Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Entity Registrant Name | TRUSTMARK CORP | ||
Entity Central Index Key | 0000036146 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,065 | ||
Entity Common Stock, Shares Outstanding | 60,979,518 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 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 File Number | 000-3683 | ||
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 Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement for Trustmark’s 2023 Annual Meeting of Shareholders to be held April 25, 2023 are incorporated by reference into Part III of the Form 10-K report. | ||
Auditor Name | Crowe LLP | ||
Auditor Location | Atlanta, Georgia | ||
Auditor Firm ID | 173 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 734,787 | $ 2,266,829 |
Federal funds sold and securities purchased under reverse repurchase agreements | 4,000 | 0 |
Securities available for sale, at fair value (amortized cost: $2,270,709-2022; $3,256,289-2021; allowance for credit losses (ACL): $0) | 2,024,082 | 3,238,877 |
Securities held to maturity, net of ACL of $0 (fair value: $1,406,589-2022; $353,511-2021) | 1,494,514 | 342,537 |
Paycheck Protection Program (PPP) loans | 0 | 33,336 |
Loans held for sale (LHFS) | 135,226 | 275,706 |
Loans held for investment (LHFI) | 12,204,039 | 10,247,829 |
Less ACL, LHFI | 120,214 | 99,457 |
Net LHFI | 12,083,825 | 10,148,372 |
Premises and equipment, net | 212,365 | 205,644 |
Mortgage servicing rights (MSR) | 129,677 | 87,687 |
Goodwill | 384,237 | 384,237 |
Identifiable intangible assets, net | 3,640 | 5,074 |
Other real estate, net | 1,986 | 4,557 |
Operating lease right-of-use assets | 36,301 | 34,603 |
Other assets | 770,838 | 568,177 |
Total Assets | 18,015,478 | 17,595,636 |
Deposits: | ||
Noninterest-bearing | 4,093,771 | 4,771,065 |
Interest-bearing | 10,343,877 | 10,316,095 |
Total deposits | 14,437,648 | 15,087,160 |
Federal funds purchased and securities sold under repurchase agreements | 449,331 | 238,577 |
Other borrowings | 1,050,938 | 91,025 |
Subordinated notes | 123,262 | 123,042 |
Junior subordinated debt securities | 61,856 | 61,856 |
ACL on off-balance sheet credit exposures | 36,838 | 35,623 |
Operating lease liabilities | 38,932 | 36,468 |
Other liabilities | 324,405 | 180,574 |
Total Liabilities | 16,523,210 | 15,854,325 |
Shareholders' Equity | ||
Common stock, no par value: Authorized: 250,000,000 shares Issued and outstanding: 60,977,686 shares - 2022; 61,648,679 shares - 2021 | 12,705 | 12,845 |
Capital surplus | 154,645 | 175,913 |
Retained earnings | 1,600,321 | 1,585,113 |
Accumulated other comprehensive income (loss), net of tax | (275,403) | (32,560) |
Total Shareholders' Equity | 1,492,268 | 1,741,311 |
Total Liabilities and Shareholders' Equity | $ 18,015,478 | $ 17,595,636 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Securities available-for-sale, amortized cost | $ 2,270,709 | $ 3,256,289 |
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 | $ 1,406,589 | $ 353,511 |
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) | 60,977,686 | 61,648,679 |
Common stock, outstanding (in shares) | 60,977,686 | 61,648,679 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Interest Income | ||||
Interest and fees on LHFS & LHFI | $ 472,990 | $ 363,772 | $ 390,803 | |
Interest and fees on PPP loans | 639 | 36,726 | 26,643 | |
Interest on securities: | ||||
Taxable | 59,717 | 38,698 | 48,250 | |
Tax exempt | 333 | 548 | 1,079 | |
Interest on federal funds sold and securities purchased under reverse repurchase agreements | 74 | 0 | 1 | |
Other interest income | 8,080 | 2,767 | 1,559 | |
Total Interest Income | 541,833 | 442,511 | 468,335 | |
Interest Expense | ||||
Interest on deposits | 29,069 | 16,945 | 37,487 | |
Interest on federal funds purchased and securities sold under repurchase agreements | 6,127 | 232 | 755 | |
Other interest expense | 11,929 | 6,983 | 3,556 | |
Total Interest Expense | 47,125 | 24,160 | 41,798 | |
Net Interest Income | 494,708 | 418,351 | 426,537 | |
Provision for credit losses (PCL), LHFI | 21,677 | (21,499) | 36,113 | |
PCL, off-balance sheet credit exposures | [1] | 1,215 | (2,949) | 8,934 |
Net Interest Income After PCL | 471,816 | 442,799 | 381,490 | |
Noninterest Income | ||||
Service charges on deposit accounts | 42,157 | 33,246 | 32,289 | |
Bank card and other fees | 36,105 | 34,662 | 31,022 | |
Mortgage banking, net | 28,306 | 63,750 | 125,822 | |
Insurance commissions | 53,721 | 48,511 | 45,176 | |
Wealth management | 35,013 | 35,190 | 31,625 | |
Other, net | 9,842 | 6,551 | 8,659 | |
Total Noninterest Income | 205,144 | 221,910 | 274,593 | |
Noninterest Expense | ||||
Salaries and employee benefits | [1] | 287,440 | 284,158 | 272,257 |
Services and fees | [1] | 101,545 | 89,463 | 83,816 |
Net occupancy - premises | [1] | 29,264 | 27,043 | 26,489 |
Equipment expense | [1] | 24,448 | 24,337 | 23,277 |
Litigation settlement expense | [1] | 100,750 | 0 | 0 |
Other expense | [2] | 59,766 | 64,295 | 60,462 |
Total Noninterest Expense | [3] | 603,213 | 489,296 | 466,301 |
Income Before Income Taxes | 73,747 | 175,413 | 189,782 | |
Income taxes | 1,860 | 28,048 | 29,757 | |
Net Income | $ 71,887 | $ 147,365 | $ 160,025 | |
Earnings Per Share | ||||
Basic | $ 1.17 | $ 2.35 | $ 2.52 | |
Diluted | $ 1.17 | $ 2.34 | $ 2.51 | |
[1] During 2021, Trustmark reclassified its credit loss expense on off-balance sheet credit exposures from noninterest expense to PCL, off-balance sheet credit exposures. Prior periods have been reclassified accordingly. During the first quarter of 2022, Trustmark reclassified its other real estate expense, net to other expense. The prior periods have been reclassified accordingly. During 2021, Trustmark reclassified its credit loss expense related to off-balance sheet credit exposures from noninterest expense to PCL, off-balance sheet credit exposures. Prior periods have been reclassified accordingly. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income per consolidated statements of income | $ 71,887 | $ 147,365 | $ 160,025 |
Net unrealized gains (losses) on available for sale securities and transferred securities: | |||
Net unrealized holding gains (losses) arising during the period | (172,143) | (37,090) | 22,965 |
Change in net unrealized holding loss on securities transferred to held to maturity | (64,525) | 1,985 | 2,383 |
Pension and other postretirement benefit plans: | |||
Change in the actuarial loss of pension and other postretirement benefit plans | 8,094 | 2,134 | (3,846) |
Reclassification adjustments for changes realized in net income: | |||
Net change in prior service costs | 83 | 84 | 112 |
Recognized net loss due to lump sum settlements | 0 | 137 | 89 |
Change in net actuarial loss | 817 | 1,241 | 846 |
Derivatives: | |||
Change in the accumulated gain (loss) on effective cash flow hedge derivatives | (15,514) | 0 | 0 |
Reclassification adjustment for (gain) loss realized in net income | 345 | 0 | 0 |
Other comprehensive income (loss), net of tax | (242,843) | (31,509) | 22,549 |
Comprehensive income | $ (170,956) | $ 115,856 | $ 182,574 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect Period Of Adoption Adjustment [Member] | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect Period Of Adoption Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2019 | $ 1,660,702 | $ (19,949) | $ 13,376 | $ 256,400 | $ 1,414,526 | $ (19,949) | $ (23,600) |
Balance (in shares) at Dec. 31, 2019 | 64,200,111 | ||||||
Accounting standards update [Extensible List] | Accounting Standards Update 2016-13 [Member] | ||||||
Net income per consolidated statements of income | $ 160,025 | 160,025 | |||||
Other comprehensive income (loss), net of tax | 22,549 | 22,549 | |||||
Cash dividends paid on common stock ($0.92 per share) | (58,769) | (58,769) | |||||
Shares withheld to pay taxes, long-term incentive plan | (1,100) | $ 23 | (1,123) | ||||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 111,373 | ||||||
Repurchase and retirement of common stock | (27,538) | $ (184) | (27,354) | ||||
Repurchase and retirement of common stock (in shares) | (886,958) | ||||||
Compensation expense, long-term incentive plan | 5,197 | 5,197 | |||||
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 | 147,365 | 147,365 | |||||
Other comprehensive income (loss), net of tax | (31,509) | (31,509) | |||||
Cash dividends paid on common stock ($0.92 per share) | (58,085) | (58,085) | |||||
Shares withheld to pay taxes, long-term incentive plan | (1,379) | $ 28 | (1,407) | ||||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 133,907 | ||||||
Repurchase and retirement of common stock | (61,799) | $ (398) | (61,401) | ||||
Repurchase and retirement of common stock (in shares) | (1,909,754) | ||||||
Compensation expense, long-term incentive plan | 5,601 | 5,601 | |||||
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 | $ 71,887 | 71,887 | |||||
Other comprehensive income (loss), net of tax | (242,843) | (242,843) | |||||
Cash dividends paid on common stock ($0.92 per share) | (56,679) | (56,679) | |||||
Shares withheld to pay taxes, long-term incentive plan | (1,687) | $ 24 | (1,711) | ||||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 118,398 | ||||||
Repurchase and retirement of common stock | (24,604) | $ (164) | (24,440) | ||||
Repurchase and retirement of common stock (in shares) | (789,391) | ||||||
Compensation expense, long-term incentive plan | 4,883 | 4,883 | |||||
Balance at Dec. 31, 2022 | $ 1,492,268 | $ 12,705 | $ 154,645 | $ 1,600,321 | $ (275,403) | ||
Balance (in shares) at Dec. 31, 2022 | 60,977,686 | 60,977,686 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends paid on common stock (in dollars per share) | $ 0.92 | $ 0.92 | $ 0.92 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | |||
Net income per consolidated statements of income | $ 71,887 | $ 147,365 | $ 160,025 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
PCL | 22,892 | (24,448) | 45,047 |
Depreciation and amortization | 39,882 | 45,813 | 41,325 |
Net amortization of securities | 11,206 | 20,310 | 13,247 |
Gains on sales of loans, net | (24,914) | (70,954) | (94,986) |
Compensation expense, long-term incentive plan | 4,883 | 5,601 | 5,197 |
Deferred income tax provision | (16,800) | 20,115 | (19,800) |
Proceeds from sales of LHFS | 1,267,967 | 2,357,108 | 2,627,122 |
Purchases and originations of LHFS | (1,116,232) | (2,171,605) | (2,668,642) |
Originations of MSR | (17,843) | (28,125) | (29,805) |
Earnings on bank-owned life insurance | (4,875) | (4,853) | (5,099) |
Net change in other assets | (51,921) | 42,400 | (49,653) |
Net change in other liabilities | 167,743 | 19,645 | 13,669 |
Other operating activities, net | (57,359) | (9,601) | 27,699 |
Net cash from operating activities | 296,516 | 348,771 | 65,346 |
Investing Activities | |||
Proceeds from maturities, prepayments and calls of securities held to maturity | 136,135 | 197,091 | 201,888 |
Proceeds from maturities, prepayments and calls of securities available for sale | 435,386 | 835,200 | 680,294 |
Purchases of securities held to maturity | (604,938) | 0 | 0 |
Purchases of securities available for sale | (230,527) | (2,150,935) | (1,051,014) |
Net proceeds from bank-owned life insurance | 288 | 1,772 | 3,280 |
Net change in federal funds sold and securities purchased under reverse repurchase agreements | (4,000) | 50 | (50) |
Net change in member bank stock | (39,329) | (1,220) | 269 |
Net change in LHFI and PPP loans | (1,925,327) | (197,800) | (1,027,924) |
Proceeds from sales of PPP loans | 0 | 353,287 | 0 |
Purchases of premises and equipment | (26,624) | (27,360) | (22,577) |
Proceeds from sales of premises and equipment | 5,107 | 961 | 2,803 |
Proceeds from sales of other real estate | 3,136 | 5,064 | 17,343 |
Purchases of software | (7,388) | (3,836) | (8,252) |
Investments in tax credit and other partnerships | (22,321) | (17,288) | (5,844) |
Purchase of insurance book of business | 0 | 0 | (3,097) |
Net cash used in business acquisition | 0 | 0 | (4,834) |
Net cash from investing activities | (2,280,402) | (1,005,014) | (1,217,715) |
Financing Activities | |||
Net change in deposits | (649,512) | 1,038,396 | 2,803,207 |
Net change in federal funds purchased and securities sold under repurchase agreements | 210,754 | 74,058 | (91,501) |
Net change in other borrowings | 974,981 | (19,189) | 473 |
Payments under finance lease obligations | (1,409) | (1,434) | (1,715) |
Proceeds from subordinated notes | 0 | 0 | 122,900 |
Common stock dividends | (56,679) | (58,085) | (58,769) |
Repurchase and retirement of common stock | (24,604) | (61,799) | (27,538) |
Shares withheld to pay taxes, long-term incentive plan | (1,687) | (1,379) | (1,100) |
Net cash from financing activities | 451,844 | 970,568 | 2,745,957 |
Net change in cash and cash equivalents | (1,532,042) | 314,325 | 1,593,588 |
Cash and cash equivalents at beginning of year | 2,266,829 | 1,952,504 | 358,916 |
Cash and cash equivalents at end of year | $ 734,787 | $ 2,266,829 | $ 1,952,504 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1 – Significant Accounting Policies Business Trustmark Corporation (Trustmark) is a bank holding company headquartered in Jackson, Mississippi. Through its subsidiaries, Trustmark operates as a financial services organization providing banking and financial solutions to corporate institutions and individual customers through offices in Alabama (includes the Georgia Loan Production Office), Florida, Mississippi, Tennessee and Texas. Basis of Financial Statement Presentation The consolidated financial statements include the accounts of Trustmark and all other entities in which Trustmark has a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP). The preparation of financial statements in conformity with these accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expense during the reporting 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 2023 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 Securities are classified as either held to maturity or available for sale. Securities are classified as held to maturity and carried at amortized cost when Management has the positive intent and the ability to hold them until maturity. Securities to be held for indefinite periods of time are classified as available for sale and carried at fair value, with the unrealized holding gains and losses reported as a component of other comprehensive income (loss), net of tax. Securities available for sale are used as part of Trustmark’s interest rate risk management strategy and may be sold in response to changes in interest rates, changes in prepayment rates and other factors. Management determines the appropriate classification of securities at the time of purchase. The amortized cost of debt securities classified as securities held to maturity or securities available for sale is adjusted for amortization of premiums and accretion of discounts to maturity of the security using the interest method. Such amortization or accretion is included in interest on securities. Realized gains and losses are determined using the specific identification method and are included in noninterest income as securities gains (losses), net. Securities transferred from the available for sale category to the held to maturity category are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with the transfer of securities from available for sale to held to maturity are included in the balance of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets. These unrealized holding gains or losses are amortized over the remaining life of the security as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Allowance for Credit Losses (ACL) Financial Accounting Standards Board (FASB) Accounting Standard Update (ASU) 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” was adopted by Trustmark on January 1, 2020. FASB Accounting Standard Codification (ASC) Topic 326 requires a current expected credit losses methodology for estimating allowances for credit losses and applies to all financial instruments carried at amortized cost, including securities held to maturity, and makes targeted improvements to the accounting for credit losses on securities available for sale. Under FASB ASC Topic 326, the ACL is an estimate measured using relevant information about past events, including historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. Trustmark adopted a zero-credit loss assumption for certain classes of securities. This zero-credit loss assumption applies to debt issuances of the U.S. Treasury and agencies and instrumentalities of the United States government. The reasons behind the adoption of the zero-credit loss assumption were as follows: • High credit rating • Long history with no credit losses • Guaranteed by a sovereign entity • Widely recognized as “risk-free rate” • Ability and authority to print its own currency • Currency is routinely held by central banks, used in international commerce, and commonly viewed as reserve currency • Currently under the U.S. Government conservatorship or receivership Trustmark continuously monitors any changes in economic conditions, credit downgrades, changes to explicit or implicit guarantees granted to certain debt issuers, and any other relevant information that would indicate potential credit deterioration and prompt Trustmark to reconsider its zero-credit loss assumption. Securities Available for Sale FASB ASC Subtopic 326-30, “Financial Instruments-Credit Losses-Available-for-Sale Debt Securities,” replaced the concept of other-than-temporarily impaired with the ACL. Unlike securities held to maturity, securities available for sale are evaluated on an individual level and pooling of securities is not allowed. 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 as outlined below: • Review the extent to which the fair value is less than the amortized cost and observe the security’s lowest credit rating as reported by third-party credit ratings companies. • The securities that violate the credit loss triggers above would be subjected to additional analysis that may include, but is not limited to: changes in market interest rates, changes in securities credit ratings, security type, service area economic factors, financial performance of the issuer/or obligor of the underlying issue and third-party guarantee. • If Trustmark determines that a credit loss exists, the credit portion of the allowance will be 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 Trustmark records will be 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). Accrued interest receivable is excluded from the estimate of credit losses for securities available for sale and reported in other assets on the consolidated balance sheets. Securities Held to Maturity FASB ASC Subtopic 326-20, “Financial Instruments-Credit Losses-Measured at Amortized Cost,” requires institutions to measure expected credit losses on financial assets carried at amortized cost on a collective or pool basis when similar risks exist. Trustmark uses several levels of segmentation to measure expected credit losses for its held to maturity securities: • The portfolio is segmented into agency and non-agency securities. • The non-agency securities are separated into municipal, mortgage, and corporate securities. • Each individual segment is categorized by third-party credit ratings. As discussed above, Trustmark has determined that for certain classes of securities it would be appropriate to assume the expected credit loss to be zero , which include debt issuances of the U.S. Treasury and agencies and instrumentalities of the United States government. This assumption is reviewed and attested to quarterly. Trustmark uses an internally built model to verify the accuracy of third-party provided calculations. Accrued interest receivable is excluded from the estimate of credit losses for securities held to maturity and included in other assets on the consolidated balance sheets. Trustmark monitors the credit quality of securities held to maturity on a monthly basis through credit ratings. Loans Held for Sale (LHFS) Trustmark's LHFS portfolio consists of mortgage loans purchased from wholesale customers or originated in Trustmark’s General Banking Segment. Trustmark has elected to account for its LHFS under the fair value option permitted by FASB ASC Topic 825, “Financial Instruments,” with interest income on the LHFS reported in interest and fees on LHFS and LHFI. Trustmark reports unrealized gains and losses resulting from changes in the fair value of the LHFS accounted for under the fair value option as noninterest income in mortgage banking, net. 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 the fair value reported as noninterest income in mortgage banking, net. Changes in the fair value of the LHFS are largely offset by changes in the fair value of the derivative instruments. Election of the fair value option allows Trustmark to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for its LHFS at the lower of cost or fair value and the derivative instruments at fair value. Realized gains and losses upon ultimate sale of the loans are reported as noninterest income in mortgage banking, net. Government National Mortgage Association (GNMA) optional repurchase programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the institution provides servicing. At the servicer’s option and without GNMA’s prior authorization, the servicer may repurchase such a delinquent loan for an amount equal to 100 percent of the remaining principal balance of the loan. Under FASB ASC Topic 860, “Transfers and Servicing,” this buy-back option is considered a conditional option until the delinquency criteria are met, at which time the option becomes unconditional. When Trustmark is deemed to have regained effective control over these loans under the unconditional buy-back option, the loans can no longer be reported as sold and must be brought back onto the balance sheet as LHFS, regardless of whether Trustmark intends to exercise the buy-back option. These loans are reported as LHFS with the offsetting liability being reported as short-term borrowings. The fair value option election does not apply to the GNMA optional repurchase loans which do not meet the requirements under FASB ASC Topic 825 to be accounted for under the fair value option. Trustmark defers the upfront loan fees and costs related to the LHFS. In general, the LHFS are only retained on Trustmark’s balance sheet for 30 to 45 days before they are pooled and sold in the secondary market. The difference between deferring these loan fees and costs until the loans are sold and recognizing them in earnings as incurred as required by FASB ASC Subtopic 825-10 is considered immaterial. Deferred loan fees and costs are reflected in the basis of the LHFS and, as such, impact the resulting gain or loss when the loans are sold. Loans Held for Investment (LHFI) LHFI are loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off and are reported at amortized cost net of the ACL. Amortized cost is the amount of unpaid principal, adjusted for the net amount of direct costs and nonrefundable loan fees associated with lending. The net amount of nonrefundable loan origination fees and direct costs associated with the lending process, including commitment fees, is deferred and accreted to interest income over the lives of the loans using a method that approximates the interest method. Interest on LHFI is accrued and recorded as interest income based on the outstanding principal balance. Past due LHFI are loans contractually past due 30 days or more as to principal or interest payments. A LHFI is classified as nonaccrual, and the accrual of interest on such loan is discontinued, when the contractual payment of principal or interest becomes 90 days past due on commercial credits and 120 days past due on non-business purpose credits. In addition, a credit may be placed on nonaccrual at any other time Management has serious doubts about further collectability of principal or interest according to the contractual terms, even though the loan is currently performing. A LHFI may remain in accrual status if it is in the process of collection and well-secured. When a LHFI is placed in nonaccrual status, interest accrued but not received is reversed against interest income. Interest payments received on nonaccrual LHFI are applied against principal under the cost-recovery method, until qualifying for return to accrual status. Under the cost-recovery method, interest income is not recognized until the principal balance is reduced to zero. LHFI are restored to accrual status when the obligation is brought current or has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Troubled Debt Restructuring (TDR) 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. A formal TDR may include, but is not necessarily limited to, one or a combination of the following situations: • Trustmark accepts a third-party receivable or other asset(s) of the borrower, in lieu of the receivable from the borrower. • Trustmark accepts an equity interest in the borrower in lieu of the receivable. • Trustmark accepts modification of the terms of the debt including but not limited to: o Reduction (absolute or contingent) of the stated interest rate to below the current market rate. o Extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk. o Reduction (absolute or contingent) of the face amount or maturity amount of the debt as stated in the note or other agreement. o Reduction (absolute or contingent) of accrued interest. TDRs are addressed in Trustmark’s Loan Policy Manual, and in accordance with that policy, any modifications or concessions that may result in a TDR are subject to a special approval process which allows for control, identification, and monitoring of these arrangements. Prior to granting a concession, a revised borrowing arrangement is proposed which is structured so as to improve collectability of the loan in accordance with a reasonable repayment schedule with any loss promptly identified. It is supported by a thorough evaluation of the borrower’s financial condition and prospects for repayment under those revised terms. Other TDRs arising from renewals or extensions of existing debt are routinely identified through the processes utilized in the Problem Loan Committee and in the Credit Quality Review Committee. TDRs are subsequently reported to the Directors’ Credit Policy Committee on a quarterly basis and are disclosed in Trustmark’s consolidated financial statements in accordance with GAAP and regulatory reporting guidance. A TDR in which Trustmark receives physical possession of the borrower’s assets, regardless of whether formal foreclosure or repossession proceedings take place, is accounted for in accordance with FASB ASC Subtopic 310-40, “Receivables-Troubled Debt Restructurings by Creditors.” Thus, the loan is treated as if assets have been received in satisfaction of the loan and reported as a foreclosed asset. A TDR may be returned to accrual status if Trustmark is reasonably assured of repayment of principal and interest under the modified terms and the borrower has demonstrated sustained performance under those terms for a period of at least six months. Otherwise, the restructured loan must remain on nonaccrual. Purchased Credit Deteriorated (PCD) Loans Purchased loans which have experienced more than insignificant credit deterioration since origination are considered PCD loans. An initial ACL for PCD loans is determined at acquisition using the same ACL methodology as the LHFI. The initial ACL determined on a collective basis is allocated to individual loans. PCD loans are reported at the amortized cost, which equals the loan purchased price plus the initial ACL. The difference between the amortized cost basis of the PCD loan and the par value of the loan is the noncredit premium or discount, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through the PCL, LHFI. Upon adoption of FASB ASC Topic 326, Trustmark elected to maintain pools of loans that were previously accounted for under FASB ASC Subtopic 310-30, “Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality,” and will continue to account for these pools as a unit of account. Loans are only removed from the existing loan pools if they are written off, paid off or sold. Upon adoption of FASB ASC Topic 326, the ACL was determined for each pool and added to the pool’s carrying value to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the noncredit premium or discount which will be amortized into interest income over the remaining life of the pool. Changes to the ACL after adoption of FASB ASC Topic 326 are recorded through the PCL, LHFI. ACL LHFI Trustmark’s ACL methodology for LHFI is based upon guidance within FASB ASC Subtopic 326-20 as well as applicable regulatory guidance. The ACL on LHFI 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 on LHFI. The ACL on LHFI is an estimate of expected losses inherent within Trustmark’s existing LHFI portfolio. The ACL on LHFI is adjusted through the PCL, LHFI and reduced by the charge off of loan amounts, net of recoveries. The loan loss estimation process involves procedures to appropriately consider the unique characteristics of Trustmark’s LHFI portfolio segments. These segments are further disaggregated into loan classes, the level at which credit risk is estimated. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the allowance is complex and requires judgement by Management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall LHFI portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense. Trustmark estimates the ACL on LHFI using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts including the novel coronavirus (COVID-19) pandemic effects. Trustmark uses a third-party software application to calculate the quantitative portion of the ACL on LHFI using a methodology and assumptions specific to each loan pool. The qualitative portion of the allowance is based on general economic conditions and other internal and external factors affecting Trustmark as a whole as well as specific LHFI. Factors considered include the following: lending policies and procedures, economic conditions and concentrations of credit, nature and volume of the portfolio, performance trends, and external factors. The quantitative and qualitative portions of the allowance are added together to determine the total ACL on LHFI, which reflects Management’s expectations of future conditions based on reasonable and supportable forecasts. The methodology for estimating the amount of expected credit losses reported in the ACL on LHFI 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. 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 ACL for individual loans that do not share risk characteristics with other loans is measured as the difference between the discounted value of expected future cash flows, based on the effective interest rate at origination, and the amortized cost basis of the loan, or the net realizable value. The ACL is the difference between the loan’s net realizable value and its amortized cost basis (net of previous charge-offs and deferred loan fees and costs), except for collateral-dependent loans. 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 the ‘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. If the calculated expected credit loss is determined to be permanent or not recoverable, the amount of the expected credit loss is charged off. Accrued interest receivable is not included in the amortized cost basis of Trustmark’s LHFI and, therefore, excluded from the estimate of credit losses for LHFI. LHFI are charged off against the ACL on LHFI, with any subsequent recoveries credited back to the ACL on LHFI account. Expected recoveries may not exceed the aggregate of amounts previously charged off and expected to be charged off. Trustmark’s Loan Policy Manual dictates the guidelines to be followed in determining when a loan is charged off. Commercial purpose LHFI are charged off when a determination is made that the loan is uncollectible and continuance as a bankable asset is not warranted. Consumer LHFI secured by 1-4 family residential real estate are generally charged off or written down to the fair value of the collateral less cost to sell at no later than 180 days of delinquency. Non-real estate consumer purpose LHFI, including both secured and unsecured loans, are generally charged off by 120 days of delinquency. Consumer revolving lines of credit and credit card debt are generally charged off on or prior to 180 days of delinquency. ACL on Off-Balance Sheet Credit Exposures Under FASB ASC Subtopic 326-20, Trustmark is required to estimate expected credit losses for off-balance sheet credit exposures which are not unconditionally cancellable. Trustmark maintains a separate ACL on off-balance sheet credit exposures, including unfunded loan commitments and letters of credit. Expected credit losses for off-balance sheet credit exposures are estimated by calculating a commitment usage factor over the contractual period for exposures that are not unconditionally cancellable by Trustmark. Trustmark calculates a loan pool level unfunded amount for the period. Trustmark views the loan pools as either closed-ended or open-ended. Closed-ended loan pools are those that typically fund up to 100% such as other construction and nonowner-occupied. Open-ended loan pools are those that behave similar to a revolver such as the commercial and industrial and home equity line of credit loan pools. In addition to the unfunded balances, Trustmark uses a funding rate for loan pools that are considered open-ended. Trustmark calculates the funding rate of the open-ended loan pools each period. In order to mitigate volatility and incorporate historical experience in the funding rate, Trustmark uses a twelve-quarter moving average. For the closed-ended loan pools, Trustmark takes a conservative approach and uses a 100% funding rate. The expected funding rate is applied to each pool’s unfunded commitment balances to ensure that reserves will be applied to each pool based on balances expected to be funded based upon historical levels. In addition to the funding rate being applied to the unfunded commitment balance, a reserve rate is applied that incorporates both quantitative and qualitative aspects of the current period’s expected credit loss rate. The reserve rate is loan pool specific and is applied to the unfunded amount to ensure loss factors, both quantitative and qualitative, are being considered on the unfunded portion of the loan pool, consistent with the methodology applied to the funded loan pools. Adjustments to the ACL on off-balance sheet credit exposures are recorded to the PCL, 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. Premises and Equipment, Net Premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is charged to expense over the estimated useful lives of the assets, which are up to thirty-nine years for buildings and three to ten years for furniture and equipment. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. In cases where Trustmark has the right to renew the lease for additional periods, the lease term for the purpose of calculating amortization of the capitalized cost of the leasehold improvements is extended when Trustmark is “reasonably assured” that it will renew the lease. Depreciation and amortization expenses are computed using the straight-line method. Trustmark continually evaluates whether events and circumstances have occurred that indicate that such long-lived assets have become impaired. Measurement of any impairment of such long-lived assets is based on the fair values of those assets. Branch closures and purchased land held for future branch expansion for more than five years are evaluated to determine if the related land, buildings and building improvements should be transferred to assets held for sale in accordance with FASB ASC Topic 360, “Property, Plant and Equipment.” The property is transferred to assets held for sale at the lower of its carrying value or fair value less cost to sell. An impairment loss is recorded at the time of transfer if the carrying value of the assets exceeds the fair value. Impairment losses are recorded as noninterest expense in other expense. Mortgage Servicing Rights (MSR) Trustmark recognizes as assets the rights to service mortgage loans based on the estimated fair value of the MSR when loans are sold and the associated servicing rights are retained. Trustmark has elected to account for the MSR at fair value. The fair value of the MSR is determined using discounted cash flow techniques benchmarked against third-party valuations. Estimates of fair value involve several assumptions, including the key valuation assumptions about market expectations of future prepayment rates, interest rates and discount rates which are provided by a third-party firm. Prepayment rates are projected using an industry standard prepayment model. The model considers other key factors, such as a wide range of standard industry assumptions tied to specific portfolio characteristics such as remittance cycles, escrow payment requirements, geographic factors, foreclosure loss exposure, VA no-bid exposure, delinquency rates and cost of servicing, including base cost and cost to service delinquent mortgages. Prevailing market conditions at the time of analysis are factored into the accumulation of assumptions and determination of servicing value. Trustmark economically hedges changes in the fair value of the MSR attributable to interest rates. See Note 1 – Significant Accounting Policies, “Derivative Financial Instruments – Derivatives Not Designated as Hedging Instruments” for information regarding these derivative instruments. Trustmark receives annual servicing fee income for loans serviced, which is recorded as noninterest income in mortgage banking, net. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Late fees and ancillary fees related to loan servicing are not considered material. Goodwill and Identifiable Intangible Assets Trustmark accounts for goodwill and other intangible assets in accordance with FASB ASC Topic 350, “Intangibles – Goodwill and Other.” Goodwill, which represents the excess of cost over the fair value of the net assets of an acquired business, is not amortized but tested for impairment on an annual basis, which is October 1 for Trustmark, or more often if events or circumstances indicate that there may be impairment. Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with a related contract, asset or liability. Trustmark’s identifiable intangible assets primarily relate to core deposits, insurance customer relationships and borrower relationships. These intangibles, which have definite useful lives, are amortized on an accelerated basis over their estimated useful lives. In addition, these intangibles are evaluated for impairment whenever events and changes in circumstances indicate that the carrying amount should be reevaluated. Trustmark also purchased banking charters in order to facilitate its entry into the states of Florida and Texas. These identifiable intangible assets are being amortized on a straight-line method over 20 years. Other Real Estate Other real estate includes assets that have been acqu |
Cash and Due from Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due from Banks | Note 2 – Cash and Due from Banks Trustmark is required to maintain average reserve balances with the Federal Reserve Bank of Atlanta based on a percentage of deposits. Effective March 26, 2020, the Federal Reserve reduced reserve requirement ratios to zero percent, eliminating the reserve requirements for all depository institutions, in order to provide liquidity in the banking system to support lending to households and businesses due to the COVID-19 pandemic. |
Securities Available for Sale a
Securities Available for Sale and Held to Maturity | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale and Held to Maturity | Note 3 – Securities Available for Sale and Held to Maturity The following tables are a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity at December 31, 2022 and 2021 ($ in thousands): Securities Available for Sale Securities Held to Maturity Gross Gross Estimated Gross Gross Estimated Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury securities $ 425,719 $ 308 $ ( 34,514 ) $ 391,513 $ 28,295 $ — $ ( 115 ) $ 28,180 U.S. Government agency obligations 8,297 — ( 531 ) 7,766 — — — — Obligations of states and political 4,820 53 ( 11 ) 4,862 4,510 3 ( 3 ) 4,510 Mortgage-backed securities Residential mortgage pass-through Guaranteed by GNMA 30,534 7 ( 3,444 ) 27,097 4,442 — ( 395 ) 4,047 Issued by FNMA and FHLMC 1,541,570 12 ( 196,119 ) 1,345,463 509,311 — ( 19,586 ) 489,725 Other residential mortgage-backed Issued or guaranteed by FNMA, 123,755 — ( 8,615 ) 115,140 188,201 — ( 13,826 ) 174,375 Commercial mortgage-backed Issued or guaranteed by FNMA, 136,014 — ( 3,773 ) 132,241 759,755 34 ( 54,037 ) 705,752 Total $ 2,270,709 $ 380 $ ( 247,007 ) $ 2,024,082 $ 1,494,514 $ 37 $ ( 87,962 ) $ 1,406,589 December 31, 2021 U.S. Treasury securities $ 349,562 $ 16 $ ( 4,938 ) $ 344,640 $ — $ — $ — $ — U.S. Government agency obligations 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-through Guaranteed by GNMA 38,942 665 ( 34 ) 39,573 5,005 187 ( 3 ) 5,189 Issued by FNMA and FHLMC 2,230,498 8,945 ( 21,014 ) 2,218,429 43,444 962 — 44,406 Other residential mortgage-backed Issued or guaranteed by FNMA, 193,908 2,879 ( 97 ) 196,690 241,934 9,015 ( 31 ) 250,918 Commercial mortgage-backed Issued or guaranteed by FNMA, 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 approximately $ 1.099 billion of securities available for sale to securities held to maturity. At the date of transfer, the net unrealized holding loss on the available for sale securities totaled approximately $ 46.6 million ($ 28.8 million, net of tax). During 2022, Trustmark reclassified a total of $ 766.0 million of securities available for sale to securities held to maturity. On the date of these transfers, the net unrealized holding loss on the available for sale securities totaled approximately $ 91.9 million ($ 68.9 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 will be 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 these transfers. At December 31, 2022 , the net unamortized, unrealized loss on transferred securities included in accumulated other comprehensive income (loss) in the accompanying balance sheet totaled approximately $ 92.3 million ($ 69.2 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 DCF analysis using the effective interest rate as of the security’s purchase date. The amount of credit loss Trustmark records will be 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. At both December 31, 2022 and 2021, the results of the loss analysis performed did not identify any securities that warranted DCF analysis 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 December 31, 2022 and 2021 , accrued interest receivable totaled $ 4.0 million and $ 5.1 million, respectively, for securities available for sale and was reported in other assets on the accompanying consolidated balance sheet. Securities Held to Maturity At December 31, 2022 and 2021 , the potential credit loss exposure for Trustmark’s securities held to maturity was $ 4.5 million and $ 7.3 million, respectively, and consisted of municipal securities. After applying appropriate probability of default and loss given default assumptions, the total amount of current expected credit losses was deemed immaterial. Therefore, no reserve was recorded at December 31, 2022 and 2021. Accrued interest receivable is excluded from the estimate of credit losses for securities held to maturity. At December 31, 2022 and 2021 , accrued interest receivable totaled $ 2.7 million and $ 670 thousand for securities held to maturity and was reported in other assets on the accompanying consolidated balance sheet. At both December 31, 2022 and 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 December 31, 2022 and 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 December 31, 2022 and 2021 ($ in thousands): December 31, 2022 December 31, 2021 Aaa $ 1,490,004 $ 335,208 Aa1 to Aa3 3,001 5,007 Not Rated (1) 1,509 2,322 Total $ 1,494,514 $ 342,537 (1) Not rated securities primarily consist of Mississippi municipal general obligations. The table below includes securities with gross unrealized losses for which an ACL has not been recorded and segregated by length of impairment at December 31, 2022 and 2021 ($ in thousands): Less than 12 Months 12 Months or More Total Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2022 Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ 161,298 $ ( 5,655 ) $ 258,087 $ ( 28,974 ) $ 419,385 $ ( 34,629 ) U.S. Government agency obligations 1,828 ( 184 ) 5,938 ( 347 ) 7,766 ( 531 ) Obligations of states and political 1,017 ( 11 ) 3,664 ( 3 ) 4,681 ( 14 ) Mortgage-backed securities Residential mortgage pass-through Guaranteed by GNMA 27,223 ( 3,270 ) 3,577 ( 569 ) 30,800 ( 3,839 ) Issued by FNMA and FHLMC 770,865 ( 41,807 ) 1,062,041 ( 173,898 ) 1,832,906 ( 215,705 ) Other residential mortgage-backed Issued or guaranteed by FNMA, 281,964 ( 21,452 ) 7,235 ( 989 ) 289,199 ( 22,441 ) Commercial mortgage-backed Issued or guaranteed by FNMA, 833,970 ( 57,742 ) 1,644 ( 68 ) 835,614 ( 57,810 ) Total $ 2,078,165 $ ( 130,121 ) $ 1,342,186 $ ( 204,848 ) $ 3,420,351 $ ( 334,969 ) 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 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 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. Securities Gains and Losses For the years ended December 31, 2022, 2021 and 2020 , 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 securities gains (losses), net. Securities Pledged Securities with a carrying value of $ 2.693 billion and $ 2.831 billion at December 31, 2022 and 2021, respectively, were pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law. At both December 31, 2022 and 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 December 31, 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 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 30,089 $ 30,208 $ 4,169 $ 4,170 Due after one year through five years 389,528 356,175 341 340 Due after five years through ten years 14,218 12,999 28,295 28,180 Due after ten years 5,001 4,759 — — 438,836 404,141 32,805 32,690 Mortgage-backed securities 1,831,873 1,619,941 1,461,709 1,373,899 Total $ 2,270,709 $ 2,024,082 $ 1,494,514 $ 1,406,589 |
LHFI and ACL, LHFI
LHFI and ACL, LHFI | 12 Months Ended |
Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
