Code | 601 | |
Local Phone Number | 208-5111 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 479,637 | $ 2,266,829 |
Federal funds sold and securities purchased under reverse repurchase agreements | 10,098 | 0 |
Securities available for sale, at fair value (amortized cost: $2,776,415 - 2022 $3,256,289 - 2021; allowance for credit losses (ACL): $0) | 2,444,486 | 3,238,877 |
Securities held to maturity, net of ACL of $0 (fair value: $1,065,828 - 2022; $353,511 - 2021) | 1,156,985 | 342,537 |
Paycheck Protection Program (PPP) loans | 4,798 | 33,336 |
Loans held for sale (LHFS) | 165,213 | 275,706 |
Loans held for investment (LHFI) | 11,586,064 | 10,247,829 |
Less ACL, LHFI | 115,050 | 99,457 |
Net LHFI | 11,471,014 | 10,148,372 |
Premises and equipment, net | 210,761 | 205,644 |
Mortgage servicing rights (MSR) | 132,615 | 87,687 |
Goodwill | 384,237 | 384,237 |
Identifiable intangible assets, net | 3,952 | 5,074 |
Other real estate, net | 2,971 | 4,557 |
Operating lease right-of-use assets | 37,282 | 34,603 |
Other assets | 686,585 | 568,177 |
Total Assets | 17,190,634 | 17,595,636 |
Deposits: | ||
Noninterest-bearing | 4,358,805 | 4,771,065 |
Interest-bearing | 10,066,375 | 10,316,095 |
Total deposits | 14,425,180 | 15,087,160 |
Federal funds purchased and securities sold under repurchase agreements | 544,068 | 238,577 |
Other borrowings | 223,172 | 91,025 |
Subordinated notes | 123,207 | 123,042 |
Junior subordinated debt securities | 61,856 | 61,856 |
ACL on off-balance sheet credit exposures | 31,623 | 35,623 |
Operating lease liabilities | 39,797 | 36,468 |
Other liabilities | 232,786 | 180,574 |
Total Liabilities | 15,681,689 | 15,854,325 |
Shareholders' Equity | ||
Authorized: 250,000,000 shares Issued and outstanding: 60,953,864 shares 2022; 61,648,679 shares - 2021 | 12,700 | 12,845 |
Capital surplus | 154,150 | 175,913 |
Retained earnings | 1,648,507 | 1,585,113 |
Accumulated other comprehensive income (loss), net of tax | (306,412) | (32,560) |
Total Shareholders' Equity | 1,508,945 | 1,741,311 |
Total Liabilities and Shareholders' Equity | $ 17,190,634 | $ 17,595,636 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Securities available-for-sale, amortized cost | $ 2,776,415,000 | $ 3,256,289,000 |
Securities available-for-sale, allowance for credit Losses (ACL) | 0 | 0 |
Securities held to maturity, net of ACL | 0 | 0 |
Securities held to maturity, fair value | $ 1,065,828,000 | $ 353,511,000 |
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) | 60,953,864 | 61,648,679 |
Common stock, outstanding (in shares) | 60,953,864 | 61,648,679 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Interest Income | |||||
Interest and fees on LHFS & LHFI | $ 126,441 | $ 91,182 | $ 316,855 | $ 272,515 | |
Interest and fees on PPP loans | 186 | 1,533 | 538 | 36,329 | |
Interest on securities: | |||||
Taxable | 16,222 | 9,973 | 43,140 | 27,902 | |
Tax exempt | 79 | 104 | 260 | 451 | |
Interest on federal funds sold and securities purchased under reverse repurchase agreements | 2 | 0 | 3 | 0 | |
Other interest income | 1,493 | 949 | 4,524 | 1,941 | |
Total Interest Income | 144,423 | 103,741 | 365,320 | 339,138 | |
Interest Expense | |||||
Interest on deposits | 5,097 | 3,691 | 10,631 | 13,544 | |
Interest on federal funds purchased and securities sold under repurchase agreements | 1,225 | 51 | 1,365 | 166 | |
Other interest expense | 1,996 | 1,733 | 5,199 | 5,403 | |
Total Interest Expense | 8,318 | 5,475 | 17,195 | 19,113 | |
Net Interest Income | 136,105 | 98,266 | 348,125 | 320,025 | |
Provision for credit losses (PCL), LHFI | 12,919 | (2,492) | 14,775 | (16,984) | |
PCL, off-balance sheet credit exposures | (1,326) | (1,049) | (4,000) | (5,888) | |
Net Interest Income After PCL | 124,512 | 101,807 | 337,350 | 342,897 | |
Noninterest Income | |||||
Service charges on deposit accounts | 11,318 | 8,911 | 30,995 | 23,880 | |
Bank card and other fees | 9,305 | 8,549 | 27,914 | 26,322 | |
Mortgage banking, net | 6,876 | 14,004 | 24,898 | 52,141 | |
Insurance commissions | 13,911 | 12,133 | 41,702 | 36,795 | |
Wealth management | 8,778 | 9,071 | 26,934 | 26,433 | |
Other, net | 2,418 | 1,481 | 7,531 | 5,572 | |
Total Noninterest Income | 52,606 | 54,149 | 159,974 | 171,143 | |
Noninterest Expense | |||||
Salaries and employee benefits | 72,707 | 74,623 | 213,971 | 215,900 | |
Services and fees | 25,795 | 22,306 | 74,786 | 66,559 | |
Net occupancy - premises | 7,395 | 6,854 | 21,366 | 20,227 | |
Equipment expense | 6,072 | 5,941 | 18,180 | 17,752 | |
Other expense | [1] | 14,729 | 19,876 | 43,681 | 49,389 |
Total Noninterest Expense | 126,698 | 129,600 | 371,984 | 369,827 | |
Income before income taxes | 50,420 | 26,356 | 125,340 | 144,213 | |
Income taxes | 7,965 | 5,156 | 19,390 | 23,070 | |
Net Income | $ 42,455 | $ 21,200 | $ 105,950 | $ 121,143 | |
Earnings Per Share | |||||
Basic | $ 0.69 | $ 0.34 | $ 1.73 | $ 1.92 | |
Diluted | $ 0.69 | $ 0.34 | $ 1.72 | $ 1.92 | |
[1] During the first quarter of 2022, Trustmark reclassified its other real estate expense, net to other expense. The prior period has been reclassified accordingly. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income per consolidated statements of income | $ 42,455 | $ 21,200 | $ 105,950 | $ 121,143 |
Net unrealized gains (losses) on available for sale securities and transferred securities: | ||||
Net unrealized holding gains (losses) arising during the period | (85,737) | (9,407) | (235,887) | (20,798) |
Change in net unrealized holding loss on securities transferred to held to maturity | 1,350 | 477 | (23,588) | 1,562 |
Reclassification adjustments for changes realized in net income: | ||||
Net change in prior service costs | 21 | 21 | 62 | 63 |
Recognized net loss due to lump sum settlement | 137 | 137 | ||
Change in net actuarial loss | 221 | 333 | 686 | 1,007 |
Change in the accumulated gain (loss) on effective cash flow hedge derivatives | 14,643 | 14,643 | ||
Reclassification adjustment for (gain) loss realized in net income | (482) | (482) | ||
Other comprehensive income (loss), net of tax | (99,270) | (8,439) | (273,852) | (18,029) |
Comprehensive income (loss) | $ (56,815) | $ 12,761 | $ (167,902) | $ 103,114 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2020 | $ 1,741,117 | $ 13,215 | $ 233,120 | $ 1,495,833 | $ (1,051) |
Balance (in shares) at Dec. 31, 2020 | 63,424,526 | ||||
Net income per consolidated statements of income | 51,962 | 51,962 | |||
Other comprehensive income (loss), net of tax | (15,455) | (15,455) | |||
Common stock dividends paid ($0.23 per share) | (14,685) | (14,685) | |||
Shares withheld to pay taxes, long-term incentive plan | (1,230) | $ 24 | (1,254) | ||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 114,977 | ||||
Repurchase and retirement of common stock | (4,185) | $ (30) | (4,155) | ||
Repurchase and retirement of common stock (in shares) | (144,981) | ||||
Compensation expense, long-term incentive plan | 2,181 | 2,181 | |||
Balance at Mar. 31, 2021 | 1,759,705 | $ 13,209 | 229,892 | 1,533,110 | (16,506) |
Balance (in shares) at Mar. 31, 2021 | 63,394,522 | ||||
Balance at Dec. 31, 2020 | 1,741,117 | $ 13,215 | 233,120 | 1,495,833 | (1,051) |
Balance (in shares) at Dec. 31, 2020 | 63,424,526 | ||||
Net income per consolidated statements of income | 121,143 | ||||
Other comprehensive income (loss), net of tax | (18,029) | ||||
Balance at Sep. 30, 2021 | 1,768,947 | $ 13,014 | 201,837 | 1,573,176 | (19,080) |
Balance (in shares) at Sep. 30, 2021 | 62,461,832 | ||||
Balance at Mar. 31, 2021 | 1,759,705 | $ 13,209 | 229,892 | 1,533,110 | (16,506) |
Balance (in shares) at Mar. 31, 2021 | 63,394,522 | ||||
Net income per consolidated statements of income | 47,981 | 47,981 | |||
Other comprehensive income (loss), net of tax | 5,865 | 5,865 | |||
Common stock dividends paid ($0.23 per share) | (14,640) | (14,640) | |||
Shares withheld to pay taxes, long-term incentive plan | (11) | $ 2 | (13) | ||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 8,524 | ||||
Repurchase and retirement of common stock | (20,805) | $ (132) | (20,673) | ||
Repurchase and retirement of common stock (in shares) | (629,820) | ||||
Compensation expense, long-term incentive plan | 1,214 | 1,214 | |||
Balance at Jun. 30, 2021 | 1,779,309 | $ 13,079 | 210,420 | 1,566,451 | (10,641) |
Balance (in shares) at Jun. 30, 2021 | 62,773,226 | ||||
Net income per consolidated statements of income | 21,200 | 21,200 | |||
Other comprehensive income (loss), net of tax | (8,439) | (8,439) | |||
Common stock dividends paid ($0.23 per share) | (14,475) | (14,475) | |||
Shares withheld to pay taxes, long-term incentive plan | (96) | $ 1 | (97) | ||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 7,336 | ||||
Repurchase and retirement of common stock | (9,668) | $ (66) | (9,602) | ||
Repurchase and retirement of common stock (in shares) | (318,730) | ||||
Compensation expense, long-term incentive plan | 1,116 | 1,116 | |||
Balance at Sep. 30, 2021 | 1,768,947 | $ 13,014 | 201,837 | 1,573,176 | (19,080) |
Balance (in shares) at Sep. 30, 2021 | 62,461,832 | ||||
Balance at Dec. 31, 2021 | $ 1,741,311 | $ 12,845 | 175,913 | 1,585,113 | (32,560) |
Balance (in shares) at Dec. 31, 2021 | 61,648,679 | 61,648,679 | |||
Net income per consolidated statements of income | $ 29,211 | 29,211 | |||
Other comprehensive income (loss), net of tax | (116,096) | (116,096) | |||
Common stock dividends paid ($0.23 per share) | (14,186) | (14,186) | |||
Shares withheld to pay taxes, long-term incentive plan | (1,009) | $ 19 | (1,028) | ||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 93,944 | ||||
Repurchase and retirement of common stock | (9,094) | $ (58) | (9,036) | ||
Repurchase and retirement of common stock (in shares) | (279,231) | ||||
Compensation expense, long-term incentive plan | 1,245 | 1,245 | |||
Balance at Mar. 31, 2022 | 1,631,382 | $ 12,806 | 167,094 | 1,600,138 | (148,656) |
Balance (in shares) at Mar. 31, 2022 | 61,463,392 | ||||
Balance at Dec. 31, 2021 | $ 1,741,311 | $ 12,845 | 175,913 | 1,585,113 | (32,560) |
Balance (in shares) at Dec. 31, 2021 | 61,648,679 | 61,648,679 | |||
Net income per consolidated statements of income | $ 105,950 | ||||
Other comprehensive income (loss), net of tax | (273,852) | ||||
Balance at Sep. 30, 2022 | $ 1,508,945 | $ 12,700 | 154,150 | 1,648,507 | (306,412) |
Balance (in shares) at Sep. 30, 2022 | 60,953,864 | 60,953,864 | |||
Balance at Mar. 31, 2022 | $ 1,631,382 | $ 12,806 | 167,094 | 1,600,138 | (148,656) |
Balance (in shares) at Mar. 31, 2022 | 61,463,392 | ||||
Net income per consolidated statements of income | 34,284 | 34,284 | |||
Other comprehensive income (loss), net of tax | (58,486) | (58,486) | |||
Common stock dividends paid ($0.23 per share) | (14,212) | (14,212) | |||
Shares withheld to pay taxes, long-term incentive plan | (7) | (7) | |||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 513 | ||||
Repurchase and retirement of common stock | (7,505) | $ (54) | (7,451) | ||
Repurchase and retirement of common stock (in shares) | (262,782) | ||||
Compensation expense, long-term incentive plan | 1,240 | 1,240 | |||
Balance at Jun. 30, 2022 | 1,586,696 | $ 12,752 | 160,876 | 1,620,210 | (207,142) |
Balance (in shares) at Jun. 30, 2022 | 61,201,123 | ||||
Net income per consolidated statements of income | 42,455 | 42,455 | |||
Other comprehensive income (loss), net of tax | (99,270) | (99,270) | |||
Common stock dividends paid ($0.23 per share) | (14,158) | (14,158) | |||
Shares withheld to pay taxes, long-term incentive plan | (2) | (2) | |||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 119 | ||||
Repurchase and retirement of common stock | (8,005) | $ (52) | (7,953) | ||
Repurchase and retirement of common stock (in shares) | (247,378) | ||||
Compensation expense, long-term incentive plan | 1,229 | 1,229 | |||
Balance at Sep. 30, 2022 | $ 1,508,945 | $ 12,700 | $ 154,150 | $ 1,648,507 | $ (306,412) |
Balance (in shares) at Sep. 30, 2022 | 60,953,864 | 60,953,864 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends paid on common stock (in dollars per share) | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net income per consolidated statements of income | $ 105,950 | $ 121,143 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
PCL | 10,775 | (22,872) |
Depreciation and amortization | 30,354 | 34,337 |
Net amortization of securities | 9,096 | 15,527 |
Gains on sales of loans, net | (20,674) | (58,905) |
Compensation expense, long-term incentive plan | 3,714 | 4,511 |
Deferred income tax provision | 12,000 | 18,750 |
Proceeds from sales of loans held for sale | 1,046,999 | 1,854,487 |
Purchases and originations of loans held for sale | (932,601) | (1,737,168) |
Originations of mortgage servicing rights | (14,452) | (22,015) |
Earnings on bank-owned life insurance | (3,639) | (3,633) |
Net change in other assets | (21,585) | 39,808 |
Net change in other liabilities | 63,048 | 10,781 |
Other operating activities, net | (60,519) | (7,551) |
Net cash from operating activities | 228,466 | 247,200 |
Investing Activities | ||
Proceeds from maturities, prepayments and calls of securities held to maturity | 98,211 | 144,356 |
Proceeds from maturities, prepayments and calls of securities available for sale | 358,130 | 635,138 |
Purchases of securities held to maturity | (600,933) | 0 |
Purchases of securities available for sale | (230,527) | (1,743,290) |
Net proceeds from bank-owned life insurance | 307 | 1,791 |
Net change in federal funds sold and securities purchased under reverse repurchase agreements | (10,098) | 50 |
Net change in member bank stock | (5,467) | (1,217) |
Net change in LHFI and PPP loans | (1,310,309) | (137,919) |
Proceeds from sales of PPP loans | 0 | 353,287 |
Purchases of premises and equipment | (20,656) | (19,499) |
Proceeds from sales of premises and equipment | 4,926 | 741 |
Proceeds from sales of other real estate | 2,038 | 3,611 |
Purchases of software | (5,487) | (2,926) |
Investments in tax credit and other partnerships | (20,042) | (14,690) |
Net cash from investing activities | (1,739,907) | (780,567) |
Financing Activities | ||
Net change in deposits | (661,980) | 874,075 |
Net change in federal funds purchased and securities sold under repurchase agreements | 305,491 | (18,102) |
Net change in short-term borrowings | 150,000 | (19,171) |
Payments on long-term FHLB advances | (14) | (14) |
Payments under finance lease obligations | (1,070) | (1,072) |
Common stock dividends | (42,556) | (43,800) |
Repurchase and retirement of common stock | (24,604) | (34,658) |
Shares withheld to pay taxes, long-term incentive plan | (1,018) | (1,337) |
Net cash from financing activities | (275,751) | 755,921 |
Net change in cash and cash equivalents | (1,787,192) | 222,554 |
Cash and cash equivalents at beginning of period | 2,266,829 | 1,952,504 |
Cash and cash equivalents at end of period | $ 479,637 | $ 2,175,058 |
Business, Basis of Financial St
Business, Basis of Financial Statement Presentation and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business, Basis of Financial Statement Presentation and Principles of Consolidation | Note 1 – Business, Basis of Financial Statement Presentation and Principles of Consolidation Trustmark Corporation (Trustmark) is a bank holding company headquartered in Jackson, Mississippi. Through its subsidiaries, Trustmark operates as a financial services organization providing banking and financial solutions to corporate institutions and individual customers through offices in Alabama (includes the Georgia Loan Production Office), Florida, Mississippi, Tennessee and Texas. The consolidated financial statements include the accounts of Trustmark and all other entities in which Trustmark has a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements, and notes thereto, included in Trustmark’s Annual Report on Form 10-K for its fiscal year ended December 31, 2021 (2021 Annual Report). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. In the opinion of Management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of these consolidated financial statements have been included. The preparation of financial statements in conformity with these accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expense during the reporting periods and the related disclosures. Although Management’s estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that in 2022 actual conditions could vary from those anticipated, which could affect Trustmark’s financial condition and results of operations. Actual results could differ from those estimates. |
Securities Available for Sale a
Securities Available for Sale and Held to Maturity | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale and Held to Maturity | Note 2 – 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 September 30, 2022 and December 31, 2021 ($ in thousands): Securities Available for Sale Securities Held to Maturity September 30, 2022 Amortized Gross Gross Estimated Amortized Gross Gross Estimated U.S. Treasury securities $ 458,475 $ — $ ( 42,197 ) $ 416,278 $ — $ — $ — $ — U.S. Government agency 9,681 — ( 565 ) 9,116 — — — — Obligations of states and political 4,836 — ( 73 ) 4,763 4,512 3 ( 8 ) 4,507 Mortgage-backed securities Residential mortgage pass- Guaranteed by GNMA 32,067 8 ( 3,911 ) 28,164 4,527 — ( 467 ) 4,060 Issued by FNMA and 1,992,351 — ( 274,294 ) 1,718,057 179,375 — ( 19,845 ) 159,530 Other residential mortgage- Issued or guaranteed by 134,630 1 ( 8,493 ) 126,138 197,923 2 ( 13,637 ) 184,288 Commercial mortgage-backed Issued or guaranteed by 144,375 — ( 2,405 ) 141,970 770,648 — ( 57,205 ) 713,443 Total $ 2,776,415 $ 9 $ ( 331,938 ) $ 2,444,486 $ 1,156,985 $ 5 $ ( 91,162 ) $ 1,065,828 Securities Available for Sale Securities Held to Maturity December 31, 2021 Amortized Gross Gross Estimated Amortized Gross Gross Estimated U.S. Treasury Securities $ 349,562 $ 16 $ ( 4,938 ) $ 344,640 $ — $ — $ — $ — U.S. Government agency 14,044 20 ( 337 ) 13,727 — — — — Obligations of states and political 5,134 580 — 5,714 7,328 64 ( 3 ) 7,389 Mortgage-backed securities Residential mortgage pass- Guaranteed by GNMA 38,942 665 ( 34 ) 39,573 5,005 187 ( 3 ) 5,189 Issued by FNMA and 2,230,498 8,945 ( 21,014 ) 2,218,429 43,444 962 — 44,406 Other residential mortgage- Issued or guaranteed by 193,908 2,879 ( 97 ) 196,690 241,934 9,015 ( 31 ) 250,918 Commercial mortgage-backed Issued or guaranteed by 424,201 404 ( 4,501 ) 420,104 44,826 783 — 45,609 Total $ 3,256,289 $ 13,509 $ ( 30,921 ) $ 3,238,877 $ 342,537 $ 11,011 $ ( 37 ) $ 353,511 During 2013, Trustmark reclassified $ 1.099 billion of securities available for sale to securities held to maturity. At the date of this transfer, the net unrealized holding loss on the available for sale securities totaled approximately $ 46.6 million ($ 28.8 million, net of tax). During the second quarter of 2022, Trustmark reclassified $ 343.1 million of securities available for sale to securities held to maturity. At the date of this transfer, the net unrealized holding loss on the available for sale securities totaled approximately $ 34.8 million ($ 26.1 million, net of tax). The securities were transferred at fair value, which became the cost basis for the securities held to maturity. 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 either transfer. At September 30, 2022 , the net unamortized, unrealized loss on transferred securities included in accumulated other comprehensive income (loss) in the accompanying balance sheet totaled approximately $ 37.7 million ($ 28.3 million, net of tax) compared to approximately $ 6.3 million ($ 4.7 million, net of tax) at December 31, 2021. ACL on Securities Securities Available for Sale Quarterly, Trustmark evaluates if any security has a fair value less than its amortized cost. Once these securities are identified, in order to determine whether a decline in fair value resulted from a credit loss or other factors, Trustmark performs further analysis. If Trustmark determines that a credit loss exists, the credit portion of the allowance is measured using a discounted cash flow (DCF) analysis using the effective interest rate as of the security’s purchase date. The amount of credit loss recorded by Trustmark is limited to the amount by which the amortized cost exceeds the fair value. The DCF analysis utilizes contractual maturities, as well as third-party credit ratings and cumulative default rates published annually by Moody’s Investor Service (Moody’s). At both September 30, 2022 and December 31, 2021 , the results of the analysis did not identify any securities that violate the credit loss triggers; therefore, no DCF analysis was performed and no credit loss was recognized on any of the securities available for sale. Accrued interest receivable is excluded from the estimate of credit losses for securities available for sale. At September 30, 2022 , accrued interest receivable totaled $ 4.8 million for securities available for sale compared to $ 5.1 million at December 31, 2021 and was reported in other assets on the accompanying consolidated balance sheet. Securities Held to Maturity At September 30, 2022 and December 31, 2021, $ 4.5 million and $ 7.3 million, respectively, of securities had a potential for credit loss exposure and all consisted of municipal securities. After applying appropriate probability of default (PD) and loss given default (LGD) assumptions, the total amount of current expected credit losses was deemed immaterial. Therefore, no reserve was recorded at September 30, 2022 and December 31, 2021. Accrued interest receivable is excluded from the estimate of credit losses for securities held to maturity. At September 30, 2022 accrued interest receivable totaled $ 2.2 million for securities held to maturity compared to $ 670 thousand at December 31, 2021 and was reported in other assets on the accompanying consolidated balance sheet. At both September 30, 2022 and December 31, 2021 , Trustmark had no securities held to maturity that were past due 30 days or more as to principal or interest payments. Trustmark had no securities held to maturity classified as nonaccrual at September 30, 2022 and December 31, 2021 . Trustmark monitors the credit quality of securities held to maturity on a monthly basis through credit ratings. The following table presents the amortized cost of Trustmark’s securities held to maturity by credit rating, as determined by Moody’s, at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Aaa $ 1,152,473 $ 335,208 Aa1 to Aa3 3,002 5,007 Not Rated (1) 1,510 2,322 Total $ 1,156,985 $ 342,537 (1) Not rated securities primarily consist of Mississippi municipal general obligations. The tables below include securities with gross unrealized losses for which an allowance for credit losses has not been recorded and segregated by length of impairment at September 30, 2022 and December 31, 2021 ($ in thousands): Less than 12 Months 12 Months or More Total September 30, 2022 Estimated Gross Estimated Gross Estimated Gross U.S. Treasury securities $ 158,877 $ ( 9,333 ) $ 257,401 $ ( 32,864 ) $ 416,278 $ ( 42,197 ) U.S. Government agency obligations 3,088 ( 311 ) 5,935 ( 254 ) 9,023 ( 565 ) Obligations of states and political subdivisions 4,763 ( 73 ) 3,661 ( 8 ) 8,424 ( 81 ) Mortgage-backed securities Residential mortgage pass-through Guaranteed by GNMA 30,577 ( 4,136 ) 1,199 ( 242 ) 31,776 ( 4,378 ) Issued by FNMA and FHLMC 562,533 ( 60,200 ) 1,315,039 ( 233,939 ) 1,877,572 ( 294,139 ) Other residential mortgage-backed Issued or guaranteed by FNMA, 302,446 ( 21,129 ) 7,610 ( 1,001 ) 310,056 ( 22,130 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, 854,792 ( 59,601 ) 622 ( 9 ) 855,414 ( 59,610 ) Total $ 1,917,076 $ ( 154,783 ) $ 1,591,467 $ ( 268,317 ) $ 3,508,543 $ ( 423,100 ) December 31, 2021 U.S. Treasury Securities $ 315,123 $ ( 4,938 ) $ — $ — $ 315,123 $ ( 4,938 ) U.S. Government agency obligations 1,312 ( 5 ) 8,619 ( 332 ) 9,931 ( 337 ) Obligations of states and political subdivisions 3,006 ( 1 ) 667 ( 2 ) 3,673 ( 3 ) Mortgage-backed securities Residential mortgage pass-through Guaranteed by GNMA 6,040 ( 37 ) — — 6,040 ( 37 ) Issued by FNMA and FHLMC 1,734,921 ( 19,980 ) 55,303 ( 1,034 ) 1,790,224 ( 21,014 ) Other residential mortgage-backed Issued or guaranteed by FNMA, 19,038 ( 99 ) 2,647 ( 29 ) 21,685 ( 128 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, 344,025 ( 4,492 ) 639 ( 9 ) 344,664 ( 4,501 ) Total $ 2,423,465 $ ( 29,552 ) $ 67,875 $ ( 1,406 ) $ 2,491,340 $ ( 30,958 ) 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. 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 at maturity. Security Gains and Losses During the nine months ended September 30, 2022 and 2021 , there were no gross realized gains or losses as a result of calls and dispositions of securities. Realized gains and losses are determined using the specific identification method and are included in noninterest income as security gains (losses), net. Securities Pledged Securities with a carrying value of $ 2.376 billion and $ 2.831 billion at September 30, 2022 and December 31, 2021, respectively, were pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law. At both September 30, 2022 and December 31, 2021 , 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 September 30, 2022, 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 Amortized Estimated Amortized Estimated Due in one year or less $ 30,375 $ 30,163 $ 4,171 $ 4,167 Due after one year through five years 382,241 347,173 341 340 Due after five years through ten years 53,155 45,983 — — Due after ten years 7,221 6,838 — — 472,992 430,157 4,512 4,507 Mortgage-backed securities 2,303,423 2,014,329 1,152,473 1,061,321 Total $ 2,776,415 $ 2,444,486 $ 1,156,985 $ 1,065,828 |
Loans Held for Investment (LHFI
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI | 9 Months Ended |
Sep. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans Held for Investment (LHFI) and Allowance for Credit Losses, LHFI | Note 3 – LHFI and ACL, LHFI At September 30, 2022 and December 31, 2021, LHFI consisted of the following ($ in thousands): September 30, 2022 December 31, 2021 Loans secured by real estate: Construction, land development and other land $ 693,741 $ 596,968 Other secured by 1-4 family residential properties 566,985 517,683 Secured by nonfarm, nonresidential properties 3,206,946 2,977,084 Other real estate secured 593,119 726,043 Other loans secured by real estate: Other construction 953,654 711,813 Secured by 1-4 family residential properties 2,030,127 1,460,310 Commercial and industrial loans 1,689,532 1,414,279 Consumer loans 166,027 162,555 State and other political subdivision loans 1,188,703 1,146,251 Other commercial loans 497,230 534,843 LHFI 11,586,064 10,247,829 Less ACL 115,050 99,457 Net LHFI $ 11,471,014 $ 10,148,372 Accrued interest receivable is not included in the amortized cost basis of Trustmark’s LHFI. At September 30, 2022 and December 31, 2021 , accrued interest receivable for LHFI totaled $ 38.2 million and $ 26.7 million, respectively, with no related ACL and was reported in other assets on the accompanying consolidated balance sheet. Loan Concentrations Trustmark does not have any loan concentrations other than those reflected in the preceding table, which exceed 10 % of total LHFI. At September 30, 2022 , 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 is susceptible to changes in market conditions in these areas. Nonaccrual and Past Due LHFI No material interest income was recognized in the income statement on nonaccrual LHFI for each of the periods ended September 30, 2022 and 2021. The following tables provide the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more still accruing interest at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 Nonaccrual With No ACL Total Nonaccrual Loans Past Due 90 Days or More Still Accruing Loans secured by real estate: Construction, land development and other land $ 142 $ 4,383 $ — Other secured by 1-4 family residential properties 489 3,531 292 Secured by nonfarm, nonresidential properties 5,263 7,738 — Other real estate secured — 574 — Other loans secured by real estate: Other construction — 7,620 — Secured by 1-4 family residential properties 1,233 14,774 1,086 Commercial and industrial loans 407 25,899 — Consumer loans — 129 416 State and other political subdivision loans — 2,988 — Other commercial loans — 291 48 Total $ 7,534 $ 67,927 $ 1,842 December 31, 2021 Nonaccrual With No ACL Total Nonaccrual Loans Past Due 90 Days or More Still Accruing Loans secured by real estate: Construction, land development and other land $ 4,784 $ 5,878 $ 7 Other secured by 1-4 family residential properties 1,319 3,418 148 Secured by nonfarm, nonresidential properties 10,842 12,508 — Other real estate secured 56 150 — Other loans secured by real estate: Other construction — — — Secured by 1-4 family residential properties — 12,775 1,655 Commercial and industrial loans 1,363 19,328 — Consumer loans — 117 304 State and other political subdivision loans — 3,664 — Other commercial loans 4,405 4,860 — Total $ 22,769 $ 62,698 $ 2,114 The following tables provide an aging analysis of the amortized cost basis of past due LHFI (including nonaccrual LHFI) at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 Past Due 30-59 Days 60-89 Days 90 Days Total Past Due Current Total LHFI Loans secured by real estate: Construction, land development and $ 638 $ 4,047 $ 159 $ 4,844 $ 688,897 $ 693,741 Other secured by 1-4 family residential 2,490 559 862 3,911 563,074 566,985 Secured by nonfarm, nonresidential 1,039 — 1,948 2,987 3,203,959 3,206,946 Other real estate secured 440 48 — 488 592,631 593,119 Other loans secured by real estate: Other construction — — 7,620 7,620 946,034 953,654 Secured by 1-4 family residential properties 8,161 3,066 5,437 16,664 2,013,463 2,030,127 Commercial and industrial loans 1,592 45 790 2,427 1,687,105 1,689,532 Consumer loans 1,329 390 417 2,136 163,891 166,027 State and other political subdivision loans 143 — 177 320 1,188,383 1,188,703 Other commercial loans 378 29 190 597 496,633 497,230 Total $ 16,210 $ 8,184 $ 17,600 $ 41,994 $ 11,544,070 $ 11,586,064 December 31, 2021 Past Due 30-59 Days 60-89 Days 90 Days More Total Past Due Current Total LHFI Loans secured by real estate: Construction, land development and $ 323 $ 11 $ 5,241 $ 5,575 $ 591,393 $ 596,968 Other secured by 1-4 family residential 1,811 368 567 2,746 514,937 517,683 Secured by nonfarm, nonresidential 845 — 1,442 2,287 2,974,797 2,977,084 Other real estate secured — — 142 142 725,901 726,043 Other loans secured by real estate: Other construction — — — — 711,813 711,813 Secured by 1-4 family residential properties 2,799 531 6,720 10,050 1,450,260 1,460,310 Commercial and industrial loans 607 41 1,107 1,755 1,412,524 1,414,279 Consumer loans 1,673 182 305 2,160 160,395 162,555 State and other political subdivision loans 32 — 177 209 1,146,042 1,146,251 Other commercial loans 220 32 118 370 534,473 534,843 Total $ 8,310 $ 1,165 $ 15,819 $ 25,294 $ 10,222,535 $ 10,247,829 Troubled Debt Restructurings (TDRs) A 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 collectability 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. At September 30, 2022 and 2021 , LHFI classified as TDRs totaled $ 15.7 million and $ 23.5 million, respectively. At September 30, 2022 , TDRs were primarily comprised of bankruptcies, payment concessions and credits with interest-only payments for an extended period of time which totaled $ 13.6 million. At September 30, 2021 , TDRs were primarily comprised of bankruptcies, payment concessions and credits with interest-only payments for an extended period of time which totaled $ 20.1 million. Trustmark had $ 86 thousand in unused commitments on TDRs at September 30, 2022 , compared to $ 1.0 million at September 30, 2021. At September 30, 2022 and 2021 , TDRs had a related ACL, LHFI of $ 1.3 million and $ 2.6 million, respectively. Trustmark had $ 9 thousand in charge-offs on TDRs for the nine months ended September 30, 2022 , compared to $ 3.7 million for the nine months ended September 30, 2021. The following table illustrates the impact of modifications classified as TDRs for the periods presented ($ in thousands): Three Months Ended September 30, 2022 2021 Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Loans secured by real estate: Other secured by 1-4 family 2 $ 248 $ 241 — $ — $ — Secured by nonfarm, 1 501 499 3 483 483 Other loans secured by real estate: Secured by 1-4 family residential 4 158 166 1 152 152 Total 7 $ 907 $ 906 4 $ 635 $ 635 Nine Months Ended September 30, 2022 2021 Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Loans secured by real estate: Construction, land development 1 $ 146 $ 146 5 $ 5,582 $ 5,582 Other secured by 1-4 family 4 321 314 3 37 37 Secured by nonfarm, 4 6,505 6,503 4 860 860 Other real estate secured 1 85 85 — — — Other loans secured by real estate: Secured by 1-4 family residential 10 1,182 1,209 4 401 401 Commercial and industrial loans 1 500 500 2 1,014 1,014 Other commercial loans — — — 2 4,929 4,929 Total 21 $ 8,739 $ 8,757 20 $ 12,823 $ 12,823 The table below includes the balances at default for TDRs modified within the last twelve months for which there was a payment default during the periods presented ($ in thousands): Nine Months Ended September 30, 2022 2021 Number of Recorded Number of Recorded Loans secured by real estate: Construction, land development and other land — $ — 5 $ 5,582 Other secured by 1-4 family residential properties — — 1 16 Other loans secured by real estate: Secured by 1-4 family residential properties — — 1 78 Other commercial loans — — 2 4,929 Total — $ — 9 $ 10,605 Trustmark’s TDRs have resulted primarily from allowing the borrower to pay interest-only for an extended period of time and payment concessions. 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 class at September 30, 2022 and 2021 ($ in thousands): September 30, 2022 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 4,162 $ 4,162 Other secured by 1-4 family residential properties 195 862 1,057 Secured by nonfarm, nonresidential properties — 4,117 4,117 Other real estate secured — 79 79 Other loans secured by real estate: Secured by 1-4 family residential properties 114 3,314 3,428 Commercial and industrial loans — 49 49 State and other political subdivision loans — 2,811 2,811 Other commercial loans — 36 36 Total TDRs $ 309 $ 15,430 $ 15,739 September 30, 2021 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 4,607 $ 4,607 Other secured by 1-4 family residential properties — 1,007 1,007 Secured by nonfarm, nonresidential properties 394 2,961 3,355 Other loans secured by real estate: Secured by 1-4 family residential properties — 2,292 2,292 Commercial and industrial loans 2,000 1,600 3,600 Consumer loans — 11 11 State and other political subdivision loans — 3,609 3,609 Other commercial loans — 5,009 5,009 Total TDRs $ 2,394 $ 21,096 $ 23,490 Collateral-Dependent Loans The following tables present the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 Real Estate Equipment and Inventory and Receivables Vehicles Miscellaneous Total Loans secured by real estate: Construction, land development and $ 4,273 $ — $ — $ — $ — $ 4,273 Other secured by 1-4 family 489 — — — — 489 Secured by nonfarm, nonresidential 5,493 — — — — 5,493 Other loans secured by real estate: Other construction 7,620 — — — — 7,620 Secured by 1-4 family residential 1,233 — — — — 1,233 Commercial and industrial loans 40 — 349 398 24,494 25,281 State and other political subdivision loans 2,988 — — — — 2,988 Other commercial loans — — — — 36 36 Total $ 22,136 $ — $ 349 $ 398 $ 24,530 $ 47,413 December 31, 2021 Real Estate Equipment and Inventory and Receivables Vehicles Miscellaneous Total Loans secured by real estate: Construction, land development and $ 5,198 $ — $ — $ — $ — $ 5,198 Secured by nonfarm, nonresidential 11,072 — — — — 11,072 Other real estate secured 56 — — — — 56 Other loans secured by real estate: Secured by 1-4 family residential 1,319 — — — — 1,319 Commercial and industrial loans 42 349 1,253 370 16,430 18,444 State and other political subdivision loans 3,664 — — — — 3,664 Other commercial loans 4,572 — — — 36 4,608 Total $ 25,923 $ 349 $ 1,253 $ 370 $ 16,466 $ 44,361 A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the sale of the collateral. The following provides a qualitative description by class of loan of the collateral that secures Trustmark’s collateral-dependent LHFI: • Loans secured by real estate – Loans within these loan classes are secured by liens on real estate properties. There have been no significant changes to the collateral that secures these financial assets during the period. • Other loans secured by real estate – Loans within these loan classes are secured by liens on real estate properties. There have been no significant changes to the collateral that secures these financial assets during the period. • Commercial and industrial loans – Loans within this loan class are primarily secured by inventory, accounts receivables, equipment and other non-real estate collateral. There have been no significant changes to the collateral that secures these financial assets during the period. • State and other political subdivision loans – Loans within this loan class are secured by liens on real estate properties or other non-real estate collateral. There have been no significant changes to the collateral that secures these financial assets during the period. • Other commercial loans – Loans within this loan class are secured by non-real estate collateral. There have been no significant changes to the collateral that secures these financial assets during the period. Credit Quality Indicators Trustmark’s LHFI 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 primarily composed of 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 segment 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 and completeness 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 ensure 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 portfolio segment. • 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 portfolio segment. Collateral exceptions occur when certain collateral documentation is either not present or not current. • 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), Regulation O requirements and regulations governing appraisals. 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 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 the 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. To enhance this process, Trustmark has determined that certain loans will be individually assessed, and a formal analysis will be performed and based upon the analysis the loan will be written down to the net realizable value. Trustmark will individually assess and remove loans from the pool in the following circumstances: • Commercial nonaccrual loans with total exposure of $ 500 thousand (excluding those portions of the debt that are government guaranteed or are secured by Trustmark deposits or marketable securities) or more. • Any loan that is believed to not share similar risk characteristics with the rest of the pool will be individually assessed. Otherwise, the loan will be left within the pool based on the results of the assessment. • Commercial accruing loans deemed to be a TDR with total exposure of $ 500 thousand (excluding those portions of the debt that are government guaranteed or are secured by Trustmark deposits or marketable securities) or more. If the loan is believed to not share similar risk characteristics with the rest of the loan pool, the loan will be individually assessed. Otherwise, the loan will be left within the pool and monitored on an ongoing basis. 