Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Trustmark Corp | |
Entity Central Index Key | 0000036146 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 64,401,348 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Trading Symbol | TRMK | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity File Number | 000-03683 | |
Entity Incorporation, State or Country Code | MS | |
Entity Tax Identification Number | 64-0471500 | |
Entity Address, Address Line One | 248 East Capitol Street | |
Entity Address, City or Town | Jackson | |
Entity Address, State or Province | MS | |
Entity Address, Postal Zip Code | 39201 | |
City Area Code | 601 | |
Local Phone Number | 208-5111 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks (noninterest-bearing) | $ 404,413 | $ 349,561 |
Federal funds sold and securities purchased under reverse repurchase agreements | 75,499 | 830 |
Securities available for sale (at fair value) | 1,643,725 | 1,811,813 |
Securities held to maturity (fair value: $832,361-2019; $889,733-2018) | 825,536 | 909,643 |
Loans held for sale (LHFS) | 240,380 | 153,799 |
Loans held for investment (LHFI) | 9,116,759 | 8,835,868 |
Less allowance for loan losses, LHFI | 80,399 | 79,290 |
Net LHFI | 9,036,360 | 8,756,578 |
Acquired loans | 87,884 | 106,932 |
Less allowance for loan losses, acquired loans | 1,398 | 1,231 |
Net acquired loans | 86,486 | 105,701 |
Net LHFI and acquired loans | 9,122,846 | 8,862,279 |
Premises and equipment, net | 189,820 | 178,668 |
Mortgage servicing rights | 79,283 | 95,596 |
Goodwill | 379,627 | 379,627 |
Identifiable intangible assets, net | 9,101 | 11,112 |
Other real estate | 31,243 | 34,668 |
Operating lease right-of-use assets | 32,762 | |
Other assets | 514,723 | 498,864 |
Total Assets | 13,548,958 | 13,286,460 |
Deposits: | ||
Noninterest-bearing | 2,909,141 | 2,937,594 |
Interest-bearing | 8,657,488 | 8,426,817 |
Total deposits | 11,566,629 | 11,364,411 |
Federal funds purchased and securities sold under repurchase agreements | 51,800 | 50,471 |
Other borrowings | 79,012 | 79,885 |
Junior subordinated debt securities | 61,856 | 61,856 |
Operating lease liabilities | 33,878 | |
Other liabilities | 137,233 | 138,384 |
Total Liabilities | 11,930,408 | 11,695,007 |
Shareholders' Equity | ||
Authorized: 250,000,000 shares Issued and outstanding: 64,398,846 shares - 2019; 65,834,395 shares - 2018 | 13,418 | 13,717 |
Capital surplus | 260,619 | 309,545 |
Retained earnings | 1,369,329 | 1,323,870 |
Accumulated other comprehensive loss, net of tax | (24,816) | (55,679) |
Total Shareholders' Equity | 1,618,550 | 1,591,453 |
Total Liabilities and Shareholders' Equity | $ 13,548,958 | $ 13,286,460 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Securities held to maturity, fair value | $ 832,361 | $ 889,733 |
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) | 64,398,846 | 65,834,395 |
Common stock, outstanding (in shares) | 64,398,846 | 65,834,395 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Interest Income | ||||||
Interest and fees on LHFS & LHFI | $ 111,740 | $ 96,712 | $ 218,535 | $ 188,382 | ||
Interest and fees on acquired loans | 2,010 | 5,022 | 3,926 | 9,899 | ||
Interest on securities: | ||||||
Taxable | 13,916 | 16,894 | 28,581 | 34,400 | ||
Tax exempt | 436 | 579 | 946 | 1,230 | ||
Interest on federal funds sold and securities purchased under reverse repurchase agreements | 214 | 5 | 216 | 7 | ||
Other interest income | 1,820 | 1,054 | 3,423 | 1,988 | ||
Total Interest Income | 130,136 | 120,266 | 255,627 | 235,906 | ||
Interest Expense | ||||||
Interest on deposits | 21,500 | 12,139 | 41,070 | 21,630 | ||
Interest on federal funds purchased and securities sold under repurchase agreements | 81 | 1,250 | 369 | 1,912 | ||
Other interest expense | 831 | 1,713 | 1,656 | 5,107 | ||
Total Interest Expense | 22,412 | 15,102 | 43,095 | 28,649 | ||
Net Interest Income | 107,724 | 105,164 | 212,532 | 207,257 | ||
Provision for loan losses, LHFI | 2,486 | 3,167 | 4,097 | 7,128 | ||
Provision for loan losses, acquired loans | 106 | (441) | 184 | (291) | ||
Net Interest Income After Provision for Loan Losses | 105,132 | 102,438 | 208,251 | 200,420 | ||
Noninterest Income | ||||||
Service charges on deposit accounts | 10,379 | 10,647 | [1] | 20,644 | 21,504 | [1] |
Bank card and other fees | 8,004 | 7,070 | [1] | 15,195 | 13,696 | [1] |
Mortgage banking, net | 10,295 | 9,046 | [1] | 13,737 | 20,311 | [1] |
Insurance commissions | 11,089 | 10,735 | [1] | 21,960 | 20,154 | [1] |
Wealth management | 7,742 | 7,478 | [1] | 15,225 | 15,045 | [1] |
Other, net | 2,130 | 2,415 | [1] | 4,369 | 3,474 | [1] |
Total Noninterest Income | 49,639 | 47,391 | [1] | 91,130 | 94,184 | [1] |
Noninterest Expense | ||||||
Salaries and employee benefits | 61,949 | 59,975 | 122,903 | 118,450 | ||
Services and fees | 18,009 | 16,322 | 34,977 | 32,068 | ||
Net occupancy - premises | 6,403 | 6,550 | 12,857 | 13,052 | ||
Equipment expense | 5,958 | 6,202 | 11,882 | 12,301 | ||
Other real estate expense, net | 132 | (93) | 1,884 | 773 | ||
FDIC assessment expense | 1,836 | 2,538 | 3,594 | 5,533 | ||
Other expense | 11,814 | 12,306 | 24,025 | 24,088 | ||
Total Noninterest Expense | 106,101 | 103,800 | 212,122 | 206,265 | ||
Income Before Income Taxes | 48,670 | 46,029 | 87,259 | 88,339 | ||
Income taxes | 6,530 | 6,216 | 11,780 | 11,696 | ||
Net Income | $ 42,140 | $ 39,813 | $ 75,479 | $ 76,643 | ||
Earnings Per Share | ||||||
Basic | $ 0.65 | $ 0.59 | $ 1.16 | $ 1.13 | ||
Diluted | $ 0.65 | $ 0.59 | $ 1.16 | $ 1.13 | ||
[1] | During the first quarter of 2019, Trustmark revised the composition of its operating segments by moving the Private Banking Group from the General Banking Segment to the Wealth Management Segment as a result of a change in supervision of this group for segment reporting purposes. The prior period amounts presented include reclassifications to conform to the current period presentation. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income per consolidated statements of income | $ 42,140 | $ 39,813 | $ 75,479 | $ 76,643 |
Net unrealized gains (losses) on available for sale securities and transferred securities: | ||||
Net unrealized holding gains (losses) arising during the period | 15,059 | (6,955) | 29,177 | (27,985) |
Change in net unrealized holding loss on securities transferred to held to maturity | 942 | 728 | 1,502 | 1,452 |
Pension and other postretirement benefit plans: | ||||
Net change in prior service costs | 47 | 46 | 94 | 93 |
Recognized net loss due to lump sum settlement | 47 | 30 | 71 | 61 |
Change in net actuarial loss | 186 | 272 | 376 | 548 |
Derivatives: | ||||
Change in the accumulated gain (loss) on effective cash flow hedge derivatives | (76) | 99 | (123) | 419 |
Reclassification adjustment for (gain) loss realized in net income | (106) | (73) | (234) | (78) |
Other comprehensive income (loss), net of tax | 16,099 | (5,853) | 30,863 | (25,490) |
Comprehensive income | $ 58,239 | $ 33,960 | $ 106,342 | $ 51,153 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2017 | $ 1,571,701 | $ 14,115 | $ 369,124 | $ 1,228,187 | $ (39,725) |
Balance (in shares) at Dec. 31, 2017 | 67,746,094 | ||||
Accumulated other comprehensive lossadjustment, Tax Cuts and Jobs Act of 2017(Tax Reform Act) | 8,524 | (8,524) | |||
Net income per consolidated statements of income | 36,830 | 36,830 | |||
Other comprehensive income (loss), net of tax | (19,637) | (19,637) | |||
Common stock dividends paid ($0.23 per share) | (15,660) | (15,660) | |||
Shares withheld to pay taxes, long-term incentive plan | (1,380) | $ 23 | (1,403) | ||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 109,558 | ||||
Repurchase and retirement of common stock | (2,502) | $ (17) | (2,485) | ||
Repurchase and retirement of common stock (in shares) | (80,584) | ||||
Compensation expense, long-term incentive plan | 785 | 785 | |||
Balance at Mar. 31, 2018 | 1,570,137 | $ 14,121 | 366,021 | 1,257,881 | (67,886) |
Balance (in shares) at Mar. 31, 2018 | 67,775,068 | ||||
Balance at Dec. 31, 2017 | 1,571,701 | $ 14,115 | 369,124 | 1,228,187 | (39,725) |
Balance (in shares) at Dec. 31, 2017 | 67,746,094 | ||||
Net income per consolidated statements of income | 76,643 | ||||
Other comprehensive income (loss), net of tax | (25,490) | ||||
Compensation expense, long-term incentive plan | 1,864 | ||||
Balance at Jun. 30, 2018 | 1,584,072 | $ 14,089 | 361,715 | 1,282,007 | (73,739) |
Balance (in shares) at Jun. 30, 2018 | 67,621,111 | ||||
Balance at Mar. 31, 2018 | 1,570,137 | $ 14,121 | 366,021 | 1,257,881 | (67,886) |
Balance (in shares) at Mar. 31, 2018 | 67,775,068 | ||||
Net income per consolidated statements of income | 39,813 | 39,813 | |||
Other comprehensive income (loss), net of tax | (5,853) | (5,853) | |||
Common stock dividends paid ($0.23 per share) | (15,687) | (15,687) | |||
Shares withheld to pay taxes, long-term incentive plan | (42) | $ 1 | (43) | ||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 8,292 | ||||
Repurchase and retirement of common stock | (5,375) | $ (33) | (5,342) | ||
Repurchase and retirement of common stock (in shares) | (162,249) | ||||
Compensation expense, long-term incentive plan | 1,079 | 1,079 | |||
Balance at Jun. 30, 2018 | 1,584,072 | $ 14,089 | 361,715 | 1,282,007 | (73,739) |
Balance (in shares) at Jun. 30, 2018 | 67,621,111 | ||||
Balance at Dec. 31, 2018 | $ 1,591,453 | $ 13,717 | 309,545 | 1,323,870 | (55,679) |
Balance (in shares) at Dec. 31, 2018 | 65,834,395 | 65,834,395 | |||
Net income per consolidated statements of income | $ 33,339 | 33,339 | |||
Other comprehensive income (loss), net of tax | 14,764 | 14,764 | |||
Common stock dividends paid ($0.23 per share) | (15,033) | (15,033) | |||
Shares withheld to pay taxes, long-term incentive plan | (1,604) | $ 25 | (1,629) | ||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 123,821 | ||||
Repurchase and retirement of common stock | (36,893) | $ (243) | (36,650) | ||
Repurchase and retirement of common stock (in shares) | (1,168,273) | ||||
Compensation expense, long-term incentive plan | 1,002 | 1,002 | |||
Balance at Mar. 31, 2019 | 1,587,028 | $ 13,499 | 272,268 | 1,342,176 | (40,915) |
Balance (in shares) at Mar. 31, 2019 | 64,789,943 | ||||
Balance at Dec. 31, 2018 | $ 1,591,453 | $ 13,717 | 309,545 | 1,323,870 | (55,679) |
Balance (in shares) at Dec. 31, 2018 | 65,834,395 | 65,834,395 | |||
Net income per consolidated statements of income | $ 75,479 | ||||
Other comprehensive income (loss), net of tax | 30,863 | ||||
Compensation expense, long-term incentive plan | 2,281 | ||||
Balance at Jun. 30, 2019 | $ 1,618,550 | $ 13,418 | 260,619 | 1,369,329 | (24,816) |
Balance (in shares) at Jun. 30, 2019 | 64,398,846 | 64,398,846 | |||
Balance at Mar. 31, 2019 | $ 1,587,028 | $ 13,499 | 272,268 | 1,342,176 | (40,915) |
Balance (in shares) at Mar. 31, 2019 | 64,789,943 | ||||
Net income per consolidated statements of income | 42,140 | 42,140 | |||
Other comprehensive income (loss), net of tax | 16,099 | 16,099 | |||
Common stock dividends paid ($0.23 per share) | (14,987) | (14,987) | |||
Shares withheld to pay taxes, long-term incentive plan | (1) | $ 2 | (3) | ||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 7,087 | ||||
Repurchase and retirement of common stock | (13,008) | $ (83) | (12,925) | ||
Repurchase and retirement of common stock (in shares) | (398,184) | ||||
Compensation expense, long-term incentive plan | 1,279 | 1,279 | |||
Balance at Jun. 30, 2019 | $ 1,618,550 | $ 13,418 | $ 260,619 | $ 1,369,329 | $ (24,816) |
Balance (in shares) at Jun. 30, 2019 | 64,398,846 | 64,398,846 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends paid on common stock (in dollars per share) | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities | ||
Net income per consolidated statements of income | $ 75,479 | $ 76,643 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses, net | 4,281 | 6,837 |
Depreciation and amortization | 19,123 | 19,534 |
Net amortization of securities | 3,918 | 5,086 |
Gains on sales of loans, net | (9,098) | (9,999) |
Compensation expense, long-term incentive plan | 2,281 | 1,864 |
Deferred income tax provision | (4,400) | 4,000 |
Proceeds from sales of loans held for sale | 497,187 | 525,611 |
Purchases and originations of loans held for sale | (586,444) | (534,903) |
Originations of mortgage servicing rights | (6,075) | (7,719) |
Earnings on bank-owned life insurance | (2,715) | (2,639) |
Net change in other assets | (14,988) | 7,087 |
Net change in other liabilities | (417) | (2,658) |
Other operating activities, net | 18,498 | (11,342) |
Net cash from operating activities | (3,370) | 77,402 |
Investing Activities | ||
Proceeds from maturities, prepayments and calls of securities held to maturity | 85,007 | 71,817 |
Proceeds from maturities, prepayments and calls of securities available for sale | 213,479 | 226,479 |
Purchases of securities available for sale | (9,303) | (4,159) |
Net proceeds from bank-owned life insurance | 2,013 | 1,586 |
Net change in federal funds sold and securities purchased under reverse repurchase agreements | (74,669) | 615 |
Net change in member bank stock | (173) | 27,114 |
Net change in loans | (266,949) | (28,727) |
Purchases of premises and equipment | (8,372) | (6,224) |
Proceeds from sales of premises and equipment | 2,373 | 651 |
Proceeds from sales of other real estate | 4,105 | 10,681 |
Purchases of software | (6,861) | (7,359) |
Investments in tax credit and other partnerships | (3,426) | (17) |
Purchase of insurance book of business | (81) | 0 |
Net cash from investing activities | (62,857) | 292,457 |
Financing Activities | ||
Net change in deposits | 202,218 | 494,923 |
Net change in federal funds purchased and securities sold under repurchase agreements | 1,329 | 8,064 |
Net change in short-term borrowings | 127 | (780,816) |
Payments on long-term FHLB advances | (34) | (33) |
Payments under finance lease obligations | (1,035) | 0 |
Common stock dividends | (30,020) | (31,347) |
Repurchase and retirement of common stock | (49,901) | (7,877) |
Shares withheld to pay taxes, long-term incentive plan | (1,605) | (1,422) |
Net cash from financing activities | 121,079 | (318,508) |
Net change in cash and cash equivalents | 54,852 | 51,351 |
Cash and cash equivalents at beginning of period | 349,561 | 335,768 |
Cash and cash equivalents at end of period | $ 404,413 | $ 387,119 |
Business, Basis of Financial St
Business, Basis of Financial Statement Presentation and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business, Basis of Financial Statement Presentation and Principles of Consolidation | Note 1 – Business, Basis of Financial Statement Presentation and Principles of Consolidation Trustmark Corporation (Trustmark) is a bank holding company headquartered in Jackson, Mississippi. Through its subsidiaries, Trustmark operates as a financial services organization providing banking and financial solutions to corporate institutions and individual customers through 193 offices at June 30, 2019 in Alabama, Florida, Mississippi, Tennessee and Texas. The consolidated financial statements include the accounts of Trustmark and all other entities in which Trustmark has a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements, and notes thereto, included in Trustmark’s 2018 Annual Report on Form 10-K. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. In the opinion of Management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of these consolidated financial statements have been included. The preparation of financial statements in conformity with these accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expense during the reporting periods and the related disclosures. Although Management’s estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that in 2019 actual conditions could vary from those anticipated, which could affect Trustmark’s financial condition and results of operations. Actual results could differ from those estimates. |
Securities Available for Sale a
Securities Available for Sale and Held to Maturity | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Securities Available for Sale and Held to Maturity | Note 2 – Securities Available for Sale and Held to Maturity The following tables are a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity at June 30, 2019 and December 31, 2018 ($ in thousands): Securities Available for Sale Securities Held to Maturity June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government agency obligations $ 27,334 $ 102 $ (790 ) $ 26,646 $ 3,758 $ 242 $ — $ 4,000 Obligations of states and political subdivisions 38,203 495 — 38,698 32,860 478 (88 ) 33,250 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 66,041 314 (639 ) 65,716 11,184 189 (69 ) 11,304 Issued by FNMA and FHLMC 628,799 941 (5,376 ) 624,364 106,755 379 (430 ) 106,704 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 750,605 3,484 (2,718 ) 751,371 536,166 6,505 (1,338 ) 541,333 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 136,556 683 (309 ) 136,930 134,813 1,154 (197 ) 135,770 Total $ 1,647,538 $ 6,019 $ (9,832 ) $ 1,643,725 $ 825,536 $ 8,947 $ (2,122 ) $ 832,361 December 31, 2018 U.S. Government agency obligations $ 31,235 $ 109 $ (1,009 ) $ 30,335 $ 3,736 $ 78 $ — $ 3,814 Obligations of states and political subdivisions 50,503 200 (27 ) 50,676 35,783 255 (139 ) 35,899 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 69,648 147 (2,301 ) 67,494 12,090 45 (257 ) 11,878 Issued by FNMA and FHLMC 685,520 127 (18,963 ) 666,684 115,133 43 (2,887 ) 112,289 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 830,129 67 (18,595 ) 811,601 578,827 189 (15,441 ) 563,575 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 187,494 191 (2,662 ) 185,023 164,074 299 (2,095 ) 162,278 Total $ 1,854,529 $ 841 $ (43,557 ) $ 1,811,813 $ 909,643 $ 909 $ (20,819 ) $ 889,733 During 2013, Trustmark reclassified approximately $1.099 billion of securities available for sale to securities held to maturity. The securities were transferred at fair value, which became the cost basis for the securities held to maturity. At the date of transfer, the net unrealized holding loss on the available for sale securities totaled approximately $46.6 million ($28.8 million, net of tax). The net unrealized holding loss is amortized over the remaining life of the securities as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. There were no gains or losses recognized as a result of the transfer. At June 30, 2019, the net unamortized, unrealized loss on the transferred securities included in accumulated other comprehensive loss in the accompanying balance sheet totaled approximately $13.7 million ($10.3 million, net of tax) compared to approximately $15.7 million ($11.8 million, net of tax) at December 31, 2018. Temporarily Impaired Securities The tables below include securities with gross unrealized losses segregated by length of impairment at June 30, 2019 and December 31, 2018 ($ in thousands): Less than 12 Months 12 Months or More Total June 30, 2019 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses U.S. Government agency obligations $ 645 $ (1 ) $ 22,179 $ (789 ) $ 22,824 $ (790 ) Obligations of states and political subdivisions — — 8,020 (88 ) 8,020 (88 ) Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 299 (3 ) 45,194 (705 ) 45,493 (708 ) Issued by FNMA and FHLMC 2,817 (10 ) 555,445 (5,796 ) 558,262 (5,806 ) Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 9,392 (75 ) 403,393 (3,981 ) 412,785 (4,056 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 31,522 (130 ) 58,497 (376 ) 90,019 (506 ) Total $ 44,675 $ (219 ) $ 1,092,728 $ (11,735 ) $ 1,137,403 $ (11,954 ) December 31, 2018 U.S. Government agency obligations $ — $ — $ 25,045 $ (1,009 ) $ 25,045 $ (1,009 ) Obligations of states and political subdivisions 4,954 (9 ) 12,802 (157 ) 17,756 (166 ) Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 9,163 (54 ) 61,141 (2,504 ) 70,304 (2,558 ) Issued by FNMA and FHLMC 31,931 (172 ) 731,749 (21,678 ) 763,680 (21,850 ) Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 46,643 (110 ) 1,296,221 (33,926 ) 1,342,864 (34,036 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 5,497 (37 ) 272,789 (4,720 ) 278,286 (4,757 ) Total $ 98,188 $ (382 ) $ 2,399,747 $ (63,994 ) $ 2,497,935 $ (64,376 ) The unrealized losses shown above are due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. Because Trustmark does not intend to sell these securities and it is more likely than not that Trustmark will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, Trustmark does not consider these investments to be other-than-temporarily impaired at June 30, 2019. There were no other-than-temporary impairments for the six months ended June 30, 2019 and 2018. Security Gains and Losses During the six months ended June 30, 2019 and 2018, there were no gross realized gains or losses as a result of calls and dispositions of securities. Realized gains and losses are determined using the specific identification method and are included in noninterest income as security gains (losses), net. Securities Pledged Securities with a carrying value of $2.113 billion and $2.144 billion at June 30, 2019 and December 31, 2018, respectively, were pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law. At both June 30, 2019 and December 31, 2018, none of these securities were pledged under the Federal Reserve Discount Window program to provide additional contingency funding capacity. Contractual Maturities The amortized cost and estimated fair value of securities available for sale and held to maturity at June 30, 2019, by contractual maturity, are shown below ($ 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 Available for Sale Securities Held to Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 29,808 $ 29,944 $ 180 $ 181 Due after one year through five years 8,541 8,646 32,580 32,968 Due after five years through ten years 2,680 2,631 3,858 4,101 Due after ten years 24,508 24,123 — — 65,537 65,344 36,618 37,250 Mortgage-backed securities 1,582,001 1,578,381 788,918 795,111 Total $ 1,647,538 $ 1,643,725 $ 825,536 $ 832,361 |
Loans Held for Investment (LHFI
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI | 6 Months Ended |
Jun. 30, 2019 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI | Note 3 – LHFI and Allowance for Loan Losses, LHFI At June 30, 2019 and December 31, 2018, LHFI consisted of the following ($ in thousands): June 30, 2019 December 31, 2018 Loans secured by real estate: Construction, land development and other land $ 1,111,297 $ 1,056,601 Secured by 1-4 family residential properties 1,818,126 1,825,492 Secured by nonfarm, nonresidential properties 2,326,312 2,220,914 Other real estate secured 635,839 543,820 Commercial and industrial loans 1,533,318 1,538,715 Consumer loans 176,133 182,448 State and other political subdivision loans 982,187 973,818 Other loans 533,547 494,060 LHFI 9,116,759 8,835,868 Less allowance for loan losses, LHFI 80,399 79,290 Net LHFI $ 9,036,360 $ 8,756,578 Loan Concentrations Trustmark does not have any loan concentrations other than those reflected in the preceding table, which exceed 10% of total LHFI. At June 30, 2019, Trustmark’s geographic loan distribution was concentrated primarily in its five key market regions: Alabama, Florida, Mississippi, Tennessee and Texas. Accordingly, the ultimate collectability of a substantial portion of these loans is susceptible to changes in market conditions in these areas. Nonaccrual and Past Due LHFI At June 30, 2019 and December 31, 2018, the carrying amounts of nonaccrual LHFI were $52.9 million and $61.6 million, respectively. Included in these amounts were $21.4 million and $16.7 million, respectively, of nonaccrual LHFI classified as troubled debt restructurings (TDRs). No material interest income was recognized in the income statement on nonaccrual LHFI for each of the periods ended June 30, 2019 and 2018. The following tables provide an aging analysis of past due and nonaccrual LHFI by loan type at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Past Due 30-59 Days 60-89 Days 90 Days or (1) Total Nonaccrual Current Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 639 $ — $ — $ 639 $ 1,263 $ 1,109,395 $ 1,111,297 Secured by 1-4 family residential properties 3,600 927 999 5,526 17,591 1,795,009 1,818,126 Secured by nonfarm, nonresidential properties 1,600 75 43 1,718 7,870 2,316,724 2,326,312 Other real estate secured 11 1 — 12 739 635,088 635,839 Commercial and industrial loans 2,429 890 — 3,319 15,708 1,514,291 1,533,318 Consumer loans 1,534 183 203 1,920 152 174,061 176,133 State and other political subdivision loans — — — — 8,303 973,884 982,187 Other loans 335 — — 335 1,262 531,950 533,547 Total $ 10,148 $ 2,076 $ 1,245 $ 13,469 $ 52,888 $ 9,050,402 $ 9,116,759 (1) Past due 90 days or more but still accruing interest. December 31, 2018 Past Due 30-59 Days 60-89 Days 90 Days or (1) Total Nonaccrual Current Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 284 $ — $ — $ 284 $ 2,218 $ 1,054,099 $ 1,056,601 Secured by 1-4 family residential properties 8,600 1,700 569 10,869 14,718 1,799,905 1,825,492 Secured by nonfarm, nonresidential properties 1,887 — — 1,887 9,621 2,209,406 2,220,914 Other real estate secured 197 99 — 296 927 542,597 543,820 Commercial and industrial loans 1,346 300 — 1,646 23,938 1,513,131 1,538,715 Consumer loans 1,800 353 287 2,440 205 179,803 182,448 State and other political subdivision loans 186 — — 186 8,595 965,037 973,818 Other loans 83 — — 83 1,402 492,575 494,060 Total $ 14,383 $ 2,452 $ 856 $ 17,691 $ 61,624 $ 8,756,553 $ 8,835,868 (1) Past due 90 days or more but still accruing interest. Impaired LHFI Trustmark’s individually evaluated impaired LHFI include all commercial nonaccrual relationships of $500 thousand or more, which are specifically reviewed for impairment and deemed impaired, and all LHFI classified as TDRs in accordance with FASB ASC Topic 310-10-50-20 “Impaired Loans”, and are primarily collateral dependent loans. Fair value estimates for collateral dependent loans are derived from appraised values based on the current market value or as is value of the collateral, normally from recently received and reviewed appraisals. Current appraisals are ordered on an annual basis based on the inspection date or more often if market conditions necessitate. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by Trustmark’s Appraisal Review Department to ensure they are acceptable, and values are adjusted down for costs associated with asset disposal. Once this estimated net realizable value has been determined, the value used in the impairment assessment is updated. At the time a LHFI that has been specifically reviewed for impairment is deemed to be impaired, the full difference between book value and the most likely estimate of the collateral’s net realizable value is charged off or a specific reserve is established. As subsequent events dictate and estimated net realizable values change, further adjustments may be necessary. No material interest income was recognized in the income statement on impaired LHFI for each of the periods ended June 30, 2019 and 2018. At June 30, 2019 and December 31, 2018, individually evaluated impaired LHFI consisted of the following ($ in thousands): June 30, 2019 LHFI Unpaid Principal Balance With No Related Allowance Recorded With an Allowance Recorded Total Recorded Investment Related Allowance Average Recorded Investment Loans secured by real estate: Construction, land development and other land $ 945 $ 652 $ 20 $ 672 $ — $ 1,112 Secured by 1-4 family residential properties 5,652 1,688 3,010 4,698 30 4,330 Secured by nonfarm, nonresidential properties 7,088 6,518 255 6,773 191 8,124 Other real estate secured — — — — — 124 Commercial and industrial loans 31,463 12,192 17,197 29,389 3,139 30,053 Consumer loans 30 — 30 30 — 16 State and other political subdivision loans 8,533 8,303 — 8,303 — 8,449 Other loans 1,378 230 974 1,204 974 1,244 Total $ 55,089 $ 29,583 $ 21,486 $ 51,069 $ 4,334 $ 53,452 December 31, 2018 LHFI Unpaid Principal Balance With No Related Allowance Recorded With an Allowance Recorded Total Recorded Investment Related Allowance Average Recorded Investment Loans secured by real estate: Construction, land development and other land $ 1,794 $ 1,528 $ 24 $ 1,552 $ — $ 1,738 Secured by 1-4 family residential properties 4,951 95 3,868 3,963 39 4,328 Secured by nonfarm, nonresidential properties 8,282 6,728 2,748 9,476 413 8,898 Other real estate secured — — 248 248 — 124 Commercial and industrial loans 37,786 12,893 17,824 30,717 4,334 26,725 Consumer loans 2 — 2 2 — 6 State and other political subdivision loans 8,688 4,079 4,516 8,595 516 4,297 Other loans 1,418 230 1,052 1,282 1,052 804 Total $ 62,921 $ 25,553 $ 30,282 $ 55,835 $ 6,354 $ 46,920 Troubled Debt Restructurings At June 30, 2019 and 2018, LHFI classified as TDRs totaled $36.3 million and $34.5 million, respectively, and were primarily comprised of both credits with interest-only payments for an extended period of time and credits renewed at a rate that was not commensurate with that of new debt with similar risk and totaled $25.7 million and $21.8 million, respectively. The remaining TDRs at June 30, 2019 and 2018 resulted from bankruptcies or from payment or maturity extensions. Trustmark had $2.3 million of unused commitments on TDRs at June 30, 2019 compared to no material unused commitments on TDRs at June 30, 2018. For TDRs, Trustmark had a related loan loss allowance of $2.9 million and $9.1 million at June 30, 2019 and 2018, respectively. LHFI classified as TDRs are charged down to the most likely fair value estimate less an estimated cost to sell for collateral dependent loans, which would approximate net realizable value. Specific charge-offs related to TDRs totaled $117 thousand for the six months ended June 30, 2019 compared to $300 thousand for the six months ended June 30, 2018. The following tables illustrate the impact of modifications classified as TDRs for the periods presented ($ in thousands): Three Months Ended June 30, 2019 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loans secured by real estate: Construction, land development and other land — $ — $ — 1 $ 22 $ 22 Secured by 1-4 family residential properties 5 793 792 12 1,634 1,193 Secured by nonfarm, nonresidential properties 1 5,055 5,055 — — — Commercial and industrial loans 2 113 — 5 9,275 9,258 Consumer loans — — — 3 4 4 Total 8 $ 5,961 $ 5,847 21 $ 10,935 $ 10,477 Six Months Ended June 30, 2019 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loans secured by real estate: Construction, land development and other land — $ — $ — 1 $ 22 $ 22 Secured by 1-4 family residential properties 7 879 878 16 1,752 1,311 Secured by nonfarm, nonresidential properties 1 5,055 5,055 — — — Commercial and industrial loans 8 9,167 9,054 6 11,746 11,729 Consumer loans 2 30 30 3 4 4 Total 18 $ 15,131 $ 15,017 26 $ 13,524 $ 13,066 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): Six Months Ended June 30, 2019 2018 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Loans secured by real estate: Construction, land development and other land — $ — 1 $ 22 Secured by 1-4 family residential properties 1 46 2 30 Commercial and industrial loans 10 7,957 3 7,414 Consumer loans 1 27 — — Total 12 $ 8,030 6 $ 7,466 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 type at June 30, 2019 and 2018 ($ in thousands): June 30, 2019 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 20 $ 20 Secured by 1-4 family residential properties 50 3,563 3,613 Secured by nonfarm, nonresidential properties — 5,311 5,311 Commercial and industrial loans 14,897 11,965 26,862 Consumer loans — 30 30 Other loans — 510 510 Total TDRs $ 14,947 $ 21,399 $ 36,346 June 30, 2018 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 208 $ 208 Secured by 1-4 family residential properties 501 3,407 3,908 Secured by nonfarm, nonresidential properties — 370 370 Commercial and industrial loans 733 28,673 29,406 Consumer loans — 4 4 Other loans — 556 556 Total TDRs $ 1,234 $ 33,218 $ 34,452 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 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 insure compliance with policy. • Underwriting – evaluates whether credits are adequately analyzed, appropriately structured and properly approved within loan policy requirements. A properly approved credit is approved by adequate authority in a timely manner with all conditions of approval fulfilled. Total policy exceptions measure the level of underwriting and other policy exceptions within a loan portfolio. • Collateral Documentation – focuses on the adequacy of documentation to perfect Trustmark’s collateral position and substantiate collateral value. Collateral exceptions measure the level of documentation exceptions within a loan portfolio. Collateral exceptions occur when certain collateral documentation is either not present 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 to each individual lending institution. The remaining credit risk grades are considered pass credits and are solely defined by Trustmark. Each commercial loan is assigned a credit risk grade that is an indication for the likelihood of default and is not a direct indication of loss at default. The loss at default aspect of the subject risk ratings is neither uniform across the nine primary commercial loan groups or constant between the geographic areas. To account for the variance in the loss at default aspects of the risk rating system, the loss expectations for each risk rating are integrated into the allowance for loan loss methodology where the calculated loss at default is allotted for each individual risk rating with respect to the individual loan group and unique geographic area. The loss at default aspect of the reserve methodology is calculated each quarter as a component of the overall reserve factor for each risk grade by loan group and geographic area. To enhance this process, commercial nonaccrual relationships of $500 thousand or more are routinely reviewed to establish an expectation of loss, if any, and if such examination indicates that the level of reserve is not adequate to cover the expectation of loss, a special reserve or impairment is generally applied. The distribution of the losses is accomplished by means of a loss distribution model that assigns a loss factor to each risk rating (1 to 9) in each commercial loan pool. A factor is not applied to risk rate 10 as loans classified as losses are charged off within the period that the loss is determined and are not carried on Trustmark’s books over quarter-end. The expected loss distribution is spread across the various risk ratings by the perceived level of risk for loss. The nine grade scale described above ranges from a negligible risk of loss to an identified loss across its breadth. The loss distribution factors are graduated through the scale on a basis proportional to the degree of risk that appears manifest in each individual rating and assumes that migration through the loan grading system will occur. Each loan officer assesses the appropriateness of the internal risk rating assigned to their credits on an ongoing basis. Trustmark’s Asset Review area conducts independent credit quality reviews of the majority of Trustmark’s commercial loan portfolio both on the underlying credit quality of each individual loan portfolio as well as the adherence to Trustmark’s loan policy and the loan administration process. In general, Asset Review conducts reviews of each lending area within a six to eighteen month window depending on the overall credit quality results of the individual area. In addition to the ongoing internal risk rate monitoring described above, Trustmark’s Credit Quality Review Committee meets monthly and performs a review of all loans of $100 thousand or more that are either delinquent thirty days or more or on nonaccrual. This review includes recommendations regarding risk ratings, accrual status, charge-offs and appropriate servicing officer as well as evaluation of problem credits for determination of TDRs. Quarterly, the Credit Quality Review Committee reviews and modifies continuous action plans for all credits risk rated seven or worse for