LHFI and ACL, LHFI | Note 4 – LHFI and ACL, LHFI At December 31, 2022 and 2021, LHFI consisted of the following ($ in thousands): December 31, 2022 2021 Loans secured by real estate: Construction, land development and other land $ 690,616 $ 596,968 Other secured by 1-4 family residential properties 590,790 517,683 Secured by nonfarm, nonresidential properties 3,278,830 2,977,084 Other real estate secured 742,538 726,043 Other loans secured by real estate: Other construction 1,028,926 711,813 Secured by 1-4 family residential properties 2,185,057 1,460,310 Commercial and industrial loans 1,821,259 1,414,279 Consumer loans 170,230 162,555 State and other political subdivision loans 1,223,863 1,146,251 Other commercial loans 471,930 534,843 LHFI 12,204,039 10,247,829 Less ACL 120,214 99,457 Net LHFI $ 12,083,825 $ 10,148,372 Accrued interest receivable is not included in the amortized cost basis of Trustmark’s LHFI. At December 31, 2022 and 2021 , accrued interest receivable for LHFI totaled $ 50.7 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 December 31, 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. Related Party Loans At December 31, 2022 and 2021 , loans to certain executive officers and directors, including their immediate families and companies in which they are principal owners, totaled $ 47.0 million and $ 26.3 million, respectively. During 2022 , $ 298.9 million of new loan advances were made, while repayments were $ 278.0 million. In addition, decreases in loans due to changes in executive officers and directors totaled $ 139 thousand. Nonaccrual and Past Due LHFI No material interest income was recognized in the income statement on nonaccrual LHFI for each of the years in the three-year period ended December 31, 2022. 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 December 31, 2022 and 2021 ($ in thousands): December 31, 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 $ 137 $ 1,902 $ — Other secured by 1-4 family residential properties 482 3,957 534 Secured by nonfarm, nonresidential properties 4,841 6,957 — Other real estate secured — 231 — Other loans secured by real estate: Other construction — 7,620 — Secured by 1-4 family residential properties 1,193 19,775 3,118 Commercial and industrial loans 14,441 25,102 — Consumer loans — 181 277 Other commercial loans — 247 — Total $ 21,094 $ 65,972 $ 3,929 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 loans) at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 Past Due 90 Days Total Current 30-59 Days 60-89 Days or More Past Due Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 1,972 $ 199 $ 34 $ 2,205 $ 688,411 $ 690,616 Other secured by 1-4 family residential properties 3,682 1,206 1,281 6,169 584,621 590,790 Secured by nonfarm, nonresidential properties 825 18 794 1,637 3,277,193 3,278,830 Other real estate secured 131 30 — 161 742,377 742,538 Other loans secured by real estate: Other construction — — 7,620 7,620 1,021,306 1,028,926 Secured by 1-4 family residential properties 10,709 4,236 9,999 24,944 2,160,113 2,185,057 Commercial and industrial loans 1,966 508 8,974 11,448 1,809,811 1,821,259 Consumer loans 2,199 645 279 3,123 167,107 170,230 State and other political subdivision loans 431 — — 431 1,223,432 1,223,863 Other commercial loans 785 45 24 854 471,076 471,930 Total $ 22,700 $ 6,887 $ 29,005 $ 58,592 $ 12,145,447 $ 12,204,039 December 31, 2021 Past Due 90 Days Total Current 30-59 Days 60-89 Days or More Past Due Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 323 $ 11 $ 5,241 $ 5,575 $ 591,393 $ 596,968 Other secured by 1-4 family residential properties 1,811 368 567 2,746 514,937 517,683 Secured by nonfarm, nonresidential properties 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 TDRs At December 31, 2022, 2021 and 2020 , LHFI classified as TDRs totaled $ 10.2 million, $ 21.6 million and $ 25.8 million, respectively, At December 31, 2022 , LHFI classified as TDRs were primarily comprised of payment concessions and bankruptcies which totaled $ 9.7 million. At December 31, 2021 , LHFI classified as TDRs were primarily comprised of bankruptcies, payment concessions and credits with interest-only payments for an extended period of time which totaled $ 18.2 million. At December 31, 2020 , LHFI classified as TDRs were primarily comprised of credits with interest-only payments for an extended period of time, payment concessions and credits renewed at a rate that was not commensurate with that of new debt with similar risk which totaled $ 17.7 million. Trustmark had $ 9 thousand of unused commitments on TDRs at December 31, 2022 , compared to $ 1.0 million of unused commitments on TDRs at December 31, 2021 and $ 4.5 million of unused commitments on TDRs at December 31, 2020. At December 31, 2022 , TDRs had a related ACL, LHFI of $ 203 thousand, compared to a related ACL, LHFI of $ 1.5 million and $ 2.4 million at December 31, 2021 and 2020 , respectively. Specific charge-offs related to TDRs totaled $ 511 thousand, $ 3.7 million and $ 2.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. The following tables illustrate the impact of modifications classified as TDRs for the periods presented ($ in thousands): Year Ended December 31, 2022 Number of Pre-Modification Post-Modification Loans secured by real estate: Construction, land development and other land 1 $ 146 $ 146 Other secured by 1-4 family residential properties 4 321 314 Secured by nonfarm, nonresidential properties 5 6,603 6,601 Other real estate secured 1 85 85 Other loans secured by real estate: Secured by 1-4 family residential properties 12 1,231 1,263 Commercial and industrial loans 1 500 500 Total 24 $ 8,886 $ 8,909 Year Ended December 31, 2021 Number of Pre-Modification Post-Modification Loans secured by real estate: Construction, land development and other land 5 $ 5,582 $ 5,582 Other secured by 1-4 family residential properties 3 37 37 Secured by nonfarm, nonresidential properties 5 5,789 5,265 Other loans secured by real estate: Secured by 1-4 family residential properties 8 909 906 Commercial and industrial loans 2 1,014 1,014 Consumer loans 1 6 6 Total 24 $ 13,337 $ 12,810 Year Ended December 31, 2020 Number of Pre-Modification Post-Modification Loans secured by real estate: Other secured by 1-4 family residential properties 13 $ 923 $ 929 Secured by nonfarm, nonresidential properties 2 1,111 1,111 Commercial and industrial loans 4 1,665 1,664 Consumer loans 6 26 26 State and other political subdivision loans 2 3,902 3,872 Total 27 $ 7,627 $ 7,602 The table below includes the balances at default for TDRs modified within the last 12 months for which there was a payment default during the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Number of Recorded Number of Recorded Number of Recorded Loans secured by real estate: Construction, land development and other — $ — 5 $ 5,582 — $ — Other secured by 1-4 family residential 1 42 1 16 2 78 Secured by nonfarm, nonresidential — — — — 1 139 Other loans secured by real estate: Secured by 1-4 family residential properties — — 1 78 — — Commercial and industrial loans — — — — 1 82 Total 1 $ 42 7 $ 5,676 4 $ 299 Trustmark’s TDRs have resulted primarily from allowing the borrower to pay interest-only for an extended period of time and credits renewed at a rate that was not commensurate with that of new debt with similar risk rather than from forgiveness. Accordingly, as shown above, these TDRs have a similar recorded investment for both the pre-modification and post-modification disclosure. Trustmark has utilized loans 90 days or more past due to define payment default in determining TDRs that have subsequently defaulted. The following tables detail LHFI classified as TDRs by loan class at December 31, 2022, 2021 and 2020 ($ in thousands): December 31, 2022 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 1,564 $ 1,564 Other secured by 1-4 family residential properties 193 823 1,016 Secured by nonfarm, nonresidential properties 98 4,015 4,113 Other real estate secured — 68 68 Other loans secured by real estate: Secured by 1-4 family residential properties 66 3,289 3,355 Commercial and industrial loans — 45 45 Total TDRs $ 357 $ 9,804 $ 10,161 December 31, 2021 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 4,640 $ 4,640 Other secured by 1-4 family residential properties — 965 965 Secured by nonfarm, nonresidential properties 394 7,325 7,719 Other loans secured by real estate: Secured by 1-4 family residential properties 50 2,484 2,534 Commercial and industrial loans 2,000 215 2,215 Consumer loans 7 9 16 State and other political subdivision loans — 3,486 3,486 Other commercial loans — 36 36 Total TDRs $ 2,451 $ 19,160 $ 21,611 December 31, 2020 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 12 $ 12 Other secured by 1-4 family residential properties — 3,699 3,699 Secured by nonfarm, nonresidential properties — 3,903 3,903 Commercial and industrial loans 1,500 12,749 14,249 Consumer loans 6 17 23 State and other political subdivision loans — 3,793 3,793 Other commercial loans — 81 81 Total TDRs $ 1,506 $ 24,254 $ 25,760 Collateral-Dependent Loans The following tables present the amortized cost basis of collateral-dependent loans by class of loans and collateral type at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 Real Estate Inventory and Receivables Vehicles Miscellaneous Total Loans secured by real estate: Construction, land development and $ 1,558 $ — $ — $ — $ 1,558 Other secured by 1-4 family 482 — — — 482 Secured by nonfarm, nonresidential 4,841 — — — 4,841 Other loans secured by real estate: Other construction 7,620 — — — 7,620 Secured by 1-4 family residential 1,193 — — — 1,193 Commercial and industrial loans 40 233 395 23,926 24,594 Total $ 15,734 $ 233 $ 395 $ 23,926 $ 40,288 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 loan portfolio credit quality indicators focus on six key quality ratios that are compared against bank tolerances. The loan indicators are total classified outstanding, total criticized outstanding, nonperforming loans, nonperforming assets, delinquencies and net loan losses. Due to the homogenous nature of consumer loans, Trustmark does not assign a formal internal risk rating to each credit and therefore the criticized and classified measures are 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 all bank regulatory agencies and are generally equally applied by 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 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 thirty days or more or on nonaccrual. This review includes recommendations regarding risk ratings, accrual status, charge-offs and appropriate servicing officer as well as evaluation of problem credits for determination of TDRs. Quarterly, the Credit Quality Review Committee reviews and modifies continuous action plans for all credits risk rated seven or worse for relationships of $100 thousand or more. In addition, periodic reviews of significant development, commercial construction, multi-family and nonowner-occupied projects are performed. These reviews assess each particular project with respect to location, project valuations, progress of completion, leasing status, current financial information, rents, operating expenses, cash flow, adherence to budget and projections and other information as applicable. Summary results are reviewed by Senior and Regional Credit Officers in addition to the Chief Credit Officer with a determination made as to the appropriateness of existing risk ratings and accrual status. Consumer Credits Consumer LHFI that do not meet a minimum custom credit score are reviewed quarterly. The Retail Credit Review Committee, Management Credit Policy Committee and the Directors Credit Policy Committee review the volume and/or percentage of approvals that did not meet the minimum passing custom score to ensure that Trustmark continues to originate quality loans. Trustmark monitors the levels and severity of past due consumer LHFI on a daily basis through its collection activities. A detailed assessment of consumer LHFI delinquencies is performed monthly at both a product and market level. The tables below present the amortized cost basis of loans by credit quality indicator and class of loans based on analyses performed at December 31, 2022 and 2021 ($ in thousands): Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of December 31, 2022 Commercial LHFI Loans secured by real estate: Construction, land development Pass - RR 1 through RR 6 $ 363,824 $ 119,727 $ 29,632 $ 3,405 $ 1,016 $ 2,364 $ 64,953 $ 584,921 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 146 199 — 1,415 — — 44 1,804 Doubtful - RR 9 — — — — — 42 — 42 Total 363,970 119,926 29,632 4,820 1,016 2,406 64,997 586,767 Other secured by 1-4 family residential Pass - RR 1 through RR 6 $ 41,996 $ 33,346 $ 17,215 $ 9,341 $ 6,798 $ 2,870 $ 12,209 $ 123,775 Special Mention - RR 7 29 64 17 — — — — 110 Substandard - RR 8 686 31 75 88 220 285 — 1,385 Doubtful - RR 9 15 — — — — — — 15 Total 42,726 33,441 17,307 9,429 7,018 3,155 12,209 125,285 Secured by nonfarm, nonresidential Pass - RR 1 through RR 6 $ 889,556 $ 657,242 $ 603,515 $ 457,163 $ 205,425 $ 281,828 $ 130,052 $ 3,224,781 Special Mention - RR 7 10,284 — — 271 — — — 10,555 Substandard - RR 8 12,034 1,066 9,457 905 706 18,488 693 43,349 Doubtful - RR 9 34 — — 77 — 18 — 129 Total 911,908 658,308 612,972 458,416 206,131 300,334 130,745 3,278,814 Other real estate secured: Pass - RR 1 through RR 6 $ 293,051 $ 156,386 $ 143,114 $ 107,827 $ 11,297 $ 17,626 $ 12,516 $ 741,817 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 30 — 309 — 5 68 126 538 Doubtful - RR 9 — — — — — — — — Total 293,081 156,386 143,423 107,827 11,302 17,694 12,642 742,355 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of December 31, 2022 Commercial LHFI Other loans secured by real estate: Other construction Pass - RR 1 through RR 6 $ 372,981 $ 306,904 $ 340,388 $ 833 $ — $ — $ 200 $ 1,021,306 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 — 7,620 — — — — — 7,620 Doubtful - RR 9 — — — — — — — — Total 372,981 314,524 340,388 833 — — 200 1,028,926 Commercial and industrial loans: Pass - RR 1 through RR 6 $ 673,848 $ 261,962 $ 120,123 $ 44,994 $ 14,265 $ 69,078 $ 577,749 $ 1,762,019 Special Mention - RR 7 — — 12,421 — — — 6,454 18,875 Substandard - RR 8 6,973 9,845 2,170 312 74 — 20,625 39,999 Doubtful - RR 9 240 53 10 4 35 — 24 366 Total 681,061 271,860 134,724 45,310 14,374 69,078 604,852 1,821,259 State and other political subdivision loans: Pass - RR 1 through RR 6 $ 393,345 $ 223,302 $ 123,350 $ 39,031 $ 18,876 $ 421,588 $ 1,671 $ 1,221,163 Special Mention - RR 7 — — — — — 2,700 — 2,700 Substandard - RR 8 — — — — — — — — Doubtful - RR 9 — — — — — — — — Total 393,345 223,302 123,350 39,031 18,876 424,288 1,671 1,223,863 Other commercial loans: Pass - RR 1 through RR 6 $ 88,763 $ 40,006 $ 28,239 $ 37,607 $ 6,424 $ 10,829 $ 244,882 $ 456,750 Special Mention - RR 7 879 — — — — — — 879 Substandard - RR 8 3,728 98 — — 16 1,134 9,301 14,277 Doubtful - RR 9 24 — — — — — — 24 Total 93,394 40,104 28,239 37,607 6,440 11,963 254,183 471,930 Total commercial LHFI $ 3,152,466 $ 1,817,851 $ 1,430,035 $ 703,273 $ 265,157 $ 828,918 $ 1,081,499 $ 9,279,199 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of December 31, 2022 Consumer LHFI Loans secured by real estate: Construction, land development and Current $ 62,049 $ 32,867 $ 3,304 $ 1,759 $ 1,679 $ 1,915 $ — $ 103,573 Past due 30-89 days — 150 — 36 15 9 — 210 Past due 90 days or more — — — — — — — — Nonaccrual — 58 — — — 8 — 66 Total 62,049 33,075 3,304 1,795 1,694 1,932 — 103,849 Other secured by 1-4 family residential Current $ 25,402 $ 7,983 $ 5,389 $ 4,894 $ 3,701 $ 7,252 $ 403,123 $ 457,744 Past due 30-89 days 19 35 15 134 5 286 3,197 3,691 Past due 90 days or more — — — 1 — — 452 453 Nonaccrual 88 24 4 20 7 454 3,020 3,617 Total 25,509 8,042 5,408 5,049 3,713 7,992 409,792 465,505 Secured by nonfarm, nonresidential Current $ — $ 16 $ — $ — $ — $ — $ — $ 16 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — 16 — — — — — 16 Other real estate secured: Current $ — $ — $ 89 $ — $ 5 $ 89 $ — $ 183 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — — 89 — 5 89 — 183 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of December 31, 2022 Consumer LHFI Other loans secured by real estate: Secured by 1-4 family residential properties Current $ 939,511 $ 559,804 $ 198,769 $ 109,466 $ 80,249 $ 262,196 $ — $ 2,149,995 Past due 30-89 days 3,967 3,752 2,119 425 — 1,906 — 12,169 Past due 90 days or more 835 777 272 — 134 1,100 — 3,118 Nonaccrual 2,363 4,180 3,275 1,896 2,028 6,033 — 19,775 Total 946,676 568,513 204,435 111,787 82,411 271,235 — 2,185,057 Consumer loans: Current $ 70,858 $ 25,771 $ 9,514 $ 2,509 $ 1,513 $ 295 $ 56,508 $ 166,968 Past due 30-89 days 1,431 238 159 8 23 10 946 2,815 Past due 90 days or more 28 12 7 1 2 — 216 266 Nonaccrual 79 41 19 17 4 — 21 181 Total 72,396 26,062 9,699 2,535 1,542 305 57,691 170,230 Total consumer LHFI $ 1,106,630 $ 635,708 $ 222,935 $ 121,166 $ 89,365 $ 281,553 $ 467,483 $ 2,924,840 Total LHFI $ 4,259,096 $ 2,453,559 $ 1,652,970 $ 824,439 $ 354,522 $ 1,110,471 $ 1,548,982 $ 12,204,039 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 development 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 residential 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, nonresidential 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 estate: 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 loans: 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 subdivision loans: 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 LHFI $ 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 development and 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 residential 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, nonresidential 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 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of December 31, 2021 Consumer LHFI Other loans secured by real estate: Secured by 1-4 family residential properties Current $ 622,330 $ 233,951 $ 137,500 $ 107,345 $ 56,374 $ 285,919 $ — $ 1,443,419 Past due 30-89 days 542 494 333 |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Note 5 – Premises and Equipment, Net At December 31, 2022 and 2021, premises and equipment, net consisted of the following ($ in thousands): December 31, 2022 2021 Land $ 54,300 $ 54,342 Buildings and leasehold improvements 237,215 221,986 Furniture and equipment 198,698 190,907 Total cost of premises and equipment 490,213 467,235 Less accumulated depreciation and amortization 282,385 271,334 Premises and equipment, net 207,828 195,901 Finance lease right-of-use assets 4,537 6,017 Assets held for sale — 3,726 Total premises and equipment, net $ 212,365 $ 205,644 There were no properties included in assets held for sale at December 31, 2022 compared to two properties at December 31, 2021 . These properties were transferred from premises and equipment, net to assets held for sale due to Trustmark’s intent to sell the properties over the subsequent twelve months as a result of its strategic initiatives. Property valuation adjustments of $ 400 thousand were recognized and included in other expense for 2022 compared to $ 140 thousand for 2021 and $ 1.7 million for 2020. Depreciation and amortization of premises and equipment totaled $ 16.2 million in 2022 , $ 15.6 million in 2021 and $ 14.8 million in 2020 . |
Mortgage Banking
Mortgage Banking | 12 Months Ended |
Dec. 31, 2022 | |
Mortgage Banking [Abstract] | |
Mortgage Banking | Note 6 – Mortgage Banking MSR The activity in the MSR is detailed in the table below for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 Balance at beginning of period $ 87,687 $ 66,464 Origination of servicing assets 17,843 28,125 Change in fair value: Due to market changes 38,181 13,258 Due to runoff ( 14,034 ) ( 20,160 ) Balance at end of period $ 129,677 $ 87,687 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 December 31, 2022 , the fair value of the MSR included an assumed average prepayment speed of 8 CPR and an average discount rate of 10.08 % compared to an assumed average prepayment speed of 12 CPR and an average discount rate of 9.56 % at December 31, 2021. Mortgage Loans Sold/Serviced During 2022, 2021 and 2020 , Trustmark sold $ 1.243 billion, $ 2.286 billion and $ 2.532 billion, respectively, of residential mortgage loans. Gain on sales of loans, net totaled $ 20.2 million in 2022 , $ 56.0 million in 2021 and $ 110.9 million in 2020 . Trustmark receives annual servicing fee income approximating 0.32 % of the outstanding balance of the underlying loans, which totaled $ 26.0 million in 2022 , $ 25.1 million in 2021 and $ 23.3 million in 2020. The gains on the sale of residential mortgage loans and the annual servicing fee are both recorded to noninterest income in mortgage banking, net in the accompanying consolidated statements of income. The investors and the securitization trusts have no recourse to the assets of Trustmark for failure of debtors to pay when due. The table below details the mortgage loans sold and serviced for others at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 2021 Federal National Mortgage Association $ 4,684,815 $ 4,709,584 Government National Mortgage Association 3,350,222 3,194,373 Federal Home Loan Mortgage Corporation 52,023 35,971 Other 28,764 13,272 Total mortgage loans sold and serviced for others $ 8,115,824 $ 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 that FNMA and FHLMC will not exercise their remedies, including a putback request, for breaches of certain selling representations and warranties if the mortgage loans satisfy certain criteria, such as payment history or 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 were included in other expense. At both December 31, 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. |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | Note 7 – Goodwill and Identifiable Intangible Assets Goodwill The table below illustrates goodwill by segment for the years ended December 31, 2022 and 2021 ($ in thousands): General Banking Insurance Total Balance as of January 1, 2021 $ 334,603 $ 50,667 $ 385,270 Adjustment during 2021 — ( 1,033 ) ( 1,033 ) Balance as of December 31, 2021 334,603 49,634 384,237 Adjustment during 2022 — — — Balance as of December 31, 2022 $ 334,603 $ 49,634 $ 384,237 Trustmark’s General Banking Segment delivers a full range of banking services to consumer, corporate, small and middle-market businesses through its extensive branch network. The Insurance Segment includes TNB’s wholly-owned retail insurance subsidiary that offers a diverse mix of insurance products and services. Trustmark performed goodwill impairment tests for the General Banking and Insurance Segments during 2022, 2021 and 2020 . Based on these tests, Trustmark concluded that the fair value of both the General Banking and Insurance Segments exceeded the book value and no impairment charge was required. Identifiable Intangible Assets At December 31, 2022 and 2021, identifiable intangible assets consisted of the following ($ in thousands): December 31, 2022 December 31, 2021 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 87,674 $ 87,199 $ 475 $ 87,674 $ 86,280 $ 1,394 Insurance intangibles 17,272 14,157 3,115 17,272 13,709 3,563 Banking charters 1,325 1,275 50 1,325 1,208 117 Total $ 106,271 $ 102,631 $ 3,640 $ 106,271 $ 101,197 $ 5,074 Trustmark recorded $ 1.4 million of amortization of identifiable intangible assets in 2022 , $ 2.3 million in 2021 and $ 3.1 million in 2020 . Trustmark estimates that amortization expense for identifiable intangible assets will be $ 674 thousand in 2023, $ 472 thousand in 2024, $ 403 thousand in 2025, $ 341 thousand in 2026 and $ 283 thousand in 2027. Trustmark continually evaluates whether events and circumstances have occurred that indicate that identifiable intangible assets have become impaired. Measurement of any impairment of such identifiable intangible assets is based on the fair values of those assets. There were no impairment losses on identifiable intangible assets recorded during 2022, 2021 or 2020. The following table illustrates the carrying amounts and remaining weighted-average amortization periods of identifiable intangible assets at December 31, 2022 ($ in thousands): Remaining Weighted- Average Net Carrying Amortization Amount Period in Years Core deposit intangibles $ 475 3.4 Insurance intangibles 3,115 15.8 Banking charters 50 0.8 Total $ 3,640 14.0 |
Other Real Estate
Other Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Other Real Estate | Note 8 – Other Real Estate At December 31, 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): Years Ended December 31, 2022 2021 2020 Balance at beginning of period $ 4,557 $ 11,651 $ 29,248 Additions 1,533 770 635 Disposals ( 4,142 ) ( 6,932 ) ( 16,446 ) (Write-downs) recoveries 38 ( 932 ) ( 1,786 ) Balance at end of period $ 1,986 $ 4,557 $ 11,651 Gains (losses), net on the sale of other real estate $ ( 1,006 ) $ ( 1,869 ) $ 897 At December 31, 2022 and 2021, other real estate by type of property consisted of the following ($ in thousands): December 31, 2022 2021 1-4 family residential properties $ 1,128 $ 94 Nonfarm, nonresidential properties 561 4,463 Other real estate properties 297 — Total other real estate $ 1,986 $ 4,557 At December 31, 2022 and 2021, other real estate by geographic location consisted of the following ($ in thousands): December 31, 2022 2021 Alabama $ 194 $ — Mississippi (1) 1,769 4,557 Tennessee (2) 23 — Total other real estate $ 1,986 $ 4,557 (1) Mississippi includes Central and Southern Mississippi Regions. (2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions. At December 31, 2022 and 2021 , the balance of other real estate included $ 1.1 million and $ 94 thousand, respectively, of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At December 31, 2022 and 2021 , the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $ 2.9 million and $ 1.2 million, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 9 – Leases The table below details the components of net lease cost for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Finance leases Amortization of right-of-use assets $ 1,479 $ 1,546 $ 1,856 Interest on lease liabilities 188 219 254 Operating lease cost 5,172 5,275 5,188 Short-term lease cost 389 463 423 Variable lease cost 1,150 1,234 1,286 Sublease income ( 168 ) ( 350 ) ( 335 ) Net lease cost $ 8,210 $ 8,387 $ 8,672 The table below details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Finance leases Operating cash flows included in operating activities $ 188 $ 219 $ 254 Financing cash flows included in payments under finance lease 1,409 1,434 1,715 Operating leases Operating cash flows (fixed payments) included in other operating 4,829 4,781 4,988 Operating cash flows (liability reduction) included in other operating 4,009 3,948 3,856 The table below details balance sheet information, as well as weighted-average lease terms and discount rates, at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 2021 Finance lease right-of-use assets, net of accumulated depreciation $ 4,537 $ 6,017 Finance lease liabilities 5,055 6,464 Operating lease right-of-use assets 36,301 34,603 Operating lease liabilities 38,932 36,468 Weighted-average lease term Finance leases 8.72 years 8.37 years Operating leases 9.64 years 9.25 years Weighted-average discount rate Finance leases 3.49 % 3.24 % Operating leases 3.22 % 2.84 % At December 31, 2022, future minimum rental commitments under finance and operating leases were as follows ($ in thousands): Finance Leases Operating Leases 2023 $ 885 $ 5,014 2024 572 5,031 2025 584 4,998 2026 589 4,690 2027 594 4,457 Thereafter 2,685 20,954 Total minimum lease payments 5,909 45,144 Less imputed interest ( 854 ) ( 6,212 ) Lease liabilities $ 5,055 $ 38,932 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Note 10 – Deposits At December 31, 2022 and 2021, deposits consisted of the following ($ in thousands): December 31, 2022 2021 Noninterest-bearing demand $ 4,093,771 $ 4,771,065 Interest-bearing demand 4,773,219 4,372,500 Savings 4,282,435 4,745,137 Time 1,288,223 1,198,458 Total $ 14,437,648 $ 15,087,160 Interest expense on deposits by type consisted of the following for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Interest-bearing demand $ 16,409 $ 4,906 $ 9,985 Savings 9,654 7,912 13,481 Time 3,006 4,127 14,021 Total $ 29,069 $ 16,945 $ 37,487 Time deposits that exceed the FDIC insurance limit of $250 thousand totaled $ 247.2 million and $ 164.0 million at December 31, 2022 and 2021, respectively. The maturities of interest-bearing deposits at December 31, 2022, are as follows ($ in thousands): 2023 $ 996,457 2024 245,655 2025 24,804 2026 9,526 2027 9,139 Thereafter 2,642 Total time deposits 1,288,223 Interest-bearing deposits with no stated maturity 9,055,654 Total interest-bearing deposits $ 10,343,877 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 11 - Borrowings Securities Sold Under Repurchase Agreements Trustmark utilizes securities sold under repurchase agreements as a source of borrowing in connection with overnight repurchase agreements offered to commercial deposit customers by using its unencumbered investment securities as collateral. Trustmark accounts for its securities sold under repurchase agreements as secured borrowings in accordance with FASB ASC 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 are secured by securities with a carrying amount of $ 102.4 million and $ 252.4 million at December 31, 2022 and 2021, respectively. At both December 31, 2022 and 2021, all repurchase agreements were short-term and consisted primarily of sweep repurchase arrangements, under which excess deposits are “swept” into overnight repurchase agreements with Trustmark. The following table presents the securities sold under repurchase agreements by collateral pledged at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 2021 Mortgage-backed securities Residential mortgage pass-through securities Issued by FNMA and FHLMC $ 41,732 $ 167,310 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 1,111 1,475 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 21,277 24,528 Total securities sold under repurchase agreements $ 64,120 $ 193,313 Other Borrowings At December 31, 2022 and 2021, other borrowings consisted of the following ($ in thousands): December 31, 2022 2021 FHLB advances $ 975,078 $ 97 Serviced GNMA loans eligible for repurchase 70,805 84,464 Finance lease liabilities 5,055 6,464 Total other borrowings $ 1,050,938 $ 91,025 FHLB Advances At both December 31, 2022 and 2021 , Trustmark had no outstanding short-term FHLB advances with the FHLB of Atlanta. At both December 31, 2022 and 2021 , Trustmark had one outstanding long-term FHLB advance with the FHLB of Atlanta totaling $ 78 thousand and $ 97 thousand, respectively. This advance was assumed through the BancTrust merger and had a fixed interest rate of 0.08 %. At December 31, 2022 and 2021 , this advance had a remaining maturity of 3.71 years and 4.71 years, respectively. There was no fair market value adjustment associated with the BancTrust merger included in the FHLB advances at December 31, 2022 and 2021. Trustmark’s FHLB advances are collateralized by securities held in safekeeping with the FHLB of Atlanta. At December 31, 2022 , Trustmark had four outstanding short-term FHLB advances totaling $ 975.0 million and no long-term FHLB advances with the FHLB of Dallas, compared to no outstanding short-term or long-term FHLB advances with the FHLB of Dallas at December 31, 2021 . Two of the outstanding short-term advances with the FHLB of Dallas had fixed rates of 4.56 % and 4.59 % with balances of $ 125.0 million and $ 375.0 million, respectively. The remaining two outstanding short-term advances had a fixed rate of 4.57 % each with balances of $ 300.0 million and $ 175.0 million, respectively. These four outstanding short-term FHLB advances had a weighted-average remaining maturity of 10 days with a weighted-average cost of 4.58 %. Trustmark incurred $ 4.8 million of interest expense on short-term FHLB advances in 2022 , compared to $ 2 thousand of interest expense in 2021 and $ 9 thousand of interest expense in 2020 . Trustmark incurred no interest expense on long-term FHLB advances in 2022 and 2021 compared to $ 8 thousand of interest expense in 2020. At December 31, 2022 and 2021 , Trustmark had $ 3.034 billion and $ 3.449 billion, respectively, available in additional borrowing capacity from the FHLB of Dallas. Subordinated Notes During 2020, Trustmark agreed to issue and sell $ 125.0 million aggregate principal amount of its 3.625 % Fixed-to-Floating Rate Subordinated Notes (the Notes) due December 1, 2030 . The Notes were sold at an underwriting discount of 1.2 %, resulting in net proceeds to Trustmark of $ 123.5 million before deducting offering expenses. At December 31, 2022 and 2021 , the carrying amount of the Notes was $ 123.3 million and $ 123.0 million, respectively. The Notes are unsecured obligations and are subordinated in right of payment to all of Trustmark’s existing and future senior indebtedness, whether secured or unsecured. The Notes are obligations of Trustmark only and are not obligations of, and are not guaranteed by, any of its subsidiaries, including TNB. From the date of issuance until November 30, 2025, the Notes bear interest at a fixed rate of 3.625 % per year, payable semi-annually in arrears on June 1 and December 1 of each year. Beginning December 1, 2025, the Notes will bear interest at a floating rate per year equal to the Benchmark rate, which is the Three-Month Term Secured Overnight Financing Rate (SOFR) , plus 338.7 basis points, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year. The Notes qualify as Tier 2 capital for Trustmark. The Notes may be redeemed at Trustmark’s option under certain circumstances. Trustmark intends to use the net proceeds for general corporate purposes. Junior Subordinated Debt Securities On August 18, 2006, Trustmark completed a private placement of $ 60.0 million of trust preferred securities through a newly formed Delaware trust affiliate, Trustmark Preferred Capital Trust I (the Trust). The trust preferred securities mature September 30, 2036 , are redeemable at Trustmark’s option and bear interest at a variable rate per annum equal to the three-month LIBOR plus 1.72 %. Under applicable regulatory guidelines, these trust preferred securities qualify as Tier 1 capital. The proceeds from the sale of the trust preferred securities were used by the Trust to purchase $ 61.9 million in aggregate principal amount of Trustmark’s junior subordinated debentures. The debentures were issued pursuant to a Junior Subordinated Indenture, dated August 18, 2006, between Trustmark, as issuer, and Wilmington Trust Company, National Association, as trustee. Like the trust preferred securities, the debentures bear interest at a variable rate per annum equal to the three-month LIBOR plus 1.72 % and mature on September 30, 2036 . The debentures may be redeemed at Trustmark’s option at any time. The interest payments by Trustmark will be used to pay the quarterly distributions payable by the Trust to the holder of the trust preferred securities. However, so long as no event of default has occurred under the debentures, Trustmark may defer interest payments on the debentures (in which case the Trust will also defer distributions otherwise due on the trust preferred securities) for up to 20 consecutive quarters. The debentures are subordinated to the prior payment of any other indebtedness of Trustmark that, by its terms, is not similarly subordinated. The trust preferred securities are recorded as a long-term liability on Trustmark’s balance sheet; however, for regulatory purposes the trust preferred securities are treated as Tier 1 capital under the rules of the Federal Reserve Board (FRB), Trustmark’s primary federal regulatory agency. Trustmark also entered into a Guarantee Agreement, dated August 18, 2006, pursuant to which it has agreed to guarantee the payment by the Trust of distributions on the trust preferred securities and the payment of principal of the trust preferred securities when due, either at maturity or on redemption, but only if and to the extent that the Trust fails to pay distributions on or principal of the trust preferred securities after having received interest payments or principal payments on the junior subordinated debentures from Trustmark for the purpose of paying those distributions or the principal amount of the trust preferred securities. As defined in applicable accounting standards, the Trust, a wholly-owned subsidiary of Trustmark, is considered a variable interest entity for which Trustmark is not the primary beneficiary. Accordingly, the accounts of the Trust are not included in Trustmark’s consolidated financial statements. At both December 31, 2022 and 2021 , assets for the Trust totaled $ 61.9 million, resulting from the investment in junior subordinated debentures issued by Trustmark. Liabilities and shareholders’ equity for the Trust also totaled $ 61.9 million at both December 31, 2022 and 2021 , resulting from the issuance of trust preferred securities in the amount of $ 60.0 million as well as $ 1.9 million in common securities issued to Trustmark. During 2022 , net income for the Trust equaled $ 66 thousand resulting from interest income from the junior subordinated debt securities issued by Trustmark to the Trust, compared with net income of $ 36 thousand during 2021 and $ 51 thousand during 2020. Dividends issued to Trustmark by the Trust during 2022 totaled $ 66 thousand, compared to $ 36 thousand during 2021 and $ 51 thousand during 2020 . |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 12 – Revenue from Contracts with Customers The following table presents noninterest income disaggregated by reportable operating segment and revenue stream for the periods presented ($ in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Topic 606 Not Topic (1) Total Topic 606 Not Topic (1) Total Topic 606 Not Topic (1) Total General Banking Service charges on $ 42,073 $ — $ 42,073 $ 33,169 $ — $ 33,169 $ 32,213 $ — $ 32,213 Bank card and other fees 31,474 4,584 36,058 30,897 3,727 34,624 27,398 3,594 30,992 Mortgage banking, net — 28,306 28,306 — 63,750 63,750 — 125,822 125,822 Wealth management 639 — 639 48 — 48 254 — 254 Other, net 8,469 805 9,274 6,621 ( 338 ) 6,283 7,432 978 8,410 Total noninterest $ 82,655 $ 33,695 $ 116,350 $ 70,735 $ 67,139 $ 137,874 $ 67,297 $ 130,394 $ 197,691 Wealth Management Service charges on $ 84 $ — $ 84 $ 77 $ — $ 77 $ 76 $ — $ 76 Bank card and other fees 47 — 47 38 — 38 30 — 30 Wealth management 34,374 — 34,374 35,142 — 35,142 31,371 — 31,371 Other, net 528 39 567 130 33 163 107 50 157 Total noninterest $ 35,033 $ 39 $ 35,072 $ 35,387 $ 33 $ 35,420 $ 31,584 $ 50 $ 31,634 Insurance Segment Insurance commissions $ 53,721 $ — $ 53,721 $ 48,511 $ — $ 48,511 $ 45,176 $ — $ 45,176 Other, net 1 — 1 105 — 105 92 — 92 Total noninterest $ 53,722 $ — $ 53,722 $ 48,616 $ — $ 48,616 $ 45,268 $ — $ 45,268 Consolidated Service charges on $ 42,157 $ — $ 42,157 $ 33,246 $ — $ 33,246 $ 32,289 $ — $ 32,289 Bank card and other fees 31,521 4,584 36,105 30,935 3,727 34,662 27,428 3,594 31,022 Mortgage banking, net — 28,306 28,306 — 63,750 63,750 — 125,822 125,822 Insurance commissions 53,721 — 53,721 48,511 — 48,511 45,176 — 45,176 Wealth management 35,013 — 35,013 35,190 — 35,190 31,625 — 31,625 Other, net 8,998 844 9,842 6,856 ( 305 ) 6,551 7,631 1,028 8,659 Total noninterest $ 171,410 $ 33,734 $ 205,144 $ 154,738 $ 67,172 $ 221,910 $ 144,149 $ 130,444 $ 274,593 (1) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card 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 securities gains (losses), net. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 – Income Taxes The income tax provision included in the consolidated statements of income was as follows for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Current Federal $ 15,377 $ 5,815 $ 40,118 State 3,283 2,118 9,439 Deferred Federal ( 13,440 ) 16,092 ( 15,840 ) State ( 3,360 ) 4,023 ( 3,960 ) Income tax provision $ 1,860 $ 28,048 $ 29,757 For the periods presented, the income tax provision differs from the amount computed by applying the statutory federal income tax rate in effect for each respective period to income before income taxes as a result of the following ($ in thousands): Years Ended December 31, 2022 2021 2020 Income tax computed at statutory tax rate $ 15,487 $ 36,837 $ 39,854 Tax exempt interest ( 4,419 ) ( 3,935 ) ( 4,284 ) Nondeductible interest expense 271 106 247 State income taxes, net 2,596 1,673 7,457 Income tax credits, net ( 10,071 ) ( 10,479 ) ( 9,375 ) Death benefit gains ( 287 ) ( 175 ) ( 91 ) Other ( 1,717 ) 4,021 ( 4,051 ) Income tax provision $ 1,860 $ 28,048 $ 29,757 Temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities gave rise to the following net deferred tax assets at December 31, 2022 and 2021, which are included in other assets on the accompanying consolidated balance sheets ($ in thousands): December 31, 2022 2021 Deferred tax assets: Litigation losses $ 25,187 $ — Other real estate 70 1,182 Accumulated credit losses 39,370 33,895 Deferred compensation 17,695 18,804 Finance and operating lease liabilities 10,997 10,733 Realized built-in losses 9,180 9,930 Securities 84,813 5,924 Pension and other postretirement benefit plans 1,931 4,929 Interest on nonaccrual loans 1,159 1,235 LHFS 205 591 Stock-based compensation 2,647 2,771 Loan fees — 125 Derivatives 5,056 — Other 10,038 9,705 Gross deferred tax asset 208,348 99,824 Deferred tax liabilities: Goodwill and other identifiable intangibles 14,378 14,667 Premises and equipment 15,978 16,470 Finance and operating lease right-of-use assets 10,209 10,155 MSR 24,452 13,007 Securities 2,069 1,686 Other 2,876 3,081 Gross deferred tax liability 69,962 59,066 Net deferred tax asset $ 138,386 $ 40,758 The following table provides a summary of the changes during the calendar years presented in the amount of unrecognized tax benefits that are included in other liabilities in the consolidated balance sheet ($ in thousands): December 31, 2022 2021 2020 Balance at beginning of period $ 2,129 $ 1,781 $ 1,524 Change due to tax positions taken during the current year 653 412 353 Change due to tax positions taken during a prior year ( 266 ) 107 79 Change due to the lapse of applicable statute of limitations during the ( 200 ) ( 171 ) ( 175 ) Balance at end of period $ 2,316 $ 2,129 $ 1,781 Accrued interest, net of federal benefit $ 489 $ 419 $ 330 Unrecognized tax benefits that would impact the effective $ 1,948 $ 1,766 $ 1,420 Interest and penalties related to unrecognized tax benefits, if any, are recorded in income tax expense. With limited exception, Trustmark is no longer subject to U.S. federal, state and local audits by tax authorities for 2016 and earlier tax years. Trustmark does not anticipate a significant change to the total amount of unrecognized tax benefits within the next twelve months. |
Defined Benefit and Other Postr
Defined Benefit and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Defined Benefit and Other Postretirement Benefits | Note 14 – 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 tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for the Continuing Plan for the periods presented ($ in thousands): December 31, 2022 2021 Change in benefit obligation: Benefit obligation, beginning of year $ 8,647 $ 9,547 Service cost 115 252 Interest cost 192 173 Actuarial (gain) loss ( 1,882 ) ( 198 ) Benefits paid ( 165 ) ( 1,127 ) Benefit obligation, end of year $ 6,907 $ 8,647 Change in plan assets: Fair value of plan assets, beginning of year $ 2,900 $ 2,873 Actual return on plan assets ( 285 ) 291 Employer contributions 457 863 Benefit payments ( 165 ) ( 1,127 ) Fair value of plan assets, end of year $ 2,907 $ 2,900 Funded status at end of year - net liability $ ( 4,000 ) $ ( 5,747 ) Amounts recognized in accumulated other comprehensive loss: Net (gain) loss - amount recognized $ ( 271 ) $ 1,428 Actuarial (gain) loss included in benefit obligation: Change in discount rate $ ( 2,174 ) $ ( 491 ) Change in mortality table — 15 Other 292 278 Actuarial (gain) loss $ ( 1,882 ) $ ( 198 ) Years Ended December 31, 2022 2021 2020 Net periodic benefit cost: Service cost $ 115 $ 252 $ 254 Interest cost 192 173 241 Expected return on plan assets ( 121 ) ( 130 ) ( 154 ) Recognized net loss due to lump sum settlements — 183 119 Recognized net actuarial loss 224 594 326 Net periodic benefit cost $ 410 $ 1,072 $ 786 Other changes in plan assets and benefit obligation recognized in other Net loss - Total recognized in other comprehensive income (loss) $ ( 1,699 ) $ ( 1,136 ) $ 671 Total recognized in net periodic benefit cost and other comprehensive $ ( 1,289 ) $ ( 64 ) $ 1,457 Weighted-average assumptions as of end of year: Discount rate for benefit obligation 4.88 % 2.41 % 1.95 % Discount rate for net periodic benefit cost 2.41 % 1.95 % 2.84 % Expected long-term return on plan assets 5.00 % 5.00 % 5.00 % Plan Assets The weighted-average asset allocations by asset category are presented below for the Continuing Plan at December 31, 2022 and 2021. December 31, 2022 2021 Money market fund 7.0 % 4.0 % Exchange traded funds: Equity securities 47.0 % 50.0 % Fixed income 39.0 % 35.0 % International 7.0 % 11.0 % Total 100.0 % 100.0 % The strategic objective of the investments of the assets in the Continuing Plan aims to provide long-term capital growth with moderate income. The allocation is managed on a total return basis with the average participant age in mind. It is constructed with an intermediate investment time frame with a moderate to high risk tolerance or a long-term investment time frame with a low to moderate risk tolerance. The plan allocation is typically balanced between equity and fixed income. The equity exposure has the potential to earn a return greater than inflation while the fixed income exposure may reduce the risk and volatility of the portfolio to which the equity allocation contributes. Fair Value Measurements At this time, Trustmark presents no fair values that are derived through internal modeling. Should positions requiring fair valuation arise that are not relevant to existing methodologies, Trustmark will make every reasonable effort to obtain market participant assumptions, or independent evaluation. The following tables set forth by level, within the fair value hierarchy, the Continuing Plan’s assets measured at fair value at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 Total Level 1 Level 2 Level 3 Money market fund $ 203 $ 203 $ — $ — Exchange traded funds: Equity securities 1,379 1,379 — — Fixed income 1,135 1,135 — — International 190 190 — — Total assets at fair value $ 2,907 $ 2,907 $ — $ — December 31, 2021 Total Level 1 Level 2 Level 3 Money market fund $ 107 $ 107 $ — $ — Exchange traded funds: Equity securities 1,460 1,460 — — Fixed income 1,021 1,021 — — International 312 312 — — Total assets at fair value $ 2,900 $ 2,900 $ — $ — There have been no changes in the methodologies used in estimating the fair value of plan assets at December 31, 2022. The money market fund approximates fair value due to its immediate maturity. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although Trustmark believes their valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Contributions The range of potential contributions to the Continuing Plan is determined annually by the Continuing Plan’s actuary in accordance with applicable IRS rules and regulations. Trustmark’s policy is to fund amounts that are sufficient to satisfy the annual minimum funding requirements and do not exceed the maximum that is deductible for federal income tax purposes. The actual amount of the contribution is determined annually based on the Continuing Plan’s funded status and return on plan assets as of the measurement date, which is December 31. For the plan year ending December 31, 2022 , Trustmark’s minimum required contribution to the Continuing Plan was $ 170 thousand and Trustmark contributed $ 332 thousand. For the plan year ending December 31, 2023, Trustmark’s minimum required contribution to the Continuing Plan is expected to be $ 195 thousand. Management and the Board of Directors of Trustmark will monitor the Continuing Plan throughout 2023 to determine any additional funding requirements by the plan’s measurement date. Estimated Future Benefit Payments and Other Disclosures The following table presents the expected benefit payments, which reflect expected future service, for the Continuing Plan ($ in thousands): Year Amount 2023 $ 1,864 2024 1,068 2025 556 2026 583 2027 639 2028 - 2032 1,565 No net gain or loss is expected to be recognized as components of net periodic benefit cost during 2023 in accumulated other comprehensive income (loss). 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 tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands): December 31, 2022 2021 Change in benefit obligation: Benefit obligation, beginning of year $ 55,035 $ 59,646 Service cost 71 75 Interest cost 1,278 1,125 Actuarial (gain) loss ( 9,195 ) ( 2,357 ) Benefits paid ( 3,988 ) ( 3,454 ) Benefit obligation, end of year $ 43,201 $ 55,035 Change in plan assets: Fair value of plan assets, beginning of year $ — $ — Employer contributions 3,988 3,454 Benefit payments ( 3,988 ) ( 3,454 ) Fair value of plan assets, end of year $ — $ — Funded status at end of year - net liability $ ( 43,201 ) $ ( 55,035 ) Amounts recognized in accumulated other comprehensive loss: Net loss $ 7,756 $ 17,937 Prior service cost 237 348 Amounts recognized $ 7,993 $ 18,285 Actuarial (gain) loss included in benefit obligation: Change in discount rate $ ( 9,803 ) $ ( 2,431 ) Change in mortality table — 134 Other 608 ( 60 ) Actuarial (gain) loss $ ( 9,195 ) $ ( 2,357 ) Years Ended December 31, 2022 2021 2020 Net periodic benefit cost: Service cost $ 71 $ 75 $ 77 Interest cost 1,278 1,125 1,576 Amortization of prior service cost 111 111 150 Recognized net actuarial loss 986 1,192 957 Net periodic benefit cost $ 2,446 $ 2,503 $ 2,760 Other changes in plan assets and benefit obligation recognized in other Net (gain) loss $ ( 10,181 ) $ ( 3,549 ) $ 3,211 Amortization of prior service cost ( 111 ) ( 111 ) ( 150 ) Total recognized in other comprehensive income (loss) $ ( 10,292 ) $ ( 3,660 ) $ 3,061 Total recognized in net periodic benefit cost and other comprehensive $ ( 7,846 ) $ ( 1,157 ) $ 5,821 Weighted-average assumptions as of end of year: Discount rate for benefit obligation 4.88 % 2.41 % 1.95 % Discount rate for net periodic benefit cost 2.41 % 1.95 % 2.84 % Estimated Supplemental Retirement Plan Payments and Other Disclosures The following table presents the expected benefits payments for Trustmark’s supplemental retirement plans ($ in thousands): Year Amount 2023 $ 3,963 2024 3,977 2025 3,838 2026 3,785 2027 3,596 2028 - 2032 16,536 Amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost during 2023 include a loss of $ 284 thousand and prior service cost of $ 111 thousand. Other Benefit Plans Defined Contribution Plan Trustmark provides associates with a self-directed 401(k) retirement plan that allows associates to contribute a percentage of eligible compensation, within limits provided by the Internal Revenue Code and accompanying regulations, into the plan. Trustmark matches 100 % of associate contributions to the plan based on the amount of each participant’s contributions up to a maximum of 6 % of eligible compensation, subject to the IRS maximum eligible compensation. Associates are automatically enrolled in the plan at 3 % of eligible compensation unless they opt out within 60 days of employment. Associates may become eligible to make elective deferral contributions the first of the month following one month of employment. Eligible associates that elect to participate vest immediately in Trustmark’s matching contributions. Trustmark’s contributions to this plan were $ 10.2 million in 2022, $ 9.9 million in 2021 and $ 9.2 million in 2020. |