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 both on the underlying credit quality of each individual loan class as well as the adherence to Trustmark’s loan policy and the loan administration process. 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 30 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 $100 thousand or more. In addition, periodic reviews of significant development, commercial construction, multi-family and nonowner-occupied projects are performed. These reviews assess each particular project with respect to location, project valuations, progress of completion, leasing status, current financial information, rents, operating expenses, cash flow, adherence to budget and projections and other information as applicable. Summary results are reviewed by Senior and Regional Credit Officers in addition to the Chief Credit Officer with a determination made as to the appropriateness of existing risk ratings and accrual status. Consumer Credits Consumer LHFI that do not meet a minimum custom credit score are reviewed quarterly. The Retail Credit Review Committee, Management Credit Policy Committee and the Directors Credit Policy Committee review the volume and/or percentage of approvals that did not meet the minimum passing custom score to ensure that Trustmark continues to originate quality loans. Trustmark monitors the levels and severity of past due consumer LHFI on a daily basis through its collection activities. A detailed assessment of consumer LHFI delinquencies is performed monthly at both a product and market level. The tables below present the amortized cost basis of loans by credit quality indicator and class of loans based on analyses performed at September 30, 2022 and December 31, 2021 ($ in thousands): Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of September 30, 2022 Commercial LHFI Loans secured by real estate: Construction, land Pass - RR 1 through RR 6 $ 303,156 $ 162,650 $ 36,577 $ 7,545 $ 1,445 $ 2,772 $ 78,876 $ 593,021 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 159 245 — 3,886 — — — 4,290 Doubtful - RR 9 — — — — — 42 — 42 Total 303,315 162,895 36,577 11,431 1,445 2,814 78,876 597,353 Other secured by 1-4 family Pass - RR 1 through RR 6 $ 33,783 $ 34,326 $ 18,228 $ 9,818 $ 7,141 $ 3,556 $ 13,669 $ 120,521 Special Mention - RR 7 — 98 19 — — — — 117 Substandard - RR 8 522 126 123 89 156 295 — 1,311 Doubtful - RR 9 — 16 — — — — — 16 Total 34,305 34,566 18,370 9,907 7,297 3,851 13,669 121,965 Secured by nonfarm, Pass - RR 1 through RR 6 $ 680,957 $ 654,012 $ 616,131 $ 494,170 $ 258,703 $ 331,303 $ 121,487 $ 3,156,763 Special Mention - RR 7 933 — — 273 — — — 1,206 Substandard - RR 8 13,216 1,779 9,408 928 4,626 18,861 — 48,818 Doubtful - RR 9 36 — — 84 — 18 — 138 Total 695,142 655,791 625,539 495,455 263,329 350,182 121,487 3,206,925 Other real estate secured: Pass - RR 1 through RR 6 $ 193,674 $ 124,859 $ 113,221 $ 115,830 $ 11,679 $ 19,849 $ 13,557 $ 592,669 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 — — 64 — 7 79 96 246 Doubtful - RR 9 — — — — — — — — Total 193,674 124,859 113,285 115,830 11,686 19,928 13,653 592,915 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of September 30, 2022 Commercial LHFI Other loans secured by real Other construction: Pass - RR 1 through RR 6 $ 254,890 $ 320,751 $ 369,552 $ 841 $ — $ — $ — $ 946,034 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 — 7,620 — — — — — 7,620 Doubtful - RR 9 — — — — — — — — Total 254,890 328,371 369,552 841 — — — 953,654 Commercial and industrial Pass - RR 1 through RR 6 $ 505,209 $ 273,347 $ 151,087 $ 50,821 $ 17,795 $ 72,908 $ 574,211 $ 1,645,378 Special Mention - RR 7 — — 9 — — — — 9 Substandard - RR 8 7,577 10,000 1,208 375 91 5,403 19,273 43,927 Doubtful - RR 9 127 16 12 10 38 4 11 218 Total 512,913 283,363 152,316 51,206 17,924 78,315 593,495 1,689,532 State and other political Pass - RR 1 through RR 6 $ 320,188 $ 234,723 $ 127,801 $ 41,354 $ 22,216 $ 436,733 $ — $ 1,183,015 Special Mention - RR 7 — — — — — 2,700 — 2,700 Substandard - RR 8 — — — — — 2,988 — 2,988 Doubtful - RR 9 — — — — — — — — Total 320,188 234,723 127,801 41,354 22,216 442,421 — 1,188,703 Other commercial loans: Pass - RR 1 through RR 6 $ 80,800 $ 42,678 $ 30,671 $ 38,759 $ 6,919 $ 25,768 $ 256,633 $ 482,228 Special Mention - RR 7 879 — — — — — — 879 Substandard - RR 8 3,711 106 2 36 29 1,179 9,013 14,076 Doubtful - RR 9 24 — — — — 23 — 47 Total 85,414 42,784 30,673 38,795 6,948 26,970 265,646 497,230 Total commercial $ 2,399,841 $ 1,867,352 $ 1,474,113 $ 764,819 $ 330,845 $ 924,481 $ 1,086,826 $ 8,848,277 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of September 30, 2022 Consumer LHFI Loans secured by real estate: Construction, land Current $ 43,286 $ 42,072 $ 4,438 $ 2,265 $ 1,728 $ 2,179 $ — $ 95,968 Past due 30-89 days — 306 — — 19 27 — 352 Past due 90 days or more — — — — — — — — Nonaccrual — 59 — — — 9 — 68 Total 43,286 42,437 4,438 2,265 1,747 2,215 — 96,388 Other secured by 1-4 family Current $ 15,589 $ 8,922 $ 5,635 $ 5,245 $ 4,473 $ 8,101 $ 391,803 $ 439,768 Past due 30-89 days 81 77 10 57 6 333 1,256 1,820 Past due 90 days or more — — — — — 37 256 293 Nonaccrual 88 22 4 22 8 450 2,545 3,139 Total 15,758 9,021 5,649 5,324 4,487 8,921 395,860 445,020 Secured by nonfarm, Current $ — $ 21 $ — $ — $ — $ — $ — $ 21 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — 21 — — — — — 21 Other real estate secured: Current $ — $ — $ 91 $ — $ 6 $ 107 $ — $ 204 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — — 91 — 6 107 — 204 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of September 30, 2022 Consumer LHFI Other loans secured by real Secured by 1-4 family Current $ 859,525 $ 571,302 $ 207,478 $ 112,197 $ 84,201 $ 169,410 $ — $ 2,004,113 Past due 30-89 days 1,797 3,525 1,318 313 542 2,665 — 10,160 Past due 90 days or more — 918 136 — — 31 — 1,085 Nonaccrual 855 1,856 2,849 1,871 1,722 5,616 — 14,769 Total 862,177 577,601 211,781 114,381 86,465 177,722 — 2,030,127 Consumer loans: Current $ 57,103 $ 33,978 $ 12,889 $ 3,337 $ 2,137 $ 596 $ 53,725 $ 163,765 Past due 30-89 days 739 153 134 24 25 15 626 1,716 Past due 90 days or more 44 174 2 1 — — 196 417 Nonaccrual 61 20 3 2 5 — 38 129 Total 57,947 34,325 13,028 3,364 2,167 611 54,585 166,027 Total consumer LHFI $ 979,168 $ 663,405 $ 234,987 $ 125,334 $ 94,872 $ 189,576 $ 450,445 $ 2,737,787 Total LHFI $ 3,379,009 $ 2,530,757 $ 1,709,100 $ 890,153 $ 425,717 $ 1,114,057 $ 1,537,271 $ 11,586,064 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of December 31, 2021 Commercial LHFI Loans secured by real estate: Construction, land Pass - RR 1 through RR 6 $ 376,438 $ 76,176 $ 21,366 $ 2,189 $ 1,367 $ 2,890 $ 26,505 $ 506,931 Special Mention - RR 7 71 6,382 — — — — — 6,453 Substandard - RR 8 2,243 — 3,435 30 — — — 5,708 Doubtful - RR 9 — — — — — 42 — 42 Total 378,752 82,558 24,801 2,219 1,367 2,932 26,505 519,134 Other secured by 1-4 family Pass - RR 1 through RR 6 $ 44,208 $ 23,269 $ 13,194 $ 9,722 $ 5,737 $ 3,076 $ 8,771 $ 107,977 Special Mention - RR 7 111 143 — — — — — 254 Substandard - RR 8 721 150 6 166 46 627 — 1,716 Doubtful - RR 9 22 — — — — — — 22 Total 45,062 23,562 13,200 9,888 5,783 3,703 8,771 109,969 Secured by nonfarm, Pass - RR 1 through RR 6 $ 750,869 $ 604,026 $ 610,446 $ 350,603 $ 183,115 $ 279,529 $ 113,808 $ 2,892,396 Special Mention - RR 7 1,510 9,584 412 — 1,562 4,522 — 17,590 Substandard - RR 8 11,017 2,357 13,609 3,591 5,988 29,309 1,025 66,896 Doubtful - RR 9 43 — 105 — — 21 — 169 Total 763,439 615,967 624,572 354,194 190,665 313,381 114,833 2,977,051 Other real estate secured: Pass - RR 1 through RR 6 $ 256,273 $ 105,687 $ 220,487 $ 64,268 $ 6,816 $ 56,196 $ 13,350 $ 723,077 Special Mention - RR 7 — — — — — 773 — 773 Substandard - RR 8 1,684 65 — 8 — 101 — 1,858 Doubtful - RR 9 — — — — — — — — Total 257,957 105,752 220,487 64,276 6,816 57,070 13,350 725,708 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of December 31, 2021 Commercial LHFI Other loans secured by real Other construction Pass - RR 1 through RR 6 $ 273,747 $ 393,580 $ 25,142 $ — $ — $ — $ 17,909 $ 710,378 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 1,435 — — — — — — 1,435 Doubtful - RR 9 — — — — — — — — Total 275,182 393,580 25,142 — — — 17,909 711,813 Commercial and industrial Pass - RR 1 through RR 6 $ 503,073 $ 249,171 $ 74,239 $ 33,403 $ 50,016 $ 35,883 $ 400,423 $ 1,346,208 Special Mention - RR 7 643 365 147 550 48 — 99 1,852 Substandard - RR 8 14,530 1,338 1,221 1,119 9,237 386 38,182 66,013 Doubtful - RR 9 20 46 29 107 — 4 — 206 Total 518,266 250,920 75,636 35,179 59,301 36,273 438,704 1,414,279 State and other political Pass - RR 1 through RR 6 $ 381,317 $ 148,156 $ 56,987 $ 30,558 $ 95,491 $ 418,319 $ 8,409 $ 1,139,237 Special Mention - RR 7 — — — — — 3,350 — 3,350 Substandard - RR 8 — — — — — 3,664 — 3,664 Doubtful - RR 9 — — — — — — — — Total 381,317 148,156 56,987 30,558 95,491 425,333 8,409 1,146,251 Other commercial loans: Pass - RR 1 through RR 6 $ 103,504 $ 38,661 $ 64,871 $ 8,643 $ 7,924 $ 41,112 $ 232,476 $ 497,191 Special Mention - RR 7 4,059 — — — — — 9,013 13,072 Substandard - RR 8 4,532 6,681 82 212 — — 13,000 24,507 Doubtful - RR 9 — 50 — — — 23 — 73 Total 112,095 45,392 64,953 8,855 7,924 41,135 254,489 534,843 Total commercial $ 2,732,070 $ 1,665,887 $ 1,105,778 $ 505,169 $ 367,347 $ 879,827 $ 882,970 $ 8,139,048 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of December 31, 2021 Consumer LHFI Loans secured by real estate: Construction, land Current $ 51,849 $ 16,204 $ 3,024 $ 3,059 $ 797 $ 2,404 $ — $ 77,337 Past due 30-89 days — 265 49 5 — 14 — 333 Past due 90 days or more — — — — — 7 — 7 Nonaccrual 64 — — — — 93 — 157 Total 51,913 16,469 3,073 3,064 797 2,518 — 77,834 Other secured by 1-4 family Current $ 21,166 $ 11,098 $ 6,119 $ 5,903 $ 3,291 $ 7,853 $ 347,743 $ 403,173 Past due 30-89 days 5 34 87 114 — 145 1,214 1,599 Past due 90 days or more — 4 — — — 13 91 108 Nonaccrual 26 70 29 9 341 274 2,085 2,834 Total 21,197 11,206 6,235 6,026 3,632 8,285 351,133 407,714 Secured by nonfarm, Current $ 31 $ — $ — $ — $ 2 $ — $ — $ 33 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total 31 — — — 2 — — 33 Other real estate secured: Current $ — $ 97 $ — $ 8 $ 60 $ 170 $ — $ 335 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — 97 — 8 60 170 — 335 Other loans secured by real Secured by 1-4 family Current $ 622,330 $ 233,951 $ 137,500 $ 107,345 $ 56,374 $ 285,919 $ — $ 1,443,419 Past due 30-89 days 542 494 333 10 369 714 — 2,462 Past due 90 days or more 199 501 165 122 218 450 — 1,655 Nonaccrual 272 1,875 1,419 2,105 916 6,187 — 12,774 Total 623,343 236,821 139,417 109,582 57,877 293,270 — 1,460,310 Consumer loans: Current $ 65,366 $ 25,512 $ 8,498 $ 4,734 $ 1,289 $ 378 $ 54,518 $ 160,295 Past due 30-89 days 989 223 123 22 10 5 468 1,840 Past due 90 days or more 26 23 6 — — — 248 303 Nonaccrual 71 17 2 13 8 — 6 117 Total 66,452 25,775 8,629 4,769 1,307 383 55,240 162,555 Total consumer LHFI $ 762,936 $ 290,368 $ 157,354 $ 123,449 $ 63,675 $ 304,626 $ 406,373 $ 2,108,781 Total LHFI $ 3,495,006 $ 1,956,255 $ 1,263,132 $ 628,618 $ 431,022 $ 1,184,453 $ 1,289,343 $ 10,247,829 Past Due LHFS LHFS past due 90 days or more totaled $ 48.3 million and $ 69.9 million at September 30, 2022 and December 31, 2021 , respectively. LHFS past due 90 days or more are serviced loans eligible for repurchase, which are fully guaranteed by the Government National Mortgage Association (GNMA). GNMA optional repurchase programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the institution provides servicing. At the servicer’s option and without GNMA’s prior authorization, the servicer may |
Mortgage Banking
Mortgage Banking | 9 Months Ended |
Sep. 30, 2022 | |
Mortgage Banking [Abstract] | |
Mortgage Banking | Note 4 – Mortgage Banking MSR The activity in the MSR is detailed in the table below for the periods presented ($ in thousands): Nine Months Ended September 30, 2022 2021 Balance at beginning of period $ 87,687 $ 66,464 Origination of servicing assets 14,452 22,015 Change in fair value: Due to market changes 41,529 11,037 Due to run-off ( 11,053 ) ( 15,415 ) Balance at end of period $ 132,615 $ 84,101 Trustmark determines the fair value of the MSR using a valuation model administered by a third party that calculates the present value of estimated future net servicing income. 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, the float rate, which is the interest rate earned on escrow balances, and the discount rate as some of the primary assumptions used 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. An increase in the float rate will result in an increase in the fair value of the MSR, while a decrease in the float rate will result in a decrease in the fair value of the MSR. At September 30, 2022 , the fair value of the MSR included an assumed average prepayment speed of 8 CPR and an average discount rate of 9.58 % compared to an assumed average prepayment speed of 12 CPR and an average discount rate of 9.55 % at September 30, 2021. Mortgage Loans Serviced/Sold During the first nine months of 2022 and 2021 , Trustmark sold $ 1.026 billion and $ 1.796 billion, respectively, of residential mortgage loans. Gains on these sales were recorded as noninterest income in mortgage banking, net and totaled $ 16.9 million for the first nine months of 2022 compared to $ 47.0 million for the first nine months of 2021. The table below details the mortgage loans sold and serviced for others at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Federal National Mortgage Association $ 4,724,342 $ 4,709,584 Government National Mortgage Association 3,295,281 3,194,373 Federal Home Loan Mortgage Corporation 46,717 35,971 Other 11,317 13,272 Total mortgage loans sold and serviced for others $ 8,077,657 $ 7,953,200 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 Representations and Warranties Framework, 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. Trustmark is required by FNMA and FHLMC to provide a response to putback requests within 60 days of the date of receipt. The total mortgage loan servicing putback expenses are included in other expense. At both September 30, 2022 and 2021 , Trustmark had a reserve for mortgage loan servicing putback expenses of $ 500 thousand. There is inherent uncertainty in reasonably estimating the requirement for reserves against potential future mortgage loan servicing putback expenses. Future putback expenses are dependent on many subjective factors, including the review procedures of the purchasers and the potential refinance activity on loans sold with servicing released and the subsequent consequences under the representations and warranties. Trustmark believes that it has appropriately reserved for potential mortgage loan servicing putback requests. |
Other Real Estate
Other Real Estate | 9 Months Ended |
Sep. 30, 2022 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Other Real Estate | Note 5 – Other Real Estate At September 30, 2022, Trustmark’s geographic other real estate distribution was primarily concentrated in its Mississippi market region. The ultimate recovery of a substantial portion of the carrying amount of other real estate is susceptible to changes in market conditions in this area. For the periods presented, changes and gains (losses), net on other real estate were as follows ($ in thousands): Nine Months Ended September 30, 2022 2021 Balance at beginning of period $ 4,557 $ 11,651 Additions 1,430 770 Disposals ( 2,503 ) ( 4,326 ) (Write-downs) recoveries ( 513 ) ( 1,882 ) Balance at end of period $ 2,971 $ 6,213 Gains (losses), net on the sale of other real estate included in $ ( 465 ) $ ( 716 ) At September 30, 2022 and December 31, 2021, other real estate by type of property consisted of the following ($ in thousands): September 30, 2022 December 31, 2021 1-4 family residential properties $ 1,161 $ 94 Nonfarm, nonresidential properties 1,513 4,463 Other real estate properties 297 — Total other real estate $ 2,971 $ 4,557 At September 30, 2022 and December 31, 2021, other real estate by geographic location consisted of the following ($ in thousands): September 30, 2022 December 31, 2021 Alabama $ 217 $ — Mississippi (1) 2,754 4,557 Total other real estate $ 2,971 $ 4,557 (1) Mississippi includes Central and Southern Mississippi Regions. At September 30, 2022 , the balance of other real estate included $ 1.2 million of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property compared to $ 94 thousand at December 31, 2021. At September 30, 2022 and December 31, 2021, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $ 1.8 million and $ 1.2 million, respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 6 – Leases The following table details the components of net lease cost for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Finance leases: Amortization of right-of-use assets $ 356 $ 388 $ 1,122 $ 1,159 Interest on lease liabilities 46 54 143 167 Operating lease cost 1,309 1,332 3,877 3,979 Short-term lease cost 98 108 328 337 Variable lease cost 257 310 891 928 Sublease income ( 4 ) ( 118 ) ( 166 ) ( 271 ) Net lease cost $ 2,062 $ 2,074 $ 6,195 $ 6,299 The following table details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands): Nine Months Ended September 30, 2022 2021 Finance leases: Operating cash flows included in operating activities $ 143 $ 167 Financing cash flows included in payments under finance lease obligations 1,070 1,072 Operating leases: Operating cash flows (fixed payments) included in other operating activities, net 4,389 3,509 Operating cash flows (liability reduction) included in other operating activities, net 3,075 2,929 The following table details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Finance lease right-of-use assets, net of accumulated depreciation $ 4,894 $ 6,017 Finance lease liabilities 5,394 6,464 Operating lease right-of-use assets 37,282 34,603 Operating lease liabilities 39,797 36,468 Weighted-average lease term: Finance leases 8.59 years 8.37 years Operating leases 9.85 years 9.25 years Weighted-average discount rate: Finance leases 3.42 % 3.24 % Operating leases 3.18 % 2.84 % At September 30, 2022, future minimum rental commitments under finance and operating leases were as follows ($ in thousands): Finance Leases Operating Leases 2022 (excluding the nine months ended September 30, 2022) $ 384 $ 1,214 2023 885 4,998 2024 572 5,008 2025 584 4,926 2026 589 4,730 Thereafter 3,279 25,422 Total minimum lease payments 6,293 46,298 Less imputed interest ( 899 ) ( 6,501 ) Lease liabilities $ 5,394 $ 39,797 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Deposits | Note 7 – Deposits At September 30, 2022 and December 31, 2021, deposits consisted of the following ($ in thousands): September 30, 2022 December 31, 2021 Noninterest-bearing demand $ 4,358,805 $ 4,771,065 Interest-bearing demand 4,391,477 4,372,500 Savings 4,583,162 4,745,137 Time 1,091,736 1,198,458 Total $ 14,425,180 $ 15,087,160 |
Securities Sold Under Repurchas
Securities Sold Under Repurchase Agreements | 9 Months Ended |
Sep. 30, 2022 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold Under Repurchase Agreements | Note 8 – 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 Subtopic 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. Securities sold under repurchase agreements were secured by securities with a carrying amount of $ 94.2 million and $ 252.4 million at September 30, 2022 and December 31, 2021, respectively. 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 September 30, 2022 , 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 September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Mortgage-backed securities Residential mortgage pass-through securities Issued by FNMA and FHLMC $ 33,494 $ 167,310 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 1,593 1,475 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 44,256 24,528 Total securities sold under repurchase agreements $ 79,343 $ 193,313 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 9 – Revenue from Contracts with Customers Trustmark accounts for revenue from contracts with customers in accordance with FASB ASC Topic 606, “Revenue from Contracts with Customers,” which provides that revenue be recognized in a manner that depicts the transfer of goods or services to a customer in an amount that reflects the consideration Trustmark expects to be entitled to in exchange for those goods or services. Revenue from contracts with customers is recognized either over time in a manner that depicts Trustmark’s performance, or at a point in time when control of the goods or services are transferred to the customer. Trustmark’s noninterest income, excluding all of mortgage banking, net and securities gains (losses), net and portions of bank card and other fees and other income, are considered within the scope of FASB ASC Topic 606. Gains or losses on the sale of other real estate, which are included in Trustmark’s noninterest expense as other real estate expense, are also within the scope of FASB ASC Topic 606. Trustmark records a gain or loss from the sale of other real estate when control of the property transfers to the buyer. Trustmark records the gain or loss from the sale of other real estate in noninterest expense as other real estate expense, net. Other real estate sales for the three and nine months ended September 30, 2022 resulted in a net losses of $ 11 thousand and $ 465 thousand, respectively, compared to a net losses of $ 734 thousand and $ 716 thousand for the three and nine months ended September 30, 2021, respectively. The following table presents noninterest income disaggregated by reportable operating segment and revenue stream for the periods presented ($ in thousands): Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Topic 606 Not Topic (1) Total Topic 606 Not Topic (1) Total General Banking Segment Service charges on deposit accounts $ 11,296 $ — $ 11,296 $ 8,893 $ — $ 8,893 Bank card and other fees 7,644 1,648 9,292 7,561 979 8,540 Mortgage banking, net — 6,876 6,876 — 14,004 14,004 Wealth management 263 — 263 13 — 13 Other, net 1,724 239 1,963 1,826 ( 413 ) 1,413 Total noninterest income $ 20,927 $ 8,763 $ 29,690 $ 18,293 $ 14,570 $ 32,863 Wealth Management Segment Service charges on deposit accounts $ 22 $ — $ 22 $ 18 $ — $ 18 Bank card and other fees 13 — 13 9 — 9 Wealth management 8,515 — 8,515 9,058 — 9,058 Other, net 447 10 457 32 9 41 Total noninterest income $ 8,997 $ 10 $ 9,007 $ 9,117 $ 9 $ 9,126 Insurance Segment Insurance commissions $ 13,911 $ — $ 13,911 $ 12,133 $ — $ 12,133 Other, net ( 2 ) — ( 2 ) 27 — 27 Total noninterest income $ 13,909 $ — $ 13,909 $ 12,160 $ — $ 12,160 Consolidated Service charges on deposit accounts $ 11,318 $ — $ 11,318 $ 8,911 $ — $ 8,911 Bank card and other fees 7,657 1,648 9,305 7,570 979 8,549 Mortgage banking, net — 6,876 6,876 — 14,004 14,004 Insurance commissions 13,911 — 13,911 12,133 — 12,133 Wealth management 8,778 — 8,778 9,071 — 9,071 Other, net 2,169 249 2,418 1,885 ( 404 ) 1,481 Total noninterest income $ 43,833 $ 8,773 $ 52,606 $ 39,570 $ 14,579 $ 54,149 (1) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security gains (losses), net. Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Topic 606 Not Topic (1) Total Topic 606 Not Topic (1) Total General Banking Segment Service charges on deposit accounts $ 30,932 $ — $ 30,932 $ 23,822 $ — $ 23,822 Bank card and other fees 23,726 4,153 27,879 23,264 3,031 26,295 Mortgage banking, net — 24,898 24,898 — 52,141 52,141 Wealth management 468 — 468 33 — 33 Other, net 6,097 896 6,993 4,913 478 5,391 Total noninterest income $ 61,223 $ 29,947 $ 91,170 $ 52,032 $ 55,650 $ 107,682 Wealth Management Segment Service charges on deposit accounts $ 63 $ — $ 63 $ 58 $ — $ 58 Bank card and other fees 35 — 35 27 — 27 Wealth management 26,466 — 26,466 26,400 — 26,400 Other, net 512 29 541 99 25 124 Total noninterest income $ 27,076 $ 29 $ 27,105 $ 26,584 $ 25 $ 26,609 Insurance Segment Insurance commissions $ 41,702 $ — $ 41,702 $ 36,795 $ — $ 36,795 Other, net ( 3 ) — ( 3 ) 57 — 57 Total noninterest income $ 41,699 $ — $ 41,699 $ 36,852 $ — $ 36,852 Consolidated Service charges on deposit accounts $ 30,995 $ — $ 30,995 $ 23,880 $ — $ 23,880 Bank card and other fees 23,761 4,153 27,914 23,291 3,031 26,322 Mortgage banking, net — 24,898 24,898 — 52,141 52,141 Insurance commissions 41,702 — 41,702 36,795 — 36,795 Wealth management 26,934 — 26,934 26,433 — 26,433 Other, net 6,606 925 7,531 5,069 503 5,572 Total noninterest income $ 129,998 $ 29,976 $ 159,974 $ 115,468 $ 55,675 $ 171,143 (1) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security gains (losses), net. |
Defined Benefit and Other Postr
Defined Benefit and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Defined Benefit and Other Postretirement Benefits | Note 10 – Defined Benefit and Other Postretirement Benefits Qualified Pension Plan Trustmark maintains a noncontributory tax-qualified defined benefit pension plan titled the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions (the Continuing Plan) to satisfy commitments made by Trustmark to associates covered through plans obtained in acquisitions. The following table presents information regarding the net periodic benefit cost for the Continuing Plan for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Service cost $ 28 $ 63 $ 86 $ 189 Interest cost 48 43 144 129 Expected return on plan assets ( 30 ) ( 33 ) ( 90 ) ( 98 ) Recognized net loss due to lump sum settlements — 183 — 183 Recognized net actuarial loss 52 149 172 446 Net periodic benefit cost $ 98 $ 405 $ 312 $ 849 For the plan year ending December 31, 2022 , Trustmark’s minimum required contribution to the Continuing Plan is $ 176 thousand; however, Management and the Board of Directors of Trustmark will monitor the Continuing Plan throughout 2022 to determine any additional funding requirements by the plan’s measurement date, which is December 31. 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 annual measurement date for the plan is December 31. As a result of mergers prior to 2014, Trustmark became the administrator of nonqualified supplemental retirement plans, for which the plan benefits were frozen prior to the merger date. The following table presents information regarding the net periodic benefit cost for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Service cost $ 18 $ 19 $ 54 $ 57 Interest cost 316 277 962 847 Amortization of prior service cost 28 28 83 84 Recognized net actuarial loss 243 295 742 896 Net periodic benefit cost $ 605 $ 619 $ 1,841 $ 1,884 |
Stock and Incentive Compensatio
Stock and Incentive Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock and Incentive Compensation | Note 11 – Stock and Incentive Compensation Trustmark has granted stock and incentive compensation awards and units subject to the provisions of the Stock and Incentive Compensation Plan (the Stock Plan). Current outstanding and future grants of stock and incentive compensation awards are subject to the provisions of the Stock 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 Stock 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 September 30, 2022, the maximum number of shares of Trustmark’s common stock available for issuance under the Stock Plan was 998,756 shares. Restricted Stock Grants Performance Awards Trustmark’s performance awards vest over three years and 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. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date. The Monte Carlo simulation was performed by an independent valuation consultant and requires the use of subjective modeling assumptions. These awards are recognized using the straight-line method over the requisite service period. These awards provide for achievement units if performance measures exceed 100 %. The restricted share agreement for these awards provides for voting rights and dividend privileges. During 2020, Trustmark began granting performance units instead of performance awards. The performance units have the same attributes as the previously granted performance awards, except the performance units do not provide voting rights. Time-Based Awards Trustmark’s time-based awards granted to Trustmark’s executive and senior management teams vest over three years . Trustmark’s time-based awards granted to members of Trustmark’s Board of Directors vest over one year . Time-based 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. During 2020, Trustmark began granting time-based units instead of time-based awards. The time-based units have the same attributes as the previously granted time-based awards, except for the time-based units do not provide voting rights. The following table summarizes the Stock Plan activity for the periods presented: Three Months Ended September 30, 2022 Performance Time-Vested Nonvested shares, beginning of period 151,756 354,709 Granted — 6,992 Released from restriction — ( 169 ) Forfeited ( 1,670 ) ( 3,177 ) Nonvested shares, end of period 150,086 358,355 Nine Months Ended September 30, 2022 Performance Time-Vested Nonvested shares, beginning of period 140,821 337,466 Granted 60,773 133,307 Released from restriction ( 19,723 ) ( 106,096 ) Forfeited ( 31,785 ) ( 6,322 ) Nonvested shares, end of period 150,086 358,355 The following table presents information regarding compensation expense for awards and units under the Stock Plan for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Performance awards and units $ 381 $ 311 $ 916 $ 517 Time-vested awards and units 848 805 2,798 3,994 Total compensation expense $ 1,229 $ 1,116 $ 3,714 $ 4,511 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 12 – Contingencies Lending Related Trustmark makes commitments to extend credit and issues standby and commercial letters of credit (letters of credit) in the normal course of business in order to fulfill the financing needs of its customers. The carrying amount of commitments to extend credit and letters of credit approximates the fair value of such financial instruments. 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 fully 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 nature of the transaction and the assessed creditworthiness of the borrower. At September 30, 2022 and 2021 , Trustmark had unused commitments to extend credit of $ 5.171 billion and $ 4.907 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 the same policies regarding credit risk and collateral, which are followed in the lending process. At September 30, 2022 and 2021, Trustmark’s maximum exposure to credit loss in the event of nonperformance by the customer for letters of credit was $ 140.6 million and $ 129.0 million, respectively. These amounts consist primarily of commitments with maturities of less than three years , which have an immaterial carrying value. Trustmark holds collateral to support standby letters of credit when deemed necessary. As of September 30, 2022 and 2021 , the fair value of collateral held was $ 32.6 million and $ 38.6 million, respectively. ACL on Off-Balance Sheet Credit Exposures Trustmark maintains a separate ACL on off-balance sheet credit exposures, including unfunded loan commitments and letters of credit, which is included on the accompanying consolidated balance sheet as of September 30, 2022 and December 31, 2021. Changes in the ACL on off-balance sheet credit exposures were as follows for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance at beginning of period $ 32,949 $ 33,733 $ 35,623 $ 38,572 PCL, off-balance sheet credit exposures ( 1,326 ) ( 1,049 ) ( 4,000 ) ( 5,888 ) Balance at end of period $ 31,623 $ 32,684 $ 31,623 $ 32,684 Adjustments to the ACL on off-balance sheet credit exposures are recorded to PCL, off-balance sheet credit exposures. The decrease in the ACL on off-balance sheet credit exposures for the three months ended September 30, 2022 was primarily due to decreases in the total reserve rate used in the calculation for off-balance sheet credit exposures. The decrease in the ACL on off-balance sheet credit exposures for the nine months ended September 30, 2022 was primarily due to a decrease in the unfunded balances. The decrease in the ACL on off-balance sheet credit exposures for the three and nine months ended September 30, 2021 was primarily due to improvements of the overall economy and macroeconomic factors used to determine the necessary reserves for off-balance sheet credit exposures. No credit loss estimate is reported for off-balance sheet credit exposures that are unconditionally cancellable by Trustmark or for undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement. Legal Proceedings Trustmark’s wholly-owned subsidiary, TNB, has been named as a defendant in several lawsuits related to the collapse of the Stanford Financial Group. On August 23, 2009, a purported class action complaint was filed 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 and one individual, each of which are unaffiliated with Trustmark, as defendants. The complaint sought 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. 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 have been 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, which was granted in December 2012. The OSIC initially sought to recover from TNB and the other defendant financial institutions: (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. 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, staying all other discovery and setting a deadline for the parties to complete briefing on class certification issues. In April 2015, the court granted in part and denied in part the defendants’ motions to dismiss the Class Plaintiffs’ claims and the OSIC’s claims. The court dismissed all of the Class Plaintiffs’ fraudulent transfer claims and dismissed certain of the OSIC’s claims. The court denied the motions by TNB and the other financial institution defendants to dismiss the OSIC’s constructive fraudulent transfer claims. 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 (i) aiding, abetting and participating in a fraudulent scheme, (ii) aiding, abetting and participating in violations of the Texas Securities Act, (iii) aiding, abetting and participating in breaches of fiduciary duty, (iv) aiding, abetting and participating in conversion and (v) conspiracy. On July 14, 2015, the defendants (including TNB) filed motions to dismiss the SAC and to reconsider the court’s prior denial to dismiss the OSIC’s constructive fraudulent transfer claims against TNB and the other financial institutions that are defendants in the action. On July 27, 2016, the court denied the motion by TNB and the other financial institution defendants to dismiss the SAC and also denied the motion by TNB and the other financial institution defendants to reconsider the court’s prior denial to dismiss the OSIC’s constructive fraudulent transfer claims. On August 24, 2016, TNB filed its answer to the SAC. On October 20, 2017, the OSIC filed a motion seeking an order lifting the discovery stay and establishing a trial schedule. On November 4, 2016, the OSIC filed a First Amended Intervenor Complaint, which added claims for (i) aiding, abetting or participation in violations of the Texas Securities Act and (ii) aiding, abetting or participation in the breach of fiduciary duty. On November 7, 2017, the court denied the Class Plaintiffs’ motion seeking class certification and designation of class representatives and counsel, finding that common issues of fact did not predominate. The court granted the OSIC’s motion to lift the discovery stay that it had previously ordered. On May 3, 2019, individual investors and entities filed motions to intervene in the action. On September 18, 2019, the court denied the motions to intervene. On October 14, 2019, certain of the proposed intervenors filed a notice of appeal. On February 3, 2021, the Fifth Circuit Court of Appeals affirmed the denial of the motions to intervene; this decision was affirmed by a panel of the Fifth Circuit on March 12, 2021. On February 12, 2021, all defendants (including TNB) filed a motion for summary judgment with respect to OSIC claims that applied to all defendants. In addition, on the same date, TNB filed a separate motion for summary judgment with respect to aspects of OSIC claims that applied specifically to TNB. On March 19, 2021, OSIC filed notice with the court that it was abandoning as against all of the defendants (including TNB) certain of the claims previously set forth in the SAC. As a result, only the claims for (i) aiding, abetting and participating in breaches of fiduciary duty, (ii) aiding, abetting and participating in violations of the Texas Securities Act, and (iii) punitive damages remain as against TNB. On January 20, 2022, the court denied TNB’s motion for summary judgment, as well as the motion for summary judgment filed by all defendants (including TNB) with respect to OSIC claims that apply to all defendants. The parties to the action have agreed that the case is to be tried in the District Court for the Southern District of Texas. On March 25, 2021, the judge to whom the case is currently assigned in the District Court for the Northern District of Texas rescinded his previously-issued trial scheduling orders so that the Southern District of Texas could set scheduling for this case once the case has in fact been remanded. On January 19, 2022, the judge of the District Court for the Northern District of Texas to whom the case is currently assigned issued a recommendation to the Judicial Panel on Multidistrict Litigation (the Panel) that the case be remanded to the District Court for the Southern District of Texas in light of that judge’s determination with respect to the summary judgment motions that triable issues of fact exist. On January 21, 2022, the Panel approved the remand of the case to the District Court for the Southern District of Texas, and on January 28, 2022 the remand of the case became effective. On June 9, 2022, the court entered an order scheduling trial beginning February 27, 2023, which will be held as a jury trial in front of Judge Kenneth M. Hoyt of the District Court for the Southern District of Texas. On December 14, 2009, a different Stanford-related lawsuit was filed in the District Court of Ascension Parish, Louisiana, individually by Harold Jackson, Paul Blaine and 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. There have been no developments in this case since this date. On April 11, 2016, Trustmark learned that a different Stanford-related lawsuit had been filed on that date in the Superior Court of Justice in Ontario, Canada, by The Toronto-Dominion Bank (TD Bank), naming TNB and three other financial institutions not affiliated with Trustmark as defendants (the TD Bank Declaratory Action). The complaint seeks a declaration specifying the degree to which each of TNB and the other defendants are liable in respect of any loss and damage for which TD Bank is found to be liable in separate litigation commenced against TD Bank brought by the joint liquidators of Stanford International Bank Limited in the Superior Court of Justice, Commercial List in Ontario, Canada (the Joint Liquidators’ Action), as well as contribution and indemnity in respect of any judgment, interest and costs TD Bank is ordered to pay in the Joint Liquidators’ Action. Trustmark understands that on or about June 8, 2021, after an extensive trial on the merits, the judge in the Joint Liquidators’ Action ruled in favor of TD Bank and found TD Bank not liable as to the claims asserted against the bank by the joint liquidators of Stanford International Bank Limited. Trustmark understands that the plaintiffs in the Joint Liquidators’ Action have appealed this decision. TNB was never served in connection with the TD Bank Declaratory Action (including the recent appeal), and thus has not made an appearance in that action. On November 1, 2019, TNB was named as a defendant in a complaint filed by Paul Blaine Smith, Carolyn Bass Smith and other plaintiffs identified therein (the Smith Complaint). The Smith Complaint was filed in Texas state court (District Court, Harris County, Texas) and named TNB and four other financial institutions and one individual, each of which are unaffiliated with Trustmark, as defendants. The Smith Complaint relates to the collapse of the Stanford Financial Group, as does the other pending litigation relating to Stanford summarized above. Plaintiffs in the Smith Complaint have demanded a jury trial. On January 15, 2020, the court granted Stanford Financial Group receiver’s motion to stay the Texas state court action. On February 26, 2020, the lawsuit was removed to federal court in the Southern District of Texas by TNB. TNB and its counsel are carefully evaluating the Smith Complaint. 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. All Stanford-related lawsuits remain in pre-trial stages. On December 30, 2019, a complaint was filed in the United States District Court for the Southern District of Mississippi, Northern Division by Alysson Mills in her capacity as Court-appointed Receiver (the Receiver) for Arthur Lamar Adams (Adams) and Madison Timber Properties, LLC (Madison Timber), naming TNB, two other Mississippi-based financial institutions both of which are unaffiliated with Trustmark and two individuals, one of who was employed by TNB at all times relevant to the complaint and the other was employed either by TNB or one of the other defendant financial institutions, as defendants. The complaint seeks to recover from the defendants, for the benefit of the receivership estate and also for certain investors who were allegedly defrauded by Adams and Madison Timber, damages (including punitive damages) and related costs allegedly attributable to actions of the defendants that allegedly enabled illegal and fraudulent activities engaged in by Adams and Madison Timber. The Receiver did not quantify damages. By order issued by the court on September 30, 2021, the action to which TNB is a party was consolidated with three other pending cases for purposes of discovery, based upon a finding by the court that the actions involve overlapping questions of law and fact. TNB’s relationship with Adams and Madison Timber consisted of traditional banking services in the ordinary course of business. 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, with the exception of the TD Bank Declaratory Action that, as noted above, Trustmark was not served in connection with. In accordance with FASB ASC Subtopic 450-20, “Loss Contingencies,” Trustmark will establish an accrued liability for any litigation matter if and when such matter presents 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 currently pending legal proceeding is not probable and a reasonable estimate cannot reasonably be made. |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) | Note 13 – Earnings Per Share (EPS) The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic shares 61,115 62,522 61,334 63,041 Dilutive shares 204 208 186 179 Diluted shares 61,319 62,730 61,520 63,220 Weighted-average antidilutive stock awards were excluded in determining diluted EPS. Trustmark had no weighted-average antidilutive stock awards for the three and nine months ended September 30, 2022 and 2021. |