relationships of $100 thousand or more. In addition, a semi-annual review of significant development, commercial construction, multi-family and non-owner occupied projects is performed. The review assesses each particular project with respect to location, project valuations, progress of completion, leasing status, current financial information, rents, operating expenses, cash flow, adherence to budget and projections and other information as applicable. Summary results are reviewed by Senior and Regional Credit Officers in addition to the Chief Credit Officer with a determination as to the appropriateness of existing risk ratings and accrual status. Consumer Credits Consumer LHFI that do not meet a minimum custom credit score are reviewed quarterly by Management. The Retail Credit Review Committee reviews the volume and percentage of approvals that did not meet the minimum passing custom score by region, individual location, and officer to ensure that Trustmark continues to originate quality loans. Trustmark monitors the levels and severity of past due consumer LHFI on a daily basis through its collection activities. A detailed assessment of consumer LHFI delinquencies is performed monthly at both a product and market level by delivery channel, which incorporates the perceived level of risk at time of underwriting. The tables below present LHFI by loan type and credit quality indicator at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Commercial LHFI Pass - Categories 1-6 Special Mention - Category 7 Substandard - Category 8 Doubtful - Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 1,030,648 $ 70 $ 3,992 $ 193 $ 1,034,903 Secured by 1-4 family residential properties 118,173 313 2,618 48 121,152 Secured by nonfarm, nonresidential properties 2,276,103 — 49,803 362 2,326,268 Other real estate secured 630,205 — 4,849 — 635,054 Commercial and industrial loans 1,452,571 15,575 64,412 760 1,533,318 Consumer loans — — — — — State and other political subdivision loans 967,718 4,650 9,819 — 982,187 Other loans 508,013 3,986 17,615 35 529,649 Total $ 6,983,431 $ 24,594 $ 153,108 $ 1,398 $ 7,162,531 Consumer LHFI Current Past Due 30-89 Days Past Due 90 Days or More Nonaccrual Subtotal Total LHFI Loans secured by real estate: Construction, land development and other land $ 75,579 $ 529 $ — $ 286 $ 76,394 $ 1,111,297 Secured by 1-4 family residential properties 1,675,107 4,240 999 16,628 1,696,974 1,818,126 Secured by nonfarm, nonresidential properties 44 — — — 44 2,326,312 Other real estate secured 784 1 — — 785 635,839 Commercial and industrial loans — — — — — 1,533,318 Consumer loans 174,061 1,717 203 152 176,133 176,133 State and other political subdivision loans — — — — — 982,187 Other loans 3,898 — — — 3,898 533,547 Total $ 1,929,473 $ 6,487 $ 1,202 $ 17,066 $ 1,954,228 $ 9,116,759 December 31, 2018 Commercial LHFI Pass - Categories 1-6 Special Mention - Category 7 Substandard Category 8 Doubtful - Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 982,305 $ 75 $ 5,645 $ 203 $ 988,228 Secured by 1-4 family residential properties 123,191 216 2,731 229 126,367 Secured by nonfarm, nonresidential properties 2,182,106 1,250 37,025 473 2,220,854 Other real estate secured 537,958 323 4,610 — 542,891 Commercial and industrial loans 1,468,262 12,431 55,943 2,079 1,538,715 Consumer loans — — — — — State and other political subdivision loans 958,214 5,250 10,354 — 973,818 Other loans 460,568 17,842 10,323 49 488,782 Total $ 6,712,604 $ 37,387 $ 126,631 $ 3,033 $ 6,879,655 Consumer LHFI Current Past Due 30-89 Days Past Due 90 Days or More Nonaccrual Subtotal Total LHFI Loans secured by real estate: Construction, land development and other land $ 67,913 $ 124 $ — $ 336 $ 68,373 $ 1,056,601 Secured by 1-4 family residential properties 1,675,455 9,872 569 13,229 1,699,125 1,825,492 Secured by nonfarm, nonresidential properties 60 — — — 60 2,220,914 Other real estate secured 929 — — — 929 543,820 Commercial and industrial loans — — — — — 1,538,715 Consumer loans 179,802 2,153 288 205 182,448 182,448 State and other political subdivision loans — — — — — 973,818 Other loans 5,278 — — — 5,278 494,060 Total $ 1,929,437 $ 12,149 $ 857 $ 13,770 $ 1,956,213 $ 8,835,868 Past Due LHFS LHFS past due 90 days or more totaled $38.4 million and $37.4 million at June 30, 2019 and December 31, 2018, respectively. LHFS past due 90 days or more are serviced loans eligible for repurchase, which are fully guaranteed by the Government National Mortgage Association (GNMA). GNMA optional repurchase programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the institution provides servicing. At the servicer’s option and without GNMA’s prior authorization, the servicer may repurchase such a delinquent loan for an amount equal to 100 percent of the remaining principal balance of the loan. This buy-back option is considered a conditional option until the delinquency criteria are met, at which time the option becomes unconditional. When Trustmark is deemed to have regained effective control over these loans under the unconditional buy-back option, the loans can no longer be reported as sold and must be brought back onto the balance sheet as loans held for sale, regardless of whether Trustmark intends to exercise the buy-back option. These loans are reported as held for sale with the offsetting liability being reported as short-term borrowings. Trustmark did not exercise its buy-back option on any delinquent loans serviced for GNMA during the first six months of 2019 or 2018. Allowance for Loan Losses, LHFI Trustmark’s allowance for loan loss methodology for commercial LHFI is based upon regulatory guidance from its primary regulator and GAAP. The methodology segregates the commercial purpose and commercial construction LHFI portfolios into nine separate loan types (or pools) which have similar characteristics such as repayment, collateral and risk profiles. The nine basic loan pools are further segregated into Trustmark’s five key market regions, Alabama, Florida, Mississippi, Tennessee and Texas, to take into consideration the uniqueness of each market. A 10-point risk rating system is utilized for each separate loan pool to apply a reserve factor consisting of quantitative and qualitative components to determine the needed allowance by each loan type. As a result, there are 450 risk rate factors for commercial loan types. The nine separate pools are shown below: Commercial Purpose LHFI • Real Estate – Owner-Occupied • Real Estate – Non-Owner Occupied • Working Capital • Non-Working Capital • Land • Lots and Development • Political Subdivisions Commercial Construction LHFI • 1 to 4 Family • Non-1 to 4 Family The quantitative factors of the allowance methodology reflect a twelve-quarter rolling average of net charge-offs by loan type within each key market region. This allows for a greater sensitivity to current trends, such as economic changes, as well as current loss profiles and creates a more accurate depiction of historical losses. Qualitative factors used in the allowance methodology include the following: • National and regional economic trends and conditions • Impact of recent performance trends • Experience, ability and effectiveness of management • Adherence to Trustmark’s loan policies, procedures and internal controls • Collateral, financial and underwriting exception trends • Credit concentrations • Loan facility risk • Acquisitions • Catastrophe Each qualitative factor is converted to a scale ranging from 0 (No risk) to 100 (High Risk), other than the last two factors, which are applied on a dollar-for-dollar basis to ensure that the combination of such factors is proportional. The resulting ratings from the individual factors are weighted and summed to establish the weighted-average qualitative factor within each key market region. The allowance for loan loss methodology segregates the consumer LHFI portfolio into homogeneous pools of loans that contain similar structure, repayment, collateral and risk profiles. These homogeneous pools of loans are shown below: • Residential Mortgage • Direct Consumer • Junior Lien on 1-4 Family Residential Properties • Credit Cards • Overdrafts The historical loss experience for these pools is determined by calculating a 12-quarter rolling average of net charge-offs, which is applied to each pool to establish the quantitative aspect of the methodology. Where, in Management’s estimation, the calculated loss experience does not fully cover the anticipated loss for a pool, an estimate is also applied to each pool to establish the qualitative aspect of the methodology, which represents the perceived risks across the loan portfolio at the current point in time. This qualitative methodology utilizes five separate factors made up of unique components that when weighted and combined produce an estimated level of reserve for each of the loan pools. The five qualitative factors include the following: • Economic indicators • Performance trends • Management experience • Credit concentrations • Loan policy exceptions The risk measure for each factor is converted to a scale ranging from 0 (No risk) to 100 (High Risk) to ensure that the combination of such factors is proportional. The resulting ratings from the individual factors are weighted and summed to establish the weighted-average qualitative factor of a specific loan portfolio. This weighted-average qualitative factor is then applied over the five loan pools. Trustmark’s loan policy dictates the guidelines to be followed in determining when a loan is charged off. Commercial purpose loans are charged off when a determination is made that the loan is uncollectible and continuance as a bankable asset is not warranted or an impairment evaluation indicates that a value adjustment is necessary. Consumer loans secured by 1-4 family residential real estate are generally charged off or written down when the credit becomes severely delinquent and the balance exceeds the fair value of the property less costs to sell. Non-real estate consumer purpose loans, both secured and unsecured, are generally charged off in full during the month in which the loan becomes 120 days past due. Credit card loans are generally charged off in full when the loan becomes 180 days past due. The following tables detail the balance in the allowance for loan losses, LHFI allocated to each loan type segmented by the impairment evaluation methodology used at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ — $ 6,931 $ 6,931 Secured by 1-4 family residential properties 30 8,329 8,359 Secured by nonfarm, nonresidential properties 191 24,057 24,248 Other real estate secured — 3,721 3,721 Commercial and industrial loans 3,139 24,479 27,618 Consumer loans — 3,248 3,248 State and other political subdivision loans — 438 438 Other loans 974 4,862 5,836 Total allowance for loan losses, LHFI $ 4,334 $ 76,065 $ 80,399 December 31, 2018 Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ — $ 7,390 $ 7,390 Secured by 1-4 family residential properties 39 8,602 8,641 Secured by nonfarm, nonresidential properties 413 21,963 22,376 Other real estate secured — 3,450 3,450 Commercial and industrial loans 4,334 23,025 27,359 Consumer loans — 2,890 2,890 State and other political subdivision loans 516 474 990 Other loans 1,052 5,142 6,194 Total allowance for loan losses, LHFI $ 6,354 $ 72,936 $ 79,290 The following tables detail LHFI by loan type related to each balance in the allowance for loan losses, LHFI segregated by the impairment evaluation methodology used at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 LHFI Evaluated for Impairment Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ 672 $ 1,110,625 $ 1,111,297 Secured by 1-4 family residential properties 4,698 1,813,428 1,818,126 Secured by nonfarm, nonresidential properties 6,773 2,319,539 2,326,312 Other real estate secured — 635,839 635,839 Commercial and industrial loans 29,389 1,503,929 1,533,318 Consumer loans 30 176,103 176,133 State and other political subdivision loans 8,303 973,884 982,187 Other loans 1,204 532,343 533,547 Total $ 51,069 $ 9,065,690 $ 9,116,759 December 31, 2018 LHFI Evaluated for Impairment Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ 1,552 $ 1,055,049 $ 1,056,601 Secured by 1-4 family residential properties 3,963 1,821,529 1,825,492 Secured by nonfarm, nonresidential properties 9,476 2,211,438 2,220,914 Other real estate secured 248 543,572 543,820 Commercial and industrial loans 30,717 1,507,998 1,538,715 Consumer loans 2 182,446 182,448 State and other pol |
Acquired Loans
Acquired Loans | 6 Months Ended |
Jun. 30, 2019 | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities [Abstract] | |
Acquired Loans | Note 4 – Acquired Loans Trustmark’s loss-share agreement with the Federal Deposit Insurance Corporation (FDIC) covering the acquired covered loans secured by 1-4 family residential properties will expire in 2021. At June 30, 2019 and December 31, 2018, acquired loans consisted of the following ($ in thousands): June 30, 2019 December 31, 2018 Loans secured by real estate: Construction, land development and other land $ 5,705 $ 5,878 Secured by 1-4 family residential properties 19,967 22,556 Secured by nonfarm, nonresidential properties 43,444 47,979 Other real estate secured 7,416 8,253 Commercial and industrial loans 6,193 15,267 Consumer loans 852 1,356 Other loans 4,307 5,643 Acquired loans 87,884 106,932 Less allowance for loan losses, acquired loans 1,398 1,231 Net acquired loans $ 86,486 $ 105,701 The following table presents changes in the net carrying value of the acquired loans for the periods presented ($ in thousands): Acquired Impaired Acquired Not ASC 310-30 (1) Carrying value, net at January 1, 2018 $ 179,570 $ 77,868 Transfers (2)(3) (26,497 ) (59,916 ) Accretion to interest income 9,514 1,019 Payments received, net (62,519 ) (16,234 ) Other (4) (26 ) 74 Change in allowance for loan losses, acquired loans 2,848 — Carrying value, net at December 31, 2018 102,890 2,811 Transfers (3) — (2,926 ) Accretion to interest income 2,983 115 Payments received, net (19,667 ) — Other (4) 447 — Change in allowance for loan losses, acquired loans (167 ) — Carrying value, net at June 30, 2019 $ 86,486 $ — (1) “Acquired Not ASC 310-30” loans consist of loans that are not in scope for FASB ASC Topic 310-30. (2) During 2018, Trustmark transferred the remaining loans acquired in the Bay Bank, Heritage and Reliance acquisitions from acquired impaired loans to LHFI. (3) “Acquired Not ASC 310-30” (4) Includes miscellaneous timing adjustments as well as acquired loan terminations through foreclosure, charge-off and other terminations. Under FASB ASC Topic 310-30, the accretable yield is the excess of expected cash flows at acquisition over the initial fair value of acquired impaired loans and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. The following table presents changes in the accretable yield for the periods presented ($ in thousands): Six Months Ended June 30, 2019 2018 Accretable yield at beginning of period $ (17,722 ) $ (31,426 ) Accretion to interest income 2,983 5,927 Disposals, net 1,114 1,463 Transfers (1) — 3,685 Reclassification from nonaccretable difference (2) (2,280 ) (2,547 ) Accretable yield at end of period $ (15,905 ) $ (22,898 ) (1) During the second quarter of 2018, Trustmark transferred the remaining loans acquired in the Bay Bank merger from acquired impaired loans to LHFI. (2) Reclassifications from nonaccretable difference are due to lower loss expectations and improvements in expected cash flows. The following table presents the components of the allowance for loan losses on acquired loans for the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance at beginning of period $ 1,297 $ 4,294 $ 1,231 $ 4,079 Transfers (1) — (782 ) — (782 ) Net (charge-offs) recoveries (5 ) (25 ) (17 ) 40 Provision for loan losses, acquired loans 106 (441 ) 184 (291 ) Balance at end of period $ 1,398 $ 3,046 $ 1,398 $ 3,046 (1) The allowance for loan losses balance related to the remaining loans acquired in the Bay Bank merger, which were transferred from acquired loans to LHFI during the second quarter of 2018. As discussed in Note 3 - LHFI and Allowance for Loan Losses, LHFI, Trustmark has established a loan grading system that consists of ten individual credit risk grades (risk ratings) that encompass a range from loans where the expectation of loss is negligible to loans where loss has been established. The model is based on the risk of default for an individual credit and establishes certain criteria to segregate the level of risk across the ten unique risk ratings. These credit quality measures are unique to commercial loans. Credit quality for consumer loans is based on individual credit scores, aging status of the loan and payment activity. The tables below present the acquired loans by loan type and credit quality indicator at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Commercial Loans Pass - Categories 1-6 Special Mention - Category 7 Substandard - Category 8 Doubtful - Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 4,781 $ 27 $ 235 $ — $ 5,043 Secured by 1-4 family residential properties 3,681 43 556 444 4,724 Secured by nonfarm, nonresidential properties 31,840 — 11,193 411 43,444 Other real estate secured 7,150 — 70 196 7,416 Commercial and industrial loans 4,348 — 149 1,696 6,193 Consumer loans — — — — — Other loans 2,946 — 1,361 — 4,307 Total acquired loans $ 54,746 $ 70 $ 13,564 $ 2,747 $ 71,127 Consumer Loans Current Past Due 30-89 Days Past Due 90 Days or More Nonaccrual (1) Subtotal Total Acquired Loans Loans secured by real estate: Construction, land development and other land $ 658 $ — $ 4 $ — $ 662 $ 5,705 Secured by 1-4 family residential properties 14,287 858 98 — 15,243 19,967 Secured by nonfarm, nonresidential properties — — — — — 43,444 Other real estate secured — — — — — 7,416 Commercial and industrial loans — — — — — 6,193 Consumer loans 844 8 — — 852 852 Other loans — — — — — 4,307 Total acquired loans $ 15,789 $ 866 $ 102 $ — $ 16,757 $ 87,884 (1) Acquired loans not accounted for under FASB ASC Topic 310-30. December 31, 2018 Commercial Loans Pass - Categories 1-6 Special Mention - Category 7 Substandard - Category 8 Doubtful - Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 4,923 $ 26 $ 278 $ — $ 5,227 Secured by 1-4 family residential properties 4,341 45 534 451 5,371 Secured by nonfarm, nonresidential properties 34,933 — 12,614 432 47,979 Other real estate secured 7,653 — 190 410 8,253 Commercial and industrial loans 6,560 — 6,942 1,765 15,267 Consumer loans — — — — — Other loans 4,027 — 1,616 — 5,643 Total acquired loans $ 62,437 $ 71 $ 22,174 $ 3,058 $ 87,740 Consumer Loans Current Past Due 30-89 Days Past Due 90 Days or More Nonaccrual (1) Subtotal Total Acquired Loans Loans secured by real estate: Construction, land development and other land $ 642 $ 5 $ 4 $ — $ 651 $ 5,878 Secured by 1-4 family residential properties 16,133 571 481 — 17,185 22,556 Secured by nonfarm, nonresidential properties — — — — — 47,979 Other real estate secured — — — — — 8,253 Commercial and industrial loans — — — — — 15,267 Consumer loans 1,346 10 — — 1,356 1,356 Other loans — — — — — 5,643 Total acquired loans $ 18,121 $ 586 $ 485 $ — $ 19,192 $ 106,932 (1) Acquired loans not accounted for under FASB ASC Topic 310-30. The following tables provide an aging analysis of contractually past due and nonaccrual acquired loans by loan type at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Past Due 30-59 Days 60-89 Days 90 Days or More (1) Total Nonaccrual (2) Current Loans Total Acquired Loans Loans secured by real estate: Construction, land development and other land $ — $ — $ 100 $ 100 $ — $ 5,605 $ 5,705 Secured by 1-4 family residential properties 723 244 132 1,099 — 18,868 19,967 Secured by nonfarm, nonresidential properties — 69 734 803 — 42,641 43,444 Other real estate secured — — — — — 7,416 7,416 Commercial and industrial loans — — — — — 6,193 6,193 Consumer loans — 8 — 8 — 844 852 Other loans — — 1,352 1,352 — 2,955 4,307 Total acquired loans $ 723 $ 321 $ 2,318 $ 3,362 $ — $ 84,522 $ 87,884 (1) Past due 90 days or more but still accruing interest. (2) Acquired loans not accounted for under FASB ASC Topic 310-30. December 31, 2018 Past Due 30-59 Days 60-89 Days 90 Days or More (1) Total Nonaccrual (2) Current Loans Total Acquired Loans Loans secured by real estate: Construction, land development and other land $ 5 $ — $ 87 $ 92 $ — $ 5,786 $ 5,878 Secured by 1-4 family residential properties 664 108 481 1,253 — 21,303 22,556 Secured by nonfarm, nonresidential properties 206 — 978 1,184 — 46,795 47,979 Other real estate secured 2 14 — 16 — 8,237 8,253 Commercial and industrial loans — — — — — 15,267 15,267 Consumer loans 1 9 — 10 — 1,346 1,356 Other loans — — — — — 5,643 5,643 Total acquired loans $ 878 $ 131 $ 1,546 $ 2,555 $ — $ 104,377 $ 106,932 (1) Past due 90 days or more but still accruing interest. (2) Acquired loans not accounted for under FASB ASC Topic 310-30. |
Mortgage Banking
Mortgage Banking | 6 Months Ended |
Jun. 30, 2019 | |
Mortgage Banking [Abstract] | |
Mortgage Banking | Note 5 – Mortgage Banking Mortgage Servicing Rights The activity in the mortgage servicing rights (MSR) is detailed in the table below for the periods presented ($ in thousands): Six Months Ended June 30, 2019 2018 Balance at beginning of period $ 95,596 $ 84,269 Origination of servicing assets 6,075 7,719 Change in fair value: Due to market changes (17,072 ) 11,264 Due to run-off (5,316 ) (5,841 ) Balance at end of period $ 79,283 $ 97,411 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, and the discount rate in determining the fair value of the MSR. An increase in either the CPR or discount rate assumption will result in a decrease in the fair value of the MSR, while a decrease in either assumption will result in an increase in the fair value of the MSR. At June 30, 2019, the fair value of the MSR included an assumed average prepayment speed of 12 CPR and an average discount rate of 10.04% compared to an assumed average prepayment speed of 7 CPR and an average discount rate of 10.28% at June 30, 2018. Mortgage Loans Serviced/Sold During the first six months of 2019 and 2018, Trustmark sold $488.1 million and $515.6 million, respectively, of residential mortgage loans. Gains on these sales were recorded as noninterest income in mortgage banking, net and totaled $9.1 million for the first six months of 2019 compared to $10.0 million for the first six months of 2018. The table below details the mortgage loans sold and serviced for others at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 December 31, 2018 Federal National Mortgage Association $ 4,218,612 $ 4,204,336 Government National Mortgage Association 2,579,636 2,537,238 Federal Home Loan Mortgage Corporation 78,261 71,343 Other 20,545 21,957 Total mortgage loans sold and serviced for others $ 6,897,054 $ 6,834,874 Trustmark is subject to losses in its loan servicing portfolio due to loan foreclosures. Trustmark has obligations to either repurchase the outstanding principal balance of a loan or make the purchaser whole for the economic benefits of a loan if it is determined that the loan sold was in violation of representations or warranties made by Trustmark at the time of the sale, herein referred to as mortgage loan servicing putback expenses. Such representations and warranties typically include those made regarding loans that had missing or insufficient file documentation, loans that do not meet investor guidelines, loans in which the appraisal does not support the value and/or loans obtained through fraud by the borrowers or other third parties. Generally, putback requests may be made until the loan is paid in full. However, mortgage loans delivered to Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) on or after January 1, 2013 are subject to the Lending and Selling Representations and Warranties Framework updated in May 2014, which provides certain instances in which FNMA and FHLMC will not exercise their remedies, including a putback request, for breaches of certain selling representations and warranties, such as payment history and quality control review. When a putback request is received, Trustmark evaluates the request and takes appropriate actions based on the nature of the request. Trustmark is required by FNMA and FHLMC to provide a response to putback requests within 60 days of the date of receipt. The total mortgage loan servicing putback expenses are included in other expense. Changes in the reserve for mortgage loan servicing putback expense for mortgage loans were as follows for the periods presented ($ in thousands): Six Months Ended June 30, 2019 2018 Balance at beginning of period $ 1,000 $ 1,000 Provision for putback expenses — — Other (1) (298 ) — Balance at end of period $ 702 $ 1,000 (1) Includes fair value adjustments for loans transferred due to underwriting issues as well as adjustments based on Trustmark’s mortgage loan servicing putback reserve analysis. There is inherent uncertainty in reasonably estimating the requirement for reserves against potential future mortgage loan servicing putback expenses. Future putback expenses are dependent on many subjective factors, including the review procedures of the purchasers and the potential refinance activity on loans sold with servicing released and the subsequent consequences under the representations and warranties. Trustmark believes that it has appropriately reserved for potential mortgage loan servicing putback requests. |
Other Real Estate
Other Real Estate | 6 Months Ended |
Jun. 30, 2019 | |
Other Real Estate And Foreclosed Assets [Abstract] | |
Other Real Estate | Note 6 – Other Real Estate At June 30, 2019, Trustmark’s geographic other real estate distribution was concentrated primarily in its five key market regions: Alabama, Florida, Mississippi, Tennessee and Texas. The ultimate recovery of a substantial portion of the carrying amount of other real estate is susceptible to changes in market conditions in these areas. For the periods presented, changes and gains (losses), net on other real estate were as follows ($ in thousands): Six Months Ended June 30, 2019 2018 Balance at beginning of period $ 34,668 $ 43,228 Additions 2,101 7,084 Disposals (3,859 ) (9,680 ) Write-downs (1,667 ) (965 ) Balance at end of period $ 31,243 $ 39,667 Gains (losses), net on the sale of other real estate included in other real estate expense $ 246 $ 1,002 At June 30, 2019 and December 31, 2018, other real estate by type of property consisted of the following ($ in thousands): June 30, 2019 December 31, 2018 Construction, land development and other land properties $ 15,325 $ 16,206 1-4 family residential properties 4,132 4,983 Nonfarm, nonresidential properties 11,581 13,296 Other real estate properties 205 183 Total other real estate $ 31,243 $ 34,668 At June 30, 2019 and December 31, 2018, other real estate by geographic location consisted of the following ($ in thousands): June 30, 2019 December 31, 2018 Alabama $ 6,451 $ 6,873 Florida 7,826 8,771 Mississippi (1) 15,511 17,255 Tennessee (2) 815 1,025 Texas 640 744 Total other real estate $ 31,243 $ 34,668 (1) Mississippi includes Central and Southern Mississippi Regions. (2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions. At June 30, 2019 and December 31, 2018, the balance of other real estate included $4.1 million and $5.0 million, respectively, of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At June 30, 2019 and December 31, 2018, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $625 thousand and $1.1 million, respectively. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 7 – Leases ASU 2016-02, “Leases (Topic 842),” became effective for Trustmark on January 1, 2019. Trustmark adopted FASB ASC Topic 842 ASU 2018-11, “Leases (Topic 842): Targeted Improvements” Once Trustmark identifies and determines certain contracts are leases according to FASB ASC Topic 842, 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’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’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. As previously stated, Trustmark has elected not to include short-term leases on its balance sheet. The table below details the components of net lease cost for the periods presented ($ in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Finance leases Amortization of right-of-use assets $ 642 $ 1,145 Interest on lease liabilities 80 161 Operating lease cost 1,289 2,589 Short-term lease cost 123 203 Variable lease cost 346 690 Sublease income (82 ) (169 ) Net lease cost $ 2,398 $ 4,619 The table below details the cash payments included in the measurement of lease liabilities during the period presented ($ in thousands): Six Months Ended June 30, 2019 Finance leases Operating cash flows included in other activities, net $ 526 Financing cash flows included in payments under finance lease obligations 1,035 Operating leases Operating cash flows (fixed payments) included in other activities, net 2,481 Operating cash flows (liability reduction) included in other activities, net 1,875 The table below details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at June 30, 2019 ($ in thousands): June 30, 2019 Finance lease right-of-use assets, net of accumulated depreciation $ 10,698 Finance lease liabilities 10,808 Operating lease right-of-use assets 32,762 Operating lease liabilities 33,878 Weighted-average lease term Finance leases 8.63 years Operating leases 9.73 years Weighted-average discount rate Finance leases 3.02 % Operating leases 3.56 % At June 30, 2019, future minimum rental commitments under finance and operating leases were as follows ($ in thousands): Finance Leases Operating Leases 2019 (excluding the six months ended June 30, 2019) $ 1,198 $ 2,484 2020 2,215 4,759 2021 1,615 4,541 2022 1,556 4,149 2023 871 4,112 Thereafter 5,024 20,246 Total minimum lease payments 12,479 40,291 Less imputed interest (1,671 ) (6,413 ) Lease liabilities $ 10,808 $ 33,878 In accordance with the modified-retrospective transition approach for adopting FASB ASC Topic 842, Trustmark did not restate the prior period unaudited consolidated financial statements and all prior period amounts and disclosures are presented under FASB ASC Topic 840. At December 31, 2018, future minimum rental commitments under non-cancellable operating leases were as follows ($ in thousands): 2019 $ 8,680 2020 8,063 2021 7,274 2022 6,680 2023 5,788 Thereafter 29,673 Total $ 66,158 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2019 | |
Deposits [Abstract] | |
Deposits | Note 8 – Deposits At June 30, 2019 and December 31, 2018, deposits consisted of the following ($ in thousands): June 30, 2019 December 31, 2018 Noninterest-bearing demand $ 2,909,141 $ 2,937,594 Interest-bearing demand 3,175,585 2,633,259 Savings 3,664,304 3,905,659 Time 1,817,599 1,887,899 Total $ 11,566,629 $ 11,364,411 |
Securities Sold Under Repurchas
Securities Sold Under Repurchase Agreements | 6 Months Ended |
Jun. 30, 2019 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Securities Sold Under Repurchase Agreements | Note 9 – Securities Sold Under Repurchase Agreements Trustmark utilizes securities sold under repurchase agreements as a source of borrowing in connection with overnight repurchase agreements offered to commercial deposit customers by using its unencumbered investment securities as collateral. Trustmark accounts for its securities sold under repurchase agreements as secured borrowings in accordance with FASB ASC Topic 860-30, “Transfers and Servicing – Secured Borrowing and Collateral.” Securities sold under repurchase agreements are stated at the amount of cash received in connection with the transaction. Trustmark monitors collateral levels on a continual basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities sold under repurchase agreements were secured by securities with a carrying amount of $121.6 million and $163.3 million at June 30, 2019 and December 31, 2018, respectively. Trustmark’s repurchase agreements are transacted under master repurchase agreements that give Trustmark, in the event of default by the counterparty, the right of offset with the same counterparty. As of June 30, 2019, all repurchase agreements were short-term and consisted primarily of sweep repurchase arrangements, under which excess deposits are “swept” into overnight repurchase agreements with Trustmark. The following table presents the securities sold under repurchase agreements by collateral pledged at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 December 31, 2018 Mortgage-backed securities Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA $ 15,474 $ 6,721 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 29,429 38,788 Total securities sold under repurchase agreements $ 44,903 $ 45,509 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | Note 10 – Revenue from Contracts with Customers Trustmark accounts for revenue from contracts with customers in accordance with FASB ASC Topic 606, “Revenue from Contracts with Customers,” which provides that revenue be recognized in a manner that depicts the transfer of goods or services to a customer in an amount that reflects the consideration Trustmark expects to be entitled to in exchange for those goods or services. Revenue from contracts with customers is recognized either over time in a manner that depicts Trustmark’s performance, or at a point in time when control of the goods or services are transferred to the customer. Trustmark’s noninterest income, excluding all of mortgage banking, net and securities gains (losses), net and portions of bank card and other fees and other income, are considered within the scope of FASB ASC Topic 606. Gains or losses on the sale of other real estate, which are included in Trustmark’s noninterest expense as other real estate expense, are also within the scope of FASB ASC Topic 606. Trustmark records a gain or loss from the sale of other real estate when control of the property transfers to the buyer. Trustmark records the gain or loss from the sale of other real estate in noninterest expense as other real estate expense. Other real estate sales for the three and six months ended June 30, 2019 resulted in net gains of $123 thousand and $246 thousand, respectively, compared to $588 thousand and $1.0 million for the three and six months ended June 30, 2018, respectively. The following tables present noninterest income disaggregated by reportable operating segment and revenue stream for the periods presented ($ in thousands): Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 (1) Topic 606 Not Topic 606 (2) Total Topic 606 Not Topic 606 (2) Total General Banking Segment Service charges on deposit accounts $ 10,357 $ — $ 10,357 $ 10,626 $ — $ 10,626 Bank card and other fees 7,162 823 7,985 6,826 216 7,042 Mortgage banking, net — 10,295 10,295 — 9,046 9,046 Wealth management 97 — 97 93 — 93 Other, net 2,333 (259 ) 2,074 1,526 842 2,368 Total noninterest income $ 19,949 $ 10,859 $ 30,808 $ 19,071 $ 10,104 $ 29,175 Wealth Management Segment Service charges on deposit accounts $ 22 $ — $ 22 $ 21 $ — $ 21 Bank card and other fees 19 — 19 28 — 28 Wealth management 7,645 — 7,645 7,385 — 7,385 Other, net 25 29 54 16 30 46 Total noninterest income $ 7,711 $ 29 $ 7,740 $ 7,450 $ 30 $ 7,480 Insurance Segment Insurance commissions $ 11,089 $ — $ 11,089 $ 10,735 $ — $ 10,735 Other, net 2 — 2 1 — 1 Total noninterest income $ 11,091 $ — $ 11,091 $ 10,736 $ — $ 10,736 Consolidated Service charges on deposit accounts $ 10,379 $ — $ 10,379 $ 10,647 $ — $ 10,647 Bank card and other fees 7,181 823 8,004 6,854 216 7,070 Mortgage banking, net — 10,295 10,295 — 9,046 9,046 Insurance commissions 11,089 — 11,089 10,735 — 10,735 Wealth management 7,742 — 7,742 7,478 — 7,478 Other, net 2,360 (230 ) 2,130 1,543 872 2,415 Total noninterest income $ 38,751 $ 10,888 $ 49,639 $ 37,257 $ 10,134 $ 47,391 (1) During the first quarter of 2019, Trustmark revised the composition of its operating segments by moving the Private Banking Group from the General Banking Segment to the Wealth Management Segment as a result of a change in supervision of this group for segment reporting purposes. The prior period amounts presented include reclassifications to conform to the current period presentation. (2) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 (1) Topic 606 Not Topic 606 (2) Total Topic 606 Not Topic 606 (2) Total General Banking Segment Service charges on deposit accounts $ 20,597 $ — $ 20,597 $ 21,459 $ — $ 21,459 Bank card and other fees 14,027 1,125 15,152 13,350 291 13,641 Mortgage banking, net — 13,737 13,737 — 20,311 20,311 Wealth management 188 — 188 140 — 140 Other, net 4,577 (530 ) 4,047 2,950 434 3,384 Total noninterest income $ 39,389 $ 14,332 $ 53,721 $ 37,899 $ 21,036 $ 58,935 Wealth Management Segment Service charges on deposit accounts $ 47 $ — $ 47 $ 45 $ — $ 45 Bank card and other fees 43 — 43 55 — 55 Wealth management 15,037 — 15,037 14,905 — 14,905 Other, net 261 55 316 31 58 89 Total noninterest income $ 15,388 $ 55 $ 15,443 $ 15,036 $ 58 $ 15,094 Insurance Segment Insurance commissions $ 21,960 $ — $ 21,960 $ 20,154 $ — $ 20,154 Other, net 6 — 6 1 — 1 Total noninterest income $ 21,966 $ — $ 21,966 $ 20,155 $ — $ 20,155 Consolidated Service charges on deposit accounts $ 20,644 $ — $ 20,644 $ 21,504 $ — $ 21,504 Bank card and other fees 14,070 1,125 15,195 13,405 291 13,696 Mortgage banking, net — 13,737 13,737 — 20,311 20,311 Insurance commissions 21,960 — 21,960 20,154 — 20,154 Wealth management 15,225 — 15,225 15,045 — 15,045 Other, net 4,844 (475 ) 4,369 2,982 492 3,474 Total noninterest income $ 76,743 $ 14,387 $ 91,130 $ 73,090 $ 21,094 $ 94,184 (1) During the first quarter of 2019, Trustmark revised the composition of its operating segments by moving the Private Banking Group from the General Banking Segment to the Wealth Management Segment as a result of a change in supervision of this group for segment reporting purposes. The prior period amounts presented include reclassifications to conform to the current period presentation. (2) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security |