Stock and Incentive Compensatio
Stock and Incentive Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock and Incentive Compensation Plans | Note 15 – Stock and Incentive Compensation Plans 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 December 31, 2022 , the maximum number of shares of Trustmark’s common stock available for issuance under the Stock Plan was 1,004,664 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 is 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. Beginning in 2020, Trustmark began granting performance units instead of performance awards. The performance units have the same attributes as the previously granted performance awards, except for the performance units do not provide voting rights. The following table summarizes Trustmark’s performance award activity for the periods presented: Years Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Grant-Date Grant-Date Grant-Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested shares, beginning of year 140,821 $ 31.80 145,042 $ 32.43 149,914 $ 32.88 Granted 60,773 32.64 53,273 30.02 53,450 31.98 Released from restriction ( 19,723 ) 33.40 ( 44,536 ) 31.88 ( 36,357 ) 33.31 Forfeited ( 33,455 ) 33.11 ( 12,958 ) 31.28 ( 21,965 ) 32.97 Nonvested shares, end of year 148,416 $ 31.63 140,821 $ 31.80 145,042 $ 32.43 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 Trustmark’s time-based award activity for the periods presented: Years Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Grant-Date Grant-Date Grant-Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested shares, beginning of year 337,466 $ 31.18 301,619 $ 32.24 300,006 $ 33.04 Granted 133,307 31.85 180,847 29.85 123,810 31.52 Released from restriction ( 148,905 ) 32.16 ( 135,120 ) 31.77 ( 110,537 ) 33.58 Forfeited ( 8,890 ) 31.62 ( 9,880 ) 31.19 ( 11,660 ) 32.47 Nonvested shares, end of year 312,978 $ 30.99 337,466 $ 31.18 301,619 $ 32.24 The following table presents information regarding compensation expense for awards under the Stock Plan for the periods presented ($ in thousands): At December 31, 2022 Recognized Compensation Expense Unrecognized Weighted Average for Years Ended December 31, Compensation Life of U nrecognized 2022 2021 2020 Expense Compensation Expense Performance awards $ 1,258 $ 828 $ 815 $ 1,755 1.74 Time-based awards 3,625 4,773 4,382 3,524 1.59 Total $ 4,883 $ 5,601 $ 5,197 $ 5,279 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16 – Commitments and Contingencies Lending Related Trustmark makes commitments to extend credit and issues standby and commercial letters of credit (letters of credit) in the normal course of business in order to fulfill the financing needs of its customers. The carrying amount of commitments to extend credit and letters of credit approximates the fair value of such financial instruments. 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 December 31, 2022 and 2021 , Trustmark had unused commitments to extend credit of $ 5.472 billion and $ 5.238 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 December 31, 2022 and 2021 , Trustmark’s maximum exposure to credit loss in the event of nonperformance by the other party for letters of credit was $ 144.1 million and $ 222.5 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. At December 31, 2022 and 2021 , the fair value of collateral held was $ 15.4 million and $ 124.6 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 sheets. Changes in the ACL on off-balance sheet credit exposures were as follows for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Balance at beginning of period $ 35,623 $ 38,572 $ — FASB ASU 2016-13 adoption adjustment — — 29,638 PCL, off-balance sheet credit exposures (1) 1,215 ( 2,949 ) 8,934 Balance at end of period $ 36,838 $ 35,623 $ 38,572 (1) During 2021, Trustmark reclassified its credit loss expense related to off-balance sheet credit exposures from noninterest expense to PCL, off-balance sheet credit exposures. Prior periods have been reclassified accordingly. Adjustments to the ACL on off-balance sheet credit exposures are recorded to PCL, off-balance sheet credit exposures. The increase in the ACL on off-balance sheet credit exposures for the year ended December 31, 2022 was primarily due to the overall increase in the total reserve rates applied to off-balance sheet credit exposures as a result of the weakening in the macroeconomic forecasts and an increase in unfunded balances. The decrease in the ACL on off-balance sheet credit exposures for the year ended December 31, 2021 was primarily due to the overall decrease in the total reserve rates applied to off-balance sheet credit exposures as a result of improvements in macroeconomic forecasts and credit quality. 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 Rotstain Action). 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 District Court for the Northern District of Texas rescinded its previously-issued trial scheduling orders so that the Southern District of Texas could set scheduling for this case once the case had in fact been remanded. On January 19, 2022, the judge of the District Court for the Northern District of Texas to whom the case was then 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 Jackson Action). 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. 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. The plaintiffs in the Joint Liquidators’ Action appealed this decision. On November 17, 2022, the intermediate appellate court in Canada dismissed the appeal. On January 16, 2023, the plaintiffs in the Joint Liquidators’ Action asked the Supreme Court of Canada for leave to appeal. TNB was never served in connection with the TD Bank Declaratory Action (including any of the recent appeals), 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 Action and, collectively with the Rotstain Action and the Jackson Action, the Actions). The Smith Action 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 Action relates to the collapse of the Stanford Financial Group, as does the other pending litigation relating to Stanford summarized above. Plaintiffs in the Smith Action 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. On December 31, 2022, TNB agreed to a settlement in principle (the Settlement) relating to litigation involving the Stanford Financial Group. On January 13, 2023, TNB entered into a Settlement Agreement (the Settlement Agreement) reflecting the terms of the Settlement. The parties to the Settlement Agreement are, on the one hand, (i) Ralph S. Janvey, solely in his capacity as the court-appointed receiver (the Receiver) for the Stanford Receivership Estate; (ii) the Official Stanford Investors Committee; (iii) each of the plaintiffs in the Rotstain and Smith Actions; and, on the other hand, (iv) Trustmark. Under the terms of the Settlement Agreement, the parties have agreed to settle and dismiss the Rotstain Action, and the Smith Action, and all current or future claims by plaintiffs in either such Action arising from or related to Stanford. In addition, the Settlement Agreement provides that the parties will request dismissal of the Jackson Action pursuant to the terms of the bar orders described below. If the Settlement Agreement, including the bar orders described below, is approved by the Court and is not subject to further appeal, Trustmark will make a one-time cash payment of $ 100.0 million to the Receiver. The Settlement Agreement includes the parties’ agreement to seek the Northern District of Texas District Court’s entry of bar orders prohibiting any continued or future claims by the plaintiffs in the Actions or by any other person or entity against Trustmark and its related parties relating to Stanford, whether asserted to date or not. The bar orders therefore would prohibit all litigation relating to Stanford described herein, including not only the Actions and any pending matters but also any actions that may be brought in the future. Final Court approval of these bar orders is a condition of the Settlement. The Settlement Agreement is also subject to notice to Stanford’s investor claimants and final, non-appealable approval by the U.S. District Court for the Northern District of Texas. The timing of any final decision by the Court is subject to the discretion of the Court and any appeal thereof. While Trustmark believes that the Settlement Agreement is consistent with the terms of prior Stanford-related settlements that have been approved by the Court and were not successfully appealed, it is possible that the Court may decide not to approve the Settlement Agreement or that the Court’s approval of the settlement and its entry of the bar orders may not be upheld on appeal. The Settlement Agreement provides that Trustmark denies and makes no admission of liability or wrongdoing in connection with any Stanford matter. As has been the case throughout the pendency of the Actions, Trustmark expressly denies any liability or wrongdoing with respect to any matter alleged in regard of the multi-billion-dollar Ponzi scheme operated by Stanford for almost 20 years. Trustmark’s relationship with Stanford began as a result of Trustmark’s acquisition of a Houston-based bank in August 2006, and consisted of ordinary banking services provided to business deposit customers. The foregoing description of the Settlement Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Settlement Agreement, a copy of which is filed as Exhibit 10.ai hereto and is incorporated herein by reference. On January 20, 2023, the U.S. District Court for the Northern District of Texas entered an order preliminarily finding that the Settlement is fair, reasonable, and equitable; has no obvious deficiencies; and is the product of serious, informed, good faith, and arm’s-length negotiations. The Court reserved a final ruling with respect to the terms of the Settlement until after a Final Approval Hearing is held. That Final Approval Hearing is scheduled for May 3, 2023, and will be held before Judge David C. Godbey of the District Court for the Northern District of Texas. On February 14, 2023, Judge Hoyt entered an order staying the pre-trial deadlines and the February 27, 2023 trial date with respect to Trustmark in the Rotstain Action pending final Court approval of the Settlement Agreement and pending entry of the bar orders. The Smith and Jackson Actions are currently stayed. 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 Adams 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 Adams 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 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. As a result of the entry into the Settlement as described above, Trustmark recognized a $ 100.0 million litigation settlement expense included in noninterest expense related to the Stanford litigation during the fourth quarter of 2022, plus an additional $ 750 thousand in related legal fees. Trustmark expects that the Settlement will be tax deductible. Trustmark will remain substantially above levels considered to be well-capitalized under all relevant standards. 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 other than the settled Stanford litigation is not probable and a reasonable estimate cannot reasonably be made. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 17 – 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 this 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 2.500 % at both December 31, 2022 and 2021. 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. At December 31, 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 December 31, 2022. To be categorized in this manner, Trustmark and TNB maintained minimum common equity Tier 1 risk-based capital, Tier 1 risk-based capital, total risk-based capital and Tier 1 leverage ratios as set forth in the accompanying table, and were not subject to any written agreement, order or capital directive, or prompt corrective action directive issued by their primary federal regulators to meet and maintain a specific capital level for any capital measures. There are no significant conditions or events that have occurred since December 31, 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 December 31, 2022 and 2021 ($ in thousands): Actual Regulatory Capital Minimum To Be Well Amount Ratio Requirement Capitalized At December 31, 2022: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,413,672 9.74 % 7.000 % n/a Trustmark National Bank 1,501,889 10.34 % 7.000 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,473,672 10.15 % 8.500 % n/a Trustmark National Bank 1,501,889 10.34 % 8.500 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,729,499 11.91 % 10.500 % n/a Trustmark National Bank 1,634,454 11.26 % 10.500 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,473,672 8.47 % 4.00 % n/a Trustmark National Bank 1,501,889 8.65 % 4.00 % 5.00 % At December 31, 2021: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,425,227 11.29 % 7.000 % n/a Trustmark National Bank 1,518,599 12.03 % 7.000 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,485,227 11.77 % 8.500 % n/a Trustmark National Bank 1,518,599 12.03 % 8.500 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,710,700 13.55 % 10.500 % n/a Trustmark National Bank 1,621,030 12.84 % 10.500 % 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 % Dividends on Common Stock Dividends paid by Trustmark are substantially funded from dividends received from TNB. Approval by TNB’s regulators is required if the total of all dividends declared in any calendar year exceeds the total of its net income for that year combined with its retained net income of the preceding two years . In 2023, TNB will have available approximately $ 96.9 million plus its net income for that year to pay as dividends. Stock Repurchase Program The Board of Directors of Trustmark authorized a stock repurchase program effective April 1, 2019 under which $ 100.0 million of Trustmark’s outstanding common stock could be acquired through March 31, 2020. The adoption of this stock repurchase program followed the receipt of non-objection from the FRB. Trustmark repurchased approximately 887 thousand shares of its common stock valued at $ 27.5 million during the year ended December 31, 2020, compared to approximately 601 thousand shares of its common stock valued at $ 19.7 million during the year ended December 31, 2019. Under the 2019 program, Trustmark repurchased approximately 1.5 million shares of its common stock valued at $ 47.2 million. 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 could 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 the year ended December 31, 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 could be acquired through December 31, 2022. Under this authority, Trustmark repurchased approximately 789 thousand shares of its common stock valued at $ 24.6 million during the twelve months ended December 31, 2022. On December 6, 2022 , Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2023, under which $ 50.0 million of Trustmark’s outstanding shares may be acquired through December 31, 2023. The repurchase program, which is subject to market conditions and management discretion, will be implemented through open market repurchases or privately negotiated transactions. No shares have been repurchased under this stock repurchase program. 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 years ended December 31, 2022, 2021 and 2020 ($ 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 14 – 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 derivatives are included in interest and fees on LHFS and LHFI in the accompanying consolidated statements of income. Before Tax Tax (Expense) Net of Tax Amount Benefit Amount Year Ended December 31, 2022 Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising during the period $ ( 229,524 ) $ 57,381 $ ( 172,143 ) Change in net unrealized holding loss on securities transferred to held to maturity ( 86,033 ) 21,508 ( 64,525 ) Total securities available for sale and transferred securities ( 315,557 ) 78,889 ( 236,668 ) Pension and other postretirement benefit plans: Change in the actuarial loss of pension and other postretirement 10,792 ( 2,698 ) 8,094 Reclassification adjustments for changes realized in net income: Net change in prior service costs 111 ( 28 ) 83 Recognized net loss due to lump sum settlements — — — Change in net actuarial loss 1,089 ( 272 ) 817 Total pension and other postretirement benefit plans 11,992 ( 2,998 ) 8,994 Cash flow hedge derivatives: Change in accumulated gain (loss) on effective cash flow hedge derivatives ( 20,685 ) 5,171 ( 15,514 ) Reclassification adjustment for (gain) loss realized in net income 460 ( 115 ) 345 Total cash flow hedge derivatives ( 20,225 ) 5,056 ( 15,169 ) Total other comprehensive income (loss) $ ( 323,790 ) $ 80,947 $ ( 242,843 ) Year Ended December 31, 2021 Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising during the period $ ( 49,454 ) $ 12,364 $ ( 37,090 ) Change in net unrealized holding loss on securities transferred to held to maturity 2,647 ( 662 ) 1,985 Total securities available for sale and transferred securities ( 46,807 ) 11,702 ( 35,105 ) Pension and other postretirement benefit plans: Change in the actuarial loss of pension and other postretirement 2,845 ( 711 ) 2,134 Reclassification adjustments for changes realized in net income: Net change in prior service costs 111 ( 27 ) 84 Recognized net loss due to lump sum settlements 183 ( 46 ) 137 Change in net actuarial loss 1,655 ( 414 ) 1,241 Total pension and other postretirement benefit plans 4,794 ( 1,198 ) 3,596 Total other comprehensive income (loss) $ ( 42,013 ) $ 10,504 $ ( 31,509 ) Year Ended December 31, 2020 Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising during the period $ 30,622 $ ( 7,657 ) $ 22,965 Change in net unrealized holding loss on securities transferred to held to maturity 3,177 ( 794 ) 2,383 Total securities available for sale and transferred securities 33,799 ( 8,451 ) 25,348 Pension and other postretirement benefit plans: Change in the actuarial loss of pension and other postretirement ( 5,128 ) 1,282 ( 3,846 ) Reclassification adjustments for changes realized in net income: Net change in prior service costs 150 ( 38 ) 112 Recognized net loss due to lump sum settlements 119 ( 30 ) 89 Change in net actuarial loss 1,128 ( 282 ) 846 Total pension and other postretirement benefit plans ( 3,731 ) 932 ( 2,799 ) Total other comprehensive income (loss) $ 30,068 $ ( 7,519 ) $ 22,549 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 Transferred Defined Cash Flow Hedge Derivative Total Balance, January 1, 2020 $ ( 8,017 ) $ ( 15,583 ) $ — $ ( 23,600 ) Other comprehensive income (loss) before 25,348 ( 3,846 ) — 21,502 Amounts reclassified from accumulated other — 1,047 — 1,047 Net other comprehensive income (loss) 25,348 ( 2,799 ) — 22,549 Balance, December 31, 2020 17,331 ( 18,382 ) — ( 1,051 ) Other comprehensive income (loss) before ( 35,105 ) 2,134 — ( 32,971 ) Amounts reclassified from accumulated other — 1,462 — 1,462 Net other comprehensive income (loss) ( 35,105 ) 3,596 — ( 31,509 ) Balance, December 31, 2021 ( 17,774 ) ( 14,786 ) — ( 32,560 ) Other comprehensive income (loss) before reclassification ( 236,668 ) 8,094 ( 15,514 ) ( 244,088 ) Amounts reclassified from accumulated other — 900 345 1,245 Net other comprehensive income (loss) ( 236,668 ) 8,994 ( 15,169 ) ( 242,843 ) Balance, December 31, 2022 $ ( 254,442 ) $ ( 5,792 ) $ ( 15,169 ) $ ( 275,403 ) |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 18 – 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 December 31, 2022 and 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 years ended December 31, 2022 and 2021. December 31, 2022 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 391,513 $ 391,513 $ — $ — U.S. Government agency obligations 7,766 — 7,766 — Obligations of states and political subdivisions 4,862 — 4,862 — Mortgage-backed securities 1,619,941 — 1,619,941 — Securities available for sale 2,024,082 391,513 1,632,569 — LHFS 135,226 — 135,226 — MSR 129,677 — — 129,677 Other assets - derivatives 8,871 54 8,660 157 Other liabilities - derivatives 45,379 474 44,905 — 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 years ended December 31, 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) 24,147 ( 131 ) Additions 17,843 — Sales — ( 1,571 ) Balance, December 31, 2022 $ 129,677 $ 157 The amount of total gains (losses) for the period included in earnings that are $ 38,181 $ ( 1,214 ) Balance, January 1, 2021 $ 66,464 $ 9,560 Total net (loss) gain included in Mortgage banking, net (1) ( 6,902 ) 9,104 Additions 28,125 — Sales — ( 16,805 ) Balance, December 31, 2021 $ 87,687 $ 1,859 The amount of total gains (losses) for the period included in earnings that are $ 13,258 $ 3,159 (1) Total net (loss) gain included in Mortgage banking, net relating to the MSR includes changes in fair value due to market changes and due to run-off. Trustmark may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. Assets at December 31, 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 December 31, 2022 , Trustmark had outstanding balances of $ 40.3 million with a related ACL of $ 17.7 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 re-measured during 2022 , requiring write-downs of $ 1.0 million to reach their current fair values compared to $ 7.3 million of foreclosed assets that were re-measured during 2021 , requiring write-downs of $ 437 thousand. Fair Value of Financial Instruments FASB ASC Topic 825 requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The carrying amounts and estimated fair values of financial instruments at December 31, 2022 and 2021 were as follows ($ in thousands): December 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial Assets: Level 2 Inputs: Cash and short-term investments $ 738,787 $ 738,787 $ 2,266,829 $ 2,266,829 Securities held to maturity 1,494,514 1,406,589 342,537 353,511 Level 3 Inputs: Net LHFI and PPP loans 12,083,825 11,850,318 10,181,708 10,123,379 Financial Liabilities: Level 2 Inputs: Deposits 14,437,648 14,404,661 15,087,160 15,084,440 Federal funds purchased and securities sold under 449,331 449,331 238,577 238,577 Other borrowings 1,050,938 1,050,932 91,025 91,022 Subordinated notes 123,262 113,125 123,042 128,438 Junior subordinated debt securities 61,856 46,392 61,856 49,485 Fair Value Option Trustmark has elected to account for its LHFS under the fair value option, with interest income on these LHFS reported in interest and fees on LHFS and LHFI. The fair value of the LHFS is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan. The 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 the LHFS are largely offset by changes in the fair value of the derivative instruments. For the years ended December 31, 2022 and 2021, net losses of $ 3.3 million and $ 10.3 million, respectively, were recorded as noninterest income in mortgage banking, net for changes in the fair value of the LHFS accounted for under the fair value option compared to a net gain of $ 10.5 million for the year ended December 31, 2020. Interest and fees on LHFS and LHFI for the year ended December 31, 2022 included $ 6.8 million of interest earned on the LHFS accounted for under the fair value option compared to $ 7.0 million and $ 6.9 million for the years ended December 31, 2021 and 2020 , 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 the 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 $ 70.8 million and $ 84.5 million at December 31, 2022 and 2021, respectively, and are included in LHFS on the accompanying consolidated balance sheets. The following table provides information about the fair value and the contractual principal outstanding of the LHFS accounted for under the fair value option at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 2021 Fair value of LHFS $ 64,421 $ 191,242 LHFS contractual principal outstanding 63,427 186,535 Fair value less unpaid principal $ 994 $ 4,707 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 19 – Derivative Financial Instruments Derivatives Designated as Hedging Instruments 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 December 31, 2022 , the aggregate notional value of Trustmark's interest rate swaps designated as cash flow hedges totaled $ 825.0 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 $ 13.7 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 $ 277.0 million at December 31, 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 $ 4.1 million for the year ended December 31, 2022 , compared to a net positive ineffectiveness of $ 2.5 million for the year ended December 31, 2021 and a net positive ineffectiveness of $ 7.8 million for the year ended December 31, 2020. 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 $ 97.0 million at December 31, 2022 , with a positive valuation adjustment of $ 168 thousand, compared to $ 236.0 million at December 31, 2021 , with a negative valuation adjustment of $ 81 thousand. 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 $ 68.4 million at December 31, 2022 , with a positive valuation adjustment of $ 157 thousand, compared to $ 142.6 million at December 31, 2021 , with a positive valuation adjustment of $ 1.9 million. Trustmark offers certain derivatives products directly to qualified commercial lending clients seeking to manage their interest rate risk. Trustmark economically hedges interest rate swap transactions executed with commercial lending clients by entering into offsetting interest rate swap transactions with institutional derivatives market participants. Derivatives transactions executed as part of this program are not designated as qualifying hedging relationships and are, therefore, carried at fair value with the change in fair value recorded 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 December 31, 2022 , Trustmark had interest rate swaps with an aggregate notional amount of $ 1.391 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 December 31, 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 December 31, 2022 and 2021 , Trustmark had posted collateral of $ 740 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 December 31, 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 December 31, 2022 , Trustmark had entered into five risk participation agreements as a beneficiary with an aggregate notional amount of $ 50.2 million compared to six risk participation agreements as a beneficiary with an aggregate notional amount of $ 52.0 million at December 31, 2021. At December 31, 2022 , Trustmark had entered into twenty-nine risk participation agreements as a guarantor with aggregate notional amounts of $ 235.8 million compared to twenty-four risk participation agreements as a guarantor with aggregate notional amounts of $ 173.5 million at December 31, 2021. The aggregate fair values of these risk participation agreements were immaterial at December 31, 2022 and 2021. Tabular Disclosures The following tables disclose the fair value of derivative instruments in Trustmark’s consolidated balance sheets at December 31, 2022 and 2021 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): December 31, 2022 2021 Derivatives in hedging relationships Interest rate contracts: Interest rate swaps included in other liabilities (1) $ 761 $ — Derivatives not designated as hedging instruments Interest rate contracts: Exchange traded purchased options included in other assets $ 38 $ 438 OTC written options (rate locks) included in other assets 157 1,859 Futures contracts included in other assets 16 2,356 Interest rate swaps included in other assets (1) 8,654 20,115 Credit risk participation agreements included in other assets 6 41 Futures contracts included in other liabilities 268 — Forward contracts included in other liabilities ( 168 ) 81 Exchange traded written options included in other liabilities 206 414 Interest rate swaps included in other liabilities (1) 44,304 4,144 Credit risk participation agreements included in other liabilities 8 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. Years Ended December 31, 2022 2021 2020 Derivatives in hedging relationships Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) and recognized in interest and fees on LHFS & LHFI $ ( 460 ) $ — $ — Derivatives not designated as hedging instruments Amount of gain (loss) recognized in mortgage banking, net $ ( 43,764 ) $ ( 15,436 ) $ 39,436 Amount of gain (loss) recognized in bank card and other fees 403 1,649 ( 1,022 ) 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): Years Ended December 31, 2022 2021 2020 Derivatives in cash flow hedging relationship Amount of gain (loss) recognized in other comprehensive $ ( 15,514 ) $ — $ — Information about financial instruments that are eligible for offset in the consolidated balance sheets at December 31, 2022 and 2021 is presented in the following tables ($ in thousands): Offsetting of Derivative Assets As of December 31, 2022 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 9,415 $ — $ 9,415 $ — $ ( 2,230 ) $ 7,185 Offsetting of Derivative Liabilities As of December 31, 2022 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 44,304 $ — $ 44,304 $ — $ ( 740 ) $ 43,564 Offsetting of Derivative Assets As of December 31, 2021 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of the Statement 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 | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Note 20 – Segment Information Trustmark’s management reporting structure includes three segments: General Banking, Wealth Management and Insurance. The General Banking Segment is responsible for all traditional banking products and services, including loans and deposits. The General Banking Segment also consists of internal operations such as Human Resources, Executive Administration, Treasury (Funds Management), Public Affairs and Corporate Finance. The Wealth Management Segment provides customized solutions for customers by integrating financial services with traditional banking products and services such as money management, full-service brokerage, financial planning, personal and institutional trust and retirement services. Through FBBI, Trustmark’s Insurance Segment provides a full range of retail insurance products including commercial risk management products, bonding, group benefits and personal lines coverage. The accounting policies of each reportable segment are the same as those of Trustmark except for its internal allocations. Noninterest expenses for back-office operations support are allocated to segments based on estimated uses of those services. Trustmark measures the net interest income of its business segments with a process that assigns cost of funds or earnings credit on a matched-term basis. This process, called “funds transfer pricing”, charges an appropriate cost of funds to assets held by a business unit, or credits the business unit for potential earnings for carrying liabilities. The net of these charges and credits flows through to the General Banking Segment, which contains the management team responsible for determining TNB’s funding and interest rate risk strategies. The following table discloses financial information by reportable segment for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 General Banking Net interest income $ 489,398 $ 413,201 $ 420,225 PCL (1) 22,913 ( 24,439 ) 45,058 Noninterest income 116,350 137,874 197,691 Noninterest expense (1) 531,397 421,561 401,810 Income before income taxes 51,438 153,953 171,048 Income taxes ( 3,683 ) 22,706 25,109 General banking net income $ 55,121 $ 131,247 $ 145,939 Selected Financial Information Total assets $ 17,710,673 $ 17,275,438 $ 16,226,358 Depreciation and amortization $ 38,909 $ 44,776 $ 40,351 Wealth Management Net interest income $ 5,321 $ 5,161 $ 6,082 PCL ( 21 ) ( 9 ) ( 11 ) Noninterest income 35,072 35,420 31,634 Noninterest expense 32,873 31,721 30,318 Income before income taxes 7,541 8,869 7,409 Income taxes 1,870 2,219 1,853 Wealth Management net income $ 5,671 $ 6,650 $ 5,556 Selected Financial Information Total assets $ 214,313 $ 232,997 $ 242,429 Depreciation and amortization $ 288 $ 269 $ 274 Insurance Net interest income $ ( 11 ) $ ( 11 ) $ 230 Noninterest income 53,722 48,616 45,268 Noninterest expense 38,943 36,014 34,173 Income before income taxes 14,768 12,591 11,325 Income taxes 3,673 3,123 2,795 Insurance net income $ 11,095 $ 9,468 $ 8,530 Selected Financial Information Total assets $ 90,492 $ 87,201 $ 83,053 Depreciation and amortization $ 685 $ 768 $ 700 Consolidated Net interest income $ 494,708 $ 418,351 $ 426,537 PCL (1) 22,892 ( 24,448 ) 45,047 Noninterest income 205,144 221,910 274,593 Noninterest expense (1) 603,213 489,296 466,301 Income before income taxes 73,747 175,413 189,782 Income taxes 1,860 28,048 29,757 Consolidated net income $ 71,887 $ 147,365 $ 160,025 Selected Financial Information Total assets $ 18,015,478 $ 17,595,636 $ 16,551,840 Depreciation and amortization $ 39,882 $ 45,813 $ 41,325 (1) During 2021, Trustmark reclassified its credit loss expense related to off-balance sheet credit exposures from noninterest expense to PCL, off-balance sheet credit exposures. Prior periods have been reclassified accordingly. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Financial Information | Note 21 – Parent Company Only Financial Information ($ in thousands) Condensed Balance Sheets December 31, 2022 2021 Assets: Investment in banks $ 1,602,169 $ 1,851,398 Other assets 76,325 75,995 Total Assets $ 1,678,494 $ 1,927,393 Liabilities and Shareholders' Equity: Accrued expense $ 1,108 $ 1,184 Subordinated notes 123,262 123,042 Junior subordinated debt securities 61,856 61,856 Shareholders' equity 1,492,268 1,741,311 Total Liabilities and Shareholders' Equity $ 1,678,494 $ 1,927,393 Condensed Statements of Income Years Ended December 31, 2022 2021 2020 Revenue: Dividends received from banks $ 89,733 $ 45,284 $ 109,243 Earnings of subsidiaries over distributions ( 11,269 ) 108,141 53,724 Other income 94 95 66 Total Revenue 78,558 153,520 163,033 Expense: Other expense 6,671 6,155 3,008 Total Expense 6,671 6,155 3,008 Net Income $ 71,887 $ 147,365 $ 160,025 Condensed Statements of Cash Flows Years Ended December 31, 2022 2021 2020 Operating Activities: Net income $ 71,887 $ 147,365 $ 160,025 Adjustments to reconcile net income to net cash provided Net change in investment in subsidiaries 11,269 ( 108,141 ) ( 53,724 ) Other ( 1,550 ) ( 2,078 ) ( 326 ) Net cash from operating activities 81,606 37,146 105,975 Financing Activities: Proceeds from subordinated notes — — 122,900 Common stock dividends ( 56,679 ) ( 58,085 ) ( 58,769 ) Repurchase and retirement of common stock ( 24,604 ) ( 61,799 ) ( 27,538 ) Net cash from financing activities ( 81,283 ) ( 119,884 ) 36,593 Net change in cash and cash equivalents 323 ( 82,738 ) 142,568 Cash and cash equivalents at beginning of year 75,537 158,275 15,707 Cash and cash equivalents at end of year $ 75,860 $ 75,537 $ 158,275 Trustmark (parent company only) paid income taxes of approximately $ 2.7 million in 2022 , $ 15.3 million in 2021 and $ 46.6 million in 2020 . Trustmark paid interest of $ 4.5 million in 2022 compared to $ 4.6 million of interest paid in 2021 and no interest paid or received in 2020 . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Business | Business Trustmark Corporation (Trustmark) is a bank holding company headquartered in Jackson, Mississippi. Through its subsidiaries, Trustmark operates as a financial services organization providing banking and financial solutions to corporate institutions and individual customers through offices in Alabama (includes the Georgia Loan Production Office), Florida, Mississippi, Tennessee and Texas. |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The consolidated financial statements include the accounts of Trustmark and all other entities in which Trustmark has a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP). The preparation of financial statements in conformity with these accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expense during the reporting 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 2023 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 | Securities Securities are classified as either held to maturity or available for sale. Securities are classified as held to maturity and carried at amortized cost when Management has the positive intent and the ability to hold them until maturity. Securities to be held for indefinite periods of time are classified as available for sale and carried at fair value, with the unrealized holding gains and losses reported as a component of other comprehensive income (loss), net of tax. Securities available for sale are used as part of Trustmark’s interest rate risk management strategy and may be sold in response to changes in interest rates, changes in prepayment rates and other factors. Management determines the appropriate classification of securities at the time of purchase. The amortized cost of debt securities classified as securities held to maturity or securities available for sale is adjusted for amortization of premiums and accretion of discounts to maturity of the security using the interest method. Such amortization or accretion is included in interest on securities. Realized gains and losses are determined using the specific identification method and are included in noninterest income as securities gains (losses), net. Securities transferred from the available for sale category to the held to maturity category are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with the transfer of securities from available for sale to held to maturity are included in the balance of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets. These unrealized holding gains or losses are amortized over the remaining life of the security as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Allowance for Credit Losses (ACL) Financial Accounting Standards Board (FASB) Accounting Standard Update (ASU) 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” was adopted by Trustmark on January 1, 2020. FASB Accounting Standard Codification (ASC) Topic 326 requires a current expected credit losses methodology for estimating allowances for credit losses and applies to all financial instruments carried at amortized cost, including securities held to maturity, and makes targeted improvements to the accounting for credit losses on securities available for sale. Under FASB ASC Topic 326, the ACL is an estimate measured using relevant information about past events, including historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. Trustmark adopted a zero-credit loss assumption for certain classes of securities. This zero-credit loss assumption applies to debt issuances of the U.S. Treasury and agencies and instrumentalities of the United States government. The reasons behind the adoption of the zero-credit loss assumption were as follows: • High credit rating • Long history with no credit losses • Guaranteed by a sovereign entity • Widely recognized as “risk-free rate” • Ability and authority to print its own currency • Currency is routinely held by central banks, used in international commerce, and commonly viewed as reserve currency • Currently under the U.S. Government conservatorship or receivership Trustmark continuously monitors any changes in economic conditions, credit downgrades, changes to explicit or implicit guarantees granted to certain debt issuers, and any other relevant information that would indicate potential credit deterioration and prompt Trustmark to reconsider its zero-credit loss assumption. Securities Available for Sale FASB ASC Subtopic 326-30, “Financial Instruments-Credit Losses-Available-for-Sale Debt Securities,” replaced the concept of other-than-temporarily impaired with the ACL. Unlike securities held to maturity, securities available for sale are evaluated on an individual level and pooling of securities is not allowed. 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 as outlined below: • Review the extent to which the fair value is less than the amortized cost and observe the security’s lowest credit rating as reported by third-party credit ratings companies. • The securities that violate the credit loss triggers above would be subjected to additional analysis that may include, but is not limited to: changes in market interest rates, changes in securities credit ratings, security type, service area economic factors, financial performance of the issuer/or obligor of the underlying issue and third-party guarantee. • If Trustmark determines that a credit loss exists, the credit portion of the allowance will be 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 Trustmark records will be 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). Accrued interest receivable is excluded from the estimate of credit losses for securities available for sale and reported in other assets on the consolidated balance sheets. Securities Held to Maturity FASB ASC Subtopic 326-20, “Financial Instruments-Credit Losses-Measured at Amortized Cost,” requires institutions to measure expected credit losses on financial assets carried at amortized cost on a collective or pool basis when similar risks exist. Trustmark uses several levels of segmentation to measure expected credit losses for its held to maturity securities: • The portfolio is segmented into agency and non-agency securities. • The non-agency securities are separated into municipal, mortgage, and corporate securities. • Each individual segment is categorized by third-party credit ratings. As discussed above, Trustmark has determined that for certain classes of securities it would be appropriate to assume the expected credit loss to be zero , which include debt issuances of the U.S. Treasury and agencies and instrumentalities of the United States government. This assumption is reviewed and attested to quarterly. Trustmark uses an internally built model to verify the accuracy of third-party provided calculations. Accrued interest receivable is excluded from the estimate of credit losses for securities held to maturity and included in other assets on the consolidated balance sheets. Trustmark monitors the credit quality of securities held to maturity on a monthly basis through credit ratings. |