Statements of Cash Flows
Statements of Cash Flows | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Statements of Cash Flows | Note 14 – Statements of Cash Flows The following table reflects specific transaction amounts for the periods presented ($ in thousands): Nine Months Ended September 30, 2022 2021 Income taxes paid $ 1,241 $ 14,825 Interest expense paid on deposits and borrowings 17,077 19,354 Noncash transfers from loans to other real estate 1,430 770 Finance right-of-use assets resulting from lease liabilities — 92 Operating right-of-use assets resulting from lease liabilities 6,572 6,833 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 15 – Shareholders’ Equity Regulatory Capital Trustmark and TNB are subject to minimum risk-based capital and leverage capital requirements, as described in the section captioned “Capital Adequacy” included in Part I. Item 1. – Business of Trustmark’s 2021 Annual Report, 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. Trustmark’s and TNB’s minimum risk-based capital requirements include a capital conservation buffer of 2.50 %. Accumulated other comprehensive income (loss), net of tax, is not included in computing regulatory capital. Trustmark elected the five-year phase-in transition period (through December 31, 2024) related to adopting FASB ASU 2016-13 for regulatory capital purposes. 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 September 30, 2022, Trustmark and TNB exceeded all applicable minimum capital standards. In addition, Trustmark and TNB met applicable regulatory guidelines to be considered well-capitalized at September 30, 2022. To be categorized in this manner, Trustmark and TNB maintained, as applicable, 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 September 30, 2022, 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 September 30, 2022 and December 31, 2021 ($ in thousands): Actual Regulatory Capital Minimum To Be Well Amount Ratio Requirement Capitalized At September 30, 2022: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,461,134 10.63 % 7.00 % n/a Trustmark National Bank 1,548,097 11.26 % 7.00 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,521,134 11.06 % 8.50 % n/a Trustmark National Bank 1,548,097 11.26 % 8.50 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,766,527 12.85 % 10.50 % n/a Trustmark National Bank 1,670,283 12.15 % 10.50 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,521,134 9.01 % 4.00 % n/a Trustmark National Bank 1,548,097 9.19 % 4.00 % 5.00 % At December 31, 2021: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,425,227 11.29 % 7.00 % n/a Trustmark National Bank 1,518,599 12.03 % 7.00 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,485,227 11.77 % 8.50 % n/a Trustmark National Bank 1,518,599 12.03 % 8.50 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,710,700 13.55 % 10.50 % n/a Trustmark National Bank 1,621,030 12.84 % 10.50 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,485,227 8.73 % 4.00 % n/a Trustmark National Bank 1,518,599 8.94 % 4.00 % 5.00 % Stock Repurchase Program On January 28, 2020, the Board of Directors of Trustmark authorized a stock repurchase program, effective April 1, 2020, under which $ 100.0 million of Trustmark’s outstanding common stock may be acquired through December 31, 2021. On March 9, 2020, Trustmark suspended its share repurchase programs to preserve capital to support customers during the COVID-19 pandemic. Trustmark resumed the repurchase of its shares in January 2021. Under this authority, Trustmark repurchased approximately 1.9 million shares of its outstanding common stock valued at $ 61.8 million during 2021. On December 7, 2021, Trustmark's Board of Directors authorized a stock repurchase program effective January 1, 2022, under which $ 100.0 million of Trustmark's outstanding shares may be acquired through December 31, 2022. The repurchase program, which is subject to market conditions and management discretion, will continue to be implemented through open market repurchases or privately negotiated transactions. Under this authority, Trustmark repurchased approximately 247 thousand shares of its common stock valued at $ 8.0 million during the three months ended September 30, 2022. During the first nine months of 2022, Trustmark repurchased approximately 789 thousand shares of its outstanding common stock valued at $ 24.6 million. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) The following tables present the net change in the components of accumulated other comprehensive income (loss) and the related tax effects allocated to each component for the periods presented ($ in thousands). The amortization of prior service cost, recognized net loss due to lump sum settlements and change in net actuarial loss are included in the computation of net periodic benefit cost (see Note 10 – Defined Benefit and Other Postretirement Benefits for additional details). Reclassification adjustments related to pension and other postretirement benefit plans are included in salaries and employee benefits and other expense in the accompanying consolidated statements of income. Reclassification adjustments related to the cash flow hedge derivative are included in interest and fees on LHFS and LHFI in the accompanying consolidated statements of income. Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Before Tax Tax (Expense) Net of Tax Before Tax Tax (Expense) Net of Tax Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising $ ( 114,317 ) $ 28,580 $ ( 85,737 ) $ ( 12,543 ) $ 3,136 $ ( 9,407 ) Change in net unrealized holding loss on 1,800 ( 450 ) 1,350 636 ( 159 ) 477 Total securities available for sale ( 112,517 ) 28,130 ( 84,387 ) ( 11,907 ) 2,977 ( 8,930 ) Pension and other postretirement benefit plans: Reclassification adjustments for changes Net change in prior service costs 28 ( 7 ) 21 28 ( 7 ) 21 Recognized net loss due to lump sum — — — 183 ( 46 ) 137 Change in net actuarial loss 295 ( 74 ) 221 444 ( 111 ) 333 Total pension and other postretirement 323 ( 81 ) 242 655 ( 164 ) 491 Cash flow hedge derivatives: Change in accumulated gain (loss) on effective ( 19,524 ) 4,881 ( 14,643 ) — — — Reclassification adjustment for (gain) loss realized ( 643 ) 161 ( 482 ) — — — Total cash flow hedge derivatives ( 20,167 ) 5,042 ( 15,125 ) — — — Total other comprehensive income (loss) $ ( 132,361 ) $ 33,091 $ ( 99,270 ) $ ( 11,252 ) $ 2,813 $ ( 8,439 ) Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Before Tax Tax (Expense) Net of Tax Before Tax Tax (Expense) Net of Tax Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising $ ( 314,517 ) $ 78,630 $ ( 235,887 ) $ ( 27,731 ) $ 6,933 $ ( 20,798 ) Change in net unrealized holding loss on ( 31,451 ) 7,863 ( 23,588 ) 2,083 ( 521 ) 1,562 Total securities available for sale ( 345,968 ) 86,493 ( 259,475 ) ( 25,648 ) 6,412 ( 19,236 ) Pension and other postretirement benefit plans: Reclassification adjustments for changes Net change in prior service costs 83 ( 21 ) 62 84 ( 21 ) 63 Recognized net loss due to lump sum — — — 183 ( 46 ) 137 Change in net actuarial loss 914 ( 228 ) 686 1,342 ( 335 ) 1,007 Total pension and other postretirement 997 ( 249 ) 748 1,609 ( 402 ) 1,207 Cash flow hedge derivatives: Change in accumulated gain (loss) on effective ( 19,524 ) 4,881 ( 14,643 ) — — — Reclassification adjustment for (gain) loss realized ( 643 ) 161 ( 482 ) — — — Total cash flow hedge derivatives ( 20,167 ) 5,042 ( 15,125 ) — — — Total other comprehensive income (loss) $ ( 365,138 ) $ 91,286 $ ( 273,852 ) $ ( 24,039 ) $ 6,010 $ ( 18,029 ) The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) for the periods presented ($ in thousands). All amounts are presented net of tax. Securities for Sale Defined Cash Flow Total Balance at January 1, 2022 $ ( 17,774 ) $ ( 14,786 ) $ — $ ( 32,560 ) Other comprehensive income (loss) before reclassification ( 259,475 ) — ( 14,643 ) ( 274,118 ) Amounts reclassified from accumulated other — 748 ( 482 ) 266 Net other comprehensive income (loss) ( 259,475 ) 748 ( 15,125 ) ( 273,852 ) Balance at September 30, 2022 $ ( 277,249 ) $ ( 14,038 ) $ ( 15,125 ) $ ( 306,412 ) Balance at January 1, 2021 $ 17,331 $ ( 18,382 ) $ — $ ( 1,051 ) Other comprehensive income (loss) before reclassification ( 19,236 ) — — ( 19,236 ) Amounts reclassified from accumulated other — 1,207 — 1,207 Net other comprehensive income (loss) ( 19,236 ) 1,207 — ( 18,029 ) Balance at September 30, 2021 $ ( 1,905 ) $ ( 17,175 ) $ — $ ( 19,080 ) |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 16 – 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 marketplace. 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 tables summarize financial assets and financial liabilities measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands). There were no transfers between fair value levels for the nine months ended September 30, 2022 and the year ended December 31, 2021. September 30, 2022 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 416,278 $ 416,278 $ — $ — U.S. Government agency obligations 9,116 — 9,116 — Obligations of states and political subdivisions 4,763 — 4,763 — Mortgage-backed securities 2,014,329 — 2,014,329 — Securities available for sale 2,444,486 416,278 2,028,208 — LHFS 165,213 — 165,213 — MSR 132,615 — — 132,615 Other assets - derivatives 9,027 16 9,879 ( 868 ) Other liabilities - derivatives 52,652 7,999 44,653 — December 31, 2021 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 344,640 $ 344,640 $ — $ — U.S. Government agency obligations 13,727 — 13,727 — Obligations of states and political subdivisions 5,714 — 5,714 — Mortgage-backed securities 2,874,796 — 2,874,796 — Securities available for sale 3,238,877 344,640 2,894,237 — LHFS 275,706 — 275,706 — MSR 87,687 — — 87,687 Other assets - derivatives 24,809 2,794 20,156 1,859 Other liabilities - derivatives 4,677 414 4,263 — The changes in Level 3 assets measured at fair value on a recurring basis for the nine months ended September 30, 2022 and 2021 are summarized as follows ($ in thousands): MSR Other Assets - Balance, January 1, 2022 $ 87,687 $ 1,859 Total net (loss) gain included in Mortgage banking, net (1) 30,476 ( 401 ) Additions 14,452 — Sales — ( 2,326 ) Balance, September 30, 2022 $ 132,615 $ ( 868 ) The amount of total gains (losses) for the period included in earnings $ 41,530 $ ( 1,181 ) Balance, January 1, 2021 $ 66,464 $ 9,560 Total net (loss) gain included in Mortgage banking, net (1) ( 4,378 ) 7,664 Additions 22,015 — Sales — ( 14,715 ) Balance, September 30, 2021 $ 84,101 $ 2,509 The amount of total gains (losses) for the period included in $ 11,037 $ 2,722 (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 September 30, 2022, which have been measured at fair value on a nonrecurring basis, include collateral-dependent LHFI. A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the sale of the collateral. The expected credit loss for collateral-dependent loans is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, adjusted for the estimated cost to sell. Fair value estimates for collateral-dependent loans 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 or more often if market conditions necessitate. 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. At September 30, 2022 , Trustmark had outstanding balances of $ 47.4 million with a related ACL of $ 19.4 million in collateral-dependent LHFI, compared to outstanding balances of $ 44.4 million with a related ACL of $ 7.6 million in collateral-dependent LHFI at December 31, 2021. The collateral-dependent LHFI are classified as Level 3 in the fair value hierarchy. 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 includes assets that have been acquired in satisfaction of debt through foreclosure and is recorded at the fair value less cost to sell (estimated fair value) at the time of foreclosure. 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. Periodic revaluations are classified as Level 3 in the fair value hierarchy since assumptions are used that may not be observable in the market. Foreclosed assets of $ 3.0 million were remeasured during the first nine months of 2022 , requiring write-downs of $ 1.0 million to reach their current fair values compared to $ 5.4 million of foreclosed assets that were remeasured during the first nine months of 2021 , requiring write-downs of $ 328 thousand. Fair Value of Financial Instruments FASB ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The carrying amounts and estimated fair values of financial instruments at September 30, 2022 and December 31, 2021, are as follows ($ in thousands): September 30, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial Assets: Level 2 Inputs: Cash and short-term investments $ 489,735 $ 489,735 $ 2,266,829 $ 2,266,829 Securities held to maturity 1,156,985 1,065,828 342,537 353,511 Level 3 Inputs: Net LHFI and PPP loans 11,475,812 11,194,672 10,181,708 10,123,379 Financial Liabilities: Level 2 Inputs: Deposits 14,425,180 14,396,980 15,087,160 15,084,440 Federal funds purchased and securities sold under 544,068 544,068 238,577 238,577 Other borrowings 223,172 223,165 91,025 91,022 Subordinated notes 123,207 113,750 123,042 128,438 Junior subordinated debt securities 61,856 47,629 61,856 49,485 Fair Value Option Trustmark has elected to account for its mortgage LHFS 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 as noninterest income in mortgage banking, net. The changes in the fair value of LHFS are largely offset by changes in the fair value of the derivative instruments. For the three and nine months ended September 30, 2022 , net losses of $ 4.4 million and $ 6.7 million, respectively, were recorded as noninterest income in mortgage banking, net for changes in the fair value of LHFS accounted for under the fair value option, compared to a net losses of $ 593 thousand and $ 8.9 million for the three and nine months ended September 30, 2021, respectively. Interest and fees on LHFS and LHFI for the three and nine months ended September 30, 2022 included $ 2.0 million and $ 5.2 million, respectively, of interest earned on LHFS accounted for under the fair value option, compared to $ 1.7 million and $ 5.5 million for the three and nine months ended September 30, 2021 , respectively. Election of the fair value option allows Trustmark to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value. The fair value option election does not apply to GNMA optional repurchase loans which do not meet the requirements under FASB ASC Topic 825 to be accounted for under the fair value option. GNMA optional repurchase loans totaled $ 67.7 million and $ 84.5 million at September 30, 2022 and December 31, 2021, respectively, and are included in LHFS on the accompanying consolidated balance sheets. For additional information regarding GNMA optional repurchase loans, please see the section captioned “Past Due LHFS” included in Note 3 – LHFI and Allowance for Credit Losses, LHFI. The following table provides information about the fair value and the contractual principal outstanding of LHFS accounted for under the fair value option as of September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Fair value of LHFS $ 97,517 $ 191,242 LHFS contractual principal outstanding 100,053 186,535 Fair value less unpaid principal $ ( 2,536 ) $ 4,707 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 17 – Derivative Financial Instruments Derivatives Designated as Hedging Instruments FASB ASC Topic 815, Derivatives and Hedging (ASC 815), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. When entering into a hedge transaction, Trustmark formally documents the relationship between the hedging instrument and the hedged item, as well as the risk management objective and strategy for undertaking the hedge transaction, which includes designating the derivative instrument as a fair value or cash flow hedge to a specific asset or liability on the balance sheet or to specific forecasted transactions and the risk being hedged, along with a formal assessment at the inception of the hedge as to the effectiveness of the derivative instrument in offsetting changes in fair values or cash flows of the hedged item. Trustmark continues to assess hedge effectiveness on an ongoing basis using either a qualitative or a quantitative assessment (regression analysis). As required by ASC 815, Trustmark records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether Trustmark has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. For cash flow hedges, changes in the fair value of the derivative instrument are recorded in accumulated other comprehensive income (loss) and subsequently reclassified to net income in the same period that the hedged transaction impacts net income. Upon discontinuation of hedge accounting for cash flow hedges, any amounts in accumulated other comprehensive income (loss) related to that relationship affects earnings at the same time and in the same manner in which the hedged transaction affects earnings. If it becomes probable that the forecasted transaction will not occur, any related amounts in accumulated other comprehensive income (loss) are reclassified to earnings immediately. During the third quarter of 2022, Trustmark initiated a cash flow hedging program. Trustmark's objectives in initiating this hedging program are to add stability to interest income and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for Trustmark making variable-rate payments over the life of the agreements without exchange of the underlying notional amount. Trustmark uses such derivatives to hedge the variable cash flows associated with existing and anticipated variable-rate loan assets. At September 30, 2022, the aggregate notional value of Trustmark's interest rate swaps designated as cash flow hedges totaled $ 675.0 million. Trustmark records any gains or losses on these cash flow hedges in accumulated other comprehensive income (loss). As interest payments are received on Trustmark's variable-rate assets, amounts reported in accumulated other comprehensive income (loss) are reclassified into interest and fees on LHFS and LHFI in the accompanying consolidated statements of income during the same period. During the next twelve months, Trustmark estimates that $ 7.8 million will be reclassified as a reduction to interest and fees on LHFS and LHFI. This amount could differ due to changes in interest rates, hedge de-designations or the addition of other hedges. 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 was $ 260.0 million at September 30, 2022 compared to $ 409.5 million at December 31, 2021 . Changes in the fair value of these exchange-traded derivative instruments are recorded as 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 negative ineffectiveness of $ 928 thousand and a net positive ineffectiveness $ 144 thousand for the three months ended September 30, 2022 and 2021 , respectively. For the nine months ended September 30, 2022 and 2021, the impact was a net negative ineffectiveness of $ 554 thousand and a net positive ineffectiveness of $ 1.7 million, 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. Changes in the fair value of these derivative instruments are recorded as 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 $ 140.5 million at September 30, 2022 , with a positive valuation adjustment of $ 5.5 million, compared to $ 236.0 million, with a negative valuation adjustment of $ 81 thousand, at December 31, 2021. 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 as 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 $ 85.5 million at September 30, 2022 , with a negative valuation adjustment of $ 868 thousand, compared to $ 142.6 million, with a positive valuation adjustment of $ 1.9 million, at December 31, 2021. 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 as 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. The Chicago Mercantile Exchange rules legally characterize variation margin collateral payments made or received for centrally cleared interest rate swaps as settlements rather than collateral. As a result, centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets. At September 30, 2022 , Trustmark had interest rate swaps with an aggregate notional amount of $ 1.491 billion related to this program, compared to $ 1.225 billion at December 31, 2021. 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. At September 30, 2022 , there was no 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 compared to a termination value of $ 655 thousand at December 31, 2021. At September 30, 2022 and December 31, 2021, Trustmark had posted collateral of $ 40 thousand and $ 850 thousand, respectively, against its obligations because of negotiated thresholds and minimum transfer amounts under these agreements. If Trustmark had breached any of these triggering provisions at September 30, 2022, 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 September 30, 2022 , Trustmark had entered into five risk participation agreements as a beneficiary with an aggregate notional amount of $ 50.6 million compared to six risk participation agreements as a beneficiary with an aggregate notional amount of $ 52.0 million at December 31, 2021. At September 30, 2022 , Trustmark had entered into twenty-eight risk participation agreements as a guarantor with an aggregate notional amount of $ 225.6 million compared to twenty-four risk participation agreements as a guarantor with an aggregate notional amount of $ 173.5 million at December 31, 2021. The aggregate fair values of these risk participation agreements were immaterial at both September 30, 2022 and December 31, 2021. Tabular Disclosures The following tables disclose the fair value of derivative instruments in Trustmark’s consolidated balance sheets at September 30, 2022 and December 31, 2021 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): September 30, 2022 December 31, 2021 Derivatives in hedging relationships: Interest rate contracts: Interest rate swaps included in other liabilities (1) $ 933 $ — Derivatives not designated as hedging instruments: Interest rate contracts: Exchange traded purchased options included in other assets $ 16 $ 438 OTC written options (rate locks) included in other assets ( 868 ) 1,859 Futures contracts included in other assets — 2,356 Interest rate swaps included in other assets (1) 9,870 20,115 Credit risk participation agreements included in other assets 9 41 Futures contracts included in other liabilities 6,370 — Forward contracts included in other liabilities ( 5,550 ) 81 Exchange traded written options included in other liabilities 1,629 414 Interest rate swaps included in other liabilities (1) 49,260 4,144 Credit risk participation agreements included in other liabilities 10 38 (1) In accordance with GAAP, the variation margin collateral payments made or received for interest rate swaps that are centrally cleared are legally characterized as settled. As a result, the centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Derivatives in hedging relationships: Amount of gain (loss) reclassified from accumulated other $ 643 $ — $ 643 $ — Derivatives not designated as hedging instruments: Amount of gain (loss) recognized in mortgage banking, net $ ( 8,405 ) $ ( 1,612 ) $ ( 39,181 ) $ ( 12,424 ) Amount of gain (loss) recognized in bank card and other fees 63 217 385 1,152 The following table discloses the amount included in other comprehensive income (loss), net of tax, for derivative instruments designated as cash flow hedges for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Derivatives in cash flow hedging relationship Amount of gain (loss) recognized in other comprehensive $ ( 14,643 ) $ — $ ( 14,643 ) $ — 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. Information about financial instruments that are eligible for offset in the consolidated balance sheets as of September 30, 2022 and December 31, 2021 is presented in the following tables ($ in thousands): Offsetting of Derivative Assets As of September 30, 2022 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 9,870 $ — $ 9,870 $ — $ ( 3,070 ) $ 6,800 Offsetting of Derivative Liabilities As of September 30, 2022 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 50,193 $ — $ 50,193 $ — $ ( 40 ) $ 50,153 Offsetting of Derivative Assets As of December 31, 2021 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 20,115 $ — $ 20,115 $ ( 55 ) $ — $ 20,060 Offsetting of Derivative Liabilities As of December 31, 2021 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 4,144 $ — $ 4,144 $ ( 55 ) $ ( 850 ) $ 3,239 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Note 18 – Segment Information Trustmark’s management reporting structure includes three segments: General Banking, Wealth Management and Insurance. For a complete overview of Trustmark’s operating segments, see Note 21 – Segment Information included in Part II. Item 8. – Financial Statements and Supplementary Data, of Trustmark’s 2021 Annual Report. The accounting policies of each reportable segment are the same as those of Trustmark except for its internal allocations. Noninterest expenses for back-office operations support are allocated to segments based on estimated uses of those services. Trustmark measures the net interest income of its business segments with a process that assigns cost of funds or earnings credit on a matched-term basis. This process, called “funds transfer pricing”, charges an appropriate cost of funds to assets held by a business unit, or credits the business unit for potential earnings for carrying liabilities. The net of these charges and credits flows through to the General Banking Segment, which contains the management team responsible for determining TNB’s funding and interest rate risk strategies. The following table discloses financial information by reportable segment for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 General Banking Net interest income $ 134,842 $ 96,928 $ 344,185 $ 316,205 Provision for credit losses 11,595 ( 3,539 ) 10,785 ( 22,865 ) Noninterest income 29,690 32,863 91,170 107,682 Noninterest expense 108,740 112,996 318,425 319,159 Income before income taxes 44,197 20,334 106,145 127,593 Income taxes 6,396 3,693 14,571 18,953 General banking net income $ 37,801 $ 16,641 $ 91,574 $ 108,640 Selected Financial Information Total assets $ 16,897,083 $ 17,015,176 $ 16,897,083 $ 17,015,176 Depreciation and amortization $ 9,439 $ 11,653 $ 29,610 $ 33,563 Wealth Management Net interest income $ 1,266 $ 1,341 $ 3,948 $ 3,828 Provision for credit losses ( 2 ) ( 2 ) ( 10 ) ( 7 ) Noninterest income 9,007 9,126 27,105 26,609 Noninterest expense 8,224 7,747 24,637 23,690 Income before income taxes 2,051 2,722 6,426 6,754 Income taxes 515 685 1,609 1,694 Wealth management net income $ 1,536 $ 2,037 $ 4,817 $ 5,060 Selected Financial Information Total assets $ 205,873 $ 265,672 $ 205,873 $ 265,672 Depreciation and amortization $ 71 $ 65 $ 217 $ 199 Insurance Net interest income $ ( 3 ) $ ( 3 ) $ ( 8 ) $ ( 8 ) Noninterest income 13,909 12,160 41,699 36,852 Noninterest expense 9,734 8,857 28,922 26,978 Income before income taxes 4,172 3,300 12,769 9,866 Income taxes 1,054 778 3,210 2,423 Insurance net income $ 3,118 $ 2,522 $ 9,559 $ 7,443 Selected Financial Information Total assets $ 87,678 $ 83,796 $ 87,678 $ 83,796 Depreciation and amortization $ 159 $ 191 $ 527 $ 575 Consolidated Net interest income $ 136,105 $ 98,266 $ 348,125 $ 320,025 Provision for credit losses 11,593 ( 3,541 ) 10,775 ( 22,872 ) Noninterest income 52,606 54,149 159,974 171,143 Noninterest expense 126,698 129,600 371,984 369,827 Income before income taxes 50,420 26,356 125,340 144,213 Income taxes 7,965 5,156 19,390 23,070 Consolidated net income $ 42,455 $ 21,200 $ 105,950 $ 121,143 Selected Financial Information Total assets $ 17,190,634 $ 17,364,644 $ 17,190,634 $ 17,364,644 Depreciation and amortization $ 9,669 $ 11,909 $ 30,354 $ 34,337 |
Accounting Policies Recently Ad
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | Note 19 – Accounting Policies Recently Adopted and Pending Accounting Pronouncements Accounting Policies Recently Adopted Except for the changes detailed below, Trustmark has consistently applied its accounting policies to all periods presented in the accompanying consolidated financial statements. ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Issued in March 2020, ASU 2020-04 seeks to provided additional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The FASB issued ASU 2020-04 is response to concerns about the structural risks of interbank offered rates and, in particular, the risk that the London Interbank Offer Rate (LIBOR) will no longer be used. Regulators have begun reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. Stakeholders have raised operational challenges likely to arise with the reference rate reform, particularly related to contract modifications and hedge accounting. The amendments of ASU 2020-04, which are elective and apply to all entities, provide expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by the reference rate reform id certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications should be applied consistently for all contracts or transactions within the relevant Codification Topic or Subtopic or Industry Subtopic that contains the related guidance. The optional expedients for hedging relationships can be elected on an individual hedging relationship basis. As the guidance in ASU 2020-04 is intended to assist entity’s during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. On January 7, 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope,” to clarify the scope of the reference rate reform guidance in FASB ASC Topic 848. ASU 2021-01 refines the scope of FASB ASC Topic 848 to clarify that certain optional expedients and exceptions therein for contract modifications and hedge accounting apply to contracts that are affected by the discounting transition. Specifically, modifications related to reference rate reform would not be considered an event that requires reassessment of previous accounting conclusions. The amendments in ASU 2021-01 also amend the expedients and exceptions in FASB ASC Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments of ASU 2021-01 were effective immediately when issued. Entities may choose to apply the amendments of ASU 2021-01 retrospectively as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively to new modifications from any date within an interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments in this ASU for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date that the entity applies the election. While the benchmark provider for U.S. LIBOR (which was typically the benchmark that Trustmark used) intends to provide the benchmark for some tenors of U.S. LIBOR through June 2023, Trustmark has transitioned to Secured Overnight Financing Rate (SOFR) for new variable rate loans, derivative contracts, borrowings and other financial instruments as of January 1, 2022. Management cannot make a determination at this time as to the impact the amendments of ASU 2020-04 and ASU 2021-01 or the reference rate reform will have on its consolidated financial statements. Pending Accounting Pronouncements ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326): Trouble Debt Restructurings and Vintage Disclosures.” Issued in March 2022, ASU 2022-02 seeks to improve the decision usefulness of information provided to investors concerning certain loan refinancings, restructurings and write-offs. In regard to troubled debt restructurings (TDRs) by creditors, investors and preparers observed that the additional designation of a loan modification as a TDR and the related accounting are unnecessarily complex and no longer provide decision-useful information. The amendments of ASU 2022-02 eliminate the accounting guidance for TDRs by creditors in FASB ASC Subtopic 310-40, “Receivables-Troubled Debt Restructurings by Creditors,” as it is no longer meaningful due to the implementation of FASB ASC Topic 326, which requires an entity to consider lifetime expected credit losses on loans when establishing an allowance for credit losses. Therefore, most losses that would have been realized for a TDR under FASB ASC Subtopic 310-40 are now captured by the accounting required under FASB ASC Topic 326. The amendments of ASU 2022-02 also enhanced disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Stakeholders also noted inconsistency in the requirement for a public business entity (PBE) to disclose gross write-offs and gross recoveries by class of financing receivable and major security type in certain vintage disclosures. Financial statement users expressed that, in addition to the existing vintage disclosures in FASB ASC Topic 326, information about gross write-offs by year of origination would be helpful in understanding credit quality changes in an entity’s loan portfolio and underwriting performance. For PBEs, the amendments of ASU 2022-02 require that an entity disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of FASB ASC Subtopic 326-20, “Financial Instruments-Credit Losses-Measured at Amortized Cost.” For write-offs associated with origination dates that are more than five annual periods before the reporting period, an entity may present aggregate amounts in the current period for financing receivables and net investment in leases. The amendments of ASU 2022-02 are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2022 for entities that have already adopted the amendments of ASU 2016-13. Early adoption is permitted, provided that an entity has adopted ASU 2016-13. If an entity elects to early adopt the amendments of this ASU during an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. In addition, an entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. Trustmark intends to adopt the amendments of ASU 2022-02 as of January 1, 2023. The amendments of ASU 2022-02 include only changes to certain financial statement disclosures, and, therefore, adoption of ASU 2022-02 is not expected to have a material impact on Trustmark’s consolidated financial statements or results of operations. |
Accounting Policies Recently _2
Accounting Policies Recently Adopted and Pending Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Securities Available for Sale | Securities Available for Sale Quarterly, Trustmark evaluates if any security has a fair value less than its amortized cost. Once these securities are identified, in order to determine whether a decline in fair value resulted from a credit loss or other factors, Trustmark performs further analysis. If Trustmark determines that a credit loss exists, the credit portion of the allowance is measured using a discounted cash flow (DCF) analysis using the effective interest rate as of the security’s purchase date. The amount of credit loss recorded by Trustmark is limited to the amount by which the amortized cost exceeds the fair value. The DCF analysis utilizes contractual maturities, as well as third-party credit ratings and cumulative default rates published annually by Moody’s Investor Service (Moody’s). At both September 30, 2022 and December 31, 2021 , the results of the analysis did not identify any securities that violate the credit loss triggers; therefore, no DCF analysis was performed and no credit loss was recognized on any of the securities available for sale. Accrued interest receivable is excluded from the estimate of credit losses for securities available for sale. At September 30, 2022 , accrued interest receivable totaled $ 4.8 million for securities available for sale compared to $ 5.1 million at December 31, 2021 and was reported in other assets on the accompanying consolidated balance sheet. |
Securities Held to Maturity | Securities Held to Maturity At September 30, 2022 and December 31, 2021, $ 4.5 million and $ 7.3 million, respectively, of securities had a potential for credit loss exposure and all consisted of municipal securities. After applying appropriate probability of default (PD) and loss given default (LGD) assumptions, the total amount of current expected credit losses was deemed immaterial. Therefore, no reserve was recorded at September 30, 2022 and December 31, 2021. Accrued interest receivable is excluded from the estimate of credit losses for securities held to maturity. At September 30, 2022 accrued interest receivable totaled $ 2.2 million for securities held to maturity compared to $ 670 thousand at December 31, 2021 and was reported in other assets on the accompanying consolidated balance sheet. At both September 30, 2022 and December 31, 2021 , Trustmark had no securities held to maturity that were past due 30 days or more as to principal or interest payments. Trustmark had no securities held to maturity classified as nonaccrual at September 30, 2022 and December 31, 2021 . |