Defined Benefit and Other Postr
Defined Benefit and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Benefit and Other Postretirement Benefits | Note 11 – Defined Benefit and Other Postretirement Benefits Qualified Pension Plan Trustmark maintains a noncontributory tax-qualified defined benefit pension plan titled the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions (the Continuing Plan) to satisfy commitments made by Trustmark to associates covered through plans obtained in acquisitions. The following table presents information regarding the net periodic benefit cost for the Continuing Plan for the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Service cost $ 53 $ 70 $ 106 $ 139 Interest cost 90 83 180 166 Expected return on plan assets (50 ) (57 ) (101 ) (114 ) Recognized net loss due to lump sum settlements 63 40 94 80 Recognized net actuarial loss 93 143 186 285 Net periodic benefit cost $ 249 $ 279 $ 465 $ 556 For the plan year ending December 31, 2019, Trustmark’s minimum required contribution to the Continuing Plan is $160 thousand; however, Management and the Board of Directors of Trustmark will monitor the Continuing Plan throughout 2019 to determine any additional funding requirements by the plan’s measurement date, which is December 31. Supplemental Retirement Plans Trustmark maintains a nonqualified supplemental retirement plan covering key executive officers and senior officers as well as directors who have elected to defer fees. The plan provides for retirement and/or death benefits based on a participant’s covered salary or deferred fees. Although plan benefits may be paid from Trustmark’s general assets, Trustmark has purchased life insurance contracts on the participants covered under the plan, which may be used to fund future benefit payments under the plan. The measurement date for the plan is December 31. As a result of mergers prior to 2014, Trustmark became the administrator of small nonqualified supplemental retirement plans, for which the plan benefits were frozen prior to the merger date. The following table presents information regarding the net periodic benefit cost for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Service cost $ 28 $ 29 $ 55 $ 58 Interest cost 501 457 1,042 952 Amortization of prior service cost 62 62 125 125 Recognized net actuarial loss 154 220 316 446 Net periodic benefit cost $ 745 $ 768 $ 1,538 $ 1,581 |
Stock and Incentive Compensatio
Stock and Incentive Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock and Incentive Compensation | Note 12 – Stock and Incentive Compensation Trustmark has granted stock and incentive compensation awards 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. 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. These awards are recognized using the straight-line method over the requisite service period. These awards provide for achievement shares if performance measures exceed 100%. The restricted share agreement provides for voting rights and dividend privileges. Time-Vested Awards Trustmark’s time-vested awards vest over three years and are granted to members of Trustmark’s Board of Directors as well as Trustmark’s executive and senior management teams. Time-vested awards are valued utilizing the fair value of Trustmark’s stock at the grant date. These awards are recognized on the straight-line method over the requisite service period. The following tables summarize the Stock Plan activity for the periods presented: Three Months Ended June 30, 2019 Performance Awards Time-Vested Awards Nonvested shares, beginning of period 149,914 320,658 Granted — — Released from restriction — (7,126 ) Forfeited — (2,264 ) Nonvested shares, end of period 149,914 311,268 Six Months Ended June 30, 2019 Performance Awards Time-Vested Awards Nonvested shares, beginning of period 177,695 321,870 Granted 50,862 113,673 Released from restriction (61,347 ) (119,368 ) Forfeited (17,296 ) (4,907 ) Nonvested shares, end of period 149,914 311,268 The following table presents information regarding compensation expense for awards under the Stock Plan for the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Performance awards $ 481 $ 396 $ 562 $ 290 Time-vested awards 798 683 1,719 1,574 Total compensation expense $ 1,279 $ 1,079 $ 2,281 $ 1,864 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | Note 13 – 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 June 30, 2019 and 2018, Trustmark had unused commitments to extend credit of $4.146 billion and $3.517 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 June 30, 2019 and 2018, Trustmark’s maximum exposure to credit loss in the event of nonperformance by the other party for letters of credit was $103.6 million and $105.1 million, respectively. These amounts consist primarily of commitments with maturities of less than three years, which have an immaterial carrying value. Trustmark holds collateral to support standby letters of credit when deemed necessary. As of June 30, 2019 and 2018, the fair value of collateral held was $30.3 million and $29.1 million, respectively. Legal Proceedings Trustmark’s wholly-owned subsidiary, TNB, has been named as a defendant in three lawsuits related to the collapse of the Stanford Financial Group. The first is a purported class action complaint that was filed on August 23, 2009 in the District Court of Harris County, Texas, by Peggy Roif Rotstain, Guthrie Abbott, Catherine Burnell, Steven Queyrouze, Jaime Alexis Arroyo Bornstein and Juan C. Olano (collectively, Class Plaintiffs), on behalf of themselves and all others similarly situated, naming TNB and four other financial institutions unaffiliated with Trustmark as defendants. The complaint seeks to recover (i) alleged fraudulent transfers from each of the defendants in the amount of fees and other monies received by each defendant from entities controlled by R. Allen Stanford (collectively, the Stanford Financial Group) and (ii) damages allegedly attributable to alleged conspiracies by one or more of the defendants with the Stanford Financial Group to commit fraud and/or aid and abet fraud on the asserted grounds that defendants knew or should have known the Stanford Financial Group was conducting an illegal and fraudulent scheme. Plaintiffs have demanded a jury trial. Plaintiffs did not quantify damages. In November 2009, the lawsuit was removed to federal court by certain defendants and then transferred by the United States Panel on Multidistrict Litigation to federal court in the Northern District of Texas (Dallas) where multiple Stanford related matters are being consolidated for pre-trial proceedings. In May 2010, all defendants (including TNB) filed motions to dismiss the lawsuit. In August 2010, the court authorized and approved the formation of an Official Stanford Investors Committee (OSIC) to represent the interests of Stanford investors and, under certain circumstances, to file legal actions for the benefit of Stanford investors. In December 2011, the OSIC filed a motion to intervene in this action. In September 2012, the district court referred the case to a magistrate judge for hearing and determination of certain pretrial issues. In December 2012, the court granted the OSIC’s motion to intervene, and the OSIC filed an Intervenor Complaint against one of the other defendant financial institutions. In February 2013, the OSIC filed a second Intervenor Complaint that asserts claims against TNB and the remaining defendant financial institutions. The OSIC seeks to recover: (i) alleged fraudulent transfers in the amount of the fees each of the defendants allegedly received from Stanford Financial Group, the profits each of the defendants allegedly made from Stanford Financial Group deposits, and other monies each of the defendants allegedly received from Stanford Financial Group; (ii) damages attributable to alleged conspiracies by each of the defendants with the Stanford Financial Group to commit fraud and/or aid and abet fraud and conversion on the asserted grounds that the defendants knew or should have known the Stanford Financial Group was conducting an illegal and fraudulent scheme; and (iii) punitive damages. The OSIC did not quantify damages. In July 2013, all defendants (including TNB) filed motions to dismiss the OSIC’s claims. In March 2015, the court entered an order authorizing the parties to conduct discovery regarding class certification, 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 7, 2017, the court denied the OSIC’s 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. The second Stanford-related lawsuit was filed on December 14, 2009 in the District Court of Ascension Parish, Louisiana, individually by Harold Jackson, Paul Blaine, Carolyn Bass Smith, Christine Nichols, and Ronald and Ramona Hebert naming TNB (misnamed as Trust National Bank) and other individuals and entities not affiliated with Trustmark as defendants. The complaint seeks to recover the money lost by these individual plaintiffs as a result of the collapse of the Stanford Financial Group (in addition to other damages) under various theories and causes of action, including negligence, breach of contract, breach of fiduciary duty, negligent misrepresentation, detrimental reliance, conspiracy, and violation of Louisiana’s uniform fiduciary, securities, and racketeering laws. The complaint does not quantify the amount of money the plaintiffs seek to recover. In January 2010, the lawsuit was removed to federal court by certain defendants and then transferred by the United States Panel on Multidistrict Litigation to federal court in the Northern District of Texas (Dallas) where multiple Stanford related matters are being consolidated for pre-trial proceedings. On March 29, 2010, the court stayed the case. TNB filed a motion to lift the stay, which was denied on February 28, 2012. In September 2012, the district court referred the case to a magistrate judge for hearing and determination of certain pretrial issues. On April 11, 2016, Trustmark learned that a third 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 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 a 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. To date, TNB has not been served in connection with this action. TNB’s relationship with the Stanford Financial Group began as a result of Trustmark’s acquisition of a Houston-based bank in August 2006, and consisted of correspondent banking and other traditional banking services in the ordinary course of business. All Stanford-related lawsuits are in pre-trial stages. Trustmark and its subsidiaries are also parties to other lawsuits and other claims that arise in the ordinary course of business. Some of the lawsuits assert claims related to the lending, collection, servicing, investment, trust and other business activities, and some of the lawsuits allege substantial claims for damages. All pending legal proceedings described above are being vigorously contested. In accordance FASB ASC Topic 450-20, “Loss Contingencies,” Trustmark will establish an accrued liability for litigation matters when those matters present loss contingencies that are both probable and reasonably estimable. At the present time, Trustmark believes, based on its evaluation and the advice of legal counsel, that a loss in any such proceeding is not probable and a reasonable estimate cannot reasonably be made. |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) | Note 14 – Earnings Per Share (EPS) The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic shares 64,678 67,758 64,957 67,784 Dilutive shares 137 149 132 145 Diluted shares 64,815 67,907 65,089 67,929 Weighted-average antidilutive stock awards were excluded in determining diluted EPS. The following table reflects weighted-average antidilutive stock awards for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted-average antidilutive stock awards 23 25 78 79 |
Statements of Cash Flows
Statements of Cash Flows | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Statements of Cash Flows | Note 15 – Statements of Cash Flows The following table reflects specific transaction amounts for the periods presented ($ in thousands): Six Months Ended June 30, 2019 2018 Income taxes paid $ 5,336 $ 4,620 Interest expense paid on deposits and borrowings 43,004 29,045 Noncash transfers from loans to other real estate 2,101 7,084 Finance right-of-use assets resulting from lease liabilities 10,698 — Operating right-of-use assets resulting from lease liabilities 32,762 — |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | Note 16 – Shareholders’ Equity Regulatory Capital Trustmark and TNB are subject to minimum risk-based capital and leverage capital requirements, as described in the section captioned “Capital Adequacy” included in Part I. Item 1. – Business of Trustmark’s 2018 Annual Report on Form 10-K, 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 June 30, 2019 and 1.875% at December 31, 2018. Accumulated other comprehensive loss, net of tax, is not included in computing regulatory capital. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements of Trustmark and TNB and limit Trustmark’s and TNB’s ability to pay dividends. As of June 30, 2019, Trustmark and TNB exceeded all applicable minimum capital standards. In addition, Trustmark and TNB met applicable regulatory guidelines to be considered well-capitalized at June 30, 2019. 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 June 30, 2019, 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 June 30, 2019 and December 31, 2018 ($ in thousands): Actual Regulatory Capital Minimum To Be Well Amount Ratio Requirement Capitalized At June 30, 2019: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,269,353 11.76 % 7.000 % n/a Trustmark National Bank 1,309,962 12.14 % 7.000 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,329,353 12.31 % 8.500 % n/a Trustmark National Bank 1,309,962 12.14 % 8.500 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,411,150 13.07 % 10.500 % n/a Trustmark National Bank 1,391,759 12.89 % 10.500 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,329,353 10.03 % 4.00 % n/a Trustmark National Bank 1,309,962 9.90 % 4.00 % 5.00 % At December 31, 2018: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,271,538 11.77 % 6.375 % n/a Trustmark National Bank 1,311,548 12.14 % 6.375 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,331,538 12.33 % 7.875 % n/a Trustmark National Bank 1,311,548 12.14 % 7.875 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,412,059 13.07 % 9.875 % n/a Trustmark National Bank 1,392,069 12.89 % 9.875 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,331,538 10.26 % 4.00 % n/a Trustmark National Bank 1,311,548 10.13 % 4.00 % 5.00 % Stock Repurchase Program On March 11, 2016, the Board of Directors of Trustmark authorized a stock repurchase program under which $100.0 million of Trustmark’s outstanding common stock may be acquired through March 31, 2019. Trustmark repurchased approximately 1.2 million shares of its common stock valued at $36.9 million during the three months ended March 31, 2019. Under this authority, Trustmark repurchased approximately 3.2 million shares valued at $100.0 million. The Board of Directors of Trustmark authorized a new stock repurchase program effective April 1, 2019 under which $100.0 million of Trustmark’s outstanding common stock may be acquired through March 31, 2020. The adoption of this new stock repurchase program followed the receipt of non-objection from the FRB. The shares may be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, depending on market conditions. During the three months ended June 30, 2019, Trustmark repurchased approximately 398 thousand shares of its common stock valued at $13.0 million. Together, with the repurchases under the previous program, Trustmark purchased approximately 1.6 million shares of its common stock valued at $49.9 million during the six months ended June 30, 2019, compared to 243 thousand shares valued at $7.9 million repurchased during the six months ended June 30, 2018. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The following tables present the net change in the components of accumulated other comprehensive loss and the related tax effects allocated to each component for the periods presented ($ in thousands). The amortization of prior service cost, recognized net loss due to lump sum settlements and change in net actuarial loss are included in the computation of net periodic benefit cost (see Note 11 – Defined Benefit and Other Postretirement Benefits for additional details). Reclassification adjustments related to pension and other postretirement benefit plans are included in salaries and employee benefits and other expense in the accompanying consolidated statements of income. Reclassification adjustments related to the cash flow hedge derivative are included in other interest expense in the accompanying consolidated statements of income. Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising during the period $ 20,079 $ (5,020 ) $ 15,059 $ (9,275 ) $ 2,320 $ (6,955 ) Change in net unrealized holding loss on securities transferred to held to maturity 1,256 (314 ) 942 971 (243 ) 728 Total securities available for sale and transferred securities 21,335 (5,334 ) 16,001 (8,304 ) 2,077 (6,227 ) Pension and other postretirement benefit plans: Reclassification adjustments for changes realized in net income: Net change in prior service costs 62 (15 ) 47 62 (16 ) 46 Recognized net loss due to lump sum settlements 63 (16 ) 47 40 (10 ) 30 Change in net actuarial loss 247 (61 ) 186 363 (91 ) 272 Total pension and other postretirement benefit plans 372 (92 ) 280 465 (117 ) 348 Cash flow hedge derivatives: Change in accumulated gain (loss) on effective cash flow hedge derivatives (101 ) 25 (76 ) 132 (33 ) 99 Reclassification adjustment for (gain) loss realized in net income (141 ) 35 (106 ) (99 ) 26 (73 ) Total cash flow hedge derivatives (242 ) 60 (182 ) 33 (7 ) 26 Total other comprehensive income (loss) $ 21,465 $ (5,366 ) $ 16,099 $ (7,806 ) $ 1,953 $ (5,853 ) Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising during the period $ 38,903 $ (9,726 ) $ 29,177 $ (37,314 ) $ 9,329 $ (27,985 ) Change in net unrealized holding loss on securities transferred to held to maturity 2,003 (501 ) 1,502 1,936 (484 ) 1,452 Total securities available for sale and transferred securities 40,906 (10,227 ) 30,679 (35,378 ) 8,845 (26,533 ) Pension and other postretirement benefit plans: Reclassification adjustments for changes realized in net income: Net change in prior service costs 125 (31 ) 94 125 (32 ) 93 Recognized net loss due to lump sum settlements 94 (23 ) 71 80 (19 ) 61 Change in net actuarial loss 502 (126 ) 376 731 (183 ) 548 Total pension and other postretirement benefit plans 721 (180 ) 541 936 (234 ) 702 Cash flow hedge derivatives: Change in accumulated gain (loss) on effective cash flow hedge derivatives (164 ) 41 (123 ) 559 (140 ) 419 Reclassification adjustment for (gain) loss realized in net income (312 ) 78 (234 ) (105 ) 27 (78 ) Total cash flow hedge derivatives (476 ) 119 (357 ) 454 (113 ) 341 Total other comprehensive income (loss) $ 41,151 $ (10,288 ) $ 30,863 $ (33,988 ) $ 8,498 $ (25,490 ) The following table presents the changes in the balances of each component of accumulated other comprehensive loss for the periods presented ($ in thousands). All amounts are presented net of tax. Securities Available and Transferred Securities Defined Benefit Pension Items Cash Flow Hedge Derivatives Total Balance at January 1, 2019 $ (43,824 ) $ (12,324 ) $ 469 $ (55,679 ) Other comprehensive income (loss) before reclassification 30,679 — (123 ) 30,556 Amounts reclassified from accumulated other comprehensive loss — 541 (234 ) 307 Net other comprehensive income (loss) 30,679 541 (357 ) 30,863 Balance at June 30, 2019 $ (13,145 ) $ (11,783 ) $ 112 $ (24,816 ) Balance at January 1, 2018 $ (26,535 ) $ (13,468 ) $ 278 $ (39,725 ) Other comprehensive income (loss) before reclassification (26,533 ) — 419 (26,114 ) Amounts reclassified from accumulated other comprehensive loss — 702 (78 ) 624 Net other comprehensive income (loss) (26,533 ) 702 341 (25,490 ) Reclassification of certain income tax effects related to the change in the federal statutory income tax rate under the Tax Reform Act (5,694 ) (2,890 ) 60 (8,524 ) Balance at June 30, 2018 $ (58,762 ) $ (15,656 ) $ 679 $ (73,739 ) |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 17 – 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 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 as of June 30, 2019 and December 31, 2018, 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 six months ended June 30, 2019 and the year ended December 31, 2018. June 30, 2019 Total Level 1 Level 2 Level 3 U.S. Government agency obligations $ 26,646 $ — $ 26,646 $ — Obligations of states and political subdivisions 38,698 — 38,698 — Mortgage-backed securities 1,578,381 — 1,578,381 — Securities available for sale 1,643,725 — 1,643,725 — Loans held for sale 240,380 — 240,380 — Mortgage servicing rights 79,283 — — 79,283 Other assets - derivatives 22,301 4,817 14,939 2,545 Other liabilities - derivatives 4,933 1,129 3,804 — December 31, 2018 Total Level 1 Level 2 Level 3 U.S. Government agency obligations $ 30,335 $ — $ 30,335 $ — Obligations of states and political subdivisions 50,676 — 50,676 — Mortgage-backed securities 1,730,802 — 1,730,802 — Securities available for sale 1,811,813 — 1,811,813 — Loans held for sale 153,799 — 153,799 — Mortgage servicing rights 95,596 — — 95,596 Other assets - derivatives 12,347 5,006 6,154 1,187 Other liabilities - derivatives 4,213 66 4,147 — The changes in Level 3 assets measured at fair value on a recurring basis for the six months ended June 30, 2019 and 2018 are summarized as follows ($ in thousands): MSR Other Assets - Derivatives Balance, January 1, 2019 $ 95,596 $ 1,187 Total net (loss) gain included in Mortgage banking, net (1) (22,388 ) 3,889 Additions 6,075 — Sales — (2,531 ) Balance, June 30, 2019 $ 79,283 $ 2,545 The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held at June 30, 2019 $ (17,072 ) $ 678 Balance, January 1, 2018 $ 84,269 $ 900 Total net (loss) gain included in Mortgage banking, net (1) 5,423 2,698 Additions 7,719 — Sales — (2,146 ) Balance, June 30, 2018 $ 97,411 $ 1,452 The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held at June 30, 2018 $ 11,264 $ 327 (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 June 30, 2019, which have been measured at fair value on a nonrecurring basis, include impaired LHFI. Loans for which it is probable Trustmark will be unable to collect all amounts due according to the contractual terms of the loan agreement are considered impaired. Specific allowances for impaired LHFI are based on comparisons of the recorded carrying values of the loans to the present value of the estimated cash flows of these loans at each loan’s original effective interest rate, the fair value of the collateral or the observable market prices of the loans. Impaired LHFI are primarily collateral dependent loans and are assessed using a fair value approach. Fair value estimates for collateral dependent loans are derived from appraised values based on the current market value or as-is value of the property being appraised, normally from recently received and reviewed appraisals. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by Trustmark’s Appraisal Review Department to ensure they are acceptable. Appraised values are adjusted down for costs associated with asset disposal. At June 30, 2019, Trustmark had outstanding balances of $51.1 million with a related allowance of $4.3 million in impaired LHFI that were individually evaluated for impairment and written down to the fair value of the underlying collateral less cost to sell based on the fair value of the collateral or other unobservable input compared to $55.8 million with a related allowance of $6.4 million at December 31, 2018. These individually evaluated impaired LHFI are classified as Level 3 in the fair value hierarchy. Impaired LHFI are periodically reviewed and evaluated for additional impairment and adjusted accordingly based on the same factors identified above. Nonfinancial Assets and Liabilities Certain nonfinancial assets measured at fair value on a nonrecurring basis include foreclosed assets (upon initial recognition or subsequent impairment), nonfinancial assets and nonfinancial liabilities measured at fair value in the second step of a goodwill impairment test, and intangible assets and other nonfinancial long-lived assets measured at fair value for impairment assessment. Other real estate includes assets that have been acquired in satisfaction of debt through foreclosure and is carried at the lower of cost or estimated fair value. 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 $8.8 million were remeasured during the first six months of 2019, requiring write-downs of $1.1 million to reach their current fair values compared to $11.4 million of foreclosed assets that were remeasured during the first six months of 2018, requiring write-downs of $965 thousand. Fair Value of Financial Instruments FASB ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The carrying amounts and estimated fair values of financial instruments at June 30, 2019 and December 31, 2018, are as follows ($ in thousands): June 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Level 2 Inputs: Cash and short-term investments $ 479,912 $ 479,912 $ 350,391 $ 350,391 Securities held to maturity 825,536 832,361 909,643 889,733 Level 3 Inputs: Net LHFI 9,036,360 9,143,712 8,756,578 8,757,817 Net acquired loans 86,486 86,486 105,701 105,701 Financial Liabilities: Level 2 Inputs: Deposits 11,566,629 11,568,709 11,364,411 11,365,203 Federal funds purchased and securities sold under repurchase agreements 51,800 51,800 50,471 50,471 Other borrowings 79,012 78,983 79,885 79,827 Junior subordinated debt securities 61,856 51,340 61,856 53,196 Fair Value Option Trustmark has elected to account for its mortgage LHFS under the fair value option, with interest income on these mortgage LHFS reported in interest and fees on LHFS and LHFI. The fair value of the mortgage LHFS is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan. The mortgage LHFS are actively managed and monitored and certain market risks of the loans may be mitigated through the use of derivatives. These derivative instruments are carried at fair value with changes in fair value recorded as noninterest income in mortgage banking, net. The changes in the fair value of LHFS are largely offset by changes in the fair value of the derivative instruments. For the three and six months ended June 30, 2019, a net gain of $2.2 million and $2.9 million, respectively, was recorded as noninterest income in mortgage banking, net for changes in the fair value of LHFS accounted for under the fair value option, compared to a net gain of $2.2 million and $1.7 million for the three and six months ended June 30, 2018, respectively. Interest and fees on LHFS and LHFI for the three and six months ended June 30, 2019 included $1.3 million and $2.4 million, respectively, of interest earned on LHFS accounted for under the fair value option, compared to $1.4 million and $2.3 million for the three and six months ended June 30, 2018, respectively. Election of the fair value option allows Trustmark to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value. The fair value option election does not apply to GNMA optional repurchase loans which do not meet the requirements under FASB ASC Topic 825 to be accounted for under the fair value option. GNMA optional repurchase loans totaled $49.8 million and $61.6 million at June 30, 2019 and December 31, 2018, respectively, and are included in LHFS on the accompanying consolidated balance sheets. For additional information regarding GNMA optional repurchase loans, please see the section captioned “Past Due LHFS” included in Note 3 – LHFI and Allowance for Loan Losses, LHFI. The following table provides information about the fair value and the contractual principal outstanding of LHFS accounted for under the fair value option as of June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 December 31, 2018 Fair value of LHFS $ 190,589 $ 92,235 LHFS contractual principal outstanding 184,455 89,056 Fair value less unpaid principal $ 6,134 $ 3,179 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 18 – Derivative Financial Instruments Derivatives Designated as Hedging Instruments On April 4, 2013, Trustmark entered into a forward interest rate swap contract on junior subordinated debentures with a total notional amount of $60.0 million. The interest rate swap contract was designated as a derivative instrument in a cash flow hedge under FASB ASC Topic 815, “Derivatives and Hedging,” with the objective of protecting the quarterly interest payments on Trustmark’s $60.0 million of junior subordinated debentures issued to Trustmark Preferred Capital Trust I throughout the five-year period beginning December 31, 2014 and ending December 31, 2019 from the risk of variability of those payments resulting from changes in the three-month LIBOR interest rate. Under the swap, which became effective on December 31, 2014, Trustmark will pay a fixed interest rate of 1.66% and receive a variable interest rate based on three-month LIBOR on a total notional amount of $60.0 million, with quarterly net settlements. No ineffectiveness related to the interest rate swap designated as a cash flow hedge was recognized in the consolidated statements of income for the six months ended June 30, 2019 and 2018. The accumulated net after-tax gain related to the effective cash flow hedge included in accumulated other comprehensive loss totaled $112 thousand at June 30, 2019 compared to a net after-tax gain of $469 thousand at December 31, 2018. Amounts reported in accumulated other comprehensive loss related to this derivative are reclassified to other interest expense as interest payments are made on Trustmark’s variable rate junior subordinated debentures. During the next six months, Trustmark estimates that $149 thousand will be reclassified as a decrease to other interest expense. Derivatives not Designated as Hedging Instruments Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that economically hedges changes in the fair value of the MSR attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting. The total notional amount of these derivative instruments were $433.0 million at June 30, 2019 compared to $318.0 million at December 31, 2018. 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 $53 thousand compared to a net positive ineffectiveness of $99 thousand for the three months ended June 30, 2019 and 2018, respectively. For the six months ended June 30, 2019 and 2018, the impact was a net negative ineffectiveness of $4.8 million compared to a net positive ineffectiveness of $3.4 million, respectively. As part of Trustmark’s risk management strategy in the mortgage banking area, derivative instruments such as forward sales contracts are utilized. Trustmark’s obligations under forward sales contracts consist of commitments to deliver mortgage loans, originated and/or purchased, in the secondary market at a future date. Changes in the fair value of these derivative instruments are recorded as noninterest income in mortgage banking, net and are offset by changes in the fair value of LHFS. Trustmark’s off-balance sheet obligations under these derivative instruments totaled $268.0 million at June 30, 2019, with a negative valuation adjustment of $2.6 million, compared to $132.0 million, with a negative valuation adjustment of $1.8 million, at December 31, 2018. 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 $197.5 million at June 30, 2019, with a positive valuation adjustment of $2.5 million, compared to $71.2 million, with a positive valuation adjustment of $1.2 million, as of December 31, 2018. 