Loans Held for Sale (LHFS) | Loans Held for Sale (LHFS) Trustmark's LHFS portfolio consists of mortgage loans purchased from wholesale customers or originated in Trustmark’s General Banking Segment. Trustmark has elected to account for its LHFS under the fair value option permitted by FASB ASC Topic 825, “Financial Instruments,” with interest income on the LHFS reported in interest and fees on LHFS and LHFI. Trustmark reports unrealized gains and losses resulting from changes in the fair value of the LHFS accounted for under the fair value option as noninterest income in mortgage banking, net. 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 the fair value reported as noninterest income in mortgage banking, net. Changes in the fair value of the LHFS are largely offset by changes in the fair value of the derivative instruments. Election of the fair value option allows Trustmark to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for its LHFS at the lower of cost or fair value and the derivative instruments at fair value. Realized gains and losses upon ultimate sale of the loans are reported as noninterest income in mortgage banking, net. Government National Mortgage Association (GNMA) optional repurchase programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the institution provides servicing. At the servicer’s option and without GNMA’s prior authorization, the servicer may repurchase such a delinquent loan for an amount equal to 100 percent of the remaining principal balance of the loan. Under FASB ASC Topic 860, “Transfers and Servicing,” this buy-back option is considered a conditional option until the delinquency criteria are met, at which time the option becomes unconditional. When Trustmark is deemed to have regained effective control over these loans under the unconditional buy-back option, the loans can no longer be reported as sold and must be brought back onto the balance sheet as LHFS, regardless of whether Trustmark intends to exercise the buy-back option. These loans are reported as LHFS with the offsetting liability being reported as short-term borrowings. The fair value option election does not apply to the GNMA optional repurchase loans which do not meet the requirements under FASB ASC Topic 825 to be accounted for under the fair value option. Trustmark defers the upfront loan fees and costs related to the LHFS. In general, the LHFS are only retained on Trustmark’s balance sheet for 30 to 45 days before they are pooled and sold in the secondary market. The difference between deferring these loan fees and costs until the loans are sold and recognizing them in earnings as incurred as required by FASB ASC Subtopic 825-10 is considered immaterial. Deferred loan fees and costs are reflected in the basis of the LHFS and, as such, impact the resulting gain or loss when the loans are sold. |
Loans Held for Investment (LHFI) | Loans Held for Investment (LHFI) LHFI are loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off and are reported at amortized cost net of the ACL. Amortized cost is the amount of unpaid principal, adjusted for the net amount of direct costs and nonrefundable loan fees associated with lending. The net amount of nonrefundable loan origination fees and direct costs associated with the lending process, including commitment fees, is deferred and accreted to interest income over the lives of the loans using a method that approximates the interest method. Interest on LHFI is accrued and recorded as interest income based on the outstanding principal balance. Past due LHFI are loans contractually past due 30 days or more as to principal or interest payments. A LHFI is classified as nonaccrual, and the accrual of interest on such loan is discontinued, when the contractual payment of principal or interest becomes 90 days past due on commercial credits and 120 days past due on non-business purpose credits. In addition, a credit may be placed on nonaccrual at any other time Management has serious doubts about further collectability of principal or interest according to the contractual terms, even though the loan is currently performing. A LHFI may remain in accrual status if it is in the process of collection and well-secured. When a LHFI is placed in nonaccrual status, interest accrued but not received is reversed against interest income. Interest payments received on nonaccrual LHFI are applied against principal under the cost-recovery method, until qualifying for return to accrual status. Under the cost-recovery method, interest income is not recognized until the principal balance is reduced to zero. LHFI are restored to accrual status when the obligation is brought current or has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Troubled Debt Restructuring (TDR) 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. A formal TDR may include, but is not necessarily limited to, one or a combination of the following situations: • Trustmark accepts a third-party receivable or other asset(s) of the borrower, in lieu of the receivable from the borrower. • Trustmark accepts an equity interest in the borrower in lieu of the receivable. • Trustmark accepts modification of the terms of the debt including but not limited to: o Reduction (absolute or contingent) of the stated interest rate to below the current market rate. o Extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk. o Reduction (absolute or contingent) of the face amount or maturity amount of the debt as stated in the note or other agreement. o Reduction (absolute or contingent) of accrued interest. TDRs are addressed in Trustmark’s Loan Policy Manual, and in accordance with that policy, any modifications or concessions that may result in a TDR are subject to a special approval process which allows for control, identification, and monitoring of these arrangements. Prior to granting a concession, a revised borrowing arrangement is proposed which is structured so as to improve collectability of the loan in accordance with a reasonable repayment schedule with any loss promptly identified. It is supported by a thorough evaluation of the borrower’s financial condition and prospects for repayment under those revised terms. Other TDRs arising from renewals or extensions of existing debt are routinely identified through the processes utilized in the Problem Loan Committee and in the Credit Quality Review Committee. TDRs are subsequently reported to the Directors’ Credit Policy Committee on a quarterly basis and are disclosed in Trustmark’s consolidated financial statements in accordance with GAAP and regulatory reporting guidance. A TDR in which Trustmark receives physical possession of the borrower’s assets, regardless of whether formal foreclosure or repossession proceedings take place, is accounted for in accordance with FASB ASC Subtopic 310-40, “Receivables-Troubled Debt Restructurings by Creditors.” Thus, the loan is treated as if assets have been received in satisfaction of the loan and reported as a foreclosed asset. A TDR may be returned to accrual status if Trustmark is reasonably assured of repayment of principal and interest under the modified terms and the borrower has demonstrated sustained performance under those terms for a period of at least six months. Otherwise, the restructured loan must remain on nonaccrual. Purchased Credit Deteriorated (PCD) Loans Purchased loans which have experienced more than insignificant credit deterioration since origination are considered PCD loans. An initial ACL for PCD loans is determined at acquisition using the same ACL methodology as the LHFI. The initial ACL determined on a collective basis is allocated to individual loans. PCD loans are reported at the amortized cost, which equals the loan purchased price plus the initial ACL. The difference between the amortized cost basis of the PCD loan and the par value of the loan is the noncredit premium or discount, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through the PCL, LHFI. Upon adoption of FASB ASC Topic 326, Trustmark elected to maintain pools of loans that were previously accounted for under FASB ASC Subtopic 310-30, “Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality,” and will continue to account for these pools as a unit of account. Loans are only removed from the existing loan pools if they are written off, paid off or sold. Upon adoption of FASB ASC Topic 326, the ACL was determined for each pool and added to the pool’s carrying value to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the noncredit premium or discount which will be amortized into interest income over the remaining life of the pool. Changes to the ACL after adoption of FASB ASC Topic 326 are recorded through the PCL, LHFI. |
ACL | ACL LHFI Trustmark’s ACL methodology for LHFI is based upon guidance within FASB ASC Subtopic 326-20 as well as applicable regulatory guidance. The ACL on LHFI 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 on LHFI. The ACL on LHFI is an estimate of expected losses inherent within Trustmark’s existing LHFI portfolio. The ACL on LHFI is adjusted through the PCL, LHFI and reduced by the charge off of loan amounts, net of recoveries. The loan loss estimation process involves procedures to appropriately consider the unique characteristics of Trustmark’s LHFI portfolio segments. These segments are further disaggregated into loan classes, the level at which credit risk is estimated. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the allowance is complex and requires judgement by Management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall LHFI portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense. Trustmark estimates the ACL on LHFI using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts including the novel coronavirus (COVID-19) pandemic effects. Trustmark uses a third-party software application to calculate the quantitative portion of the ACL on LHFI using a methodology and assumptions specific to each loan pool. The qualitative portion of the allowance is based on general economic conditions and other internal and external factors affecting Trustmark as a whole as well as specific LHFI. Factors considered include the following: lending policies and procedures, economic conditions and concentrations of credit, nature and volume of the portfolio, performance trends, and external factors. The quantitative and qualitative portions of the allowance are added together to determine the total ACL on LHFI, which reflects Management’s expectations of future conditions based on reasonable and supportable forecasts. The methodology for estimating the amount of expected credit losses reported in the ACL on LHFI 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. 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 ACL for individual loans that do not share risk characteristics with other loans is measured as the difference between the discounted value of expected future cash flows, based on the effective interest rate at origination, and the amortized cost basis of the loan, or the net realizable value. The ACL is the difference between the loan’s net realizable value and its amortized cost basis (net of previous charge-offs and deferred loan fees and costs), except for collateral-dependent loans. 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 the ‘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. If the calculated expected credit loss is determined to be permanent or not recoverable, the amount of the expected credit loss is charged off. Accrued interest receivable is not included in the amortized cost basis of Trustmark’s LHFI and, therefore, excluded from the estimate of credit losses for LHFI. LHFI are charged off against the ACL on LHFI, with any subsequent recoveries credited back to the ACL on LHFI account. Expected recoveries may not exceed the aggregate of amounts previously charged off and expected to be charged off. Trustmark’s Loan Policy Manual dictates the guidelines to be followed in determining when a loan is charged off. Commercial purpose LHFI are charged off when a determination is made that the loan is uncollectible and continuance as a bankable asset is not warranted. Consumer LHFI secured by 1-4 family residential real estate are generally charged off or written down to the fair value of the collateral less cost to sell at no later than 180 days of delinquency. Non-real estate consumer purpose LHFI, including both secured and unsecured loans, are generally charged off by 120 days of delinquency. Consumer revolving lines of credit and credit card debt are generally charged off on or prior to 180 days of delinquency. ACL on Off-Balance Sheet Credit Exposures Under FASB ASC Subtopic 326-20, Trustmark is required to estimate expected credit losses for off-balance sheet credit exposures which are not unconditionally cancellable. Trustmark maintains a separate ACL on off-balance sheet credit exposures, including unfunded loan commitments and letters of credit. Expected credit losses for off-balance sheet credit exposures are estimated by calculating a commitment usage factor over the contractual period for exposures that are not unconditionally cancellable by Trustmark. Trustmark calculates a loan pool level unfunded amount for the period. Trustmark views the loan pools as either closed-ended or open-ended. Closed-ended loan pools are those that typically fund up to 100% such as other construction and nonowner-occupied. Open-ended loan pools are those that behave similar to a revolver such as the commercial and industrial and home equity line of credit loan pools. In addition to the unfunded balances, Trustmark uses a funding rate for loan pools that are considered open-ended. Trustmark calculates the funding rate of the open-ended loan pools each period. In order to mitigate volatility and incorporate historical experience in the funding rate, Trustmark uses a twelve-quarter moving average. For the closed-ended loan pools, Trustmark takes a conservative approach and uses a 100% funding rate. The expected funding rate is applied to each pool’s unfunded commitment balances to ensure that reserves will be applied to each pool based on balances expected to be funded based upon historical levels. In addition to the funding rate being applied to the unfunded commitment balance, a reserve rate is applied that incorporates both quantitative and qualitative aspects of the current period’s expected credit loss rate. The reserve rate is loan pool specific and is applied to the unfunded amount to ensure loss factors, both quantitative and qualitative, are being considered on the unfunded portion of the loan pool, consistent with the methodology applied to the funded loan pools. Adjustments to the ACL on off-balance sheet credit exposures are recorded to the PCL, 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. ACL, LHFI Trustmark’s ACL methodology for LHFI is based upon guidance within FASB 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 fourth quarter of 2022, Management noted that all pass rated loans (RR 5 & RR 6) related to the External Factor-Pandemic qualitative factor either did not experience significant stress related to the pandemic or have since recovered and does not expect future stresses attributed to the pandemic that may affect these loans. As a result, Management decided to accelerate the release of the additional pandemic reserves on all pass rated loans. |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is charged to expense over the estimated useful lives of the assets, which are up to thirty-nine years for buildings and three to ten years for furniture and equipment. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. In cases where Trustmark has the right to renew the lease for additional periods, the lease term for the purpose of calculating amortization of the capitalized cost of the leasehold improvements is extended when Trustmark is “reasonably assured” that it will renew the lease. Depreciation and amortization expenses are computed using the straight-line method. Trustmark continually evaluates whether events and circumstances have occurred that indicate that such long-lived assets have become impaired. Measurement of any impairment of such long-lived assets is based on the fair values of those assets. Branch closures and purchased land held for future branch expansion for more than five years are evaluated to determine if the related land, buildings and building improvements should be transferred to assets held for sale in accordance with FASB ASC Topic 360, “Property, Plant and Equipment.” The property is transferred to assets held for sale at the lower of its carrying value or fair value less cost to sell. An impairment loss is recorded at the time of transfer if the carrying value of the assets exceeds the fair value. Impairment losses are recorded as noninterest expense in other expense. |
Mortgage Servicing Rights (MSR) | Mortgage Servicing Rights (MSR) Trustmark recognizes as assets the rights to service mortgage loans based on the estimated fair value of the MSR when loans are sold and the associated servicing rights are retained. Trustmark has elected to account for the MSR at fair value. The fair value of the MSR is determined using discounted cash flow techniques benchmarked against third-party valuations. Estimates of fair value involve several assumptions, including the key valuation assumptions about market expectations of future prepayment rates, interest rates and discount rates which are provided by a third-party firm. Prepayment rates are projected using an industry standard prepayment model. The model considers other key factors, such as a wide range of standard industry assumptions tied to specific portfolio characteristics such as remittance cycles, escrow payment requirements, geographic factors, foreclosure loss exposure, VA no-bid exposure, delinquency rates and cost of servicing, including base cost and cost to service delinquent mortgages. Prevailing market conditions at the time of analysis are factored into the accumulation of assumptions and determination of servicing value. Trustmark economically hedges changes in the fair value of the MSR attributable to interest rates. See Note 1 – Significant Accounting Policies, “Derivative Financial Instruments – Derivatives Not Designated as Hedging Instruments” for information regarding these derivative instruments. Trustmark receives annual servicing fee income for loans serviced, which is recorded as noninterest income in mortgage banking, net. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Late fees and ancillary fees related to loan servicing are not considered material. |
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets Trustmark accounts for goodwill and other intangible assets in accordance with FASB ASC Topic 350, “Intangibles – Goodwill and Other.” Goodwill, which represents the excess of cost over the fair value of the net assets of an acquired business, is not amortized but tested for impairment on an annual basis, which is October 1 for Trustmark, or more often if events or circumstances indicate that there may be impairment. Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with a related contract, asset or liability. Trustmark’s identifiable intangible assets primarily relate to core deposits, insurance customer relationships and borrower relationships. These intangibles, which have definite useful lives, are amortized on an accelerated basis over their estimated useful lives. In addition, these intangibles are evaluated for impairment whenever events and changes in circumstances indicate that the carrying amount should be reevaluated. Trustmark also purchased banking charters in order to facilitate its entry into the states of Florida and Texas. These identifiable intangible assets are being amortized on a straight-line method over 20 years. |
Other Real Estate | Other Real Estate Other real estate includes assets that have been acquired in satisfaction of debt through foreclosure and is recorded at the 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. When foreclosed real estate is received in full satisfaction of a loan, the amount, if any, by which the recorded amount of the loan exceeds the estimated fair value of the property is a loss charged against the ACL at the time of foreclosure. If the recorded amount of the loan is less than the estimated fair value of the property, a credit is recorded to write-downs of other real estate at the time of foreclosure. Other real estate is revalued on an annual basis or more often if market conditions necessitate. An other real estate specific reserve may be recorded through other real estate expense for declines in fair value subsequent to foreclosure based on recent appraisals or changes in market conditions. Subsequent to foreclosure, losses on the periodic revaluation of the property are charged against an existing other real estate specific reserve or as noninterest expense in other real estate expense if a reserve does not exist. Costs of operating and maintaining the properties as well as gains or losses on their disposition are also included in other real estate expense as incurred. Improvements made to properties are capitalized if the expenditures are expected to be recovered upon the sale of the properties. |
Leases | Leases Once Trustmark identifies and determines certain contracts are leases according to FASB ASC Topic 842, "Leases," Trustmark classifies it as an operating or a finance lease and recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability represents the present value of the lease payments that remain unpaid as of the commencement date and the right-of-use asset is the initial lease liability recognized for the lease plus any lease payments made to the lessor at or before the commencement date as well as any initial direct costs less any lease incentives received. Trustmark accounts for the lease and nonlease components separately as such amounts are readily determinable. Trustmark’s finance leases consist of building and equipment leases. Trustmark recognizes interest expense based on the discount rate of the lease as interest expense in other interest expense and recognizes depreciation expense on a straight-line basis over the lease term as noninterest expense in net occupancy – premises for building leases and in equipment expense for equipment leases. Trustmark amortizes the right-of-use asset over the life of the lease term on a straight-line basis. Trustmark’s lease liabilities are measured as the present value of the remaining lease payments throughout the lease term. Trustmark records its finance lease right-of-use assets in premises and equipment, net and its finance lease liabilities in other borrowings. Trustmark’s operating leases primarily consist of building and land leases. Trustmark recognizes lease rent expense on a straight-line basis over the term of the lease contract and records it as noninterest expense in net occupancy – premises for building and land leases and in equipment expense for equipment leases. Trustmark’s amortization of the right-of-use asset is the difference between the straight-line lease expense and the interest expense recognized on the lease liability during the period. Trustmark’s lease liabilities are measured as the present value of the remaining lease payments throughout the lease term. Trustmark’s leases typically have one or more renewal options included in the lease contract. Due to the nature of Trustmark’s leases, for leases with renewal options available, Trustmark considers the first renewal option as reasonably certain to renew and is therefore included in the measurement of the right-of-use assets and lease liabilities. In order to calculate its right-of-use assets and lease liabilities, FASB ASC Topic 842 requires Trustmark to use the rate of interest implicit in the lease when readily determinable. If the rate implicit in the lease is not readily determinable, Trustmark is required to use its incremental borrowing rate, which is the rate of interest Trustmark would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. Trustmark was able to determine the implicit interest rate for its equipment leases and used that rate as its discount rate. Since the implicit interest rate for most of its building and land leases were not readily determinable, Trustmark used its incremental borrowing rate. Trustmark made an accounting policy election to not recognize short-term leases (12 months or less) on the balance sheet. Trustmark’s short-term leases primarily include automated teller machines. For short-term leases, Trustmark recognizes lease expense on a straight-line basis over the lease term. |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank of Atlanta Stock | Federal Home Loan Bank (FHLB) and Federal Reserve Bank of Atlanta Stock Trustmark accounts for its investments in FHLB and Federal Reserve Bank of Atlanta stock in accordance with FASB ASC Subtopic 942-325, “Financial Services-Depository and Lending-Investments-Other.” FHLB and Federal Reserve Bank stock are equity securities that do not have a readily determinable fair value because its ownership is restricted and it lacks a market. FHLB and Federal Reserve Bank stock are carried at cost and evaluated for impairment. Trustmark’s investment in member bank stock is included in other assets in the accompanying consolidated balance sheets. At December 31, 2022 and 2021 , Trustmark’s investment in member bank stock totaled $ 72.2 million and $ 32.9 million, respectively. The carrying value of Trustmark’s member bank stock gave rise to no other-than-temporary impairment for the years ended December 31, 2022, 2021 and 2020 . |
Revenue from Contract with Customers | 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. General Banking Segment Service Charges on Deposit Accounts In general, deposit accounts represent contracts with customers with no fixed duration and can be terminated or modified by either party at any time without compensation to the other party. According to FASB ASC Topic 606, a contract that can be terminated by either party without compensation does not exist for periods beyond the then-current period. Therefore, deposit contracts are considered to renew day-to-day if not minute-to-minute. Deposit contracts have a single continuous or stand-ready service obligation whereby Trustmark makes customer funds available for use by the customer as and when the customer chooses as well as other services such as statement rendering and online banking. The specific services provided vary based on the type of deposit account. These services are not individually distinct, but are distinct as a group, and therefore, constitute a single performance obligation which is satisfied over time and qualifies as a series of distinct service periods. Trustmark receives a fixed service charge amount as consideration monthly for services rendered. The service charge amount varies based on the type of deposit account. Some of the service charge revenue is subject to refund provisions, which is variable consideration under the guidelines of FASB ASC Topic 606. Trustmark has elected the ‘as-invoiced’ practical expedient permitted under FASB ASC Topic 606 for recognition of service charge revenue. Therefore, revenue is recognized at the time and in the amount the customer is charged. The service charge revenue is presented net of refunded amounts on Trustmark’s consolidated statements of income. Services related to non-sufficient funds, overdrafts, excess account activity, stop payments, dormant accounts, etc. are considered optional purchases for a deposit contract because there is no performance obligation for Trustmark until the service is requested by the customer or the occurrence of a triggering event. Fees for these services are fixed amounts and are charged to the customer when the service is performed. Revenue is recognized at the time the customer is charged. Bank Card and Other Fees Revenue from contracts with customers in bank card and other fees includes income related to interchange fees and various other contracts which primarily consists of contracts with a single performance obligation that is satisfied at a point in time. Trustmark receives a fixed consideration amount once the performance obligation is completed for these contracts. Trustmark reports revenue from these contracts net of amounts refunded or due to a third party. As both a debit and credit card issuer, Trustmark receives an interchange fee for every card transaction completed by its customers with a merchant. Trustmark receives two types of interchange fees: point-of-sale transactions in which the customer must enter the PIN associated with the card to complete the transaction (a debit card transaction), and signature transactions in which the signature of the customer is required to complete the transaction (a credit card transaction). Trustmark, as the card issuing or settlement bank, has a contract (implied based on customary business practices) with the payment network in which Trustmark has a single continuous service obligation to make funds available for settlement of the card transaction. Trustmark’s service obligation is satisfied over time and qualifies as a series of distinct service periods. Trustmark receives interchange fees as consideration for services rendered in the amount established by the respective payment network. The interchange fees are established by the payment network based on the type of transaction and is posted on their website. Trustmark receives and records interchange fee revenue from the payment networks daily net of all fees and amounts due to the payment network. Other Income Revenue from contracts with customers in other income includes income related to cash management services and other contracts with a single performance obligation that is satisfied at a point in time. Trustmark receives a fixed consideration amount once the performance obligation is completed for these contracts. Trustmark reports revenue from these contracts net of amounts refunded or due to a third party. Trustmark provides cash management services through the delivery of various products and services offered to its business and municipal customers including various departments of state, city and local governments, universities and other non-profit entities. Similar to the deposit account contracts, the cash management contracts primarily represent contracts with customers with no fixed duration and can be terminated or modified by either party at any time without compensation to the other party. Therefore, cash management contracts are generally considered to renew day-to-day if not minute-to-minute. Cash management contracts have a single continuous or stand-ready service obligation whereby Trustmark makes a specific service or group of services available for use by the customer as and when the customer chooses. The specific services provided vary based on the type of account or product. These services are not individually distinct, but are distinct as a group, and therefore, constitute a single performance obligation which is satisfied over time and qualifies as a series of distinct service periods. Trustmark receives a set service charge or maintenance fee amount as consideration monthly for services rendered. However, some of the fees are based on the number of transactions that occur ( i.e., flat fee for a set number of transactions per month then an additional charge for each transaction after that) or the average daily account balance maintained by the customer during the month and a small amount of the cash management fee revenue is subject to refund provisions. These fees represent variable consideration under the guidelines of FASB ASC Topic 606. Trustmark has elected the ‘as-invoiced’ practical expedient permitted under FASB ASC Topic 606 for recognition of cash management fee revenue. The cash management revenue is presented net of any refunded amounts on Trustmark’s consolidated statements of income. Trustmark’s merchant services provider contracts directly with Trustmark business customers and provides Trustmark’s merchant customers card processing equipment and transaction processing services. Trustmark’s contract with the merchant services provider has a single-continuous service obligation to provide customer referrals for potential new accounts which is satisfied over time and qualifies as a series of distinct service periods. Trustmark receives a flat fee for each new account established and a percentage of the residual income related to transactions processed for Trustmark’s merchant customers each month as provided in the contract. Under the guidelines of FASB ASC Topic 606, the fee received for each new account and the profit sharing represent variable consideration. Revenue from merchant card services contracts is recognized monthly using a time-elapsed measure of progress. Trustmark has elected the ‘as-invoiced’ practical expedient permitted under FASB ASC Topic 606 for recognition of the merchant card services revenue. Other Real Estate 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. Other real estate sales for the year ended December 31, 2022 resulted in a net loss of $ 1.0 million compared to a net loss of $ 1.9 million for the year ended December 31, 2021 and a net gain of $ 897 thousand for the year ended December 31, 2020. In general, purchases of Trustmark’s other real estate property are not financed by Trustmark. Financing the purchase of other real estate is evaluated based upon the same lending policies and procedures as all other types of loans. Under FASB ASC Subtopic 610-20, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets,” when Trustmark finances the sale of its other real estate to a buyer, Trustmark is required to assess whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these two criteria are met, Trustmark derecognizes the other real estate asset and records a gain or loss on the sale once control of the property is transferred to the buyer. Wealth Management Segment Trust Management There are five categories of revenue included in trust management: personal trust and investments, retirement plan services, institutional custody, corporate trust and other. Each of these categories includes multiple types of contracts, service obligations and fee income. However, the majority of these contracts include a single service obligation that is satisfied over time, the customer is charged in arrears for services rendered and revenue is recognized when payment is received. In general, the time period between when the service obligation is completed and when payment from the customer is received is less than 30 days. Revenue from trust management contracts is primarily related to monthly service periods and based on the prior month-end’s market value. Some trust management revenue is mandated by a court order, while other revenue consists of flat fees. Trust management revenue based on an account’s market value represents variable consideration under the guidelines of FASB ASC Topic 606. Trustmark has elected the ‘as-invoiced’ practical expedient allowed under FASB ASC Topic 606 to account for the trust management revenue. Assets under administration held by Trustmark in a fiduciary or agency capacity for customers are not included in Trustmark’s consolidated balance sheets. Investment Services Investment services includes both brokerage and annuity income. Trustmark has a contract with a third-party investment services company which contains a single continuous service obligation, to provide broker-dealer and advisory services to customers on behalf of the third-party, which is satisfied over time and qualifies as a series of distinct service periods. Trustmark serves as the agent between the third-party investment services company, the principle, and the customer. In accordance with the contract, Trustmark receives a monthly payment from the investment services company for commissions and advisory fees (asset management fees) earned on transactions completed in the prior month net of all charges and fees due to the investment services company. Trustmark recognizes revenue from the investment services company, net of the revenue sharing expense due to the investment services company, when the payments are received. Commissions vary from month-to-month based on the specific products and transactions completed. The advisory fees vary based on the average daily balance of the managed assets for the period. The commissions and advisory fees represent variable consideration under FASB ASC Topic 606. Trustmark has elected the ‘as-invoiced’ practical expedient allowed under FASB ASC Topic 606 to recognize revenue from the investment services company. Insurance Segment Fisher Brown Bottrell Insurance, Inc. (FBBI), a wholly-owned subsidiary of Trustmark National Bank (TNB), operates as an insurance broker representing the policyholder and has no allegiance with any one insurance provider. FBBI serves as the agent between the insurance provider (either insurance carrier or broker), the principal, and the policy holder, the customer. FBBI has four general categories of insurance contracts: commercial, commercial installments, personal and employee benefits. FBBI’s insurance contracts contain a single performance obligation, policy placement, which is satisfied at a point in time. FBBI’s performance obligation is satisfied as of the policy effective date. In addition to policy placement, FBBI provides various other periodic services to the policyholders for which no additional fee is charged. These additional services are not considered material to the overall contract. Trustmark has elected the immaterial promises practical expedient allowed under FASB ASC Topic 606, which allows Trustmark to not assess whether promised services are performance obligations if the promised services are immaterial in the context of the contract. Therefore, the immaterial additional services offered to policyholders are not considered a performance obligation and no amount of the contract transaction price is allocated to these services. In general, the transaction price for the insurance contracts is an established commission amount agreed upon by FBBI and the insurance provider. The commission amount varies based on the insurance provider and the type of policy. There are a small number of insurance contracts which FBBI does not receive a commission but charges a fee directly to the policyholder. Most of the commissions from insurance contracts are subject to clawback provisions which require FBBI to refund a prorated amount of the commissions received as a result of policy cancellations or lapses. Commissions subject to clawback provisions are considered variable consideration under FASB ASC Topic 606. Trustmark believes the expected value method of estimating the commissions subject to clawback provisions would best predict the amount of commissions FBBI will be entitled to because of the large number of insurance contracts with similar characteristics and the number of possible outcomes. FBBI calculates a separate weighted-average percentage (returned commissions percentage) based on actual cancellations over the previous three years for commercial lines, bonds, and personal lines. FBBI applies the respective returned commissions percentage to the commission revenue earned related to insurance contracts within these three lines each month to calculate the estimated returned commissions amount, which represents the variable consideration subject to variable constraint. Revenue from insurance contracts is reported net of the variable consideration subject to variable constraint. FBBI performs an analysis of the returned commissions reserve quarterly and adjusts the reserve balance based on all available information including actual cancellations and the remaining term of the contract. The returned commission percentage is updated annually. Insurance Producers at FBBI earn commission as compensation for each policy they are responsible for placing. FBBI utilizes a ‘pay when paid’ system. Under the ‘pay when paid’ system, Producers receive the commissions for which they are entitled at the end of the month following the month in which FBBI receives payment from the insurance provider or customer. Under FASB ASC Subtopic 340-40, “Other Assets and Deferred Costs: Contracts with Customers,” the commission paid to the Producers is an incremental cost of obtaining a contract, which should be capitalized and amortized in a manner consistent with the pattern of transfer of the service related to the contract acquisition asset. Insurance contracts have a term of one year or less; therefore, Trustmark has elected the cost of obtaining a contract practical expedient allowed under FASB ASC Subtopic 340-40, which allows FBBI to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the contract asset that FBBI otherwise would have recognized is one year or less. Commission expense is recorded as noninterest expense in salaries and employee benefits when paid to the Producers. Commercial Insurance Revenue from FBBI’s commercial insurance contracts (both agency billed and direct billed) consists of a set commission amount, which is subject to clawback provisions. Revenue from commercial installment insurance contracts consists of a set commission amount, which is not subject to clawback provisions. An estimated commission amount is entered in the agency management system when a commercial insurance contract is placed. FBBI records a top line receivable based on the estimated commission amount entered in the system each month, along with a corresponding amount recognized as revenue, and then adjusts the estimated receivable when the commissions are received from the insurance provider or customer. Personal Insurance Revenue from FBBI’s personal insurance contracts consists of a set commission amount, which is subject to clawback provisions, and is recognized when payment is received (generally 30 - 60 days after the policy effective date). Personal insurance contracts have a term of one year ; therefore, recognizing the revenue from these contracts when payment is received is not materially different than recognizing the revenue at the policy effective date for any given period. Employee Benefits Insurance Revenue from FBBI’s employee benefits insurance contracts consists of a variable commission amount, which is not subject to clawback provisions, and is recognized when payment is received, typically on a monthly basis. Employee benefits insurance contracts have a set commission rate, but can vary from period to period based on changes in the number of employees covered by the policy ( i.e., new hires and terminations). FBBI generally receives twelve monthly commission payments for these contracts with the initial payment being received approximately 60 - 90 days after the policy effective date. Under the guidelines of FASB ASC Topic 606, commissions from employee benefits insurance contracts represent fixed consideration because at contract inception (policy effective date) there is a set commission rate times a known number of covered employees. Changes in the number of covered employees are not known, nor can they be predicted, at contract inception. An increase or decrease in the number of covered employees after the policy effective date is considered a contract modification resulting from a change in scope and transaction price under FASB ASC Topic 606. This modification is treated as part of the existing contract because it does not add a distinct service. Employee benefits insurance contracts have a term of one year ; therefore, recognizing the revenue from these contracts when payment is received is not materially different than recognizing the revenue at the policy effective date or the contract modification date for any given period. Contingency Commission Insurance In addition to the insurance contracts discussed above, FBBI has contracts with various insurance providers for which it receives contingency income based on volume of business and claims experience. FBBI is the principal and the insurance provider is the customer for these contingency commission insurance contracts. The contingency commission contracts have a single continuous or stand-ready service obligation whereby FBBI places policies with policyholders when acceptable to the insurance provider, which is satisfied over time. The contract term for these contingency commission contracts is one year . Revenue is recognized from the contingency commission contracts monthly using a time-elapsed measure of progress. FBBI accrues throughout the current year the amount of contingency commission income it expects to receive in the following year adjusted for a degree of uncertainty. FBBI updates a detail by insurance provider with the contingency commission income received, which is then compared to the total amount that was expected to be received. If actual receipts are higher or lower than the amount accrued in the prior year, the monthly accrual for the current year is adjusted accordingly. Under the guidelines of FASB ASC Topic 606, revenue from contingency commission insurance contracts represents variable consideration and should be estimated using one of the two allowable methods subject to the variable consideration constraint. FBBI believes the most likely amount method to be the most appropriate method for estimating the variable consideration as there are only a few possible outcomes for each contract. |
Derivative Financial Instruments | Derivative Financial Instruments Trustmark maintains an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. Trustmark’s interest rate risk management strategy involves modifying the repricing characteristics of certain assets and liabilities so that changes in interest rates do not adversely affect the net interest margin and cash flows. Under the guidelines of FASB ASC Topic 815, “Derivatives and Hedging,” all derivative instruments are required to be recognized as either assets or liabilities and carried at fair value on the balance sheet. The fair value of derivative positions outstanding is included in other assets and/or other liabilities in the accompanying consolidated balance sheets and in the net change in these financial statement line items in the accompanying consolidated statements of cash flows as well as included in noninterest income in the accompanying consolidated statements of income and other comprehensive income (loss), net of tax in the accompanying consolidated statements of comprehensive income. Trustmark’s interest rate swap derivative instruments are subject to master netting agreements, and therefore, eligible for offsetting in the consolidated balance sheets. Trustmark has elected to not offset any derivative instruments in its consolidated balance sheets. Derivatives Designated as Hedging Instruments 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. Derivatives Not Designated as Hedging Instruments As part of Trustmark’s risk management strategy in the mortgage banking area, derivative instruments such as forward sales contracts are utilized. Trustmark’s obligations under forward contracts consist of commitments to deliver mortgage loans, originated and/or purchased, in the secondary market at a future date. 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. See Note 1 – Significant Accounting Policies, “Loans Held for Sale (LHFS)” for information regarding the fair value option election. Trustmark also utilizes derivative instruments such as interest rate lock commitments in its mortgage banking area. Rate lock commitments are residential mortgage loan commitments with customers, which guarantee a specified interest rate for a specified time period. Changes in the fair value of these derivative instruments are recorded as noninterest income in mortgage banking, net and are offset by the changes in the fair value of forward sales contracts. 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. These exchange-traded derivative instruments are accounted for at fair value with changes in the fair value recorded as noninterest income in mortgage banking, net and are offset by changes in the fair value of the MSR. The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates. Ineffectiveness of hedging the MSR fair value is measured by comparing the change in the fair value of the hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions. Trustmark offers certain derivatives products directly to qualified commercial lending clients seeking to manage their interest rate risk. Trustmark economically hedges interest rate swap transactions executed with commercial lending clients by entering into offsetting interest rate swap transactions with institutional derivatives market participants. Derivative transactions executed as part of this program are not designated as qualifying hedging relationships and are, therefore, carried at fair value with the change in fair value recorded 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. |