Allowance for Credit Losses, LHFI (ACL) | ACL on LHFI Trustmark’s ACL methodology for LHFI is based upon guidance within the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 326-20 as well as applicable regulatory guidance. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Credit quality within the LHFI portfolio is continuously monitored by Management and is reflected within the ACL for loans. The ACL is an estimate of expected losses inherent within Trustmark’s existing LHFI portfolio. The ACL for LHFI is adjusted through the PCL, LHFI and reduced by the charge off of loan amounts, net of recoveries. The methodology for estimating the amount of expected credit losses reported in the ACL has two basic components: a collective, or pooled, component for estimated expected credit losses for pools of loans that share similar risk characteristics, and an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans. In estimating the ACL for the collective component, loans are segregated into loan pools based on loan product types and similar risk characteristics. The loans secured by real estate and other loans secured by real estate portfolio segments include loans for both commercial and residential properties. The underwriting process for these loans includes analysis of the financial position and strength of both the borrower and guarantor, experience with similar projects in the past, market demand and prospects for successful completion of the proposed project within the established budget and schedule, values of underlying collateral, availability of permanent financing, maximum loan-to-value ratios, minimum equity requirements, acceptable amortization periods and minimum debt service coverage requirements, based on property type. The borrower’s financial strength and capacity to repay their obligations remain the primary focus of underwriting. Financial strength is evaluated based upon analytical tools that consider historical and projected cash flows and performance in addition to analysis of the proposed project for income-producing properties. Additional support offered by guarantors is also considered. Ultimate repayment of these loans is sensitive to interest rate changes, general economic conditions, liquidity and availability of long-term financing. The commercial and industrial LHFI portfolio segment includes loans within Trustmark’s geographic markets made to many types of businesses for various purposes, such as short term working capital loans that are usually secured by accounts receivable and inventory and term financing for equipment and fixed asset purchases that are secured by those assets. Trustmark’s credit underwriting process for commercial and industrial loans includes analysis of historical and projected cash flows and performance, evaluation of financial strength of both borrowers and guarantors as reflected in current and detailed financial information and evaluation of underlying collateral to support the credit. The consumer LHFI portfolio segment is comprised of loans that are centrally underwritten based on a credit scoring system as well as an evaluation of the borrower’s repayment capacity, credit, and collateral. Property appraisals are obtained to assist in evaluating collateral. Loan-to-value and debt-to-income ratios, loan amount, and lien position are also considered in assessing whether to originate a loan. These borrowers are particularly susceptible to downturns in economic trends such as conditions that negatively affect housing prices and demand and levels of unemployment. The state and other political subdivision LHFI and the other commercial LHFI portfolio segments primarily consist of loans to non-depository financial institutions, such as mortgage companies, finance companies and other financial intermediaries, loans to state and political subdivisions, and loans to non-profit and charitable organizations. These loans are underwritten based on the specific nature or purpose of the loan and underlying collateral with special consideration given to the specific source of repayment for the loan. The following table provides a description of each of Trustmark’s portfolio segments, loan classes, loan pools and the ACL methodology and loss drivers: Portfolio Segment Loan Class Loan Pool Methodology Loss Drivers Loans secured by real estate Construction, land 1-4 family residential DCF Prime Rate, National GDP Lots and development DCF Prime Rate, Southern Unemployment Unimproved land DCF Prime Rate, Southern Unemployment All other consumer DCF Southern Unemployment Other secured by 1-4 Consumer 1-4 family - 1st liens DCF Prime Rate, Southern Unemployment All other consumer DCF Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Secured by nonfarm, Nonowner-occupied - DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - office DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied- Retail DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - senior DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - DCF Southern Vacancy Rate, Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Other real estate secured Nonresidential nonowner DCF Southern Vacancy Rate, Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Nonowner-occupied - DCF Southern Vacancy Rate, Southern Unemployment Other loans secured by Other construction Other construction DCF Prime Rate, National Unemployment Secured by 1-4 family Trustmark mortgage WARM Southern Unemployment Commercial and Commercial and Commercial and industrial - DCF Trustmark historical data Commercial and industrial - DCF Trustmark historical data Credit cards WARM Trustmark call report data Consumer loans Consumer loans Credit cards WARM Trustmark call report data Overdrafts Loss Rate Trustmark historical data All other consumer DCF Southern Unemployment State and other political State and other political Obligations of state and DCF Moody's Bond Default Study Other commercial loans Other commercial loans Other loans DCF Prime Rate, Southern Unemployment Commercial and industrial - DCF Trustmark historical data Commercial and industrial - DCF Trustmark historical data In general, Trustmark utilizes a DCF method to estimate the quantitative portion of the ACL for loan pools. The DCF model consists of two key components, a loss driver analysis (LDA) and a cash flow analysis. For loan pools utilizing the DCF methodology, multiple assumptions are in place, depending on the loan pool. A reasonable and supportable forecast is utilized for each loan pool by developing a LDA for each loan class. The LDA uses charge off data from Federal Financial Institutions Examination Council (FFIEC) reports to construct a periodic default rate (PDR). The PDR is decomposed into a PD. Regressions are run using the data for various macroeconomic variables in order to determine which ones correlate to Trustmark’s losses. These variables are then incorporated into the application to calculate a quarterly PD using a third-party baseline forecast. In addition to the PD, a LGD is derived using a method referred to as Frye Jacobs. The Frye Jacobs method is a mathematical formula that traces the relationship between LGD and PD over time and projects the LGD based on the levels of PD forecasts. This model approach is applicable to all pools within the construction, land development and other land, other secured by 1-4 family residential properties, secured by nonfarm, nonresidential properties and other real estate secured loan classes as well as the all other consumer and other loans pools. During the first quarter of 2022, Management elected to incorporate a methodology change related to the other construction pool. Components of this change include management utilizing an alternative LDA to support the PD and LGD assumptions necessary to apply a DCF methodology to the other construction pool. Fundamentally, this approach utilizes publicly reported default balances and leverages a generalized linear model (GLM) framework to estimate PD. Taken together, these differences allow for results to be scaled to be specific and directly applicable to the other construction segment. LGD is assumed to be a through-the-cycle constant based on the actual performance of Trustmark’s other construction segment. These assumptions are then input into the DCF model and used in conjunction with prepayment data to calculate the cash flows at the individual loan level. Previously, the other construction pool used the weighted average remaining maturity (WARM) method. Management believes this change is commensurate with the level of risk in the pool. For the commercial and industrial loans related pools, Trustmark uses its own PD and LGD data, instead of the macroeconomic variables and the Frye Jacobs method described above, to calculate the PD and LGD as there were no defensible macroeconomic variables that correlated to Trustmark’s losses. Trustmark utilizes a third-party Bond Default Study to derive the PD and LGD for the obligations of state and political subdivisions pool. Due to the lack of losses within this pool, no defensible macroeconomic factors were identified to correlate. The PD and LGD measures are used in conjunction with prepayment data as inputs into the DCF model to calculate the cash flows at the individual loan level. Contractual cash flows based on loan terms are adjusted for PD, LGD and prepayments to derive loss cash flows. These loss cash flows are discounted by the loan’s coupon rate to arrive at the discounted cash flow based quantitative loss. The prepayment studies are updated quarterly by a third-party for each applicable pool. An alternate method of estimating the ACL is used for certain loan pools due to specific characteristics of these loans. For the non-DCF pools, specifically, those using the WARM method, the remaining life is incorporated into the ACL quantitative calculation. Trustmark determined that reasonable and supportable forecasts could be made for a twelve-month period for all of its loan pools. To the extent the lives of the loans in the LHFI portfolio extend beyond this forecast period, Trustmark uses a reversion period of four quarters and reverts to the historical mean on a straight-line basis over the remaining life of the loans. The econometric models currently in production reflect segment or pool level sensitivities of PD to changes in macroeconomic variables. By measuring the relationship between defaults and changes in the economy, the quantitative reserve incorporates reasonable and supportable forecasts of future conditions that will affect the value of its assets, as required by FASB ASC Topic 326. Under stable forecasts, these linear regressions will reasonably predict a pool’s PD. However, due to the COVID-19 pandemic, the macroeconomic variables used for reasonable and supportable forecasting changed rapidly. At the current levels, it is not clear that the models currently in production will produce reasonably representative results since the models were originally estimated using data beginning in 2004 through 2019. During this period, a traditional, albeit severe, economic recession occurred. Thus, econometric models are sensitive to similar future levels of PD. In order to prevent the econometric models from extrapolating beyond reasonable boundaries of their input variables, Trustmark chose to establish an upper and lower limit process when applying the periodic forecasts. In this way, Management will not rely upon unobserved and untested relationships in the setting of the quantitative reserve. This approach applies to all input variables, including: Southern Unemployment, National Unemployment, National Gross Domestic Product (GDP), Southern Vacancy Rate and the Prime Rate. The upper and lower limits are based on the distribution of the macroeconomic variable by selecting extreme percentiles at the upper and lower limits of the distribution, the 1 st and 99 th percentiles, respectively. These upper and lower limits are then used to calculate the PD for the forecast time period in which the forecasted values are outside of the upper and lower limit range. Due to multiple periods having a PD or LGD at or near zero as a result of the improving macroeconomic forecasts, Management implemented PD and LGD floors to account for the risk associated with each portfolio. The PD and LGD floors are based on Trustmark’s historical loss experience and applied at a portfolio level. Qualitative factors used in the ACL methodology include the following: • Lending policies and procedures • Economic conditions and concentrations of credit • Nature and volume of the portfolio • Performance trends • External factors While all these factors are incorporated into the overall methodology, only four are currently considered active: (i) economic conditions and concentrations of credit, (ii) nature and volume of the portfolio, (iii) performance trends and (iv) external factors. Two of Trustmark’s largest loan classes are the loans secured by nonfarm, nonresidential properties and the loans secured by other real estate. Trustmark elected to create a qualitative factor specifically for these loan classes which addresses changes in the economic conditions of metropolitan areas and applies additional pool level reserves. This qualitative factor is based on third-party market data and forecast trends and is updated quarterly as information is available, by market and by loan pool. For the performance trends factor, Trustmark uses migration analyses to allocate additional ACL to non-pass/delinquent loans within each pool. In this way, Management believes the ACL will directly reflect changes in risk, based on the performance of the loans within a pool, whether declining or improving. The nature and volume of the portfolio qualitative factor utilizes peer and industry assumptions for pools of loans where Trustmark’s historical experience might not capture the risk associated within a specific pool due to it being a different type of lending, different sources of repayment or a new line of business. The external factors qualitative factor is Management’s best judgement on the loan or pool level impact of all factors that affect the portfolio that are not accounted for using any other part of the ACL methodology ( e.g. , natural disasters, changes in legislation, impacts due to technology and pandemics). Trustmark's External Factor – Pandemic ensures reserve adequacy for collectively evaluated loans most likely to be impacted by the unique economic and behavioral conditions created by the COVID-19 pandemic. Additional qualitative reserves are derived based on two principles. The first is the disconnect of economic factors to Trustmark’s modeled PD (derived from the econometric models underpinning the quantitative pooled reserves). During the pandemic, extraordinary measures by the federal government were made available to consumers and businesses, including COVID-19 loan payment concessions, direct transfer payments to households, tax deferrals, and reduced interest rates, among others. These government interventions may have extended the lag between economic conditions and default, relative to what was captured in the model development data. Because Trustmark’s econometric PD models rely on the observed relationship from the economic downturn from 2007 to 2009 in both timing and severity, Management does not expect the models to reflect these current conditions. For example, while the models would predict contemporaneous unemployment peaks and loan defaults, this may not occur when borrowers can request payment deferrals. Thus, for the affected population, economic conditions are not fully considered as a part of Trustmark’s quantitative reserve. The second principle is the change in risk that is identified by rating changes. As a part of Trustmark’s credit review process, loans in the affected population have been given more frequent screening to ensure accurate ratings are maintained through this dynamic period. Trustmark’s quantitative reserve does not directly address changes in ratings, thus a migration qualitative factor was designed to work in concert with the quantitative reserve. As discussed above, the disconnect of economic factors means that changes in rating caused by deteriorating and weak economic conditions as a result of the pandemic were not being captured in the quantitative reserve. During 2020, due to unforeseen pandemic conditions that varied from Management’s expectations, additional reserves were further dimensioned in order to appropriately reflect the risk within the portfolio related to the COVID-19 pandemic. In an effort to ensure the External Factor-Pandemic qualitative factor is reasonable and supportable, historical Trustmark loss data was leveraged to construct a framework that is quantitative in nature. To dimension the additional reserve, Management uses the sensitivity of the quantitative commercial loan reserve to changes in macroeconomic conditions to apply to loans rated acceptable or better (RR 1-4). In addition, to account for the known changes in risk, a weighted average of the commercial loan portfolio loss rate, derived from the performance trends qualitative factor, is used to dimension additional reserves for downgraded credits. Loans rated acceptable with risk (RR 5) or watch (RR 6) received the additional reserves based on the average of the macroeconomic conditions and weighted- average of the commercial loan portfolio loss rate while the loans rated special mention and substandard received additional reserves based on the weighted-average described above. During the first quarter of 2022, in order to account for the potential uncertainty related to higher prices and low economic growth, Trustmark chose to enact a portion of the qualitative framework, External Factor - Stagflation. Management calculated the reserve using a third-party stagflation forecast and compared it to the third-party baseline forecast used in the quantitative modeling. The weighted differential is added as qualitative reserves to account for potential uncertainty. |
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | Accounting Policies Recently Adopted Except for the changes detailed below, Trustmark has consistently applied its accounting policies to all periods presented in the accompanying consolidated financial statements. ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Issued in March 2020, ASU 2020-04 seeks to provided additional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The FASB issued ASU 2020-04 is response to concerns about the structural risks of interbank offered rates and, in particular, the risk that the London Interbank Offer Rate (LIBOR) will no longer be used. Regulators have begun reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. Stakeholders have raised operational challenges likely to arise with the reference rate reform, particularly related to contract modifications and hedge accounting. The amendments of ASU 2020-04, which are elective and apply to all entities, provide expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by the reference rate reform id certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications should be applied consistently for all contracts or transactions within the relevant Codification Topic or Subtopic or Industry Subtopic that contains the related guidance. The optional expedients for hedging relationships can be elected on an individual hedging relationship basis. As the guidance in ASU 2020-04 is intended to assist entity’s during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. On January 7, 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope,” to clarify the scope of the reference rate reform guidance in FASB ASC Topic 848. ASU 2021-01 refines the scope of FASB ASC Topic 848 to clarify that certain optional expedients and exceptions therein for contract modifications and hedge accounting apply to contracts that are affected by the discounting transition. Specifically, modifications related to reference rate reform would not be considered an event that requires reassessment of previous accounting conclusions. The amendments in ASU 2021-01 also amend the expedients and exceptions in FASB ASC Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments of ASU 2021-01 were effective immediately when issued. Entities may choose to apply the amendments of ASU 2021-01 retrospectively as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively to new modifications from any date within an interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments in this ASU for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date that the entity applies the election. While the benchmark provider for U.S. LIBOR (which was typically the benchmark that Trustmark used) intends to provide the benchmark for some tenors of U.S. LIBOR through June 2023, Trustmark has transitioned to Secured Overnight Financing Rate (SOFR) for new variable rate loans, derivative contracts, borrowings and other financial instruments as of January 1, 2022. Management cannot make a determination at this time as to the impact the amendments of ASU 2020-04 and ASU 2021-01 or the reference rate reform will have on its consolidated financial statements. Pending Accounting Pronouncements ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326): Trouble Debt Restructurings and Vintage Disclosures.” Issued in March 2022, ASU 2022-02 seeks to improve the decision usefulness of information provided to investors concerning certain loan refinancings, restructurings and write-offs. In regard to troubled debt restructurings (TDRs) by creditors, investors and preparers observed that the additional designation of a loan modification as a TDR and the related accounting are unnecessarily complex and no longer provide decision-useful information. The amendments of ASU 2022-02 eliminate the accounting guidance for TDRs by creditors in FASB ASC Subtopic 310-40, “Receivables-Troubled Debt Restructurings by Creditors,” as it is no longer meaningful due to the implementation of FASB ASC Topic 326, which requires an entity to consider lifetime expected credit losses on loans when establishing an allowance for credit losses. Therefore, most losses that would have been realized for a TDR under FASB ASC Subtopic 310-40 are now captured by the accounting required under FASB ASC Topic 326. The amendments of ASU 2022-02 also enhanced disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Stakeholders also noted inconsistency in the requirement for a public business entity (PBE) to disclose gross write-offs and gross recoveries by class of financing receivable and major security type in certain vintage disclosures. Financial statement users expressed that, in addition to the existing vintage disclosures in FASB ASC Topic 326, information about gross write-offs by year of origination would be helpful in understanding credit quality changes in an entity’s loan portfolio and underwriting performance. For PBEs, the amendments of ASU 2022-02 require that an entity disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of FASB ASC Subtopic 326-20, “Financial Instruments-Credit Losses-Measured at Amortized Cost.” For write-offs associated with origination dates that are more than five annual periods before the reporting period, an entity may present aggregate amounts in the current period for financing receivables and net investment in leases. The amendments of ASU 2022-02 are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2022 for entities that have already adopted the amendments of ASU 2016-13. Early adoption is permitted, provided that an entity has adopted ASU 2016-13. If an entity elects to early adopt the amendments of this ASU during an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. In addition, an entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. Trustmark intends to adopt the amendments of ASU 2022-02 as of January 1, 2023. The amendments of ASU 2022-02 include only changes to certain financial statement disclosures, and, therefore, adoption of ASU 2022-02 is not expected to have a material impact on Trustmark’s consolidated financial statements or results of operations. |
Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments FASB ASC Topic 815, Derivatives and Hedging (ASC 815), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. When entering into a hedge transaction, Trustmark formally documents the relationship between the hedging instrument and the hedged item, as well as the risk management objective and strategy for undertaking the hedge transaction, which includes designating the derivative instrument as a fair value or cash flow hedge to a specific asset or liability on the balance sheet or to specific forecasted transactions and the risk being hedged, along with a formal assessment at the inception of the hedge as to the effectiveness of the derivative instrument in offsetting changes in fair values or cash flows of the hedged item. Trustmark continues to assess hedge effectiveness on an ongoing basis using either a qualitative or a quantitative assessment (regression analysis). As required by ASC 815, Trustmark records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether Trustmark has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. For cash flow hedges, changes in the fair value of the derivative instrument are recorded in accumulated other comprehensive income (loss) and subsequently reclassified to net income in the same period that the hedged transaction impacts net income. Upon discontinuation of hedge accounting for cash flow hedges, any amounts in accumulated other comprehensive income (loss) related to that relationship affects earnings at the same time and in the same manner in which the hedged transaction affects earnings. If it becomes probable that the forecasted transaction will not occur, any related amounts in accumulated other comprehensive income (loss) are reclassified to earnings immediately. Trustmark records any gains or losses on these cash flow hedges in accumulated other comprehensive income (loss). As interest payments are received on Trustmark's variable-rate assets, amounts reported in accumulated other comprehensive income (loss) are reclassified into interest and fees on LHFS and LHFI in the accompanying consolidated statements of income during the same period. |
Securities Available for Sale_2
Securities Available for Sale and Held to Maturity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021 ($ in thousands): Securities Available for Sale Securities Held to Maturity September 30, 2022 Amortized Gross Gross Estimated Amortized Gross Gross Estimated U.S. Treasury securities $ 458,475 $ — $ ( 42,197 ) $ 416,278 $ — $ — $ — $ — U.S. Government agency 9,681 — ( 565 ) 9,116 — — — — Obligations of states and political 4,836 — ( 73 ) 4,763 4,512 3 ( 8 ) 4,507 Mortgage-backed securities Residential mortgage pass- Guaranteed by GNMA 32,067 8 ( 3,911 ) 28,164 4,527 — ( 467 ) 4,060 Issued by FNMA and 1,992,351 — ( 274,294 ) 1,718,057 179,375 — ( 19,845 ) 159,530 Other residential mortgage- Issued or guaranteed by 134,630 1 ( 8,493 ) 126,138 197,923 2 ( 13,637 ) 184,288 Commercial mortgage-backed Issued or guaranteed by 144,375 — ( 2,405 ) 141,970 770,648 — ( 57,205 ) 713,443 Total $ 2,776,415 $ 9 $ ( 331,938 ) $ 2,444,486 $ 1,156,985 $ 5 $ ( 91,162 ) $ 1,065,828 Securities Available for Sale Securities Held to Maturity December 31, 2021 Amortized Gross Gross Estimated Amortized Gross Gross Estimated U.S. Treasury Securities $ 349,562 $ 16 $ ( 4,938 ) $ 344,640 $ — $ — $ — $ — U.S. Government agency 14,044 20 ( 337 ) 13,727 — — — — Obligations of states and political 5,134 580 — 5,714 7,328 64 ( 3 ) 7,389 Mortgage-backed securities Residential mortgage pass- Guaranteed by GNMA 38,942 665 ( 34 ) 39,573 5,005 187 ( 3 ) 5,189 Issued by FNMA and 2,230,498 8,945 ( 21,014 ) 2,218,429 43,444 962 — 44,406 Other residential mortgage- Issued or guaranteed by 193,908 2,879 ( 97 ) 196,690 241,934 9,015 ( 31 ) 250,918 Commercial mortgage-backed Issued or guaranteed by 424,201 404 ( 4,501 ) 420,104 44,826 783 — 45,609 Total $ 3,256,289 $ 13,509 $ ( 30,921 ) $ 3,238,877 $ 342,537 $ 11,011 $ ( 37 ) $ 353,511 |
Securities Held to Maturity by Credit Rating, as Determined by Moody's | The following table presents the amortized cost of Trustmark’s securities held to maturity by credit rating, as determined by Moody’s, at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Aaa $ 1,152,473 $ 335,208 Aa1 to Aa3 3,002 5,007 Not Rated (1) 1,510 2,322 Total $ 1,156,985 $ 342,537 (1) Not rated securities primarily consist of Mississippi municipal general obligations. |
Securities with Gross Unrealized Losses, Segregated by Length of Impairment | The tables below include securities with gross unrealized losses for which an allowance for credit losses has not been recorded and segregated by length of impairment at September 30, 2022 and December 31, 2021 ($ in thousands): Less than 12 Months 12 Months or More Total September 30, 2022 Estimated Gross Estimated Gross Estimated Gross U.S. Treasury securities $ 158,877 $ ( 9,333 ) $ 257,401 $ ( 32,864 ) $ 416,278 $ ( 42,197 ) U.S. Government agency obligations 3,088 ( 311 ) 5,935 ( 254 ) 9,023 ( 565 ) Obligations of states and political subdivisions 4,763 ( 73 ) 3,661 ( 8 ) 8,424 ( 81 ) Mortgage-backed securities Residential mortgage pass-through Guaranteed by GNMA 30,577 ( 4,136 ) 1,199 ( 242 ) 31,776 ( 4,378 ) Issued by FNMA and FHLMC 562,533 ( 60,200 ) 1,315,039 ( 233,939 ) 1,877,572 ( 294,139 ) Other residential mortgage-backed Issued or guaranteed by FNMA, 302,446 ( 21,129 ) 7,610 ( 1,001 ) 310,056 ( 22,130 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, 854,792 ( 59,601 ) 622 ( 9 ) 855,414 ( 59,610 ) Total $ 1,917,076 $ ( 154,783 ) $ 1,591,467 $ ( 268,317 ) $ 3,508,543 $ ( 423,100 ) December 31, 2021 U.S. Treasury Securities $ 315,123 $ ( 4,938 ) $ — $ — $ 315,123 $ ( 4,938 ) U.S. Government agency obligations 1,312 ( 5 ) 8,619 ( 332 ) 9,931 ( 337 ) Obligations of states and political subdivisions 3,006 ( 1 ) 667 ( 2 ) 3,673 ( 3 ) Mortgage-backed securities Residential mortgage pass-through Guaranteed by GNMA 6,040 ( 37 ) — — 6,040 ( 37 ) Issued by FNMA and FHLMC 1,734,921 ( 19,980 ) 55,303 ( 1,034 ) 1,790,224 ( 21,014 ) Other residential mortgage-backed Issued or guaranteed by FNMA, 19,038 ( 99 ) 2,647 ( 29 ) 21,685 ( 128 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, 344,025 ( 4,492 ) 639 ( 9 ) 344,664 ( 4,501 ) Total $ 2,423,465 $ ( 29,552 ) $ 67,875 $ ( 1,406 ) $ 2,491,340 $ ( 30,958 ) |
Contractual Maturities of Available for Sale and Held to Maturity Securities | The amortized cost and estimated fair value of securities available for sale and held to maturity at September 30, 2022, 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 Amortized Estimated Amortized Estimated Due in one year or less $ 30,375 $ 30,163 $ 4,171 $ 4,167 Due after one year through five years 382,241 347,173 341 340 Due after five years through ten years 53,155 45,983 — — Due after ten years 7,221 6,838 — — 472,992 430,157 4,512 4,507 Mortgage-backed securities 2,303,423 2,014,329 1,152,473 1,061,321 Total $ 2,776,415 $ 2,444,486 $ 1,156,985 $ 1,065,828 |
Loans Held for Investment (LH_2
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loan Portfolio Held for Investment | At September 30, 2022 and December 31, 2021, LHFI consisted of the following ($ in thousands): September 30, 2022 December 31, 2021 Loans secured by real estate: Construction, land development and other land $ 693,741 $ 596,968 Other secured by 1-4 family residential properties 566,985 517,683 Secured by nonfarm, nonresidential properties 3,206,946 2,977,084 Other real estate secured 593,119 726,043 Other loans secured by real estate: Other construction 953,654 711,813 Secured by 1-4 family residential properties 2,030,127 1,460,310 Commercial and industrial loans 1,689,532 1,414,279 Consumer loans 166,027 162,555 State and other political subdivision loans 1,188,703 1,146,251 Other commercial loans 497,230 534,843 LHFI 11,586,064 10,247,829 Less ACL 115,050 99,457 Net LHFI $ 11,471,014 $ 10,148,372 |
Schedule of Amortized Cost Basis of Loans on Nonaccrual Status | The following tables provide the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more still accruing interest at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 Nonaccrual With No ACL Total Nonaccrual Loans Past Due 90 Days or More Still Accruing Loans secured by real estate: Construction, land development and other land $ 142 $ 4,383 $ — Other secured by 1-4 family residential properties 489 3,531 292 Secured by nonfarm, nonresidential properties 5,263 7,738 — Other real estate secured — 574 — Other loans secured by real estate: Other construction — 7,620 — Secured by 1-4 family residential properties 1,233 14,774 1,086 Commercial and industrial loans 407 25,899 — Consumer loans — 129 416 State and other political subdivision loans — 2,988 — Other commercial loans — 291 48 Total $ 7,534 $ 67,927 $ 1,842 December 31, 2021 Nonaccrual With No ACL Total Nonaccrual Loans Past Due 90 Days or More Still Accruing Loans secured by real estate: Construction, land development and other land $ 4,784 $ 5,878 $ 7 Other secured by 1-4 family residential properties 1,319 3,418 148 Secured by nonfarm, nonresidential properties 10,842 12,508 — Other real estate secured 56 150 — Other loans secured by real estate: Other construction — — — Secured by 1-4 family residential properties — 12,775 1,655 Commercial and industrial loans 1,363 19,328 — Consumer loans — 117 304 State and other political subdivision loans — 3,664 — Other commercial loans 4,405 4,860 — Total $ 22,769 $ 62,698 $ 2,114 |
Aging Analysis of Past Due and Nonaccrual LHFI by Loan Type | The following tables provide an aging analysis of the amortized cost basis of past due LHFI (including nonaccrual LHFI) at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 Past Due 30-59 Days 60-89 Days 90 Days Total Past Due Current Total LHFI Loans secured by real estate: Construction, land development and $ 638 $ 4,047 $ 159 $ 4,844 $ 688,897 $ 693,741 Other secured by 1-4 family residential 2,490 559 862 3,911 563,074 566,985 Secured by nonfarm, nonresidential 1,039 — 1,948 2,987 3,203,959 3,206,946 Other real estate secured 440 48 — 488 592,631 593,119 Other loans secured by real estate: Other construction — — 7,620 7,620 946,034 953,654 Secured by 1-4 family residential properties 8,161 3,066 5,437 16,664 2,013,463 2,030,127 Commercial and industrial loans 1,592 45 790 2,427 1,687,105 1,689,532 Consumer loans 1,329 390 417 2,136 163,891 166,027 State and other political subdivision loans 143 — 177 320 1,188,383 1,188,703 Other commercial loans 378 29 190 597 496,633 497,230 Total $ 16,210 $ 8,184 $ 17,600 $ 41,994 $ 11,544,070 $ 11,586,064 December 31, 2021 Past Due 30-59 Days 60-89 Days 90 Days More Total Past Due Current Total LHFI Loans secured by real estate: Construction, land development and $ 323 $ 11 $ 5,241 $ 5,575 $ 591,393 $ 596,968 Other secured by 1-4 family residential 1,811 368 567 2,746 514,937 517,683 Secured by nonfarm, nonresidential 845 — 1,442 2,287 2,974,797 2,977,084 Other real estate secured — — 142 142 725,901 726,043 Other loans secured by real estate: Other construction — — — — 711,813 711,813 Secured by 1-4 family residential properties 2,799 531 6,720 10,050 1,450,260 1,460,310 Commercial and industrial loans 607 41 1,107 1,755 1,412,524 1,414,279 Consumer loans 1,673 182 305 2,160 160,395 162,555 State and other political subdivision loans 32 — 177 209 1,146,042 1,146,251 Other commercial loans 220 32 118 370 534,473 534,843 Total $ 8,310 $ 1,165 $ 15,819 $ 25,294 $ 10,222,535 $ 10,247,829 |
Impact of Modifications Classified as Troubled Debt Restructurings | The following table illustrates the impact of modifications classified as TDRs for the periods presented ($ in thousands): Three Months Ended September 30, 2022 2021 Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Loans secured by real estate: Other secured by 1-4 family 2 $ 248 $ 241 — $ — $ — Secured by nonfarm, 1 501 499 3 483 483 Other loans secured by real estate: Secured by 1-4 family residential 4 158 166 1 152 152 Total 7 $ 907 $ 906 4 $ 635 $ 635 Nine Months Ended September 30, 2022 2021 Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Loans secured by real estate: Construction, land development 1 $ 146 $ 146 5 $ 5,582 $ 5,582 Other secured by 1-4 family 4 321 314 3 37 37 Secured by nonfarm, 4 6,505 6,503 4 860 860 Other real estate secured 1 85 85 — — — Other loans secured by real estate: Secured by 1-4 family residential 10 1,182 1,209 4 401 401 Commercial and industrial loans 1 500 500 2 1,014 1,014 Other commercial loans — — — 2 4,929 4,929 Total 21 $ 8,739 $ 8,757 20 $ 12,823 $ 12,823 |
Troubled Debt Restructuring Subsequently Defaulted | The table below includes the balances at default for TDRs modified within the last twelve months for which there was a payment default during the periods presented ($ in thousands): Nine Months Ended September 30, 2022 2021 Number of Recorded Number of Recorded Loans secured by real estate: Construction, land development and other land — $ — 5 $ 5,582 Other secured by 1-4 family residential properties — — 1 16 Other loans secured by real estate: Secured by 1-4 family residential properties — — 1 78 Other commercial loans — — 2 4,929 Total — $ — 9 $ 10,605 |
Troubled Debt Restructuring Related to Loans Held for Investment by Loan Type | The following tables detail LHFI classified as TDRs by loan class at September 30, 2022 and 2021 ($ in thousands): September 30, 2022 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 4,162 $ 4,162 Other secured by 1-4 family residential properties 195 862 1,057 Secured by nonfarm, nonresidential properties — 4,117 4,117 Other real estate secured — 79 79 Other loans secured by real estate: Secured by 1-4 family residential properties 114 3,314 3,428 Commercial and industrial loans — 49 49 State and other political subdivision loans — 2,811 2,811 Other commercial loans — 36 36 Total TDRs $ 309 $ 15,430 $ 15,739 September 30, 2021 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 4,607 $ 4,607 Other secured by 1-4 family residential properties — 1,007 1,007 Secured by nonfarm, nonresidential properties 394 2,961 3,355 Other loans secured by real estate: Secured by 1-4 family residential properties — 2,292 2,292 Commercial and industrial loans 2,000 1,600 3,600 Consumer loans — 11 11 State and other political subdivision loans — 3,609 3,609 Other commercial loans — 5,009 5,009 Total TDRs $ 2,394 $ 21,096 $ 23,490 |