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. As of June 30, 2019, Trustmark had interest rate swaps with an aggregate notional amount of $664.9 million related to this program, compared to $475.8 million as of December 31, 2018. Credit-risk-related Contingent Features Trustmark has agreements with its financial institution counterparties that contain provisions where if Trustmark defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Trustmark could also be declared in default on its derivatives obligations. As of June 30, 2019 and December 31, 2018, the termination value of interest rate swaps in a liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $900 thousand and $75 thousand, respectively. As of June 30, 2019, Trustmark had posted collateral of $1.1 million against its obligations because of negotiated thresholds and minimum transfer amounts under these agreements. If Trustmark had breached any of these triggering provisions at June 30, 2019, 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 both June 30, 2019 and December 31, 2018, Trustmark had entered into three risk participation agreements as a beneficiary with an aggregate notional amount of $38.0 million and $23.1 million, respectively. Trustmark had entered into nine risk participation agreements as a guarantor with an aggregate notional amount of $55.5 million at June 30, 2019 compared to seven risk participation agreements as a guarantor with an aggregate notional amount of $39.0 million at December 31, 2018. The aggregate fair values of these risk participation agreements were immaterial at June 30, 2019 and December 31, 2018. Tabular Disclosures The following tables disclose the fair value of derivative instruments in Trustmark’s consolidated balance sheets as of June 30, 2019 and December 31, 2018 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): June 30, 2019 December 31, 2018 Derivatives in hedging relationships Interest rate contracts: Interest rate swaps included in other assets $ 149 $ 625 Derivatives not designated as hedging instruments Interest rate contracts: Futures contracts included in other assets $ 4,644 $ 4,445 Exchange traded purchased options included in other assets 173 561 OTC written options (rate locks) included in other assets 2,545 1,187 Interest rate swaps included in other assets 14,710 5,487 Credit risk participation agreements included in other assets 80 42 Forward contracts included in other liabilities 2,607 1,773 Exchange traded written options included in other liabilities 1,129 66 Interest rate swaps included in other liabilities 1,178 2,369 Credit risk participation agreements included in other liabilities 19 5 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivatives in hedging relationships Amount of gain (loss) reclassified from accumulated other comprehensive loss and recognized in other interest expense $ 141 $ 99 $ 312 $ 105 Derivatives not designated as hedging instruments Amount of gain (loss) recognized in mortgage banking, net $ 7,944 $ (2,523 ) $ 12,797 $ (7,941 ) Amount of gain (loss) recognized in bank card and other fees (487 ) (10 ) (743 ) 45 The following table discloses the amount included in other comprehensive income (loss), net of tax, for derivative instruments designated as cash flow hedges for the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivatives in cash flow hedging relationship Amount of gain (loss) recognized in other comprehensive income (loss), net of tax $ (76 ) $ 99 $ (123 ) $ 419 Trustmark’s interest rate swap derivative instruments are subject to master netting agreements, and therefore, eligible for offsetting in the consolidated balance sheets. Trustmark has elected to not offset any derivative instruments in its consolidated balance sheets. Information about financial instruments that are eligible for offset in the consolidated balance sheets as of June 30, 2019 and December 31, 2018 is presented in the following tables ($ in thousands): Offsetting of Derivative Assets As of June 30, 2019 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 14,859 $ — $ 14,859 $ (150 ) $ — $ 14,709 Offsetting of Derivative Liabilities As of June 30, 2019 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 1,178 $ — $ 1,178 $ (150 ) $ (1,100 ) $ (72 ) Offsetting of Derivative Assets As of December 31, 2018 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 6,112 $ — $ 6,112 $ (339 ) $ (620 ) $ 5,153 Offsetting of Derivative Liabilities As of December 31, 2018 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 2,369 $ — $ 2,369 $ (339 ) $ — $ 2,030 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Note 19 – Segment Information Trustmark’s management reporting structure includes three segments: General Banking, Wealth Management and Insurance. For a complete overview of Trustmark’s operating segments, see Note 21 – Segment Information included in Part II. Item 8. – Financial Statements and Supplementary Data, of Trustmark’s 2018 Annual Report on Form 10-K. During the first quarter of 2019, Trustmark revised the composition of its operating segments by moving the Private Banking Group from the General Banking Segment to the Wealth Management Segment as a result of a change in supervision of this group for segment reporting purposes. The prior period amounts presented include reclassifications to conform to the current period presentation. The accounting policies of each reportable segment are the same as those of Trustmark except for its internal allocations. Noninterest expenses for back-office operations support are allocated to segments based on estimated uses of those services. Trustmark measures the net interest income of its business segments with a process that assigns cost of funds or earnings credit on a matched-term basis. This process, called “funds transfer pricing”, charges an appropriate cost of funds to assets held by a business unit, or credits the business unit for potential earnings for carrying liabilities. The net of these charges and credits flows through to the General Banking Segment, which contains the management team responsible for determining TNB’s funding and interest rate risk strategies. The following table discloses financial information by reportable segment for the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 General Banking Net interest income $ 106,681 $ 103,978 $ 210,468 $ 204,685 Provision for loan losses, net 2,593 2,731 4,284 6,842 Noninterest income 30,808 29,175 53,721 58,935 Noninterest expense 90,684 88,421 181,343 176,411 Income before income taxes 44,212 42,001 78,562 80,367 Income taxes 5,411 5,216 9,601 9,702 General banking net income $ 38,801 $ 36,785 $ 68,961 $ 70,665 Selected Financial Information Total assets $ 13,365,972 $ 13,363,465 $ 13,365,972 $ 13,363,465 Depreciation and amortization $ 9,593 $ 9,987 $ 18,732 $ 19,197 Wealth Management Net interest income $ 988 $ 1,136 $ 1,954 $ 2,467 Provision for loan losses, net (1 ) (5 ) (3 ) (5 ) Noninterest income 7,740 7,480 15,443 15,094 Noninterest expense 7,136 7,088 14,155 13,964 Income before income taxes 1,593 1,533 3,245 3,602 Income taxes 398 384 807 901 Wealth management net income $ 1,195 $ 1,149 $ 2,438 $ 2,701 Selected Financial Information Total assets $ 109,106 $ 94,447 $ 109,106 $ 94,447 Depreciation and amortization $ 67 $ 28 $ 136 $ 55 Insurance Net interest income $ 55 $ 50 $ 110 $ 105 Noninterest income 11,091 10,736 21,966 20,155 Noninterest expense 8,281 8,291 16,624 15,890 Income before income taxes 2,865 2,495 5,452 4,370 Income taxes 721 616 1,372 1,093 Insurance net income $ 2,144 $ 1,879 $ 4,080 $ 3,277 Selected Financial Information Total assets $ 73,880 $ 67,353 $ 73,880 $ 67,353 Depreciation and amortization $ 126 $ 143 $ 255 $ 282 Consolidated Net interest income $ 107,724 $ 105,164 $ 212,532 $ 207,257 Provision for loan losses, net 2,592 2,726 4,281 6,837 Noninterest income 49,639 47,391 91,130 94,184 Noninterest expense 106,101 103,800 212,122 206,265 Income before income taxes 48,670 46,029 87,259 88,339 Income taxes 6,530 6,216 11,780 11,696 Consolidated net income $ 42,140 $ 39,813 $ 75,479 $ 76,643 Selected Financial Information Total assets $ 13,548,958 $ 13,525,265 $ 13,548,958 $ 13,525,265 Depreciation and amortization $ 9,786 $ 10,158 $ 19,123 $ 19,534 |
Accounting Policies Recently Ad
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | Note 20 – Accounting Policies Recently Adopted and Pending Accounting Pronouncements Accounting Policies Recently Adopted Except for the changes detailed below, Trustmark has consistently applied its accounting policies to all periods presented in the accompanying consolidated financial statements. ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” Issued in August 2017, ASU 2017-12 aims to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The amendments in ASU 2017-12 aim to better align an entity’s risk management activities and financial reporting for hedging relationships by expanding and refining hedge accounting for both non-financial and financial risk components and aligning the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in ASU 2017-12 (i) permit hedge accounting for risk components in hedging relationships involving nonfinancial risk and interest rate risk; (ii) change the guidance for designating fair value hedges of interest rate risk and for measuring the change in fair value of the hedged item in fair value hedges of interest rate risk; (iii) continue to allow an entity to exclude option premiums and forward points from the assessment of hedge effectiveness; and (iv) permit an entity to exclude the portion of the change in fair value of a currency swap that is attributable to a cross-country basis spread from the assessment of hedge effectiveness. The amendments of ASU 2017-12 also include targeted improvements intended to simplify the application of hedge accounting. All transition requirements and elections must be applied to all hedging relationships existing at the date of adoption. The amendments of ASU 2017-12 became effective for Trustmark on January 1, 2019. ASU 2017-12 did not have any impact to Trustmark’s existing hedging relationships at adoption; therefore, the adoption of ASU 2017-12 did not have a material impact on Trustmark’s consolidated financial statements. ASU 2017-08, “ Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” Issued in March 2017, ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium. In particular, the amendments in ASU 2017-08 require the premium to be amortized to the earliest call date. The amendments do not, however, require an accounting change for securities held at a discount; instead, the discount continues to be amortized to maturity. Notably, the amendments in this ASU more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities. Securities within the scope of ASU 2017-08 are purchased debt securities that have explicit, noncontingent call features that are callable at fixed prices and on preset dates. The amendments of ASU 2017-08 became effective for Trustmark on January 1, 2019. Trustmark’s total unamortized premium for purchased debt securities within the scope of ASU 2017-08 is immaterial; therefore, the adoption of ASU 2017-08 did not have a material impact on Trustmark’s consolidated financial statements. ASU 2016-02, “Leases (Topic 842).” Issued in February 2016, ASU 2016-02 was issued by the FASB to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. ASU 2016-02, among other things, requires lessees to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, the ASU contains some targeted improvements that are intended to align, where necessary, lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842: Leases,” which provides corrections or improvements to a number of areas within FASB ASC Topic 842 and has the same transition guidance and effective date as ASU 2016-02. The FASB also issued ASU 2018-11, “Leases (Topic 842)-Targeted Improvements”, in July 2018, which provides entities with an additional and optional transition method to adopt the new lease standard and, for lessors only, a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component. The amendments in ASU 2018-11 allow an entity the option to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption as opposed to at the beginning of the earliest period presented in the financial statements. The amendments of ASU 2018-11 have the same effective date as ASU 2016-02. In December 2018, the FASB issued ASU 2018-20, “Leases (Topic 842): Narrow-Scope Improvements for Lessors,” which provides targeted improvements and clarification to guidance with FASB ASC Topic 842 specific to lessors. The amendments of ASU 2018-20 have the same effective date as ASU 2016-02 and may be applied either retrospectively or prospectively to all new and existing leases. Trustmark has an immaterial amount of leases in which it is the lessor and adoption of ASU 2016-02 did not have a material impact to these leases or the related income. Trustmark obtained a third-party software application which will provide lease contract maintenance and lease accounting under the guidelines of FASB ASC Topic 842. All existing lease contracts, with the exception of short-term leases, were loaded into the software application and reviewed by Management. The amendments of ASU 2016-02 and subsequently issued ASUs, which provided additional guidance and clarifications to various aspects of FASB ASC Topic 842, became effective for Trustmark on January 1, 2019. Trustmark adopted the amendments in this ASU using the optional transition method allowable under ASU 2018-11, and was not required to recognize any cumulative-effect adjustment to the opening balance of retained earnings. During the first quarter of 2019, Trustmark recorded operating lease right-of-use assets and operating lease liabilities of $ 33.9 million and $ 34.9 million, respectively, in its consolidation balance sheet. Additionally, Trustmark recorded financ e lease right-of-use assets, net of accumulated depreciation, of $ 11.2 million in premises and equipment, net and finance lease liabilities of $ 11.2 million in other borrowings. Trustmark’s total lease right-of-use assets, net represented approximately 0.3% of its total assets as of March 31, 2019; therefore, the adoption of ASU 2016-02 did not have a material impact on Trustmark’s consolidated financial statements. Disclosures required by the amendments of ASU 2016-02 are included in Note 7 – Leases of this report. Pending Accounting Pronouncements ASU 2018-15, “Intangibles-Goodwill and Other–Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force).” Issued in August 2018, ASU 2018-15 aims to reduce complexity in the accounting for costs of implementing a cloud computing service arrangement. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments of ASU 2018-15 require an entity to follow the guidance in FASB ASC Subtopic 350-40, “Intangibles-Goodwill and Other-Internal-Use Software,” in order to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendments of ASU 2018-15 also require an entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement ( the noncancellable period of the arrangement plus periods covered by (1) an option to extend the arrangement if the entity is reasonably certain to exercise that option, (2) an option to terminate the arrangement if the entity is reasonably certain not to exercise the option, and (3) an option to extend (or not to terminate) the arrangement in which exercise of the option is in the control of the vendor). ASU 2018-15 also requires an entity to present the expense related to the capitalized implementation costs in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement, and to classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. ASU 2018-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Trustmark does not currently have any material amount of implementation costs related to hosting arrangements that are service contracts and is not expected to have a material impact to Trustmark’s consolidated financial statements; however, Management will continue to evaluate the impact of this ASU on future hosting arrangements as well as Trustmark’s consolidated financial statements through its effective date. ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” Issued in August 2018, ASU 2018-14 modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in ASU 2018-14 remove certain disclosure requirements that are no longer considered cost beneficial, clarify the specific requirements of disclosures and add disclosure requirements identified as relevant. T he amendments of ASU 2018-14 become effective for fiscal years beginning after December 15, 2020. Trustmark plans to adopt these amendments during the first quarter of 2021. Management is currently assessing all the potential impacts of the amendments in ASU 2018-14 on Trustmark’s consolidated financial statements; however, the adoption of ASU 2018-14 is not expected to have a material impact on Trustmark’s consolidated financial statements. ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” Issued in August 2018, the amendments in this ASU remove disclosure requirements in FASB ASC Topic 820 related to (1) the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; (3) the valuation processes for Level 3 fair value measurements; and (4) for non-public entities, the changes in unrealized gains and losses for the period included in earnings for recurring Level 3 fair value measurements held at the end of the reporting period. The ASU also modifies disclosure requirements such that (1) in place of a rollforward for Level 3 fair value measurements, a non-public entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities; (2) for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date that restrictions from redemption might lapse, only if the investee has communicated the timing to the entity or announced the timing publicly; and (3) it is clear that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Additionally, this ASU adds disclosure requirements for public entities about (1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The amendments of ASU 2018-13 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Trustmark plans to adopt ASU 2018-13 during the first quarter of 2020. Management is currently assessing all the potential impacts of the amendments in ASU 2018-13 on Trustmark’s consolidated financial statements; however, the adoption of ASU 2018-13 is not expected to have a material impact on Trustmark’s consolidated financial statements. ASU 2017-04, “ Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” Issued in January 2017, ASU 2017-04 simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. In computing the implied fair value of goodwill under Step 2, an entity, prior to the amendments in ASU 2017-04, had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities, including unrecognized assets and liabilities, in accordance with the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. However, under the amendments in ASU 2017-04, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU 2017-04 removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. ASU 2017-04 is effective prospectively for annual, or any interim, goodwill impairment tests in fiscal years beginning after December 15, 2019. Based on Trustmark’s annual goodwill impairment test performed as of October 1, 201 8 , the fair value of its reporting units exceeded the carrying value and, therefore, the related goodwill was not impaired. Management will continue to evaluate the impact this ASU will have on Trustmark’s consolidated financial statements through its effective date; however, the adoption of ASU 2017-04 is not expected to have a material impact on Trustmark’s consolidated financial statements. ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” Issued in June 2016, ASU 2016-13 will add FASB ASC Topic 326, “Financial Instruments-Credit Losses” and finalizes amendments to FASB ASC Subtopic 825-15, “Financial Instruments-Credit Losses.” The amendments of ASU 2016-13 are intended to provide financial statement users with more decision-useful information related to expected credit losses on financial instruments and other commitments to extend credit by replacing the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The amendments of ASU 2016-13 eliminate the probable initial recognition threshold and, in turn, reflect an entity’s current estimate of all expected credit losses. ASU 2016-13 does not specify the method for measuring expected credit losses, and an entity is allowed to apply methods that reasonably reflect its expectations of the credit loss estimate. Additionally, the amendments of ASU 2016-13 require that credit losses on available for sale debt securities be presented as an allowance rather than as a write-down. The amendments of ASU 2016-13 are effective for interim and annual periods beginning after December 15, 2019. Earlier application is permitted for interim and annual periods beginning after December 15, 2018. Trustmark has established a cross-functional Current Expected Credit Loss (CECL) Steering Committee, a CECL Solution Development Working Group and a CECL Working Group which include the appropriate members of Management to evaluate the impact this ASU, and all subsequent ASUs issued by FASB to provide clarification related to this Topic, will have on Trustmark’s financial position, results of operations and financial statement disclosures and determine the most appropriate method of implementing the amendments in these ASUs as well as any resources needed to implement the amendments. Trustmark plans to adopt the amendments of ASU 2016-13, and all subsequently issued ASUs, during the first quarter of 2020. Trustmark selected a third-party vendor to provide allowance for loan loss software as well as advisory services in developing a new methodology that would be compliant with amendments of ASU 2016-13, and is working with the approved third-party vendor to develop the CECL model and evaluate the impact to Trustmark. During 2019, Trustmark is focused on model validations as well as development of process and related controls. Trustmark is on schedule to fully comply with all CECL requirements within its internally established timeframe for implementation. Management will continue to evaluate the impact this ASU will have on Trustmark’s consolidated financial statements through its effective date. |
Accounting Policies Recently _2
Accounting Policies Recently Adopted and Pending Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | Accounting Policies Recently Adopted Except for the changes detailed below, Trustmark has consistently applied its accounting policies to all periods presented in the accompanying consolidated financial statements. ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” Issued in August 2017, ASU 2017-12 aims to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The amendments in ASU 2017-12 aim to better align an entity’s risk management activities and financial reporting for hedging relationships by expanding and refining hedge accounting for both non-financial and financial risk components and aligning the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in ASU 2017-12 (i) permit hedge accounting for risk components in hedging relationships involving nonfinancial risk and interest rate risk; (ii) change the guidance for designating fair value hedges of interest rate risk and for measuring the change in fair value of the hedged item in fair value hedges of interest rate risk; (iii) continue to allow an entity to exclude option premiums and forward points from the assessment of hedge effectiveness; and (iv) permit an entity to exclude the portion of the change in fair value of a currency swap that is attributable to a cross-country basis spread from the assessment of hedge effectiveness. The amendments of ASU 2017-12 also include targeted improvements intended to simplify the application of hedge accounting. All transition requirements and elections must be applied to all hedging relationships existing at the date of adoption. The amendments of ASU 2017-12 became effective for Trustmark on January 1, 2019. ASU 2017-12 did not have any impact to Trustmark’s existing hedging relationships at adoption; therefore, the adoption of ASU 2017-12 did not have a material impact on Trustmark’s consolidated financial statements. ASU 2017-08, “ Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” Issued in March 2017, ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium. In particular, the amendments in ASU 2017-08 require the premium to be amortized to the earliest call date. The amendments do not, however, require an accounting change for securities held at a discount; instead, the discount continues to be amortized to maturity. Notably, the amendments in this ASU more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities. Securities within the scope of ASU 2017-08 are purchased debt securities that have explicit, noncontingent call features that are callable at fixed prices and on preset dates. The amendments of ASU 2017-08 became effective for Trustmark on January 1, 2019. Trustmark’s total unamortized premium for purchased debt securities within the scope of ASU 2017-08 is immaterial; therefore, the adoption of ASU 2017-08 did not have a material impact on Trustmark’s consolidated financial statements. ASU 2016-02, “Leases (Topic 842).” Issued in February 2016, ASU 2016-02 was issued by the FASB to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. ASU 2016-02, among other things, requires lessees to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, the ASU contains some targeted improvements that are intended to align, where necessary, lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842: Leases,” which provides corrections or improvements to a number of areas within FASB ASC Topic 842 and has the same transition guidance and effective date as ASU 2016-02. The FASB also issued ASU 2018-11, “Leases (Topic 842)-Targeted Improvements”, in July 2018, which provides entities with an additional and optional transition method to adopt the new lease standard and, for lessors only, a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component. The amendments in ASU 2018-11 allow an entity the option to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption as opposed to at the beginning of the earliest period presented in the financial statements. The amendments of ASU 2018-11 have the same effective date as ASU 2016-02. In December 2018, the FASB issued ASU 2018-20, “Leases (Topic 842): Narrow-Scope Improvements for Lessors,” which provides targeted improvements and clarification to guidance with FASB ASC Topic 842 specific to lessors. The amendments of ASU 2018-20 have the same effective date as ASU 2016-02 and may be applied either retrospectively or prospectively to all new and existing leases. Trustmark has an immaterial amount of leases in which it is the lessor and adoption of ASU 2016-02 did not have a material impact to these leases or the related income. Trustmark obtained a third-party software application which will provide lease contract maintenance and lease accounting under the guidelines of FASB ASC Topic 842. All existing lease contracts, with the exception of short-term leases, were loaded into the software application and reviewed by Management. The amendments of ASU 2016-02 and subsequently issued ASUs, which provided additional guidance and clarifications to various aspects of FASB ASC Topic 842, became effective for Trustmark on January 1, 2019. Trustmark adopted the amendments in this ASU using the optional transition method allowable under ASU 2018-11, and was not required to recognize any cumulative-effect adjustment to the opening balance of retained earnings. During the first quarter of 2019, Trustmark recorded operating lease right-of-use assets and operating lease liabilities of $ 33.9 million and $ 34.9 million, respectively, in its consolidation balance sheet. Additionally, Trustmark recorded financ e lease right-of-use assets, net of accumulated depreciation, of $ 11.2 million in premises and equipment, net and finance lease liabilities of $ 11.2 million in other borrowings. Trustmark’s total lease right-of-use assets, net represented approximately 0.3% of its total assets as of March 31, 2019; therefore, the adoption of ASU 2016-02 did not have a material impact on Trustmark’s consolidated financial statements. Disclosures required by the amendments of ASU 2016-02 are included in Note 7 – Leases of this report. Pending Accounting Pronouncements ASU 2018-15, “Intangibles-Goodwill and Other–Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force).” Issued in August 2018, ASU 2018-15 aims to reduce complexity in the accounting for costs of implementing a cloud computing service arrangement. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments of ASU 2018-15 require an entity to follow the guidance in FASB ASC Subtopic 350-40, “Intangibles-Goodwill and Other-Internal-Use Software,” in order to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendments of ASU 2018-15 also require an entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement ( the noncancellable period of the arrangement plus periods covered by (1) an option to extend the arrangement if the entity is reasonably certain to exercise that option, (2) an option to terminate the arrangement if the entity is reasonably certain not to exercise the option, and (3) an option to extend (or not to terminate) the arrangement in which exercise of the option is in the control of the vendor). ASU 2018-15 also requires an entity to present the expense related to the capitalized implementation costs in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement, and to classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. ASU 2018-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Trustmark does not currently have any material amount of implementation costs related to hosting arrangements that are service contracts and is not expected to have a material impact to Trustmark’s consolidated financial statements; however, Management will continue to evaluate the impact of this ASU on future hosting arrangements as well as Trustmark’s consolidated financial statements through its effective date. ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” Issued in August 2018, ASU 2018-14 modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in ASU 2018-14 remove certain disclosure requirements that are no longer considered cost beneficial, clarify the specific requirements of disclosures and add disclosure requirements identified as relevant. T he amendments of ASU 2018-14 become effective for fiscal years beginning after December 15, 2020. Trustmark plans to adopt these amendments during the first quarter of 2021. Management is currently assessing all the potential impacts of the amendments in ASU 2018-14 on Trustmark’s consolidated financial statements; however, the adoption of ASU 2018-14 is not expected to have a material impact on Trustmark’s consolidated financial statements. ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” Issued in August 2018, the amendments in this ASU remove disclosure requirements in FASB ASC Topic 820 related to (1) the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; (3) the valuation processes for Level 3 fair value measurements; and (4) for non-public entities, the changes in unrealized gains and losses for the period included in earnings for recurring Level 3 fair value measurements held at the end of the reporting period. The ASU also modifies disclosure requirements such that (1) in place of a rollforward for Level 3 fair value measurements, a non-public entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities; (2) for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date that restrictions from redemption might lapse, only if the investee has communicated the timing to the entity or announced the timing publicly; and (3) it is clear that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Additionally, this ASU adds disclosure requirements for public entities about (1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The amendments of ASU 2018-13 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Trustmark plans to adopt ASU 2018-13 during the first quarter of 2020. Management is currently assessing all the potential impacts of the amendments in ASU 2018-13 on Trustmark’s consolidated financial statements; however, the adoption of ASU 2018-13 is not expected to have a material impact on Trustmark’s consolidated financial statements. ASU 2017-04, “ Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” Issued in January 2017, ASU 2017-04 simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. In computing the implied fair value of goodwill under Step 2, an entity, prior to the amendments in ASU 2017-04, had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities, including unrecognized assets and liabilities, in accordance with the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. However, under the amendments in ASU 2017-04, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU 2017-04 removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. ASU 2017-04 is effective prospectively for annual, or any interim, goodwill impairment tests in fiscal years beginning after December 15, 2019. Based on Trustmark’s annual goodwill impairment test performed as of October 1, 201 8 , the fair value of its reporting units exceeded the carrying value and, therefore, the related goodwill was not impaired. Management will continue to evaluate the impact this ASU will have on Trustmark’s consolidated financial statements through its effective date; however, the adoption of ASU 2017-04 is not expected to have a material impact on Trustmark’s consolidated financial statements. ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” Issued in June 2016, ASU 2016-13 will add FASB ASC Topic 326, “Financial Instruments-Credit Losses” and finalizes amendments to FASB ASC Subtopic 825-15, “Financial Instruments-Credit Losses.” The amendments of ASU 2016-13 are intended to provide financial statement users with more decision-useful information related to expected credit losses on financial instruments and other commitments to extend credit by replacing the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The amendments of ASU 2016-13 eliminate the probable initial recognition threshold and, in turn, reflect an entity’s current estimate of all expected credit losses. ASU 2016-13 does not specify the method for measuring expected credit losses, and an entity is allowed to apply methods that reasonably reflect its expectations of the credit loss estimate. Additionally, the amendments of ASU 2016-13 require that credit losses on available for sale debt securities be presented as an allowance rather than as a write-down. The amendments of ASU 2016-13 are effective for interim and annual periods beginning after December 15, 2019. Earlier application is permitted for interim and annual periods beginning after December 15, 2018. Trustmark has established a cross-functional Current Expected Credit Loss (CECL) Steering Committee, a CECL Solution Development Working Group and a CECL Working Group which include the appropriate members of Management to evaluate the impact this ASU, and all subsequent ASUs issued by FASB to provide clarification related to this Topic, will have on Trustmark’s financial position, results of operations and financial statement disclosures and determine the most appropriate method of implementing the amendments in these ASUs as well as any resources needed to implement the amendments. Trustmark plans to adopt the amendments of ASU 2016-13, and all subsequently issued ASUs, during the first quarter of 2020. Trustmark selected a third-party vendor to provide allowance for loan loss software as well as advisory services in developing a new methodology that would be compliant with amendments of ASU 2016-13, and is working with the approved third-party vendor to develop the CECL model and evaluate the impact to Trustmark. During 2019, Trustmark is focused on model validations as well as development of process and related controls. Trustmark is on schedule to fully comply with all CECL requirements within its internally established timeframe for implementation. Management will continue to evaluate the impact this ASU will have on Trustmark’s consolidated financial statements through its effective date. |
Securities Available for Sale_2
Securities Available for Sale and Held to Maturity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018 ($ in thousands): Securities Available for Sale Securities Held to Maturity June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government agency obligations $ 27,334 $ 102 $ (790 ) $ 26,646 $ 3,758 $ 242 $ — $ 4,000 Obligations of states and political subdivisions 38,203 495 — 38,698 32,860 478 (88 ) 33,250 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 66,041 314 (639 ) 65,716 11,184 189 (69 ) 11,304 Issued by FNMA and FHLMC 628,799 941 (5,376 ) 624,364 106,755 379 (430 ) 106,704 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 750,605 3,484 (2,718 ) 751,371 536,166 6,505 (1,338 ) 541,333 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 136,556 683 (309 ) 136,930 134,813 1,154 (197 ) 135,770 Total $ 1,647,538 $ 6,019 $ (9,832 ) $ 1,643,725 $ 825,536 $ 8,947 $ (2,122 ) $ 832,361 December 31, 2018 U.S. Government agency obligations $ 31,235 $ 109 $ (1,009 ) $ 30,335 $ 3,736 $ 78 $ — $ 3,814 Obligations of states and political subdivisions 50,503 200 (27 ) 50,676 35,783 255 (139 ) 35,899 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 69,648 147 (2,301 ) 67,494 12,090 45 (257 ) 11,878 Issued by FNMA and FHLMC 685,520 127 (18,963 ) 666,684 115,133 43 (2,887 ) 112,289 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 830,129 67 (18,595 ) 811,601 578,827 189 (15,441 ) 563,575 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 187,494 191 (2,662 ) 185,023 164,074 299 (2,095 ) 162,278 Total $ 1,854,529 $ 841 $ (43,557 ) $ 1,811,813 $ 909,643 $ 909 $ (20,819 ) $ 889,733 |