Income Taxes | Income Taxes Trustmark accounts for uncertain tax positions in accordance with FASB ASC Topic 740, “Income Taxes,” which clarifies the accounting and disclosure for uncertainty in tax positions. Under the guidance of FASB ASC Topic 740, Trustmark accounts for deferred income taxes using the liability method. Deferred tax assets and liabilities are based on temporary differences between the financial statement carrying amounts and the tax basis of Trustmark’s assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled and are presented net in the accompanying consolidated balance sheets in other assets. |
Stock-Based Compensation | Stock-Based Compensation Trustmark accounts for the stock and incentive compensation under the provisions of FASB ASC Topic 718, “Compensation – Stock Compensation.” Under this accounting guidance, fair value is established as the measurement objective in accounting for stock awards and requires the application of a fair value based measurement method in accounting for compensation cost, which is recognized over the requisite service period. Trustmark has elected to account for forfeitures of stock awards as they occur. |
Statements of Cash Flows | Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks. The following table reflects specific transaction amounts for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Income taxes paid $ 2,701 $ 15,259 $ 46,648 Interest paid on deposits and borrowings 45,275 24,429 42,968 Noncash transfers from loans to other real estate 1,533 770 635 Securities transferred from available for sale to held to maturity 674,092 — — Investment in tax credit partnership not funded 18,891 10,647 5,893 Finance right-of-use assets resulting from lease liabilities — 92 — Operating right-of-use assets resulting from lease liabilities 6,912 9,666 3,774 Transfer of long-term FHLB advances to short-term — — 651 |
Per Share Data | Per Share Data Trustmark accounts for per share data in accordance with FASB ASC Topic 260, “Earnings Per Share,” which provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share (EPS) pursuant to the two-class method. Trustmark has determined that its outstanding unvested stock awards are not participating securities. Based on this determination, no change has been made to Trustmark’s current computation for basic and diluted EPS. Basic EPS is computed by dividing net income by the weighted-average shares of common stock outstanding. Diluted EPS is computed by dividing net income by the weighted-average shares of common stock outstanding, adjusted for the effect of potentially dilutive stock awards outstanding during the period. The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): Years Ended December 31, 2022 2021 2020 Basic shares 61,242 62,788 63,505 Dilutive shares 190 185 141 Diluted shares 61,432 62,973 63,646 Weighted-average antidilutive stock awards were excluded in determining diluted EPS. The following table reflects weighted-average antidilutive stock awards for the periods presented (in thousands): Years Ended December 31, 2022 2021 2020 Weighted-average antidilutive stock awards — 1 57 |
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and requires certain disclosures about fair value measurements. The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. Depending on the nature of the asset or liability, Trustmark uses various valuation techniques and assumptions when estimating fair value. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. FASB ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that Trustmark has the ability to access at the measurement date. Level 2 Inputs – Valuation is based upon quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability such as interest rates, yield curves, volatilities and default rates and inputs that are derived principally from or corroborated by observable market data. Level 3 Inputs – Unobservable inputs reflecting the reporting entity’s own determination about the assumptions that market participants would use in pricing the asset or liability based on the best information available. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety is classified is based on the lowest level input that is significant to the fair value measurement in its entirety. Trustmark’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer. |
Accounting Policies Recently Adopted | 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. 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. On December 21, 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” which defers the sunset date from December 31, 2022, to December 31, 2024. The purpose of the guidance in FASB ASC Topic 848 is to provide relief during the temporary transition period, so the FASB included a sunset provision within Topic 848 based on expectations of when the LIBOR would cease being published. At the time that ASU 2020-04 was issued, the United Kingdom Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade or compel banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022, 12 months after the expected cessation date of all currencies and tenors of LIBOR. However, in March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of US$ LIBOR would be June 30, 2023, which was beyond the then-current sunset date of FASB ASC Topic 848. Thus, the amendments of ASU 2022-06 defer the sunset date to December 31, 2024, after which entities will no longer be permitted to apply the relief in FASB ASC Topic 848; moreover, it applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments of ASU 2022-06 were effective immediately when issued. While the benchmark provider for US$ LIBOR (which was typically the benchmark that Trustmark used) intends to provide the benchmark for some tenors of US$ LIBOR through June 2023, Trustmark transitioned to 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, ASU 2021-01 and ASU 2022-06 or the reference rate reform will have on its consolidated financial statements. 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 adopted the amendments of ASU 2022-02 effective 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 no t expected to have a material impact on Trustmark’s consolidated financial statements or results of operations. The enhanced disclosures required by ASU 2022-02 will be presented in the notes to the financial statements beginning with Trustmark’s Quarterly Report on Form 10-Q for the period ending March 31, 2023. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Cash Flows Supplementary Disclosures | For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks. The following table reflects specific transaction amounts for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Income taxes paid $ 2,701 $ 15,259 $ 46,648 Interest paid on deposits and borrowings 45,275 24,429 42,968 Noncash transfers from loans to other real estate 1,533 770 635 Securities transferred from available for sale to held to maturity 674,092 — — Investment in tax credit partnership not funded 18,891 10,647 5,893 Finance right-of-use assets resulting from lease liabilities — 92 — Operating right-of-use assets resulting from lease liabilities 6,912 9,666 3,774 Transfer of long-term FHLB advances to short-term — — 651 |
Weighted-Average Shares Used to Calculate Basic and Diluted EPS | The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): Years Ended December 31, 2022 2021 2020 Basic shares 61,242 62,788 63,505 Dilutive shares 190 185 141 Diluted shares 61,432 62,973 63,646 |
Weighted-Average Antidilutive Stock Awards Excluded from Determining Diluted EPS | Weighted-average antidilutive stock awards were excluded in determining diluted EPS. The following table reflects weighted-average antidilutive stock awards for the periods presented (in thousands): Years Ended December 31, 2022 2021 2020 Weighted-average antidilutive stock awards — 1 57 |
Securities Available for Sale_2
Securities Available for Sale and Held to Maturity (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021 ($ in thousands): Securities Available for Sale Securities Held to Maturity Gross Gross Estimated Gross Gross Estimated Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury securities $ 425,719 $ 308 $ ( 34,514 ) $ 391,513 $ 28,295 $ — $ ( 115 ) $ 28,180 U.S. Government agency obligations 8,297 — ( 531 ) 7,766 — — — — Obligations of states and political 4,820 53 ( 11 ) 4,862 4,510 3 ( 3 ) 4,510 Mortgage-backed securities Residential mortgage pass-through Guaranteed by GNMA 30,534 7 ( 3,444 ) 27,097 4,442 — ( 395 ) 4,047 Issued by FNMA and FHLMC 1,541,570 12 ( 196,119 ) 1,345,463 509,311 — ( 19,586 ) 489,725 Other residential mortgage-backed Issued or guaranteed by FNMA, 123,755 — ( 8,615 ) 115,140 188,201 — ( 13,826 ) 174,375 Commercial mortgage-backed Issued or guaranteed by FNMA, 136,014 — ( 3,773 ) 132,241 759,755 34 ( 54,037 ) 705,752 Total $ 2,270,709 $ 380 $ ( 247,007 ) $ 2,024,082 $ 1,494,514 $ 37 $ ( 87,962 ) $ 1,406,589 December 31, 2021 U.S. Treasury securities $ 349,562 $ 16 $ ( 4,938 ) $ 344,640 $ — $ — $ — $ — U.S. Government agency obligations 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-through Guaranteed by GNMA 38,942 665 ( 34 ) 39,573 5,005 187 ( 3 ) 5,189 Issued by FNMA and FHLMC 2,230,498 8,945 ( 21,014 ) 2,218,429 43,444 962 — 44,406 Other residential mortgage-backed Issued or guaranteed by FNMA, 193,908 2,879 ( 97 ) 196,690 241,934 9,015 ( 31 ) 250,918 Commercial mortgage-backed Issued or guaranteed by FNMA, 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 December 31, 2022 and 2021 ($ in thousands): December 31, 2022 December 31, 2021 Aaa $ 1,490,004 $ 335,208 Aa1 to Aa3 3,001 5,007 Not Rated (1) 1,509 2,322 Total $ 1,494,514 $ 342,537 (1) Not rated securities primarily consist of Mississippi municipal general obligations. |
Securities with Gross Unrealized Losses, Segregated by Length of Impairment | The table below includes securities with gross unrealized losses for which an ACL has not been recorded and segregated by length of impairment at December 31, 2022 and 2021 ($ in thousands): Less than 12 Months 12 Months or More Total Gross Gross Gross Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2022 Fair Value Losses Fair Value Losses Fair Value Losses U.S. Treasury securities $ 161,298 $ ( 5,655 ) $ 258,087 $ ( 28,974 ) $ 419,385 $ ( 34,629 ) U.S. Government agency obligations 1,828 ( 184 ) 5,938 ( 347 ) 7,766 ( 531 ) Obligations of states and political 1,017 ( 11 ) 3,664 ( 3 ) 4,681 ( 14 ) Mortgage-backed securities Residential mortgage pass-through Guaranteed by GNMA 27,223 ( 3,270 ) 3,577 ( 569 ) 30,800 ( 3,839 ) Issued by FNMA and FHLMC 770,865 ( 41,807 ) 1,062,041 ( 173,898 ) 1,832,906 ( 215,705 ) Other residential mortgage-backed Issued or guaranteed by FNMA, 281,964 ( 21,452 ) 7,235 ( 989 ) 289,199 ( 22,441 ) Commercial mortgage-backed Issued or guaranteed by FNMA, 833,970 ( 57,742 ) 1,644 ( 68 ) 835,614 ( 57,810 ) Total $ 2,078,165 $ ( 130,121 ) $ 1,342,186 $ ( 204,848 ) $ 3,420,351 $ ( 334,969 ) 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 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 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 December 31, 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 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 30,089 $ 30,208 $ 4,169 $ 4,170 Due after one year through five years 389,528 356,175 341 340 Due after five years through ten years 14,218 12,999 28,295 28,180 Due after ten years 5,001 4,759 — — 438,836 404,141 32,805 32,690 Mortgage-backed securities 1,831,873 1,619,941 1,461,709 1,373,899 Total $ 2,270,709 $ 2,024,082 $ 1,494,514 $ 1,406,589 |
LHFI and ACL, LHFII (Tables)
LHFI and ACL, LHFII (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loan Portfolio Held for Investment | At December 31, 2022 and 2021, LHFI consisted of the following ($ in thousands): December 31, 2022 2021 Loans secured by real estate: Construction, land development and other land $ 690,616 $ 596,968 Other secured by 1-4 family residential properties 590,790 517,683 Secured by nonfarm, nonresidential properties 3,278,830 2,977,084 Other real estate secured 742,538 726,043 Other loans secured by real estate: Other construction 1,028,926 711,813 Secured by 1-4 family residential properties 2,185,057 1,460,310 Commercial and industrial loans 1,821,259 1,414,279 Consumer loans 170,230 162,555 State and other political subdivision loans 1,223,863 1,146,251 Other commercial loans 471,930 534,843 LHFI 12,204,039 10,247,829 Less ACL 120,214 99,457 Net LHFI $ 12,083,825 $ 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 December 31, 2022 and 2021 ($ in thousands): December 31, 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 $ 137 $ 1,902 $ — Other secured by 1-4 family residential properties 482 3,957 534 Secured by nonfarm, nonresidential properties 4,841 6,957 — Other real estate secured — 231 — Other loans secured by real estate: Other construction — 7,620 — Secured by 1-4 family residential properties 1,193 19,775 3,118 Commercial and industrial loans 14,441 25,102 — Consumer loans — 181 277 Other commercial loans — 247 — Total $ 21,094 $ 65,972 $ 3,929 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 loans) at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 Past Due 90 Days Total Current 30-59 Days 60-89 Days or More Past Due Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 1,972 $ 199 $ 34 $ 2,205 $ 688,411 $ 690,616 Other secured by 1-4 family residential properties 3,682 1,206 1,281 6,169 584,621 590,790 Secured by nonfarm, nonresidential properties 825 18 794 1,637 3,277,193 3,278,830 Other real estate secured 131 30 — 161 742,377 742,538 Other loans secured by real estate: Other construction — — 7,620 7,620 1,021,306 1,028,926 Secured by 1-4 family residential properties 10,709 4,236 9,999 24,944 2,160,113 2,185,057 Commercial and industrial loans 1,966 508 8,974 11,448 1,809,811 1,821,259 Consumer loans 2,199 645 279 3,123 167,107 170,230 State and other political subdivision loans 431 — — 431 1,223,432 1,223,863 Other commercial loans 785 45 24 854 471,076 471,930 Total $ 22,700 $ 6,887 $ 29,005 $ 58,592 $ 12,145,447 $ 12,204,039 December 31, 2021 Past Due 90 Days Total Current 30-59 Days 60-89 Days or More Past Due Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 323 $ 11 $ 5,241 $ 5,575 $ 591,393 $ 596,968 Other secured by 1-4 family residential properties 1,811 368 567 2,746 514,937 517,683 Secured by nonfarm, nonresidential properties 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 tables illustrate the impact of modifications classified as TDRs for the periods presented ($ in thousands): Year Ended December 31, 2022 Number of Pre-Modification Post-Modification Loans secured by real estate: Construction, land development and other land 1 $ 146 $ 146 Other secured by 1-4 family residential properties 4 321 314 Secured by nonfarm, nonresidential properties 5 6,603 6,601 Other real estate secured 1 85 85 Other loans secured by real estate: Secured by 1-4 family residential properties 12 1,231 1,263 Commercial and industrial loans 1 500 500 Total 24 $ 8,886 $ 8,909 Year Ended December 31, 2021 Number of Pre-Modification Post-Modification Loans secured by real estate: Construction, land development and other land 5 $ 5,582 $ 5,582 Other secured by 1-4 family residential properties 3 37 37 Secured by nonfarm, nonresidential properties 5 5,789 5,265 Other loans secured by real estate: Secured by 1-4 family residential properties 8 909 906 Commercial and industrial loans 2 1,014 1,014 Consumer loans 1 6 6 Total 24 $ 13,337 $ 12,810 Year Ended December 31, 2020 Number of Pre-Modification Post-Modification Loans secured by real estate: Other secured by 1-4 family residential properties 13 $ 923 $ 929 Secured by nonfarm, nonresidential properties 2 1,111 1,111 Commercial and industrial loans 4 1,665 1,664 Consumer loans 6 26 26 State and other political subdivision loans 2 3,902 3,872 Total 27 $ 7,627 $ 7,602 |
Troubled Debt Restructuring Subsequently Defaulted | The table below includes the balances at default for TDRs modified within the last 12 months for which there was a payment default during the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Number of Recorded Number of Recorded Number of Recorded Loans secured by real estate: Construction, land development and other — $ — 5 $ 5,582 — $ — Other secured by 1-4 family residential 1 42 1 16 2 78 Secured by nonfarm, nonresidential — — — — 1 139 Other loans secured by real estate: Secured by 1-4 family residential properties — — 1 78 — — Commercial and industrial loans — — — — 1 82 Total 1 $ 42 7 $ 5,676 4 $ 299 |
Troubled Debt Restructuring Related to Loans Held for Investment by Loan Type | The following tables detail LHFI classified as TDRs by loan class at December 31, 2022, 2021 and 2020 ($ in thousands): December 31, 2022 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 1,564 $ 1,564 Other secured by 1-4 family residential properties 193 823 1,016 Secured by nonfarm, nonresidential properties 98 4,015 4,113 Other real estate secured — 68 68 Other loans secured by real estate: Secured by 1-4 family residential properties 66 3,289 3,355 Commercial and industrial loans — 45 45 Total TDRs $ 357 $ 9,804 $ 10,161 December 31, 2021 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 4,640 $ 4,640 Other secured by 1-4 family residential properties — 965 965 Secured by nonfarm, nonresidential properties 394 7,325 7,719 Other loans secured by real estate: Secured by 1-4 family residential properties 50 2,484 2,534 Commercial and industrial loans 2,000 215 2,215 Consumer loans 7 9 16 State and other political subdivision loans — 3,486 3,486 Other commercial loans — 36 36 Total TDRs $ 2,451 $ 19,160 $ 21,611 December 31, 2020 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 12 $ 12 Other secured by 1-4 family residential properties — 3,699 3,699 Secured by nonfarm, nonresidential properties — 3,903 3,903 Commercial and industrial loans 1,500 12,749 14,249 Consumer loans 6 17 23 State and other political subdivision loans — 3,793 3,793 Other commercial loans — 81 81 Total TDRs $ 1,506 $ 24,254 $ 25,760 |
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 at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 Real Estate Inventory and Receivables Vehicles Miscellaneous Total Loans secured by real estate: Construction, land development and $ 1,558 $ — $ — $ — $ 1,558 Other secured by 1-4 family 482 — — — 482 Secured by nonfarm, nonresidential 4,841 — — — 4,841 Other loans secured by real estate: Other construction 7,620 — — — 7,620 Secured by 1-4 family residential 1,193 — — — 1,193 Commercial and industrial loans 40 233 395 23,926 24,594 Total $ 15,734 $ 233 $ 395 $ 23,926 $ 40,288 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 December 31, 2022 and 2021 ($ in thousands): Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of December 31, 2022 Commercial LHFI Loans secured by real estate: Construction, land development Pass - RR 1 through RR 6 $ 363,824 $ 119,727 $ 29,632 $ 3,405 $ 1,016 $ 2,364 $ 64,953 $ 584,921 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 146 199 — 1,415 — — 44 1,804 Doubtful - RR 9 — — — — — 42 — 42 Total 363,970 119,926 29,632 4,820 1,016 2,406 64,997 586,767 Other secured by 1-4 family residential Pass - RR 1 through RR 6 $ 41,996 $ 33,346 $ 17,215 $ 9,341 $ 6,798 $ 2,870 $ 12,209 $ 123,775 Special Mention - RR 7 29 64 17 — — — — 110 Substandard - RR 8 686 31 75 88 220 285 — 1,385 Doubtful - RR 9 15 — — — — — — 15 Total 42,726 33,441 17,307 9,429 7,018 3,155 12,209 125,285 Secured by nonfarm, nonresidential Pass - RR 1 through RR 6 $ 889,556 $ 657,242 $ 603,515 $ 457,163 $ 205,425 $ 281,828 $ 130,052 $ 3,224,781 Special Mention - RR 7 10,284 — — 271 — — — 10,555 Substandard - RR 8 12,034 1,066 9,457 905 706 18,488 693 43,349 Doubtful - RR 9 34 — — 77 — 18 — 129 Total 911,908 658,308 612,972 458,416 206,131 300,334 130,745 3,278,814 Other real estate secured: Pass - RR 1 through RR 6 $ 293,051 $ 156,386 $ 143,114 $ 107,827 $ 11,297 $ 17,626 $ 12,516 $ 741,817 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 30 — 309 — 5 68 126 538 Doubtful - RR 9 — — — — — — — — Total 293,081 156,386 143,423 107,827 11,302 17,694 12,642 742,355 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of December 31, 2022 Commercial LHFI Other loans secured by real estate: Other construction Pass - RR 1 through RR 6 $ 372,981 $ 306,904 $ 340,388 $ 833 $ — $ — $ 200 $ 1,021,306 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 — 7,620 — — — — — 7,620 Doubtful - RR 9 — — — — — — — — Total 372,981 314,524 340,388 833 — — 200 1,028,926 Commercial and industrial loans: Pass - RR 1 through RR 6 $ 673,848 $ 261,962 $ 120,123 $ 44,994 $ 14,265 $ 69,078 $ 577,749 $ 1,762,019 Special Mention - RR 7 — — 12,421 — — — 6,454 18,875 Substandard - RR 8 6,973 9,845 2,170 312 74 — 20,625 39,999 Doubtful - RR 9 240 53 10 4 35 — 24 366 Total 681,061 271,860 134,724 45,310 14,374 69,078 604,852 1,821,259 State and other political subdivision loans: Pass - RR 1 through RR 6 $ 393,345 $ 223,302 $ 123,350 $ 39,031 $ 18,876 $ 421,588 $ 1,671 $ 1,221,163 Special Mention - RR 7 — — — — — 2,700 — 2,700 Substandard - RR 8 — — — — — — — — Doubtful - RR 9 — — — — — — — — Total 393,345 223,302 123,350 39,031 18,876 424,288 1,671 1,223,863 Other commercial loans: Pass - RR 1 through RR 6 $ 88,763 $ 40,006 $ 28,239 $ 37,607 $ 6,424 $ 10,829 $ 244,882 $ 456,750 Special Mention - RR 7 879 — — — — — — 879 Substandard - RR 8 3,728 98 — — 16 1,134 9,301 14,277 Doubtful - RR 9 24 — — — — — — 24 Total 93,394 40,104 28,239 37,607 6,440 11,963 254,183 471,930 Total commercial LHFI $ 3,152,466 $ 1,817,851 $ 1,430,035 $ 703,273 $ 265,157 $ 828,918 $ 1,081,499 $ 9,279,199 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of December 31, 2022 Consumer LHFI Loans secured by real estate: Construction, land development and Current $ 62,049 $ 32,867 $ 3,304 $ 1,759 $ 1,679 $ 1,915 $ — $ 103,573 Past due 30-89 days — 150 — 36 15 9 — 210 Past due 90 days or more — — — — — — — — Nonaccrual — 58 — — — 8 — 66 Total 62,049 33,075 3,304 1,795 1,694 1,932 — 103,849 Other secured by 1-4 family residential Current $ 25,402 $ 7,983 $ 5,389 $ 4,894 $ 3,701 $ 7,252 $ 403,123 $ 457,744 Past due 30-89 days 19 35 15 134 5 286 3,197 3,691 Past due 90 days or more — — — 1 — — 452 453 Nonaccrual 88 24 4 20 7 454 3,020 3,617 Total 25,509 8,042 5,408 5,049 3,713 7,992 409,792 465,505 Secured by nonfarm, nonresidential Current $ — $ 16 $ — $ — $ — $ — $ — $ 16 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — 16 — — — — — 16 Other real estate secured: Current $ — $ — $ 89 $ — $ 5 $ 89 $ — $ 183 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — — 89 — 5 89 — 183 Term Loans by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total As of December 31, 2022 Consumer LHFI Other loans secured by real estate: Secured by 1-4 family residential properties Current $ 939,511 $ 559,804 $ 198,769 $ 109,466 $ 80,249 $ 262,196 $ — $ 2,149,995 Past due 30-89 days 3,967 3,752 2,119 425 — 1,906 — 12,169 Past due 90 days or more 835 777 272 — 134 1,100 — 3,118 Nonaccrual 2,363 4,180 3,275 1,896 2,028 6,033 — 19,775 Total 946,676 568,513 204,435 111,787 82,411 271,235 — 2,185,057 Consumer loans: Current $ 70,858 $ 25,771 $ 9,514 $ 2,509 $ 1,513 $ 295 $ 56,508 $ 166,968 Past due 30-89 days 1,431 238 159 8 23 10 946 2,815 Past due 90 days or more 28 12 7 1 2 — 216 266 Nonaccrual 79 41 19 17 4 — 21 181 Total 72,396 26,062 9,699 2,535 1,542 305 57,691 170,230 Total consumer LHFI $ 1,106,630 $ 635,708 $ 222,935 $ 121,166 $ 89,365 $ 281,553 $ 467,483 $ 2,924,840 Total LHFI $ 4,259,096 $ 2,453,559 $ 1,652,970 $ 824,439 $ 354,522 $ 1,110,471 $ 1,548,982 $ 12,204,039 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 development 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 residential 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, nonresidential 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 estate: 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 loans: 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 subdivision loans: 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 LHFI $ 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 development and 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 residential 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, nonresidential 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 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of December 31, 2021 Consumer LHFI Other loans secured by real estate: Secured by 1-4 family residential properties 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, LHFI and the amortized cost basis of the loans by the measurement methodology used at December 31, 2022 and 2021 ($ in thousands): Year Ended December 31, 2022 ACL LHFI Individually Evaluated for Credit Loss Collectively Evaluated for Credit Loss Total ACL Individually Evaluated for Credit Loss Collectively Evaluated for Credit Loss Total LHFI Loans secured by real estate: Construction, land development and other land $ 121 $ 12,707 $ 12,828 $ 1,558 689,058 $ 690,616 Other secured by 1-4 family residential properties — 12,374 12,374 482 590,308 590,790 Secured by nonfarm, nonresidential properties — 19,488 19,488 4,841 3,273,989 3,278,830 Other real estate secured — 4,743 4,743 — 742,538 742,538 Other loans secured by real estate: Other construction 7,620 7,512 15,132 7,620 1,021,306 1,028,926 Secured by 1-4 family residential properties — 21,185 21,185 1,193 2,183,864 2,185,057 Commercial and industrial loans 9,946 13,194 23,140 24,594 1,796,665 1,821,259 Consumer loans — 5,792 5,792 — 170,230 170,230 State and other political subdivision loans — 885 885 — 1,223,863 1,223,863 Other commercial loans — 4,647 4,647 — 471,930 471,930 Total $ 17,687 $ 102,527 $ 120,214 $ 40,288 $ 12,163,751 $ 12,204,039 December 31, 2021 ACL LHFI Individually Evaluated 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 other land $ 278 $ 5,801 $ 6,079 $ 5,198 $ 591,770 $ 596,968 Other secured by 1-4 family residential properties — 10,310 10,310 — 517,683 517,683 Secured by nonfarm, nonresidential properties — 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 properties — 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): Years Ended December 31, 2022 2021 2020 Balance at beginning of period $ 99,457 $ 117,306 $ 84,277 FASB ASU 2016-13 adoption adjustments: LHFI — — ( 3,039 ) Allowance for loan losses, acquired loans transfer — — 815 Acquired loans ACL adjustment — — 1,007 Loans charged-off ( 11,332 ) ( 10,275 ) ( 11,475 ) Recoveries 10,412 13,925 9,608 Net (charge-offs) recoveries ( 920 ) 3,650 ( 1,867 ) PCL, LHFI 21,677 ( 21,499 ) 36,113 Balance at end of period $ 120,214 $ 99,457 $ 117,306 The following tables detail changes in the ACL, LHFI by loan class for the years ended December 31, 2022 and 2021 ($ in thousands): 2022 Balance Balance January 1, Charge-offs Recoveries PCL December 31, Loans secured by real estate: Construction, land development and other land $ 6,079 $ ( 226 ) $ 1,280 $ 5,695 $ 12,828 Other secured by 1-4 family residential properties 10,310 ( 225 ) 597 1,692 12,374 Secured by nonfarm, nonresidential properties 37,912 ( 306 ) 1,724 ( 19,842 ) 19,488 Other real estate secured 4,713 ( 131 ) 14 147 4,743 Other loans secured by real estate: Other construction 5,968 ( 153 ) 222 9,095 15,132 Secured by 1-4 family residential properties 2,706 ( 154 ) 167 18,466 21,185 Commercial and industrial loans 18,939 ( 671 ) 955 3,917 23,140 Consumer loans 4,774 ( 2,125 ) 1,563 1,580 5,792 State and other political subdivision loans 2,708 — — ( 1,823 ) 885 Other commercial loans 5,348 ( 7,341 ) 3,890 2,750 4,647 Total $ 99,457 $ ( 11,332 ) $ 10,412 $ 21,677 $ 120,214 The increases in the PCL, LHFI for the year ended December 31, 2022 were primarily due to loan growth, the weakening of the macroeconomic forecast and the nature and volume of the portfolio. The decrease in the PCL, LHFI for the secured by nonfarm, nonresidential properties portfolio for the year ended December 31, 2022 was primarily due to adjustments to the External Factor - Pandemic qualitative factor. The decrease in the PCL, LHFI for the state and other political subdivision loans portfolio was due to the release of specific reserves on individually analyzed credits coupled with the adjustments to the External Factor - Pandemic qualitative factor and routine modeling assumption updates. 2021 Balance Charge-offs Recoveries PCL Balance Loans secured by real estate: Construction, land development and other land $ 6,854 $ ( 39 ) $ 1,564 $ ( 2,300 ) $ 6,079 Other secured by 1-4 family residential properties 9,928 ( 109 ) 505 ( 14 ) 10,310 Secured by nonfarm, nonresidential properties 48,523 ( 169 ) 1,245 ( 11,687 ) 37,912 Other real estate secured 7,382 — 20 ( 2,689 ) 4,713 Other loans secured by real estate: Other construction 8,158 — 47 ( 2,237 ) 5,968 Secured by 1-4 family residential properties 5,143 ( 177 ) 128 ( 2,388 ) 2,706 Commercial and industrial loans 14,851 ( 4,391 ) 4,727 3,752 18,939 Consumer loans 5,838 ( 1,640 ) 1,665 ( 1,089 ) 4,774 State and other political subdivision loans 3,190 — — ( 482 ) 2,708 Other commercial loans 7,439 ( 3,750 ) 4,024 ( 2,365 ) 5,348 Total $ 117,306 $ ( 10,275 ) $ 13,925 $ ( 21,499 ) $ 99,457 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | At December 31, 2022 and 2021, premises and equipment, net consisted of the following ($ in thousands): December 31, 2022 2021 Land $ 54,300 $ 54,342 Buildings and leasehold improvements 237,215 221,986 Furniture and equipment 198,698 190,907 Total cost of premises and equipment 490,213 467,235 Less accumulated depreciation and amortization 282,385 271,334 Premises and equipment, net 207,828 195,901 Finance lease right-of-use assets 4,537 6,017 Assets held for sale — 3,726 Total premises and equipment, net $ 212,365 $ 205,644 |
Mortgage Banking (Tables)
Mortgage Banking (Tables) | 12 Months Ended |
Dec. 31, 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): Years Ended December 31, 2022 2021 Balance at beginning of period $ 87,687 $ 66,464 Origination of servicing assets 17,843 28,125 Change in fair value: Due to market changes 38,181 13,258 Due to runoff ( 14,034 ) ( 20,160 ) Balance at end of period $ 129,677 $ 87,687 |
Schedule of Mortgage Loans Sold and Serviced for Others | The table below details the mortgage loans sold and serviced for others at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 2021 Federal National Mortgage Association $ 4,684,815 $ 4,709,584 Government National Mortgage Association 3,350,222 3,194,373 Federal Home Loan Mortgage Corporation 52,023 35,971 Other 28,764 13,272 Total mortgage loans sold and serviced for others $ 8,115,824 $ 7,953,200 |
Goodwill and Identifiable Int_2
Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by segment | The table below illustrates goodwill by segment for the years ended December 31, 2022 and 2021 ($ in thousands): General Banking Insurance Total Balance as of January 1, 2021 $ 334,603 $ 50,667 $ 385,270 Adjustment during 2021 — ( 1,033 ) ( 1,033 ) Balance as of December 31, 2021 334,603 49,634 384,237 Adjustment during 2022 — — — Balance as of December 31, 2022 $ 334,603 $ 49,634 $ 384,237 |
Schedule of identifiable intangible assets | At December 31, 2022 and 2021, identifiable intangible assets consisted of the following ($ in thousands): December 31, 2022 December 31, 2021 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 87,674 $ 87,199 $ 475 $ 87,674 $ 86,280 $ 1,394 Insurance intangibles 17,272 14,157 3,115 17,272 13,709 3,563 Banking charters 1,325 1,275 50 1,325 1,208 117 Total $ 106,271 $ 102,631 $ 3,640 $ 106,271 $ 101,197 $ 5,074 The following table illustrates the carrying amounts and remaining weighted-average amortization periods of identifiable intangible assets at December 31, 2022 ($ in thousands): Remaining Weighted- Average Net Carrying Amortization Amount Period in Years Core deposit intangibles $ 475 3.4 Insurance intangibles 3,115 15.8 Banking charters 50 0.8 Total $ 3,640 14.0 |
Other Real Estate (Tables)
Other Real Estate (Tables) | 12 Months Ended |
Dec. 31, 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): Years Ended December 31, 2022 2021 2020 Balance at beginning of period $ 4,557 $ 11,651 $ 29,248 Additions 1,533 770 635 Disposals ( 4,142 ) ( 6,932 ) ( 16,446 ) (Write-downs) recoveries 38 ( 932 ) ( 1,786 ) Balance at end of period $ 1,986 $ 4,557 $ 11,651 Gains (losses), net on the sale of other real estate $ ( 1,006 ) $ ( 1,869 ) $ 897 |
Other Real Estate, By Type of Property | At December 31, 2022 and 2021, other real estate by type of property consisted of the following ($ in thousands): December 31, 2022 2021 1-4 family residential properties $ 1,128 $ 94 Nonfarm, nonresidential properties 561 4,463 Other real estate properties 297 — Total other real estate $ 1,986 $ 4,557 |
Other Real Estate, By Geographic Location | At December 31, 2022 and 2021, other real estate by geographic location consisted of the following ($ in thousands): December 31, 2022 2021 Alabama $ 194 $ — Mississippi (1) 1,769 4,557 Tennessee (2) 23 — Total other real estate $ 1,986 $ 4,557 (1) Mississippi includes Central and Southern Mississippi Regions. (2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components of Net Lease Cost | The table below details the components of net lease cost for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Finance leases Amortization of right-of-use assets $ 1,479 $ 1,546 $ 1,856 Interest on lease liabilities 188 219 254 Operating lease cost 5,172 5,275 5,188 Short-term lease cost 389 463 423 Variable lease cost 1,150 1,234 1,286 Sublease income ( 168 ) ( 350 ) ( 335 ) Net lease cost $ 8,210 $ 8,387 $ 8,672 |
Cash Payments Included in Measurement of Lease Liabilities | The table below details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Finance leases Operating cash flows included in operating activities $ 188 $ 219 $ 254 Financing cash flows included in payments under finance lease 1,409 1,434 1,715 Operating leases Operating cash flows (fixed payments) included in other operating 4,829 4,781 4,988 Operating cash flows (liability reduction) included in other operating 4,009 3,948 3,856 |
Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates Related to Leases | The table below details balance sheet information, as well as weighted-average lease terms and discount rates, at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 2021 Finance lease right-of-use assets, net of accumulated depreciation $ 4,537 $ 6,017 Finance lease liabilities 5,055 6,464 Operating lease right-of-use assets 36,301 34,603 Operating lease liabilities 38,932 36,468 Weighted-average lease term Finance leases 8.72 years 8.37 years Operating leases 9.64 years 9.25 years Weighted-average discount rate Finance leases 3.49 % 3.24 % Operating leases 3.22 % 2.84 % |
Future Minimum Rental Commitments Under Finance and Operating Leases | At December 31, 2022, future minimum rental commitments under finance and operating leases were as follows ($ in thousands): Finance Leases Operating Leases 2023 $ 885 $ 5,014 2024 572 5,031 2025 584 4,998 2026 589 4,690 2027 594 4,457 Thereafter 2,685 20,954 Total minimum lease payments 5,909 45,144 Less imputed interest ( 854 ) ( 6,212 ) Lease liabilities $ 5,055 $ 38,932 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits Summary | At December 31, 2022 and 2021, deposits consisted of the following ($ in thousands): December 31, 2022 2021 Noninterest-bearing demand $ 4,093,771 $ 4,771,065 Interest-bearing demand 4,773,219 4,372,500 Savings 4,282,435 4,745,137 Time 1,288,223 1,198,458 Total $ 14,437,648 $ 15,087,160 |
Interest Expense on Deposits by Type | Interest expense on deposits by type consisted of the following for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Interest-bearing demand $ 16,409 $ 4,906 $ 9,985 Savings 9,654 7,912 13,481 Time 3,006 4,127 14,021 Total $ 29,069 $ 16,945 $ 37,487 |
Maturities of Interest-Bearing Deposits | The maturities of interest-bearing deposits at December 31, 2022, are as follows ($ in thousands): 2023 $ 996,457 2024 245,655 2025 24,804 2026 9,526 2027 9,139 Thereafter 2,642 Total time deposits 1,288,223 Interest-bearing deposits with no stated maturity 9,055,654 Total interest-bearing deposits $ 10,343,877 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Securities Sold Under Repurchase Agreements | The following table presents the securities sold under repurchase agreements by collateral pledged at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 2021 Mortgage-backed securities Residential mortgage pass-through securities Issued by FNMA and FHLMC $ 41,732 $ 167,310 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 1,111 1,475 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 21,277 24,528 Total securities sold under repurchase agreements $ 64,120 $ 193,313 |
Summary of Other Borrowings | At December 31, 2022 and 2021, other borrowings consisted of the following ($ in thousands): December 31, 2022 2021 FHLB advances $ 975,078 $ 97 Serviced GNMA loans eligible for repurchase 70,805 84,464 Finance lease liabilities 5,055 6,464 Total other borrowings $ 1,050,938 $ 91,025 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Topic 606 Not Topic (1) Total Topic 606 Not Topic (1) Total Topic 606 Not Topic (1) Total General Banking Service charges on $ 42,073 $ — $ 42,073 $ 33,169 $ — $ 33,169 $ 32,213 $ — $ 32,213 Bank card and other fees 31,474 4,584 36,058 30,897 3,727 34,624 27,398 3,594 30,992 Mortgage banking, net — 28,306 28,306 — 63,750 63,750 — 125,822 125,822 Wealth management 639 — 639 48 — 48 254 — 254 Other, net 8,469 805 9,274 6,621 ( 338 ) 6,283 7,432 978 8,410 Total noninterest $ 82,655 $ 33,695 $ 116,350 $ 70,735 $ 67,139 $ 137,874 $ 67,297 $ 130,394 $ 197,691 Wealth Management Service charges on $ 84 $ — $ 84 $ 77 $ — $ 77 $ 76 $ — $ 76 Bank card and other fees 47 — 47 38 — 38 30 — 30 Wealth management 34,374 — 34,374 35,142 — 35,142 31,371 — 31,371 Other, net 528 39 567 130 33 163 107 50 157 Total noninterest $ 35,033 $ 39 $ 35,072 $ 35,387 $ 33 $ 35,420 $ 31,584 $ 50 $ 31,634 Insurance Segment Insurance commissions $ 53,721 $ — $ 53,721 $ 48,511 $ — $ 48,511 $ 45,176 $ — $ 45,176 Other, net 1 — 1 105 — 105 92 — 92 Total noninterest $ 53,722 $ — $ 53,722 $ 48,616 $ — $ 48,616 $ 45,268 $ — $ 45,268 Consolidated Service charges on $ 42,157 $ — $ 42,157 $ 33,246 $ — $ 33,246 $ 32,289 $ — $ 32,289 Bank card and other fees 31,521 4,584 36,105 30,935 3,727 34,662 27,428 3,594 31,022 Mortgage banking, net — 28,306 28,306 — 63,750 63,750 — 125,822 125,822 Insurance commissions 53,721 — 53,721 48,511 — 48,511 45,176 — 45,176 Wealth management 35,013 — 35,013 35,190 — 35,190 31,625 — 31,625 Other, net 8,998 844 9,842 6,856 ( 305 ) 6,551 7,631 1,028 8,659 Total noninterest $ 171,410 $ 33,734 $ 205,144 $ 154,738 $ 67,172 $ 221,910 $ 144,149 $ 130,444 $ 274,593 (1) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card 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 securities gains (losses), net. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | The income tax provision included in the consolidated statements of income was as follows for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 Current Federal $ 15,377 $ 5,815 $ 40,118 State 3,283 2,118 9,439 Deferred Federal ( 13,440 ) 16,092 ( 15,840 ) State ( 3,360 ) 4,023 ( 3,960 ) Income tax provision $ 1,860 $ 28,048 $ 29,757 |
Income Tax Reconciliation | For the periods presented, the income tax provision differs from the amount computed by applying the statutory federal income tax rate in effect for each respective period to income before income taxes as a result of the following ($ in thousands): Years Ended December 31, 2022 2021 2020 Income tax computed at statutory tax rate $ 15,487 $ 36,837 $ 39,854 Tax exempt interest ( 4,419 ) ( 3,935 ) ( 4,284 ) Nondeductible interest expense 271 106 247 State income taxes, net 2,596 1,673 7,457 Income tax credits, net ( 10,071 ) ( 10,479 ) ( 9,375 ) Death benefit gains ( 287 ) ( 175 ) ( 91 ) Other ( 1,717 ) 4,021 ( 4,051 ) Income tax provision $ 1,860 $ 28,048 $ 29,757 |
Deferred Tax Assets and Liabilities | Temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities gave rise to the following net deferred tax assets at December 31, 2022 and 2021, which are included in other assets on the accompanying consolidated balance sheets ($ in thousands): December 31, 2022 2021 Deferred tax assets: Litigation losses $ 25,187 $ — Other real estate 70 1,182 Accumulated credit losses 39,370 33,895 Deferred compensation 17,695 18,804 Finance and operating lease liabilities 10,997 10,733 Realized built-in losses 9,180 9,930 Securities 84,813 5,924 Pension and other postretirement benefit plans 1,931 4,929 Interest on nonaccrual loans 1,159 1,235 LHFS 205 591 Stock-based compensation 2,647 2,771 Loan fees — 125 Derivatives 5,056 — Other 10,038 9,705 Gross deferred tax asset 208,348 99,824 Deferred tax liabilities: Goodwill and other identifiable intangibles 14,378 14,667 Premises and equipment 15,978 16,470 Finance and operating lease right-of-use assets 10,209 10,155 MSR 24,452 13,007 Securities 2,069 1,686 Other 2,876 3,081 Gross deferred tax liability 69,962 59,066 Net deferred tax asset $ 138,386 $ 40,758 |
Changes in Unrecognized Tax Benefits | The following table provides a summary of the changes during the calendar years presented in the amount of unrecognized tax benefits that are included in other liabilities in the consolidated balance sheet ($ in thousands): December 31, 2022 2021 2020 Balance at beginning of period $ 2,129 $ 1,781 $ 1,524 Change due to tax positions taken during the current year 653 412 353 Change due to tax positions taken during a prior year ( 266 ) 107 79 Change due to the lapse of applicable statute of limitations during the ( 200 ) ( 171 ) ( 175 ) Balance at end of period $ 2,316 $ 2,129 $ 1,781 Accrued interest, net of federal benefit $ 489 $ 419 $ 330 Unrecognized tax benefits that would impact the effective $ 1,948 $ 1,766 $ 1,420 |
Defined Benefit and Other Pos_2
Defined Benefit and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trustmark Capital Accumulation Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Plan Benefit Obligation, Plan Assets and Funded Status of the Plan | The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for the Continuing Plan for the periods presented ($ in thousands): December 31, 2022 2021 Change in benefit obligation: Benefit obligation, beginning of year $ 8,647 $ 9,547 Service cost 115 252 Interest cost 192 173 Actuarial (gain) loss ( 1,882 ) ( 198 ) Benefits paid ( 165 ) ( 1,127 ) Benefit obligation, end of year $ 6,907 $ 8,647 Change in plan assets: Fair value of plan assets, beginning of year $ 2,900 $ 2,873 Actual return on plan assets ( 285 ) 291 Employer contributions 457 863 Benefit payments ( 165 ) ( 1,127 ) Fair value of plan assets, end of year $ 2,907 $ 2,900 Funded status at end of year - net liability $ ( 4,000 ) $ ( 5,747 ) Amounts recognized in accumulated other comprehensive loss: Net (gain) loss - amount recognized $ ( 271 ) $ 1,428 Actuarial (gain) loss included in benefit obligation: Change in discount rate $ ( 2,174 ) $ ( 491 ) Change in mortality table — 15 Other 292 278 Actuarial (gain) loss $ ( 1,882 ) $ ( 198 ) |
Net Periodic Benefit Cost | Years Ended December 31, 2022 2021 2020 Net periodic benefit cost: Service cost $ 115 $ 252 $ 254 Interest cost 192 173 241 Expected return on plan assets ( 121 ) ( 130 ) ( 154 ) Recognized net loss due to lump sum settlements — 183 119 Recognized net actuarial loss 224 594 326 Net periodic benefit cost $ 410 $ 1,072 $ 786 Other changes in plan assets and benefit obligation recognized in other Net loss - Total recognized in other comprehensive income (loss) $ ( 1,699 ) $ ( 1,136 ) $ 671 Total recognized in net periodic benefit cost and other comprehensive $ ( 1,289 ) $ ( 64 ) $ 1,457 Weighted-average assumptions as of end of year: Discount rate for benefit obligation 4.88 % 2.41 % 1.95 % Discount rate for net periodic benefit cost 2.41 % 1.95 % 2.84 % Expected long-term return on plan assets 5.00 % 5.00 % 5.00 % |
Weighted-Average Asset Allocation | The weighted-average asset allocations by asset category are presented below for the Continuing Plan at December 31, 2022 and 2021. December 31, 2022 2021 Money market fund 7.0 % 4.0 % Exchange traded funds: Equity securities 47.0 % 50.0 % Fixed income 39.0 % 35.0 % International 7.0 % 11.0 % Total 100.0 % 100.0 % |
Plan Assets Measured at Fair Value | The following tables set forth by level, within the fair value hierarchy, the Continuing Plan’s assets measured at fair value at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 Total Level 1 Level 2 Level 3 Money market fund $ 203 $ 203 $ — $ — Exchange traded funds: Equity securities 1,379 1,379 — — Fixed income 1,135 1,135 — — International 190 190 — — Total assets at fair value $ 2,907 $ 2,907 $ — $ — December 31, 2021 Total Level 1 Level 2 Level 3 Money market fund $ 107 $ 107 $ — $ — Exchange traded funds: Equity securities 1,460 1,460 — — Fixed income 1,021 1,021 — — International 312 312 — — Total assets at fair value $ 2,900 $ 2,900 $ — $ — |
Estimated Future Benefit Payments and Other Disclosures | The following table presents the expected benefit payments, which reflect expected future service, for the Continuing Plan ($ in thousands): Year Amount 2023 $ 1,864 2024 1,068 2025 556 2026 583 2027 639 2028 - 2032 1,565 |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Plan Benefit Obligation, Plan Assets and Funded Status of the Plan | The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands): December 31, 2022 2021 Change in benefit obligation: Benefit obligation, beginning of year $ 55,035 $ 59,646 Service cost 71 75 Interest cost 1,278 1,125 Actuarial (gain) loss ( 9,195 ) ( 2,357 ) Benefits paid ( 3,988 ) ( 3,454 ) Benefit obligation, end of year $ 43,201 $ 55,035 Change in plan assets: Fair value of plan assets, beginning of year $ — $ — Employer contributions 3,988 3,454 Benefit payments ( 3,988 ) ( 3,454 ) Fair value of plan assets, end of year $ — $ — Funded status at end of year - net liability $ ( 43,201 ) $ ( 55,035 ) Amounts recognized in accumulated other comprehensive loss: Net loss $ 7,756 $ 17,937 Prior service cost 237 348 Amounts recognized $ 7,993 $ 18,285 Actuarial (gain) loss included in benefit obligation: Change in discount rate $ ( 9,803 ) $ ( 2,431 ) Change in mortality table — 134 Other 608 ( 60 ) Actuarial (gain) loss $ ( 9,195 ) $ ( 2,357 ) |