Schedule Of Amortized Cost Basis Of Collateral Dependent Loans by Class of Loans | The following tables present the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 Real Estate Equipment and Inventory and Receivables Vehicles Miscellaneous Total Loans secured by real estate: Construction, land development and $ 4,273 $ — $ — $ — $ — $ 4,273 Other secured by 1-4 family 489 — — — — 489 Secured by nonfarm, nonresidential 5,493 — — — — 5,493 Other loans secured by real estate: Other construction 7,620 — — — — 7,620 Secured by 1-4 family residential 1,233 — — — — 1,233 Commercial and industrial loans 40 — 349 398 24,494 25,281 State and other political subdivision loans 2,988 — — — — 2,988 Other commercial loans — — — — 36 36 Total $ 22,136 $ — $ 349 $ 398 $ 24,530 $ 47,413 December 31, 2021 Real Estate Equipment and Inventory and Receivables Vehicles Miscellaneous Total Loans secured by real estate: Construction, land development and $ 5,198 $ — $ — $ — $ — $ 5,198 Secured by nonfarm, nonresidential 11,072 — — — — 11,072 Other real estate secured 56 — — — — 56 Other loans secured by real estate: Secured by 1-4 family residential 1,319 — — — — 1,319 Commercial and industrial loans 42 349 1,253 370 16,430 18,444 State and other political subdivision loans 3,664 — — — — 3,664 Other commercial loans 4,572 — — — 36 4,608 Total $ 25,923 $ 349 $ 1,253 $ 370 $ 16,466 $ 44,361 |
Carrying Amount of Loans by Credit Quality Indicator | The tables below present the amortized cost basis of loans by credit quality indicator and class of loans based on analyses performed at September 30, 2022 and December 31, 2021 ($ in thousands): Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of September 30, 2022 Commercial LHFI Loans secured by real estate: Construction, land Pass - RR 1 through RR 6 $ 303,156 $ 162,650 $ 36,577 $ 7,545 $ 1,445 $ 2,772 $ 78,876 $ 593,021 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 159 245 — 3,886 — — — 4,290 Doubtful - RR 9 — — — — — 42 — 42 Total 303,315 162,895 36,577 11,431 1,445 2,814 78,876 597,353 Other secured by 1-4 family Pass - RR 1 through RR 6 $ 33,783 $ 34,326 $ 18,228 $ 9,818 $ 7,141 $ 3,556 $ 13,669 $ 120,521 Special Mention - RR 7 — 98 19 — — — — 117 Substandard - RR 8 522 126 123 89 156 295 — 1,311 Doubtful - RR 9 — 16 — — — — — 16 Total 34,305 34,566 18,370 9,907 7,297 3,851 13,669 121,965 Secured by nonfarm, Pass - RR 1 through RR 6 $ 680,957 $ 654,012 $ 616,131 $ 494,170 $ 258,703 $ 331,303 $ 121,487 $ 3,156,763 Special Mention - RR 7 933 — — 273 — — — 1,206 Substandard - RR 8 13,216 1,779 9,408 928 4,626 18,861 — 48,818 Doubtful - RR 9 36 — — 84 — 18 — 138 Total 695,142 655,791 625,539 495,455 263,329 350,182 121,487 3,206,925 Other real estate secured: Pass - RR 1 through RR 6 $ 193,674 $ 124,859 $ 113,221 $ 115,830 $ 11,679 $ 19,849 $ 13,557 $ 592,669 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 — — 64 — 7 79 96 246 Doubtful - RR 9 — — — — — — — — Total 193,674 124,859 113,285 115,830 11,686 19,928 13,653 592,915 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of September 30, 2022 Commercial LHFI Other loans secured by real Other construction: Pass - RR 1 through RR 6 $ 254,890 $ 320,751 $ 369,552 $ 841 $ — $ — $ — $ 946,034 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 — 7,620 — — — — — 7,620 Doubtful - RR 9 — — — — — — — — Total 254,890 328,371 369,552 841 — — — 953,654 Commercial and industrial Pass - RR 1 through RR 6 $ 505,209 $ 273,347 $ 151,087 $ 50,821 $ 17,795 $ 72,908 $ 574,211 $ 1,645,378 Special Mention - RR 7 — — 9 — — — — 9 Substandard - RR 8 7,577 10,000 1,208 375 91 5,403 19,273 43,927 Doubtful - RR 9 127 16 12 10 38 4 11 218 Total 512,913 283,363 152,316 51,206 17,924 78,315 593,495 1,689,532 State and other political Pass - RR 1 through RR 6 $ 320,188 $ 234,723 $ 127,801 $ 41,354 $ 22,216 $ 436,733 $ — $ 1,183,015 Special Mention - RR 7 — — — — — 2,700 — 2,700 Substandard - RR 8 — — — — — 2,988 — 2,988 Doubtful - RR 9 — — — — — — — — Total 320,188 234,723 127,801 41,354 22,216 442,421 — 1,188,703 Other commercial loans: Pass - RR 1 through RR 6 $ 80,800 $ 42,678 $ 30,671 $ 38,759 $ 6,919 $ 25,768 $ 256,633 $ 482,228 Special Mention - RR 7 879 — — — — — — 879 Substandard - RR 8 3,711 106 2 36 29 1,179 9,013 14,076 Doubtful - RR 9 24 — — — — 23 — 47 Total 85,414 42,784 30,673 38,795 6,948 26,970 265,646 497,230 Total commercial $ 2,399,841 $ 1,867,352 $ 1,474,113 $ 764,819 $ 330,845 $ 924,481 $ 1,086,826 $ 8,848,277 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of September 30, 2022 Consumer LHFI Loans secured by real estate: Construction, land Current $ 43,286 $ 42,072 $ 4,438 $ 2,265 $ 1,728 $ 2,179 $ — $ 95,968 Past due 30-89 days — 306 — — 19 27 — 352 Past due 90 days or more — — — — — — — — Nonaccrual — 59 — — — 9 — 68 Total 43,286 42,437 4,438 2,265 1,747 2,215 — 96,388 Other secured by 1-4 family Current $ 15,589 $ 8,922 $ 5,635 $ 5,245 $ 4,473 $ 8,101 $ 391,803 $ 439,768 Past due 30-89 days 81 77 10 57 6 333 1,256 1,820 Past due 90 days or more — — — — — 37 256 293 Nonaccrual 88 22 4 22 8 450 2,545 3,139 Total 15,758 9,021 5,649 5,324 4,487 8,921 395,860 445,020 Secured by nonfarm, Current $ — $ 21 $ — $ — $ — $ — $ — $ 21 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — 21 — — — — — 21 Other real estate secured: Current $ — $ — $ 91 $ — $ 6 $ 107 $ — $ 204 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — — 91 — 6 107 — 204 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of September 30, 2022 Consumer LHFI Other loans secured by real Secured by 1-4 family Current $ 859,525 $ 571,302 $ 207,478 $ 112,197 $ 84,201 $ 169,410 $ — $ 2,004,113 Past due 30-89 days 1,797 3,525 1,318 313 542 2,665 — 10,160 Past due 90 days or more — 918 136 — — 31 — 1,085 Nonaccrual 855 1,856 2,849 1,871 1,722 5,616 — 14,769 Total 862,177 577,601 211,781 114,381 86,465 177,722 — 2,030,127 Consumer loans: Current $ 57,103 $ 33,978 $ 12,889 $ 3,337 $ 2,137 $ 596 $ 53,725 $ 163,765 Past due 30-89 days 739 153 134 24 25 15 626 1,716 Past due 90 days or more 44 174 2 1 — — 196 417 Nonaccrual 61 20 3 2 5 — 38 129 Total 57,947 34,325 13,028 3,364 2,167 611 54,585 166,027 Total consumer LHFI $ 979,168 $ 663,405 $ 234,987 $ 125,334 $ 94,872 $ 189,576 $ 450,445 $ 2,737,787 Total LHFI $ 3,379,009 $ 2,530,757 $ 1,709,100 $ 890,153 $ 425,717 $ 1,114,057 $ 1,537,271 $ 11,586,064 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of December 31, 2021 Commercial LHFI Loans secured by real estate: Construction, land Pass - RR 1 through RR 6 $ 376,438 $ 76,176 $ 21,366 $ 2,189 $ 1,367 $ 2,890 $ 26,505 $ 506,931 Special Mention - RR 7 71 6,382 — — — — — 6,453 Substandard - RR 8 2,243 — 3,435 30 — — — 5,708 Doubtful - RR 9 — — — — — 42 — 42 Total 378,752 82,558 24,801 2,219 1,367 2,932 26,505 519,134 Other secured by 1-4 family Pass - RR 1 through RR 6 $ 44,208 $ 23,269 $ 13,194 $ 9,722 $ 5,737 $ 3,076 $ 8,771 $ 107,977 Special Mention - RR 7 111 143 — — — — — 254 Substandard - RR 8 721 150 6 166 46 627 — 1,716 Doubtful - RR 9 22 — — — — — — 22 Total 45,062 23,562 13,200 9,888 5,783 3,703 8,771 109,969 Secured by nonfarm, Pass - RR 1 through RR 6 $ 750,869 $ 604,026 $ 610,446 $ 350,603 $ 183,115 $ 279,529 $ 113,808 $ 2,892,396 Special Mention - RR 7 1,510 9,584 412 — 1,562 4,522 — 17,590 Substandard - RR 8 11,017 2,357 13,609 3,591 5,988 29,309 1,025 66,896 Doubtful - RR 9 43 — 105 — — 21 — 169 Total 763,439 615,967 624,572 354,194 190,665 313,381 114,833 2,977,051 Other real estate secured: Pass - RR 1 through RR 6 $ 256,273 $ 105,687 $ 220,487 $ 64,268 $ 6,816 $ 56,196 $ 13,350 $ 723,077 Special Mention - RR 7 — — — — — 773 — 773 Substandard - RR 8 1,684 65 — 8 — 101 — 1,858 Doubtful - RR 9 — — — — — — — — Total 257,957 105,752 220,487 64,276 6,816 57,070 13,350 725,708 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of December 31, 2021 Commercial LHFI Other loans secured by real Other construction Pass - RR 1 through RR 6 $ 273,747 $ 393,580 $ 25,142 $ — $ — $ — $ 17,909 $ 710,378 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 1,435 — — — — — — 1,435 Doubtful - RR 9 — — — — — — — — Total 275,182 393,580 25,142 — — — 17,909 711,813 Commercial and industrial Pass - RR 1 through RR 6 $ 503,073 $ 249,171 $ 74,239 $ 33,403 $ 50,016 $ 35,883 $ 400,423 $ 1,346,208 Special Mention - RR 7 643 365 147 550 48 — 99 1,852 Substandard - RR 8 14,530 1,338 1,221 1,119 9,237 386 38,182 66,013 Doubtful - RR 9 20 46 29 107 — 4 — 206 Total 518,266 250,920 75,636 35,179 59,301 36,273 438,704 1,414,279 State and other political Pass - RR 1 through RR 6 $ 381,317 $ 148,156 $ 56,987 $ 30,558 $ 95,491 $ 418,319 $ 8,409 $ 1,139,237 Special Mention - RR 7 — — — — — 3,350 — 3,350 Substandard - RR 8 — — — — — 3,664 — 3,664 Doubtful - RR 9 — — — — — — — — Total 381,317 148,156 56,987 30,558 95,491 425,333 8,409 1,146,251 Other commercial loans: Pass - RR 1 through RR 6 $ 103,504 $ 38,661 $ 64,871 $ 8,643 $ 7,924 $ 41,112 $ 232,476 $ 497,191 Special Mention - RR 7 4,059 — — — — — 9,013 13,072 Substandard - RR 8 4,532 6,681 82 212 — — 13,000 24,507 Doubtful - RR 9 — 50 — — — 23 — 73 Total 112,095 45,392 64,953 8,855 7,924 41,135 254,489 534,843 Total commercial $ 2,732,070 $ 1,665,887 $ 1,105,778 $ 505,169 $ 367,347 $ 879,827 $ 882,970 $ 8,139,048 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of December 31, 2021 Consumer LHFI Loans secured by real estate: Construction, land Current $ 51,849 $ 16,204 $ 3,024 $ 3,059 $ 797 $ 2,404 $ — $ 77,337 Past due 30-89 days — 265 49 5 — 14 — 333 Past due 90 days or more — — — — — 7 — 7 Nonaccrual 64 — — — — 93 — 157 Total 51,913 16,469 3,073 3,064 797 2,518 — 77,834 Other secured by 1-4 family Current $ 21,166 $ 11,098 $ 6,119 $ 5,903 $ 3,291 $ 7,853 $ 347,743 $ 403,173 Past due 30-89 days 5 34 87 114 — 145 1,214 1,599 Past due 90 days or more — 4 — — — 13 91 108 Nonaccrual 26 70 29 9 341 274 2,085 2,834 Total 21,197 11,206 6,235 6,026 3,632 8,285 351,133 407,714 Secured by nonfarm, Current $ 31 $ — $ — $ — $ 2 $ — $ — $ 33 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total 31 — — — 2 — — 33 Other real estate secured: Current $ — $ 97 $ — $ 8 $ 60 $ 170 $ — $ 335 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — 97 — 8 60 170 — 335 Other loans secured by real Secured by 1-4 family Current $ 622,330 $ 233,951 $ 137,500 $ 107,345 $ 56,374 $ 285,919 $ — $ 1,443,419 Past due 30-89 days 542 494 333 10 369 714 — 2,462 Past due 90 days or more 199 501 165 122 218 450 — 1,655 Nonaccrual 272 1,875 1,419 2,105 916 6,187 — 12,774 Total 623,343 236,821 139,417 109,582 57,877 293,270 — 1,460,310 Consumer loans: Current $ 65,366 $ 25,512 $ 8,498 $ 4,734 $ 1,289 $ 378 $ 54,518 $ 160,295 Past due 30-89 days 989 223 123 22 10 5 468 1,840 Past due 90 days or more 26 23 6 — — — 248 303 Nonaccrual 71 17 2 13 8 — 6 117 Total 66,452 25,775 8,629 4,769 1,307 383 55,240 162,555 Total consumer LHFI $ 762,936 $ 290,368 $ 157,354 $ 123,449 $ 63,675 $ 304,626 $ 406,373 $ 2,108,781 Total LHFI $ 3,495,006 $ 1,956,255 $ 1,263,132 $ 628,618 $ 431,022 $ 1,184,453 $ 1,289,343 $ 10,247,829 |
Summary of Trustmark's Portfolio Segments, Loan Classes, Loan Pools and the ACL Methodology and Loss Drivers | The following table provides a description of each of Trustmark’s portfolio segments, loan classes, loan pools and the ACL methodology and loss drivers: Portfolio Segment Loan Class Loan Pool Methodology Loss Drivers Loans secured by real estate Construction, land 1-4 family residential DCF Prime Rate, National GDP Lots and development DCF Prime Rate, Southern Unemployment Unimproved land DCF Prime Rate, Southern Unemployment All other consumer DCF Southern Unemployment Other secured by 1-4 Consumer 1-4 family - 1st liens DCF Prime Rate, Southern Unemployment All other consumer DCF Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Secured by nonfarm, Nonowner-occupied - DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - office DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied- Retail DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - senior DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - DCF Southern Vacancy Rate, Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Other real estate secured Nonresidential nonowner DCF Southern Vacancy Rate, Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Nonowner-occupied - DCF Southern Vacancy Rate, Southern Unemployment Other loans secured by Other construction Other construction DCF Prime Rate, National Unemployment Secured by 1-4 family Trustmark mortgage WARM Southern Unemployment Commercial and Commercial and Commercial and industrial - DCF Trustmark historical data Commercial and industrial - DCF Trustmark historical data Credit cards WARM Trustmark call report data Consumer loans Consumer loans Credit cards WARM Trustmark call report data Overdrafts Loss Rate Trustmark historical data All other consumer DCF Southern Unemployment State and other political State and other political Obligations of state and DCF Moody's Bond Default Study Other commercial loans Other commercial loans Other loans DCF Prime Rate, Southern Unemployment Commercial and industrial - DCF Trustmark historical data Commercial and industrial - DCF Trustmark historical data |
Change in Allowance for Loan Losses | The following tables disaggregate the ACL and the amortized cost basis of the loans by the measurement methodology used at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 ACL LHFI Individually Evaluated for Credit Loss Collectively Evaluated for Credit Loss Total Individually Evaluated for Credit Loss Collectively Evaluated for Credit Loss Total Loans secured by real estate: Construction, land development and $ 451 $ 9,800 $ 10,251 $ 4,273 689,468 $ 693,741 Other secured by 1-4 family residential — 10,739 10,739 489 566,496 566,985 Secured by nonfarm, nonresidential — 25,924 25,924 5,493 3,201,453 3,206,946 Other real estate secured — 3,398 3,398 — 593,119 593,119 Other loans secured by real estate: Other construction 7,620 6,299 13,919 7,620 946,034 953,654 Secured by 1-4 family residential — 15,395 15,395 1,233 2,028,894 2,030,127 Commercial and industrial loans 10,622 13,482 24,104 25,281 1,664,251 1,689,532 Consumer loans — 5,028 5,028 — 166,027 166,027 State and other political subdivision loans 719 875 1,594 2,988 1,185,715 1,188,703 Other commercial loans 36 4,662 4,698 36 497,194 497,230 Total $ 19,448 $ 95,602 $ 115,050 $ 47,413 $ 11,538,651 $ 11,586,064 December 31, 2021 ACL LHFI Individually Evaluated for Credit Loss Collectively Evaluated for Credit Loss Total Individually Evaluated for Credit Loss Collectively Evaluated for Credit Loss Total Loans secured by real estate: Construction, land development and $ 278 $ 5,801 $ 6,079 $ 5,198 $ 591,770 $ 596,968 Other secured by 1-4 family residential — 10,310 10,310 — 517,683 517,683 Secured by nonfarm, nonresidential — 37,912 37,912 11,072 2,966,012 2,977,084 Other real estate secured — 4,713 4,713 56 725,987 726,043 Other loans secured by real estate: Other construction — 5,968 5,968 — 711,813 711,813 Secured by 1-4 family residential — 2,706 2,706 1,319 1,458,991 1,460,310 Commercial and industrial loans 5,750 13,189 18,939 18,444 1,395,835 1,414,279 Consumer loans — 4,774 4,774 — 162,555 162,555 State and other political subdivision loans 1,394 1,314 2,708 3,664 1,142,587 1,146,251 Other commercial loans 203 5,145 5,348 4,608 530,235 534,843 Total $ 7,625 $ 91,832 $ 99,457 $ 44,361 $ 10,203,468 $ 10,247,829 Changes in the ACL, LHFI were as follows for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance at beginning of period $ 103,140 $ 104,032 $ 99,457 $ 117,306 Loans charged-off ( 2,920 ) ( 1,586 ) ( 7,439 ) ( 7,659 ) Recoveries 1,911 4,119 8,257 11,410 Net (charge-offs) recoveries ( 1,009 ) 2,533 818 3,751 PCL, LHFI 12,919 ( 2,492 ) 14,775 ( 16,984 ) Balance at end of period $ 115,050 $ 104,073 $ 115,050 $ 104,073 The following tables detail changes in the ACL, LHFI by loan class for the periods presented ($ in thousands): Three Months Ended September 30, 2022 Balance at Beginning of Period Charge-offs Recoveries PCL Balance at Loans secured by real estate: . Construction, land development and other land $ 7,301 $ ( 189 ) $ 43 $ 3,096 $ 10,251 Other secured by 1-4 family residential properties 10,038 ( 33 ) 234 500 10,739 Secured by nonfarm, nonresidential properties 29,735 — 35 ( 3,846 ) 25,924 Other real estate secured 3,297 — 4 97 3,398 Other loans secured by real estate: Other construction 14,397 ( 153 ) 1 ( 326 ) 13,919 Secured by 1-4 family residential properties 12,250 ( 37 ) 125 3,057 15,395 Commercial and industrial loans 14,103 ( 191 ) 111 10,081 24,104 Consumer loans 5,139 ( 458 ) 425 ( 78 ) 5,028 State and other political subdivision loans 1,917 — — ( 323 ) 1,594 Other commercial loans 4,963 ( 1,859 ) 933 661 4,698 Total $ 103,140 $ ( 2,920 ) $ 1,911 $ 12,919 $ 115,050 The increases in the PCL, LHFI for the three months ended September 30, 2022 were primarily due to a less positive outlook in the macroeconomic forecasting, an increase in loan growth and specific reserves for individually analyzed loans. The PCL, LHFI for the secured by nonfarm, nonresidential properties portfolio decreased $ 3.8 million during the three months ended September 30, 2022 primarily due to reductions in the pandemic qualitative factor . Three Months Ended September 30, 2021 Balance at Beginning of Period Charge-offs Recoveries PCL Balance at Loans secured by real estate: Construction, land development and other land $ 5,110 $ ( 3 ) $ 391 $ ( 365 ) $ 5,133 Other secured by 1-4 family residential properties 10,399 ( 7 ) 85 ( 254 ) 10,223 Secured by nonfarm, nonresidential properties 44,416 — 45 ( 1,155 ) 43,306 Other real estate secured 5,311 — 4 ( 945 ) 4,370 Other loans secured by real estate: Other construction 6,530 — 2 ( 587 ) 5,945 Secured by 1-4 family residential properties 2,910 ( 144 ) 15 ( 127 ) 2,654 Commercial and industrial loans 13,973 ( 5 ) 2,028 3,377 19,373 Consumer loans 4,876 ( 287 ) 451 ( 178 ) 4,862 State and other political subdivision loans 3,233 — — ( 269 ) 2,964 Other commercial loans 7,274 ( 1,140 ) 1,098 ( 1,989 ) 5,243 Total $ 104,032 $ ( 1,586 ) $ 4,119 $ ( 2,492 ) $ 104,073 The decreases in the PCL, LHFI for the three months ended September 30, 2021 were primarily due to improvements in the macroeconomic forecasting variables used in the ACL modeling, such as National and Southern Unemployment, National GDP, Prime Rate and Southern Vacancy Rate and the PD and LGD floors. The PCL, LHFI for the commercial and industrial loan portfolio increased $ 3.4 million during the three months ended September 30, 2021 primarily due to specific reserves on individually analyzed credits. Nine Months Ended September 30, 2022 Balance at Beginning of Period Charge-offs Recoveries PCL Balance at Loans secured by real estate: Construction, land development and other land $ 6,079 $ ( 223 ) $ 1,230 $ 3,165 $ 10,251 Other secured by 1-4 family residential properties 10,310 ( 95 ) 529 ( 5 ) 10,739 Secured by nonfarm, nonresidential properties 37,912 — 1,536 ( 13,524 ) 25,924 Other real estate secured 4,713 ( 131 ) 11 ( 1,195 ) 3,398 Other loans secured by real estate: Other construction 5,968 ( 153 ) 205 7,899 13,919 Secured by 1-4 family residential properties 2,706 ( 116 ) 135 12,670 15,395 Commercial and industrial loans 18,939 ( 566 ) 414 5,317 24,104 Consumer loans 4,774 ( 1,394 ) 1,256 392 5,028 State and other political subdivision loans 2,708 — — ( 1,114 ) 1,594 Other commercial loans 5,348 ( 4,761 ) 2,941 1,170 4,698 Total $ 99,457 $ ( 7,439 ) $ 8,257 $ 14,775 $ 115,050 The increases in the PCL, LHFI for the nine months ended September 30, 2022 were primarily due to loan growth, the nature and volume of the portfolio, and specific reserves for individually analyzed loans. For the nine months ended September 30, 2022, the decreases in the PCL, LHFI for the secured by nonfarm, nonresidential properties and other real estate secured loan portfolios was primarily due to a positive economic outlook and the initial stages of resolution of the External Factor- Pandemic qualitative factor. The decrease in the PCL, LHFI for the state and other political subdivision loans portfolio was due to routine modeling assumption updates. Nine Months Ended September 30, 2021 Balance at Beginning of Period Charge-offs Recoveries PCL Balance at Loans secured by real estate: Construction, land development and other land $ 6,854 $ ( 3 ) $ 1,470 $ ( 3,188 ) $ 5,133 Other secured by 1-4 family residential properties 9,928 ( 91 ) 337 49 10,223 Secured by nonfarm, nonresidential properties 48,523 ( 79 ) 1,102 ( 6,240 ) 43,306 Other real estate secured 7,382 — 15 ( 3,027 ) 4,370 Other loans secured by real estate: Other construction 8,158 — 46 ( 2,259 ) 5,945 Secured by 1-4 family residential properties 5,143 ( 148 ) 123 ( 2,464 ) 2,654 Commercial and industrial loans 14,851 ( 3,702 ) 3,967 4,257 19,373 Consumer loans 5,838 ( 1,120 ) 1,200 ( 1,056 ) 4,862 State and other political subdivision loans 3,190 — — ( 226 ) 2,964 Other commercial loans 7,439 ( 2,516 ) 3,150 ( 2,830 ) 5,243 Total $ 117,306 $ ( 7,659 ) $ 11,410 $ ( 16,984 ) $ 104,073 |
Mortgage Banking (Tables)
Mortgage Banking (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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): Nine Months Ended September 30, 2022 2021 Balance at beginning of period $ 87,687 $ 66,464 Origination of servicing assets 14,452 22,015 Change in fair value: Due to market changes 41,529 11,037 Due to run-off ( 11,053 ) ( 15,415 ) Balance at end of period $ 132,615 $ 84,101 |
Schedule of Mortgage Loans Sold and Serviced for Others | The table below details the mortgage loans sold and serviced for others at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Federal National Mortgage Association $ 4,724,342 $ 4,709,584 Government National Mortgage Association 3,295,281 3,194,373 Federal Home Loan Mortgage Corporation 46,717 35,971 Other 11,317 13,272 Total mortgage loans sold and serviced for others $ 8,077,657 $ 7,953,200 |
Other Real Estate (Tables)
Other Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Changes and Gains (Losses), Net on Other Real Estate | For the periods presented, changes and gains (losses), net on other real estate were as follows ($ in thousands): Nine Months Ended September 30, 2022 2021 Balance at beginning of period $ 4,557 $ 11,651 Additions 1,430 770 Disposals ( 2,503 ) ( 4,326 ) (Write-downs) recoveries ( 513 ) ( 1,882 ) Balance at end of period $ 2,971 $ 6,213 Gains (losses), net on the sale of other real estate included in $ ( 465 ) $ ( 716 ) |
Other Real Estate, By Type of Property | At September 30, 2022 and December 31, 2021, other real estate by type of property consisted of the following ($ in thousands): September 30, 2022 December 31, 2021 1-4 family residential properties $ 1,161 $ 94 Nonfarm, nonresidential properties 1,513 4,463 Other real estate properties 297 — Total other real estate $ 2,971 $ 4,557 |
Other Real Estate, By Geographic Location | At September 30, 2022 and December 31, 2021, other real estate by geographic location consisted of the following ($ in thousands): September 30, 2022 December 31, 2021 Alabama $ 217 $ — Mississippi (1) 2,754 4,557 Total other real estate $ 2,971 $ 4,557 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Components of Net Lease Cost | The following table details the components of net lease cost for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Finance leases: Amortization of right-of-use assets $ 356 $ 388 $ 1,122 $ 1,159 Interest on lease liabilities 46 54 143 167 Operating lease cost 1,309 1,332 3,877 3,979 Short-term lease cost 98 108 328 337 Variable lease cost 257 310 891 928 Sublease income ( 4 ) ( 118 ) ( 166 ) ( 271 ) Net lease cost $ 2,062 $ 2,074 $ 6,195 $ 6,299 |
Cash Payments Included in Measurement of Lease Liabilities | The following table details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands): Nine Months Ended September 30, 2022 2021 Finance leases: Operating cash flows included in operating activities $ 143 $ 167 Financing cash flows included in payments under finance lease obligations 1,070 1,072 Operating leases: Operating cash flows (fixed payments) included in other operating activities, net 4,389 3,509 Operating cash flows (liability reduction) included in other operating activities, net 3,075 2,929 |
Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates Related to Leases | The following table details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Finance lease right-of-use assets, net of accumulated depreciation $ 4,894 $ 6,017 Finance lease liabilities 5,394 6,464 Operating lease right-of-use assets 37,282 34,603 Operating lease liabilities 39,797 36,468 Weighted-average lease term: Finance leases 8.59 years 8.37 years Operating leases 9.85 years 9.25 years Weighted-average discount rate: Finance leases 3.42 % 3.24 % Operating leases 3.18 % 2.84 % |
Future Minimum Rental Commitments Under Finance and Operating Leases | At September 30, 2022, future minimum rental commitments under finance and operating leases were as follows ($ in thousands): Finance Leases Operating Leases 2022 (excluding the nine months ended September 30, 2022) $ 384 $ 1,214 2023 885 4,998 2024 572 5,008 2025 584 4,926 2026 589 4,730 Thereafter 3,279 25,422 Total minimum lease payments 6,293 46,298 Less imputed interest ( 899 ) ( 6,501 ) Lease liabilities $ 5,394 $ 39,797 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Deposits Summary | At September 30, 2022 and December 31, 2021, deposits consisted of the following ($ in thousands): September 30, 2022 December 31, 2021 Noninterest-bearing demand $ 4,358,805 $ 4,771,065 Interest-bearing demand 4,391,477 4,372,500 Savings 4,583,162 4,745,137 Time 1,091,736 1,198,458 Total $ 14,425,180 $ 15,087,160 |
Securities Sold Under Repurch_2
Securities Sold Under Repurchase Agreements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Schedule of Securities Sold Under Repurchase Agreements | The following table presents the securities sold under repurchase agreements by collateral pledged at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Mortgage-backed securities Residential mortgage pass-through securities Issued by FNMA and FHLMC $ 33,494 $ 167,310 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 1,593 1,475 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 44,256 24,528 Total securities sold under repurchase agreements $ 79,343 $ 193,313 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Noninterest Income Disaggregated by Reportable Operating Segment and Revenue Stream | The following table presents noninterest income disaggregated by reportable operating segment and revenue stream for the periods presented ($ in thousands): Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Topic 606 Not Topic (1) Total Topic 606 Not Topic (1) Total General Banking Segment Service charges on deposit accounts $ 11,296 $ — $ 11,296 $ 8,893 $ — $ 8,893 Bank card and other fees 7,644 1,648 9,292 7,561 979 8,540 Mortgage banking, net — 6,876 6,876 — 14,004 14,004 Wealth management 263 — 263 13 — 13 Other, net 1,724 239 1,963 1,826 ( 413 ) 1,413 Total noninterest income $ 20,927 $ 8,763 $ 29,690 $ 18,293 $ 14,570 $ 32,863 Wealth Management Segment Service charges on deposit accounts $ 22 $ — $ 22 $ 18 $ — $ 18 Bank card and other fees 13 — 13 9 — 9 Wealth management 8,515 — 8,515 9,058 — 9,058 Other, net 447 10 457 32 9 41 Total noninterest income $ 8,997 $ 10 $ 9,007 $ 9,117 $ 9 $ 9,126 Insurance Segment Insurance commissions $ 13,911 $ — $ 13,911 $ 12,133 $ — $ 12,133 Other, net ( 2 ) — ( 2 ) 27 — 27 Total noninterest income $ 13,909 $ — $ 13,909 $ 12,160 $ — $ 12,160 Consolidated Service charges on deposit accounts $ 11,318 $ — $ 11,318 $ 8,911 $ — $ 8,911 Bank card and other fees 7,657 1,648 9,305 7,570 979 8,549 Mortgage banking, net — 6,876 6,876 — 14,004 14,004 Insurance commissions 13,911 — 13,911 12,133 — 12,133 Wealth management 8,778 — 8,778 9,071 — 9,071 Other, net 2,169 249 2,418 1,885 ( 404 ) 1,481 Total noninterest income $ 43,833 $ 8,773 $ 52,606 $ 39,570 $ 14,579 $ 54,149 (1) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security gains (losses), net. Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Topic 606 Not Topic (1) Total Topic 606 Not Topic (1) Total General Banking Segment Service charges on deposit accounts $ 30,932 $ — $ 30,932 $ 23,822 $ — $ 23,822 Bank card and other fees 23,726 4,153 27,879 23,264 3,031 26,295 Mortgage banking, net — 24,898 24,898 — 52,141 52,141 Wealth management 468 — 468 33 — 33 Other, net 6,097 896 6,993 4,913 478 5,391 Total noninterest income $ 61,223 $ 29,947 $ 91,170 $ 52,032 $ 55,650 $ 107,682 Wealth Management Segment Service charges on deposit accounts $ 63 $ — $ 63 $ 58 $ — $ 58 Bank card and other fees 35 — 35 27 — 27 Wealth management 26,466 — 26,466 26,400 — 26,400 Other, net 512 29 541 99 25 124 Total noninterest income $ 27,076 $ 29 $ 27,105 $ 26,584 $ 25 $ 26,609 Insurance Segment Insurance commissions $ 41,702 $ — $ 41,702 $ 36,795 $ — $ 36,795 Other, net ( 3 ) — ( 3 ) 57 — 57 Total noninterest income $ 41,699 $ — $ 41,699 $ 36,852 $ — $ 36,852 Consolidated Service charges on deposit accounts $ 30,995 $ — $ 30,995 $ 23,880 $ — $ 23,880 Bank card and other fees 23,761 4,153 27,914 23,291 3,031 26,322 Mortgage banking, net — 24,898 24,898 — 52,141 52,141 Insurance commissions 41,702 — 41,702 36,795 — 36,795 Wealth management 26,934 — 26,934 26,433 — 26,433 Other, net 6,606 925 7,531 5,069 503 5,572 Total noninterest income $ 129,998 $ 29,976 $ 159,974 $ 115,468 $ 55,675 $ 171,143 (1) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security gains (losses), net. |
Defined Benefit and Other Pos_2
Defined Benefit and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Trustmark Capital Accumulation Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The following table presents information regarding the net periodic benefit cost for the Continuing Plan for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Service cost $ 28 $ 63 $ 86 $ 189 Interest cost 48 43 144 129 Expected return on plan assets ( 30 ) ( 33 ) ( 90 ) ( 98 ) Recognized net loss due to lump sum settlements — 183 — 183 Recognized net actuarial loss 52 149 172 446 Net periodic benefit cost $ 98 $ 405 $ 312 $ 849 |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The following table presents information regarding the net periodic benefit cost for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Service cost $ 18 $ 19 $ 54 $ 57 Interest cost 316 277 962 847 Amortization of prior service cost 28 28 83 84 Recognized net actuarial loss 243 295 742 896 Net periodic benefit cost $ 605 $ 619 $ 1,841 $ 1,884 |
Stock and Incentive Compensat_2
Stock and Incentive Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Plan Activity | The following table summarizes the Stock Plan activity for the periods presented: Three Months Ended September 30, 2022 Performance Time-Vested Nonvested shares, beginning of period 151,756 354,709 Granted — 6,992 Released from restriction — ( 169 ) Forfeited ( 1,670 ) ( 3,177 ) Nonvested shares, end of period 150,086 358,355 Nine Months Ended September 30, 2022 Performance Time-Vested Nonvested shares, beginning of period 140,821 337,466 Granted 60,773 133,307 Released from restriction ( 19,723 ) ( 106,096 ) Forfeited ( 31,785 ) ( 6,322 ) Nonvested shares, end of period 150,086 358,355 |
Compensation Expense for Awards and Units Under Stock Plan | The following table presents information regarding compensation expense for awards and units under the Stock Plan for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Performance awards and units $ 381 $ 311 $ 916 $ 517 Time-vested awards and units 848 805 2,798 3,994 Total compensation expense $ 1,229 $ 1,116 $ 3,714 $ 4,511 |
Contingencies (Tables)
Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Changes in ACL on Off-balance Sheet Credit Exposures | Changes in the ACL on off-balance sheet credit exposures were as follows for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance at beginning of period $ 32,949 $ 33,733 $ 35,623 $ 38,572 PCL, off-balance sheet credit exposures ( 1,326 ) ( 1,049 ) ( 4,000 ) ( 5,888 ) Balance at end of period $ 31,623 $ 32,684 $ 31,623 $ 32,684 |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Weighted-Average Shares Used to Calculate Basic and Diluted EPS | The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic shares 61,115 62,522 61,334 63,041 Dilutive shares 204 208 186 179 Diluted shares 61,319 62,730 61,520 63,220 |
Statements of Cash Flows (Table
Statements of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flows Supplementary Disclosures | The following table reflects specific transaction amounts for the periods presented ($ in thousands): Nine Months Ended September 30, 2022 2021 Income taxes paid $ 1,241 $ 14,825 Interest expense paid on deposits and borrowings 17,077 19,354 Noncash transfers from loans to other real estate 1,430 770 Finance right-of-use assets resulting from lease liabilities — 92 Operating right-of-use assets resulting from lease liabilities 6,572 6,833 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021 ($ in thousands): Actual Regulatory Capital Minimum To Be Well Amount Ratio Requirement Capitalized At September 30, 2022: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,461,134 10.63 % 7.00 % n/a Trustmark National Bank 1,548,097 11.26 % 7.00 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,521,134 11.06 % 8.50 % n/a Trustmark National Bank 1,548,097 11.26 % 8.50 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,766,527 12.85 % 10.50 % n/a Trustmark National Bank 1,670,283 12.15 % 10.50 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,521,134 9.01 % 4.00 % n/a Trustmark National Bank 1,548,097 9.19 % 4.00 % 5.00 % At December 31, 2021: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,425,227 11.29 % 7.00 % n/a Trustmark National Bank 1,518,599 12.03 % 7.00 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,485,227 11.77 % 8.50 % n/a Trustmark National Bank 1,518,599 12.03 % 8.50 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,710,700 13.55 % 10.50 % n/a Trustmark National Bank 1,621,030 12.84 % 10.50 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,485,227 8.73 % 4.00 % n/a Trustmark National Bank 1,518,599 8.94 % 4.00 % 5.00 % |
Net Change in Components of Accumulated Other Comprehensive Income (Loss) and the Related Tax Effects | The following tables present the net change in the components of accumulated other comprehensive income (loss) and the related tax effects allocated to each component for the periods presented ($ in thousands). The amortization of prior service cost, recognized net loss due to lump sum settlements and change in net actuarial loss are included in the computation of net periodic benefit cost (see Note 10 – Defined Benefit and Other Postretirement Benefits for additional details). Reclassification adjustments related to pension and other postretirement benefit plans are included in salaries and employee benefits and other expense in the accompanying consolidated statements of income. Reclassification adjustments related to the cash flow hedge derivative are included in interest and fees on LHFS and LHFI in the accompanying consolidated statements of income. Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Before Tax Tax (Expense) Net of Tax Before Tax Tax (Expense) Net of Tax Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising $ ( 114,317 ) $ 28,580 $ ( 85,737 ) $ ( 12,543 ) $ 3,136 $ ( 9,407 ) Change in net unrealized holding loss on 1,800 ( 450 ) 1,350 636 ( 159 ) 477 Total securities available for sale ( 112,517 ) 28,130 ( 84,387 ) ( 11,907 ) 2,977 ( 8,930 ) Pension and other postretirement benefit plans: Reclassification adjustments for changes Net change in prior service costs 28 ( 7 ) 21 28 ( 7 ) 21 Recognized net loss due to lump sum — — — 183 ( 46 ) 137 Change in net actuarial loss 295 ( 74 ) 221 444 ( 111 ) 333 Total pension and other postretirement 323 ( 81 ) 242 655 ( 164 ) 491 Cash flow hedge derivatives: Change in accumulated gain (loss) on effective ( 19,524 ) 4,881 ( 14,643 ) — — — Reclassification adjustment for (gain) loss realized ( 643 ) 161 ( 482 ) — — — Total cash flow hedge derivatives ( 20,167 ) 5,042 ( 15,125 ) — — — Total other comprehensive income (loss) $ ( 132,361 ) $ 33,091 $ ( 99,270 ) $ ( 11,252 ) $ 2,813 $ ( 8,439 ) Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Before Tax Tax (Expense) Net of Tax Before Tax Tax (Expense) Net of Tax Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising $ ( 314,517 ) $ 78,630 $ ( 235,887 ) $ ( 27,731 ) $ 6,933 $ ( 20,798 ) Change in net unrealized holding loss on ( 31,451 ) 7,863 ( 23,588 ) 2,083 ( 521 ) 1,562 Total securities available for sale ( 345,968 ) 86,493 ( 259,475 ) ( 25,648 ) 6,412 ( 19,236 ) Pension and other postretirement benefit plans: Reclassification adjustments for changes Net change in prior service costs 83 ( 21 ) 62 84 ( 21 ) 63 Recognized net loss due to lump sum — — — 183 ( 46 ) 137 Change in net actuarial loss 914 ( 228 ) 686 1,342 ( 335 ) 1,007 Total pension and other postretirement 997 ( 249 ) 748 1,609 ( 402 ) 1,207 Cash flow hedge derivatives: Change in accumulated gain (loss) on effective ( 19,524 ) 4,881 ( 14,643 ) — — — Reclassification adjustment for (gain) loss realized ( 643 ) 161 ( 482 ) — — — Total cash flow hedge derivatives ( 20,167 ) 5,042 ( 15,125 ) — — — Total other comprehensive income (loss) $ ( 365,138 ) $ 91,286 $ ( 273,852 ) $ ( 24,039 ) $ 6,010 $ ( 18,029 ) |
Summary of Changes in Balances of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) for the periods presented ($ in thousands). All amounts are presented net of tax. Securities for Sale Defined Cash Flow Total Balance at January 1, 2022 $ ( 17,774 ) $ ( 14,786 ) $ — $ ( 32,560 ) Other comprehensive income (loss) before reclassification ( 259,475 ) — ( 14,643 ) ( 274,118 ) Amounts reclassified from accumulated other — 748 ( 482 ) 266 Net other comprehensive income (loss) ( 259,475 ) 748 ( 15,125 ) ( 273,852 ) Balance at September 30, 2022 $ ( 277,249 ) $ ( 14,038 ) $ ( 15,125 ) $ ( 306,412 ) Balance at January 1, 2021 $ 17,331 $ ( 18,382 ) $ — $ ( 1,051 ) Other comprehensive income (loss) before reclassification ( 19,236 ) — — ( 19,236 ) Amounts reclassified from accumulated other — 1,207 — 1,207 Net other comprehensive income (loss) ( 19,236 ) 1,207 — ( 18,029 ) Balance at September 30, 2021 $ ( 1,905 ) $ ( 17,175 ) $ — $ ( 19,080 ) |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value Recurring Basis | The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands). There were no transfers between fair value levels for the nine months ended September 30, 2022 and the year ended December 31, 2021. September 30, 2022 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 416,278 $ 416,278 $ — $ — U.S. Government agency obligations 9,116 — 9,116 — Obligations of states and political subdivisions 4,763 — 4,763 — Mortgage-backed securities 2,014,329 — 2,014,329 — Securities available for sale 2,444,486 416,278 2,028,208 — LHFS 165,213 — 165,213 — MSR 132,615 — — 132,615 Other assets - derivatives 9,027 16 9,879 ( 868 ) Other liabilities - derivatives 52,652 7,999 44,653 — December 31, 2021 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 344,640 $ 344,640 $ — $ — U.S. Government agency obligations 13,727 — 13,727 — Obligations of states and political subdivisions 5,714 — 5,714 — Mortgage-backed securities 2,874,796 — 2,874,796 — Securities available for sale 3,238,877 344,640 2,894,237 — LHFS 275,706 — 275,706 — MSR 87,687 — — 87,687 Other assets - derivatives 24,809 2,794 20,156 1,859 Other liabilities - derivatives 4,677 414 4,263 — |