Securities with Gross Unrealized Losses, Segregated by Length of Impairment | The tables below include securities with gross unrealized losses segregated by length of impairment at June 30, 2019 and December 31, 2018 ($ in thousands): Less than 12 Months 12 Months or More Total June 30, 2019 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses U.S. Government agency obligations $ 645 $ (1 ) $ 22,179 $ (789 ) $ 22,824 $ (790 ) Obligations of states and political subdivisions — — 8,020 (88 ) 8,020 (88 ) Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 299 (3 ) 45,194 (705 ) 45,493 (708 ) Issued by FNMA and FHLMC 2,817 (10 ) 555,445 (5,796 ) 558,262 (5,806 ) Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 9,392 (75 ) 403,393 (3,981 ) 412,785 (4,056 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 31,522 (130 ) 58,497 (376 ) 90,019 (506 ) Total $ 44,675 $ (219 ) $ 1,092,728 $ (11,735 ) $ 1,137,403 $ (11,954 ) December 31, 2018 U.S. Government agency obligations $ — $ — $ 25,045 $ (1,009 ) $ 25,045 $ (1,009 ) Obligations of states and political subdivisions 4,954 (9 ) 12,802 (157 ) 17,756 (166 ) Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 9,163 (54 ) 61,141 (2,504 ) 70,304 (2,558 ) Issued by FNMA and FHLMC 31,931 (172 ) 731,749 (21,678 ) 763,680 (21,850 ) Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 46,643 (110 ) 1,296,221 (33,926 ) 1,342,864 (34,036 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 5,497 (37 ) 272,789 (4,720 ) 278,286 (4,757 ) Total $ 98,188 $ (382 ) $ 2,399,747 $ (63,994 ) $ 2,497,935 $ (64,376 ) |
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 June 30, 2019, 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 Available for Sale Securities Held to Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 29,808 $ 29,944 $ 180 $ 181 Due after one year through five years 8,541 8,646 32,580 32,968 Due after five years through ten years 2,680 2,631 3,858 4,101 Due after ten years 24,508 24,123 — — 65,537 65,344 36,618 37,250 Mortgage-backed securities 1,582,001 1,578,381 788,918 795,111 Total $ 1,647,538 $ 1,643,725 $ 825,536 $ 832,361 |
Loans Held for Investment (LH_2
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
Loan Portfolio Held for Investment | At June 30, 2019 and December 31, 2018, LHFI consisted of the following ($ in thousands): June 30, 2019 December 31, 2018 Loans secured by real estate: Construction, land development and other land $ 1,111,297 $ 1,056,601 Secured by 1-4 family residential properties 1,818,126 1,825,492 Secured by nonfarm, nonresidential properties 2,326,312 2,220,914 Other real estate secured 635,839 543,820 Commercial and industrial loans 1,533,318 1,538,715 Consumer loans 176,133 182,448 State and other political subdivision loans 982,187 973,818 Other loans 533,547 494,060 LHFI 9,116,759 8,835,868 Less allowance for loan losses, LHFI 80,399 79,290 Net LHFI $ 9,036,360 $ 8,756,578 |
Aging Analysis of Past Due and Nonaccrual LHFI by Loan Type | The following tables provide an aging analysis of past due and nonaccrual LHFI by loan type at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Past Due 30-59 Days 60-89 Days 90 Days or (1) Total Nonaccrual Current Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 639 $ — $ — $ 639 $ 1,263 $ 1,109,395 $ 1,111,297 Secured by 1-4 family residential properties 3,600 927 999 5,526 17,591 1,795,009 1,818,126 Secured by nonfarm, nonresidential properties 1,600 75 43 1,718 7,870 2,316,724 2,326,312 Other real estate secured 11 1 — 12 739 635,088 635,839 Commercial and industrial loans 2,429 890 — 3,319 15,708 1,514,291 1,533,318 Consumer loans 1,534 183 203 1,920 152 174,061 176,133 State and other political subdivision loans — — — — 8,303 973,884 982,187 Other loans 335 — — 335 1,262 531,950 533,547 Total $ 10,148 $ 2,076 $ 1,245 $ 13,469 $ 52,888 $ 9,050,402 $ 9,116,759 (1) Past due 90 days or more but still accruing interest. December 31, 2018 Past Due 30-59 Days 60-89 Days 90 Days or (1) Total Nonaccrual Current Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 284 $ — $ — $ 284 $ 2,218 $ 1,054,099 $ 1,056,601 Secured by 1-4 family residential properties 8,600 1,700 569 10,869 14,718 1,799,905 1,825,492 Secured by nonfarm, nonresidential properties 1,887 — — 1,887 9,621 2,209,406 2,220,914 Other real estate secured 197 99 — 296 927 542,597 543,820 Commercial and industrial loans 1,346 300 — 1,646 23,938 1,513,131 1,538,715 Consumer loans 1,800 353 287 2,440 205 179,803 182,448 State and other political subdivision loans 186 — — 186 8,595 965,037 973,818 Other loans 83 — — 83 1,402 492,575 494,060 Total $ 14,383 $ 2,452 $ 856 $ 17,691 $ 61,624 $ 8,756,553 $ 8,835,868 (1) Past due 90 days or more but still accruing interest. |
Impaired Financing Receivables | At June 30, 2019 and December 31, 2018, individually evaluated impaired LHFI consisted of the following ($ in thousands): June 30, 2019 LHFI Unpaid Principal Balance With No Related Allowance Recorded With an Allowance Recorded Total Recorded Investment Related Allowance Average Recorded Investment Loans secured by real estate: Construction, land development and other land $ 945 $ 652 $ 20 $ 672 $ — $ 1,112 Secured by 1-4 family residential properties 5,652 1,688 3,010 4,698 30 4,330 Secured by nonfarm, nonresidential properties 7,088 6,518 255 6,773 191 8,124 Other real estate secured — — — — — 124 Commercial and industrial loans 31,463 12,192 17,197 29,389 3,139 30,053 Consumer loans 30 — 30 30 — 16 State and other political subdivision loans 8,533 8,303 — 8,303 — 8,449 Other loans 1,378 230 974 1,204 974 1,244 Total $ 55,089 $ 29,583 $ 21,486 $ 51,069 $ 4,334 $ 53,452 December 31, 2018 LHFI Unpaid Principal Balance With No Related Allowance Recorded With an Allowance Recorded Total Recorded Investment Related Allowance Average Recorded Investment Loans secured by real estate: Construction, land development and other land $ 1,794 $ 1,528 $ 24 $ 1,552 $ — $ 1,738 Secured by 1-4 family residential properties 4,951 95 3,868 3,963 39 4,328 Secured by nonfarm, nonresidential properties 8,282 6,728 2,748 9,476 413 8,898 Other real estate secured — — 248 248 — 124 Commercial and industrial loans 37,786 12,893 17,824 30,717 4,334 26,725 Consumer loans 2 — 2 2 — 6 State and other political subdivision loans 8,688 4,079 4,516 8,595 516 4,297 Other loans 1,418 230 1,052 1,282 1,052 804 Total $ 62,921 $ 25,553 $ 30,282 $ 55,835 $ 6,354 $ 46,920 |
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): Three Months Ended June 30, 2019 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loans secured by real estate: Construction, land development and other land — $ — $ — 1 $ 22 $ 22 Secured by 1-4 family residential properties 5 793 792 12 1,634 1,193 Secured by nonfarm, nonresidential properties 1 5,055 5,055 — — — Commercial and industrial loans 2 113 — 5 9,275 9,258 Consumer loans — — — 3 4 4 Total 8 $ 5,961 $ 5,847 21 $ 10,935 $ 10,477 Six Months Ended June 30, 2019 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loans secured by real estate: Construction, land development and other land — $ — $ — 1 $ 22 $ 22 Secured by 1-4 family residential properties 7 879 878 16 1,752 1,311 Secured by nonfarm, nonresidential properties 1 5,055 5,055 — — — Commercial and industrial loans 8 9,167 9,054 6 11,746 11,729 Consumer loans 2 30 30 3 4 4 Total 18 $ 15,131 $ 15,017 26 $ 13,524 $ 13,066 |
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): Six Months Ended June 30, 2019 2018 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Loans secured by real estate: Construction, land development and other land — $ — 1 $ 22 Secured by 1-4 family residential properties 1 46 2 30 Commercial and industrial loans 10 7,957 3 7,414 Consumer loans 1 27 — — Total 12 $ 8,030 6 $ 7,466 |
Troubled Debt Restructuring Related to Loans Held for Investment by Loan Type | The following tables detail LHFI classified as TDRs by loan type at June 30, 2019 and 2018 ($ in thousands): June 30, 2019 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 20 $ 20 Secured by 1-4 family residential properties 50 3,563 3,613 Secured by nonfarm, nonresidential properties — 5,311 5,311 Commercial and industrial loans 14,897 11,965 26,862 Consumer loans — 30 30 Other loans — 510 510 Total TDRs $ 14,947 $ 21,399 $ 36,346 June 30, 2018 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 208 $ 208 Secured by 1-4 family residential properties 501 3,407 3,908 Secured by nonfarm, nonresidential properties — 370 370 Commercial and industrial loans 733 28,673 29,406 Consumer loans — 4 4 Other loans — 556 556 Total TDRs $ 1,234 $ 33,218 $ 34,452 |
Carrying Amount of Loans by Credit Quality Indicator | The tables below present LHFI by loan type and credit quality indicator at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Commercial LHFI Pass - Categories 1-6 Special Mention - Category 7 Substandard - Category 8 Doubtful - Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 1,030,648 $ 70 $ 3,992 $ 193 $ 1,034,903 Secured by 1-4 family residential properties 118,173 313 2,618 48 121,152 Secured by nonfarm, nonresidential properties 2,276,103 — 49,803 362 2,326,268 Other real estate secured 630,205 — 4,849 — 635,054 Commercial and industrial loans 1,452,571 15,575 64,412 760 1,533,318 Consumer loans — — — — — State and other political subdivision loans 967,718 4,650 9,819 — 982,187 Other loans 508,013 3,986 17,615 35 529,649 Total $ 6,983,431 $ 24,594 $ 153,108 $ 1,398 $ 7,162,531 Consumer LHFI Current Past Due 30-89 Days Past Due 90 Days or More Nonaccrual Subtotal Total LHFI Loans secured by real estate: Construction, land development and other land $ 75,579 $ 529 $ — $ 286 $ 76,394 $ 1,111,297 Secured by 1-4 family residential properties 1,675,107 4,240 999 16,628 1,696,974 1,818,126 Secured by nonfarm, nonresidential properties 44 — — — 44 2,326,312 Other real estate secured 784 1 — — 785 635,839 Commercial and industrial loans — — — — — 1,533,318 Consumer loans 174,061 1,717 203 152 176,133 176,133 State and other political subdivision loans — — — — — 982,187 Other loans 3,898 — — — 3,898 533,547 Total $ 1,929,473 $ 6,487 $ 1,202 $ 17,066 $ 1,954,228 $ 9,116,759 December 31, 2018 Commercial LHFI Pass - Categories 1-6 Special Mention - Category 7 Substandard Category 8 Doubtful - Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 982,305 $ 75 $ 5,645 $ 203 $ 988,228 Secured by 1-4 family residential properties 123,191 216 2,731 229 126,367 Secured by nonfarm, nonresidential properties 2,182,106 1,250 37,025 473 2,220,854 Other real estate secured 537,958 323 4,610 — 542,891 Commercial and industrial loans 1,468,262 12,431 55,943 2,079 1,538,715 Consumer loans — — — — — State and other political subdivision loans 958,214 5,250 10,354 — 973,818 Other loans 460,568 17,842 10,323 49 488,782 Total $ 6,712,604 $ 37,387 $ 126,631 $ 3,033 $ 6,879,655 Consumer LHFI Current Past Due 30-89 Days Past Due 90 Days or More Nonaccrual Subtotal Total LHFI Loans secured by real estate: Construction, land development and other land $ 67,913 $ 124 $ — $ 336 $ 68,373 $ 1,056,601 Secured by 1-4 family residential properties 1,675,455 9,872 569 13,229 1,699,125 1,825,492 Secured by nonfarm, nonresidential properties 60 — — — 60 2,220,914 Other real estate secured 929 — — — 929 543,820 Commercial and industrial loans — — — — — 1,538,715 Consumer loans 179,802 2,153 288 205 182,448 182,448 State and other political subdivision loans — — — — — 973,818 Other loans 5,278 — — — 5,278 494,060 Total $ 1,929,437 $ 12,149 $ 857 $ 13,770 $ 1,956,213 $ 8,835,868 |
Change in Allowance for Loan Losses | The following tables detail the balance in the allowance for loan losses, LHFI allocated to each loan type segmented by the impairment evaluation methodology used at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ — $ 6,931 $ 6,931 Secured by 1-4 family residential properties 30 8,329 8,359 Secured by nonfarm, nonresidential properties 191 24,057 24,248 Other real estate secured — 3,721 3,721 Commercial and industrial loans 3,139 24,479 27,618 Consumer loans — 3,248 3,248 State and other political subdivision loans — 438 438 Other loans 974 4,862 5,836 Total allowance for loan losses, LHFI $ 4,334 $ 76,065 $ 80,399 December 31, 2018 Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ — $ 7,390 $ 7,390 Secured by 1-4 family residential properties 39 8,602 8,641 Secured by nonfarm, nonresidential properties 413 21,963 22,376 Other real estate secured — 3,450 3,450 Commercial and industrial loans 4,334 23,025 27,359 Consumer loans — 2,890 2,890 State and other political subdivision loans 516 474 990 Other loans 1,052 5,142 6,194 Total allowance for loan losses, LHFI $ 6,354 $ 72,936 $ 79,290 Changes in the allowance for loan losses, LHFI were as follows for the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance at beginning of period $ 79,005 $ 81,235 $ 79,290 $ 76,733 Transfers (1) — 782 — 782 Loans charged-off (2,937 ) (3,421 ) (6,970 ) (5,963 ) Recoveries 1,845 1,803 3,982 4,886 Net (charge-offs) recoveries (1,092 ) (1,618 ) (2,988 ) (1,077 ) Provision for loan losses, LHFI 2,486 3,167 4,097 7,128 Balance at end of period $ 80,399 $ 83,566 $ 80,399 $ 83,566 (1) The allowance for loan losses balance related to the remaining loans acquired in the Bay Bank merger, which were transferred from acquired loans to LHFI during the second quarter of 2018. The following tables detail changes in the allowance for loan losses, LHFI by loan type for the periods ended June 30, 2019 and 2018 ($ in thousands): 2019 Balance January 1, Charge-offs Recoveries Provision for Loan Losses Balance June 30, Loans secured by real estate: Construction, land development and other land $ 7,390 $ (35 ) $ 577 $ (1,001 ) $ 6,931 Secured by 1-4 family residential properties 8,641 (281 ) 336 (337 ) 8,359 Secured by nonfarm, nonresidential properties 22,376 (34 ) 30 1,876 24,248 Other real estate secured 3,450 — 16 255 3,721 Commercial and industrial loans 27,359 (2,831 ) 329 2,761 27,618 Consumer loans 2,890 (1,269 ) 954 673 3,248 State and other political subdivision loans 990 — — (552 ) 438 Other loans 6,194 (2,520 ) 1,740 422 5,836 Total allowance for loan losses, LHFI $ 79,290 $ (6,970 ) $ 3,982 $ 4,097 $ 80,399 2018 Balance January 1, Transfers (1) Charge-offs Recoveries Provision for Loan Losses Balance June 30, Loans secured by real estate: Construction, land development and other land loans $ 7,865 $ 573 $ (2 ) $ 536 $ (1,082 ) $ 7,890 Secured by 1-4 family residential properties 10,874 127 (1,302 ) 342 (379 ) 9,662 Secured by nonfarm, nonresidential properties 23,428 103 (1,117 ) 36 1,552 24,002 Other real estate secured 2,790 (68 ) — 12 (355 ) 2,379 Commercial and industrial loans 22,851 2 (178 ) 1,347 7,506 31,528 Consumer loans 3,470 45 (1,007 ) 1,037 (571 ) 2,974 State and other political subdivision loans 789 — — — (24 ) 765 Other loans 4,666 — (2,357 ) 1,576 481 4,366 Total allowance for loan losses, LHFI $ 76,733 $ 782 $ (5,963 ) $ 4,886 $ 7,128 $ 83,566 (1) |
Summary Of LHFI Evaluated For Impairment | The following tables detail LHFI by loan type related to each balance in the allowance for loan losses, LHFI segregated by the impairment evaluation methodology used at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 LHFI Evaluated for Impairment Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ 672 $ 1,110,625 $ 1,111,297 Secured by 1-4 family residential properties 4,698 1,813,428 1,818,126 Secured by nonfarm, nonresidential properties 6,773 2,319,539 2,326,312 Other real estate secured — 635,839 635,839 Commercial and industrial loans 29,389 1,503,929 1,533,318 Consumer loans 30 176,103 176,133 State and other political subdivision loans 8,303 973,884 982,187 Other loans 1,204 532,343 533,547 Total $ 51,069 $ 9,065,690 $ 9,116,759 December 31, 2018 LHFI Evaluated for Impairment Individually Collectively Total Loans secured by real estate: Construction, land development and other land $ 1,552 $ 1,055,049 $ 1,056,601 Secured by 1-4 family residential properties 3,963 1,821,529 1,825,492 Secured by nonfarm, nonresidential properties 9,476 2,211,438 2,220,914 Other real estate secured 248 543,572 543,820 Commercial and industrial loans 30,717 1,507,998 1,538,715 Consumer loans 2 182,446 182,448 State and other political subdivision loans 8,595 965,223 973,818 Other loans 1,282 492,778 494,060 Total $ 55,835 $ 8,780,033 $ 8,835,868 |
Acquired Loans (Tables)
Acquired Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities [Abstract] | |
Schedule of Acquired Loans | At June 30, 2019 and December 31, 2018, acquired loans consisted of the following ($ in thousands): June 30, 2019 December 31, 2018 Loans secured by real estate: Construction, land development and other land $ 5,705 $ 5,878 Secured by 1-4 family residential properties 19,967 22,556 Secured by nonfarm, nonresidential properties 43,444 47,979 Other real estate secured 7,416 8,253 Commercial and industrial loans 6,193 15,267 Consumer loans 852 1,356 Other loans 4,307 5,643 Acquired loans 87,884 106,932 Less allowance for loan losses, acquired loans 1,398 1,231 Net acquired loans $ 86,486 $ 105,701 |
Changes in the Carrying Value of Acquired Loans | The following table presents changes in the net carrying value of the acquired loans for the periods presented ($ in thousands): Acquired Impaired Acquired Not ASC 310-30 (1) Carrying value, net at January 1, 2018 $ 179,570 $ 77,868 Transfers (2)(3) (26,497 ) (59,916 ) Accretion to interest income 9,514 1,019 Payments received, net (62,519 ) (16,234 ) Other (4) (26 ) 74 Change in allowance for loan losses, acquired loans 2,848 — Carrying value, net at December 31, 2018 102,890 2,811 Transfers (3) — (2,926 ) Accretion to interest income 2,983 115 Payments received, net (19,667 ) — Other (4) 447 — Change in allowance for loan losses, acquired loans (167 ) — Carrying value, net at June 30, 2019 $ 86,486 $ — (1) “Acquired Not ASC 310-30” loans consist of loans that are not in scope for FASB ASC Topic 310-30. (2) During 2018, Trustmark transferred the remaining loans acquired in the Bay Bank, Heritage and Reliance acquisitions from acquired impaired loans to LHFI. (3) “Acquired Not ASC 310-30” (4) Includes miscellaneous timing adjustments as well as acquired loan terminations through foreclosure, charge-off and other terminations. |
Changes in Accretable Yield of Acquired Loans | The following table presents changes in the accretable yield for the periods presented ($ in thousands): Six Months Ended June 30, 2019 2018 Accretable yield at beginning of period $ (17,722 ) $ (31,426 ) Accretion to interest income 2,983 5,927 Disposals, net 1,114 1,463 Transfers (1) — 3,685 Reclassification from nonaccretable difference (2) (2,280 ) (2,547 ) Accretable yield at end of period $ (15,905 ) $ (22,898 ) (1) During the second quarter of 2018, Trustmark transferred the remaining loans acquired in the Bay Bank merger from acquired impaired loans to LHFI. (2) Reclassifications from nonaccretable difference are due to lower loss expectations and improvements in expected cash flows. |
Components of the Allowance for Loan Losses on Acquired Loans | The following table presents the components of the allowance for loan losses on acquired loans for the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance at beginning of period $ 1,297 $ 4,294 $ 1,231 $ 4,079 Transfers (1) — (782 ) — (782 ) Net (charge-offs) recoveries (5 ) (25 ) (17 ) 40 Provision for loan losses, acquired loans 106 (441 ) 184 (291 ) Balance at end of period $ 1,398 $ 3,046 $ 1,398 $ 3,046 (1) The allowance for loan losses balance related to the remaining loans acquired in the Bay Bank merger, which were transferred from acquired loans to LHFI during the second quarter of 2018. |
Acquired Loans by Loan Type and Credit Quality Indicator | The tables below present the acquired loans by loan type and credit quality indicator at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Commercial Loans Pass - Categories 1-6 Special Mention - Category 7 Substandard - Category 8 Doubtful - Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 4,781 $ 27 $ 235 $ — $ 5,043 Secured by 1-4 family residential properties 3,681 43 556 444 4,724 Secured by nonfarm, nonresidential properties 31,840 — 11,193 411 43,444 Other real estate secured 7,150 — 70 196 7,416 Commercial and industrial loans 4,348 — 149 1,696 6,193 Consumer loans — — — — — Other loans 2,946 — 1,361 — 4,307 Total acquired loans $ 54,746 $ 70 $ 13,564 $ 2,747 $ 71,127 Consumer Loans Current Past Due 30-89 Days Past Due 90 Days or More Nonaccrual (1) Subtotal Total Acquired Loans Loans secured by real estate: Construction, land development and other land $ 658 $ — $ 4 $ — $ 662 $ 5,705 Secured by 1-4 family residential properties 14,287 858 98 — 15,243 19,967 Secured by nonfarm, nonresidential properties — — — — — 43,444 Other real estate secured — — — — — 7,416 Commercial and industrial loans — — — — — 6,193 Consumer loans 844 8 — — 852 852 Other loans — — — — — 4,307 Total acquired loans $ 15,789 $ 866 $ 102 $ — $ 16,757 $ 87,884 (1) Acquired loans not accounted for under FASB ASC Topic 310-30. December 31, 2018 Commercial Loans Pass - Categories 1-6 Special Mention - Category 7 Substandard - Category 8 Doubtful - Category 9 Subtotal Loans secured by real estate: Construction, land development and other land $ 4,923 $ 26 $ 278 $ — $ 5,227 Secured by 1-4 family residential properties 4,341 45 534 451 5,371 Secured by nonfarm, nonresidential properties 34,933 — 12,614 432 47,979 Other real estate secured 7,653 — 190 410 8,253 Commercial and industrial loans 6,560 — 6,942 1,765 15,267 Consumer loans — — — — — Other loans 4,027 — 1,616 — 5,643 Total acquired loans $ 62,437 $ 71 $ 22,174 $ 3,058 $ 87,740 Consumer Loans Current Past Due 30-89 Days Past Due 90 Days or More Nonaccrual (1) Subtotal Total Acquired Loans Loans secured by real estate: Construction, land development and other land $ 642 $ 5 $ 4 $ — $ 651 $ 5,878 Secured by 1-4 family residential properties 16,133 571 481 — 17,185 22,556 Secured by nonfarm, nonresidential properties — — — — — 47,979 Other real estate secured — — — — — 8,253 Commercial and industrial loans — — — — — 15,267 Consumer loans 1,346 10 — — 1,356 1,356 Other loans — — — — — 5,643 Total acquired loans $ 18,121 $ 586 $ 485 $ — $ 19,192 $ 106,932 (1) Acquired loans not accounted for under FASB ASC Topic 310-30. |
Aging Analysis of Past Due and Nonaccrual Acquired Loans, by Class | The following tables provide an aging analysis of contractually past due and nonaccrual acquired loans by loan type at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Past Due 30-59 Days 60-89 Days 90 Days or More (1) Total Nonaccrual (2) Current Loans Total Acquired Loans Loans secured by real estate: Construction, land development and other land $ — $ — $ 100 $ 100 $ — $ 5,605 $ 5,705 Secured by 1-4 family residential properties 723 244 132 1,099 — 18,868 19,967 Secured by nonfarm, nonresidential properties — 69 734 803 — 42,641 43,444 Other real estate secured — — — — — 7,416 7,416 Commercial and industrial loans — — — — — 6,193 6,193 Consumer loans — 8 — 8 — 844 852 Other loans — — 1,352 1,352 — 2,955 4,307 Total acquired loans $ 723 $ 321 $ 2,318 $ 3,362 $ — $ 84,522 $ 87,884 (1) Past due 90 days or more but still accruing interest. (2) Acquired loans not accounted for under FASB ASC Topic 310-30. December 31, 2018 Past Due 30-59 Days 60-89 Days 90 Days or More (1) Total Nonaccrual (2) Current Loans Total Acquired Loans Loans secured by real estate: Construction, land development and other land $ 5 $ — $ 87 $ 92 $ — $ 5,786 $ 5,878 Secured by 1-4 family residential properties 664 108 481 1,253 — 21,303 22,556 Secured by nonfarm, nonresidential properties 206 — 978 1,184 — 46,795 47,979 Other real estate secured 2 14 — 16 — 8,237 8,253 Commercial and industrial loans — — — — — 15,267 15,267 Consumer loans 1 9 — 10 — 1,346 1,356 Other loans — — — — — 5,643 5,643 Total acquired loans $ 878 $ 131 $ 1,546 $ 2,555 $ — $ 104,377 $ 106,932 (1) Past due 90 days or more but still accruing interest. (2) Acquired loans not accounted for under FASB ASC Topic 310-30. |
Mortgage Banking (Tables)
Mortgage Banking (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Mortgage Banking [Abstract] | |
Schedule of Activity in the Mortgage Servicing Rights | The activity in the mortgage servicing rights (MSR) is detailed in the table below for the periods presented ($ in thousands): Six Months Ended June 30, 2019 2018 Balance at beginning of period $ 95,596 $ 84,269 Origination of servicing assets 6,075 7,719 Change in fair value: Due to market changes (17,072 ) 11,264 Due to run-off (5,316 ) (5,841 ) Balance at end of period $ 79,283 $ 97,411 |
Schedule of Mortgage Loans Sold and Serviced for Others | The table below details the mortgage loans sold and serviced for others at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 December 31, 2018 Federal National Mortgage Association $ 4,218,612 $ 4,204,336 Government National Mortgage Association 2,579,636 2,537,238 Federal Home Loan Mortgage Corporation 78,261 71,343 Other 20,545 21,957 Total mortgage loans sold and serviced for others $ 6,897,054 $ 6,834,874 |
Changes In The Reserve For Mortgage Loan Servicing Putback Expense | Changes in the reserve for mortgage loan servicing putback expense for mortgage loans were as follows for the periods presented ($ in thousands): Six Months Ended June 30, 2019 2018 Balance at beginning of period $ 1,000 $ 1,000 Provision for putback expenses — — Other (1) (298 ) — Balance at end of period $ 702 $ 1,000 (1) Includes fair value adjustments for loans transferred due to underwriting issues as well as adjustments based on Trustmark’s mortgage loan servicing putback reserve analysis. |
Other Real Estate (Tables)
Other Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Real Estate And Foreclosed 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): Six Months Ended June 30, 2019 2018 Balance at beginning of period $ 34,668 $ 43,228 Additions 2,101 7,084 Disposals (3,859 ) (9,680 ) Write-downs (1,667 ) (965 ) Balance at end of period $ 31,243 $ 39,667 Gains (losses), net on the sale of other real estate included in other real estate expense $ 246 $ 1,002 |
Other Real Estate, By Type of Property | At June 30, 2019 and December 31, 2018, other real estate by type of property consisted of the following ($ in thousands): June 30, 2019 December 31, 2018 Construction, land development and other land properties $ 15,325 $ 16,206 1-4 family residential properties 4,132 4,983 Nonfarm, nonresidential properties 11,581 13,296 Other real estate properties 205 183 Total other real estate $ 31,243 $ 34,668 |
Other Real Estate, By Geographic Location | At June 30, 2019 and December 31, 2018, other real estate by geographic location consisted of the following ($ in thousands): June 30, 2019 December 31, 2018 Alabama $ 6,451 $ 6,873 Florida 7,826 8,771 Mississippi (1) 15,511 17,255 Tennessee (2) 815 1,025 Texas 640 744 Total other real estate $ 31,243 $ 34,668 (1) Mississippi includes Central and Southern Mississippi Regions. (2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Components of Net Lease Cost | The table below details the components of net lease cost for the periods presented ($ in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Finance leases Amortization of right-of-use assets $ 642 $ 1,145 Interest on lease liabilities 80 161 Operating lease cost 1,289 2,589 Short-term lease cost 123 203 Variable lease cost 346 690 Sublease income (82 ) (169 ) Net lease cost $ 2,398 $ 4,619 |
Cash Payments Included in Measurement of Lease Liabilities | The table below details the cash payments included in the measurement of lease liabilities during the period presented ($ in thousands): Six Months Ended June 30, 2019 Finance leases Operating cash flows included in other activities, net $ 526 Financing cash flows included in payments under finance lease obligations 1,035 Operating leases Operating cash flows (fixed payments) included in other activities, net 2,481 Operating cash flows (liability reduction) included in other activities, net 1,875 |
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, related to leases at June 30, 2019 ($ in thousands): June 30, 2019 Finance lease right-of-use assets, net of accumulated depreciation $ 10,698 Finance lease liabilities 10,808 Operating lease right-of-use assets 32,762 Operating lease liabilities 33,878 Weighted-average lease term Finance leases 8.63 years Operating leases 9.73 years Weighted-average discount rate Finance leases 3.02 % Operating leases 3.56 % |
Future Minimum Rental Commitments Under Finance and Operating Leases | At June 30, 2019, future minimum rental commitments under finance and operating leases were as follows ($ in thousands): Finance Leases Operating Leases 2019 (excluding the six months ended June 30, 2019) $ 1,198 $ 2,484 2020 2,215 4,759 2021 1,615 4,541 2022 1,556 4,149 2023 871 4,112 Thereafter 5,024 20,246 Total minimum lease payments 12,479 40,291 Less imputed interest (1,671 ) (6,413 ) Lease liabilities $ 10,808 $ 33,878 |
Future Minimum Rental Commitments Under Non-Cancellable Operating Leases | . At December 31, 2018, future minimum rental commitments under non-cancellable operating leases were as follows ($ in thousands): 2019 $ 8,680 2020 8,063 2021 7,274 2022 6,680 2023 5,788 Thereafter 29,673 Total $ 66,158 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Deposits [Abstract] | |
Deposits Summary | At June 30, 2019 and December 31, 2018, deposits consisted of the following ($ in thousands): June 30, 2019 December 31, 2018 Noninterest-bearing demand $ 2,909,141 $ 2,937,594 Interest-bearing demand 3,175,585 2,633,259 Savings 3,664,304 3,905,659 Time 1,817,599 1,887,899 Total $ 11,566,629 $ 11,364,411 |
Securities Sold Under Repurch_2
Securities Sold Under Repurchase Agreements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Schedule of Securities Sold Under Repurchase Agreements | The following table presents the securities sold under repurchase agreements by collateral pledged at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 December 31, 2018 Mortgage-backed securities Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA $ 15,474 $ 6,721 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 29,429 38,788 Total securities sold under repurchase agreements $ 44,903 $ 45,509 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Noninterest Income Disaggregated by Reportable Operating Segment and Revenue Stream | The following tables present noninterest income disaggregated by reportable operating segment and revenue stream for the periods presented ($ in thousands): Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 (1) Topic 606 Not Topic 606 (2) Total Topic 606 Not Topic 606 (2) Total General Banking Segment Service charges on deposit accounts $ 10,357 $ — $ 10,357 $ 10,626 $ — $ 10,626 Bank card and other fees 7,162 823 7,985 6,826 216 7,042 Mortgage banking, net — 10,295 10,295 — 9,046 9,046 Wealth management 97 — 97 93 — 93 Other, net 2,333 (259 ) 2,074 1,526 842 2,368 Total noninterest income $ 19,949 $ 10,859 $ 30,808 $ 19,071 $ 10,104 $ 29,175 Wealth Management Segment Service charges on deposit accounts $ 22 $ — $ 22 $ 21 $ — $ 21 Bank card and other fees 19 — 19 28 — 28 Wealth management 7,645 — 7,645 7,385 — 7,385 Other, net 25 29 54 16 30 46 Total noninterest income $ 7,711 $ 29 $ 7,740 $ 7,450 $ 30 $ 7,480 Insurance Segment Insurance commissions $ 11,089 $ — $ 11,089 $ 10,735 $ — $ 10,735 Other, net 2 — 2 1 — 1 Total noninterest income $ 11,091 $ — $ 11,091 $ 10,736 $ — $ 10,736 Consolidated Service charges on deposit accounts $ 10,379 $ — $ 10,379 $ 10,647 $ — $ 10,647 Bank card and other fees 7,181 823 8,004 6,854 216 7,070 Mortgage banking, net — 10,295 10,295 — 9,046 9,046 Insurance commissions 11,089 — 11,089 10,735 — 10,735 Wealth management 7,742 — 7,742 7,478 — 7,478 Other, net 2,360 (230 ) 2,130 1,543 872 2,415 Total noninterest income $ 38,751 $ 10,888 $ 49,639 $ 37,257 $ 10,134 $ 47,391 (1) During the first quarter of 2019, Trustmark revised the composition of its operating segments by moving the Private Banking Group from the General Banking Segment to the Wealth Management Segment as a result of a change in supervision of this group for segment reporting purposes. The prior period amounts presented include reclassifications to conform to the current period presentation. (2) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 (1) Topic 606 Not Topic 606 (2) Total Topic 606 Not Topic 606 (2) Total General Banking Segment Service charges on deposit accounts $ 20,597 $ — $ 20,597 $ 21,459 $ — $ 21,459 Bank card and other fees 14,027 1,125 15,152 13,350 291 13,641 Mortgage banking, net — 13,737 13,737 — 20,311 20,311 Wealth management 188 — 188 140 — 140 Other, net 4,577 (530 ) 4,047 2,950 434 3,384 Total noninterest income $ 39,389 $ 14,332 $ 53,721 $ 37,899 $ 21,036 $ 58,935 Wealth Management Segment Service charges on deposit accounts $ 47 $ — $ 47 $ 45 $ — $ 45 Bank card and other fees 43 — 43 55 — 55 Wealth management 15,037 — 15,037 14,905 — 14,905 Other, net 261 55 316 31 58 89 Total noninterest income $ 15,388 $ 55 $ 15,443 $ 15,036 $ 58 $ 15,094 Insurance Segment Insurance commissions $ 21,960 $ — $ 21,960 $ 20,154 $ — $ 20,154 Other, net 6 — 6 1 — 1 Total noninterest income $ 21,966 $ — $ 21,966 $ 20,155 $ — $ 20,155 Consolidated Service charges on deposit accounts $ 20,644 $ — $ 20,644 $ 21,504 $ — $ 21,504 Bank card and other fees 14,070 1,125 15,195 13,405 291 13,696 Mortgage banking, net — 13,737 13,737 — 20,311 20,311 Insurance commissions 21,960 — 21,960 20,154 — 20,154 Wealth management 15,225 — 15,225 15,045 — 15,045 Other, net 4,844 (475 ) 4,369 2,982 492 3,474 Total noninterest income $ 76,743 $ 14,387 $ 91,130 $ 73,090 $ 21,094 $ 94,184 (1) During the first quarter of 2019, Trustmark revised the composition of its operating segments by moving the Private Banking Group from the General Banking Segment to the Wealth Management Segment as a result of a change in supervision of this group for segment reporting purposes. The prior period amounts presented include reclassifications to conform to the current period presentation. (2) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security |
Defined Benefit and Other Pos_2
Defined Benefit and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
The Continuing Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The following table presents information regarding the net periodic benefit cost for the Continuing Plan for the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Service cost $ 53 $ 70 $ 106 $ 139 Interest cost 90 83 180 166 Expected return on plan assets (50 ) (57 ) (101 ) (114 ) Recognized net loss due to lump sum settlements 63 40 94 80 Recognized net actuarial loss 93 143 186 285 Net periodic benefit cost $ 249 $ 279 $ 465 $ 556 |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The following table presents information regarding the net periodic benefit cost for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Service cost $ 28 $ 29 $ 55 $ 58 Interest cost 501 457 1,042 952 Amortization of prior service cost 62 62 125 125 Recognized net actuarial loss 154 220 316 446 Net periodic benefit cost $ 745 $ 768 $ 1,538 $ 1,581 |
Stock and Incentive Compensat_2
Stock and Incentive Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Plan Activity | The following tables summarize the Stock Plan activity for the periods presented: Three Months Ended June 30, 2019 Performance Awards Time-Vested Awards Nonvested shares, beginning of period 149,914 320,658 Granted — — Released from restriction — (7,126 ) Forfeited — (2,264 ) Nonvested shares, end of period 149,914 311,268 Six Months Ended June 30, 2019 Performance Awards Time-Vested Awards Nonvested shares, beginning of period 177,695 321,870 Granted 50,862 113,673 Released from restriction (61,347 ) (119,368 ) Forfeited (17,296 ) (4,907 ) Nonvested shares, end of period 149,914 311,268 |
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): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Performance awards $ 481 $ 396 $ 562 $ 290 Time-vested awards 798 683 1,719 1,574 Total compensation expense $ 1,279 $ 1,079 $ 2,281 $ 1,864 |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Weighted-Average Shares Used to Calculate Basic and Diluted EPS | The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic shares 64,678 67,758 64,957 67,784 Dilutive shares 137 149 132 145 Diluted shares 64,815 67,907 65,089 67,929 |