Net Periodic Benefit Cost | Years Ended December 31, 2022 2021 2020 Net periodic benefit cost: Service cost $ 71 $ 75 $ 77 Interest cost 1,278 1,125 1,576 Amortization of prior service cost 111 111 150 Recognized net actuarial loss 986 1,192 957 Net periodic benefit cost $ 2,446 $ 2,503 $ 2,760 Other changes in plan assets and benefit obligation recognized in other Net (gain) loss $ ( 10,181 ) $ ( 3,549 ) $ 3,211 Amortization of prior service cost ( 111 ) ( 111 ) ( 150 ) Total recognized in other comprehensive income (loss) $ ( 10,292 ) $ ( 3,660 ) $ 3,061 Total recognized in net periodic benefit cost and other comprehensive $ ( 7,846 ) $ ( 1,157 ) $ 5,821 Weighted-average assumptions as of end of year: Discount rate for benefit obligation 4.88 % 2.41 % 1.95 % Discount rate for net periodic benefit cost 2.41 % 1.95 % 2.84 % |
Estimated Future Benefit Payments and Other Disclosures | The following table presents the expected benefits payments for Trustmark’s supplemental retirement plans ($ in thousands): Year Amount 2023 $ 3,963 2024 3,977 2025 3,838 2026 3,785 2027 3,596 2028 - 2032 16,536 |
Stock and Incentive Compensat_2
Stock and Incentive Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Compensation Expense for Awards Under Stock Plan | The following table presents information regarding compensation expense for awards under the Stock Plan for the periods presented ($ in thousands): At December 31, 2022 Recognized Compensation Expense Unrecognized Weighted Average for Years Ended December 31, Compensation Life of U nrecognized 2022 2021 2020 Expense Compensation Expense Performance awards $ 1,258 $ 828 $ 815 $ 1,755 1.74 Time-based awards 3,625 4,773 4,382 3,524 1.59 Total $ 4,883 $ 5,601 $ 5,197 $ 5,279 |
Performance Based Award [Member] | |
Summary of Stock Plan Activity | The following table summarizes Trustmark’s performance award activity for the periods presented: Years Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Grant-Date Grant-Date Grant-Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested shares, beginning of year 140,821 $ 31.80 145,042 $ 32.43 149,914 $ 32.88 Granted 60,773 32.64 53,273 30.02 53,450 31.98 Released from restriction ( 19,723 ) 33.40 ( 44,536 ) 31.88 ( 36,357 ) 33.31 Forfeited ( 33,455 ) 33.11 ( 12,958 ) 31.28 ( 21,965 ) 32.97 Nonvested shares, end of year 148,416 $ 31.63 140,821 $ 31.80 145,042 $ 32.43 |
Time-based Awards [Member] | |
Summary of Stock Plan Activity | The following table summarizes Trustmark’s time-based award activity for the periods presented: Years Ended December 31, 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Grant-Date Grant-Date Grant-Date Shares Fair Value Shares Fair Value Shares Fair Value Nonvested shares, beginning of year 337,466 $ 31.18 301,619 $ 32.24 300,006 $ 33.04 Granted 133,307 31.85 180,847 29.85 123,810 31.52 Released from restriction ( 148,905 ) 32.16 ( 135,120 ) 31.77 ( 110,537 ) 33.58 Forfeited ( 8,890 ) 31.62 ( 9,880 ) 31.19 ( 11,660 ) 32.47 Nonvested shares, end of year 312,978 $ 30.99 337,466 $ 31.18 301,619 $ 32.24 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 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): Years Ended December 31, 2022 2021 2020 Balance at beginning of period $ 35,623 $ 38,572 $ — FASB ASU 2016-13 adoption adjustment — — 29,638 PCL, off-balance sheet credit exposures (1) 1,215 ( 2,949 ) 8,934 Balance at end of period $ 36,838 $ 35,623 $ 38,572 (1) During 2021, Trustmark reclassified its credit loss expense related to off-balance sheet credit exposures from noninterest expense to PCL, off-balance sheet credit exposures. Prior periods have been reclassified accordingly. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021 ($ in thousands): Actual Regulatory Capital Minimum To Be Well Amount Ratio Requirement Capitalized At December 31, 2022: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,413,672 9.74 % 7.000 % n/a Trustmark National Bank 1,501,889 10.34 % 7.000 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,473,672 10.15 % 8.500 % n/a Trustmark National Bank 1,501,889 10.34 % 8.500 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,729,499 11.91 % 10.500 % n/a Trustmark National Bank 1,634,454 11.26 % 10.500 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,473,672 8.47 % 4.00 % n/a Trustmark National Bank 1,501,889 8.65 % 4.00 % 5.00 % At December 31, 2021: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,425,227 11.29 % 7.000 % n/a Trustmark National Bank 1,518,599 12.03 % 7.000 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,485,227 11.77 % 8.500 % n/a Trustmark National Bank 1,518,599 12.03 % 8.500 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,710,700 13.55 % 10.500 % n/a Trustmark National Bank 1,621,030 12.84 % 10.500 % 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 | Before Tax Tax (Expense) Net of Tax Amount Benefit Amount Year Ended December 31, 2022 Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising during the period $ ( 229,524 ) $ 57,381 $ ( 172,143 ) Change in net unrealized holding loss on securities transferred to held to maturity ( 86,033 ) 21,508 ( 64,525 ) Total securities available for sale and transferred securities ( 315,557 ) 78,889 ( 236,668 ) Pension and other postretirement benefit plans: Change in the actuarial loss of pension and other postretirement 10,792 ( 2,698 ) 8,094 Reclassification adjustments for changes realized in net income: Net change in prior service costs 111 ( 28 ) 83 Recognized net loss due to lump sum settlements — — — Change in net actuarial loss 1,089 ( 272 ) 817 Total pension and other postretirement benefit plans 11,992 ( 2,998 ) 8,994 Cash flow hedge derivatives: Change in accumulated gain (loss) on effective cash flow hedge derivatives ( 20,685 ) 5,171 ( 15,514 ) Reclassification adjustment for (gain) loss realized in net income 460 ( 115 ) 345 Total cash flow hedge derivatives ( 20,225 ) 5,056 ( 15,169 ) Total other comprehensive income (loss) $ ( 323,790 ) $ 80,947 $ ( 242,843 ) Year Ended December 31, 2021 Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising during the period $ ( 49,454 ) $ 12,364 $ ( 37,090 ) Change in net unrealized holding loss on securities transferred to held to maturity 2,647 ( 662 ) 1,985 Total securities available for sale and transferred securities ( 46,807 ) 11,702 ( 35,105 ) Pension and other postretirement benefit plans: Change in the actuarial loss of pension and other postretirement 2,845 ( 711 ) 2,134 Reclassification adjustments for changes realized in net income: Net change in prior service costs 111 ( 27 ) 84 Recognized net loss due to lump sum settlements 183 ( 46 ) 137 Change in net actuarial loss 1,655 ( 414 ) 1,241 Total pension and other postretirement benefit plans 4,794 ( 1,198 ) 3,596 Total other comprehensive income (loss) $ ( 42,013 ) $ 10,504 $ ( 31,509 ) Year Ended December 31, 2020 Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising during the period $ 30,622 $ ( 7,657 ) $ 22,965 Change in net unrealized holding loss on securities transferred to held to maturity 3,177 ( 794 ) 2,383 Total securities available for sale and transferred securities 33,799 ( 8,451 ) 25,348 Pension and other postretirement benefit plans: Change in the actuarial loss of pension and other postretirement ( 5,128 ) 1,282 ( 3,846 ) Reclassification adjustments for changes realized in net income: Net change in prior service costs 150 ( 38 ) 112 Recognized net loss due to lump sum settlements 119 ( 30 ) 89 Change in net actuarial loss 1,128 ( 282 ) 846 Total pension and other postretirement benefit plans ( 3,731 ) 932 ( 2,799 ) Total other comprehensive income (loss) $ 30,068 $ ( 7,519 ) $ 22,549 |
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 Transferred Defined Cash Flow Hedge Derivative Total Balance, January 1, 2020 $ ( 8,017 ) $ ( 15,583 ) $ — $ ( 23,600 ) Other comprehensive income (loss) before 25,348 ( 3,846 ) — 21,502 Amounts reclassified from accumulated other — 1,047 — 1,047 Net other comprehensive income (loss) 25,348 ( 2,799 ) — 22,549 Balance, December 31, 2020 17,331 ( 18,382 ) — ( 1,051 ) Other comprehensive income (loss) before ( 35,105 ) 2,134 — ( 32,971 ) Amounts reclassified from accumulated other — 1,462 — 1,462 Net other comprehensive income (loss) ( 35,105 ) 3,596 — ( 31,509 ) Balance, December 31, 2021 ( 17,774 ) ( 14,786 ) — ( 32,560 ) Other comprehensive income (loss) before reclassification ( 236,668 ) 8,094 ( 15,514 ) ( 244,088 ) Amounts reclassified from accumulated other — 900 345 1,245 Net other comprehensive income (loss) ( 236,668 ) 8,994 ( 15,169 ) ( 242,843 ) Balance, December 31, 2022 $ ( 254,442 ) $ ( 5,792 ) $ ( 15,169 ) $ ( 275,403 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 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 years ended December 31, 2022 and 2021. December 31, 2022 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 391,513 $ 391,513 $ — $ — U.S. Government agency obligations 7,766 — 7,766 — Obligations of states and political subdivisions 4,862 — 4,862 — Mortgage-backed securities 1,619,941 — 1,619,941 — Securities available for sale 2,024,082 391,513 1,632,569 — LHFS 135,226 — 135,226 — MSR 129,677 — — 129,677 Other assets - derivatives 8,871 54 8,660 157 Other liabilities - derivatives 45,379 474 44,905 — 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 years ended December 31, 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) 24,147 ( 131 ) Additions 17,843 — Sales — ( 1,571 ) Balance, December 31, 2022 $ 129,677 $ 157 The amount of total gains (losses) for the period included in earnings that are $ 38,181 $ ( 1,214 ) Balance, January 1, 2021 $ 66,464 $ 9,560 Total net (loss) gain included in Mortgage banking, net (1) ( 6,902 ) 9,104 Additions 28,125 — Sales — ( 16,805 ) Balance, December 31, 2021 $ 87,687 $ 1,859 The amount of total gains (losses) for the period included in earnings that are $ 13,258 $ 3,159 (1) Total net (loss) gain included in Mortgage banking, net relating to the MSR includes changes in fair value due to market changes and due to run-off. |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at December 31, 2022 and 2021 were as follows ($ in thousands): December 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial Assets: Level 2 Inputs: Cash and short-term investments $ 738,787 $ 738,787 $ 2,266,829 $ 2,266,829 Securities held to maturity 1,494,514 1,406,589 342,537 353,511 Level 3 Inputs: Net LHFI and PPP loans 12,083,825 11,850,318 10,181,708 10,123,379 Financial Liabilities: Level 2 Inputs: Deposits 14,437,648 14,404,661 15,087,160 15,084,440 Federal funds purchased and securities sold under 449,331 449,331 238,577 238,577 Other borrowings 1,050,938 1,050,932 91,025 91,022 Subordinated notes 123,262 113,125 123,042 128,438 Junior subordinated debt securities 61,856 46,392 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 the LHFS accounted for under the fair value option at December 31, 2022 and 2021 ($ in thousands): December 31, 2022 2021 Fair value of LHFS $ 64,421 $ 191,242 LHFS contractual principal outstanding 63,427 186,535 Fair value less unpaid principal $ 994 $ 4,707 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): December 31, 2022 2021 Derivatives in hedging relationships Interest rate contracts: Interest rate swaps included in other liabilities (1) $ 761 $ — Derivatives not designated as hedging instruments Interest rate contracts: Exchange traded purchased options included in other assets $ 38 $ 438 OTC written options (rate locks) included in other assets 157 1,859 Futures contracts included in other assets 16 2,356 Interest rate swaps included in other assets (1) 8,654 20,115 Credit risk participation agreements included in other assets 6 41 Futures contracts included in other liabilities 268 — Forward contracts included in other liabilities ( 168 ) 81 Exchange traded written options included in other liabilities 206 414 Interest rate swaps included in other liabilities (1) 44,304 4,144 Credit risk participation agreements included in other liabilities 8 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 | Years Ended December 31, 2022 2021 2020 Derivatives in hedging relationships Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) and recognized in interest and fees on LHFS & LHFI $ ( 460 ) $ — $ — Derivatives not designated as hedging instruments Amount of gain (loss) recognized in mortgage banking, net $ ( 43,764 ) $ ( 15,436 ) $ 39,436 Amount of gain (loss) recognized in bank card and other fees 403 1,649 ( 1,022 ) |
Schedule of Amount Included in Other Comprehensive Income for Derivative Instruments Designated as Hedges of Cash Flows | 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): Years Ended December 31, 2022 2021 2020 Derivatives in cash flow hedging relationship Amount of gain (loss) recognized in other comprehensive $ ( 15,514 ) $ — $ — |
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 at December 31, 2022 and 2021 is presented in the following tables ($ in thousands): Offsetting of Derivative Assets As of December 31, 2022 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 9,415 $ — $ 9,415 $ — $ ( 2,230 ) $ 7,185 Offsetting of Derivative Liabilities As of December 31, 2022 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of Financial Cash Collateral Net Amount Derivatives $ 44,304 $ — $ 44,304 $ — $ ( 740 ) $ 43,564 Offsetting of Derivative Assets As of December 31, 2021 Gross Amounts Not Offset in the Gross Gross Amounts Net Amounts of the Statement 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) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following table discloses financial information by reportable segment for the periods presented ($ in thousands): Years Ended December 31, 2022 2021 2020 General Banking Net interest income $ 489,398 $ 413,201 $ 420,225 PCL (1) 22,913 ( 24,439 ) 45,058 Noninterest income 116,350 137,874 197,691 Noninterest expense (1) 531,397 421,561 401,810 Income before income taxes 51,438 153,953 171,048 Income taxes ( 3,683 ) 22,706 25,109 General banking net income $ 55,121 $ 131,247 $ 145,939 Selected Financial Information Total assets $ 17,710,673 $ 17,275,438 $ 16,226,358 Depreciation and amortization $ 38,909 $ 44,776 $ 40,351 Wealth Management Net interest income $ 5,321 $ 5,161 $ 6,082 PCL ( 21 ) ( 9 ) ( 11 ) Noninterest income 35,072 35,420 31,634 Noninterest expense 32,873 31,721 30,318 Income before income taxes 7,541 8,869 7,409 Income taxes 1,870 2,219 1,853 Wealth Management net income $ 5,671 $ 6,650 $ 5,556 Selected Financial Information Total assets $ 214,313 $ 232,997 $ 242,429 Depreciation and amortization $ 288 $ 269 $ 274 Insurance Net interest income $ ( 11 ) $ ( 11 ) $ 230 Noninterest income 53,722 48,616 45,268 Noninterest expense 38,943 36,014 34,173 Income before income taxes 14,768 12,591 11,325 Income taxes 3,673 3,123 2,795 Insurance net income $ 11,095 $ 9,468 $ 8,530 Selected Financial Information Total assets $ 90,492 $ 87,201 $ 83,053 Depreciation and amortization $ 685 $ 768 $ 700 Consolidated Net interest income $ 494,708 $ 418,351 $ 426,537 PCL (1) 22,892 ( 24,448 ) 45,047 Noninterest income 205,144 221,910 274,593 Noninterest expense (1) 603,213 489,296 466,301 Income before income taxes 73,747 175,413 189,782 Income taxes 1,860 28,048 29,757 Consolidated net income $ 71,887 $ 147,365 $ 160,025 Selected Financial Information Total assets $ 18,015,478 $ 17,595,636 $ 16,551,840 Depreciation and amortization $ 39,882 $ 45,813 $ 41,325 (1) During 2021, Trustmark reclassified its credit loss expense related to off-balance sheet credit exposures from noninterest expense to PCL, off-balance sheet credit exposures. Prior periods have been reclassified accordingly. |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Only Financial Statements | Condensed Balance Sheets December 31, 2022 2021 Assets: Investment in banks $ 1,602,169 $ 1,851,398 Other assets 76,325 75,995 Total Assets $ 1,678,494 $ 1,927,393 Liabilities and Shareholders' Equity: Accrued expense $ 1,108 $ 1,184 Subordinated notes 123,262 123,042 Junior subordinated debt securities 61,856 61,856 Shareholders' equity 1,492,268 1,741,311 Total Liabilities and Shareholders' Equity $ 1,678,494 $ 1,927,393 Condensed Statements of Income Years Ended December 31, 2022 2021 2020 Revenue: Dividends received from banks $ 89,733 $ 45,284 $ 109,243 Earnings of subsidiaries over distributions ( 11,269 ) 108,141 53,724 Other income 94 95 66 Total Revenue 78,558 153,520 163,033 Expense: Other expense 6,671 6,155 3,008 Total Expense 6,671 6,155 3,008 Net Income $ 71,887 $ 147,365 $ 160,025 Condensed Statements of Cash Flows Years Ended December 31, 2022 2021 2020 Operating Activities: Net income $ 71,887 $ 147,365 $ 160,025 Adjustments to reconcile net income to net cash provided Net change in investment in subsidiaries 11,269 ( 108,141 ) ( 53,724 ) Other ( 1,550 ) ( 2,078 ) ( 326 ) Net cash from operating activities 81,606 37,146 105,975 Financing Activities: Proceeds from subordinated notes — — 122,900 Common stock dividends ( 56,679 ) ( 58,085 ) ( 58,769 ) Repurchase and retirement of common stock ( 24,604 ) ( 61,799 ) ( 27,538 ) Net cash from financing activities ( 81,283 ) ( 119,884 ) 36,593 Net change in cash and cash equivalents 323 ( 82,738 ) 142,568 Cash and cash equivalents at beginning of year 75,537 158,275 15,707 Cash and cash equivalents at end of year $ 75,860 $ 75,537 $ 158,275 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Contract Fee RevenueCategory | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of outstanding principal to be repurchased under GNMA optional repurchase program | 100% | ||
Number of days to pass to be classified as past due LHFI | 30 days | ||
Finite-lived intangible assets, average useful life | 20 years | ||
Securities with limited marketability | $ 72,200,000 | $ 32,900,000 | |
Other-than-temporary impairment of investment in member bank stock | $ 0 | 0 | $ 0 |
Number of types of interchange fees | Fee | 2 | ||
Other real estate sales, net (losses) gains | $ (1,006,000) | (1,869,000) | 897,000 |
Number of trust management revenue categories | RevenueCategory | 5 | ||
Time period between service obligation completed and payment received from trust customer | 30 days | ||
Increase to allowance for credit loss on off-balance sheet credit exposures | $ 0 | $ 0 | $ 29,638,000 |
Fisher Brown Bottrell Insurance, Inc. [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of general categories of insurance contracts | Contract | 4 | ||
Credit Card Loans [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days past due loans are to be charged-off | 180 days | ||
Commercial Credits [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days past due for loan to be classified as nonaccrual | 90 days | ||
Non-Business Purpose Credits [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days past due for loan to be classified as nonaccrual | 120 days | ||
Number of days past due loans are to be charged-off | 120 days | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days mortgage LHFS are retained on balance sheet | 30 days | ||
Minimum [Member] | Fisher Brown Bottrell Insurance, Inc. [Member] | Personal Insurance Contracts [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Insurance contracts payment received period | 30 days | ||
Minimum [Member] | Fisher Brown Bottrell Insurance, Inc. [Member] | Employee Benefits Insurance Contracts [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Insurance contracts payment received period | 60 days | ||
Minimum [Member] | Furniture and Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of the assets | 3 years | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days mortgage LHFS are retained on balance sheet | 45 days | ||
Maximum [Member] | Fisher Brown Bottrell Insurance, Inc. [Member] | Personal Insurance Contracts [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Insurance contracts payment received period | 60 days | ||
Maximum [Member] | Fisher Brown Bottrell Insurance, Inc. [Member] | Employee Benefits Insurance Contracts [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Insurance contracts payment received period | 90 days | ||
Maximum [Member] | Buildings [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of the assets | 39 years | ||
Maximum [Member] | Furniture and Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of the assets | 10 years | ||
Maximum [Member] | 1-4 Family Residential Real Estate [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days past due loans are to be charged-off | 180 days | ||
ASU 2016-13 [Member] | Securities Available for Sale [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Current expected credit loss | $ 0 | ||
ASU 2022-02 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 | ||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | Dec. 31, 2022 |
Personal Insurance Contracts [Member] | Fisher Brown Bottrell Insurance, Inc. [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue recognition contract term | 1 year |
Employee Benefits Insurance Contracts [Member] | Fisher Brown Bottrell Insurance, Inc. [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue recognition contract term | 1 year |
Contingency Commission Insurance Contracts [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue recognition contract term | 1 year |
Maximum [Member] | Insurance Contracts [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue recognition contract term | 1 year |
Significant Accounting Polici_6
Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of cash flows specific transaction amounts [Abstract] | |||
Income taxes paid | $ 2,701 | $ 15,259 | $ 46,648 |
Interest paid on deposits and borrowings | 45,275 | 24,429 | 42,968 |
Noncash transfers from loans to other real estate | 1,533 | 770 | 635 |
Securities transferred from available for sale to held to maturity | 674,092 | ||
Investment in tax credit partnership not funded | 18,891 | 10,647 | 5,893 |
Finance right-of-use assets resulting from lease liabilities | 92 | ||
Operating right-of-use assets resulting from lease liabilities | $ 6,912 | $ 9,666 | 3,774 |
Transfer of long-term FHLB advances to short-term | $ 651 |
Significant Accounting Polici_7
Significant Accounting Policies - Weighted-Average Shares Used to Calculate Basic and Diluted EPS (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share (EPS) [Abstract] | |||
Basic shares | 61,242 | 62,788 | 63,505 |
Dilutive shares | 190 | 185 | 141 |
Diluted shares | 61,432 | 62,973 | 63,646 |
Significant Accounting Polici_8
Significant Accounting Policies - Weighted-Average Antidilutive Stock Awards Excluded from Determining Diluted EPS (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Weighted-average antidilutive stock awards (in shares) | 1 | 57 |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Federal reserve tax rate, percent | 0% |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 2,270,709 | $ 3,256,289 |
Securities Available for Sale, Gross Unrealized Gains | 380 | 13,509 |
Securities Available for Sale, Gross Unrealized (Losses) | (247,007) | (30,921) |
Securities Available for Sale, Estimated Fair Value | 2,024,082 | 3,238,877 |
Securities Held to Maturity, Amortized Cost | 1,494,514 | 342,537 |
Securities Held to Maturity, Gross Unrealized Gains | 37 | 11,011 |
Securities Held to Maturity, Gross Unrealized (Losses) | (87,962) | (37) |
Securities Held to Maturity, Estimated Fair Value | 1,406,589 | 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 | 425,719 | 349,562 |
Securities Available for Sale, Gross Unrealized Gains | 308 | 16 |
Securities Available for Sale, Gross Unrealized (Losses) | (34,514) | (4,938) |
Securities Available for Sale, Estimated Fair Value | 391,513 | 344,640 |
Securities Held to Maturity, Amortized Cost | 28,295 | 0 |
Securities Held to Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held to Maturity, Gross Unrealized (Losses) | (115) | 0 |
Securities Held to Maturity, Estimated Fair Value | 28,180 | 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 | 8,297 | 14,044 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 20 |
Securities Available for Sale, Gross Unrealized (Losses) | (531) | (337) |
Securities Available for Sale, Estimated Fair Value | 7,766 | 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 | 4,820 | 5,134 |
Securities Available for Sale, Gross Unrealized Gains | 53 | 580 |
Securities Available for Sale, Gross Unrealized (Losses) | (11) | 0 |
Securities Available for Sale, Estimated Fair Value | 4,862 | 5,714 |
Securities Held to Maturity, Amortized Cost | 4,510 | 7,328 |
Securities Held to Maturity, Gross Unrealized Gains | 3 | 64 |
Securities Held to Maturity, Gross Unrealized (Losses) | (3) | (3) |
Securities Held to Maturity, Estimated Fair Value | 4,510 | 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 | 30,534 | 38,942 |
Securities Available for Sale, Gross Unrealized Gains | 7 | 665 |
Securities Available for Sale, Gross Unrealized (Losses) | (3,444) | (34) |
Securities Available for Sale, Estimated Fair Value | 27,097 | 39,573 |
Securities Held to Maturity, Amortized Cost | 4,442 | 5,005 |
Securities Held to Maturity, Gross Unrealized Gains | 0 | 187 |
Securities Held to Maturity, Gross Unrealized (Losses) | (395) | (3) |
Securities Held to Maturity, Estimated Fair Value | 4,047 | 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 | 1,541,570 | 2,230,498 |
Securities Available for Sale, Gross Unrealized Gains | 12 | 8,945 |
Securities Available for Sale, Gross Unrealized (Losses) | (196,119) | (21,014) |
Securities Available for Sale, Estimated Fair Value | 1,345,463 | 2,218,429 |
Securities Held to Maturity, Amortized Cost | 509,311 | 43,444 |
Securities Held to Maturity, Gross Unrealized Gains | 0 | 962 |
Securities Held to Maturity, Gross Unrealized (Losses) | (19,586) | 0 |
Securities Held to Maturity, Estimated Fair Value | 489,725 | 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 | 123,755 | 193,908 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 2,879 |
Securities Available for Sale, Gross Unrealized (Losses) | (8,615) | (97) |
Securities Available for Sale, Estimated Fair Value | 115,140 | 196,690 |
Securities Held to Maturity, Amortized Cost | 188,201 | 241,934 |
Securities Held to Maturity, Gross Unrealized Gains | 0 | 9,015 |
Securities Held to Maturity, Gross Unrealized (Losses) | (13,826) | (31) |
Securities Held to Maturity, Estimated Fair Value | 174,375 | 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 | 136,014 | 424,201 |
Securities Available for Sale, Gross Unrealized Gains | 0 | 404 |
Securities Available for Sale, Gross Unrealized (Losses) | (3,773) | (4,501) |
Securities Available for Sale, Estimated Fair Value | 132,241 | 420,104 |
Securities Held to Maturity, Amortized Cost | 759,755 | 44,826 |
Securities Held to Maturity, Gross Unrealized Gains | 34 | 783 |
Securities Held to Maturity, Gross Unrealized (Losses) | (54,037) | 0 |
Securities Held to Maturity, Estimated Fair Value | $ 705,752 | $ 45,609 |
Securities Available for Sale_4
Securities Available for Sale and Held to Maturity - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | 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 | $ 766,000,000 | $ 1,099,000,000 | ||
Net unrealized holding loss on AFS Securities at date of transfer | (91,900,000) | (46,600,000) | ||
Net unrealized holding losses on AFS Securities, net of tax at date of transfer | (68,900,000) | $ (28,800,000) | ||
Net unamortized, unrealized loss on transfer of securities | (92,300,000) | $ (6,300,000) | ||
Net unamortized, unrealized loss on transfer of securities, net of tax | (69,200,000) | (4,700,000) | ||
Credit loss recognized | 0 | 0 | ||
Potential credit loss exposure | 4,500,000 | 7,300,000 | ||
Securities held to maturity | 1,494,514,000 | 342,537,000 | ||
Realized gains or losses on security | 0 | 0 | $ 0 | |
Pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law | 2,693,000,000 | 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 | 4,000,000 | 5,100,000 | ||
Securities Held to Maturity [Member] | ||||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||||
Accrued interest receivable | 2,700,000 | 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 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||
Securities Held to Maturity Amortized Cost | $ 1,494,514 | $ 342,537 | |
Aaa [Member] | |||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||
Securities Held to Maturity Amortized Cost | 1,490,004 | 335,208 | |
Aaa1 to Aa3 [Member] | |||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||
Securities Held to Maturity Amortized Cost | 3,001 | 5,007 | |
Not Rated [Member] | |||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||
Securities Held to Maturity Amortized Cost | [1] | $ 1,509 | $ 2,322 |
[1] Not rated securities primarily consist of Mississippi municipal general obligations. |
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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $ 2,078,165 | $ 2,423,465 |
Estimated Fair Value, 12 Months or More | 1,342,186 | 67,875 |
Estimated Fair Value, Total | 3,420,351 | 2,491,340 |
Gross Unrealized (Losses), Less than 12 Months | (130,121) | (29,552) |
Gross Unrealized (Losses), 12 Months or More | (204,848) | (1,406) |
Gross Unrealized (Losses), Total | (334,969) | (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 | 161,298 | 315,123 |
Estimated Fair Value, 12 Months or More | 258,087 | 0 |
Estimated Fair Value, Total | 419,385 | 315,123 |
Gross Unrealized (Losses), Less than 12 Months | (5,655) | (4,938) |
Gross Unrealized (Losses), 12 Months or More | (28,974) | 0 |
Gross Unrealized (Losses), Total | (34,629) | (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 | 1,828 | 1,312 |
Estimated Fair Value, 12 Months or More | 5,938 | 8,619 |
Estimated Fair Value, Total | 7,766 | 9,931 |
Gross Unrealized (Losses), Less than 12 Months | (184) | (5) |
Gross Unrealized (Losses), 12 Months or More | (347) | (332) |
Gross Unrealized (Losses), Total | (531) | (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 | 1,017 | 3,006 |
Estimated Fair Value, 12 Months or More | 3,664 | 667 |
Estimated Fair Value, Total | 4,681 | 3,673 |
Gross Unrealized (Losses), Less than 12 Months | (11) | (1) |
Gross Unrealized (Losses), 12 Months or More | (3) | (2) |
Gross Unrealized (Losses), Total | (14) | (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 | 27,223 | 6,040 |
Estimated Fair Value, 12 Months or More | 3,577 | 0 |
Estimated Fair Value, Total | 30,800 | 6,040 |
Gross Unrealized (Losses), Less than 12 Months | (3,270) | (37) |
Gross Unrealized (Losses), 12 Months or More | (569) | 0 |
Gross Unrealized (Losses), Total | (3,839) | (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 | 770,865 | 1,734,921 |
Estimated Fair Value, 12 Months or More | 1,062,041 | 55,303 |
Estimated Fair Value, Total | 1,832,906 | 1,790,224 |
Gross Unrealized (Losses), Less than 12 Months | (41,807) | (19,980) |
Gross Unrealized (Losses), 12 Months or More | (173,898) | (1,034) |
Gross Unrealized (Losses), Total | (215,705) | (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 | 281,964 | 19,038 |
Estimated Fair Value, 12 Months or More | 7,235 | 2,647 |
Estimated Fair Value, Total | 289,199 | 21,685 |
Gross Unrealized (Losses), Less than 12 Months | (21,452) | (99) |
Gross Unrealized (Losses), 12 Months or More | (989) | (29) |
Gross Unrealized (Losses), Total | (22,441) | (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 | 833,970 | 344,025 |
Estimated Fair Value, 12 Months or More | 1,644 | 639 |
Estimated Fair Value, Total | 835,614 | 344,664 |
Gross Unrealized (Losses), Less than 12 Months | (57,742) | (4,492) |
Gross Unrealized (Losses), 12 Months or More | (68) | (9) |
Gross Unrealized (Losses), Total | $ (57,810) | $ (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 | Dec. 31, 2022 | Dec. 31, 2021 |
Securities Available for Sale, Amortized Cost [Abstract] | ||
Due in one year or less | $ 30,089 | |
Due after one year through five years | 389,528 | |
Due after five years through ten years | 14,218 | |
Due after ten years | 5,001 | |
Total amortized cost, before mortgage-backed securities | 438,836 | |
Mortgage-backed securities | 1,831,873 | |
Securities Available for Sale, Amortized Cost | 2,270,709 | $ 3,256,289 |
Securities Available for Sale, Estimated Fair Value [Abstract] | ||
Due in one year or less | 30,208 | |
Due after one year through five years | 356,175 | |
Due after five years through ten years | 12,999 | |
Due after ten years | 4,759 | |
Total fair value, before mortgage-backed securities | 404,141 | |
Mortgage-backed securities | 1,619,941 | |
Total | 2,024,082 | 3,238,877 |
Securities Held to Maturity, Amortized Cost [Abstract] | ||
Due in one year or less | 4,169 | |
Due after one year through five years | 341 | |
Due after five years through ten years | 28,295 | |
Due after ten years | 0 | |
Total amortized cost, before mortgage-backed securities | 32,805 | |
Mortgage-backed securities | 1,461,709 | |
Securities Held to Maturity, Amortized Cost | 1,494,514 | 342,537 |
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||
Due in one year or less | 4,170 | |
Due after one year through five years | 340 | |
Due after five years through ten years | 28,180 | |
Due after ten years | 0 | |
Total fair value, before mortgage-backed securities | 32,690 | |
Mortgage-backed securities | 1,373,899 | |
Total | $ 1,406,589 | $ 353,511 |
LHFI and ACL, LHFI - Loan Portf
LHFI and ACL, LHFI - Loan Portfolio Held for Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loan Portfolio [Abstract] | ||||
Total LHFI | $ 12,204,039 | $ 10,247,829 | ||
Less ACL, LHFI | 120,214 | 99,457 | $ 117,306 | $ 84,277 |
Net LHFI | 12,083,825 | 10,148,372 | ||
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||||
Loan Portfolio [Abstract] | ||||
Total LHFI | 690,616 | 596,968 | ||
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||||
Loan Portfolio [Abstract] | ||||
Total LHFI | 590,790 | 517,683 | ||
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | ||||
Loan Portfolio [Abstract] | ||||
Total LHFI | 2,185,057 | 1,460,310 | ||
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||||
Loan Portfolio [Abstract] | ||||
Total LHFI | 742,538 | 726,043 | ||
Other Construction [Member] | Other Loans Secured by Real Estate [Member] | ||||
Loan Portfolio [Abstract] | ||||
Total LHFI | 1,028,926 | 711,813 | ||
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||||
Loan Portfolio [Abstract] | ||||
Total LHFI | 3,278,830 | 2,977,084 | ||
Less ACL, LHFI | 19,488 | 37,912 | 48,523 | |
Commercial and Industrial Loans [Member] | ||||
Loan Portfolio [Abstract] | ||||
Total LHFI | 1,821,259 | 1,414,279 | ||
Less ACL, LHFI | 23,140 | 18,939 | 14,851 | |
Consumer Loans [Member] | ||||
Loan Portfolio [Abstract] | ||||
Total LHFI | 170,230 | 162,555 | ||
Less ACL, LHFI | 5,792 | 4,774 | 5,838 | |
State and Other Political Subdivision Loans [Member] | ||||
Loan Portfolio [Abstract] | ||||
Total LHFI | 1,223,863 | 1,146,251 | ||
Less ACL, LHFI | 885 | 2,708 | 3,190 | |
Other Commercial Loans [Member] | ||||
Loan Portfolio [Abstract] | ||||
Total LHFI | 471,930 | 534,843 | ||
Less ACL, LHFI | $ 4,647 | $ 5,348 | $ 7,439 |
LHFI and ACL, LHFI - Additional
LHFI and ACL, LHFI - Additional Information (Details 1) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Region | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Accrued interest receivable | $ 50,700 | $ 26,700 | |
Maximum concentration of loan as a percentage of total LHFI | 10% | ||
Key market regions | Region | 5 | ||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 47,000 | 26,300 | |
New loan advances to related party | 298,900 | ||
Loan repayment by related party | 278,000 | ||
Decrease in loans due to changes in executive officers and directors | 139 | ||
LHFI classified as TDRs | 10,200 | 21,600 | $ 25,800 |
LHFI classified as TDRs from bankruptcies, payment concessions, credits with interest-only payments and credits renewed at a rate that was not commensurate with that of new debt with similar risk | 9,700 | 18,200 | 17,700 |
Unused commitments on TDRs | 9,000 | 1,000 | 4,500 |
Financing receivable, related allowance | 203 | 1,500 | 2,400 |
Financing receivable, related charge-offs | $ 511 | $ 3,700 | $ 2,300 |
LHFI and ACL, LHFI - Schedule o
LHFI and ACL, LHFI - Schedule of Amortized Cost Basis of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | $ 21,094 | $ 22,769 |
Total Nonaccrual | 65,972 | 62,698 |
Loans Past Due 90 Days or More Still Accruing | 3,929 | 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 | 137 | 4,784 |
Total Nonaccrual | 1,902 | 5,878 |
Loans Past Due 90 Days or More Still Accruing | 0 | 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 | 482 | 1,319 |
Total Nonaccrual | 3,957 | 3,418 |
Loans Past Due 90 Days or More Still Accruing | 534 | 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 | 4,841 | 10,842 |
Total Nonaccrual | 6,957 | 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 | 231 | 150 |
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 | 1,193 | |
Total Nonaccrual | 19,775 | 12,775 |
Loans Past Due 90 Days or More Still Accruing | 3,118 | 1,655 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | 14,441 | 1,363 |
Total Nonaccrual | 25,102 | 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 | 181 | 117 |
Loans Past Due 90 Days or More Still Accruing | 277 | 304 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Nonaccrual | 3,664 | |
Other Commercial Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Nonaccrual With No ACL | 4,405 | |
Total Nonaccrual | 247 | $ 4,860 |
Loans Past Due 90 Days or More Still Accruing | 0 | |
Other Construction Financing Receivable [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 |
LHFI and ACL, LHFI - Aging Anal
LHFI and ACL, LHFI - Aging Analysis of Past Due and Nonaccrual LHFI by Loan Type (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | $ 12,204,039 | $ 10,247,829 |
Total LHFI | 12,204,039 | 10,247,829 |
Past Due 30 to 59 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 22,700 | 8,310 |
Past Due 60 to 89 Days [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 6,887 | 1,165 |
Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 29,005 | 15,819 |
Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 58,592 | 25,294 |
Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 12,145,447 | 10,222,535 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 690,616 | 596,968 |
Total LHFI | 690,616 | 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) | 1,972 | 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) | 199 | 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) | 34 | 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) | 2,205 | 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) | 688,411 | 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] | ||
Loans held for investment (LHFI) | 590,790 | 517,683 |
Total LHFI | 590,790 | 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) | 3,682 | 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) | 1,206 | 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) | 1,281 | 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) | 6,169 | 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) | 584,621 | 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] | ||
Loans held for investment (LHFI) | 2,185,057 | 1,460,310 |
Total LHFI | 2,185,057 | 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) | 10,709 | 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) | 4,236 | 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) | 9,999 | 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) | 24,944 | 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) | 2,160,113 | 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) | 3,278,830 | 2,977,084 |
Total LHFI | 3,278,830 | 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) | 825 | 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) | 18 | |
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) | 794 | 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) | 1,637 | 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) | 3,277,193 | 2,974,797 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 742,538 | 726,043 |
Total LHFI | 742,538 | 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) | 131 | |
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) | 30 | |
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) | 161 | 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) | 742,377 | 725,901 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,821,259 | 1,414,279 |
Total LHFI | 1,821,259 | 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) | 1,966 | 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) | 508 | 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) | 8,974 | 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) | 11,448 | 1,755 |
Commercial and Industrial Loans [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,809,811 | 1,412,524 |
Other Construction Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total LHFI | 1,028,926 | 711,813 |
Other Construction Financing Receivable [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 Financing Receivable [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 Financing Receivable [Member] | Other Loans Secured by Real Estate [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,021,306 | 711,813 |
Consumer Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 170,230 | 162,555 |
Total LHFI | 170,230 | 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) | 2,199 | 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) | 645 | 182 |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 279 | 305 |
Consumer Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 3,123 | 2,160 |
Consumer Loans [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 167,107 | 160,395 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,223,863 | 1,146,251 |
Total LHFI | 1,223,863 | 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) | 431 | 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) | 0 | 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) | 431 | 209 |
State and Other Political Subdivision Loans [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 1,223,432 | 1,146,042 |
Other Commercial Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 471,930 | 534,843 |
Total LHFI | 471,930 | 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) | 785 | 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) | 45 | 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) | 24 | 118 |
Other Commercial Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | 854 | 370 |
Other Commercial Loans [Member] | Current Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held for investment (LHFI) | $ 471,076 | $ 534,473 |
LHFI and ACL, LHFI - Impact of
LHFI and ACL, LHFI - Impact of Modifications Classified as Troubled Debt Restructurings (Details) - Troubled Debt Restructurings [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Contract | Dec. 31, 2021 USD ($) Contract | Dec. 31, 2020 USD ($) Contract | |
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | Contract | 24 | 24 | 27 |
Pre-Modification Outstanding Recorded Investment | $ 8,886 | $ 13,337 | $ 7,627 |
Post-Modification Outstanding Recorded Investment | $ 8,909 | $ 12,810 | $ 7,602 |
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 | 4 | 3 | 13 |
Pre-Modification Outstanding Recorded Investment | $ 321 | $ 37 | $ 923 |
Post-Modification Outstanding Recorded Investment | $ 314 | $ 37 | $ 929 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | Contract | 5 | 5 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 6,603 | $ 5,789 | $ 1,111 |
Post-Modification Outstanding Recorded Investment | $ 6,601 | $ 5,265 | $ 1,111 |
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 | ||
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | Contract | 12 | 8 | |
Pre-Modification Outstanding Recorded Investment | $ 1,231 | $ 909 | |
Post-Modification Outstanding Recorded Investment | $ 1,263 | $ 906 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 2 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 500 | $ 1,014 | $ 1,665 |
Post-Modification Outstanding Recorded Investment | $ 500 | $ 1,014 | $ 1,664 |
Consumer Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 6 | |
Pre-Modification Outstanding Recorded Investment | $ 6 | $ 26 | |
Post-Modification Outstanding Recorded Investment | $ 6 | $ 26 | |
State and Other Political Subdivision Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | Contract | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 3,902 | ||
Post-Modification Outstanding Recorded Investment | $ 3,872 |
LHFI and ACL, LHFI - Troubled D
LHFI and ACL, LHFI - Troubled Debt Restructuring Subsequently Defaulted (Details) - Troubled Debt Restructurings [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Contract | Dec. 31, 2021 USD ($) Contract | Dec. 31, 2020 USD ($) Contract | |
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 7 | 4 |
Recorded Investment | $ | $ 42 | $ 5,676 | $ 299 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | Contract | 5 | ||
Recorded Investment | $ | $ 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 | 1 | 1 | 2 |
Recorded Investment | $ | $ 42 | $ 16 | $ 78 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Recorded Investment | $ | $ 139 | ||
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 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Recorded Investment | $ | $ 82 |
LHFI and ACL, LHFI - Troubled_2
LHFI and ACL, LHFI - Troubled Debt Restructuring Related to Loans Held for Investment, Excluding Covered Loans, by Loan Type (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | $ 65,972 | $ 62,698 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 1,902 | 5,878 | |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 19,775 | 12,775 | |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 3,957 | 3,418 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 6,957 | 12,508 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 231 | 150 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 25,102 | 19,328 | |
Consumer Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 181 | 117 | |
State and Other Political Subdivision Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 3,664 | ||
Other Commercial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 247 | 4,860 | |
Troubled Debt Restructurings [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 357 | 2,451 | $ 1,506 |
Nonaccrual | 9,804 | 19,160 | 24,254 |
Total | 10,161 | 21,611 | 25,760 |
Troubled Debt Restructurings [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | 0 |
Nonaccrual | 1,564 | 4,640 | 12 |
Total | 1,564 | 4,640 | 12 |
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 | 66 | 50 | |
Nonaccrual | 3,289 | 2,484 | |
Total | 3,355 | 2,534 | |
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 | 193 | 0 | 0 |
Nonaccrual | 823 | 965 | 3,699 |
Total | 1,016 | 965 | 3,699 |
Troubled Debt Restructurings [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 98 | 394 | 0 |
Nonaccrual | 4,015 | 7,325 | 3,903 |
Total | 4,113 | 7,719 | 3,903 |