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 nine months ended September 30, 2022 and 2021 are summarized as follows ($ in thousands): MSR Other Assets - Balance, January 1, 2022 $ 87,687 $ 1,859 Total net (loss) gain included in Mortgage banking, net (1) 30,476 ( 401 ) Additions 14,452 — Sales — ( 2,326 ) Balance, September 30, 2022 $ 132,615 $ ( 868 ) The amount of total gains (losses) for the period included in earnings $ 41,530 $ ( 1,181 ) Balance, January 1, 2021 $ 66,464 $ 9,560 Total net (loss) gain included in Mortgage banking, net (1) ( 4,378 ) 7,664 Additions 22,015 — Sales — ( 14,715 ) Balance, September 30, 2021 $ 84,101 $ 2,509 The amount of total gains (losses) for the period included in $ 11,037 $ 2,722 (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 September 30, 2022 and December 31, 2021, are as follows ($ in thousands): September 30, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial Assets: Level 2 Inputs: Cash and short-term investments $ 489,735 $ 489,735 $ 2,266,829 $ 2,266,829 Securities held to maturity 1,156,985 1,065,828 342,537 353,511 Level 3 Inputs: Net LHFI and PPP loans 11,475,812 11,194,672 10,181,708 10,123,379 Financial Liabilities: Level 2 Inputs: Deposits 14,425,180 14,396,980 15,087,160 15,084,440 Federal funds purchased and securities sold under 544,068 544,068 238,577 238,577 Other borrowings 223,172 223,165 91,025 91,022 Subordinated notes 123,207 113,750 123,042 128,438 Junior subordinated debt securities 61,856 47,629 61,856 49,485 |
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 LHFS accounted for under the fair value option as of September 30, 2022 and December 31, 2021 ($ in thousands): September 30, 2022 December 31, 2021 Fair value of LHFS $ 97,517 $ 191,242 LHFS contractual principal outstanding 100,053 186,535 Fair value less unpaid principal $ ( 2,536 ) $ 4,707 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 consolidated balance sheets at September 30, 2022 and December 31, 2021 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): September 30, 2022 December 31, 2021 Derivatives in hedging relationships: Interest rate contracts: Interest rate swaps included in other liabilities (1) $ 933 $ — Derivatives not designated as hedging instruments: Interest rate contracts: Exchange traded purchased options included in other assets $ 16 $ 438 OTC written options (rate locks) included in other assets ( 868 ) 1,859 Futures contracts included in other assets — 2,356 Interest rate swaps included in other assets (1) 9,870 20,115 Credit risk participation agreements included in other assets 9 41 Futures contracts included in other liabilities 6,370 — Forward contracts included in other liabilities ( 5,550 ) 81 Exchange traded written options included in other liabilities 1,629 414 Interest rate swaps included in other liabilities (1) 49,260 4,144 Credit risk participation agreements included in other liabilities 10 38 (1) In accordance with GAAP, the variation margin collateral payments made or received for interest rate swaps that are centrally cleared are legally characterized as settled. As a result, the centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets. |
Effects of Derivative Instruments on Statements of Operations | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Derivatives in hedging relationships: Amount of gain (loss) reclassified from accumulated other $ 643 $ — $ 643 $ — Derivatives not designated as hedging instruments: Amount of gain (loss) recognized in mortgage banking, net $ ( 8,405 ) $ ( 1,612 ) $ ( 39,181 ) $ ( 12,424 ) Amount of gain (loss) recognized in bank card and other fees 63 217 385 1,152 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table discloses the amount included in other comprehensive income (loss), net of tax, for derivative instruments designated as cash flow hedges for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Derivatives in cash flow hedging relationship Amount of gain (loss) recognized in other comprehensive $ ( 14,643 ) $ — $ ( 14,643 ) $ — |
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 September 30, 2022 and December 31, 2021 is presented in the following tables ($ in thousands): Offsetting of Derivative Assets As of September 30, 2022 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 9,870 $ — $ 9,870 $ — $ ( 3,070 ) $ 6,800 Offsetting of Derivative Liabilities As of September 30, 2022 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 50,193 $ — $ 50,193 $ — $ ( 40 ) $ 50,153 Offsetting of Derivative Assets As of December 31, 2021 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 20,115 $ — $ 20,115 $ ( 55 ) $ — $ 20,060 Offsetting of Derivative Liabilities As of December 31, 2021 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 4,144 $ — $ 4,144 $ ( 55 ) $ ( 850 ) $ 3,239 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following table discloses financial information by reportable segment for the periods presented ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 General Banking Net interest income $ 134,842 $ 96,928 $ 344,185 $ 316,205 Provision for credit losses 11,595 ( 3,539 ) 10,785 ( 22,865 ) Noninterest income 29,690 32,863 91,170 107,682 Noninterest expense 108,740 112,996 318,425 319,159 Income before income taxes 44,197 20,334 106,145 127,593 Income taxes 6,396 3,693 14,571 18,953 General banking net income $ 37,801 $ 16,641 $ 91,574 $ 108,640 Selected Financial Information Total assets $ 16,897,083 $ 17,015,176 $ 16,897,083 $ 17,015,176 Depreciation and amortization $ 9,439 $ 11,653 $ 29,610 $ 33,563 Wealth Management Net interest income $ 1,266 $ 1,341 $ 3,948 $ 3,828 Provision for credit losses ( 2 ) ( 2 ) ( 10 ) ( 7 ) Noninterest income 9,007 9,126 27,105 26,609 Noninterest expense 8,224 7,747 24,637 23,690 Income before income taxes 2,051 2,722 6,426 6,754 Income taxes 515 685 1,609 1,694 Wealth management net income $ 1,536 $ 2,037 $ 4,817 $ 5,060 Selected Financial Information Total assets $ 205,873 $ 265,672 $ 205,873 $ 265,672 Depreciation and amortization $ 71 $ 65 $ 217 $ 199 Insurance Net interest income $ ( 3 ) $ ( 3 ) $ ( 8 ) $ ( 8 ) Noninterest income 13,909 12,160 41,699 36,852 Noninterest expense 9,734 8,857 28,922 26,978 Income before income taxes 4,172 3,300 12,769 9,866 Income taxes 1,054 778 3,210 2,423 Insurance net income $ 3,118 $ 2,522 $ 9,559 $ 7,443 Selected Financial Information Total assets $ 87,678 $ 83,796 $ 87,678 $ 83,796 Depreciation and amortization $ 159 $ 191 $ 527 $ 575 Consolidated Net interest income $ 136,105 $ 98,266 $ 348,125 $ 320,025 Provision for credit losses 11,593 ( 3,541 ) 10,775 ( 22,872 ) Noninterest income 52,606 54,149 159,974 171,143 Noninterest expense 126,698 129,600 371,984 369,827 Income before income taxes 50,420 26,356 125,340 144,213 Income taxes 7,965 5,156 19,390 23,070 Consolidated net income $ 42,455 $ 21,200 $ 105,950 $ 121,143 Selected Financial Information Total assets $ 17,190,634 $ 17,364,644 $ 17,190,634 $ 17,364,644 Depreciation and amortization $ 9,669 $ 11,909 $ 30,354 $ 34,337 |
Securities Available for Sale_3
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 2,776,415 | $ 3,256,289 |
Securities Available for Sale, Gross Unrealized Gains | 9 | 13,509 |
Securities Available for Sale, Gross Unrealized (Losses) | (331,938) | (30,921) |
Debt Securities, Available-for-sale | 2,444,486 | 3,238,877 |
Securities Held to Maturity, Amortized Cost | 1,156,985 | 342,537 |
Securities Held to Maturity, Gross Unrealized Gains | 5 | 11,011 |
Securities Held to Maturity, Gross Unrealized (Losses) | (91,162) | (37) |
Securities Held to Maturity, Estimated Fair Value | 1,065,828 | 353,511 |
U.S. Treasury Securities [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 458,475 | 349,562 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 16 |
Securities Available for Sale, Gross Unrealized (Losses) | (42,197) | (4,938) |
Debt Securities, Available-for-sale | 416,278 | 344,640 |
Securities Held to Maturity, Amortized Cost | 0 | 0 |
Securities Held to Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held to Maturity, Gross Unrealized (Losses) | 0 | 0 |
Securities Held to Maturity, Estimated Fair Value | 0 | 0 |
U.S. Government Agency Obligations [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 9,681 | 14,044 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 20 |
Securities Available for Sale, Gross Unrealized (Losses) | (565) | (337) |
Debt Securities, Available-for-sale | 9,116 | 13,727 |
Securities Held to Maturity, Amortized Cost | 0 | 0 |
Securities Held to Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held to Maturity, Gross Unrealized (Losses) | 0 | 0 |
Securities Held to Maturity, Estimated Fair Value | 0 | 0 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 4,836 | 5,134 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 580 |
Securities Available for Sale, Gross Unrealized (Losses) | (73) | 0 |
Debt Securities, Available-for-sale | 4,763 | 5,714 |
Securities Held to Maturity, Amortized Cost | 4,512 | 7,328 |
Securities Held to Maturity, Gross Unrealized Gains | 3 | 64 |
Securities Held to Maturity, Gross Unrealized (Losses) | (8) | (3) |
Securities Held to Maturity, Estimated Fair Value | 4,507 | 7,389 |
Residential Mortgage Pass-Through Securities Guaranteed by GNMA [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 32,067 | 38,942 |
Securities Available for Sale, Gross Unrealized Gains | 8 | 665 |
Securities Available for Sale, Gross Unrealized (Losses) | (3,911) | (34) |
Debt Securities, Available-for-sale | 28,164 | 39,573 |
Securities Held to Maturity, Amortized Cost | 4,527 | 5,005 |
Securities Held to Maturity, Gross Unrealized Gains | 0 | 187 |
Securities Held to Maturity, Gross Unrealized (Losses) | (467) | (3) |
Securities Held to Maturity, Estimated Fair Value | 4,060 | 5,189 |
Residential Mortgage Pass-Through Securities Issued by FNMA and FHLMC [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 1,992,351 | 2,230,498 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 8,945 |
Securities Available for Sale, Gross Unrealized (Losses) | (274,294) | (21,014) |
Debt Securities, Available-for-sale | 1,718,057 | 2,218,429 |
Securities Held to Maturity, Amortized Cost | 179,375 | 43,444 |
Securities Held to Maturity, Gross Unrealized Gains | 0 | 962 |
Securities Held to Maturity, Gross Unrealized (Losses) | (19,845) | 0 |
Securities Held to Maturity, Estimated Fair Value | 159,530 | 44,406 |
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] | ||
Securities Available for Sale, Amortized Cost | 134,630 | 193,908 |
Securities Available for Sale, Gross Unrealized Gains | 1 | 2,879 |
Securities Available for Sale, Gross Unrealized (Losses) | (8,493) | (97) |
Debt Securities, Available-for-sale | 126,138 | 196,690 |
Securities Held to Maturity, Amortized Cost | 197,923 | 241,934 |
Securities Held to Maturity, Gross Unrealized Gains | 2 | 9,015 |
Securities Held to Maturity, Gross Unrealized (Losses) | (13,637) | (31) |
Securities Held to Maturity, Estimated Fair Value | 184,288 | 250,918 |
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] | ||
Securities Available for Sale, Amortized Cost | 144,375 | 424,201 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 404 |
Securities Available for Sale, Gross Unrealized (Losses) | (2,405) | (4,501) |
Debt Securities, Available-for-sale | 141,970 | 420,104 |
Securities Held to Maturity, Amortized Cost | 770,648 | 44,826 |
Securities Held to Maturity, Gross Unrealized Gains | 0 | 783 |
Securities Held to Maturity, Gross Unrealized (Losses) | (57,205) | 0 |
Securities Held to Maturity, Estimated Fair Value | $ 713,443 | $ 45,609 |
Securities Available for Sale_4
Securities Available for Sale and Held to Maturity - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | May 26, 2022 | Dec. 31, 2013 | |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||||
Reclassification of Securities available for sale to securities held to maturity | $ 343,100,000 | $ 1,099,000,000 | |||
Net unrealized holding loss on AFS Securities at date of transfer | (34,800,000) | (46,600,000) | |||
Net unrealized holding losses on AFS Securities, net of tax at date of transfer | $ (26,100) | $ (28,800,000) | |||
Net unamortized, unrealized loss on transfer of securities | $ (37,700,000) | $ (6,300,000) | |||
Net unamortized, unrealized loss on transfer of securities, net of tax | (28,300,000) | (4,700,000) | |||
Credit loss recognized | 0 | 0 | |||
Potential credit loss exposure | 4,500,000 | 7,300,000 | |||
Securities held to maturity | 1,156,985,000 | 342,537,000 | |||
Realized gains or losses on security | 0 | $ 0 | |||
Pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law | 2,376,000,000 | 2,831,000,000 | |||
Pledged securities providing additional contingency funding | 0 | 0 | |||
30 Days or More Past Due [Member] | |||||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||||
Securities held to maturity | 0 | 0 | |||
Securities Available for Sale [Member] | |||||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||||
Accrued interest receivable | 4,800,000 | 5,100,000 | |||
Securities Held to Maturity [Member] | |||||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||||
Accrued interest receivable | 2,200,000 | 670,000 | |||
Reserve for credit loss | 0 | 0 | |||
Held-to-maturity nonnaccrual | $ 0 | $ 0 |
Securities Available for Sale_5
Securities Available for Sale and Held to Maturity - Securities Held to Maturity by Credit Rating, as Determined by Moody's (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 1,156,985 | $ 342,537 |
Aaa [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,152,473 | 335,208 |
Aaa1 to Aa3 [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 3,002 | 5,007 |
Not Rated [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 1,510 | $ 2,322 |
Securities Available for Sale_6
Securities Available for Sale and Held to Maturity - Securities with Gross Unrealized Losses, Segregated by Length of Impairment (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $ 1,917,076 | $ 2,423,465 |
Estimated Fair Value, 12 Months or More | 1,591,467 | 67,875 |
Estimated Fair Value, Total | 3,508,543 | 2,491,340 |
Gross Unrealized (Losses), Less than 12 Months | (154,783) | (29,552) |
Gross Unrealized (Losses), 12 Months or More | (268,317) | (1,406) |
Gross Unrealized (Losses), Total | (423,100) | (30,958) |
US Treasury Securities [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 158,877 | 315,123 |
Estimated Fair Value, 12 Months or More | 257,401 | 0 |
Estimated Fair Value, Total | 416,278 | 315,123 |
Gross Unrealized (Losses), Less than 12 Months | (9,333) | (4,938) |
Gross Unrealized (Losses), 12 Months or More | (32,864) | 0 |
Gross Unrealized (Losses), Total | (42,197) | (4,938) |
U.S. Government Agency Obligations [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 3,088 | 1,312 |
Estimated Fair Value, 12 Months or More | 5,935 | 8,619 |
Estimated Fair Value, Total | 9,023 | 9,931 |
Gross Unrealized (Losses), Less than 12 Months | (311) | (5) |
Gross Unrealized (Losses), 12 Months or More | (254) | (332) |
Gross Unrealized (Losses), Total | (565) | (337) |
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 | 4,763 | 3,006 |
Estimated Fair Value, 12 Months or More | 3,661 | 667 |
Estimated Fair Value, Total | 8,424 | 3,673 |
Gross Unrealized (Losses), Less than 12 Months | (73) | (1) |
Gross Unrealized (Losses), 12 Months or More | (8) | (2) |
Gross Unrealized (Losses), Total | (81) | (3) |
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 | 30,577 | 6,040 |
Estimated Fair Value, 12 Months or More | 1,199 | 0 |
Estimated Fair Value, Total | 31,776 | 6,040 |
Gross Unrealized (Losses), Less than 12 Months | (4,136) | (37) |
Gross Unrealized (Losses), 12 Months or More | (242) | 0 |
Gross Unrealized (Losses), Total | (4,378) | (37) |
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 | 562,533 | 1,734,921 |
Estimated Fair Value, 12 Months or More | 1,315,039 | 55,303 |
Estimated Fair Value, Total | 1,877,572 | 1,790,224 |
Gross Unrealized (Losses), Less than 12 Months | (60,200) | (19,980) |
Gross Unrealized (Losses), 12 Months or More | (233,939) | (1,034) |
Gross Unrealized (Losses), Total | (294,139) | (21,014) |
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 | 302,446 | 19,038 |
Estimated Fair Value, 12 Months or More | 7,610 | 2,647 |
Estimated Fair Value, Total | 310,056 | 21,685 |
Gross Unrealized (Losses), Less than 12 Months | (21,129) | (99) |
Gross Unrealized (Losses), 12 Months or More | (1,001) | (29) |
Gross Unrealized (Losses), Total | (22,130) | (128) |
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 | 854,792 | 344,025 |
Estimated Fair Value, 12 Months or More | 622 | 639 |
Estimated Fair Value, Total | 855,414 | 344,664 |
Gross Unrealized (Losses), Less than 12 Months | (59,601) | (4,492) |
Gross Unrealized (Losses), 12 Months or More | (9) | (9) |
Gross Unrealized (Losses), Total | $ (59,610) | $ (4,501) |
Securities Available for Sale_7
Securities Available for Sale and Held to Maturity - Contractual Maturities of Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities Available for Sale, Amortized Cost [Abstract] | ||
Due in one year or less | $ 30,375 | |
Due after one year through five years | 382,241 | |
Due after five years through ten years | 53,155 | |
Due after ten years | 7,221 | |
Total amortized cost, before mortgage-backed securities | 472,992 | |
Mortgage-backed securities | 2,303,423 | |
Securities Available for Sale, Amortized Cost | 2,776,415 | $ 3,256,289 |
Securities Available for Sale, Estimated Fair Value [Abstract] | ||
Due in one year or less | 30,163 | |
Due after one year through five years | 347,173 | |
Due after five years through ten years | 45,983 | |
Due after ten years | 6,838 | |
Total fair value, before mortgage-backed securities | 430,157 | |
Mortgage-backed securities | 2,014,329 | |
Total | 2,444,486 | 3,238,877 |
Securities Held to Maturity, Amortized Cost [Abstract] | ||
Due in one year or less | 4,171 | |
Due after one year through five years | 341 | |
Due after five years through ten years | 0 | |
Due after ten years | 0 | |
Total amortized cost, before mortgage-backed securities | 4,512 | |
Mortgage-backed securities | 1,152,473 | |
Securities Held to Maturity, Amortized Cost | 1,156,985 | 342,537 |
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||
Due in one year or less | 4,167 | |
Due after one year through five years | 340 | |
Due after five years through ten years | 0 | |
Due after ten years | 0 | |
Total fair value, before mortgage-backed securities | 4,507 | |
Mortgage-backed securities | 1,061,321 | |
Total | $ 1,065,828 | $ 353,511 |
Loans Held for Investment (LH_3
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Loan Portfolio Held for Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loan Portfolio [Abstract] | ||||||
Total LHFI | $ 11,586,064 | $ 10,247,829 | ||||
Less ACL, LHFI | 115,050 | $ 103,140 | 99,457 | $ 104,073 | $ 104,032 | $ 117,306 |
Net LHFI | 11,471,014 | 10,148,372 | ||||
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||||||
Loan Portfolio [Abstract] | ||||||
Total LHFI | 693,741 | 596,968 | ||||
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||||||
Loan Portfolio [Abstract] | ||||||
Total LHFI | 566,985 | 517,683 | ||||
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | ||||||
Loan Portfolio [Abstract] | ||||||
Total LHFI | 2,030,127 | 1,460,310 | ||||
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||||||
Loan Portfolio [Abstract] | ||||||
Total LHFI | 593,119 | 726,043 | ||||
Other Construction [Member] | Other Loans Secured by Real Estate [Member] | ||||||
Loan Portfolio [Abstract] | ||||||
Total LHFI | 953,654 | 711,813 | ||||
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||||||
Loan Portfolio [Abstract] | ||||||
Total LHFI | 3,206,946 | 2,977,084 | ||||
Commercial and Industrial Loans [Member] | ||||||
Loan Portfolio [Abstract] | ||||||
Total LHFI | 1,689,532 | 1,414,279 | ||||
Consumer Loans [Member] | ||||||
Loan Portfolio [Abstract] | ||||||
Total LHFI | 166,027 | 162,555 | ||||
State and Other Political Subdivision Loans [Member] | ||||||
Loan Portfolio [Abstract] | ||||||
Total LHFI | 1,188,703 | 1,146,251 | ||||
Other Commercial Loans [Member] | ||||||
Loan Portfolio [Abstract] | ||||||
Total LHFI | $ 497,230 | $ 534,843 |
Loans Held for Investment (LH_4
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Additional Information (Details 1) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 USD ($) Region | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Accrued interest receivable | $ 38,200 | $ 26,700 | |
Maximum concentration of loan as a percentage of total LHFI | 10% | ||
Key market regions | Region | 5 | ||
LHFI classified as TDRs | $ 15,700 | $ 23,500 | |
LHFI classified as TDRs from credits with interest only payments and credits renewed at a rate that was not commensurate with that of new debt with similar risk | 13,600 | 20,100 | |
Unused commitments on TDRs | 86,000 | 1,000 | |
Financing receivable, related allowance | 1,300 | 2,600 | |
Financing receivable, related charge-offs | 9 | $ 3,700 | |
Foreclosed residential real estate properties recorded as a result of obtaining physical possession of property | 1,200 | 94 | |
Consumer mortgage loans and that formal foreclosure proceedings are in process | $ 1,800 | $ 1,200 |
Loans Held for Investment (LH_5
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Schedule of Amortized Cost Basis of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | $ 7,534 | $ 22,769 |
Total Nonaccrual | 67,927 | 62,698 |
Loans Past Due 90 Days or More Still Accruing | 1,842 | 2,114 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | 142 | 4,784 |
Total Nonaccrual | 4,383 | 5,878 |
Loans Past Due 90 Days or More Still Accruing | 7 | |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | 489 | 1,319 |
Total Nonaccrual | 3,531 | 3,418 |
Loans Past Due 90 Days or More Still Accruing | 292 | 148 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | 5,263 | 10,842 |
Total Nonaccrual | 7,738 | 12,508 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | 56 | |
Total Nonaccrual | 574 | 150 |
Other Construction [Member] | Other Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | 0 | |
Total Nonaccrual | 7,620 | |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | 1,233 | |
Total Nonaccrual | 14,774 | 12,775 |
Loans Past Due 90 Days or More Still Accruing | 1,086 | 1,655 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | 407 | 1,363 |
Total Nonaccrual | 25,899 | 19,328 |
Loans Past Due 90 Days or More Still Accruing | 0 | |
Consumer Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Nonaccrual | 129 | 117 |
Loans Past Due 90 Days or More Still Accruing | 416 | 304 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Nonaccrual | 2,988 | 3,664 |
Other Commercial Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | 4,405 | |
Total Nonaccrual | 291 | $ 4,860 |
Loans Past Due 90 Days or More Still Accruing | $ 48 |
Loans Held for Investment (LH_6
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Aging Analysis of Past Due and Nonaccrual LHFI by Loan Type (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | $ 11,586,064 | $ 10,247,829 |
Total LHFI | 11,586,064 | 10,247,829 |
Past Due 30 to 59 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 16,210 | 8,310 |
Past Due 60 to 89 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 8,184 | 1,165 |
Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 17,600 | 15,819 |
Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 41,994 | 25,294 |
Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 11,544,070 | 10,222,535 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total LHFI | 693,741 | 596,968 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 638 | 323 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 4,047 | 11 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 159 | 5,241 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 4,844 | 5,575 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 688,897 | 591,393 |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total LHFI | 566,985 | 517,683 |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 2,490 | 1,811 |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 559 | 368 |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 862 | 567 |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 3,911 | 2,746 |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 563,074 | 514,937 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total LHFI | 2,030,127 | 1,460,310 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 8,161 | 2,799 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 3,066 | 531 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 5,437 | 6,720 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 16,664 | 10,050 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 2,013,463 | 1,450,260 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 3,206,946 | 2,977,084 |
Total LHFI | 3,206,946 | 2,977,084 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,039 | 845 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 0 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,948 | 1,442 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 2,987 | 2,287 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 3,203,959 | 2,974,797 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total LHFI | 593,119 | 726,043 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 440 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 48 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 142 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 488 | 142 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 592,631 | 725,901 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,689,532 | 1,414,279 |
Total LHFI | 1,689,532 | 1,414,279 |
Commercial and Industrial Loans [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,592 | 607 |
Commercial and Industrial Loans [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 45 | 41 |
Commercial and Industrial Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 790 | 1,107 |
Commercial and Industrial Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 2,427 | 1,755 |
Commercial and Industrial Loans [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,687,105 | 1,412,524 |
Other Construction [Member] | Other Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total LHFI | 953,654 | 711,813 |
Other Construction [Member] | Other Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 7,620 | |
Other Construction [Member] | Other Loans Secured by Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 7,620 | |
Other Construction [Member] | Other Loans Secured by Real Estate [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 946,034 | 711,813 |
Consumer Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 166,027 | 162,555 |
Total LHFI | 166,027 | 162,555 |
Consumer Loans [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,329 | 1,673 |
Consumer Loans [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 390 | 182 |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 417 | 305 |
Consumer Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 2,136 | 2,160 |
Consumer Loans [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 163,891 | 160,395 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,188,703 | 1,146,251 |
Total LHFI | 1,188,703 | 1,146,251 |
State and Other Political Subdivision Loans [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 143 | 32 |
State and Other Political Subdivision Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 177 | 177 |
State and Other Political Subdivision Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 320 | 209 |
State and Other Political Subdivision Loans [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,188,383 | 1,146,042 |
Other Commercial Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 497,230 | 534,843 |
Total LHFI | 497,230 | 534,843 |
Other Commercial Loans [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 378 | 220 |
Other Commercial Loans [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 29 | 32 |
Other Commercial Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 190 | 118 |
Other Commercial Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 597 | 370 |
Other Commercial Loans [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | $ 496,633 | $ 534,473 |
Loans Held for Investment (LH_7
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Impact of Modifications Classified as Troubled Debt Restructurings (Details) - Troubled Debt Restructurings [Member] $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) Contract | Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) Contract | |
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Contract | 7 | 4 | 21 | 20 |
Pre-Modification Outstanding Recorded Investment | $ 907 | $ 635 | $ 8,739 | $ 12,823 |
Post-Modification Outstanding Recorded Investment | $ 906 | $ 635 | $ 8,757 | $ 12,823 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 5 | ||
Pre-Modification Outstanding Recorded Investment | $ 146 | $ 5,582 | ||
Post-Modification Outstanding Recorded Investment | $ 146 | $ 5,582 | ||
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | 0 | 4 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 248 | $ 0 | $ 321 | $ 37 |
Post-Modification Outstanding Recorded Investment | $ 241 | $ 0 | $ 314 | $ 37 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 3 | 4 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 501 | $ 483 | $ 6,505 | $ 860 |
Post-Modification Outstanding Recorded Investment | $ 499 | $ 483 | $ 6,503 | $ 860 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Contract | 4 | 1 | 10 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 158 | $ 152 | $ 1,182 | $ 401 |
Post-Modification Outstanding Recorded Investment | $ 166 | $ 152 | $ 1,209 | $ 401 |
Commercial and Industrial Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 500 | $ 1,014 | ||
Post-Modification Outstanding Recorded Investment | $ 500 | $ 1,014 | ||
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 85 | |||
Post-Modification Outstanding Recorded Investment | $ 85 | |||
Other Commercial Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 4,929 | |||
Post-Modification Outstanding Recorded Investment | $ 4,929 |
Loans Held for Investment (LH_8
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Troubled Debt Restructuring Subsequently Defaulted (Details) - Troubled Debt Restructurings [Member] $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) Contract | |
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 9 |
Recorded Investment | $ | $ 0 | $ 10,605 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 5 |
Recorded Investment | $ | $ 0 | $ 5,582 |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 16 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 78 |
Other Commercial Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 2 |
Recorded Investment | $ | $ 0 | $ 4,929 |
Loans Held for Investment (LH_9
Loans Held for Investment (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 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | $ 67,927 | $ 62,698 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 4,383 | 5,878 | |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 3,531 | 3,418 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 7,738 | 12,508 | |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 14,774 | 12,775 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 25,899 | 19,328 | |
Consumer Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 129 | 117 | |
State and Other Political Subdivision Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 2,988 | 3,664 | |
Other Commercial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 291 | 4,860 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 574 | $ 150 | |
Troubled Debt Restructurings [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 309 | $ 2,394 | |
Nonaccrual | 15,430 | 21,096 | |
Total | 15,739 | 23,490 | |
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 | |
Nonaccrual | 4,162 | 4,607 | |
Total | 4,162 | 4,607 | |
Troubled Debt Restructurings [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 195 | 0 | |
Nonaccrual | 862 | 1,007 | |
Total | 1,057 | 1,007 | |
Troubled Debt Restructurings [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 394 | |
Nonaccrual | 4,117 | 2,961 | |
Total | 4,117 | 3,355 | |
Troubled Debt Restructurings [Member] | Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 114 | 0 | |
Nonaccrual | 3,314 | 2,292 | |
Total | 3,428 | 2,292 | |
Troubled Debt Restructurings [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 2,000 | |
Nonaccrual | 49 | 1,600 | |
Total | 49 | 3,600 | |
Troubled Debt Restructurings [Member] | Consumer Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | ||
Nonaccrual | 11 | ||
Total | 11 | ||
Troubled Debt Restructurings [Member] | State and Other Political Subdivision Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 2,811 | 3,609 | |
Total | 2,811 | 3,609 | |
Troubled Debt Restructurings [Member] | Other Commercial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 36 | 5,009 | |
Total | 36 | $ 5,009 | |
Troubled Debt Restructurings [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | ||
Nonaccrual | 79 | ||
Total | $ 79 |
Loans Held for Investment (L_10
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Schedule of Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans and Collateral Type (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | $ 47,413 | $ 44,361 |
Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 22,136 | 25,923 |
Equipment and Machinery [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 0 | 349 |
Inventory and Receivables [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 349 | 1,253 |
Vehicles [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 398 | 370 |
Miscellaneous [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 24,530 | 16,466 |
Construction, Land Development and Other Land [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 4,273 | 5,198 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 4,273 | 5,198 |
Other Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 489 | |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 489 | |
Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 5,493 | 11,072 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 5,493 | 11,072 |
Secured by Nonfarm, Nonresidential Properties [Member] | Miscellaneous [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 0 | |
Other Real Estate Secured [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 56 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 56 | |
Other Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 7,620 | |
Other Construction [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 7,620 | |
Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 1,233 | 1,319 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 1,233 | 1,319 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 25,281 | 18,444 |
Commercial and Industrial Loans [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 40 | 42 |
Commercial and Industrial Loans [Member] | Equipment and Machinery [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 0 | 349 |
Commercial and Industrial Loans [Member] | Inventory and Receivables [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 349 | 1,253 |
Commercial and Industrial Loans [Member] | Vehicles [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 398 | 370 |
Commercial and Industrial Loans [Member] | Miscellaneous [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 24,494 | 16,430 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 2,988 | 3,664 |
State and Other Political Subdivision Loans [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 2,988 | 3,664 |
Other Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 36 | 4,608 |
Other Commercial Loans [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 4,572 | |
Other Commercial Loans [Member] | Inventory and Receivables [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 0 | |
Other Commercial Loans [Member] | Miscellaneous [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | $ 36 | $ 36 |
Loans Held for Investment (L_11
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Additional Information (Details 2) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) KeyRatio | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Financing Receivable Recorded Investment [Line Items] | |||||
Number of days used as baseline in evaluating collateral documentation exceptions for loan policy | 90 days | ||||
Number of key quality ratios | KeyRatio | 6 | ||||
Exposure for commercial non accrual loans to be reviewed on individual basis | $ 500,000 | $ 500,000 | |||
Exposure for commercial accrual loans deemed to be reviewed on individual basis | 500,000 | 500,000 | |||
LHFS past due 90 days or more | 48,300,000 | $ 48,300,000 | $ 69,900,000 | ||
Percentage of outstanding principal to be repurchased under GNMA optional repurchase program | 100% | ||||
Financing Receivable [Abstract] | |||||
PCL | 12,919,000 | $ (2,492,000) | $ 14,775,000 | $ (16,984,000) | |
Secured by 1-4 Family Residential Properties [Member] | |||||
Financing Receivable [Abstract] | |||||
PCL | 3,800,000 | ||||
Commercial and Industrial Loans [Member] | |||||
Financing Receivable [Abstract] | |||||
PCL | 3,400,000 | 4,300,000 | |||
Allowance for Credit Losses, ACL [Member] | |||||
Financing Receivable [Abstract] | |||||
PCL | (12,919,000) | (2,492,000) | 14,775,000 | (16,984,000) | |
Allowance for Credit Losses, ACL [Member] | Commercial and Industrial Loans [Member] | |||||
Financing Receivable [Abstract] | |||||
PCL | (10,081,000) | 3,377,000 | (5,317,000) | 4,257,000 | |
Allowance for Credit Losses, ACL [Member] | State and Other Political Subdivision Loans [Member] | |||||
Financing Receivable [Abstract] | |||||
PCL | (323,000) | (269,000) | (1,114,000) | (226,000) | |
Allowance for Credit Losses, ACL [Member] | Other Commercial Loans [Member] | |||||
Financing Receivable [Abstract] | |||||
PCL | 661,000 | $ (1,989,000) | 1,170,000 | $ (2,830,000) | |
Minimum [Member] | |||||
Financing Receivable [Abstract] | |||||
Credit amount used as baseline in evaluating loan policy | $ 100,000 | $ 100,000 |
Loans Held for Investment (L_12
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Summary of Amortized Cost Basis of Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | $ 3,379,009 | $ 3,495,006 |
Term Loans by Origination Year, Before Latest Fiscal Year | 2,530,757 | 1,956,255 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 1,709,100 | 1,263,132 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 890,153 | 628,618 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 425,717 | 431,022 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,114,057 | 1,184,453 |
Financing Receivable, Revolving Loans | 1,537,271 | 1,289,343 |
Total LHFI | 11,586,064 | 10,247,829 |
Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 17,600 | 15,819 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 1,689,532 | 1,414,279 |
Commercial and Industrial Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 790 | 1,107 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 1,188,703 | 1,146,251 |
State and Other Political Subdivision Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 177 | 177 |
Other Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 497,230 | 534,843 |
Other Commercial Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 190 | 118 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 166,027 | 162,555 |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 417 | 305 |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 693,741 | 596,968 |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 566,985 | 517,683 |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 593,119 | 726,043 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 3,206,946 | 2,977,084 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 1,948 | 1,442 |
Other Loans Secured by Real Estate [Member] | Other Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 953,654 | 711,813 |
Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 2,030,127 | 1,460,310 |
Commercial LHFI [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 2,399,841 | 2,732,070 |