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): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted-average antidilutive stock awards 23 25 78 79 |
Statements of Cash Flows (Table
Statements of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flows Supplementary Disclosures | The following table reflects specific transaction amounts for the periods presented ($ in thousands): Six Months Ended June 30, 2019 2018 Income taxes paid $ 5,336 $ 4,620 Interest expense paid on deposits and borrowings 43,004 29,045 Noncash transfers from loans to other real estate 2,101 7,084 Finance right-of-use assets resulting from lease liabilities 10,698 — Operating right-of-use assets resulting from lease liabilities 32,762 — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018 ($ in thousands): Actual Regulatory Capital Minimum To Be Well Amount Ratio Requirement Capitalized At June 30, 2019: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,269,353 11.76 % 7.000 % n/a Trustmark National Bank 1,309,962 12.14 % 7.000 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,329,353 12.31 % 8.500 % n/a Trustmark National Bank 1,309,962 12.14 % 8.500 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,411,150 13.07 % 10.500 % n/a Trustmark National Bank 1,391,759 12.89 % 10.500 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,329,353 10.03 % 4.00 % n/a Trustmark National Bank 1,309,962 9.90 % 4.00 % 5.00 % At December 31, 2018: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,271,538 11.77 % 6.375 % n/a Trustmark National Bank 1,311,548 12.14 % 6.375 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,331,538 12.33 % 7.875 % n/a Trustmark National Bank 1,311,548 12.14 % 7.875 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,412,059 13.07 % 9.875 % n/a Trustmark National Bank 1,392,069 12.89 % 9.875 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,331,538 10.26 % 4.00 % n/a Trustmark National Bank 1,311,548 10.13 % 4.00 % 5.00 % |
Net Change in Components of Accumulated Other Comprehensive Income (Loss) and the Related Tax Effects | Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising during the period $ 20,079 $ (5,020 ) $ 15,059 $ (9,275 ) $ 2,320 $ (6,955 ) Change in net unrealized holding loss on securities transferred to held to maturity 1,256 (314 ) 942 971 (243 ) 728 Total securities available for sale and transferred securities 21,335 (5,334 ) 16,001 (8,304 ) 2,077 (6,227 ) Pension and other postretirement benefit plans: Reclassification adjustments for changes realized in net income: Net change in prior service costs 62 (15 ) 47 62 (16 ) 46 Recognized net loss due to lump sum settlements 63 (16 ) 47 40 (10 ) 30 Change in net actuarial loss 247 (61 ) 186 363 (91 ) 272 Total pension and other postretirement benefit plans 372 (92 ) 280 465 (117 ) 348 Cash flow hedge derivatives: Change in accumulated gain (loss) on effective cash flow hedge derivatives (101 ) 25 (76 ) 132 (33 ) 99 Reclassification adjustment for (gain) loss realized in net income (141 ) 35 (106 ) (99 ) 26 (73 ) Total cash flow hedge derivatives (242 ) 60 (182 ) 33 (7 ) 26 Total other comprehensive income (loss) $ 21,465 $ (5,366 ) $ 16,099 $ (7,806 ) $ 1,953 $ (5,853 ) Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Securities available for sale and transferred securities: Net unrealized holding gains (losses) arising during the period $ 38,903 $ (9,726 ) $ 29,177 $ (37,314 ) $ 9,329 $ (27,985 ) Change in net unrealized holding loss on securities transferred to held to maturity 2,003 (501 ) 1,502 1,936 (484 ) 1,452 Total securities available for sale and transferred securities 40,906 (10,227 ) 30,679 (35,378 ) 8,845 (26,533 ) Pension and other postretirement benefit plans: Reclassification adjustments for changes realized in net income: Net change in prior service costs 125 (31 ) 94 125 (32 ) 93 Recognized net loss due to lump sum settlements 94 (23 ) 71 80 (19 ) 61 Change in net actuarial loss 502 (126 ) 376 731 (183 ) 548 Total pension and other postretirement benefit plans 721 (180 ) 541 936 (234 ) 702 Cash flow hedge derivatives: Change in accumulated gain (loss) on effective cash flow hedge derivatives (164 ) 41 (123 ) 559 (140 ) 419 Reclassification adjustment for (gain) loss realized in net income (312 ) 78 (234 ) (105 ) 27 (78 ) Total cash flow hedge derivatives (476 ) 119 (357 ) 454 (113 ) 341 Total other comprehensive income (loss) $ 41,151 $ (10,288 ) $ 30,863 $ (33,988 ) $ 8,498 $ (25,490 ) |
Components of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in the balances of each component of accumulated other comprehensive loss for the periods presented ($ in thousands). All amounts are presented net of tax. Securities Available and Transferred Securities Defined Benefit Pension Items Cash Flow Hedge Derivatives Total Balance at January 1, 2019 $ (43,824 ) $ (12,324 ) $ 469 $ (55,679 ) Other comprehensive income (loss) before reclassification 30,679 — (123 ) 30,556 Amounts reclassified from accumulated other comprehensive loss — 541 (234 ) 307 Net other comprehensive income (loss) 30,679 541 (357 ) 30,863 Balance at June 30, 2019 $ (13,145 ) $ (11,783 ) $ 112 $ (24,816 ) Balance at January 1, 2018 $ (26,535 ) $ (13,468 ) $ 278 $ (39,725 ) Other comprehensive income (loss) before reclassification (26,533 ) — 419 (26,114 ) Amounts reclassified from accumulated other comprehensive loss — 702 (78 ) 624 Net other comprehensive income (loss) (26,533 ) 702 341 (25,490 ) Reclassification of certain income tax effects related to the change in the federal statutory income tax rate under the Tax Reform Act (5,694 ) (2,890 ) 60 (8,524 ) Balance at June 30, 2018 $ (58,762 ) $ (15,656 ) $ 679 $ (73,739 ) |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 as of June 30, 2019 and December 31, 2018, 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 six months ended June 30, 2019 and the year ended December 31, 2018. June 30, 2019 Total Level 1 Level 2 Level 3 U.S. Government agency obligations $ 26,646 $ — $ 26,646 $ — Obligations of states and political subdivisions 38,698 — 38,698 — Mortgage-backed securities 1,578,381 — 1,578,381 — Securities available for sale 1,643,725 — 1,643,725 — Loans held for sale 240,380 — 240,380 — Mortgage servicing rights 79,283 — — 79,283 Other assets - derivatives 22,301 4,817 14,939 2,545 Other liabilities - derivatives 4,933 1,129 3,804 — December 31, 2018 Total Level 1 Level 2 Level 3 U.S. Government agency obligations $ 30,335 $ — $ 30,335 $ — Obligations of states and political subdivisions 50,676 — 50,676 — Mortgage-backed securities 1,730,802 — 1,730,802 — Securities available for sale 1,811,813 — 1,811,813 — Loans held for sale 153,799 — 153,799 — Mortgage servicing rights 95,596 — — 95,596 Other assets - derivatives 12,347 5,006 6,154 1,187 Other liabilities - derivatives 4,213 66 4,147 — |
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 six months ended June 30, 2019 and 2018 are summarized as follows ($ in thousands): MSR Other Assets - Derivatives Balance, January 1, 2019 $ 95,596 $ 1,187 Total net (loss) gain included in Mortgage banking, net (1) (22,388 ) 3,889 Additions 6,075 — Sales — (2,531 ) Balance, June 30, 2019 $ 79,283 $ 2,545 The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held at June 30, 2019 $ (17,072 ) $ 678 Balance, January 1, 2018 $ 84,269 $ 900 Total net (loss) gain included in Mortgage banking, net (1) 5,423 2,698 Additions 7,719 — Sales — (2,146 ) Balance, June 30, 2018 $ 97,411 $ 1,452 The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held at June 30, 2018 $ 11,264 $ 327 (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 June 30, 2019 and December 31, 2018, are as follows ($ in thousands): June 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Level 2 Inputs: Cash and short-term investments $ 479,912 $ 479,912 $ 350,391 $ 350,391 Securities held to maturity 825,536 832,361 909,643 889,733 Level 3 Inputs: Net LHFI 9,036,360 9,143,712 8,756,578 8,757,817 Net acquired loans 86,486 86,486 105,701 105,701 Financial Liabilities: Level 2 Inputs: Deposits 11,566,629 11,568,709 11,364,411 11,365,203 Federal funds purchased and securities sold under repurchase agreements 51,800 51,800 50,471 50,471 Other borrowings 79,012 78,983 79,885 79,827 Junior subordinated debt securities 61,856 51,340 61,856 53,196 |
Fair Value and the Contractual Principal Outstanding of the LHFS | The following table provides information about the fair value and the contractual principal outstanding of LHFS accounted for under the fair value option as of June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 December 31, 2018 Fair value of LHFS $ 190,589 $ 92,235 LHFS contractual principal outstanding 184,455 89,056 Fair value less unpaid principal $ 6,134 $ 3,179 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 as of June 30, 2019 and December 31, 2018 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): June 30, 2019 December 31, 2018 Derivatives in hedging relationships Interest rate contracts: Interest rate swaps included in other assets $ 149 $ 625 Derivatives not designated as hedging instruments Interest rate contracts: Futures contracts included in other assets $ 4,644 $ 4,445 Exchange traded purchased options included in other assets 173 561 OTC written options (rate locks) included in other assets 2,545 1,187 Interest rate swaps included in other assets 14,710 5,487 Credit risk participation agreements included in other assets 80 42 Forward contracts included in other liabilities 2,607 1,773 Exchange traded written options included in other liabilities 1,129 66 Interest rate swaps included in other liabilities 1,178 2,369 Credit risk participation agreements included in other liabilities 19 5 |
Effects of Derivative Instruments on Statements of Operations | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivatives in hedging relationships Amount of gain (loss) reclassified from accumulated other comprehensive loss and recognized in other interest expense $ 141 $ 99 $ 312 $ 105 Derivatives not designated as hedging instruments Amount of gain (loss) recognized in mortgage banking, net $ 7,944 $ (2,523 ) $ 12,797 $ (7,941 ) Amount of gain (loss) recognized in bank card and other fees (487 ) (10 ) (743 ) 45 |
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): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivatives in cash flow hedging relationship Amount of gain (loss) recognized in other comprehensive income (loss), net of tax $ (76 ) $ 99 $ (123 ) $ 419 |
Information about Financial Instruments that are Eligible for Offset in the Consolidated Balance Sheets | Information about financial instruments that are eligible for offset in the consolidated balance sheets as of June 30, 2019 and December 31, 2018 is presented in the following tables ($ in thousands): Offsetting of Derivative Assets As of June 30, 2019 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 14,859 $ — $ 14,859 $ (150 ) $ — $ 14,709 Offsetting of Derivative Liabilities As of June 30, 2019 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 1,178 $ — $ 1,178 $ (150 ) $ (1,100 ) $ (72 ) Offsetting of Derivative Assets As of December 31, 2018 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 6,112 $ — $ 6,112 $ (339 ) $ (620 ) $ 5,153 Offsetting of Derivative Liabilities As of December 31, 2018 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Liabilities presented in the Statement of Financial Position Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 2,369 $ — $ 2,369 $ (339 ) $ — $ 2,030 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following table discloses financial information by reportable segment for the periods presented ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 General Banking Net interest income $ 106,681 $ 103,978 $ 210,468 $ 204,685 Provision for loan losses, net 2,593 2,731 4,284 6,842 Noninterest income 30,808 29,175 53,721 58,935 Noninterest expense 90,684 88,421 181,343 176,411 Income before income taxes 44,212 42,001 78,562 80,367 Income taxes 5,411 5,216 9,601 9,702 General banking net income $ 38,801 $ 36,785 $ 68,961 $ 70,665 Selected Financial Information Total assets $ 13,365,972 $ 13,363,465 $ 13,365,972 $ 13,363,465 Depreciation and amortization $ 9,593 $ 9,987 $ 18,732 $ 19,197 Wealth Management Net interest income $ 988 $ 1,136 $ 1,954 $ 2,467 Provision for loan losses, net (1 ) (5 ) (3 ) (5 ) Noninterest income 7,740 7,480 15,443 15,094 Noninterest expense 7,136 7,088 14,155 13,964 Income before income taxes 1,593 1,533 3,245 3,602 Income taxes 398 384 807 901 Wealth management net income $ 1,195 $ 1,149 $ 2,438 $ 2,701 Selected Financial Information Total assets $ 109,106 $ 94,447 $ 109,106 $ 94,447 Depreciation and amortization $ 67 $ 28 $ 136 $ 55 Insurance Net interest income $ 55 $ 50 $ 110 $ 105 Noninterest income 11,091 10,736 21,966 20,155 Noninterest expense 8,281 8,291 16,624 15,890 Income before income taxes 2,865 2,495 5,452 4,370 Income taxes 721 616 1,372 1,093 Insurance net income $ 2,144 $ 1,879 $ 4,080 $ 3,277 Selected Financial Information Total assets $ 73,880 $ 67,353 $ 73,880 $ 67,353 Depreciation and amortization $ 126 $ 143 $ 255 $ 282 Consolidated Net interest income $ 107,724 $ 105,164 $ 212,532 $ 207,257 Provision for loan losses, net 2,592 2,726 4,281 6,837 Noninterest income 49,639 47,391 91,130 94,184 Noninterest expense 106,101 103,800 212,122 206,265 Income before income taxes 48,670 46,029 87,259 88,339 Income taxes 6,530 6,216 11,780 11,696 Consolidated net income $ 42,140 $ 39,813 $ 75,479 $ 76,643 Selected Financial Information Total assets $ 13,548,958 $ 13,525,265 $ 13,548,958 $ 13,525,265 Depreciation and amortization $ 9,786 $ 10,158 $ 19,123 $ 19,534 |
Business, Basis of Financial _2
Business, Basis of Financial Statement Presentation and Principles of Consolidation (Details) | Jun. 30, 2019Office |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of offices | 193 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 1,647,538 | $ 1,854,529 |
Securities Available for Sale, Gross Unrealized Gains | 6,019 | 841 |
Securities Available for Sale, Gross Unrealized (Losses) | (9,832) | (43,557) |
Securities Available for Sale, Estimated Fair Value | 1,643,725 | 1,811,813 |
Securities Held to Maturity, Amortized Cost | 825,536 | 909,643 |
Securities Held to Maturity, Gross Unrealized Gains | 8,947 | 909 |
Securities Held to Maturity, Gross Unrealized (Losses) | (2,122) | (20,819) |
Securities Held to Maturity, Estimated Fair Value | 832,361 | 889,733 |
U.S. Government Agency Obligations [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 27,334 | 31,235 |
Securities Available for Sale, Gross Unrealized Gains | 102 | 109 |
Securities Available for Sale, Gross Unrealized (Losses) | (790) | (1,009) |
Securities Available for Sale, Estimated Fair Value | 26,646 | 30,335 |
Securities Held to Maturity, Amortized Cost | 3,758 | 3,736 |
Securities Held to Maturity, Gross Unrealized Gains | 242 | 78 |
Securities Held to Maturity, Gross Unrealized (Losses) | 0 | 0 |
Securities Held to Maturity, Estimated Fair Value | 4,000 | 3,814 |
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 | 38,203 | 50,503 |
Securities Available for Sale, Gross Unrealized Gains | 495 | 200 |
Securities Available for Sale, Gross Unrealized (Losses) | 0 | (27) |
Securities Available for Sale, Estimated Fair Value | 38,698 | 50,676 |
Securities Held to Maturity, Amortized Cost | 32,860 | 35,783 |
Securities Held to Maturity, Gross Unrealized Gains | 478 | 255 |
Securities Held to Maturity, Gross Unrealized (Losses) | (88) | (139) |
Securities Held to Maturity, Estimated Fair Value | 33,250 | 35,899 |
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 | 66,041 | 69,648 |
Securities Available for Sale, Gross Unrealized Gains | 314 | 147 |
Securities Available for Sale, Gross Unrealized (Losses) | (639) | (2,301) |
Securities Available for Sale, Estimated Fair Value | 65,716 | 67,494 |
Securities Held to Maturity, Amortized Cost | 11,184 | 12,090 |
Securities Held to Maturity, Gross Unrealized Gains | 189 | 45 |
Securities Held to Maturity, Gross Unrealized (Losses) | (69) | (257) |
Securities Held to Maturity, Estimated Fair Value | 11,304 | 11,878 |
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 | 628,799 | 685,520 |
Securities Available for Sale, Gross Unrealized Gains | 941 | 127 |
Securities Available for Sale, Gross Unrealized (Losses) | (5,376) | (18,963) |
Securities Available for Sale, Estimated Fair Value | 624,364 | 666,684 |
Securities Held to Maturity, Amortized Cost | 106,755 | 115,133 |
Securities Held to Maturity, Gross Unrealized Gains | 379 | 43 |
Securities Held to Maturity, Gross Unrealized (Losses) | (430) | (2,887) |
Securities Held to Maturity, Estimated Fair Value | 106,704 | 112,289 |
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 | 750,605 | 830,129 |
Securities Available for Sale, Gross Unrealized Gains | 3,484 | 67 |
Securities Available for Sale, Gross Unrealized (Losses) | (2,718) | (18,595) |
Securities Available for Sale, Estimated Fair Value | 751,371 | 811,601 |
Securities Held to Maturity, Amortized Cost | 536,166 | 578,827 |
Securities Held to Maturity, Gross Unrealized Gains | 6,505 | 189 |
Securities Held to Maturity, Gross Unrealized (Losses) | (1,338) | (15,441) |
Securities Held to Maturity, Estimated Fair Value | 541,333 | 563,575 |
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 | 136,556 | 187,494 |
Securities Available for Sale, Gross Unrealized Gains | 683 | 191 |
Securities Available for Sale, Gross Unrealized (Losses) | (309) | (2,662) |
Securities Available for Sale, Estimated Fair Value | 136,930 | 185,023 |
Securities Held to Maturity, Amortized Cost | 134,813 | 164,074 |
Securities Held to Maturity, Gross Unrealized Gains | 1,154 | 299 |
Securities Held to Maturity, Gross Unrealized (Losses) | (197) | (2,095) |
Securities Held to Maturity, Estimated Fair Value | $ 135,770 | $ 162,278 |
Securities Available for Sale_4
Securities Available for Sale and Held to Maturity - Additional Information (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2013 | |
Investments Debt And Equity Securities [Abstract] | ||||
Reclassification of Securities available for sale to securities held to maturity | $ 1,099,000,000 | |||
Net unrealized holding loss on AFS Securities at date of transfer | 46,600,000 | |||
Net unrealized holding losses on AFS Securities, net of tax at date of transfer | $ 28,800,000 | |||
Net unamortized, unrealized loss on transfer of securities | $ 13,700,000 | $ 15,700,000 | ||
Net unamortized, unrealized loss on transfer of securities, net of tax | 10,300,000 | 11,800,000 | ||
Other-than-temporary impairments | 0 | $ 0 | ||
Pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law | 2,113,000,000 | 2,144,000,000 | ||
Pledged securities providing additional contingency funding | $ 0 | $ 0 |
Securities Available for Sale_5
Securities Available for Sale and Held to Maturity - Securities with Gross Unrealized Losses, Segregated by Length of Impairment (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $ 44,675 | $ 98,188 |
Estimated Fair Value, 12 Months or More | 1,092,728 | 2,399,747 |
Estimated Fair Value, Total | 1,137,403 | 2,497,935 |
Gross Unrealized (Losses), Less than 12 Months | (219) | (382) |
Gross Unrealized (Losses), 12 Months or More | (11,735) | (63,994) |
Gross Unrealized (Losses), Total | (11,954) | (64,376) |
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 | 645 | 0 |
Estimated Fair Value, 12 Months or More | 22,179 | 25,045 |
Estimated Fair Value, Total | 22,824 | 25,045 |
Gross Unrealized (Losses), Less than 12 Months | (1) | 0 |
Gross Unrealized (Losses), 12 Months or More | (789) | (1,009) |
Gross Unrealized (Losses), Total | (790) | (1,009) |
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 | 0 | 4,954 |
Estimated Fair Value, 12 Months or More | 8,020 | 12,802 |
Estimated Fair Value, Total | 8,020 | 17,756 |
Gross Unrealized (Losses), Less than 12 Months | 0 | (9) |
Gross Unrealized (Losses), 12 Months or More | (88) | (157) |
Gross Unrealized (Losses), Total | (88) | (166) |
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 | 299 | 9,163 |
Estimated Fair Value, 12 Months or More | 45,194 | 61,141 |
Estimated Fair Value, Total | 45,493 | 70,304 |
Gross Unrealized (Losses), Less than 12 Months | (3) | (54) |
Gross Unrealized (Losses), 12 Months or More | (705) | (2,504) |
Gross Unrealized (Losses), Total | (708) | (2,558) |
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 | 2,817 | 31,931 |
Estimated Fair Value, 12 Months or More | 555,445 | 731,749 |
Estimated Fair Value, Total | 558,262 | 763,680 |
Gross Unrealized (Losses), Less than 12 Months | (10) | (172) |
Gross Unrealized (Losses), 12 Months or More | (5,796) | (21,678) |
Gross Unrealized (Losses), Total | (5,806) | (21,850) |
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 | 9,392 | 46,643 |
Estimated Fair Value, 12 Months or More | 403,393 | 1,296,221 |
Estimated Fair Value, Total | 412,785 | 1,342,864 |
Gross Unrealized (Losses), Less than 12 Months | (75) | (110) |
Gross Unrealized (Losses), 12 Months or More | (3,981) | (33,926) |
Gross Unrealized (Losses), Total | (4,056) | (34,036) |
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 | 31,522 | 5,497 |
Estimated Fair Value, 12 Months or More | 58,497 | 272,789 |
Estimated Fair Value, Total | 90,019 | 278,286 |
Gross Unrealized (Losses), Less than 12 Months | (130) | (37) |
Gross Unrealized (Losses), 12 Months or More | (376) | (4,720) |
Gross Unrealized (Losses), Total | $ (506) | $ (4,757) |
Securities Available for Sale_6
Securities Available for Sale and Held to Maturity - Contractual Maturities of Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities Available for Sale, Amortized Cost [Abstract] | ||
Due in one year or less | $ 29,808 | |
Due after one year through five years | 8,541 | |
Due after five years through ten years | 2,680 | |
Due after ten years | 24,508 | |
Total amortized cost, before mortgage-backed securities | 65,537 | |
Mortgage-backed securities | 1,582,001 | |
Securities Available for Sale, Amortized Cost | 1,647,538 | $ 1,854,529 |
Securities Available for Sale, Estimated Fair Value [Abstract] | ||
Due in one year or less | 29,944 | |
Due after one year through five years | 8,646 | |
Due after five years through ten years | 2,631 | |
Due after ten years | 24,123 | |
Total fair value, before mortgage-backed securities | 65,344 | |
Mortgage-backed securities | 1,578,381 | |
Total | 1,643,725 | 1,811,813 |
Securities Held to Maturity, Amortized Cost [Abstract] | ||
Due in one year or less | 180 | |
Due after one year through five years | 32,580 | |
Due after five years through ten years | 3,858 | |
Due after ten years | 0 | |
Total amortized cost, before mortgage-backed securities | 36,618 | |
Mortgage-backed securities | 788,918 | |
Securities Held to Maturity, Amortized Cost | 825,536 | 909,643 |
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||
Due in one year or less | 181 | |
Due after one year through five years | 32,968 | |
Due after five years through ten years | 4,101 | |
Due after ten years | 0 | |
Total fair value, before mortgage-backed securities | 37,250 | |
Mortgage-backed securities | 795,111 | |
Total | $ 832,361 | $ 889,733 |
Loans Held for Investment (LH_3
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Loan Portfolio Held for Investment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loan Portfolio [Abstract] | ||
Total LHFI | $ 9,116,759 | $ 8,835,868 |
Less allowance for loan losses, LHFI | 80,399 | 79,290 |
Net LHFI | 9,036,360 | 8,756,578 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,111,297 | 1,056,601 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,818,126 | 1,825,492 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 635,839 | 543,820 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 2,326,312 | 2,220,914 |
Commercial and Industrial Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,533,318 | 1,538,715 |
Consumer Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 176,133 | 182,448 |
State and Other Political Subdivision Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 982,187 | 973,818 |
Other Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | $ 533,547 | $ 494,060 |
Loans Held for Investment (LH_4
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Additional Information (Details 1) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019USD ($)Region | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable Impaired [Line Items] | |||
Maximum concentration of loan as a percentage of total LHFI | 10.00% | ||
Key market regions | Region | 5 | ||
Carrying amounts of nonaccrual LHFI considered for impairment analysis | $ 52,900 | $ 61,600 | |
Nonaccrual | 52,888 | 61,624 | |
Minimum loan amount for loan to be specifically reviewed for impairment and deemed impaired | 500 | ||
LHFI classified as TDRs | 36,300 | $ 34,500 | |
LHFI classified as TDRs from credits with interest only payments | 25,700 | 21,800 | |
Unused commitments on TDRs | 2,300 | 0 | |
Financing receivable, related allowance | 2,900 | 9,100 | |
Financing receivable, related charge-offs | 117 | 300 | |
Troubled Debt Restructurings [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Nonaccrual | $ 21,399 | $ 33,218 | $ 16,700 |
Loans Held for Investment (LH_5
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Aging Analysis of Past Due and Nonaccrual LHFI by Loan Type (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | $ 13,469 | $ 17,691 | |
Nonaccrual | 52,888 | 61,624 | |
Current Loans | 9,050,402 | 8,756,553 | |
Total LHFI | 9,116,759 | 8,835,868 | |
Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 10,148 | 14,383 | |
Past Due 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 2,076 | 2,452 | |
Past Due 90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | [1] | 1,245 | 856 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 639 | 284 | |
Nonaccrual | 1,263 | 2,218 | |
Current Loans | 1,109,395 | 1,054,099 | |
Total LHFI | 1,111,297 | 1,056,601 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 639 | 284 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 5,526 | 10,869 | |
Nonaccrual | 17,591 | 14,718 | |
Current Loans | 1,795,009 | 1,799,905 | |
Total LHFI | 1,818,126 | 1,825,492 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 3,600 | 8,600 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 927 | 1,700 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | [1] | 999 | 569 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 1,718 | 1,887 | |
Nonaccrual | 7,870 | 9,621 | |
Current Loans | 2,316,724 | 2,209,406 | |
Total LHFI | 2,326,312 | 2,220,914 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 1,600 | 1,887 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 75 | ||
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | [1] | 43 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 12 | 296 | |
Nonaccrual | 739 | 927 | |
Current Loans | 635,088 | 542,597 | |
Total LHFI | 635,839 | 543,820 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 11 | 197 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 1 | 99 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 3,319 | 1,646 | |
Nonaccrual | 15,708 | 23,938 | |
Current Loans | 1,514,291 | 1,513,131 | |
Total LHFI | 1,533,318 | 1,538,715 | |
Commercial and Industrial Loans [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 2,429 | 1,346 | |
Commercial and Industrial Loans [Member] | Past Due 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 890 | 300 | |
Consumer Loans [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 1,920 | 2,440 | |
Nonaccrual | 152 | 205 | |
Current Loans | 174,061 | 179,803 | |
Total LHFI | 176,133 | 182,448 | |
Consumer Loans [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 1,534 | 1,800 | |
Consumer Loans [Member] | Past Due 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 183 | 353 | |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | [1] | 203 | 287 |
State and Other Political Subdivision Loans [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 186 | ||
Nonaccrual | 8,303 | 8,595 | |
Current Loans | 973,884 | 965,037 | |
Total LHFI | 982,187 | 973,818 | |
State and Other Political Subdivision Loans [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 186 | ||
Other Loans [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | 335 | 83 | |
Nonaccrual | 1,262 | 1,402 | |
Current Loans | 531,950 | 492,575 | |
Total LHFI | 533,547 | 494,060 | |
Other Loans [Member] | Past Due 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Total Past Due | $ 335 | $ 83 | |
[1] | Past due 90 days or more but still accruing interest. |
Loans Held for Investment (LH_6
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | $ 55,089 | $ 62,921 |
Total LHFI With No Related Allowance Recorded | 29,583 | 25,553 |
Total LHFI With an Allowance Recorded | 21,486 | 30,282 |
Total LHFI Recorded Investment | 51,069 | 55,835 |
Related Allowance | 4,334 | 6,354 |
Average Recorded Investment | 53,452 | 46,920 |
Commercial and Industrial Loans [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 31,463 | 37,786 |
Total LHFI With No Related Allowance Recorded | 12,192 | 12,893 |
Total LHFI With an Allowance Recorded | 17,197 | 17,824 |
Total LHFI Recorded Investment | 29,389 | 30,717 |
Related Allowance | 3,139 | 4,334 |
Average Recorded Investment | 30,053 | 26,725 |
Consumer Loans [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 30 | 2 |
Total LHFI With No Related Allowance Recorded | 0 | 0 |
Total LHFI With an Allowance Recorded | 30 | 2 |
Total LHFI Recorded Investment | 30 | 2 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 16 | 6 |
State and Other Political Subdivision Loans [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 8,533 | 8,688 |
Total LHFI With No Related Allowance Recorded | 8,303 | 4,079 |
Total LHFI With an Allowance Recorded | 0 | 4,516 |
Total LHFI Recorded Investment | 8,303 | 8,595 |
Related Allowance | 0 | 516 |
Average Recorded Investment | 8,449 | 4,297 |
Other Loans [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 1,378 | 1,418 |
Total LHFI With No Related Allowance Recorded | 230 | 230 |
Total LHFI With an Allowance Recorded | 974 | 1,052 |
Total LHFI Recorded Investment | 1,204 | 1,282 |
Related Allowance | 974 | 1,052 |
Average Recorded Investment | 1,244 | 804 |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 945 | 1,794 |
Total LHFI With No Related Allowance Recorded | 652 | 1,528 |
Total LHFI With an Allowance Recorded | 20 | 24 |
Total LHFI Recorded Investment | 672 | 1,552 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,112 | 1,738 |
Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 5,652 | 4,951 |
Total LHFI With No Related Allowance Recorded | 1,688 | 95 |
Total LHFI With an Allowance Recorded | 3,010 | 3,868 |
Total LHFI Recorded Investment | 4,698 | 3,963 |
Related Allowance | 30 | 39 |
Average Recorded Investment | 4,330 | 4,328 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 7,088 | 8,282 |
Total LHFI With No Related Allowance Recorded | 6,518 | 6,728 |
Total LHFI With an Allowance Recorded | 255 | 2,748 |
Total LHFI Recorded Investment | 6,773 | 9,476 |
Related Allowance | 191 | 413 |
Average Recorded Investment | 8,124 | 8,898 |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Loan and Lease Receivables, Impaired [Abstract] | ||
Total LHFI Unpaid Principal Balance | 0 | 0 |
Total LHFI With No Related Allowance Recorded | 0 | 0 |
Total LHFI With an Allowance Recorded | 0 | 248 |
Total LHFI Recorded Investment | 0 | 248 |
Related Allowance | 0 | 0 |
Average Recorded Investment | $ 124 | $ 124 |
Loans Held for Investment (LH_7
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Impact of Modifications Classified as Troubled Debt Restructurings (Details) - Troubled Debt Restructurings [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | |
Troubled Debt Restructurings [Abstract] | ||||
Number of Contracts | Contract | 8 | 21 | 18 | 26 |
Pre-Modification Outstanding Recorded Investment | $ 5,961 | $ 10,935 | $ 15,131 | $ 13,524 |
Post-Modification Outstanding Recorded Investment | $ 5,847 | $ 10,477 | $ 15,017 | $ 13,066 |
Construction, Land Development and Other Land [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of Contracts | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 22 | $ 22 | ||
Post-Modification Outstanding Recorded Investment | $ 22 | $ 22 | ||
Secured by 1-4 Family Residential Properties [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of Contracts | Contract | 5 | 12 | 7 | 16 |
Pre-Modification Outstanding Recorded Investment | $ 793 | $ 1,634 | $ 879 | $ 1,752 |
Post-Modification Outstanding Recorded Investment | $ 792 | $ 1,193 | $ 878 | $ 1,311 |
Secured by Nonfarm, Nonresidential Properties [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of Contracts | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 5,055 | $ 5,055 | ||
Post-Modification Outstanding Recorded Investment | $ 5,055 | $ 5,055 | ||
Commercial and Industrial Loans [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of Contracts | Contract | 2 | 5 | 8 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 113 | $ 9,275 | $ 9,167 | $ 11,746 |
Post-Modification Outstanding Recorded Investment | $ 9,258 | $ 9,054 | $ 11,729 | |
Consumer Loans [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of Contracts | Contract | 3 | 2 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 4 | $ 30 | $ 4 | |
Post-Modification Outstanding Recorded Investment | $ 4 | $ 30 | $ 4 |
Loans Held for Investment (LH_8
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Troubled Debt Restructuring Subsequently Defaulted (Details) - Troubled Debt Restructurings that Subsequently Defaulted [Member] $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | |
Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | Contract | 12 | 6 |
Recorded Investment | $ | $ 8,030 | $ 7,466 |
Construction, Land Development and Other Land [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | Contract | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 22 |
Secured by 1-4 Family Residential Properties [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | Contract | 1 | 2 |
Recorded Investment | $ | $ 46 | $ 30 |
Commercial and Industrial Loans [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | Contract | 10 | 3 |
Recorded Investment | $ | $ 7,957 | $ 7,414 |
Consumer Loans [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | Contract | 1 | 0 |
Recorded Investment | $ | $ 27 | $ 0 |
Loans Held for Investment (LH_9
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Troubled Debt Restructuring Related to Loans Held for Investment, Excluding Covered Loans, by Loan Type (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | $ 52,888 | $ 61,624 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 1,263 | 2,218 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 17,591 | 14,718 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 7,870 | 9,621 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 15,708 | 23,938 | |
Consumer Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 152 | 205 | |
Other Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 1,262 | 1,402 | |
Troubled Debt Restructurings [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 14,947 | $ 1,234 | |
Nonaccrual | 21,399 | $ 16,700 | 33,218 |
Total | 36,346 | 34,452 | |
Troubled Debt Restructurings [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 20 | 208 | |
Total | 20 | 208 | |
Troubled Debt Restructurings [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 50 | 501 | |
Nonaccrual | 3,563 | 3,407 | |
Total | 3,613 | 3,908 | |
Troubled Debt Restructurings [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 5,311 | 370 | |
Total | 5,311 | 370 | |
Troubled Debt Restructurings [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 14,897 | 733 | |
Nonaccrual | 11,965 | 28,673 | |
Total | 26,862 | 29,406 | |
Troubled Debt Restructurings [Member] | Consumer Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 30 | 4 | |
Total | 30 | 4 | |
Troubled Debt Restructurings [Member] | Other Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 510 | 556 | |
Total | $ 510 | $ 556 |
Loans Held for Investment (L_10