Troubled Debt Restructurings [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | ||
Nonaccrual | 68 | ||
Total | 68 | ||
Troubled Debt Restructurings [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 2,000 | 1,500 |
Nonaccrual | 45 | 215 | 12,749 |
Total | $ 45 | 2,215 | 14,249 |
Troubled Debt Restructurings [Member] | Consumer Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 7 | 6 | |
Nonaccrual | 9 | 17 | |
Total | 16 | 23 | |
Troubled Debt Restructurings [Member] | State and Other Political Subdivision Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 3,486 | 3,793 | |
Total | 3,486 | 3,793 | |
Troubled Debt Restructurings [Member] | Other Commercial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | ||
Nonaccrual | 36 | 81 | |
Total | $ 36 | 81 | |
Troubled Debt Restructurings [Member] | Other Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | $ 0 |
LHFI and ACL, LHFI - Schedule_2
LHFI and ACL, LHFI - Schedule of Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans and Collateral Type (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | $ 40,288 | $ 44,361 |
Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 15,734 | 25,923 |
Equipment and Machinery [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 349 | |
Inventory and Receivables [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 233 | 1,253 |
Vehicles [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 395 | 370 |
Miscellaneous [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 23,926 | 16,466 |
Construction, Land Development and Other Land [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 1,558 | 5,198 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 1,558 | 5,198 |
Other Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 482 | |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 482 | |
Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 4,841 | 11,072 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 4,841 | 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 | |
Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 1,193 | 1,319 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 1,193 | 1,319 |
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 | |
Commercial and Industrial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 24,594 | 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 | 349 | |
Commercial and Industrial Loans [Member] | Inventory and Receivables [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 233 | 1,253 |
Commercial and Industrial Loans [Member] | Vehicles [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 395 | 370 |
Commercial and Industrial Loans [Member] | Miscellaneous [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | $ 23,926 | 16,430 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 3,664 | |
State and Other Political Subdivision Loans [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 3,664 | |
Other Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Collateral-Dependent Loans | 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 |
LHFI and ACL, LHFI - Addition_2
LHFI and ACL, LHFI - Additional Information (Details 2) | 12 Months Ended | |
Dec. 31, 2022 USD ($) KeyRatio | Dec. 31, 2021 USD ($) | |
Financing Receivable Recorded Investment [Line Items] | ||
Number of key quality ratios | KeyRatio | 6 | |
Exposure for commercial non accrual loans to be reviewed on individual basis | $ 500,000 | |
Exposure for commercial accrual loans deemed to be reviewed on individual basis | 500,000 | |
LHFS past due 90 days or more | $ 49,300,000 | $ 69,900,000 |
Number of days used as baseline in evaluating collateral documentation exceptions for loan policy | 90 days | |
Minimum [Member] | ||
Financing Receivable [Abstract] | ||
Credit amount used as baseline in evaluating loan policy | $ 100,000 |
LHFI and ACL, LHFI - Summary of
LHFI and ACL, LHFI - Summary of Amortized Cost Basis of Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | $ 4,259,096 | $ 3,495,006 |
Term Loans by Origination Year, Before Latest Fiscal Year | 2,453,559 | 1,956,255 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 1,652,970 | 1,263,132 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 824,439 | 628,618 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 354,522 | 431,022 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,110,471 | 1,184,453 |
Financing Receivable, Revolving Loans | 1,548,982 | 1,289,343 |
Total LHFI | 12,204,039 | 10,247,829 |
Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 29,005 | 15,819 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 1,821,259 | 1,414,279 |
Commercial and Industrial Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 8,974 | 1,107 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 1,223,863 | 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 | 0 | 177 |
Other Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 471,930 | 534,843 |
Other Commercial Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 24 | 118 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 170,230 | 162,555 |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 279 | 305 |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 690,616 | 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 | 590,790 | 517,683 |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 742,538 | 726,043 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 3,278,830 | 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 | 794 | 1,442 |
Other Loans Secured by Real Estate [Member] | Other Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 1,028,926 | 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 | 2,185,057 | 1,460,310 |
Commercial LHFI [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 3,152,466 | 2,732,070 |
Term Loans by Origination Year, Before Latest Fiscal Year | 1,817,851 | 1,665,887 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 1,430,035 | 1,105,778 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 703,273 | 505,169 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 265,157 | 367,347 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 828,918 | 879,827 |
Financing Receivable, Revolving Loans | 1,081,499 | 882,970 |
Total LHFI | 9,279,199 | 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 | 681,061 | 518,266 |
Term Loans by Origination Year, Before Latest Fiscal Year | 271,860 | 250,920 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 134,724 | 75,636 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 45,310 | 35,179 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 14,374 | 59,301 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 69,078 | 36,273 |
Financing Receivable, Revolving Loans | 604,852 | 438,704 |
Total LHFI | 1,821,259 | 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 | 673,848 | 503,073 |
Term Loans by Origination Year, Before Latest Fiscal Year | 261,962 | 249,171 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 120,123 | 74,239 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 44,994 | 33,403 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 14,265 | 50,016 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 69,078 | 35,883 |
Financing Receivable, Revolving Loans | 577,749 | 400,423 |
Total LHFI | 1,762,019 | 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 | 12,421 | 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 | 6,454 | 99 |
Total LHFI | 18,875 | 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 | 6,973 | 14,530 |
Term Loans by Origination Year, Before Latest Fiscal Year | 9,845 | 1,338 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 2,170 | 1,221 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 312 | 1,119 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 74 | 9,237 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 386 | |
Financing Receivable, Revolving Loans | 20,625 | 38,182 |
Total LHFI | 39,999 | 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 | 240 | 20 |
Term Loans by Origination Year, Before Latest Fiscal Year | 53 | 46 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 10 | 29 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 4 | 107 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 35 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 4 | |
Financing Receivable, Revolving Loans | 24 | |
Total LHFI | 366 | 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 | 393,345 | 381,317 |
Term Loans by Origination Year, Before Latest Fiscal Year | 223,302 | 148,156 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 123,350 | 56,987 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 39,031 | 30,558 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 18,876 | 95,491 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 424,288 | 425,333 |
Financing Receivable, Revolving Loans | 1,671 | 8,409 |
Total LHFI | 1,223,863 | 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 | 393,345 | 381,317 |
Term Loans by Origination Year, Before Latest Fiscal Year | 223,302 | 148,156 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 123,350 | 56,987 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 39,031 | 30,558 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 18,876 | 95,491 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 421,588 | 418,319 |
Financing Receivable, Revolving Loans | 1,671 | 8,409 |
Total LHFI | 1,221,163 | 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 | 3,664 | |
Total LHFI | 3,664 | |
Commercial LHFI [Member] | Other Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 93,394 | 112,095 |
Term Loans by Origination Year, Before Latest Fiscal Year | 40,104 | 45,392 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 28,239 | 64,953 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 37,607 | 8,855 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 6,440 | 7,924 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 11,963 | 41,135 |
Financing Receivable, Revolving Loans | 254,183 | 254,489 |
Total LHFI | 471,930 | 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 | 88,763 | 103,504 |
Term Loans by Origination Year, Before Latest Fiscal Year | 40,006 | 38,661 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 28,239 | 64,871 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 37,607 | 8,643 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 6,424 | 7,924 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 10,829 | 41,112 |
Financing Receivable, Revolving Loans | 244,882 | 232,476 |
Total LHFI | 456,750 | 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 | 3,728 | 4,532 |
Term Loans by Origination Year, Before Latest Fiscal Year | 98 | 6,681 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 82 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 212 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 16 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,134 | |
Financing Receivable, Revolving Loans | 9,301 | 13,000 |
Total LHFI | 14,277 | 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 | |
Total LHFI | 24 | 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 | 363,970 | 378,752 |
Term Loans by Origination Year, Before Latest Fiscal Year | 119,926 | 82,558 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 29,632 | 24,801 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 4,820 | 2,219 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,016 | 1,367 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,406 | 2,932 |
Financing Receivable, Revolving Loans | 64,997 | 26,505 |
Total LHFI | 586,767 | 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 | 363,824 | 376,438 |
Term Loans by Origination Year, Before Latest Fiscal Year | 119,727 | 76,176 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 29,632 | 21,366 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 3,405 | 2,189 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,016 | 1,367 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,364 | 2,890 |
Financing Receivable, Revolving Loans | 64,953 | 26,505 |
Total LHFI | 584,921 | 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 | 146 | 2,243 |
Term Loans by Origination Year, Before Latest Fiscal Year | 199 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 3,435 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1,415 | 30 |
Financing Receivable, Revolving Loans | 44 | |
Total LHFI | 1,804 | 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 | 42,726 | 45,062 |
Term Loans by Origination Year, Before Latest Fiscal Year | 33,441 | 23,562 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 17,307 | 13,200 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 9,429 | 9,888 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 7,018 | 5,783 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 3,155 | 3,703 |
Financing Receivable, Revolving Loans | 12,209 | 8,771 |
Total LHFI | 125,285 | 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 | 41,996 | 44,208 |
Term Loans by Origination Year, Before Latest Fiscal Year | 33,346 | 23,269 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 17,215 | 13,194 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 9,341 | 9,722 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 6,798 | 5,737 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,870 | 3,076 |
Financing Receivable, Revolving Loans | 12,209 | 8,771 |
Total LHFI | 123,775 | 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 | 29 | 111 |
Term Loans by Origination Year, Before Latest Fiscal Year | 64 | 143 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 17 | |
Total LHFI | 110 | 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 | 686 | 721 |
Term Loans by Origination Year, Before Latest Fiscal Year | 31 | 150 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 75 | 6 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 88 | 166 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 220 | 46 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 285 | 627 |
Total LHFI | 1,385 | 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 | 15 | 22 |
Total LHFI | 15 | 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 | 293,081 | 257,957 |
Term Loans by Origination Year, Before Latest Fiscal Year | 156,386 | 105,752 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 143,423 | 220,487 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 107,827 | 64,276 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 11,302 | 6,816 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 17,694 | 57,070 |
Financing Receivable, Revolving Loans | 12,642 | 13,350 |
Total LHFI | 742,355 | 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 | 293,051 | 256,273 |
Term Loans by Origination Year, Before Latest Fiscal Year | 156,386 | 105,687 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 143,114 | 220,487 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 107,827 | 64,268 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 11,297 | 6,816 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 17,626 | 56,196 |
Financing Receivable, Revolving Loans | 12,516 | 13,350 |
Total LHFI | 741,817 | 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 | 30 | 1,684 |
Term Loans by Origination Year, Before Latest Fiscal Year | 65 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 309 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 8 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 5 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 68 | 101 |
Financing Receivable, Revolving Loans | 126 | |
Total LHFI | 538 | 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 | 911,908 | 763,439 |
Term Loans by Origination Year, Before Latest Fiscal Year | 658,308 | 615,967 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 612,972 | 624,572 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 458,416 | 354,194 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 206,131 | 190,665 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 300,334 | 313,381 |
Financing Receivable, Revolving Loans | 130,745 | 114,833 |
Total LHFI | 3,278,814 | 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 | 889,556 | 750,869 |
Term Loans by Origination Year, Before Latest Fiscal Year | 657,242 | 604,026 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 603,515 | 610,446 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 457,163 | 350,603 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 205,425 | 183,115 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 281,828 | 279,529 |
Financing Receivable, Revolving Loans | 130,052 | 113,808 |
Total LHFI | 3,224,781 | 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 | 10,284 | 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 | 271 | |
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 | 10,555 | 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 | 12,034 | 11,017 |
Term Loans by Origination Year, Before Latest Fiscal Year | 1,066 | 2,357 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 9,457 | 13,609 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 905 | 3,591 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 706 | 5,988 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 18,488 | 29,309 |
Financing Receivable, Revolving Loans | 693 | 1,025 |
Total LHFI | 43,349 | 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 | 34 | 43 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 105 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 77 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 18 | 21 |
Total LHFI | 129 | 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 | 372,981 | 275,182 |
Term Loans by Origination Year, Before Latest Fiscal Year | 314,524 | 393,580 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 340,388 | 25,142 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 833 | |
Financing Receivable, Revolving Loans | 200 | 17,909 |
Total LHFI | 1,028,926 | 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 | 372,981 | 273,747 |
Term Loans by Origination Year, Before Latest Fiscal Year | 306,904 | 393,580 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 340,388 | 25,142 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 833 | |
Financing Receivable, Revolving Loans | 200 | 17,909 |
Total LHFI | 1,021,306 | 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 | 1,106,630 | 762,936 |
Term Loans by Origination Year, Before Latest Fiscal Year | 635,708 | 290,368 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 222,935 | 157,354 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 121,166 | 123,449 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 89,365 | 63,675 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 281,553 | 304,626 |
Financing Receivable, Revolving Loans | 467,483 | 406,373 |
Total LHFI | 2,924,840 | 2,108,781 |
Consumer LHFI [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 72,396 | 66,452 |
Term Loans by Origination Year, Before Latest Fiscal Year | 26,062 | 25,775 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 9,699 | 8,629 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 2,535 | 4,769 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,542 | 1,307 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 305 | 383 |
Financing Receivable, Revolving Loans | 57,691 | 55,240 |
Total LHFI | 170,230 | 162,555 |
Consumer LHFI [Member] | Consumer Loans [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 70,858 | 65,366 |
Term Loans by Origination Year, Before Latest Fiscal Year | 25,771 | 25,512 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 9,514 | 8,498 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 2,509 | 4,734 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,513 | 1,289 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 295 | 378 |
Financing Receivable, Revolving Loans | 56,508 | 54,518 |
Total LHFI | 166,968 | 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 | 1,431 | 989 |
Term Loans by Origination Year, Before Latest Fiscal Year | 238 | 223 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 159 | 123 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 8 | 22 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 23 | 10 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 10 | 5 |
Financing Receivable, Revolving Loans | 946 | 468 |
Total LHFI | 2,815 | 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 | 28 | 26 |
Term Loans by Origination Year, Before Latest Fiscal Year | 12 | 23 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 7 | 6 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving Loans | 216 | 248 |
Total LHFI | 266 | 303 |
Consumer LHFI [Member] | Consumer Loans [Member] | Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 79 | 71 |
Term Loans by Origination Year, Before Latest Fiscal Year | 41 | 17 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 19 | 2 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 17 | 13 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 4 | 8 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving Loans | 21 | 6 |
Total LHFI | 181 | 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 | 62,049 | 51,913 |
Term Loans by Origination Year, Before Latest Fiscal Year | 33,075 | 16,469 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 3,304 | 3,073 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1,795 | 3,064 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,694 | 797 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,932 | 2,518 |
Total LHFI | 103,849 | 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 | 62,049 | 51,849 |
Term Loans by Origination Year, Before Latest Fiscal Year | 32,867 | 16,204 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 3,304 | 3,024 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1,759 | 3,059 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,679 | 797 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,915 | 2,404 |
Total LHFI | 103,573 | 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 | 150 | 265 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 49 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 36 | 5 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 15 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 9 | 14 |
Total LHFI | 210 | 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 | 58 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 8 | 93 |
Total LHFI | 66 | 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 | 25,509 | 21,197 |
Term Loans by Origination Year, Before Latest Fiscal Year | 8,042 | 11,206 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 5,408 | 6,235 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 5,049 | 6,026 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 3,713 | 3,632 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 7,992 | 8,285 |
Financing Receivable, Revolving Loans | 409,792 | 351,133 |
Total LHFI | 465,505 | 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 | 25,402 | 21,166 |
Term Loans by Origination Year, Before Latest Fiscal Year | 7,983 | 11,098 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 5,389 | 6,119 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 4,894 | 5,903 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 3,701 | 3,291 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 7,252 | 7,853 |
Financing Receivable, Revolving Loans | 403,123 | 347,743 |
Total LHFI | 457,744 | 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 | 19 | 5 |
Term Loans by Origination Year, Before Latest Fiscal Year | 35 | 34 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 15 | 87 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 134 | 114 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 5 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 286 | 145 |
Financing Receivable, Revolving Loans | 3,197 | 1,214 |
Total LHFI | 3,691 | 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, Current Fiscal Year | ||
Term Loans by Origination Year, Before Latest Fiscal Year | 4 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | ||
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | ||
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 13 | |
Financing Receivable, Revolving Loans | 452 | 91 |
Total LHFI | 453 | 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 | 24 | 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 | 20 | 9 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 7 | 341 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 454 | 274 |
Financing Receivable, Revolving Loans | 3,020 | 2,085 |
Total LHFI | 3,617 | 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 | 89 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 8 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 5 | 60 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 89 | 170 |
Total LHFI | 183 | 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 | 89 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 8 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 5 | 60 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 89 | 170 |
Total LHFI | 183 | 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 | 16 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2 | |
Total LHFI | 16 | 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 | 16 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2 | |
Total LHFI | 16 | 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 | 946,676 | 623,343 |
Term Loans by Origination Year, Before Latest Fiscal Year | 568,513 | 236,821 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 204,435 | 139,417 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 111,787 | 109,582 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 82,411 | 57,877 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 271,235 | 293,270 |
Total LHFI | 2,185,057 | 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 | 939,511 | 622,330 |
Term Loans by Origination Year, Before Latest Fiscal Year | 559,804 | 233,951 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 198,769 | 137,500 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 109,466 | 107,345 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 80,249 | 56,374 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 262,196 | 285,919 |
Total LHFI | 2,149,995 | 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 | 3,967 | 542 |
Term Loans by Origination Year, Before Latest Fiscal Year | 3,752 | 494 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 2,119 | 333 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 425 | 10 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 0 | 369 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,906 | 714 |
Total LHFI | 12,169 | 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 | 835 | 199 |
Term Loans by Origination Year, Before Latest Fiscal Year | 777 | 501 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 272 | 165 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 0 | 122 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 134 | 218 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,100 | 450 |
Total LHFI | 3,118 | 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 | 2,363 | 272 |
Term Loans by Origination Year, Before Latest Fiscal Year | 4,180 | 1,875 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 3,275 | 1,419 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1,896 | 2,105 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2,028 | 916 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 6,033 | 6,187 |
Total LHFI | $ 19,775 | $ 12,774 |
LHFI and ACL, LHFI - Summary _2
LHFI and ACL, LHFI - Summary of Trustmark's Portfolio Segments, Loan Classes, Loan Pools and the ACL Methodology and Loss Drivers (Details) | 12 Months Ended |
Dec. 31, 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 |
LHFI and ACL, LHFI - Summary _3
LHFI and ACL, LHFI - Summary of Balance in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | $ 17,687 | $ 7,625 | ||
Individually Evaluated for Credit Loss | 40,288 | 44,361 | ||
Collectively Evaluated for Credit Loss | 102,527 | 91,832 | ||
Collectively Evaluated for Credit Loss | 12,163,751 | 10,203,468 | ||
Total LHFI | 12,204,039 | 10,247,829 | ||
Total | 120,214 | 99,457 | $ 117,306 | $ 84,277 |
Commercial and Industrial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 9,946 | 5,750 | ||
Individually Evaluated for Credit Loss | 24,594 | 18,444 | ||
Collectively Evaluated for Credit Loss | 13,194 | 13,189 | ||
Collectively Evaluated for Credit Loss | 1,796,665 | 1,395,835 | ||
Total LHFI | 1,821,259 | 1,414,279 | ||
Total | 23,140 | 18,939 | 14,851 | |
Consumer Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Collectively Evaluated for Credit Loss | 5,792 | 4,774 | ||
Collectively Evaluated for Credit Loss | 170,230 | 162,555 | ||
Total LHFI | 170,230 | 162,555 | ||
Total | 5,792 | 4,774 | 5,838 | |
State and Other Political Subdivision Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 1,394 | |||
Individually Evaluated for Credit Loss | 3,664 | |||
Collectively Evaluated for Credit Loss | 885 | 1,314 | ||
Collectively Evaluated for Credit Loss | 1,223,863 | 1,142,587 | ||
Total LHFI | 1,223,863 | 1,146,251 | ||
Total | 885 | 2,708 | 3,190 | |
Other Commercial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 203 | |||
Individually Evaluated for Credit Loss | 4,608 | |||
Collectively Evaluated for Credit Loss | 4,647 | 5,145 | ||
Collectively Evaluated for Credit Loss | 471,930 | 530,235 | ||
Total LHFI | 471,930 | 534,843 | ||
Total | 4,647 | 5,348 | 7,439 | |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 121 | 278 | ||
Individually Evaluated for Credit Loss | 1,558 | 5,198 | ||
Collectively Evaluated for Credit Loss | 12,707 | 5,801 | ||
Collectively Evaluated for Credit Loss | 689,058 | 591,770 | ||
Total LHFI | 690,616 | 596,968 | ||
Total | 12,828 | 6,079 | 6,854 | |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 482 | |||
Collectively Evaluated for Credit Loss | 12,374 | 10,310 | ||
Collectively Evaluated for Credit Loss | 590,308 | 517,683 | ||
Total LHFI | 590,790 | 517,683 | ||
Total | 12,374 | 10,310 | 9,928 | |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 4,841 | 11,072 | ||
Collectively Evaluated for Credit Loss | 19,488 | 37,912 | ||
Collectively Evaluated for Credit Loss | 3,273,989 | 2,966,012 | ||
Total LHFI | 3,278,830 | 2,977,084 | ||
Total | 19,488 | 37,912 | 48,523 | |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 56 | |||
Collectively Evaluated for Credit Loss | 4,743 | 4,713 | ||
Collectively Evaluated for Credit Loss | 742,538 | 725,987 | ||
Total LHFI | 742,538 | 726,043 | ||
Total | 4,743 | 4,713 | 7,382 | |
Other Loans Secured by Real Estate [Member] | Other Construction [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 7,620 | |||
Individually Evaluated for Credit Loss | 7,620 | |||
Collectively Evaluated for Credit Loss | 7,512 | 5,968 | ||
Collectively Evaluated for Credit Loss | 1,021,306 | 711,813 | ||
Total LHFI | 1,028,926 | 711,813 | ||
Total | 15,132 | 5,968 | 8,158 | |
Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 1,193 | 1,319 | ||
Collectively Evaluated for Credit Loss | 21,185 | 2,706 | ||
Collectively Evaluated for Credit Loss | 2,183,864 | 1,458,991 | ||
Total LHFI | 2,185,057 | 1,460,310 | ||
Total | $ 21,185 | $ 2,706 | $ 5,143 |
LHFI and ACL, LHFI - Change in
LHFI and ACL, LHFI - Change in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | $ 99,457 | $ 117,306 | $ 84,277 |
Loans charged-off | (11,332) | (10,275) | (11,475) |
Recoveries | 10,412 | 13,925 | 9,608 |
Net (charge-offs) recoveries | (920) | 3,650 | (1,867) |
Provision for credit losses (PCL), LHFI | 21,677 | (21,499) | 36,113 |
Balance at end of period | 120,214 | 99,457 | 117,306 |
Commercial and Industrial Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 18,939 | 14,851 | |
Loans charged-off | (671) | (4,391) | |
Recoveries | 955 | 4,727 | |
Provision for credit losses (PCL), LHFI | 3,917 | 3,752 | |
Balance at end of period | 23,140 | 18,939 | 14,851 |
Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 4,774 | 5,838 | |
Loans charged-off | (2,125) | (1,640) | |
Recoveries | 1,563 | 1,665 | |
Provision for credit losses (PCL), LHFI | 1,580 | (1,089) | |
Balance at end of period | 5,792 | 4,774 | 5,838 |
State and Other Political Subdivision Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 2,708 | 3,190 | |
Provision for credit losses (PCL), LHFI | (1,823) | (482) | |
Balance at end of period | 885 | 2,708 | 3,190 |
Other Commercial Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 5,348 | 7,439 | |
Loans charged-off | (7,341) | (3,750) | |
Recoveries | 3,890 | 4,024 | |
Provision for credit losses (PCL), LHFI | 2,750 | (2,365) | |
Balance at end of period | 4,647 | 5,348 | 7,439 |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 6,079 | 6,854 | |
Loans charged-off | (226) | (39) | |
Recoveries | 1,280 | 1,564 | |
Provision for credit losses (PCL), LHFI | 5,695 | (2,300) | |
Balance at end of period | 12,828 | 6,079 | 6,854 |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 10,310 | 9,928 | |
Loans charged-off | (225) | (109) | |
Recoveries | 597 | 505 | |
Provision for credit losses (PCL), LHFI | 1,692 | (14) | |
Balance at end of period | 12,374 | 10,310 | 9,928 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 37,912 | 48,523 | |
Loans charged-off | (306) | (169) | |
Recoveries | 1,724 | 1,245 | |
Provision for credit losses (PCL), LHFI | (19,842) | (11,687) | |
Balance at end of period | 19,488 | 37,912 | 48,523 |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 4,713 | 7,382 | |
Loans charged-off | (131) | ||
Recoveries | 14 | 20 | |
Provision for credit losses (PCL), LHFI | 147 | (2,689) | |
Balance at end of period | 4,743 | 4,713 | 7,382 |
Other Loans Secured by Real Estate [Member] | Other Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 5,968 | 8,158 | |
Loans charged-off | (153) | ||
Recoveries | 222 | 47 | |
Provision for credit losses (PCL), LHFI | 9,095 | (2,237) | |
Balance at end of period | 15,132 | 5,968 | 8,158 |
Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 2,706 | 5,143 | |
Loans charged-off | (154) | (177) | |
Recoveries | 167 | 128 | |
Provision for credit losses (PCL), LHFI | 18,466 | (2,388) | |
Balance at end of period | $ 21,185 | $ 2,706 | 5,143 |
ASU 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
LHFI | (3,039) | ||
Allowance for loan losses, acquired loans transfer | 815 | ||
Acquired loans ACL adjustment | $ 1,007 |
Acquired Loans - Changes in the
Acquired Loans - Changes in the Carrying Value of Acquired Loans (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Carrying value of acquired loans [Abstract] | |
Accounting Standards Update Extensible List | ASU 2016-13 [Member] |
Premises and Equipment, Net - P
Premises and Equipment, Net - Premises and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Premises and Equipment, Net, by Type [Abstract] | ||
Total cost of premises and equipment | $ 490,213 | $ 467,235 |
Less accumulated depreciation and amortization | 282,385 | 271,334 |
Premises and equipment, net | 207,828 | 195,901 |
Finance lease right-of-use assets | 4,537 | 6,017 |
Assets held for sale | 0 | 3,726 |
Total premises and equipment, net | 212,365 | 205,644 |
Land [Member] | ||
Premises and Equipment, Net, by Type [Abstract] | ||
Total cost of premises and equipment | 54,300 | 54,342 |
Building and Leasehold Improvements [Member] | ||
Premises and Equipment, Net, by Type [Abstract] | ||
Total cost of premises and equipment | 237,215 | 221,986 |
Furniture and Equipment [Member] | ||
Premises and Equipment, Net, by Type [Abstract] | ||
Total cost of premises and equipment | $ 198,698 | $ 190,907 |
Premises and Equipment, Net - A
Premises and Equipment, Net - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) Property | Dec. 31, 2020 USD ($) | |
Property, Plant and Equipment [Abstract] | |||
Number of property held for sale | Property | 0 | 2 | |
Property valuation adjustments | $ 400 | $ 140 | $ 1,700 |
Premises and Equipment, Net, by Type [Abstract] | |||
Depreciation and amortization of premises and equipment | $ 16,200 | $ 15,600 | $ 14,800 |
Mortgage Banking - Schedule of
Mortgage Banking - Schedule of Activity in the Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage servicing rights [Abstract] | ||
Balance at beginning of period | $ 87,687 | $ 66,464 |
Origination of servicing assets | 17,843 | 28,125 |
Change in fair value [Abstract] | ||
Due to market changes | $ 38,181 | $ 13,258 |
Servicing Asset, Fair Value, Change in Fair Value, Valuation Input, Statement of Income or Comprehensive Income [Extensible Enumeration] | Mortgage Banking Income | Mortgage Banking Income |
Due to runoff | $ (14,034) | $ (20,160) |
Balance at end of period | $ 129,677 | $ 87,687 |
Mortgage Banking - Additional I
Mortgage Banking - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) CPR | Dec. 31, 2021 USD ($) CPR | Dec. 31, 2020 USD ($) | |
Schedule of changes in the reserve for mortgage loan [Abstract] | |||
Assumed average prepayment speed | CPR | 8 | 12 | |
Average discount rate (in hundredths) | 10.08% | 9.56% | |
Annual servicing fee | $ 26,000 | $ 25,100 | $ 23,300 |
Servicing fee income percentage of outstanding balance of underlying loans (in hundredths) | 0.32% | ||
Mortgage servicing rights [Abstract] | |||
Residential mortgage loans sold | $ 1,243,000 | 2,286,000 | 2,532,000 |
Gains on sales of residential mortgage loans | $ 20,200 | 56,000 | $ 110,900 |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | $ 8,115,824 | $ 7,953,200 |
Federal National Mortgage Association [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 4,684,815 | 4,709,584 |
Government National Mortgage Association [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 3,350,222 | 3,194,373 |
Federal Home Loan Mortgage Corporation [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 52,023 | 35,971 |
Other [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | $ 28,764 | $ 13,272 |
Goodwill and Identifiable Int_3
Goodwill and Identifiable Intangible Assets - Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | $ 384,237 | $ 385,270 |
Adjustment | 0 | (1,033) |
Balance, end of period | 384,237 | 384,237 |
General Banking [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | 334,603 | 334,603 |
Adjustment | 0 | 0 |
Balance, end of period | 334,603 | 334,603 |
Insurance [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | 49,634 | 50,667 |
Adjustment | 0 | (1,033) |
Balance, end of period | $ 49,634 | $ 49,634 |
Goodwill and Identifiable Int_4
Goodwill and Identifiable Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Amortization expense of identifiable intangible assets | $ 1,400,000 | $ 2,300,000 | $ 3,100,000 |
Impairment losses on identifiable intangible assets | 0 | 0 | 0 |
Future amortization expense for identifiable intangible assets [Abstract] | |||
2023 | 674,000 | ||
2024 | 472,000 | ||
2025 | 403,000 | ||
2026 | 341,000 | ||
2027 | 283,000 | ||
General Banking And Insurance [Member] | |||
Goodwill [Line Items] | |||
Impairment charge | $ 0 | $ 0 | $ 0 |
Goodwill and Identifiable Int_5
Goodwill and Identifiable Intangible Assets - Schedule of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 106,271 | $ 106,271 |
Accumulated Amortization | 102,631 | 101,197 |
Net Carrying Amount | $ 3,640 | 5,074 |
Remaining Weighted-Average Amortization Periods in Years | 14 years | |
Core Deposit Intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 87,674 | 87,674 |
Accumulated Amortization | 87,199 | 86,280 |
Net Carrying Amount | $ 475 | 1,394 |
Remaining Weighted-Average Amortization Periods in Years | 3 years 4 months 24 days | |
Insurance Intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 17,272 | 17,272 |
Accumulated Amortization | 14,157 | 13,709 |
Net Carrying Amount | $ 3,115 | 3,563 |
Remaining Weighted-Average Amortization Periods in Years | 15 years 9 months 18 days | |
Banking Charters [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,325 | 1,325 |
Accumulated Amortization | 1,275 | 1,208 |
Net Carrying Amount | $ 50 | $ 117 |
Remaining Weighted-Average Amortization Periods in Years | 9 months 18 days |
Other Real Estate - Changes and
Other Real Estate - Changes and Gains (Losses), Net on Other Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 4,557 | $ 11,651 | $ 29,248 |
Additions | 1,533 | 770 | 635 |
Disposals | (4,142) | (6,932) | (16,446) |
Write-downs | 38 | (932) | (1,786) |
Balance at end of period | 1,986 | 4,557 | 11,651 |
Gains (losses), net on the sale of other real estate included in other real estate expense | $ (1,006) | $ (1,869) | $ 897 |
Other Real Estate - Other Real
Other Real Estate - Other Real Estate, By Type of Property (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other real estate [Line Items] | ||||
Total other real estate | $ 1,986 | $ 4,557 | $ 11,651 | $ 29,248 |
1 - 4 Family Residential Properties [Member] | ||||
Other real estate [Line Items] | ||||
Total other real estate | 1,128 | 94 | ||
Nonfarm, Nonresidential Properties [Member] | ||||
Other real estate [Line Items] | ||||
Total other real estate | 561 | 4,463 | ||
Other Real Estate Properties [Member] | ||||
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 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Real Estate by Geographic Location [Line Items] | |||||
Total other real estate | $ 1,986 | $ 4,557 | $ 11,651 | $ 29,248 | |
Alabama [Member] | |||||
Other Real Estate by Geographic Location [Line Items] | |||||
Total other real estate | 194 | 0 | |||
Mississippi [Member] | |||||
Other Real Estate by Geographic Location [Line Items] | |||||
Total other real estate | [1] | 1,769 | 4,557 | ||
Tennessee [Member] | |||||
Other Real Estate by Geographic Location [Line Items] | |||||
Total other real estate | [2] | $ 23 | $ 0 | ||
[1] Mississippi includes Central and Southern Mississippi Regions. Tennessee includes Memphis, Tennessee and Northern Mississippi Regions. |
Other Real Estate - Additional
Other Real Estate - Additional information (Details) - USD ($) $ in Thousands | Dec. 31, 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 | $ 1,100 | $ 94 |
Consumer mortgage loans and that formal foreclosure proceedings are in process | $ 2,900 | $ 1,200 |
Leases - Components of Net Leas
Leases - Components of Net Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance leases | |||
Amortization of right-of-use assets | $ 1,479 | $ 1,546 | $ 1,856 |
Interest on lease liabilities | 188 | 219 | 254 |
Operating lease cost | 5,172 | 5,275 | 5,188 |
Short-term lease cost | 389 | 463 | 423 |
Variable lease cost | 1,150 | 1,234 | 1,286 |
Sublease income | (168) | (350) | (335) |
Net lease cost | $ 8,210 | $ 8,387 | $ 8,672 |
Leases - Cash Payments Included
Leases - Cash Payments Included in Measurement of Lease liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance leases | |||
Operating cash flows included in operating activities | $ 188 | $ 219 | $ 254 |
Financing cash flows included in payments under finance lease obligations | 1,409 | 1,434 | 1,715 |
Operating leases | |||
Operating cash flows (fixed payments) included in other operating activities, net | 4,829 | 4,781 | 4,988 |
Operating cash flows (liability reduction) included in other operating activities, net | $ 4,009 | $ 3,948 | $ 3,856 |
Leases - Balance Sheet Informat
Leases - Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates Related to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Finance lease right-of-use assets, net of accumulated depreciation | $ 4,537 | $ 6,017 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Finance lease liabilities | $ 5,055 | $ 6,464 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Borrowings | Other Borrowings |
Operating lease right-of-use assets | $ 36,301 | $ 34,603 |
Operating lease liabilities | $ 38,932 | $ 36,468 |
Weighted-average lease term | ||
Finance leases | 8 years 8 months 19 days | 8 years 4 months 13 days |
Operating leases | 9 years 7 months 20 days | 9 years 3 months |
Weighted-average discount rate | ||
Finance leases | 3.49% | 3.24% |
Operating leases | 3.22% | 2.84% |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Commitments Under Finance and Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Finance leases, 2023 | $ 885 | |
Finance leases, 2024 | 572 | |
Finance leases, 2025 | 584 | |
Finance leases, 2026 | 589 | |
Finance leases, 2027 | 594 | |
Finance leases, Thereafter | 2,685 | |
Finance leases, total minimum lease payments | 5,909 | |
Finance leases, imputed interest | (854) | |
Finance lease liabilities | 5,055 | $ 6,464 |
Operating leases, 2023 | 5,014 | |
Operating leases, 2024 | 5,031 | |
Operating leases, 2025 | 4,998 | |
Operating leases, 2026 | 4,690 | |
Operating leases, 2027 | 4,457 | |
Operating leases, Thereafter | 20,954 | |
Operating leases, total minimum lease payments | 45,144 | |
Operating leases, imputed interest | (6,212) | |
Operating lease liabilities | $ 38,932 | $ 36,468 |
Deposits - Deposits Summary (De
Deposits - Deposits Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Noninterest-bearing demand | $ 4,093,771 | $ 4,771,065 |
Interest-bearing demand | 4,773,219 | 4,372,500 |
Savings | 4,282,435 | 4,745,137 |
Time | 1,288,223 | 1,198,458 |
Total deposits | $ 14,437,648 | $ 15,087,160 |
Deposits - Interest Expense on
Deposits - Interest Expense on Deposits by Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest expense on deposits by type [Abstract] | |||
Interest-bearing demand | $ 16,409 | $ 4,906 | $ 9,985 |
Savings | 9,654 | 7,912 | 13,481 |
Time | 3,006 | 4,127 | 14,021 |
Total | $ 29,069 | $ 16,945 | $ 37,487 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Time deposits that exceed the FDIC insurance limit of $250 thousand | $ 247.2 | $ 164 |
Deposits - Maturities of Intere
Deposits - Maturities of Interest-Bearing Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Maturities of interest-bearing deposits [Abstract] | ||
2023 | $ 996,457 | |
2024 | 245,655 | |
2025 | 24,804 | |
2026 | 9,526 | |
2027 | 9,139 | |
Thereafter | 2,642 | |
Total time deposits | 1,288,223 | $ 1,198,458 |
Interest-bearing deposits with no stated maturity | 9,055,654 | |
Total interest-bearing deposits | $ 10,343,877 | $ 10,316,095 |
Borrowings - Securities Sold Un
Borrowings - Securities Sold Under Repurchase Agreements - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements, secured by securities carrying amount | $ 102.4 | $ 252.4 |
Borrowings - Schedule of Securi
Borrowings - Schedule of Securities Sold Under Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities sold under repurchase agreements by collateral pledged | ||
Total securities sold under repurchase agreements | $ 64,120 | $ 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 | 41,732 | 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 | 1,111 | 1,475 |
Commercial 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 | $ 21,277 | $ 24,528 |
Borrowings - Summary of Other B
Borrowings - Summary of Other Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
FHLB advances | $ 975,078 | $ 97 |
Serviced GNMA loans eligible for repurchase | 70,805 | 84,464 |
Finance lease liabilities | 5,055 | 6,464 |
Total other borrowings | $ 1,050,938 | $ 91,025 |
Borrowings - FHLB Advances - Ad
Borrowings - FHLB Advances - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Loan | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||