Term Loans by Origination Year, Before Latest Fiscal Year | 1,867,352 | 1,665,887 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 1,474,113 | 1,105,778 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 764,819 | 505,169 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 330,845 | 367,347 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 924,481 | 879,827 |
Financing Receivable, Revolving Loans | 1,086,826 | 882,970 |
Total LHFI | 8,848,277 | 8,139,048 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 512,913 | 518,266 |
Term Loans by Origination Year, Before Latest Fiscal Year | 283,363 | 250,920 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 152,316 | 75,636 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 51,206 | 35,179 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 17,924 | 59,301 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 78,315 | 36,273 |
Financing Receivable, Revolving Loans | 593,495 | 438,704 |
Total LHFI | 1,689,532 | 1,414,279 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 505,209 | 503,073 |
Term Loans by Origination Year, Before Latest Fiscal Year | 273,347 | 249,171 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 151,087 | 74,239 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 50,821 | 33,403 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 17,795 | 50,016 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 72,908 | 35,883 |
Financing Receivable, Revolving Loans | 574,211 | 400,423 |
Total LHFI | 1,645,378 | 1,346,208 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 643 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 365 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 9 | 147 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 550 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 48 | |
Financing Receivable, Revolving Loans | 99 | |
Total LHFI | 9 | 1,852 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 7,577 | 14,530 |
Term Loans by Origination Year, Before Latest Fiscal Year | 10,000 | 1,338 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 1,208 | 1,221 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 375 | 1,119 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 91 | 9,237 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 5,403 | 386 |
Financing Receivable, Revolving Loans | 19,273 | 38,182 |
Total LHFI | 43,927 | 66,013 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Doubtful - RR 9 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 127 | 20 |
Term Loans by Origination Year, Before Latest Fiscal Year | 16 | 46 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 12 | 29 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 10 | 107 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 38 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 4 | 4 |
Financing Receivable, Revolving Loans | 11 | |
Total LHFI | 218 | 206 |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 320,188 | 381,317 |
Term Loans by Origination Year, Before Latest Fiscal Year | 234,723 | 148,156 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 127,801 | 56,987 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 41,354 | 30,558 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 22,216 | 95,491 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 442,421 | 425,333 |
Financing Receivable, Revolving Loans | 8,409 | |
Total LHFI | 1,188,703 | 1,146,251 |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 320,188 | 381,317 |
Term Loans by Origination Year, Before Latest Fiscal Year | 234,723 | 148,156 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 127,801 | 56,987 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 41,354 | 30,558 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 22,216 | 95,491 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 436,733 | 418,319 |
Financing Receivable, Revolving Loans | 8,409 | |
Total LHFI | 1,183,015 | 1,139,237 |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,700 | 3,350 |
Total LHFI | 2,700 | 3,350 |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,988 | 3,664 |
Total LHFI | 2,988 | 3,664 |
Commercial LHFI [Member] | Other Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 85,414 | 112,095 |
Term Loans by Origination Year, Before Latest Fiscal Year | 42,784 | 45,392 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 30,673 | 64,953 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 38,795 | 8,855 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 6,948 | 7,924 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 26,970 | 41,135 |
Financing Receivable, Revolving Loans | 265,646 | 254,489 |
Total LHFI | 497,230 | 534,843 |
Commercial LHFI [Member] | Other Commercial Loans [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 80,800 | 103,504 |
Term Loans by Origination Year, Before Latest Fiscal Year | 42,678 | 38,661 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 30,671 | 64,871 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 38,759 | 8,643 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 6,919 | 7,924 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 25,768 | 41,112 |
Financing Receivable, Revolving Loans | 256,633 | 232,476 |
Total LHFI | 482,228 | 497,191 |
Commercial LHFI [Member] | Other Commercial Loans [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 879 | 4,059 |
Financing Receivable, Revolving Loans | 9,013 | |
Total LHFI | 879 | 13,072 |
Commercial LHFI [Member] | Other Commercial Loans [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 3,711 | 4,532 |
Term Loans by Origination Year, Before Latest Fiscal Year | 106 | 6,681 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 2 | 82 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 36 | 212 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 29 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,179 | |
Financing Receivable, Revolving Loans | 9,013 | 13,000 |
Total LHFI | 14,076 | 24,507 |
Commercial LHFI [Member] | Other Commercial Loans [Member] | Doubtful - RR 9 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 24 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 50 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 23 | 23 |
Total LHFI | 47 | 73 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 303,315 | 378,752 |
Term Loans by Origination Year, Before Latest Fiscal Year | 162,895 | 82,558 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 36,577 | 24,801 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 11,431 | 2,219 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,445 | 1,367 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,814 | 2,932 |
Financing Receivable, Revolving Loans | 78,876 | 26,505 |
Total LHFI | 597,353 | 519,134 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 303,156 | 376,438 |
Term Loans by Origination Year, Before Latest Fiscal Year | 162,650 | 76,176 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 36,577 | 21,366 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 7,545 | 2,189 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,445 | 1,367 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,772 | 2,890 |
Financing Receivable, Revolving Loans | 78,876 | 26,505 |
Total LHFI | 593,021 | 506,931 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 71 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 6,382 | |
Total LHFI | 6,453 | |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 159 | 2,243 |
Term Loans by Origination Year, Before Latest Fiscal Year | 245 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 3,435 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 3,886 | 30 |
Total LHFI | 4,290 | 5,708 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Doubtful - RR 9 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 42 | 42 |
Total LHFI | 42 | 42 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 34,305 | 45,062 |
Term Loans by Origination Year, Before Latest Fiscal Year | 34,566 | 23,562 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 18,370 | 13,200 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 9,907 | 9,888 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 7,297 | 5,783 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 3,851 | 3,703 |
Financing Receivable, Revolving Loans | 13,669 | 8,771 |
Total LHFI | 121,965 | 109,969 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 33,783 | 44,208 |
Term Loans by Origination Year, Before Latest Fiscal Year | 34,326 | 23,269 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 18,228 | 13,194 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 9,818 | 9,722 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 7,141 | 5,737 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 3,556 | 3,076 |
Financing Receivable, Revolving Loans | 13,669 | 8,771 |
Total LHFI | 120,521 | 107,977 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 111 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 98 | 143 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 19 | |
Total LHFI | 117 | 254 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 522 | 721 |
Term Loans by Origination Year, Before Latest Fiscal Year | 126 | 150 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 123 | 6 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 89 | 166 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 156 | 46 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 295 | 627 |
Total LHFI | 1,311 | 1,716 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Doubtful - RR 9 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 22 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 16 | |
Total LHFI | 16 | 22 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 193,674 | 257,957 |
Term Loans by Origination Year, Before Latest Fiscal Year | 124,859 | 105,752 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 113,285 | 220,487 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 115,830 | 64,276 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 11,686 | 6,816 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 19,928 | 57,070 |
Financing Receivable, Revolving Loans | 13,653 | 13,350 |
Total LHFI | 592,915 | 725,708 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 193,674 | 256,273 |
Term Loans by Origination Year, Before Latest Fiscal Year | 124,859 | 105,687 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 113,221 | 220,487 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 115,830 | 64,268 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 11,679 | 6,816 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 19,849 | 56,196 |
Financing Receivable, Revolving Loans | 13,557 | 13,350 |
Total LHFI | 592,669 | 723,077 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 773 | |
Total LHFI | 773 | |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 1,684 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 65 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 64 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 8 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 7 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 79 | 101 |
Financing Receivable, Revolving Loans | 96 | |
Total LHFI | 246 | 1,858 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 695,142 | 763,439 |
Term Loans by Origination Year, Before Latest Fiscal Year | 655,791 | 615,967 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 625,539 | 624,572 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 495,455 | 354,194 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 263,329 | 190,665 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 350,182 | 313,381 |
Financing Receivable, Revolving Loans | 121,487 | 114,833 |
Total LHFI | 3,206,925 | 2,977,051 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 680,957 | 750,869 |
Term Loans by Origination Year, Before Latest Fiscal Year | 654,012 | 604,026 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 616,131 | 610,446 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 494,170 | 350,603 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 258,703 | 183,115 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 331,303 | 279,529 |
Financing Receivable, Revolving Loans | 121,487 | 113,808 |
Total LHFI | 3,156,763 | 2,892,396 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 933 | 1,510 |
Term Loans by Origination Year, Before Latest Fiscal Year | 9,584 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 412 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 273 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,562 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 4,522 | |
Total LHFI | 1,206 | 17,590 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 13,216 | 11,017 |
Term Loans by Origination Year, Before Latest Fiscal Year | 1,779 | 2,357 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 9,408 | 13,609 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 928 | 3,591 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 4,626 | 5,988 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 18,861 | 29,309 |
Financing Receivable, Revolving Loans | 1,025 | |
Total LHFI | 48,818 | 66,896 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Doubtful - RR 9 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 36 | 43 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 105 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 84 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 18 | 21 |
Total LHFI | 138 | 169 |
Commercial LHFI [Member] | Other Loans Secured by Real Estate [Member] | Other Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 254,890 | 275,182 |
Term Loans by Origination Year, Before Latest Fiscal Year | 328,371 | 393,580 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 369,552 | 25,142 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 841 | |
Financing Receivable, Revolving Loans | 17,909 | |
Total LHFI | 953,654 | 711,813 |
Commercial LHFI [Member] | Other Loans Secured by Real Estate [Member] | Other Construction [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 254,890 | 273,747 |
Term Loans by Origination Year, Before Latest Fiscal Year | 320,751 | 393,580 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 369,552 | 25,142 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 841 | |
Financing Receivable, Revolving Loans | 17,909 | |
Total LHFI | 946,034 | 710,378 |
Commercial LHFI [Member] | Other Loans Secured by Real Estate [Member] | Other Construction [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 1,435 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 7,620 | |
Total LHFI | 7,620 | 1,435 |
Consumer LHFI [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 979,168 | 762,936 |
Term Loans by Origination Year, Before Latest Fiscal Year | 663,405 | 290,368 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 234,987 | 157,354 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 125,334 | 123,449 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 94,872 | 63,675 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 189,576 | 304,626 |
Financing Receivable, Revolving Loans | 450,445 | 406,373 |
Total LHFI | 2,737,787 | 2,108,781 |
Consumer LHFI [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 57,947 | 66,452 |
Term Loans by Origination Year, Before Latest Fiscal Year | 34,325 | 25,775 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 13,028 | 8,629 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 3,364 | 4,769 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2,167 | 1,307 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 611 | 383 |
Financing Receivable, Revolving Loans | 54,585 | 55,240 |
Total LHFI | 166,027 | 162,555 |
Consumer LHFI [Member] | Consumer Loans [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 57,103 | 65,366 |
Term Loans by Origination Year, Before Latest Fiscal Year | 33,978 | 25,512 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 12,889 | 8,498 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 3,337 | 4,734 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2,137 | 1,289 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 596 | 378 |
Financing Receivable, Revolving Loans | 53,725 | 54,518 |
Total LHFI | 163,765 | 160,295 |
Consumer LHFI [Member] | Consumer Loans [Member] | Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 739 | 989 |
Term Loans by Origination Year, Before Latest Fiscal Year | 153 | 223 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 134 | 123 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 24 | 22 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 25 | 10 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 15 | 5 |
Financing Receivable, Revolving Loans | 626 | 468 |
Total LHFI | 1,716 | 1,840 |
Consumer LHFI [Member] | Consumer Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 44 | 26 |
Term Loans by Origination Year, Before Latest Fiscal Year | 174 | 23 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 2 | 6 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1 | |
Financing Receivable, Revolving Loans | 196 | 248 |
Total LHFI | 417 | 303 |
Consumer LHFI [Member] | Consumer Loans [Member] | Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 61 | 71 |
Term Loans by Origination Year, Before Latest Fiscal Year | 20 | 17 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 3 | 2 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 2 | 13 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 5 | 8 |
Financing Receivable, Revolving Loans | 38 | 6 |
Total LHFI | 129 | 117 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 43,286 | 51,913 |
Term Loans by Origination Year, Before Latest Fiscal Year | 42,437 | 16,469 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 4,438 | 3,073 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 2,265 | 3,064 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,747 | 797 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,215 | 2,518 |
Total LHFI | 96,388 | 77,834 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 43,286 | 51,849 |
Term Loans by Origination Year, Before Latest Fiscal Year | 42,072 | 16,204 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 4,438 | 3,024 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 2,265 | 3,059 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,728 | 797 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,179 | 2,404 |
Total LHFI | 95,968 | 77,337 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Before Latest Fiscal Year | 306 | 265 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 49 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 5 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 19 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 27 | 14 |
Total LHFI | 352 | 333 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 7 | |
Total LHFI | 7 | |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 64 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 59 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 9 | 93 |
Total LHFI | 68 | 157 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 15,758 | 21,197 |
Term Loans by Origination Year, Before Latest Fiscal Year | 9,021 | 11,206 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 5,649 | 6,235 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 5,324 | 6,026 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 4,487 | 3,632 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 8,921 | 8,285 |
Financing Receivable, Revolving Loans | 395,860 | 351,133 |
Total LHFI | 445,020 | 407,714 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 15,589 | 21,166 |
Term Loans by Origination Year, Before Latest Fiscal Year | 8,922 | 11,098 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 5,635 | 6,119 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 5,245 | 5,903 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 4,473 | 3,291 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 8,101 | 7,853 |
Financing Receivable, Revolving Loans | 391,803 | 347,743 |
Total LHFI | 439,768 | 403,173 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 81 | 5 |
Term Loans by Origination Year, Before Latest Fiscal Year | 77 | 34 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 10 | 87 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 57 | 114 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 6 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 333 | 145 |
Financing Receivable, Revolving Loans | 1,256 | 1,214 |
Total LHFI | 1,820 | 1,599 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Before Latest Fiscal Year | 4 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 37 | 13 |
Financing Receivable, Revolving Loans | 256 | 91 |
Total LHFI | 293 | 108 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 88 | 26 |
Term Loans by Origination Year, Before Latest Fiscal Year | 22 | 70 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 4 | 29 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 22 | 9 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 8 | 341 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 450 | 274 |
Financing Receivable, Revolving Loans | 2,545 | 2,085 |
Total LHFI | 3,139 | 2,834 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Before Latest Fiscal Year | 97 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 91 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 8 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 6 | 60 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 107 | 170 |
Total LHFI | 204 | 335 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Before Latest Fiscal Year | 97 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 91 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 8 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 6 | 60 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 107 | 170 |
Total LHFI | 204 | 335 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 31 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 21 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2 | |
Total LHFI | 21 | 33 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 31 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 21 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2 | |
Total LHFI | 21 | 33 |
Consumer LHFI [Member] | Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 862,177 | 623,343 |
Term Loans by Origination Year, Before Latest Fiscal Year | 577,601 | 236,821 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 211,781 | 139,417 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 114,381 | 109,582 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 86,465 | 57,877 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 177,722 | 293,270 |
Total LHFI | 2,030,127 | 1,460,310 |
Consumer LHFI [Member] | Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 859,525 | 622,330 |
Term Loans by Origination Year, Before Latest Fiscal Year | 571,302 | 233,951 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 207,478 | 137,500 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 112,197 | 107,345 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 84,201 | 56,374 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 169,410 | 285,919 |
Total LHFI | 2,004,113 | 1,443,419 |
Consumer LHFI [Member] | Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 1,797 | 542 |
Term Loans by Origination Year, Before Latest Fiscal Year | 3,525 | 494 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 1,318 | 333 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 313 | 10 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 542 | 369 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,665 | 714 |
Total LHFI | 10,160 | 2,462 |
Consumer LHFI [Member] | Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 199 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 918 | 501 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 136 | 165 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 122 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 218 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 31 | 450 |
Total LHFI | 1,085 | 1,655 |
Consumer LHFI [Member] | Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 855 | 272 |
Term Loans by Origination Year, Before Latest Fiscal Year | 1,856 | 1,875 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 2,849 | 1,419 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1,871 | 2,105 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,722 | 916 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 5,616 | 6,187 |
Total LHFI | $ 14,769 | $ 12,774 |
Loans Held for Investment (L_13
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Summary of Trustmark's Portfolio Segments, Loan Classes, Loan Pools and the ACL Methodology and Loss Drivers (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | 1 -4 Family Residential Construction [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Prime Rate, National GDP |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Lots and Development [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Prime Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Unimproved Land [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Prime Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | All Other Consumer [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | All Other Consumer [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Consumer 1-4 Family - 1st Liens [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Prime Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Nonresidential Owner- Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment, National GDP |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonresidential Owner- Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment, National GDP |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonowner-Occupied - Hotel/Motel [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonowner-Occupied - Office [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonowner-Occupied- Retail [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonowner-Occupied- Senior Living/ Nursing Homes [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonowner-occupied - All Other [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Nonresidential Owner- Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment, National GDP |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Nonowner-occupied - All Other [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Nonresidential Nonowner- Occupied - Apartments [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Other Loans Secured by Real Estate [Member] | Other Construction [Member] | Other Construction [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Prime Rate, National Unemployment |
Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Trustmark Mortgage [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | WARM |
Loss Drivers | Southern Unemployment |
Commercial and Industrial Loans [Member] | Commercial and Industrial Loans [Member] | Commercial and Industrial - Non-Working Capital [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Trustmark historical data |
Commercial and Industrial Loans [Member] | Commercial and Industrial Loans [Member] | Commercial and Industrial - Working Capital [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Trustmark historical data |
Commercial and Industrial Loans [Member] | Commercial and Industrial Loans [Member] | Credit Cards [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | WARM |
Loss Drivers | Trustmark call report data |
Consumer Loans [Member] | Consumer Loans [Member] | All Other Consumer [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment |
Consumer Loans [Member] | Consumer Loans [Member] | Credit Cards [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | WARM |
Loss Drivers | Trustmark call report data |
Consumer Loans [Member] | Consumer Loans [Member] | Overdrafts [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | Loss Rate |
Loss Drivers | Trustmark historical data |
State and Other Political Subdivision Loans [Member] | State and Other Political Subdivision Loans [Member] | Obligations of State and Political Subdivisions [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Moody's Bond Default Study |
Other Commercial Loans [Member] | Other Commercial Loans [Member] | Commercial and Industrial - Non-Working Capital [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Trustmark historical data |
Other Commercial Loans [Member] | Other Commercial Loans [Member] | Commercial and Industrial - Working Capital [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Trustmark historical data |
Other Commercial Loans [Member] | Other Commercial Loans [Member] | Other Loans [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Prime Rate, Southern Unemployment |
Loans Held for Investment (L_14
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Summary of Balance in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Total | $ 115,050 | $ 103,140 | $ 99,457 | $ 104,073 | $ 104,032 | $ 117,306 |
Allowance for Credit Losses, ACL [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 19,448 | 7,625 | ||||
Collectively Evaluated for Credit Loss | 95,602 | 91,832 | ||||
Total | 115,050 | 103,140 | 99,457 | 104,073 | 104,032 | 117,306 |
Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 47,413 | 44,361 | ||||
Collectively Evaluated for Credit Loss | 11,538,651 | 10,203,468 | ||||
Total | 11,586,064 | 10,247,829 | ||||
Commercial and Industrial Loans [Member] | Allowance for Credit Losses, ACL [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 10,622 | 5,750 | ||||
Collectively Evaluated for Credit Loss | 13,482 | 13,189 | ||||
Total | 24,104 | 14,103 | 18,939 | 19,373 | 13,973 | 14,851 |
Commercial and Industrial Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 25,281 | 18,444 | ||||
Collectively Evaluated for Credit Loss | 1,664,251 | 1,395,835 | ||||
Total | 1,689,532 | 1,414,279 | ||||
Consumer Loans [Member] | Allowance for Credit Losses, ACL [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively Evaluated for Credit Loss | 5,028 | 4,774 | ||||
Total | 5,028 | 5,139 | 4,774 | 4,862 | 4,876 | 5,838 |
Consumer Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively Evaluated for Credit Loss | 166,027 | 162,555 | ||||
Total | 166,027 | 162,555 | ||||
State and Other Political Subdivision Loans [Member] | Allowance for Credit Losses, ACL [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 719 | 1,394 | ||||
Collectively Evaluated for Credit Loss | 875 | 1,314 | ||||
Total | 1,594 | 1,917 | 2,708 | 2,964 | 3,233 | 3,190 |
State and Other Political Subdivision Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 2,988 | 3,664 | ||||
Collectively Evaluated for Credit Loss | 1,185,715 | 1,142,587 | ||||
Total | 1,188,703 | 1,146,251 | ||||
Other Commercial Loans [Member] | Allowance for Credit Losses, ACL [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 36 | 203 | ||||
Collectively Evaluated for Credit Loss | 4,662 | 5,145 | ||||
Total | 4,698 | 4,963 | 5,348 | 5,243 | 7,274 | 7,439 |
Other Commercial Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 36 | 4,608 | ||||
Collectively Evaluated for Credit Loss | 497,194 | 530,235 | ||||
Total | 497,230 | 534,843 | ||||
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Allowance for Credit Losses, ACL [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 451 | 278 | ||||
Collectively Evaluated for Credit Loss | 9,800 | 5,801 | ||||
Total | 10,251 | 7,301 | 6,079 | 5,133 | 5,110 | 6,854 |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 4,273 | 5,198 | ||||
Collectively Evaluated for Credit Loss | 689,468 | 591,770 | ||||
Total | 693,741 | 596,968 | ||||
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Allowance for Credit Losses, ACL [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively Evaluated for Credit Loss | 10,739 | 10,310 | ||||
Total | 10,739 | 10,038 | 10,310 | 10,223 | 10,399 | 9,928 |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 489 | |||||
Collectively Evaluated for Credit Loss | 566,496 | 517,683 | ||||
Total | 566,985 | 517,683 | ||||
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Allowance for Credit Losses, ACL [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively Evaluated for Credit Loss | 25,924 | 37,912 | ||||
Total | 25,924 | 29,735 | 37,912 | 43,306 | 44,416 | 48,523 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 5,493 | 11,072 | ||||
Collectively Evaluated for Credit Loss | 3,201,453 | 2,966,012 | ||||
Total | 3,206,946 | 2,977,084 | ||||
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Allowance for Credit Losses, ACL [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively Evaluated for Credit Loss | 3,398 | 4,713 | ||||
Total | 3,398 | 3,297 | 4,713 | 4,370 | 5,311 | 7,382 |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 56 | |||||
Collectively Evaluated for Credit Loss | 593,119 | 725,987 | ||||
Total | 593,119 | 726,043 | ||||
Other Loans Secured by Real Estate [Member] | Other Construction [Member] | Allowance for Credit Losses, ACL [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 7,620 | |||||
Collectively Evaluated for Credit Loss | 6,299 | 5,968 | ||||
Total | 13,919 | 14,397 | 5,968 | 5,945 | 6,530 | 8,158 |
Other Loans Secured by Real Estate [Member] | Other Construction [Member] | Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 7,620 | |||||
Collectively Evaluated for Credit Loss | 946,034 | 711,813 | ||||
Total | 953,654 | 711,813 | ||||
Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Allowance for Credit Losses, ACL [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively Evaluated for Credit Loss | 15,395 | 2,706 | ||||
Total | 15,395 | $ 12,250 | 2,706 | $ 2,654 | $ 2,910 | $ 5,143 |
Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually Evaluated for Credit Loss | 1,233 | 1,319 | ||||
Collectively Evaluated for Credit Loss | 2,028,894 | 1,458,991 | ||||
Total | $ 2,030,127 | $ 1,460,310 |
Loans Held for Investment (L_15
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Change in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | $ 103,140 | $ 104,032 | $ 99,457 | $ 117,306 |
Loans charged-off | (2,920) | (1,586) | (7,439) | (7,659) |
Recoveries | 1,911 | 4,119 | 8,257 | 11,410 |
Net (charge-offs) recoveries | (1,009) | 2,533 | 818 | 3,751 |
PCL | 12,919 | (2,492) | 14,775 | (16,984) |
Balance at end of period | 115,050 | 104,073 | 115,050 | 104,073 |
Secured by 1-4 Family Residential Properties [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
PCL | 3,800 | |||
Commercial and Industrial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
PCL | 3,400 | 4,300 | ||
Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 103,140 | 104,032 | 99,457 | 117,306 |
Loans charged-off | (2,920) | (1,586) | (7,439) | (7,659) |
Recoveries | 1,911 | 4,119 | 8,257 | 11,410 |
PCL | (12,919) | (2,492) | 14,775 | (16,984) |
Balance at end of period | 115,050 | 104,073 | 115,050 | 104,073 |
Allowance for Credit Losses, ACL [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 | 7,301 | 5,110 | 6,079 | 6,854 |
Loans charged-off | (189) | (3) | (223) | (3) |
Recoveries | 43 | 391 | 1,230 | 1,470 |
PCL | 3,096 | (365) | 3,165 | (3,188) |
Balance at end of period | 10,251 | 5,133 | 10,251 | 5,133 |
Allowance for Credit Losses, ACL [Member] | Other 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 | 10,038 | 10,399 | 10,310 | 9,928 |
Loans charged-off | (33) | (7) | (95) | (91) |
Recoveries | 234 | 85 | 529 | 337 |
PCL | 500 | (254) | (5) | 49 |
Balance at end of period | 10,739 | 10,223 | 10,739 | 10,223 |
Allowance for Credit Losses, ACL [Member] | Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 12,250 | 2,910 | 2,706 | 5,143 |
Loans charged-off | (37) | (144) | (116) | (148) |
Recoveries | 125 | 15 | 135 | 123 |
PCL | 3,057 | (127) | 12,670 | (2,464) |
Balance at end of period | 15,395 | 2,654 | 15,395 | 2,654 |
Allowance for Credit Losses, ACL [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 | 29,735 | 44,416 | 37,912 | 48,523 |
Loans charged-off | 0 | 0 | (79) | |
Recoveries | 35 | 45 | 1,536 | 1,102 |
PCL | (3,846) | (1,155) | (13,524) | (6,240) |
Balance at end of period | 25,924 | 43,306 | 25,924 | 43,306 |
Allowance for Credit Losses, ACL [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 | 3,297 | 5,311 | 4,713 | 7,382 |
Loans charged-off | 0 | (131) | ||
Recoveries | 4 | 4 | 11 | 15 |
PCL | (97) | (945) | (1,195) | (3,027) |
Balance at end of period | 3,398 | 4,370 | 3,398 | 4,370 |
Allowance for Credit Losses, ACL [Member] | Commercial and Industrial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 14,103 | 13,973 | 18,939 | 14,851 |
Loans charged-off | (191) | (5) | (566) | (3,702) |
Recoveries | 111 | 2,028 | 414 | 3,967 |
PCL | (10,081) | 3,377 | (5,317) | 4,257 |
Balance at end of period | 24,104 | 19,373 | 24,104 | 19,373 |
Allowance for Credit Losses, ACL [Member] | Other Construction [Member] | Other Loans Secured by Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 14,397 | 6,530 | 5,968 | 8,158 |
Loans charged-off | (153) | (153) | ||
Recoveries | 1 | 2 | 205 | 46 |
PCL | (326) | (587) | 7,899 | (2,259) |
Balance at end of period | 13,919 | 5,945 | 13,919 | 5,945 |
Allowance for Credit Losses, ACL [Member] | Consumer Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 5,139 | 4,876 | 4,774 | 5,838 |
Loans charged-off | (458) | (287) | (1,394) | (1,120) |
Recoveries | 425 | 451 | 1,256 | 1,200 |
PCL | (78) | (178) | 392 | (1,056) |
Balance at end of period | 5,028 | 4,862 | 5,028 | 4,862 |
Allowance for Credit Losses, ACL [Member] | State and Other Political Subdivision Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 1,917 | 3,233 | 2,708 | 3,190 |
Loans charged-off | 0 | |||
Recoveries | 0 | |||
PCL | (323) | (269) | (1,114) | (226) |
Balance at end of period | 1,594 | 2,964 | 1,594 | 2,964 |
Allowance for Credit Losses, ACL [Member] | Other Commercial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 4,963 | 7,274 | 5,348 | 7,439 |
Loans charged-off | (1,859) | (1,140) | (4,761) | (2,516) |
Recoveries | 933 | 1,098 | 2,941 | 3,150 |
PCL | 661 | (1,989) | 1,170 | (2,830) |
Balance at end of period | $ 4,698 | $ 5,243 | $ 4,698 | $ 5,243 |
Mortgage Banking - Schedule of
Mortgage Banking - Schedule of Activity in the Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Mortgage servicing rights [Abstract] | ||
Balance at beginning of period | $ 87,687 | $ 66,464 |
Origination of servicing assets | 14,452 | 22,015 |
Change in fair value [Abstract] | ||
Due to market changes | 41,529 | 11,037 |
Due to run-off | (11,053) | (15,415) |
Balance at end of period | $ 132,615 | $ 84,101 |
Mortgage Banking - Additional I
Mortgage Banking - Additional Information (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) CPR | |
Mortgage servicing rights [Abstract] | ||
Assumed average prepayment speed | 8 | 12 |
Average discount rate | 9.58% | 9.55% |
Residential mortgage loans sold | $ 1,026,000 | $ 1,796,000 |
Gains on sales of residential mortgage loans | $ 16,900 | 47,000 |
Period of putback response | 60 days | |
Reserve for mortgage loan servicing putback expenses | $ 500 | $ 500 |
Mortgage Banking - Schedule o_2
Mortgage Banking - Schedule of Mortgage Loans Sold and Serviced for Others (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | $ 8,077,657 | $ 7,953,200 |
Federal National Mortgage Association [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 4,724,342 | 4,709,584 |
Government National Mortgage Association [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 3,295,281 | 3,194,373 |
Federal Home Loan Mortgage Corporation [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 46,717 | 35,971 |