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Additional Information (Details 2) | 6 Months Ended | |
Jun. 30, 2019USD ($)KeyRatioLoanPoolCreditRiskGrade | Dec. 31, 2018USD ($) | |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Number of days used as baseline in evaluating collateral documentation exceptions for loan policy | 90 days | |
Number of key quality ratios | KeyRatio | 6 | |
LHFS past due 90 days or more | $ 38,400,000 | $ 37,400,000 |
Percentage of outstanding principal to be repurchased under GNMA optional repurchase program | 100.00% | |
Financing Receivable [Abstract] | ||
Number of primary commercial loan groups | LoanPool | 9 | |
Number of individual credit risk grades | CreditRiskGrade | 10 | |
Minimum [Member] | ||
Financing Receivable [Abstract] | ||
Period to conduct asset review | 6 months | |
Credit amount used as baseline in evaluating loan policy | $ 100,000 | |
Maximum [Member] | ||
Financing Receivable [Abstract] | ||
Period to conduct asset review | 18 months |
Loans Held for Investment (L_11
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Summary of LHFI by Loan Type and Credit Quality Indicator (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable [Abstract] | |||
Current | $ 9,050,402 | $ 8,756,553 | |
Financing Receivable, Recorded Investment, Past Due | 13,469 | 17,691 | |
Nonaccrual | 52,888 | 61,624 | |
Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | [1] | 1,245 | 856 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Current | 1,109,395 | 1,054,099 | |
Financing Receivable, Recorded Investment, Past Due | 639 | 284 | |
Nonaccrual | 1,263 | 2,218 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Current | 1,795,009 | 1,799,905 | |
Financing Receivable, Recorded Investment, Past Due | 5,526 | 10,869 | |
Nonaccrual | 17,591 | 14,718 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | [1] | 999 | 569 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Current | 2,316,724 | 2,209,406 | |
Financing Receivable, Recorded Investment, Past Due | 1,718 | 1,887 | |
Nonaccrual | 7,870 | 9,621 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | [1] | 43 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Current | 635,088 | 542,597 | |
Financing Receivable, Recorded Investment, Past Due | 12 | 296 | |
Nonaccrual | 739 | 927 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable [Abstract] | |||
Current | 1,514,291 | 1,513,131 | |
Financing Receivable, Recorded Investment, Past Due | 3,319 | 1,646 | |
Nonaccrual | 15,708 | 23,938 | |
Consumer Loans [Member] | |||
Financing Receivable [Abstract] | |||
Current | 174,061 | 179,803 | |
Financing Receivable, Recorded Investment, Past Due | 1,920 | 2,440 | |
Nonaccrual | 152 | 205 | |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | [1] | 203 | 287 |
State and Other Political Subdivision Loans [Member] | |||
Financing Receivable [Abstract] | |||
Current | 973,884 | 965,037 | |
Financing Receivable, Recorded Investment, Past Due | 186 | ||
Nonaccrual | 8,303 | 8,595 | |
Other Loans [Member] | |||
Financing Receivable [Abstract] | |||
Current | 531,950 | 492,575 | |
Financing Receivable, Recorded Investment, Past Due | 335 | 83 | |
Nonaccrual | 1,262 | 1,402 | |
Commercial LHFI [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 7,162,531 | 6,879,655 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,034,903 | 988,228 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 121,152 | 126,367 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 2,326,268 | 2,220,854 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 635,054 | 542,891 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,533,318 | 1,538,715 | |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 982,187 | 973,818 | |
Commercial LHFI [Member] | Other Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 529,649 | 488,782 | |
Commercial LHFI [Member] | Pass [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 6,983,431 | 6,712,604 | |
Commercial LHFI [Member] | Pass [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,030,648 | 982,305 | |
Commercial LHFI [Member] | Pass [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 118,173 | 123,191 | |
Commercial LHFI [Member] | Pass [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 2,276,103 | 2,182,106 | |
Commercial LHFI [Member] | Pass [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 630,205 | 537,958 | |
Commercial LHFI [Member] | Pass [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,452,571 | 1,468,262 | |
Commercial LHFI [Member] | Pass [Member] | State and Other Political Subdivision Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 967,718 | 958,214 | |
Commercial LHFI [Member] | Pass [Member] | Other Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 508,013 | 460,568 | |
Commercial LHFI [Member] | Special Mention [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 24,594 | 37,387 | |
Commercial LHFI [Member] | Special Mention [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 70 | 75 | |
Commercial LHFI [Member] | Special Mention [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 313 | 216 | |
Commercial LHFI [Member] | Special Mention [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,250 | ||
Commercial LHFI [Member] | Special Mention [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 323 | ||
Commercial LHFI [Member] | Special Mention [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 15,575 | 12,431 | |
Commercial LHFI [Member] | Special Mention [Member] | State and Other Political Subdivision Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 4,650 | 5,250 | |
Commercial LHFI [Member] | Special Mention [Member] | Other Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 3,986 | 17,842 | |
Commercial LHFI [Member] | Substandard [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 153,108 | 126,631 | |
Commercial LHFI [Member] | Substandard [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 3,992 | 5,645 | |
Commercial LHFI [Member] | Substandard [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 2,618 | 2,731 | |
Commercial LHFI [Member] | Substandard [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 49,803 | 37,025 | |
Commercial LHFI [Member] | Substandard [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 4,849 | 4,610 | |
Commercial LHFI [Member] | Substandard [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 64,412 | 55,943 | |
Commercial LHFI [Member] | Substandard [Member] | State and Other Political Subdivision Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 9,819 | 10,354 | |
Commercial LHFI [Member] | Substandard [Member] | Other Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 17,615 | 10,323 | |
Commercial LHFI [Member] | Doubtful [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,398 | 3,033 | |
Commercial LHFI [Member] | Doubtful [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 193 | 203 | |
Commercial LHFI [Member] | Doubtful [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 48 | 229 | |
Commercial LHFI [Member] | Doubtful [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 362 | 473 | |
Commercial LHFI [Member] | Doubtful [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 760 | 2,079 | |
Commercial LHFI [Member] | Doubtful [Member] | Other Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 35 | 49 | |
Consumer LHFI [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 9,116,759 | 8,835,868 | |
Current | 1,929,473 | 1,929,437 | |
Nonaccrual | 17,066 | 13,770 | |
Subtotal | 1,954,228 | 1,956,213 | |
Consumer LHFI [Member] | Past Due 30-89 Days [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 6,487 | 12,149 | |
Consumer LHFI [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 1,202 | 857 | |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,111,297 | 1,056,601 | |
Current | 75,579 | 67,913 | |
Nonaccrual | 286 | 336 | |
Subtotal | 76,394 | 68,373 | |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 529 | 124 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,818,126 | 1,825,492 | |
Current | 1,675,107 | 1,675,455 | |
Nonaccrual | 16,628 | 13,229 | |
Subtotal | 1,696,974 | 1,699,125 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 4,240 | 9,872 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 999 | 569 | |
Consumer LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 2,326,312 | 2,220,914 | |
Current | 44 | 60 | |
Subtotal | 44 | 60 | |
Consumer LHFI [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 635,839 | 543,820 | |
Current | 784 | 929 | |
Subtotal | 785 | 929 | |
Consumer LHFI [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 1 | ||
Consumer LHFI [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 1,533,318 | 1,538,715 | |
Consumer LHFI [Member] | Consumer Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 176,133 | 182,448 | |
Current | 174,061 | 179,802 | |
Nonaccrual | 152 | 205 | |
Subtotal | 176,133 | 182,448 | |
Consumer LHFI [Member] | Consumer Loans [Member] | Past Due 30-89 Days [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 1,717 | 2,153 | |
Consumer LHFI [Member] | Consumer Loans [Member] | Past Due 90 Days or More [Member] | |||
Financing Receivable [Abstract] | |||
Financing Receivable, Recorded Investment, Past Due | 203 | 288 | |
Consumer LHFI [Member] | State and Other Political Subdivision Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 982,187 | 973,818 | |
Consumer LHFI [Member] | Other Loans [Member] | |||
Financing Receivable [Abstract] | |||
Financing receivable commercial | 533,547 | 494,060 | |
Current | 3,898 | 5,278 | |
Subtotal | $ 3,898 | $ 5,278 | |
[1] | Past due 90 days or more but still accruing interest. |
Loans Held for Investment (L_12
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Additional Information (Details 3) | 6 Months Ended |
Jun. 30, 2019LoanFactorScale | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |
Number of loan types for commercial portfolio | Loan | 9 |
Number of risk rate factors for commercial loans | Factor | 450 |
Minimum score for qualitative risk factor | Scale | 0 |
Maximum score for qualitative risk factor | Scale | 100 |
Number of loan types for consumer portfolio | Loan | 5 |
Number of unique qualitative factors used to analyze consumer loans | Factor | 5 |
Loans Held for Investment (L_13
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Summary of Balance in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually | $ 4,300 | $ 6,400 | ||||
Total | 80,399 | 79,290 | ||||
Allowance for Loan Losses, LHFI [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually | 4,334 | 6,354 | ||||
Collectively | 76,065 | 72,936 | ||||
Total | 80,399 | $ 79,005 | 79,290 | $ 83,566 | $ 81,235 | $ 76,733 |
Allowance for Loan Losses, LHFI [Member] | Commercial and Industrial Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually | 3,139 | 4,334 | ||||
Collectively | 24,479 | 23,025 | ||||
Total | 27,618 | 27,359 | 31,528 | 22,851 | ||
Allowance for Loan Losses, LHFI [Member] | Consumer Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively | 3,248 | 2,890 | ||||
Total | 3,248 | 2,890 | 2,974 | 3,470 | ||
Allowance for Loan Losses, LHFI [Member] | State and Other Political Subdivision Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually | 516 | |||||
Collectively | 438 | 474 | ||||
Total | 438 | 990 | 765 | 789 | ||
Allowance for Loan Losses, LHFI [Member] | Other Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually | 974 | 1,052 | ||||
Collectively | 4,862 | 5,142 | ||||
Total | 5,836 | 6,194 | 4,366 | 4,666 | ||
Allowance for Loan Losses, LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively | 6,931 | 7,390 | ||||
Total | 6,931 | 7,390 | 7,890 | 7,865 | ||
Allowance for Loan Losses, LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually | 30 | 39 | ||||
Collectively | 8,329 | 8,602 | ||||
Total | 8,359 | 8,641 | 9,662 | 10,874 | ||
Allowance for Loan Losses, LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Individually | 191 | 413 | ||||
Collectively | 24,057 | 21,963 | ||||
Total | 24,248 | 22,376 | 24,002 | 23,428 | ||
Allowance for Loan Losses, LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Collectively | 3,721 | 3,450 | ||||
Total | $ 3,721 | $ 3,450 | $ 2,379 | $ 2,790 |
Loans Held for Investment (L_14
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Summary of Loan Type Related to Each Balance in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | $ 51,100 | $ 55,800 |
Total LHFI | 9,116,759 | 8,835,868 |
Allowance for Loan Losses, LHFI [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 51,069 | 55,835 |
LHFI, Collectively Evaluated For Impairment | 9,065,690 | 8,780,033 |
Total LHFI | 9,116,759 | 8,835,868 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
Total LHFI | 1,111,297 | 1,056,601 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Allowance for Loan Losses, LHFI [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 672 | 1,552 |
LHFI, Collectively Evaluated For Impairment | 1,110,625 | 1,055,049 |
Total LHFI | 1,111,297 | 1,056,601 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
Total LHFI | 1,818,126 | 1,825,492 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Allowance for Loan Losses, LHFI [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 4,698 | 3,963 |
LHFI, Collectively Evaluated For Impairment | 1,813,428 | 1,821,529 |
Total LHFI | 1,818,126 | 1,825,492 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
Total LHFI | 2,326,312 | 2,220,914 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Allowance for Loan Losses, LHFI [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 6,773 | 9,476 |
LHFI, Collectively Evaluated For Impairment | 2,319,539 | 2,211,438 |
Total LHFI | 2,326,312 | 2,220,914 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
Total LHFI | 635,839 | 543,820 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Allowance for Loan Losses, LHFI [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 248 | |
LHFI, Collectively Evaluated For Impairment | 635,839 | 543,572 |
Total LHFI | 635,839 | 543,820 |
Commercial and Industrial Loans [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
Total LHFI | 1,533,318 | 1,538,715 |
Commercial and Industrial Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 29,389 | 30,717 |
LHFI, Collectively Evaluated For Impairment | 1,503,929 | 1,507,998 |
Total LHFI | 1,533,318 | 1,538,715 |
Consumer Loans [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
Total LHFI | 176,133 | 182,448 |
Consumer Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 30 | 2 |
LHFI, Collectively Evaluated For Impairment | 176,103 | 182,446 |
Total LHFI | 176,133 | 182,448 |
State and Other Political Subdivision Loans [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
Total LHFI | 982,187 | 973,818 |
State and Other Political Subdivision Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 8,303 | 8,595 |
LHFI, Collectively Evaluated For Impairment | 973,884 | 965,223 |
Total LHFI | 982,187 | 973,818 |
Other Loans [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
Total LHFI | 533,547 | 494,060 |
Other Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||
Loans and Leases Receivable, Other Information [Abstract] | ||
LHFI, Individually Evaluated For Impairment | 1,204 | 1,282 |
LHFI, Collectively Evaluated For Impairment | 532,343 | 492,778 |
Total LHFI | $ 533,547 | $ 494,060 |
Loans Held for Investment (L_15
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Change in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | $ 79,290 | ||||
Provision for loan losses, LHFI | $ 2,486 | $ 3,167 | 4,097 | $ 7,128 | |
Balance at end of period | 80,399 | 80,399 | |||
Allowance for Loan Losses, LHFI [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 79,005 | 81,235 | 79,290 | 76,733 | |
Transfers | [1] | 782 | 782 | ||
Loans charged-off | (2,937) | (3,421) | (6,970) | (5,963) | |
Recoveries | 1,845 | 1,803 | 3,982 | 4,886 | |
Net (charge-offs) recoveries | (1,092) | (1,618) | (2,988) | (1,077) | |
Provision for loan losses, LHFI | 2,486 | 3,167 | 4,097 | 7,128 | |
Balance at end of period | 80,399 | 83,566 | 80,399 | 83,566 | |
Allowance for Loan Losses, LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 7,390 | 7,865 | |||
Transfers | [1] | 573 | |||
Loans charged-off | (35) | (2) | |||
Recoveries | 577 | 536 | |||
Provision for loan losses, LHFI | (1,001) | (1,082) | |||
Balance at end of period | 6,931 | 7,890 | 6,931 | 7,890 | |
Allowance for Loan Losses, LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 8,641 | 10,874 | |||
Transfers | [1] | 127 | |||
Loans charged-off | (281) | (1,302) | |||
Recoveries | 336 | 342 | |||
Provision for loan losses, LHFI | (337) | (379) | |||
Balance at end of period | 8,359 | 9,662 | 8,359 | 9,662 | |
Allowance for Loan Losses, LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 22,376 | 23,428 | |||
Transfers | [1] | 103 | |||
Loans charged-off | (34) | (1,117) | |||
Recoveries | 30 | 36 | |||
Provision for loan losses, LHFI | 1,876 | 1,552 | |||
Balance at end of period | 24,248 | 24,002 | 24,248 | 24,002 | |
Allowance for Loan Losses, LHFI [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 3,450 | 2,790 | |||
Transfers | [1] | (68) | |||
Recoveries | 16 | 12 | |||
Provision for loan losses, LHFI | 255 | (355) | |||
Balance at end of period | 3,721 | 2,379 | 3,721 | 2,379 | |
Allowance for Loan Losses, LHFI [Member] | Commercial and Industrial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 27,359 | 22,851 | |||
Transfers | [1] | 2 | |||
Loans charged-off | (2,831) | (178) | |||
Recoveries | 329 | 1,347 | |||
Provision for loan losses, LHFI | 2,761 | 7,506 | |||
Balance at end of period | 27,618 | 31,528 | 27,618 | 31,528 | |
Allowance for Loan Losses, LHFI [Member] | Consumer Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 2,890 | 3,470 | |||
Transfers | [1] | 45 | |||
Loans charged-off | (1,269) | (1,007) | |||
Recoveries | 954 | 1,037 | |||
Provision for loan losses, LHFI | 673 | (571) | |||
Balance at end of period | 3,248 | 2,974 | 3,248 | 2,974 | |
Allowance for Loan Losses, LHFI [Member] | State and Other Political Subdivision Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 990 | 789 | |||
Provision for loan losses, LHFI | (552) | (24) | |||
Balance at end of period | 438 | 765 | 438 | 765 | |
Allowance for Loan Losses, LHFI [Member] | Other Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Balance at beginning of period | 6,194 | 4,666 | |||
Loans charged-off | (2,520) | (2,357) | |||
Recoveries | 1,740 | 1,576 | |||
Provision for loan losses, LHFI | 422 | 481 | |||
Balance at end of period | $ 5,836 | $ 4,366 | $ 5,836 | $ 4,366 | |
[1] | The allowance for loan losses balance related to the remaining loans acquired in the Bay Bank merger, which were transferred from acquired loans to LHFI during the second quarter of 2018. |
Acquired Loans - Schedule of Ac
Acquired Loans - Schedule of Acquired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Acquired loans | $ 87,884 | $ 106,932 | ||||
Less allowance for loan losses, acquired loans | 1,398 | $ 1,297 | 1,231 | $ 3,046 | $ 4,294 | $ 4,079 |
Net acquired loans | 86,486 | 105,701 | ||||
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Acquired loans | 5,705 | 5,878 | ||||
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Acquired loans | 19,967 | 22,556 | ||||
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Acquired loans | 43,444 | 47,979 | ||||
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Acquired loans | 7,416 | 8,253 | ||||
Commercial and Industrial Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Acquired loans | 6,193 | 15,267 | ||||
Consumer Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Acquired loans | 852 | 1,356 | ||||
Other Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Acquired loans | $ 4,307 | $ 5,643 |
Acquired Loans - Changes in the
Acquired Loans - Changes in the Carrying Value of Acquired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |||
Carrying value of acquired loans [Abstract] | |||||
Carrying value, net, beginning | $ 105,701 | ||||
Accretion to interest income | 2,983 | $ 5,927 | |||
Carrying value, net, ending | 86,486 | $ 105,701 | |||
Acquired Not ASC 310-30 [Member] | |||||
Carrying value of acquired loans [Abstract] | |||||
Carrying value, net, beginning | [1] | 2,811 | 77,868 | 77,868 | |
Transfers | [1],[2] | (2,926) | (59,916) | [3] | |
Accretion to interest income | [1] | 115 | 1,019 | ||
Payments received, net | [1] | 0 | (16,234) | ||
Other | [1],[4] | 0 | 74 | ||
Change in allowance for loan losses, acquired loans | [1] | 0 | 0 | ||
Carrying value, net, ending | [1] | 0 | 2,811 | ||
Acquired Impaired [Member] | |||||
Carrying value of acquired loans [Abstract] | |||||
Carrying value, net, beginning | 102,890 | $ 179,570 | 179,570 | ||
Transfers | [2] | 0 | (26,497) | [3] | |
Accretion to interest income | 2,983 | 9,514 | |||
Payments received, net | (19,667) | (62,519) | |||
Other | [4] | 447 | (26) | ||
Change in allowance for loan losses, acquired loans | (167) | 2,848 | |||
Carrying value, net, ending | $ 86,486 | $ 102,890 | |||
[1] | “Acquired Not ASC 310-30” loans consist of loans that are not in scope for FASB ASC Topic 310-30. | ||||
[2] | “Acquired Not ASC 310-30” | ||||
[3] | During 2018, Trustmark transferred the remaining loans acquired in the Bay Bank, Heritage and Reliance acquisitions from acquired impaired loans to LHFI. | ||||
[4] | Includes miscellaneous timing adjustments as well as acquired loan terminations through foreclosure, charge-off and other terminations. |
Acquired Loans - Changes in Acc
Acquired Loans - Changes in Accretable Yield of Acquired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Change in accretable difference on acquired loans [Abstract] | ||||
Accretable yield at beginning of period | $ (17,722) | $ (31,426) | $ (31,426) | |
Accretion to interest income | 2,983 | 5,927 | ||
Disposals, net | 1,114 | 1,463 | ||
Transfers | [1] | 0 | 3,685 | |
Reclassification from nonaccretable difference | [2] | (2,280) | (2,547) | |
Accretable yield at end of period | $ (15,905) | $ (22,898) | $ (17,722) | |
[1] | During the second quarter of 2018, Trustmark transferred the remaining loans acquired in the Bay Bank merger from acquired impaired loans to LHFI. | |||
[2] | Reclassifications from nonaccretable difference are due to lower loss expectations and improvements in expected cash flows. |
Acquired Loans - Components of
Acquired Loans - Components of the Allowance for Loan Losses on Acquired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance at beginning of period | $ 1,297 | $ 4,294 | $ 1,231 | $ 4,079 | |
Transfers | [1] | 0 | (782) | 0 | (782) |
Net (charge-offs) recoveries | (5) | (25) | (17) | 40 | |
Provision for loan losses, acquired loans | 106 | (441) | 184 | (291) | |
Balance at end of period | $ 1,398 | $ 3,046 | $ 1,398 | $ 3,046 | |
[1] | The allowance for loan losses balance related to the remaining loans acquired in the Bay Bank merger, which were transferred from acquired loans to LHFI during the second quarter of 2018. |
Acquired Loans - Additional Inf
Acquired Loans - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019CreditRiskGrade | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities [Abstract] | |
Number of individual credit risk grades | 10 |
Acquired Loans - Acquired Loans
Acquired Loans - Acquired Loans by Loan Type and Credit Quality Indicator (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | $ 86,486 | $ 105,701 | |
Acquired Loans, Aging [Abstract] | |||
Current | 84,522 | 104,377 | |
Acquired Loans, Past Due | 3,362 | 2,555 | |
Nonaccrual | [1] | 0 | 0 |
Total Acquired Loans | 87,884 | 106,932 | |
Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 2,318 | 1,546 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 5,605 | 5,786 | |
Acquired Loans, Past Due | 100 | 92 | |
Nonaccrual | [1] | 0 | 0 |
Total Acquired Loans | 5,705 | 5,878 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 100 | 87 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 18,868 | 21,303 | |
Acquired Loans, Past Due | 1,099 | 1,253 | |
Nonaccrual | [1] | 0 | 0 |
Total Acquired Loans | 19,967 | 22,556 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 132 | 481 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 42,641 | 46,795 | |
Acquired Loans, Past Due | 803 | 1,184 | |
Nonaccrual | [1] | 0 | 0 |
Total Acquired Loans | 43,444 | 47,979 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 734 | 978 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 7,416 | 8,237 | |
Acquired Loans, Past Due | 0 | 16 | |
Nonaccrual | [1] | 0 | 0 |
Total Acquired Loans | 7,416 | 8,253 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 0 | 0 |
Commercial and Industrial Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 6,193 | 15,267 | |
Acquired Loans, Past Due | 0 | 0 | |
Nonaccrual | [1] | 0 | 0 |
Total Acquired Loans | 6,193 | 15,267 | |
Commercial and Industrial Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 0 | 0 |
Consumer Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 844 | 1,346 | |
Acquired Loans, Past Due | 8 | 10 | |
Nonaccrual | [1] | 0 | 0 |
Total Acquired Loans | 852 | 1,356 | |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 0 | 0 |
Other Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 2,955 | 5,643 | |
Acquired Loans, Past Due | 1,352 | 0 | |
Nonaccrual | [1] | 0 | 0 |
Total Acquired Loans | 4,307 | 5,643 | |
Other Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 1,352 | 0 |
Commercial LHFI [Member] | Commercial Loan [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 71,127 | 87,740 | |
Commercial LHFI [Member] | Pass [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 54,746 | 62,437 | |
Commercial LHFI [Member] | Special Mention [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 70 | 71 | |
Commercial LHFI [Member] | Substandard [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 13,564 | 22,174 | |
Commercial LHFI [Member] | Doubtful [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 2,747 | 3,058 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Commercial Loan [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 5,043 | 5,227 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Pass [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 4,781 | 4,923 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Special Mention [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 27 | 26 | |
Commercial LHFI [Member] | Construction, Land Development and Other Land [Member] | Substandard [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 235 | 278 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Commercial Loan [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 4,724 | 5,371 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Pass [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 3,681 | 4,341 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Special Mention [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 43 | 45 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Substandard [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 556 | 534 | |
Commercial LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Doubtful [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 444 | 451 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Commercial Loan [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 43,444 | 47,979 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Pass [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 31,840 | 34,933 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Substandard [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 11,193 | 12,614 | |
Commercial LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Doubtful [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 411 | 432 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Commercial Loan [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 7,416 | 8,253 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Pass [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 7,150 | 7,653 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Substandard [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 70 | 190 | |
Commercial LHFI [Member] | Other Real Estate Secured [Member] | Doubtful [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 196 | 410 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Commercial Loan [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 6,193 | 15,267 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 4,348 | 6,560 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 149 | 6,942 | |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Doubtful [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 1,696 | 1,765 | |
Commercial LHFI [Member] | Other Loans [Member] | Commercial Loan [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 4,307 | 5,643 | |
Commercial LHFI [Member] | Other Loans [Member] | Pass [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 2,946 | 4,027 | |
Commercial LHFI [Member] | Other Loans [Member] | Substandard [Member] | |||
Acquired Loans, Commercial Loans [Abstract] | |||
Acquired loans | 1,361 | 1,616 | |
Consumer LHFI [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 15,789 | 18,121 | |
Subtotal | 16,757 | 19,192 | |
Total Acquired Loans | 87,884 | 106,932 | |
Consumer LHFI [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 866 | 586 | |
Consumer LHFI [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 102 | 485 | |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 658 | 642 | |
Subtotal | 662 | 651 | |
Total Acquired Loans | 5,705 | 5,878 | |
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 5 | ||
Consumer LHFI [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 4 | 4 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 14,287 | 16,133 | |
Subtotal | 15,243 | 17,185 | |
Total Acquired Loans | 19,967 | 22,556 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 858 | 571 | |
Consumer LHFI [Member] | Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 98 | 481 | |
Consumer LHFI [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Total Acquired Loans | 43,444 | 47,979 | |
Consumer LHFI [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Total Acquired Loans | 7,416 | 8,253 | |
Consumer LHFI [Member] | Commercial and Industrial Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Total Acquired Loans | 6,193 | 15,267 | |
Consumer LHFI [Member] | Consumer Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Current | 844 | 1,346 | |
Subtotal | 852 | 1,356 | |
Total Acquired Loans | 852 | 1,356 | |
Consumer LHFI [Member] | Consumer Loans [Member] | Past Due 30-89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 8 | 10 | |
Consumer LHFI [Member] | Other Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Total Acquired Loans | $ 4,307 | $ 5,643 | |
[1] | Acquired loans not accounted for under FASB ASC Topic 310-30. | ||
[2] | Past due 90 days or more but still accruing interest. |
Acquired Loans - Aging Analysis
Acquired Loans - Aging Analysis of Past Due and Nonaccrual Acquired Loans, by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | $ 3,362 | $ 2,555 | |
Nonaccrual | [1] | 0 | 0 |
Current | 84,522 | 104,377 | |
Acquired Loans | 87,884 | 106,932 | |
Past Due 30 to 59 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 723 | 878 | |
Past Due 60 to 89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 321 | 131 | |
Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 2,318 | 1,546 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 100 | 92 | |
Nonaccrual | [1] | 0 | 0 |
Current | 5,605 | 5,786 | |
Acquired Loans | 5,705 | 5,878 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 5 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 0 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 100 | 87 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 1,099 | 1,253 | |
Nonaccrual | [1] | 0 | 0 |
Current | 18,868 | 21,303 | |
Acquired Loans | 19,967 | 22,556 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 723 | 664 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 244 | 108 | |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 132 | 481 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 803 | 1,184 | |
Nonaccrual | [1] | 0 | 0 |
Current | 42,641 | 46,795 | |
Acquired Loans | 43,444 | 47,979 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 206 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 69 | 0 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 734 | 978 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 16 | |
Nonaccrual | [1] | 0 | 0 |
Current | 7,416 | 8,237 | |
Acquired Loans | 7,416 | 8,253 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 2 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 14 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 0 | 0 |
Commercial and Industrial Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 0 | |
Nonaccrual | [1] | 0 | 0 |
Current | 6,193 | 15,267 | |
Acquired Loans | 6,193 | 15,267 | |
Commercial and Industrial Loans [Member] | Past Due 30 to 59 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 0 | |
Commercial and Industrial Loans [Member] | Past Due 60 to 89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 0 | |
Commercial and Industrial Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 0 | 0 |
Consumer Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 8 | 10 | |
Nonaccrual | [1] | 0 | 0 |
Current | 844 | 1,346 | |
Acquired Loans | 852 | 1,356 | |
Consumer Loans [Member] | Past Due 30 to 59 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 1 | |
Consumer Loans [Member] | Past Due 60 to 89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 8 | 9 | |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | 0 | 0 |
Other Loans [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 1,352 | 0 | |
Nonaccrual | [1] | 0 | 0 |
Current | 2,955 | 5,643 | |
Acquired Loans | 4,307 | 5,643 | |
Other Loans [Member] | Past Due 30 to 59 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 0 | |
Other Loans [Member] | Past Due 60 to 89 Days [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | 0 | 0 | |
Other Loans [Member] | Past Due 90 Days or More [Member] | |||
Acquired Loans, Aging [Abstract] | |||
Acquired Loans, Past Due | [2] | $ 1,352 | $ 0 |
[1] | Acquired loans not accounted for under FASB ASC Topic 310-30. | ||
[2] | Past due 90 days or more but still accruing interest. |
Mortgage Banking - Schedule of
Mortgage Banking - Schedule of Activity in the Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Mortgage servicing rights [Abstract] | ||
Balance at beginning of period | $ 95,596 | $ 84,269 |
Origination of servicing assets | 6,075 | 7,719 |
Change in fair value [Abstract] | ||
Due to market changes | (17,072) | 11,264 |
Due to run-off | (5,316) | (5,841) |
Balance at end of period | $ 79,283 | $ 97,411 |
Mortgage Banking - Additional I
Mortgage Banking - Additional Information (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($)CPR | Jun. 30, 2018USD ($)CPR | |
Schedule of changes in the reserve for mortgage loan [Abstract] | ||
Assumed average prepayment speed | CPR | 12 | 7 |
Average discount rate (in hundredths) | 10.04% | 10.28% |
Mortgage servicing rights [Abstract] | ||
Residential mortgage loans sold | $ 488.1 | $ 515.6 |
Gains on sales of residential mortgage loans | $ 9.1 | $ 10 |
Period of putback response | 60 days |
Mortgage Banking - Schedule o_2
Mortgage Banking - Schedule of Mortgage Loans Sold and Serviced for Others (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | $ 6,897,054 | $ 6,834,874 |
Federal National Mortgage Association [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 4,218,612 | 4,204,336 |
Government National Mortgage Association [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 2,579,636 | 2,537,238 |
Federal Home Loan Mortgage Corporation [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 78,261 | 71,343 |
Other [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | $ 20,545 | $ 21,957 |
Mortgage Banking - Changes in t
Mortgage Banking - Changes in the Reserve for Mortgage Loan Servicing Putback Expense (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Schedule of changes in the reserve for mortgage loan [Abstract] | |||