Weighted-average cost related to FHLB advances (in hundredths) | 4.58% | ||
Weighted average remaining maturity | 10 days | ||
Atlanta | BancTrust [Member] | Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Number of outstanding short-term FHLB advances | Loan | 0 | 0 | |
Interest rate (in hundredths) | 0.08% | 0.08% | |
Debt instrument remaining maturity period | 3 years 8 months 15 days | 4 years 8 months 15 days | |
Number of outstanding long-term FHLB advances | Loan | 1 | 1 | |
Long-term FHLB advances | $ 78,000 | $ 97,000 | |
Atlanta | BancTrust [Member] | Fair Market Value Adjustment [Member] | Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Fair value adjustment on FHLB advances | 0 | 0 | |
Dallas [Member] | Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Additional debt instrument borrowing capacity | $ 3,034,000,000 | 3,449,000,000 | |
Dallas [Member] | Fair Market Value Adjustment [Member] | Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Interest expense, short-term borrowings | $ 2,000 | ||
Dallas [Member] | BancTrust [Member] | Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Number of outstanding short-term FHLB advances | Loan | 4 | 0 | |
Short-term FHLB advances | $ 975,000,000 | ||
Interest expense, long-term borrowings | 0 | $ 0 | $ 8,000 |
Number of outstanding long-term FHLB advances | Loan | 0 | ||
Long-term FHLB advances | 0 | ||
Dallas [Member] | BancTrust [Member] | Short Term FhlbAdvances1 [Member] | Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Short-term FHLB advances | $ 125,000,000 | ||
Interest rate (in hundredths) | 4.56% | ||
Dallas [Member] | BancTrust [Member] | Short Term FhlbAdvances2 [Member] | Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Short-term FHLB advances | $ 375,000,000 | ||
Interest rate (in hundredths) | 4.59% | ||
Dallas [Member] | BancTrust [Member] | Short Term Fhlbadvances3 [Member] | Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Short-term FHLB advances | $ 300,000,000 | ||
Interest rate (in hundredths) | 4.57% | ||
Dallas [Member] | BancTrust [Member] | Short Term Fhlbadvances4 [Member] | Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Short-term FHLB advances | $ 175,000,000 | ||
Interest rate (in hundredths) | 4.57% | ||
Dallas [Member] | BancTrust [Member] | Fair Market Value Adjustment [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense, short-term borrowings | $ 4,800,000 | $ 9,000 |
Borrowings - Subordinated Notes
Borrowings - Subordinated Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 01, 2025 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Subordinated notes | $ 123,262 | $ 123,042 | |||
Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt issued | $ 125,000 | $ 125,000 | |||
Interest rate (in hundredths) | 3.625% | 3.625% | 3.625% | ||
Maturity date | Dec. 01, 2030 | ||||
Underwriting discount percentage | 1.20% | ||||
Proceeds from issuance of subordinated notes before deducting offering expenses | $ 123,500 | ||||
Subordinated notes | $ 123,300 | $ 123,000 | |||
Frequency of periodic payment | semi-annually | ||||
Subordinated Notes [Member] | Forecast | |||||
Debt Instrument [Line Items] | |||||
Frequency of periodic payment | quarterly | ||||
Variable interest rate, description | Three-Month Term Secured Overnight Financing Rate (SOFR) | ||||
Basis spread percentage (in hundredths) | 3.387% |
Borrowings - Junior Subordinate
Borrowings - Junior Subordinated Debt Securities - Additional information (Details) $ in Thousands | 12 Months Ended | |||
Aug. 18, 2006 USD ($) qtr | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Variable Interest Entity [Line Items] | ||||
Junior subordinated debt securities | $ 61,856 | $ 61,856 | ||
Total assets | 18,015,478 | 17,595,636 | $ 16,551,840 | |
Total liabilities and shareholders' equity | 18,015,478 | 17,595,636 | ||
Common securities | 12,705 | 12,845 | ||
Net income | 71,887 | 147,365 | 160,025 | |
Trustmark Preferred Capital Trust I [Member] | Junior Subordinated Debt Securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Face amount of debt issued | $ 60,000 | |||
Maturity date | Sep. 30, 2036 | |||
Variable interest rate, description | three-month LIBOR | |||
Basis spread over LIBOR rate (in hundredths) | 1.72% | |||
Junior subordinated debt securities | $ 61,900 | |||
Consecutive quarters that Trustmark may defer interest payments | qtr | 20 | |||
Total assets | 61,900 | 61,900 | ||
Total liabilities and shareholders' equity | 61,900 | 61,900 | ||
Trust preferred securities | 60,000 | 60,000 | ||
Common securities | 1,900 | 1,900 | ||
Net income | 66 | 36 | 51 | |
Dividends paid | $ 66 | $ 36 | $ 51 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Noninterest Income Disaggregated by Reportable Operating Segment and Revenue Stream (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenue From Contract With Customer [Line Items] | ||||
Service charges on deposit accounts | $ 42,157 | $ 33,246 | $ 32,289 | |
Bank card and other fees | 36,105 | 34,662 | 31,022 | |
Mortgage banking, net | 28,306 | 63,750 | 125,822 | |
Insurance commissions | 53,721 | 48,511 | 45,176 | |
Wealth management | 35,013 | 35,190 | 31,625 | |
Other, net | 9,842 | 6,551 | 8,659 | |
Total Noninterest Income | 205,144 | 221,910 | 274,593 | |
Topic 606 [Member] | ||||
Revenue From Contract With Customer [Line Items] | ||||
Service charges on deposit accounts | 42,157 | 33,246 | 32,289 | |
Bank card and other fees | 31,521 | 30,935 | 27,428 | |
Insurance commissions | 53,721 | 48,511 | 45,176 | |
Wealth management | 35,013 | 35,190 | 31,625 | |
Other, net | 8,998 | 6,856 | 7,631 | |
Total Noninterest Income | 171,410 | 154,738 | 144,149 | |
Not Topic 606 [Member] | ||||
Revenue From Contract With Customer [Line Items] | ||||
Bank card and other fees | [1] | 4,584 | 3,727 | 3,594 |
Mortgage banking, net | [1] | 28,306 | 63,750 | 125,822 |
Other, net | [1] | 844 | (305) | 1,028 |
Total Noninterest Income | [1] | 33,734 | 67,172 | 130,444 |
General Banking Segment [Member] | ||||
Revenue From Contract With Customer [Line Items] | ||||
Service charges on deposit accounts | 42,073 | 33,169 | 32,213 | |
Bank card and other fees | 36,058 | 34,624 | 30,992 | |
Mortgage banking, net | 28,306 | 63,750 | 125,822 | |
Wealth management | 639 | 48 | 254 | |
Other, net | 9,274 | 6,283 | 8,410 | |
Total Noninterest Income | 116,350 | 137,874 | 197,691 | |
General Banking Segment [Member] | Topic 606 [Member] | ||||
Revenue From Contract With Customer [Line Items] | ||||
Service charges on deposit accounts | 42,073 | 33,169 | 32,213 | |
Bank card and other fees | 31,474 | 30,897 | 27,398 | |
Wealth management | 639 | 48 | 254 | |
Other, net | 8,469 | 6,621 | 7,432 | |
Total Noninterest Income | 82,655 | 70,735 | 67,297 | |
General Banking Segment [Member] | Not Topic 606 [Member] | ||||
Revenue From Contract With Customer [Line Items] | ||||
Bank card and other fees | [1] | 4,584 | 3,727 | 3,594 |
Mortgage banking, net | [1] | 28,306 | 63,750 | 125,822 |
Other, net | [1] | 805 | (338) | 978 |
Total Noninterest Income | [1] | 33,695 | 67,139 | 130,394 |
Wealth Management Segment [Member] | ||||
Revenue From Contract With Customer [Line Items] | ||||
Service charges on deposit accounts | 84 | 77 | 76 | |
Bank card and other fees | 47 | 38 | 30 | |
Wealth management | 34,374 | 35,142 | 31,371 | |
Other, net | 567 | 163 | 157 | |
Total Noninterest Income | 35,072 | 35,420 | 31,634 | |
Wealth Management Segment [Member] | Topic 606 [Member] | ||||
Revenue From Contract With Customer [Line Items] | ||||
Service charges on deposit accounts | 84 | 77 | 76 | |
Bank card and other fees | 47 | 38 | 30 | |
Wealth management | 34,374 | 35,142 | 31,371 | |
Other, net | 528 | 130 | 107 | |
Total Noninterest Income | 35,033 | 35,387 | 31,584 | |
Wealth Management Segment [Member] | Not Topic 606 [Member] | ||||
Revenue From Contract With Customer [Line Items] | ||||
Other, net | [1] | 39 | 33 | 50 |
Total Noninterest Income | [1] | 39 | 33 | 50 |
Insurance Segment [Member] | ||||
Revenue From Contract With Customer [Line Items] | ||||
Insurance commissions | 53,721 | 48,511 | 45,176 | |
Other, net | 1 | 105 | 92 | |
Total Noninterest Income | 53,722 | 48,616 | 45,268 | |
Insurance Segment [Member] | Topic 606 [Member] | ||||
Revenue From Contract With Customer [Line Items] | ||||
Insurance commissions | 53,721 | 48,511 | 45,176 | |
Other, net | 1 | 105 | 92 | |
Total Noninterest Income | $ 53,722 | $ 48,616 | $ 45,268 | |
[1] Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card 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 securities gains (losses), net. |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current [Abstract] | |||
Federal | $ 15,377 | $ 5,815 | $ 40,118 |
State | 3,283 | 2,118 | 9,439 |
Deferred [Abstract] | |||
Federal | (13,440) | 16,092 | (15,840) |
State | (3,360) | 4,023 | (3,960) |
Income tax provision | $ 1,860 | $ 28,048 | $ 29,757 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of provision for tax from the federal rate to the effective tax rate [Abstract] | |||
Income tax computed at statutory tax rate | $ 15,487 | $ 36,837 | $ 39,854 |
Tax exempt interest | (4,419) | (3,935) | (4,284) |
Nondeductible interest expense | 271 | 106 | 247 |
State income taxes, net | 2,596 | 1,673 | 7,457 |
Income tax credits, net | (10,071) | (10,479) | (9,375) |
Death benefit gains | (287) | (175) | (91) |
Other | 1,717 | 4,021 | (4,051) |
Income tax provision | $ 1,860 | $ 28,048 | $ 29,757 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets [Abstract] | ||
Litigation losses | $ 25,187 | $ 0 |
Other real estate | 70 | 1,182 |
Accumulated credit losses | 39,370 | 33,895 |
Deferred compensation | 17,695 | 18,804 |
Finance and operating lease liabilities | 10,997 | 10,733 |
Realized built-in losses | 9,180 | 9,930 |
Securities | 84,813 | 5,924 |
Pension and other postretirement benefit plans | 1,931 | 4,929 |
Interest on nonaccrual loans | 1,159 | 1,235 |
LHFS | 205 | 591 |
Stock-based compensation | 2,647 | 2,771 |
Loan fees | 0 | 125 |
Other | 2,876 | 3,081 |
Gross deferred tax asset | 208,348 | 99,824 |
Deferred tax liabilities [Abstract] | ||
Goodwill and other identifiable intangibles | 14,378 | 14,667 |
Premises and equipment | 15,978 | 16,470 |
Finance and operating lease right-of-use assets | 10,209 | 10,155 |
MSR | 24,452 | 13,007 |
Securities | 2,069 | 1,686 |
Derivatives | 5,056 | 0 |
Other | 10,038 | 9,705 |
Gross deferred tax liability | 69,962 | 59,066 |
Net deferred tax asset | $ 138,386 | $ 40,758 |
Income Taxes - Changes in Unrec
Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in unrecognized tax benefits [Roll Forward] | |||
Balance at beginning of period | $ 2,129 | $ 1,781 | $ 1,524 |
Change due to tax positions taken during the current year | 653 | 412 | 353 |
Change due to tax positions taken during a prior year | (266) | 107 | 79 |
Change due to the lapse of applicable statute of limitations during the current year | (200) | (171) | (175) |
Balance at end of period | 2,316 | 2,129 | 1,781 |
Accrued interest, net of federal benefit, at end of period | 489 | 419 | 330 |
Unrecognized tax benefits that would impact the effective tax rate, if recognized, at end of period | $ 1,948 | $ 1,766 | $ 1,420 |
Defined Benefit and Other Pos_3
Defined Benefit and Other Postretirement Benefits - Plan Benefit Obligation, Plan Assets and Funded Status of the Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Trustmark Capital Accumulation Plan [Member] | Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 8,647 | $ 9,547 | |
Service cost | 115 | 252 | $ 254 |
Interest cost | 192 | 173 | 241 |
Actuarial (gain) loss | (1,882) | (198) | |
Benefits paid | (165) | (1,127) | |
Benefit obligation, end of year | 6,907 | 8,647 | 9,547 |
Change in plan assets [ Roll Forward] | |||
Fair value of plan assets, beginning of year | 2,900 | 2,873 | |
Actual return on plan assets | (285) | 291 | |
Employer contributions | 457 | 863 | |
Benefit payments | (165) | (1,127) | |
Fair value of plan assets, end of year | 2,907 | 2,900 | 2,873 |
Funded status at end of year - net liability | (4,000) | (5,747) | |
Amounts recognized in accumulated other comprehensive income (loss) [Abstract] | |||
Net (gain) loss | (271) | 1,428 | |
Actuarial (gain) loss included in benefit obligation: | |||
Change in discount rate | (2,174) | (491) | |
Change in mortality table | 0 | 15 | |
Other | 292 | 278 | |
Actuarial (gain) loss | (1,882) | (198) | |
Supplemental Retirement Plan [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 55,035 | 59,646 | |
Service cost | 71 | 75 | 77 |
Interest cost | 1,278 | 1,125 | 1,576 |
Actuarial (gain) loss | (9,195) | (2,357) | |
Benefits paid | (3,988) | (3,454) | |
Benefit obligation, end of year | 43,201 | 55,035 | $ 59,646 |
Change in plan assets [ Roll Forward] | |||
Employer contributions | 3,988 | 3,454 | |
Benefit payments | (3,988) | (3,454) | |
Funded status at end of year - net liability | (43,201) | (55,035) | |
Amounts recognized in accumulated other comprehensive income (loss) [Abstract] | |||
Net (gain) loss | 7,756 | 17,937 | |
Prior service cost | 237 | 348 | |
Amounts recognized | 7,993 | 18,285 | |
Actuarial (gain) loss included in benefit obligation: | |||
Change in discount rate | 9,803 | (2,431) | |
Change in mortality table | 0 | 134 | |
Other | (608) | (60) | |
Actuarial (gain) loss | $ (9,195) | $ (2,357) |
Defined Benefit and Other Pos_4
Defined Benefit and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net periodic benefit cost [Abstract] | |||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax |
Trustmark Capital Accumulation Plan [Member] | Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions [Member] | |||
Net periodic benefit cost [Abstract] | |||
Service cost | $ 115 | $ 252 | $ 254 |
Interest cost | 192 | 173 | 241 |
Expected return on plan assets | (121) | (130) | (154) |
Recognized net loss due to lump sum settlements | 0 | 183 | 119 |
Recognized net actuarial loss | 224 | 594 | 326 |
Net periodic benefit cost | 410 | 1,072 | 786 |
Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss), before taxes: | |||
Net (gain) loss - Total recognized in other comprehensive income (loss) | (1,699) | (1,136) | 671 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 1,289 | $ (64) | $ 1,457 |
Weighted-average assumptions as of end of year [Abstract] | |||
Discount rate for benefit obligation | 4.88% | 2.41% | 1.95% |
Discount rate for net periodic benefit cost | 2.41% | 1.95% | 2.84% |
Expected long-term return on plan assets | 5% | 5% | 5% |
Supplemental Retirement Plan [Member] | |||
Net periodic benefit cost [Abstract] | |||
Service cost | $ 71 | $ 75 | $ 77 |
Interest cost | 1,278 | 1,125 | 1,576 |
Amortization of prior service cost | 111 | 111 | 150 |
Recognized net actuarial loss | 986 | 1,192 | 957 |
Net periodic benefit cost | 2,446 | 2,503 | 2,760 |
Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss), before taxes: | |||
Net (gain) loss | (10,181) | (3,549) | 3,211 |
Amortization of prior service cost | (111) | (111) | (150) |
Net (gain) loss - Total recognized in other comprehensive income (loss) | 10,292 | (3,660) | 3,061 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 7,846 | $ (1,157) | $ 5,821 |
Weighted-average assumptions as of end of year [Abstract] | |||
Discount rate for benefit obligation | 4.88% | 2.41% | 1.95% |
Discount rate for net periodic benefit cost | 2.41% | 1.95% | 2.84% |
Defined Benefit and Other Pos_5
Defined Benefit and Other Postretirement Benefits - Weighted-Average Asset Allocation (Details) - Trustmark Capital Accumulation Plan [Member] - Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions [Member] | Dec. 31, 2022 | Dec. 31, 2021 |
Asset target allocations [Abstract] | ||
Weighted-average asset allocation (in hundredths) | 100% | 100% |
Money Market Funds [Member] | ||
Asset target allocations [Abstract] | ||
Weighted-average asset allocation (in hundredths) | 7% | 4% |
Exchange Traded Equity Securities Funds [Member] | ||
Asset target allocations [Abstract] | ||
Weighted-average asset allocation (in hundredths) | 47% | 50% |
Exchange Traded Fixed Income Funds [Member] | ||
Asset target allocations [Abstract] | ||
Weighted-average asset allocation (in hundredths) | 39% | 35% |
International Exchange Traded Funds [Member] | ||
Asset target allocations [Abstract] | ||
Weighted-average asset allocation (in hundredths) | 7% | 11% |
Defined Benefit and Other Pos_6
Defined Benefit and Other Postretirement Benefits - Plan Assets Measured at Fair Value (Details) - Trustmark Capital Accumulation Plan [Member] - Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Asset target allocations [Abstract] | |||
Fair value of plan assets | $ 2,907 | $ 2,900 | $ 2,873 |
Level 1 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 2,907 | 2,900 | |
Money Market Funds [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 203 | 107 | |
Money Market Funds [Member] | Level 1 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 203 | 107 | |
Exchange Traded Equity Securities Funds [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 1,379 | 1,460 | |
Exchange Traded Equity Securities Funds [Member] | Level 1 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 1,379 | 1,460 | |
Exchange Traded Fixed Income Funds [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 1,135 | 1,021 | |
Exchange Traded Fixed Income Funds [Member] | Level 1 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 1,135 | 1,021 | |
International Exchange Traded Funds [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | 190 | 312 | |
International Exchange Traded Funds [Member] | Level 1 [Member] | |||
Asset target allocations [Abstract] | |||
Fair value of plan assets | $ 190 | $ 312 |
Defined Benefit and Other Pos_7
Defined Benefit and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Trustmark Capital Accumulation Plan [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 | $ 170 | |||
Trustmark's contribution to the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions | 332 | |||
Trustmark Capital Accumulation Plan [Member] | Forecast | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Trustmark's minimum required contribution to the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions | $ 195 | |||
Supplemental Retirement Plan [Member] | ||||
Estimated future benefit payments [Abstract] | ||||
Accumulated other comprehensive income (loss) expected to be recognized during next fiscal year as components of net periodic benefit cost | 284 | |||
Accumulated other comprehensive loss expected to be recognized during next fiscal year as prior service cost | 111 | |||
Defined Contribution Plan [Member] | ||||
Other Benefit Plans - Defined Contribution Plan [Abstract] | ||||
Trustmarks contribution to defined contribution plan | $ 10,200 | $ 9,900 | $ 9,200 | |
Contributions up to a maximum of eligible compensation | 6% | |||
Automatically enrolled Contributions of eligible compensation | 3% | |||
Trustmark contributions to the plan | 100% | |||
Period when associates may become eligible to make elective deferral contributions after employment | 60 days |
Defined Benefit and Other Pos_8
Defined Benefit and Other Postretirement Benefits - Estimated Future Benefit Payments and Other Disclosures (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Supplemental Retirement Plan [Member] | |
Estimated future benefit payments [Abstract] | |
2023 | $ 3,963 |
2024 | 3,977 |
2025 | 3,838 |
2026 | 3,785 |
2027 | 3,596 |
2028 - 2032 | 16,536 |
Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions [Member] | Trustmark Capital Accumulation Plan [Member] | |
Estimated future benefit payments [Abstract] | |
2023 | 1,864 |
2024 | 1,068 |
2025 | 556 |
2026 | 583 |
2027 | 639 |
2028 - 2032 | $ 1,565 |
Stock and Incentive Compensat_3
Stock and Incentive Compensation Plans - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
Performance Based Award [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 Awards [Member] | Management [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 3 years |
Time-based Awards [Member] | Director [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 1 year |
Stock and Incentive Compensation Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock available for issuance (in shares) | 1,004,664 |
Stock and Incentive Compensat_4
Stock and Incentive Compensation Plans - Summary of Stock Plan Activity (Details) - Stock and Incentive Compensation Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Based Award [Member] | |||
Shares [Roll Forward] | |||
Nonvested shares, beginning of year (in shares) | 140,821 | 145,042 | 149,914 |
Granted (in shares) | 60,773 | 53,273 | 53,450 |
Released from restriction (in shares) | (19,723) | (44,536) | (36,357) |
Forfeited (in shares) | (33,455) | (12,958) | (21,965) |
Nonvested shares, end of year (in shares) | 148,416 | 140,821 | 145,042 |
Weighted-Average Grant Date Fair Value [Abstract] | |||
Nonvested shares, beginning of year (in dollars per share) | $ 31.80 | $ 32.43 | $ 32.88 |
Granted (in dollars per share) | 32.64 | 30.02 | 31.98 |
Released from restriction (in dollars per share) | 33.40 | 31.88 | 33.31 |
Forfeited (in dollars per share) | 33.11 | 31.28 | 32.97 |
Nonvested shares, end of year (in dollars per share) | $ 31.63 | $ 31.80 | $ 32.43 |
Time-based Awards [Member] | |||
Shares [Roll Forward] | |||
Nonvested shares, beginning of year (in shares) | 337,466 | 301,619 | 300,006 |
Granted (in shares) | 133,307 | 180,847 | 123,810 |
Released from restriction (in shares) | (148,905) | (135,120) | (110,537) |
Forfeited (in shares) | (8,890) | (9,880) | (11,660) |
Nonvested shares, end of year (in shares) | 312,978 | 337,466 | 301,619 |
Weighted-Average Grant Date Fair Value [Abstract] | |||
Nonvested shares, beginning of year (in dollars per share) | $ 31.18 | $ 32.24 | $ 33.04 |
Granted (in dollars per share) | 31.85 | 29.85 | 31.52 |
Released from restriction (in dollars per share) | 32.16 | 31.77 | 33.58 |
Forfeited (in dollars per share) | 31.62 | 31.19 | 32.47 |
Nonvested shares, end of year (in dollars per share) | $ 30.99 | $ 31.18 | $ 32.24 |
Stock and Incentive Compensat_5
Stock and Incentive Compensation Plans - Compensation Expense for Awards Under Stock Plan (Details) - Stock and Incentive Compensation Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Recognized compensation expense | $ 4,883 | $ 5,601 | $ 5,197 |
Unrecognized compensation expense | 5,279 | ||
Performance Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Recognized compensation expense | 1,258 | 828 | 815 |
Unrecognized compensation expense | $ 1,755 | ||
Weighted average life of unrecognized compensation expense | 1 year 8 months 26 days | ||
Time Based Award [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Recognized compensation expense | $ 3,625 | $ 4,773 | $ 4,382 |
Unrecognized compensation expense | $ 3,524 | ||
Weighted average life of unrecognized compensation expense | 1 year 7 months 2 days |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Loss Contingencies [Line Items] | |||||
Unused commitments to extend credit | $ 5,472,000 | $ 5,472,000 | $ 5,238,000 | ||
Litigation settlement expense | [1] | 100,750 | 0 | $ 0 | |
Standby Letters of Credit [Member] | |||||
Loss Contingencies [Line Items] | |||||
Potential exposure to credit loss in the event of nonperformance | 144,100 | $ 144,100 | 222,500 | ||
Letters of credit, maturity term - maximum | 3 years | ||||
Collateral held, fair value | 15,400 | $ 15,400 | $ 124,600 | ||
Settlement Agreement [Member] | |||||
Loss Contingencies [Line Items] | |||||
One-time cash payment of legal settlement | $ 100,000 | ||||
Litigation settlement expense | 100,000 | ||||
Legal fees | $ 750 | ||||
[1] During 2021, Trustmark reclassified its credit loss expense on off-balance sheet credit exposures from noninterest expense to PCL, off-balance sheet credit exposures. Prior periods have been reclassified accordingly. |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Changes in ACL on Off-balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Commitments and Contingencies Disclosure [Abstract] | ||||
Balance at beginning of period | $ 35,623 | $ 38,572 | $ 0 | |
FASB ASU 2016-13 adoption adjustment | 0 | 0 | 29,638 | |
PCL, off-balance sheet credit exposures | [1] | 1,215 | (2,949) | 8,934 |
Balance at end of period | $ 36,838 | $ 35,623 | $ 38,572 | |
[1] During 2021, Trustmark reclassified its credit loss expense on off-balance sheet credit exposures from noninterest expense to PCL, off-balance sheet credit exposures. Prior periods have been reclassified accordingly. |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 06, 2022 | Dec. 07, 2021 | Apr. 01, 2020 | Apr. 01, 2019 | |
Stockholders Equity [Line items] | ||||||||
Capital conservation buffer rate | 2.50% | 2.50% | ||||||
Dividend potential for next fiscal year | $ 96.9 | |||||||
Period for which retained net income considered for approval | 2 years | |||||||
Stock Repurchase Program 2 [Member] | ||||||||
Stockholders Equity [Line items] | ||||||||
Amount of stock authorized for repurchase | $ 100 | |||||||
Stock Repurchase Program 2 [Member] | Common Stock [Member] | ||||||||
Stockholders Equity [Line items] | ||||||||
Repurchase shares of common stock | 887,000 | 601,000 | ||||||
Repurchase shares of common stock, value | $ 27.5 | $ 19.7 | ||||||
2019 Program | Common Stock [Member] | ||||||||
Stockholders Equity [Line items] | ||||||||
Repurchase shares of common stock | 1,500,000 | |||||||
Repurchase shares of common stock, value | $ 47.2 | |||||||
Stock Repurchase Program 3 [Member] | ||||||||
Stockholders Equity [Line items] | ||||||||
Amount of stock authorized for repurchase | $ 100 | |||||||
Stock Repurchase Program 3 [Member] | Common Stock [Member] | ||||||||
Stockholders Equity [Line items] | ||||||||
Repurchase shares of common stock | 1,900,000 | |||||||
Repurchase shares of common stock, value | $ 24.6 | $ 61.8 | ||||||
Stock Repurchase Program 4 [Member] | ||||||||
Stockholders Equity [Line items] | ||||||||
Amount of stock authorized for repurchase | $ 100 | |||||||
Stock Repurchase Program 4 [Member] | Common Stock [Member] | ||||||||
Stockholders Equity [Line items] | ||||||||
Repurchase shares of common stock | 789,000 | |||||||
Stock Repurchase Program 5 [Member] | ||||||||
Stockholders Equity [Line items] | ||||||||
Amount of stock authorized for repurchase | $ 50 |
Shareholders' Equity - Table of
Shareholders' Equity - Table of Actual Regulatory Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 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 | $ 1,413,672 | $ 1,425,227 |
Actual Regulatory Capital Ratio | 9.74% | 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 | $ 1,473,672 | $ 1,485,227 |
Actual Regulatory Capital Ratio | 10.15% | 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 | $ 1,729,499 | $ 1,710,700 |
Actual Regulatory Capital Ratio | 11.91% | 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 | $ 1,473,672 | $ 1,485,227 |
Actual Regulatory Capital Ratio | 8.47% | 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 | $ 1,501,889 | $ 1,518,599 |
Actual Regulatory Capital Ratio | 10.34% | 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 | $ 1,501,889 | $ 1,518,599 |
Actual Regulatory Capital Ratio | 10.34% | 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 | $ 1,634,454 | $ 1,621,030 |
Actual Regulatory Capital Ratio | 11.26% | 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 | $ 1,501,889 | $ 1,518,599 |
Actual Regulatory Capital Ratio | 8.65% | 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before tax amount | $ 323,790 | $ (42,013) | $ 30,068 |
Other comprehensive income (loss), tax (expense) benefit | (80,947) | 10,504 | (7,519) |
Other comprehensive income (loss), before reclassifications, net of tax amount | 244,088 | (32,971) | 21,502 |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 1,245 | 1,462 | 1,047 |
Other comprehensive income (loss), net of tax amount | 242,843 | (31,509) | 22,549 |
Securities Available for Sale and Transferred Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, before tax amount | 229,524 | (49,454) | 30,622 |
Other comprehensive income (loss), change in net unrealized holding loss on securities transferred to held to maturity, before tax amount | 86,033 | 2,647 | 3,177 |
Other comprehensive income (loss), before tax amount | 315,557 | (46,807) | 33,799 |
Other comprehensive income (loss), before reclassifications, tax (expense) benefit | (57,381) | 12,364 | (7,657) |
Other comprehensive income (loss), change in net unrealized holding loss on securities transferred to held to maturity, tax (expense) benefit | (21,508) | (662) | (794) |
Other comprehensive income (loss), tax (expense) benefit | (78,889) | 11,702 | (8,451) |
Other comprehensive income (loss), before reclassifications, net of tax amount | (172,143) | (37,090) | 22,965 |
Other comprehensive income (loss), change in net unrealized holding loss on securities transferred to held to maturity, net of tax amount | (64,525) | 1,985 | 2,383 |
Other comprehensive income (loss), net of tax amount | (236,668) | (35,105) | 25,348 |
Change in Net Actuarial Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, before tax amount | (10,792) | 2,845 | (5,128) |
Reclassification from accumulated other comprehensive income, current period, before tax amount | (1,089) | 1,655 | 1,128 |
Other comprehensive income (loss), before reclassifications, tax (expense) benefit | 2,698 | (711) | 1,282 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | (272) | (414) | (282) |
Other comprehensive income (loss), before reclassifications, net of tax amount | (8,094) | 2,134 | (3,846) |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 817 | 1,241 | 846 |
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 | 111 | 111 | 150 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | (28) | (27) | (38) |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 83 | 84 | 112 |
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 | 119 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | 0 | (46) | (30) |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 0 | 137 | 89 |
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 | 11,992 | 4,794 | (3,731) |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | (2,998) | (1,198) | 932 |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 8,994 | $ 3,596 | $ (2,799) |
Cash Flow Hedge Derivatives {Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, before tax amount | (20,685) | ||
Reclassification from accumulated other comprehensive income, current period, before tax amount | (460) | ||
Other comprehensive income (loss), before tax amount | (20,225) | ||
Other comprehensive income (loss), before reclassifications, tax (expense) benefit | 5,171 | ||
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | 115 | ||
Other comprehensive income (loss), tax (expense) benefit | 5,056 | ||
Other comprehensive income (loss), before reclassifications, net of tax amount | (15,514) | ||
Reclassification from accumulated other comprehensive income, current period, net of tax amount | (345) | ||
Other comprehensive income (loss), net of tax amount | $ (15,169) |
Shareholders' Equity - Changes
Shareholders' Equity - Changes in Balances of Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 1,741,311 | $ 1,741,117 | $ 1,660,702 |
Other comprehensive income (loss) before reclassification | 244,088 | (32,971) | 21,502 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,245 | 1,462 | 1,047 |
Other comprehensive income (loss), net of tax amount | 242,843 | (31,509) | 22,549 |
Balance | 1,492,268 | 1,741,311 | 1,741,117 |
Securities Available for Sale and Transferred Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (17,774) | 17,331 | (8,017) |
Other comprehensive income (loss) before reclassification | (236,668) | (35,105) | 25,348 |
Other comprehensive income (loss), net of tax amount | (236,668) | (35,105) | 25,348 |
Balance | (254,442) | (17,774) | 17,331 |
Defined Benefit Pension Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (14,786) | (18,382) | (15,583) |
Other comprehensive income (loss) before reclassification | 8,094 | 2,134 | (3,846) |
Amounts reclassified from accumulated other comprehensive income (loss) | 900 | 1,462 | 1,047 |
Other comprehensive income (loss), net of tax amount | 8,994 | 3,596 | (2,799) |
Balance | (5,792) | (14,786) | (18,382) |
Cash Flow Hedge Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 0 | ||
Other comprehensive income (loss) before reclassification | (15,514) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (345) | ||
Other comprehensive income (loss), net of tax amount | (15,169) | ||
Balance | (15,169) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (32,560) | (1,051) | (23,600) |
Balance | $ (275,403) | $ (32,560) | $ (1,051) |
Fair Value - Financial Assets a
Fair Value - Financial Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 2,024,082,000 | $ 3,238,877,000 | |
Loans held for sale | 135,226,000 | 275,706,000 | |
Mortgage servicing rights (MSR) | 129,677,000 | 87,687,000 | $ 66,464,000 |
U.S. Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 391,513,000 | 344,640,000 | |
U.S. Government Agency Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 7,766,000 | 13,727,000 | |
Obligations of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 4,862,000 | 5,714,000 | |
Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 2,024,082,000 | 3,238,877,000 | |
Loans held for sale | 135,226,000 | 275,706,000 | |
Mortgage servicing rights (MSR) | 129,677,000 | 87,687,000 | |
Other assets - derivatives | $ 8,871,000 | 24,809,000 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | ||
Other liabilities - derivatives | $ 45,379,000 | 4,677,000 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | ||
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 | $ 391,513,000 | 344,640,000 | |
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 | 7,766,000 | 13,727,000 | |
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 | 4,862,000 | 5,714,000 | |
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,619,941,000 | 2,874,796,000 | |
Level 1 [Member] | Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 391,513,000 | 344,640 | |
Loans held for sale | 0 | 0 | |
Mortgage servicing rights (MSR) | 0 | 0 | |
Other assets - derivatives | 54,000 | 2,794,000 | |
Other liabilities - derivatives | 474,000 | 414,000 | |
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 | 391,513,000 | 344,640,000 | |
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 | 1,632,569,000 | 2,894,237,000 | |
Loans held for sale | 135,226,000 | 275,706,000 | |
Mortgage servicing rights (MSR) | 0 | 0 | |
Other assets - derivatives | 8,660,000 | 20,156,000 | |
Other liabilities - derivatives | 44,905,000 | 4,263,000 | |
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 | 7,766,000 | 13,727,000 | |
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 | 4,862,000 | 5,714,000 | |
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 | 1,619,941,000 | 2,874,796,000 | |
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) | 129,677,000 | 87,687,000 | |
Other assets - derivatives | 157,000 | 1,859,000 | |
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) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Mortgage Banking Income | Mortgage Banking Income | |
MSR [Member] | Recurring Basis [Member] | Level 3 [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] | 24,147 | (6,902) |
Additions | 17,843 | 28,125 | |
Sales | 0 | 0 | |
Ending Balance | 129,677 | 87,687 | |
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 | 38,181 | 13,258 | |
Other Assets - Derivatives [Member] | Recurring Basis [Member] | Level 3 [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] | (131) | 9,104 |
Additions | 0 | 0 | |
Sales | (1,571) | (16,805) | |
Ending Balance | 157 | 1,859 | |
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 | $ (1,214) | $ 3,159 | |
[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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Outstanding balances in collateral dependent related to allowance for credit losses | $ 40,300 | $ 44,400 | |
Collateral dependent related to allowance for credit losses | 17,700 | 7,600 | |
Foreclosed assets re-measured after initial recognition | 3,000 | 7,300 | |
Write-downs of allowance for foreclosed assets after initial recognition | 1,000 | 437,000 | |
Noninterest gain (loss) Mortgage banking, net for changes in fair value of LHFS | (3,300) | (10,300) | $ 10,500 |
Interest earned on LHFS included in Interest and fees on LHFS and LHFI | 6,800 | 7,000 | $ 6,900 |
Serviced GNMA loans eligible for repurchase | $ (70,805) | $ (84,464) |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held to maturity | $ 1,494,514 | $ 342,537 |
Deposits | 14,437,648 | 15,087,160 |
Federal funds purchased and securities sold under repurchase agreements | 449,331 | 238,577 |
Other borrowings | 1,050,938 | 91,025 |
Subordinated notes | 123,262 | 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 | 738,787 | 2,266,829 |
Securities held to maturity | 1,494,514 | 342,537 |
Deposits | 14,437,648 | 15,087,160 |
Federal funds purchased and securities sold under repurchase agreements | 449,331 | 238,577 |
Other borrowings | 1,050,938 | 91,025 |
Subordinated notes | 123,262 | 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 | 738,787 | 2,266,829 |
Securities held to maturity | 1,406,589 | 353,511 |
Deposits | 14,404,661 | 15,084,440 |
Federal funds purchased and securities sold under repurchase agreements | 449,331 | 238,577 |
Other borrowings | 1,050,932 | 91,022 |
Subordinated notes | 113,125 | 128,438 |
Junior subordinated debt securities | 46,392 | 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 | 12,083,825 | 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 | $ 11,850,318 | $ 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value and the contractual principal outstanding of the LHFS [Abstract] | ||
Fair value of LHFS | $ 64,421 | $ 191,242 |
LHFS contractual principal outstanding | 63,427 | 186,535 |
Fair value less unpaid principal | $ 994 | $ 4,707 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Contract | Dec. 31, 2021 USD ($) Contract | Dec. 31, 2020 USD ($) Contract | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total notional amount | $ 825,000 | ||
Interest and fees on LHFS and LHFI reclassified as a reduction over twelve months | $ 13,700 | ||
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 | 6 | |
Aggregate notional amount of credit risk participation agreements | $ 50,200 | $ 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 | 29 | 24 | |
Aggregate notional amount of credit risk participation agreements | $ 235,800 | $ 173,500 | |
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 | 277,000 | 409,500 | |
Net (negative) positive ineffectiveness on MSR fair value | 4,100 | 2,500 | $ 7,800 |
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total notional amount | 1,391,000 | 1,225,000 | |
Termination value of derivatives | 0 | 655 | |
Collateral Posted | 740 | 850 | |
Derivatives not Designated as Hedging Instruments [Member] | Forward Contracts [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet obligations | 97,000 | 236,000 | |
Valuation adjustment | 168 | 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 | 68,400 | 142,600 | |
Valuation adjustment | $ 157 | $ 1,900 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | $ 9,415 | $ 20,115 | |
Fair value of derivative liability | 44,304 | 4,144 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | [1] | 761 | |
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 | 6 | 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 | 8 | 38 | |
Derivatives not Designated as Hedging Instruments [Member] | Future Contracts [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | 16 | 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 | 268 | ||
Derivatives not Designated as Hedging Instruments [Member] | Forward Contracts [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | (168) | 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 | 38 | 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 | 157 | 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] | 8,654 | 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] | 44,304 | 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 | $ 206 | $ 414 | |
[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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | Interest and Fee Income, Loans and Leases Held-in-portfolio |
Derivatives in Hedging Relationships [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) and recognized in other interest expense | $ (460) | ||
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 | (43,764) | $ (15,436) | $ 39,436 |
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 | $ 403 | $ 1,649 | $ (1,022) |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (loss), net of tax | $ (345) | $ 0 | $ 0 |
Derivatives in Hedging Relationships [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (loss), net of tax | $ (15,514) | $ 0 | $ 0 |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Offsetting Derivative Assets | ||
Gross Amounts of Recognized Assets, Offsetting of Derivative Assets | $ 9,415 | $ 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 | 9,415 | 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 | (2,230) | 0 |
Net Amount, Offsetting of Derivative Assets | 7,185 | 20,060 |
Offsetting Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities, Offsetting of Derivative Liabilities | 44,304 | 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 | 44,304 | 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 | (740) | (850) |
Net Amount, Offsetting of Derivative Liabilities | $ 43,564 | $ 3,239 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 494,708 | $ 418,351 | $ 426,537 | |
PCL | [1] | 22,892 | (24,448) | 45,047 |
Noninterest income | 205,144 | 221,910 | 274,593 | |
Noninterest expense | [1] | 603,213 | 489,296 | 466,301 |
Income Before Income Taxes | 73,747 | 175,413 | 189,782 | |
Income taxes | 1,860 | 28,048 | 29,757 | |
Net Income | 71,887 | 147,365 | 160,025 | |
Selected Financial Information | ||||
Total assets | 18,015,478 | 17,595,636 | 16,551,840 | |
Depreciation and amortization | 39,882 | 45,813 | 41,325 | |
General Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 489,398 | 413,201 | 420,225 | |
PCL | [1] | 22,913 | (24,439) | 45,058 |
Noninterest income | 116,350 | 137,874 | 197,691 | |
Noninterest expense | [1] | 531,397 | 421,561 | 401,810 |
Income Before Income Taxes | 51,438 | 153,953 | 171,048 | |
Income taxes | (3,683) | 22,706 | 25,109 | |
Net Income | 55,121 | 131,247 | 145,939 | |
Selected Financial Information | ||||
Total assets | 17,710,673 | 17,275,438 | 16,226,358 | |
Depreciation and amortization | 38,909 | 44,776 | 40,351 | |
Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 5,321 | 5,161 | 6,082 | |
PCL | (21) | (9) | (11) | |
Noninterest income | 35,072 | 35,420 | 31,634 | |
Noninterest expense | 32,873 | 31,721 | 30,318 | |
Income Before Income Taxes | 7,541 | 8,869 | 7,409 | |
Income taxes | 1,870 | 2,219 | 1,853 | |
Net Income | 5,671 | 6,650 | 5,556 | |
Selected Financial Information | ||||
Total assets | 214,313 | 232,997 | 242,429 | |
Depreciation and amortization | 288 | 269 | 274 | |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | (11) | (11) | 230 | |
Noninterest income | 53,722 | 48,616 | 45,268 | |
Noninterest expense | 38,943 | 36,014 | 34,173 | |
Income Before Income Taxes | 14,768 | 12,591 | 11,325 | |
Income taxes | 3,673 | 3,123 | 2,795 | |
Net Income | 11,095 | 9,468 | 8,530 | |
Selected Financial Information | ||||
Total assets | 90,492 | 87,201 | 83,053 | |
Depreciation and amortization | $ 685 | $ 768 | $ 700 | |
[1] During 2021, Trustmark reclassified its credit loss expense related to off-balance sheet credit exposures from noninterest expense to PCL, off-balance sheet credit exposures. Prior periods have been reclassified accordingly. |
Parent Company Only Financial_3
Parent Company Only Financial Information - Parent Only Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | ||||
Other assets | $ 770,838 | $ 568,177 | ||
Total Assets | 18,015,478 | 17,595,636 | $ 16,551,840 | |
Liabilities and Shareholders' Equity: | ||||
Subordinated notes | 123,262 | 123,042 | ||
Junior subordinated debt securities | 61,856 | 61,856 | ||
Shareholders' equity | 1,492,268 | 1,741,311 | 1,741,117 | $ 1,660,702 |
Total Liabilities and Shareholders' Equity | 18,015,478 | 17,595,636 | ||
Expense: | ||||
Net Income | 71,887 | 147,365 | 160,025 | |
Operating Activities | ||||
Net income | 71,887 | 147,365 | 160,025 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Other | (57,359) | (9,601) | 27,699 | |
Net cash from operating activities | 296,516 | 348,771 | 65,346 | |
Financing Activities | ||||
Proceeds from subordinated notes | 0 | 0 | 122,900 | |
Common stock dividends | (56,679) | (58,085) | (58,769) | |
Repurchase and retirement of common stock | (24,604) | (61,799) | (27,538) | |
Net cash from financing activities | 451,844 | 970,568 | 2,745,957 | |
Net change in cash and cash equivalents | (1,532,042) | 314,325 | 1,593,588 | |
Trustmark Corp (Parent Company Only) [Member] | ||||
Assets | ||||
Investment in banks | 1,602,169 | 1,851,398 | ||
Other assets | 76,325 | 75,995 | ||
Total Assets | 1,678,494 | 1,927,393 | ||
Liabilities and Shareholders' Equity: | ||||
Accrued expense | 1,108 | 1,184 | ||
Subordinated notes | 123,262 | 123,042 | ||
Junior subordinated debt securities | 61,856 | 61,856 | ||
Shareholders' equity | 1,492,268 | 1,741,311 | ||
Total Liabilities and Shareholders' Equity | 1,678,494 | 1,927,393 | ||
Revenue: | ||||
Dividends received from banks | 89,733 | 45,284 | 109,243 | |
Earnings of subsidiaries over distributions | 11,269 | 108,141 | 53,724 | |
Other income | 94 | 95 | 66 | |
Total Revenue | 78,558 | 153,520 | 163,033 | |
Expense: | ||||
Other expense | 6,671 | 6,155 | 3,008 | |
Total Expense | 6,671 | 6,155 | 3,008 | |
Net Income | 71,887 | 147,365 | 160,025 | |
Operating Activities | ||||
Net income | 71,887 | 147,365 | 160,025 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Net change in investment in subsidiaries | 11,269 | (108,141) | (53,724) | |
Other | (1,550) | (2,078) | (326) | |
Net cash from operating activities | 81,606 | 37,146 | 105,975 | |
Financing Activities | ||||
Proceeds from subordinated notes | 122,900 | |||
Common stock dividends | (56,679) | (58,085) | (58,769) | |
Repurchase and retirement of common stock | (24,604) | (61,799) | (27,538) | |
Net cash from financing activities | (81,283) | (119,884) | 36,593 | |
Net change in cash and cash equivalents | 323 | (82,738) | 142,568 | |
Cash and cash equivalents at beginning of year | 75,537 | 158,275 | 15,707 | |
Cash and cash equivalents at end of year | $ 75,860 | $ 75,537 | $ 158,275 |
Parent Company Only Financial_4
Parent Company Only Financial Information - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements Captions [Line Items] | |||
Income taxes paid | $ 2,701,000 | $ 15,259,000 | $ 46,648,000 |
Trustmark Corp (Parent Company Only) [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Income taxes paid | 2,700,000 | 15,300,000 | 46,600,000 |
Interest paid | $ 4,500,000 | $ 4,600,000 | 0 |
Interest received | $ 0 |