Other [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | $ 11,317 | $ 13,272 |
Other Real Estate - Changes and
Other Real Estate - Changes and Gains (Losses), Net on Other Real Estate (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at beginning of period | $ 4,557 | $ 11,651 |
Additions | 1,430 | 770 |
Disposals | (2,503) | (4,326) |
Write-downs | (513) | (1,882) |
Balance at end of period | 2,971 | 6,213 |
Gains (losses), net on the sale of other real estate included in other real estate expense | $ (465) | $ (716) |
Other Real Estate - Other Real
Other Real Estate - Other Real Estate, By Type of Property (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Other real estate [Line Items] | ||||
Total other real estate | $ 2,971 | $ 4,557 | $ 6,213 | $ 11,651 |
1 - 4 Family Residential Properties [Member] | ||||
Other real estate [Line Items] | ||||
Total other real estate | 1,161 | 94 | ||
Nonfarm, Nonresidential Properties [Member] | ||||
Other real estate [Line Items] | ||||
Total other real estate | 1,513 | 4,463 | ||
Other Real Estate | ||||
Other real estate [Line Items] | ||||
Total other real estate | $ 297 | $ 0 |
Other Real Estate - Other Rea_2
Other Real Estate - Other Real Estate, By Geographic Location (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Other Real Estate by Geographic Location [Line Items] | |||||
Total other real estate | $ 2,971 | $ 4,557 | $ 6,213 | $ 11,651 | |
Alabama [Member] | |||||
Other Real Estate by Geographic Location [Line Items] | |||||
Total other real estate | 217 | 0 | |||
Mississippi [Member] | |||||
Other Real Estate by Geographic Location [Line Items] | |||||
Total other real estate | [1] | $ 2,754 | $ 4,557 | ||
[1] Mississippi includes Central and Southern Mississippi Regions. |
Other Real Estate - Additional
Other Real Estate - Additional information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Foreclosed residential real estate properties recorded as a result of obtaining physical possession of property | $ 1,200 | $ 94 |
Consumer mortgage loans and that formal foreclosure proceedings are in process | $ 1,800 | $ 1,200 |
Leases - Components of Net Leas
Leases - Components of Net Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Finance leases: | ||||
Amortization of right-of-use assets | $ 356 | $ 388 | $ 1,122 | $ 1,159 |
Interest on lease liabilities | 46 | 54 | 143 | 167 |
Operating lease cost | 1,309 | 1,332 | 3,877 | 3,979 |
Short-term lease cost | 98 | 108 | 328 | 337 |
Variable lease cost | 257 | 310 | 891 | 928 |
Sublease income | (4) | (118) | (166) | (271) |
Net lease cost | $ 2,062 | $ 2,074 | $ 6,195 | $ 6,299 |
Leases - Cash Payments Included
Leases - Cash Payments Included in Measurement of Lease Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Finance leases: | ||
Operating cash flows included in operating activities | $ 143 | $ 167 |
Financing cash flows included in payments under finance lease obligations | 1,070 | 1,072 |
Operating leases: | ||
Operating cash flows (fixed payments) included in other operating activities, net | 4,389 | 3,509 |
Operating cash flows (liability reduction) included in other operating activities, net | $ 3,075 | $ 2,929 |
Leases - Balance Sheet Informat
Leases - Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates Related to Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Finance lease right-of-use assets, net of accumulated depreciation | $ 4,894 | $ 6,017 |
Finance lease liabilities | 5,394 | 6,464 |
Operating lease right-of-use assets | 37,282 | 34,603 |
Operating lease liabilities | $ 39,797 | $ 36,468 |
Weighted-average lease term: | ||
Finance leases | 8 years 7 months 2 days | 8 years 4 months 13 days |
Operating leases | 9 years 10 months 6 days | 9 years 3 months |
Weighted-average discount rate: | ||
Finance leases | 3.42% | 3.24% |
Operating leases | 3.18% | 2.84% |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Commitments Under Finance and Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 (excluding the nine months ended September 30, 2022) | $ 384 | |
Finance leases, 2023 | 885 | |
Finance leases, 2024 | 572 | |
Finance leases, 2025 | 584 | |
Finance leases, 2026 | 589 | |
Finance Lease Thereafter | 3,279 | |
Finance leases, total minimum lease payments | 6,293 | |
Finance leases, imputed interest | (899) | |
Finance lease liabilities | 5,394 | $ 6,464 |
Operating leases, 2022 (excluding the nine months ended September 30, 2022) | 1,214 | |
Operating leases 2023 | 4,998 | |
Operating leases, 2024 | 5,008 | |
Operating leases, 2025 | 4,926 | |
Operating leases, 2026 | 4,730 | |
Operating leases, Thereafter | 25,422 | |
Operating leases, total minimum lease payments | 46,298 | |
Operating leases, imputed interest | (6,501) | |
Operating lease liabilities | $ 39,797 | $ 36,468 |
Deposits - Deposits Summary (De
Deposits - Deposits Summary (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Noninterest-bearing demand | $ 4,358,805 | $ 4,771,065 |
Interest-bearing demand | 4,391,477 | 4,372,500 |
Savings | 4,583,162 | 4,745,137 |
Time | 1,091,736 | 1,198,458 |
Total deposits | $ 14,425,180 | $ 15,087,160 |
Securities Sold Under Repurch_3
Securities Sold Under Repurchase Agreement - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements, secured by securities carrying amount | $ 94.2 | $ 252.4 |
Securities Sold Under Repurch_4
Securities Sold Under Repurchase Agreements - Schedule of Securities Sold Under Repurchase Agreements (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities sold under repurchase agreements by collateral pledged | ||
Total securities sold under repurchase agreements | $ 79,343 | $ 193,313 |
Residential Mortgage Pass-Through Securities Issued by FNMA and FHLMC [Member] | ||
Securities sold under repurchase agreements by collateral pledged | ||
Total securities sold under repurchase agreements | 33,494 | 167,310 |
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 | 1,593 | 1,475 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities sold under repurchase agreements by collateral pledged | ||
Total securities sold under repurchase agreements | $ 44,256 | $ 24,528 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Other real estate sales, net gains (losses) | $ (11) | $ (734) | $ (465) | $ (716) |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Noninterest Income Disaggregated by Reportable Operating Segment and Revenue Stream (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Service charges on deposit accounts | $ 11,318 | $ 8,911 | $ 30,995 | $ 23,880 | |||||
Bank card and other fees | 9,305 | 8,549 | 27,914 | 26,322 | |||||
Mortgage banking, net | 6,876 | 14,004 | 24,898 | 52,141 | |||||
Insurance commissions | 13,911 | 12,133 | 41,702 | 36,795 | |||||
Wealth management | 8,778 | 9,071 | 26,934 | 26,433 | |||||
Other, net | 2,418 | 1,481 | 7,531 | 5,572 | |||||
Total Noninterest Income | 52,606 | 54,149 | 159,974 | 171,143 | |||||
Topic 606 [Member] | |||||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Service charges on deposit accounts | 11,318 | 8,911 | 30,995 | 23,880 | |||||
Bank card and other fees | 7,657 | 7,570 | 23,761 | 23,291 | |||||
Insurance commissions | 13,911 | 12,133 | 41,702 | 36,795 | |||||
Wealth management | 8,778 | 9,071 | 26,934 | 26,433 | |||||
Other, net | 2,169 | 1,885 | 6,606 | 5,069 | |||||
Total Noninterest Income | 43,833 | 39,570 | 129,998 | 115,468 | |||||
Not Topic 606 [Member | |||||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Bank card and other fees | 1,648 | [1] | 979 | [1] | 4,153 | [2] | 3,031 | [2] | |
Mortgage banking, net | 6,876 | [1] | 14,004 | [1] | 24,898 | [2] | 52,141 | [2] | |
Other, net | 249 | [1] | (404) | [1] | 925 | [2] | 503 | [2] | |
Total Noninterest Income | 8,773 | [1] | 14,579 | [1] | 29,976 | [2] | 55,675 | [2] | |
General Banking Segment [Member] | |||||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Service charges on deposit accounts | 11,296 | 8,893 | 30,932 | 23,822 | |||||
Bank card and other fees | 9,292 | 8,540 | 27,879 | 26,295 | |||||
Mortgage banking, net | 6,876 | 14,004 | 24,898 | 52,141 | |||||
Wealth management | 263 | 13 | 468 | 33 | |||||
Other, net | 1,963 | 1,413 | 6,993 | 5,391 | |||||
Total Noninterest Income | 29,690 | 32,863 | 91,170 | 107,682 | |||||
General Banking Segment [Member] | Topic 606 [Member] | |||||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Service charges on deposit accounts | 11,296 | 8,893 | 30,932 | 23,822 | |||||
Bank card and other fees | 7,644 | 7,561 | 23,726 | 23,264 | |||||
Wealth management | 263 | 13 | 468 | 33 | |||||
Other, net | 1,724 | 1,826 | 6,097 | 4,913 | |||||
Total Noninterest Income | 20,927 | 18,293 | 61,223 | 52,032 | |||||
General Banking Segment [Member] | Not Topic 606 [Member | |||||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Bank card and other fees | 1,648 | [1] | 979 | [1] | 4,153 | [2] | 3,031 | [2] | |
Mortgage banking, net | 6,876 | [1] | 14,004 | [1] | 24,898 | [2] | 52,141 | [2] | |
Other, net | 239 | [1] | (413) | [1] | 896 | [2] | 478 | [2] | |
Total Noninterest Income | 8,763 | [1] | 14,570 | [1] | 29,947 | [2] | 55,650 | [2] | |
Wealth Management Segment [Member] | |||||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Service charges on deposit accounts | 22 | 18 | 63 | 58 | |||||
Bank card and other fees | 13 | 9 | 35 | 27 | |||||
Wealth management | 8,515 | 9,058 | 26,466 | 26,400 | |||||
Other, net | 457 | 41 | 541 | 124 | |||||
Total Noninterest Income | 9,007 | 9,126 | 27,105 | 26,609 | |||||
Wealth Management Segment [Member] | Topic 606 [Member] | |||||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Service charges on deposit accounts | 22 | 18 | 63 | 58 | |||||
Bank card and other fees | 13 | 9 | 35 | 27 | |||||
Wealth management | 8,515 | 9,058 | 26,466 | 26,400 | |||||
Other, net | 447 | 32 | 512 | 99 | |||||
Total Noninterest Income | 8,997 | 9,117 | 27,076 | 26,584 | |||||
Wealth Management Segment [Member] | Not Topic 606 [Member | |||||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Other, net | 10 | [1] | 9 | [1] | 29 | [2] | 25 | [2] | |
Total Noninterest Income | 10 | [1] | 9 | [1] | 29 | [2] | 25 | [2] | |
Insurance Segment [Member] | |||||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Insurance commissions | 13,911 | 12,133 | 41,702 | 36,795 | |||||
Other, net | (2) | 27 | (3) | 57 | |||||
Total Noninterest Income | 13,909 | 12,160 | 41,699 | 36,852 | |||||
Insurance Segment [Member] | Topic 606 [Member] | |||||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Insurance commissions | 13,911 | 12,133 | 41,702 | 36,795 | |||||
Other, net | (2) | 27 | (3) | 57 | |||||
Total Noninterest Income | 13,909 | 12,160 | 41,699 | 36,852 | |||||
Insurance Segment [Member] | Not Topic 606 [Member | |||||||||
Revenue From Contract With Customer [Line Items] | |||||||||
Other, net | [1] | $ 0 | $ 0 | ||||||
Total Noninterest Income | [2] | $ 0 | $ 0 | ||||||
[1] Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security gains (losses), net. Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security gains (losses), net. |
Defined Benefit and Other Pos_3
Defined Benefit and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Trustmark Capital Accumulation Plan [Member] | Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions [Member] | ||||
Net periodic benefit cost [Abstract] | ||||
Service cost | $ 28 | $ 63 | $ 86 | $ 189 |
Interest cost | 48 | 43 | 144 | 129 |
Expected return on plan assets | (30) | (33) | (90) | (98) |
Recognized net loss due to lump sum settlements | 0 | 183 | 0 | 183 |
Recognized net actuarial loss | 52 | 149 | 172 | 446 |
Net periodic benefit cost | 98 | 405 | 312 | 849 |
Supplemental Retirement Plan [Member] | ||||
Net periodic benefit cost [Abstract] | ||||
Service cost | 18 | 19 | 54 | 57 |
Interest cost | 316 | 277 | 962 | 847 |
Amortization of prior service cost | 28 | 28 | 83 | 84 |
Recognized net actuarial loss | 243 | 295 | 742 | 896 |
Net periodic benefit cost | $ 605 | $ 619 | $ 1,841 | $ 1,884 |
Defined Benefit and Other Pos_4
Defined Benefit and Other Postretirement Benefits - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Trustmark Capital Accumulation Plan [Member] | Forecast [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Trustmark's minimum required contribution to the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions | $ 176 |
Stock and Incentive Compensat_3
Stock and Incentive Compensation - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 shares | |
Stock and Incentive Compensation Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock available for issuance | 998,756 |
Performance Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 3 years |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total shareholder return, performance measure | 100% |
Time Based Award [Member] | Management [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 3 years |
Time Based Award [Member] | Director [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 1 year |
Stock and Incentive Compensat_4
Stock and Incentive Compensation - Summary of Stock Plan Activity (Details) - Stock and Incentive Compensation Plan [Member] - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Performance Based Award [Member] | ||
Shares [Roll Forward] | ||
Nonvested shares, beginning of period (in shares) | 151,756 | 140,821 |
Granted (in shares) | 0 | 60,773 |
Released from restriction (in shares) | 0 | (19,723) |
Forfeited (in shares) | (1,670) | (31,785) |
Nonvested shares, end of period (in shares) | 150,086 | 150,086 |
Time-Vested Awards [Member] | ||
Shares [Roll Forward] | ||
Nonvested shares, beginning of period (in shares) | 354,709 | 337,466 |
Granted (in shares) | 6,992 | 133,307 |
Released from restriction (in shares) | (169) | (106,096) |
Forfeited (in shares) | (3,177) | (6,322) |
Nonvested shares, end of period (in shares) | 358,355 | 358,355 |
Stock and Incentive Compensat_5
Stock and Incentive Compensation - Compensation Expense for Awards and Units Under Stock Plan (Details) - Stock and Incentive Compensation Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Compensation expense [Abstract] | ||||
Recognized compensation expense | $ 1,229 | $ 1,116 | $ 3,714 | $ 4,511 |
Performance Awards and Units [Member] | ||||
Compensation expense [Abstract] | ||||
Recognized compensation expense | 381 | 311 | 916 | 517 |
Time-Vested Awards and Units [Member] | ||||
Compensation expense [Abstract] | ||||
Recognized compensation expense | $ 848 | $ 805 | $ 2,798 | $ 3,994 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | $ 5,171 | $ 4,907 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Potential exposure to credit loss in the event of nonperformance | $ 140.6 | 129 |
Letters of credit, maturity term - maximum | 3 years | |
Collateral held, fair value | $ 32.6 | $ 38.6 |
Contingencies - Summary of Chan
Contingencies - Summary of Changes in ACL on Off-balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Balance at beginning of period | $ 32,949 | $ 33,733 | $ 35,623 | $ 38,572 |
PCL, off-balance sheet credit exposures | (1,326) | (1,049) | (4,000) | (5,888) |
Balance at end of period | $ 31,623 | $ 32,684 | $ 31,623 | $ 32,684 |
Earnings Per Share (EPS) - Weig
Earnings Per Share (EPS) - Weighted-Average Shares Used to Calculate Basic and Diluted EPS (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Basic shares | 61,115,000 | 62,522,000 | 61,334,000 | 63,041,000 |
Dilutive shares | 204,000 | 208,000 | 186,000 | 179,000 |
Diluted shares | 61,319,000 | 62,730,000 | 61,520,000 | 63,220,000 |
Earnings Per Share (EPS) - Addi
Earnings Per Share (EPS) - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Weighted-average antidilutive stock awards (in shares) | 0 | 0 | 0 | 0 |
Statements of Cash Flows - Cash
Statements of Cash Flows - Cash Flows Supplementary Disclosures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of cash flows specific transaction amounts [Abstract] | ||
Income taxes paid | $ 1,241 | $ 14,825 |
Interest expense paid on deposits and borrowings | 17,077 | 19,354 |
Noncash transfers from loans to other real estate | 1,430 | 770 |
Finance right-of-use assets resulting from lease liabilities | 0 | 92 |
Operating right-of-use assets resulting from lease liabilities | $ 6,572 | $ 6,833 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 07, 2021 | Jan. 28, 2020 | |
Stockholders Equity [Line items] | |||||
Capital conservation buffer rate | 2.50% | 2.50% | 2.50% | ||
Repurchase shares of common stock | 1.9 | ||||
Stock Repurchase Program 1 [Member] | Common Stock [Member] | |||||
Stockholders Equity [Line items] | |||||
Repurchase shares of common stock, value | $ 61.8 | ||||
Stock Repurchase Program 3 [Member] | Common Stock [Member] | |||||
Stockholders Equity [Line items] | |||||
Amount of stock authorized for repurchase | $ 100 | ||||
Stock Repurchase Program Four Member | |||||
Stockholders Equity [Line items] | |||||
Amount of stock authorized for repurchase | $ 100 | ||||
Stock Repurchase Program Four Member | Common Stock [Member] | |||||
Stockholders Equity [Line items] | |||||
Repurchase shares of common stock | 247,000 | 789,000 | |||
Repurchase shares of common stock, value | $ 8 | $ 24.6 |
Shareholders' Equity - Table of
Shareholders' Equity - Table of Actual Regulatory Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
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 | $ 1,461,134 | $ 1,425,227 |
Actual Regulatory Capital Ratio | 10.63% | 11.29% |
Minimum Regulatory Capital Required Ratio | 7% | 7% |
Minimum Regulatory Provision to be Well-Capitalized Ratio | ||
Trustmark Corporation [Member] | Tier 1 Capital (to Risk Weighted Assets) [Member] | ||
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | ||
Actual Regulatory Capital Amount | $ 1,521,134 | $ 1,485,227 |
Actual Regulatory Capital Ratio | 11.06% | 11.77% |
Minimum Regulatory Capital Required Ratio | 8.50% | 8.50% |
Minimum Regulatory Provision to be Well-Capitalized Ratio | ||
Trustmark Corporation [Member] | Total Capital (to Risk Weighted Assets) [Member] | ||
Total Capital (to Risk Weighted Assets) [Abstract] | ||
Actual Regulatory Capital Amount | $ 1,766,527 | $ 1,710,700 |
Actual Regulatory Capital Ratio | 12.85% | 13.55% |
Minimum Regulatory Capital Required Ratio | 10.50% | 10.50% |
Minimum Regulatory Provision to be Well-Capitalized Ratio | ||
Trustmark Corporation [Member] | Tier 1 Leverage (to Average Assets) [Member] | ||
Tier 1 Leverage (to Average Assets) [Abstract] | ||
Actual Regulatory Capital Amount | $ 1,521,134 | $ 1,485,227 |
Actual Regulatory Capital Ratio | 9.01% | 8.73% |
Minimum Regulatory Capital Required Ratio | 4% | 4% |
Minimum Regulatory Provision to be Well-Capitalized Ratio | ||
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 | $ 1,548,097 | $ 1,518,599 |
Actual Regulatory Capital Ratio | 11.26% | 12.03% |
Minimum Regulatory Capital Required Ratio | 7% | 7% |
Minimum Regulatory Provision to be Well-Capitalized Ratio | 6.50% | 6.50% |
Trustmark National Bank [Member] | Tier 1 Capital (to Risk Weighted Assets) [Member] | ||
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | ||
Actual Regulatory Capital Amount | $ 1,548,097 | $ 1,518,599 |
Actual Regulatory Capital Ratio | 11.26% | 12.03% |
Minimum Regulatory Capital Required Ratio | 8.50% | 8.50% |
Minimum Regulatory Provision to be Well-Capitalized Ratio | 8% | 8% |
Trustmark National Bank [Member] | Total Capital (to Risk Weighted Assets) [Member] | ||
Total Capital (to Risk Weighted Assets) [Abstract] | ||
Actual Regulatory Capital Amount | $ 1,670,283 | $ 1,621,030 |
Actual Regulatory Capital Ratio | 12.15% | 12.84% |
Minimum Regulatory Capital Required Ratio | 10.50% | 10.50% |
Minimum Regulatory Provision to be Well-Capitalized Ratio | 10% | 10% |
Trustmark National Bank [Member] | Tier 1 Leverage (to Average Assets) [Member] | ||
Tier 1 Leverage (to Average Assets) [Abstract] | ||
Actual Regulatory Capital Amount | $ 1,548,097 | $ 1,518,599 |
Actual Regulatory Capital Ratio | 9.19% | 8.94% |
Minimum Regulatory Capital Required Ratio | 4% | 4% |
Minimum Regulatory Provision to be Well-Capitalized Ratio | 5% | 5% |
Shareholders' Equity - Net Chan
Shareholders' Equity - Net Change in Components of Accumulated Other Comprehensive Income (Loss) and the Related Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before tax amount | $ (132,361) | $ (11,252) | $ (365,138) | $ (24,039) |
Other comprehensive income (loss), tax (expense) benefit | 33,091 | 2,813 | 91,286 | 6,010 |
Other comprehensive income (loss), before reclassifications, net of tax amount | (274,118) | (19,236) | ||
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 266 | 1,207 | ||
Other comprehensive income (loss), net of tax amount | (99,270) | (8,439) | (273,852) | (18,029) |
Securities Available for Sale and Transferred Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, before tax amount | (114,317) | (12,543) | (314,517) | (27,731) |
Other comprehensive income (loss), change in net unrealized holding loss on securities transferred to held to maturity, before tax amount | 1,800 | 636 | (31,451) | 2,083 |
Other comprehensive income (loss), before tax amount | (112,517) | (11,907) | (345,968) | (25,648) |
Other comprehensive income (loss), before reclassifications, tax (expense) benefit | 28,580 | 3,136 | 78,630 | 6,933 |
Other comprehensive income (loss), change in net unrealized holding loss on securities transferred to held to maturity, tax (expense) benefit | (450) | (159) | 7,863 | (521) |
Other comprehensive income (loss), tax (expense) benefit | 28,130 | 2,977 | 86,493 | 6,412 |
Other comprehensive income (loss), before reclassifications, net of tax amount | (85,737) | (9,407) | (235,887) | (20,798) |
Other comprehensive income (loss), change in net unrealized holding loss on securities transferred to held to maturity, net of tax amount | 1,350 | 477 | (23,588) | 1,562 |
Other comprehensive income (loss), net of tax amount | (84,387) | (8,930) | (259,475) | (19,236) |
Net Change in Prior Service Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from accumulated other comprehensive income, current period, before tax amount | 28 | 28 | 83 | 84 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | (7) | (7) | (21) | (21) |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 21 | 21 | 62 | 63 |
Recognized Net Loss Due to Lump Sum Settlements [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from accumulated other comprehensive income, current period, before tax amount | 0 | 183 | 0 | 183 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | 0 | (46) | 0 | (46) |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 0 | 137 | 0 | 137 |
Change in Net Actuarial Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from accumulated other comprehensive income, current period, before tax amount | 295 | 444 | 914 | 1,342 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | (74) | (111) | (228) | (335) |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 221 | 333 | 686 | 1,007 |
Pension and Other Postretirement Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from accumulated other comprehensive income, current period, before tax amount | 323 | 655 | 997 | 1,609 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | (81) | (164) | (249) | (402) |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 242 | 491 | 748 | 1,207 |
Cash Flow Hedge Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, before tax amount | (19,524) | 0 | (19,524) | 0 |
Reclassification from accumulated other comprehensive income, current period, before tax amount | (643) | 0 | (643) | 0 |
Other comprehensive income (loss), before tax amount | (20,167) | 0 | (20,167) | 0 |
Other comprehensive income (loss), before reclassifications, tax (expense) benefit | 4,881 | 0 | 4,881 | 0 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | 161 | 0 | 161 | 0 |
Other comprehensive income (loss), tax (expense) benefit | 5,042 | 0 | 5,042 | 0 |
Other comprehensive income (loss), before reclassifications, net of tax amount | (14,643) | 0 | (14,643) | 0 |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | (482) | 0 | (482) | 0 |
Other comprehensive income (loss), net of tax amount | $ (15,125) | $ 0 | $ (15,125) | $ 0 |
Shareholders' Equity - Changes
Shareholders' Equity - Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 1,586,696 | $ 1,779,309 | $ 1,741,311 | $ 1,741,117 |
Other comprehensive income (loss) before reclassification | (274,118) | (19,236) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 266 | 1,207 | ||
Other comprehensive income (loss), net of tax amount | (99,270) | (8,439) | (273,852) | (18,029) |
Balance | 1,508,945 | 1,768,947 | 1,508,945 | 1,768,947 |
Securities Available for Sale and Transferred Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (17,774) | 17,331 | ||
Other comprehensive income (loss) before reclassification | (259,475) | (19,236) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Other comprehensive income (loss), net of tax amount | (259,475) | (19,236) | ||
Balance | (277,249) | (1,905) | (277,249) | (1,905) |
Defined Benefit Pension Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (14,786) | (18,382) | ||
Other comprehensive income (loss) before reclassification | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 748 | 1,207 | ||
Other comprehensive income (loss), net of tax amount | 748 | 1,207 | ||
Balance | (14,038) | (17,175) | (14,038) | (17,175) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (207,142) | (10,641) | (32,560) | (1,051) |
Balance | (306,412) | (19,080) | (306,412) | (19,080) |
Cash Flow Hedge Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 0 | 0 | ||
Other comprehensive income (loss) before reclassification | (14,643) | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (482) | 0 | ||
Other comprehensive income (loss), net of tax amount | (15,125) | 0 | ||
Balance | $ (15,125) | $ 0 | $ (15,125) | $ 0 |
Fair Value - Financial Assets a
Fair Value - Financial Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $ 2,444,486 | $ 3,238,877 | ||
Loans held for sale | 165,213 | 275,706 | ||
Mortgage servicing rights (MSR) | 132,615 | 87,687 | $ 84,101 | $ 66,464 |
U.S. Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 416,278 | 344,640 | ||
U.S. Government Agency Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 9,116 | 13,727 | ||
Obligations of States and Political Subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 4,763 | 5,714 | ||
Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,444,486 | 3,238,877 | ||
Loans held for sale | 165,213 | 275,706 | ||
Mortgage servicing rights (MSR) | 132,615 | 87,687 | ||
Other assets - derivatives | 9,027 | 24,809 | ||
Other liabilities - derivatives | 52,652 | 4,677 | ||
Recurring Basis [Member] | U.S. Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 416,278 | 344,640 | ||
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 | 9,116 | 13,727 | ||
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 | 4,763 | 5,714 | ||
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,014,329 | 2,874,796 | ||
Level 1 [Member] | Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 416,278 | 344,640 | ||
Loans held for sale | 0 | 0 | ||
Mortgage servicing rights (MSR) | 0 | 0 | ||
Other assets - derivatives | 16 | 2,794 | ||
Other liabilities - derivatives | 7,999 | 414 | ||
Level 1 [Member] | Recurring Basis [Member] | U.S. Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 416,278 | 344,640 | ||
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 2 [Member] | Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,028,208 | 2,894,237 | ||
Loans held for sale | 165,213 | 275,706 | ||
Mortgage servicing rights (MSR) | 0 | 0 | ||
Other assets - derivatives | 9,879 | 20,156 | ||
Other liabilities - derivatives | 44,653 | 4,263 | ||
Level 2 [Member] | Recurring Basis [Member] | U.S. Treasury Securities [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] | U.S. Government Agency Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 9,116 | 13,727 | ||
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 | 4,763 | 5,714 | ||
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 | 2,014,329 | 2,874,796 | ||
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 (MSR) | 132,615 | 87,687 | ||
Other assets - derivatives | (868) | 1,859 | ||
Other liabilities - derivatives | 0 | 0 | ||
Level 3 [Member] | Recurring Basis [Member] | U.S. Treasury 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] | 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 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
MSR [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 87,687 | $ 66,464 | |
Total net (loss) gain included in Mortgage banking, net | [1] | 30,476 | (4,378) |
Additions | 14,452 | 22,015 | |
Sales | 0 | 0 | |
Ending Balance | 132,615 | 84,101 | |
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 | 41,530 | 11,037 | |
Other Assets - Derivatives [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 1,859 | 9,560 | |
Total net (loss) gain included in Mortgage banking, net | [1] | (401) | 7,664 |
Additions | 0 | 0 | |
Sales | (2,326) | (14,715) | |
Ending Balance | (868) | 2,509 | |
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 | $ (1,181) | $ 2,722 | |
[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) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||||
Outstanding balances in collateral dependent related to allowance for credit losses | $ 47,400 | $ 47,400 | $ 44,400 | ||
Collateral dependent related to allowance for credit losses | 19,400 | 19,400 | 7,600 | ||
Foreclosed assets remeasured after initial recognition | 3,000 | $ 5,400 | |||
Write-downs of allowance for foreclosed assets after initial recognition | 1,000 | 328 | |||
Noninterest gain (loss) Mortgage banking, net for changes in fair value of LHFS | (4,400) | $ (593) | (6,700) | (8,900) | |
Interest earned on LHFS included in Interest and fees on LHFS and LHFI | 2,000 | $ 1,700 | 5,200 | $ 5,500 | |
Serviced GNMA loans eligible for repurchase | $ (67,700) | $ (67,700) | $ (84,500) |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held to maturity | $ 1,156,985 | $ 342,537 |
Deposits | 14,425,180 | 15,087,160 |
Federal funds purchased and securities sold under repurchase agreements | 544,068 | 238,577 |
Other borrowings | 223,172 | 91,025 |
Subordinated notes | 123,207 | 123,042 |
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 | 489,735 | 2,266,829 |
Securities held to maturity | 1,156,985 | 342,537 |
Deposits | 14,425,180 | 15,087,160 |
Federal funds purchased and securities sold under repurchase agreements | 544,068 | 238,577 |
Other borrowings | 223,172 | 91,025 |
Subordinated notes | 123,207 | 123,042 |
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 | 489,735 | 2,266,829 |
Securities held to maturity | 1,065,828 | 353,511 |
Deposits | 14,396,980 | 15,084,440 |
Federal funds purchased and securities sold under repurchase agreements | 544,068 | 238,577 |
Other borrowings | 223,165 | 91,022 |
Subordinated notes | 113,750 | 128,438 |
Junior subordinated debt securities | 47,629 | 49,485 |
Level 3 [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net LHFI and PPP loans | 11,475,812 | 10,181,708 |
Level 3 [Member] | Estimate Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net LHFI and PPP loans | $ 11,194,672 | $ 10,123,379 |
Fair Value - Fair Value and the
Fair Value - Fair Value and the Contractual Principal Outstanding of the LHFS (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair value and the contractual principal outstanding of the LHFS [Abstract] | ||
Fair value of LHFS | $ 97,517 | $ 191,242 |
LHFS contractual principal outstanding | 100,053 | 186,535 |
Fair value less unpaid principal | $ (2,536) | $ 4,707 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) Contract | |
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 | 5 | 5 | 6 | ||
Aggregate notional amount of credit risk participation agreements | $ 50,600 | $ 50,600 | $ 52,000 | ||
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 | 28 | 28 | 24 | ||
Aggregate notional amount of credit risk participation agreements | $ 225,600 | $ 225,600 | $ 173,500 | ||
Derivatives not Designated as Hedging Instruments [Member] | Forward Contracts [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Off-balance sheet obligations | 140,500 | 140,500 | 236,000 | ||
Valuation adjustment | 5,500 | (81) | |||
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 | 85,500 | 85,500 | 142,600 | ||
Valuation adjustment | 868 | 1,900 | |||
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Total notional amount | 1,491,000 | 1,491,000 | 1,225,000 | ||
Termination value of derivatives | 0 | 0 | 655 | ||
Collateral Posted | 40 | 40 | 850 | ||
Derivatives not Designated as Hedging Instruments [Member] | Mortgage Servicing Rights Hedge [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Total notional amount | 260,000 | 260,000 | $ 409,500 | ||
Net (negative) positive ineffectiveness on MSR fair value | 928 | $ 144 | 554 | $ 1,700 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Total notional amount | $ 675,000 | 675,000 | |||
Interest and fees on LHFS and LHFI reclassified as a reduction over twelve months | $ 7,800 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | $ 9,870 | $ 20,115 | |
Fair value of derivative liability | 50,193 | 4,144 | |
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 | 9 | 41 | |
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 | 10 | 38 | |
Derivatives not Designated as Hedging Instruments [Member] | Future Contracts [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | 2,356 | ||
Derivatives not Designated as Hedging Instruments [Member] | Future Contracts [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | 6,370 | ||
Derivatives not Designated as Hedging Instruments [Member] | Forward Contracts [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | (5,550) | 81 | |
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 | 16 | 438 | |
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 | (868) | 1,859 | |
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | [1] | 9,870 | 20,115 |
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | [1] | 49,260 | 4,144 |
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 | 1,629 | $ 414 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | [1] | $ 933 | |
[1] In accordance with GAAP, the variation margin collateral payments made or received for interest rate swaps that are centrally cleared are legally characterized as settled. As a result, the centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets. |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effects of Derivative Instruments on Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivatives, Fair Value [Line Items] | ||||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Fee Income, Loans and Leases Held-in-portfolio | Interest and Fee Income, Loans and Leases Held-in-portfolio | ||
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 | $ (8,405) | $ (1,612) | $ (39,181) | $ (12,424) |
Derivatives not Designated as Hedging Instruments [Member] | Bank Card and Other Fees [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of gain (loss) recognized in bank card and other fees | 63 | $ 217 | 385 | $ 1,152 |
Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) and recognized in interest and fees on LHFS & LHFI | $ 643 | $ 643 |
Derivative Financial Instrume_6
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 | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Amount of gain (loss) recognized in other comprehensive income (loss), net of tax | $ 14,643 | $ 14,643 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of gain (loss) recognized in other comprehensive income (loss), net of tax | $ (14,643) | $ (14,643) |
Derivative Financial Instrume_7
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Offsetting Derivative Assets | ||
Gross Amounts of Recognized Assets, Offsetting of Derivative Assets | $ 9,870 | $ 20,115 |
Gross Amounts Offset in the Statement of Financial Position, Offsetting of Derivative Assets | 0 | 0 |
Net Amounts of Assets presented in the Statement of Financial Position, Offsetting of Derivative Assets | 9,870 | 20,115 |
Financial Instruments, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Assets | 0 | (55) |
Cash Collateral Received, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Assets | (3,070) | 0 |
Net Amount, Offsetting of Derivative Assets | 6,800 | 20,060 |
Offsetting Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities, Offsetting of Derivative Liabilities | 50,193 | 4,144 |
Gross Amounts Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | 0 | 0 |
Net Amounts of Liabilities presented in the Statement of Financial Position, Offsetting of Derivative Liabilities | 50,193 | 4,144 |
Financial Instruments, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | 0 | (55) |
Cash Collateral Posted, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | (40) | (850) |
Net Amount, Offsetting of Derivative Liabilities | $ 50,153 | $ 3,239 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 Segment | |
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 | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||
Net interest income | $ 136,105 | $ 98,266 | $ 348,125 | $ 320,025 | |||||
Provision for credit losses | 11,593 | (3,541) | 10,775 | (22,872) | |||||
Noninterest income | 52,606 | 54,149 | 159,974 | 171,143 | |||||
Noninterest expense | 126,698 | 129,600 | 371,984 | 369,827 | |||||
Income before income taxes | 50,420 | 26,356 | 125,340 | 144,213 | |||||
Income taxes | 7,965 | 5,156 | 19,390 | 23,070 | |||||
Net Income | 42,455 | $ 34,284 | $ 29,211 | 21,200 | $ 47,981 | $ 51,962 | 105,950 | 121,143 | |
Selected Financial Information | |||||||||
Total assets | 17,190,634 | 17,364,644 | 17,190,634 | 17,364,644 | $ 17,595,636 | ||||
Depreciation and amortization | 9,669 | 11,909 | 30,354 | 34,337 | |||||
General Banking [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 134,842 | 96,928 | 344,185 | 316,205 | |||||
Provision for credit losses | 11,595 | (3,539) | 10,785 | (22,865) | |||||
Noninterest income | 29,690 | 32,863 | 91,170 | 107,682 | |||||
Noninterest expense | 108,740 | 112,996 | 318,425 | 319,159 | |||||
Income before income taxes | 44,197 | 20,334 | 106,145 | 127,593 | |||||
Income taxes | 6,396 | 3,693 | 14,571 | 18,953 | |||||
Net Income | 37,801 | 16,641 | 91,574 | 108,640 | |||||
Selected Financial Information | |||||||||
Total assets | 16,897,083 | 17,015,176 | 16,897,083 | 17,015,176 | |||||
Depreciation and amortization | 9,439 | 11,653 | 29,610 | 33,563 | |||||
Wealth Management [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 1,266 | 1,341 | 3,948 | 3,828 | |||||
Provision for credit losses | (2) | (2) | (10) | (7) | |||||
Noninterest income | 9,007 | 9,126 | 27,105 | 26,609 | |||||
Noninterest expense | 8,224 | 7,747 | 24,637 | 23,690 | |||||
Income before income taxes | 2,051 | 2,722 | 6,426 | 6,754 | |||||
Income taxes | 515 | 685 | 1,609 | 1,694 | |||||
Net Income | 1,536 | 2,037 | 4,817 | 5,060 | |||||
Selected Financial Information | |||||||||
Total assets | 205,873 | 265,672 | 205,873 | 265,672 | |||||
Depreciation and amortization | 71 | 65 | 217 | 199 | |||||
Insurance [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | (3) | (3) | (8) | (8) | |||||
Noninterest income | 13,909 | 12,160 | 41,699 | 36,852 | |||||
Noninterest expense | 9,734 | 8,857 | 28,922 | 26,978 | |||||
Income before income taxes | 4,172 | 3,300 | 12,769 | 9,866 | |||||
Income taxes | 1,054 | 778 | 3,210 | 2,423 | |||||
Net Income | 3,118 | 2,522 | 9,559 | 7,443 | |||||
Selected Financial Information | |||||||||
Total assets | 87,678 | 83,796 | 87,678 | 83,796 | |||||
Depreciation and amortization | $ 159 | $ 191 | $ 527 | $ 575 |