Balance at beginning of period | $ 1,000 | $ 1,000 | |
Provision for putback expenses | 0 | 0 | |
Other | [1] | (298) | 0 |
Balance at end of period | $ 702 | $ 1,000 | |
[1] | Includes fair value adjustments for loans transferred due to underwriting issues as well as adjustments based on Trustmark’s mortgage loan servicing putback reserve analysis. |
Other Real Estate - Changes and
Other Real Estate - Changes and Gains (Losses), Net on Other Real Estate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reconciliation Of Carrying Amount Of Real Estate Investments Roll Forward | ||||
Balance at beginning of period | $ 34,668 | $ 43,228 | ||
Additions | 2,101 | 7,084 | ||
Disposals | (3,859) | (9,680) | ||
Write-downs | (1,667) | (965) | ||
Balance at end of period | $ 31,243 | $ 39,667 | 31,243 | 39,667 |
Gains (losses), net on the sale of other real estate included in other real estate expense | $ 123 | $ 588 | $ 246 | $ 1,002 |
Other Real Estate - Other Real
Other Real Estate - Other Real Estate, By Type of Property (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Other real estate, excluding covered other real estate [Line Items] | ||||
Total other real estate | $ 31,243 | $ 34,668 | $ 39,667 | $ 43,228 |
Construction, Land Development And Other Land Properties [Member] | ||||
Other real estate, excluding covered other real estate [Line Items] | ||||
Total other real estate | 15,325 | 16,206 | ||
1 - 4 Family Residential Properties [Member] | ||||
Other real estate, excluding covered other real estate [Line Items] | ||||
Total other real estate | 4,132 | 4,983 | ||
Nonfarm, Nonresidential Properties [Member] | ||||
Other real estate, excluding covered other real estate [Line Items] | ||||
Total other real estate | 11,581 | 13,296 | ||
Other Real Estate Properties [Member] | ||||
Other real estate, excluding covered other real estate [Line Items] | ||||
Total other real estate | $ 205 | $ 183 |
Other Real Estate - Other Rea_2
Other Real Estate - Other Real Estate, By Geographic Location (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Other real estate, excluding covered other real estate [Line Items] | |||||
Total other real estate | $ 31,243 | $ 34,668 | $ 39,667 | $ 43,228 | |
Alabama [Member] | |||||
Other real estate, excluding covered other real estate [Line Items] | |||||
Total other real estate | 6,451 | 6,873 | |||
Florida [Member] | |||||
Other real estate, excluding covered other real estate [Line Items] | |||||
Total other real estate | 7,826 | 8,771 | |||
Mississippi [Member] | |||||
Other real estate, excluding covered other real estate [Line Items] | |||||
Total other real estate | [1] | 15,511 | 17,255 | ||
Tennessee [Member] | |||||
Other real estate, excluding covered other real estate [Line Items] | |||||
Total other real estate | [2] | 815 | 1,025 | ||
Texas [Member] | |||||
Other real estate, excluding covered other real estate [Line Items] | |||||
Total other real estate | $ 640 | $ 744 | |||
[1] | Mississippi includes Central and Southern Mississippi Regions. | ||||
[2] | Tennessee includes Memphis, Tennessee and Northern Mississippi Regions. |
Other Real Estate - Additional
Other Real Estate - Additional information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Reconciliation Of Carrying Amount Of Real Estate Investments Roll Forward | ||
Foreclosed residential real estate properties recorded as a result of obtaining physical possession of property | $ 4,100 | $ 5,000 |
Consumer mortgage loans and that formal foreclosure proceedings are in process | $ 625 | $ 1,100 |
Leases - Components of Net Leas
Leases - Components of Net Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Finance leases | ||
Amortization of right-of-use assets | $ 642 | $ 1,145 |
Interest on lease liabilities | 80 | 161 |
Operating lease cost | 1,289 | 2,589 |
Short-term lease cost | 123 | 203 |
Variable lease cost | 346 | 690 |
Sublease income | (82) | (169) |
Net lease cost | $ 2,398 | $ 4,619 |
Leases - Cash Payments Included
Leases - Cash Payments Included in Measurement of Lease liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Finance leases | |
Operating cash flows included in other activities, net | $ 526 |
Financing cash flows included in payments under finance lease obligations | 1,035 |
Operating leases | |
Operating cash flows (fixed payments) included in other activities, net | 2,481 |
Operating cash flows (liability reduction) included in other activities, net | $ 1,875 |
Leases - Balance Sheet Informat
Leases - Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates Related to Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Leases [Abstract] | ||
Finance lease right-of-use assets, net of accumulated depreciation | $ 10,698 | |
Finance lease liabilities | 10,808 | |
Operating lease right-of-use assets | 32,762 | $ 33,900 |
Operating lease liabilities | $ 33,878 | $ 34,900 |
Weighted-average lease term | ||
Finance leases | 8 years 7 months 17 days | |
Operating leases | 9 years 8 months 23 days | |
Weighted-average discount rate | ||
Finance leases | 3.02% | |
Operating leases | 3.56% |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Commitments Under Finance and Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Leases [Abstract] | ||
Finance leases, 2019 (excluding the six months ended June 30, 2019) | $ 1,198 | |
Finance leases, 2020 | 2,215 | |
Finance leases, 2021 | 1,615 | |
Finance leases, 2022 | 1,556 | |
Finance leases, 2023 | 871 | |
Thereafter | 5,024 | |
Finance leases, total minimum lease payments | 12,479 | |
Finance leases, imputed interest | (1,671) | |
Finance lease liabilities | 10,808 | |
Operating leases, 2019 (excluding the six months ended June 30, 2019) | 2,484 | |
Operating leases, 2020 | 4,759 | |
Operating leases, 2021 | 4,541 | |
Operating leases, 2022 | 4,149 | |
Operating leases, 2023 | 4,112 | |
Thereafter | 20,246 | |
Operating leases, total minimum lease payments | 40,291 | |
Operating leases, imputed interest | (6,413) | |
Operating lease liabilities | $ 33,878 | $ 34,900 |
Leases - Future Minimum Renta_2
Leases - Future Minimum Rental Commitments Under Non-Cancellable Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Operating leases, 2019 | $ 8,680 |
Operating leases, 2020 | 8,063 |
Operating leases. 2021 | 7,274 |
Operating leases, 2022 | 6,680 |
Operating leases, 2023 | 5,788 |
Operating leases, thereafter | 29,673 |
Operating leases, total minimum lease payments | $ 66,158 |
Deposits - Deposits Summary (De
Deposits - Deposits Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Noninterest-bearing demand | $ 2,909,141 | $ 2,937,594 |
Interest-bearing demand | 3,175,585 | 2,633,259 |
Savings | 3,664,304 | 3,905,659 |
Time | 1,817,599 | 1,887,899 |
Total deposits | $ 11,566,629 | $ 11,364,411 |
Securities Sold Under Repurch_3
Securities Sold Under Repurchase Agreement - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements, secured by securities carrying amount | $ 121.6 | $ 163.3 |
Securities Sold Under Repurch_4
Securities Sold Under Repurchase Agreements - Schedule of Securities Sold Under Repurchase Agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities sold under repurchase agreements by collateral pledged | ||
Total securities sold under repurchase agreements | $ 44,903 | $ 45,509 |
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 | 15,474 | 6,721 |
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 | $ 29,429 | $ 38,788 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | ||||
Other real estate sales, net gains | $ 123 | $ 588 | $ 246 | $ 1,002 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Noninterest Income Disaggregated by Reportable Operating Segment and Revenue Stream (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | [1] | Jun. 30, 2019 | Jun. 30, 2018 | [1] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Service charges on deposit accounts | $ 10,379 | $ 10,647 | $ 20,644 | $ 21,504 | |||
Bank card and other fees | 8,004 | 7,070 | 15,195 | 13,696 | |||
Mortgage banking, net | 10,295 | 9,046 | 13,737 | 20,311 | |||
Insurance commissions | 11,089 | 10,735 | 21,960 | 20,154 | |||
Wealth management | 7,742 | 7,478 | 15,225 | 15,045 | |||
Other, net | 2,130 | 2,415 | 4,369 | 3,474 | |||
Total Noninterest Income | 49,639 | 47,391 | 91,130 | 94,184 | |||
General Banking Segment [Member] | |||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Service charges on deposit accounts | 10,357 | 10,626 | 20,597 | 21,459 | |||
Bank card and other fees | 7,985 | 7,042 | 15,152 | 13,641 | |||
Mortgage banking, net | 10,295 | 9,046 | 13,737 | 20,311 | |||
Wealth management | 97 | 93 | 188 | 140 | |||
Other, net | 2,074 | 2,368 | 4,047 | 3,384 | |||
Total Noninterest Income | 30,808 | 29,175 | 53,721 | 58,935 | |||
Wealth Management Segment [Member] | |||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Service charges on deposit accounts | 22 | 21 | 47 | 45 | |||
Bank card and other fees | 19 | 28 | 43 | 55 | |||
Wealth management | 7,645 | 7,385 | 15,037 | 14,905 | |||
Other, net | 54 | 46 | 316 | 89 | |||
Total Noninterest Income | 7,740 | 7,480 | 15,443 | 15,094 | |||
Insurance Segment [Member] | |||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Insurance commissions | 11,089 | 10,735 | 21,960 | 20,154 | |||
Other, net | 2 | 1 | 6 | 1 | |||
Total Noninterest Income | 11,091 | 10,736 | 21,966 | 20,155 | |||
Topic 606 [Member] | |||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Service charges on deposit accounts | 10,379 | 10,647 | 20,644 | 21,504 | |||
Bank card and other fees | 7,181 | 6,854 | 14,070 | 13,405 | |||
Insurance commissions | 11,089 | 10,735 | 21,960 | 20,154 | |||
Wealth management | 7,742 | 7,478 | 15,225 | 15,045 | |||
Other, net | 2,360 | 1,543 | 4,844 | 2,982 | |||
Total Noninterest Income | 38,751 | 37,257 | 76,743 | 73,090 | |||
Topic 606 [Member] | General Banking Segment [Member] | |||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Service charges on deposit accounts | 10,357 | 10,626 | 20,597 | 21,459 | |||
Bank card and other fees | 7,162 | 6,826 | 14,027 | 13,350 | |||
Wealth management | 97 | 93 | 188 | 140 | |||
Other, net | 2,333 | 1,526 | 4,577 | 2,950 | |||
Total Noninterest Income | 19,949 | 19,071 | 39,389 | 37,899 | |||
Topic 606 [Member] | Wealth Management Segment [Member] | |||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Service charges on deposit accounts | 22 | 21 | 47 | 45 | |||
Bank card and other fees | 19 | 28 | 43 | 55 | |||
Wealth management | 7,645 | 7,385 | 15,037 | 14,905 | |||
Other, net | 25 | 16 | 261 | 31 | |||
Total Noninterest Income | 7,711 | 7,450 | 15,388 | 15,036 | |||
Topic 606 [Member] | Insurance Segment [Member] | |||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Insurance commissions | 11,089 | 10,735 | 21,960 | 20,154 | |||
Other, net | 2 | 1 | 6 | 1 | |||
Total Noninterest Income | 11,091 | 10,736 | 21,966 | 20,155 | |||
Not Topic 606 [Member] | |||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Bank card and other fees | [2] | 823 | 216 | 1,125 | 291 | ||
Mortgage banking, net | [2] | 10,295 | 9,046 | 13,737 | 20,311 | ||
Other, net | [2] | (230) | 872 | (475) | 492 | ||
Total Noninterest Income | [2] | 10,888 | 10,134 | 14,387 | 21,094 | ||
Not Topic 606 [Member] | General Banking Segment [Member] | |||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Bank card and other fees | [2] | 823 | 216 | 1,125 | 291 | ||
Mortgage banking, net | [2] | 10,295 | 9,046 | 13,737 | 20,311 | ||
Other, net | [2] | (259) | 842 | (530) | 434 | ||
Total Noninterest Income | [2] | 10,859 | 10,104 | 14,332 | 21,036 | ||
Not Topic 606 [Member] | Wealth Management Segment [Member] | |||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Other, net | [2] | 29 | 30 | 55 | 58 | ||
Total Noninterest Income | [2] | $ 29 | $ 30 | $ 55 | $ 58 | ||
[1] | During the first quarter of 2019, Trustmark revised the composition of its operating segments by moving the Private Banking Group from the General Banking Segment to the Wealth Management Segment as a result of a change in supervision of this group for segment reporting purposes. The prior period amounts presented include reclassifications to conform to the current period presentation. | ||||||
[2] | Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security |
Defined Benefit and Other Pos_3
Defined Benefit and Other Postretirement Benefits - Net Periodic Benefit Cost for Plan and Continuing plan (Details) - The Continuing Plan [Member] - Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net periodic benefit cost [Abstract] | ||||
Service cost | $ 53 | $ 70 | $ 106 | $ 139 |
Interest cost | 90 | 83 | 180 | 166 |
Expected return on plan assets | (50) | (57) | (101) | (114) |
Recognized net loss due to lump sum settlements | 63 | 40 | 94 | 80 |
Recognized net actuarial loss | 93 | 143 | 186 | 285 |
Net periodic benefit cost | $ 249 | $ 279 | $ 465 | $ 556 |
Defined Benefit and Other Pos_4
Defined Benefit and Other Postretirement Benefits - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
The Continuing Plan [Member] | Scenario Forecast [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Trustmark's minimum required contribution to the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions | $ 160 |
Defined Benefit and Other Pos_5
Defined Benefit and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - Supplemental Retirement Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net periodic benefit cost [Abstract] | ||||
Service cost | $ 28 | $ 29 | $ 55 | $ 58 |
Interest cost | 501 | 457 | 1,042 | 952 |
Amortization of prior service cost | 62 | 62 | 125 | 125 |
Recognized net actuarial loss | 154 | 220 | 316 | 446 |
Net periodic benefit cost | $ 745 | $ 768 | $ 1,538 | $ 1,581 |
Stock and Incentive Compensat_3
Stock and Incentive Compensation - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
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] | |
Return on average tangible equity, performance measure | 100.00% |
Total shareholder return, performance measure | 100.00% |
Time-Vested Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 3 years |
Stock and Incentive Compensat_4
Stock and Incentive Compensation - Summary of Stock Plan Activity (Details) - Stock and Incentive Compensation Plan [Member] - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Performance Based Award [Member] | ||
Shares [Roll Forward] | ||
Nonvested shares, beginning of period (in shares) | 149,914 | 177,695 |
Granted (in shares) | 50,862 | |
Released from restriction (in shares) | (61,347) | |
Forfeited (in shares) | (17,296) | |
Nonvested shares, end of period (in shares) | 149,914 | 149,914 |
Time-Vested Awards [Member] | ||
Shares [Roll Forward] | ||
Nonvested shares, beginning of period (in shares) | 320,658 | 321,870 |
Granted (in shares) | 113,673 | |
Released from restriction (in shares) | (7,126) | (119,368) |
Forfeited (in shares) | (2,264) | (4,907) |
Nonvested shares, end of period (in shares) | 311,268 | 311,268 |
Stock and Incentive Compensat_5
Stock and Incentive Compensation - Compensation Expense for Awards Under Stock Plan (Details) - Stock and Incentive Compensation Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Recognized compensation expense | $ 1,279 | $ 1,079 | $ 2,281 | $ 1,864 |
Performance Based Award [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Recognized compensation expense | 481 | 396 | 562 | 290 |
Time-Vested Awards [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Recognized compensation expense | $ 798 | $ 683 | $ 1,719 | $ 1,574 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($)Lawsuit | Jun. 30, 2018USD ($) | |
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | $ 4,146 | $ 3,517 |
Pending or Threatened Litigation, Stanford Financial Group [Member] | ||
Legal Proceedings [Abstract] | ||
Lawsuits naming entity as defendant, number | Lawsuit | 3 | |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Potential exposure to credit loss in the event of nonperformance | $ 103.6 | 105.1 |
Letters of credit, maturity term - maximum | 3 years | |
Collateral held, fair value | $ 30.3 | $ 29.1 |
Earnings Per Share (EPS) - Weig
Earnings Per Share (EPS) - Weighted-Average Shares Used to Calculate Basic and Diluted EPS (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Basic shares (in shares) | 64,678 | 67,758 | 64,957 | 67,784 |
Dilutive shares (in shares) | 137 | 149 | 132 | 145 |
Diluted shares (in shares) | 64,815 | 67,907 | 65,089 | 67,929 |
Earnings Per Share (EPS) - We_2
Earnings Per Share (EPS) - Weighted-Average Antidilutive Stock Awards Excluded from Determining Diluted EPS (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Weighted-average antidilutive stock awards | 23 | 25 | 78 | 79 |
Statements of Cash Flows (Detai
Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Statement of cash flows specific transaction amounts [Abstract] | |||
Income taxes paid | $ 5,336 | $ 4,620 | |
Interest expense paid on deposits and borrowings | 43,004 | 29,045 | |
Noncash transfers from loans to other real estate | 2,101 | $ 7,084 | |
Finance right-of-use assets resulting from lease liabilities | 10,698 | ||
Operating right-of-use assets resulting from lease liabilities | $ 32,762 | $ 33,900 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Apr. 01, 2019 | Dec. 31, 2018 | Mar. 11, 2016 | |
Stockholders Equity [Line items] | |||||||
Capital conservation buffer rate | 2.50% | 2.50% | 1.875% | ||||
Stock Repurchase Program | |||||||
Stockholders Equity [Line items] | |||||||
Repurchase shares of common stock | 3,200,000 | ||||||
Repurchase shares of common stock, value | $ 100 | ||||||
Stock Repurchase Program | Common Stock [Member] | |||||||
Stockholders Equity [Line items] | |||||||
Amount of stock authorized for repurchase | $ 100 | ||||||
Repurchase shares of common stock | 1,200,000 | 1,600,000 | 243,000 | ||||
Repurchase shares of common stock, value | $ 36.9 | $ 49.9 | $ 7.9 | ||||
New Stock Repurchase Program [Member] | |||||||
Stockholders Equity [Line items] | |||||||
Amount of stock authorized for repurchase | $ 100 | ||||||
New Stock Repurchase Program [Member] | Common Stock [Member] | |||||||
Stockholders Equity [Line items] | |||||||
Repurchase shares of common stock | 398,000 | ||||||
Repurchase shares of common stock, value | $ 13 |
Shareholders' Equity - Table of
Shareholders' Equity - Table of Actual Regulatory Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
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 | $ 1,269,353 | $ 1,271,538 | |
Actual Regulatory Capital Ratio | 11.76% | 11.77% | |
Minimum Regulatory Capital Required Ratio | 7.00% | 6.375% | |
Minimum Regulatory Provision to be Well-Capitalized Ratio | [1] | ||
Trustmark Corporation [Member] | Tier 1 Capital (to Risk Weighted Assets) [Member] | |||
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | |||
Actual Regulatory Capital Amount | $ 1,329,353 | $ 1,331,538 | |
Actual Regulatory Capital Ratio | 12.31% | 12.33% | |
Minimum Regulatory Capital Required Ratio | 8.50% | 7.875% | |
Minimum Regulatory Provision to be Well-Capitalized Ratio | [1] | ||
Trustmark Corporation [Member] | Total Capital (to Risk Weighted Assets) [Member] | |||
Total Capital (to Risk Weighted Assets) [Abstract] | |||
Actual Regulatory Capital Amount | $ 1,411,150 | $ 1,412,059 | |
Actual Regulatory Capital Ratio | 13.07% | 13.07% | |
Minimum Regulatory Capital Required Ratio | 10.50% | 9.875% | |
Minimum Regulatory Provision to be Well-Capitalized Ratio | [1] | ||
Trustmark Corporation [Member] | Tier 1 Leverage (to Average Assets) [Member] | |||
Tier 1 Leverage (to Average Assets) [Abstract] | |||
Actual Regulatory Capital Amount | $ 1,329,353 | $ 1,331,538 | |
Actual Regulatory Capital Ratio | 10.03% | 10.26% | |
Minimum Regulatory Capital Required Ratio | 4.00% | 4.00% | |
Minimum Regulatory Provision to be Well-Capitalized Ratio | [1] | ||
Trustmark National Bank [Member] | Common Equity Tier 1 Capital (to Risk Weighted Assets) [Member] | |||
Common Equity Tier One Risk Based Capital [Abstract] | |||
Actual Regulatory Capital Amount | $ 1,309,962 | $ 1,311,548 | |
Actual Regulatory Capital Ratio | 12.14% | 12.14% | |
Minimum Regulatory Capital Required Ratio | 7.00% | 6.375% | |
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 | $ 1,309,962 | $ 1,311,548 | |
Actual Regulatory Capital Ratio | 12.14% | 12.14% | |
Minimum Regulatory Capital Required Ratio | 8.50% | 7.875% | |
Minimum Regulatory Provision to be Well-Capitalized Ratio | 8.00% | 8.00% | |
Trustmark National Bank [Member] | Total Capital (to Risk Weighted Assets) [Member] | |||
Total Capital (to Risk Weighted Assets) [Abstract] | |||
Actual Regulatory Capital Amount | $ 1,391,759 | $ 1,392,069 | |
Actual Regulatory Capital Ratio | 12.89% | 12.89% | |
Minimum Regulatory Capital Required Ratio | 10.50% | 9.875% | |
Minimum Regulatory Provision to be Well-Capitalized Ratio | 10.00% | 10.00% | |
Trustmark National Bank [Member] | Tier 1 Leverage (to Average Assets) [Member] | |||
Tier 1 Leverage (to Average Assets) [Abstract] | |||
Actual Regulatory Capital Amount | $ 1,309,962 | $ 1,311,548 | |
Actual Regulatory Capital Ratio | 9.90% | 10.13% | |
Minimum Regulatory Capital Required Ratio | 4.00% | 4.00% | |
Minimum Regulatory Provision to be Well-Capitalized Ratio | 5.00% | 5.00% | |
[1] | n/a |
Shareholders' Equity - Net Chan
Shareholders' Equity - Net Change in Components of Accumulated Other Comprehensive Income (Loss) and the Related Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Securities available for sale and transferred securities: | ||||
Net unrealized holding gains (losses) arising during the period, Before tax amount | $ 20,079 | $ (9,275) | $ 38,903 | $ (37,314) |
Change in net unrealized holding loss on securities transferred to held to maturity, Before tax amount | 1,256 | 971 | 2,003 | 1,936 |
Total securities available for sale and transferred securities, Before tax amount | 21,335 | (8,304) | 40,906 | (35,378) |
Pension and other postretirement benefit plans: | ||||
Net change in prior service costs, Before tax amount | 62 | 62 | 125 | 125 |
Recognized net loss due to lump sum settlements, Before tax amount | 63 | 40 | 94 | 80 |
Change in net actuarial loss, Before tax amount | 247 | 363 | 502 | 731 |
Total pension and other postretirement benefit plans, Before tax amount | 372 | 465 | 721 | 936 |
Cash flow hedge derivatives: | ||||
Change in accumulated gain (loss) on effective cash flow hedge derivatives, Before tax amount | (101) | 132 | (164) | 559 |
Reclassification adjustment for (gain) loss realized in net income, Before tax amount | (141) | (99) | (312) | (105) |
Total cash flow hedge derivatives, Before tax amount | (242) | 33 | (476) | 454 |
Total other comprehensive income (loss), Before tax amount | 21,465 | (7,806) | 41,151 | (33,988) |
Securities available for sale and transferred securities: | ||||
Net unrealized holding gains (losses) arising during the period, tax (expense) benefit | (5,020) | 2,320 | (9,726) | 9,329 |
Change in net unrealized holding loss on securities transferred to held to maturity, tax (expense) benefit | (314) | (243) | (501) | (484) |
Total securities available for sale and transferred securities, tax (expense) benefit | (5,334) | 2,077 | (10,227) | 8,845 |
Pension and other postretirement benefit plans: | ||||
Net change in prior service costs, tax (expense) benefit | (15) | (16) | (31) | (32) |
Recognized net loss due to lump sum settlements, tax (expense) benefit | (16) | (10) | (23) | (19) |
Change in net actuarial loss, tax (expense) benefit | (61) | (91) | (126) | (183) |
Total pension and other postretirement benefit plans, tax (expense) benefit | (92) | (117) | (180) | (234) |
Cash flow hedge derivatives: | ||||
Change in accumulated gain (loss) on effective cash flow hedge derivatives, tax (expense) benefit | 25 | (33) | 41 | (140) |
Reclassification adjustment for (gain) loss realized in net income, tax (expense) benefit | 35 | 26 | 78 | 27 |
Total cash flow hedge derivatives, tax (expense) benefit | 60 | (7) | 119 | (113) |
Total other comprehensive income (loss), tax (expense) benefit | (5,366) | 1,953 | (10,288) | 8,498 |
Net unrealized gains (losses) on available for sale securities and transferred securities: | ||||
Net unrealized holding gains (losses) arising during the period, net of tax amount | 15,059 | (6,955) | 29,177 | (27,985) |
Change in net unrealized holding loss on securities transferred to held to maturity, net of tax amount | 942 | 728 | 1,502 | 1,452 |
Total securities available for sale and transferred securities, net of tax amount | 16,001 | (6,227) | 30,679 | (26,533) |
Pension and other postretirement benefit plans: | ||||
Net change in prior service costs, net of tax amount | 47 | 46 | 94 | 93 |
Recognized net loss due to lump sum settlements, net of tax amount | 47 | 30 | 71 | 61 |
Change in net actuarial loss, net of tax amount | 186 | 272 | 376 | 548 |
Total pension and other postretirement benefit plans, net of tax amount | 280 | 348 | 541 | 702 |
Cash flow hedge derivatives | ||||
Change in accumulated gain (loss) on effective cash flow hedge derivatives, net of tax amount | (76) | 99 | (123) | 419 |
Reclassification adjustment for (gain) loss realized in net income, net of tax amount | (106) | (73) | (234) | (78) |
Total cash flow hedge derivatives, net of tax amount | (182) | 26 | (357) | 341 |
Total other comprehensive income (loss), net of tax amount | $ 16,099 | $ (5,853) | $ 30,863 | $ (25,490) |
Shareholders' Equity - Changes
Shareholders' Equity - Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 1,587,028 | $ 1,570,137 | $ 1,591,453 | $ 1,571,701 |
Other comprehensive income (loss) before reclassification | 30,556 | (26,114) | ||
Amounts reclassified from accumulated other comprehensive loss | 307 | 624 | ||
Total other comprehensive income (loss), net of tax amount | 16,099 | (5,853) | 30,863 | (25,490) |
Reclassification of certain income tax effects related to the changein the federal statutory income tax rate under the Tax Reform Act | (8,524) | |||
Balance | 1,618,550 | 1,584,072 | 1,618,550 | 1,584,072 |
Securities Available for Sale and Transferred Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (43,824) | (26,535) | ||
Other comprehensive income (loss) before reclassification | 30,679 | (26,533) | ||
Total other comprehensive income (loss), net of tax amount | 30,679 | (26,533) | ||
Reclassification of certain income tax effects related to the changein the federal statutory income tax rate under the Tax Reform Act | (5,694) | |||
Balance | (13,145) | (58,762) | (13,145) | (58,762) |
Defined Benefit Pension Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (12,324) | (13,468) | ||
Amounts reclassified from accumulated other comprehensive loss | 541 | 702 | ||
Total other comprehensive income (loss), net of tax amount | 541 | 702 | ||
Reclassification of certain income tax effects related to the changein the federal statutory income tax rate under the Tax Reform Act | (2,890) | |||
Balance | (11,783) | (15,656) | (11,783) | (15,656) |
Cash Flow Hedge Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 469 | 278 | ||
Other comprehensive income (loss) before reclassification | (123) | 419 | ||
Amounts reclassified from accumulated other comprehensive loss | (234) | (78) | ||
Total other comprehensive income (loss), net of tax amount | (357) | 341 | ||
Reclassification of certain income tax effects related to the changein the federal statutory income tax rate under the Tax Reform Act | 60 | |||
Balance | 112 | 679 | 112 | 679 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (40,915) | (67,886) | (55,679) | (39,725) |
Balance | $ (24,816) | $ (73,739) | $ (24,816) | $ (73,739) |
Fair Value - Financial Assets a
Fair Value - Financial Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $ 1,643,725 | $ 1,811,813 | ||
Loans held for sale | 240,380 | 153,799 | ||
Mortgage servicing rights | 79,283 | 95,596 | $ 97,411 | $ 84,269 |
U.S. Government Agency Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 26,646 | 30,335 | ||
Obligations of States and Political Subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 38,698 | 50,676 | ||
Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,643,725 | 1,811,813 | ||
Loans held for sale | 240,380 | 153,799 | ||
Mortgage servicing rights | 79,283 | 95,596 | ||
Other assets - derivatives | 22,301 | 12,347 | ||
Other liabilities - derivatives | 4,933 | 4,213 | ||
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 | 26,646 | 30,335 | ||
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 | 38,698 | 50,676 | ||
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,578,381 | 1,730,802 | ||
Level 1 [Member] | Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Other assets - derivatives | 4,817 | 5,006 | ||
Other liabilities - derivatives | 1,129 | 66 | ||
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 | 1,643,725 | 1,811,813 | ||
Loans held for sale | 240,380 | 153,799 | ||
Mortgage servicing rights | 0 | 0 | ||
Other assets - derivatives | 14,939 | 6,154 | ||
Other liabilities - derivatives | 3,804 | 4,147 | ||
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 | 26,646 | 30,335 | ||
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 | 38,698 | 50,676 | ||
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 | 1,578,381 | 1,730,802 | ||
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 | 79,283 | 95,596 | ||
Other assets - derivatives | 2,545 | 1,187 | ||
Other liabilities - derivatives | 0 | 0 | ||
Level 3 [Member] | Recurring Basis [Member] | U.S. Government Agency Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Level 3 [Member] | Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Level 3 [Member] | Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $ 0 | $ 0 |
Fair Value - Changes in Level 3
Fair Value - Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - Recurring Basis [Member] - Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
MSR [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 95,596 | $ 84,269 | |
Total net (loss) gain included in Mortgage banking, net | [1] | (22,388) | 5,423 |
Additions | 6,075 | 7,719 | |
Sales | 0 | 0 | |
Ending Balance | 79,283 | 97,411 | |
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 | (17,072) | 11,264 | |
Other Assets - Derivatives [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 1,187 | 900 | |
Total net (loss) gain included in Mortgage banking, net | [1] | 3,889 | 2,698 |
Additions | 0 | 0 | |
Sales | (2,531) | (2,146) | |
Ending Balance | 2,545 | 1,452 | |
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 | $ 678 | $ 327 | |
[1] | Total net (loss) gain included in Mortgage banking, net relating to the MSR includes changes in fair value due to market changes and due to run-off. |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Nonfinancial Assets and Liabilities [Abstract] | |||||
Outstanding balances in impaired loans | $ 51,100 | $ 51,100 | $ 55,800 | ||
Impaired loans, related allowance | 4,300 | 4,300 | 6,400 | ||
Foreclosed assets re-measured after initial recognition | 8,800 | $ 11,400 | |||
Write-downs of allowance for foreclosed assets after initial recognition | 1,100 | 965 | |||
Noninterest gain (loss) Mortgage banking, net for changes in fair value of LHFS | 2,200 | $ 2,200 | 2,900 | 1,700 | |
Interest earned on LHFS included in Interest and fees on LHFS and LHFI | 1,300 | $ 1,400 | 2,400 | $ 2,300 | |
GNMA optional repurchase loans | $ 49,800 | $ 49,800 | $ 61,600 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held to maturity | $ 825,536 | $ 909,643 |
Net LHFI | 9,036,360 | 8,756,578 |
Acquired loans | 86,486 | 105,701 |
Deposits | 11,566,629 | 11,364,411 |
Federal funds purchased and securities sold under repurchase agreements | 51,800 | 50,471 |
Other borrowings | 79,012 | 79,885 |
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 | 479,912 | 350,391 |
Securities held to maturity | 825,536 | 909,643 |
Deposits | 11,566,629 | 11,364,411 |
Federal funds purchased and securities sold under repurchase agreements | 51,800 | 50,471 |
Other borrowings | 79,012 | 79,885 |
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 | 479,912 | 350,391 |
Securities held to maturity | 832,361 | 889,733 |
Deposits | 11,568,709 | 11,365,203 |
Federal funds purchased and securities sold under repurchase agreements | 51,800 | 50,471 |
Other borrowings | 78,983 | 79,827 |
Junior subordinated debt securities | 51,340 | 53,196 |
Level 3 [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net LHFI | 9,036,360 | 8,756,578 |
Acquired loans | 86,486 | 105,701 |
Level 3 [Member] | Estimate Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net LHFI | 9,143,712 | 8,757,817 |
Acquired loans | $ 86,486 | $ 105,701 |
Fair Value - Fair Value and the
Fair Value - Fair Value and the Contractual Principal Outstanding of the LHFS (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair value and the contractual principal outstanding of the LHFS [Abstract] | ||
Fair value of LHFS | $ 190,589 | $ 92,235 |
LHFS contractual principal outstanding | 184,455 | 89,056 |
Fair value less unpaid principal | $ 6,134 | $ 3,179 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)Contract | Apr. 04, 2013USD ($) | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||
Accumulated net, after tax gain included in accumulated other comprehensive loss | $ (101,000) | $ 132,000 | $ (164,000) | $ 559,000 | ||
Mortgage Servicing Rights Hedge [Member] | ||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||
Total notional amount | 433,000,000 | 433,000,000 | $ 318,000,000 | |||
Net (negative) positive ineffectiveness on MSR fair value | (53,000) | $ 99,000 | $ (4,800,000) | 3,400,000 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||
Period for which cash flow hedges will be used to hedge quarterly interest payments | 5 years | |||||
Derivative inception date | Dec. 31, 2014 | |||||
Derivative maturity date | Dec. 31, 2019 | |||||
Description of variable rate basis for derivative | three-month LIBOR | |||||
Ineffectiveness related to interest rate swap designated as a cash flow hedge | $ 0 | $ 0 | ||||
Accumulated net, after tax gain included in accumulated other comprehensive loss | $ 112,000 | $ 469,000 | ||||
The period over which OCI will be reclassified as interest expense | 6 months | |||||
Estimated amount to be reclassified as a decrease to interest expense | $ 149,000 | $ 149,000 | ||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Junior Subordinated Debentures [Member] | ||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||
Total notional amount | $ 60,000,000 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Three-month LIBOR [Member] | ||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||
Swap fixed interest rate to be paid | 1.66% | 1.66% | ||||
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 | 3 | 3 | 3 | |||
Aggregate notional amount of credit risk participation agreements | $ 38,000,000 | $ 38,000,000 | $ 23,100,000 | |||
Derivatives not Designated as Hedging Instruments [Member] | Guarantor [Member] | ||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||
Number of risk participation agreements | Contract | 9 | 9 | 7 | |||
Aggregate notional amount of credit risk participation agreements | $ 55,500,000 | $ 55,500,000 | $ 39,000,000 | |||
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | ||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||
Total notional amount | 664,900,000 | 664,900,000 | 475,800,000 | |||
Termination value of derivatives | 900,000 | 900,000 | 75,000 | |||
Collateral Posted | 1,100,000 | 1,100,000 | ||||
Derivatives not Designated as Hedging Instruments [Member] | Forward Contracts [Member] | ||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||
Off-balance sheet obligations | 268,000,000 | 268,000,000 | 132,000,000 | |||
Valuation adjustment | (2,600,000) | (1,800,000) | ||||
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Lock Commitments [Member] | ||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||||
Off-balance sheet obligations | $ 197,500,000 | 197,500,000 | 71,200,000 | |||
Valuation adjustment | $ 2,500,000 | $ 1,200,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 14,859 | $ 6,112 |
Fair value of derivative liability | 1,178 | 2,369 |
Derivatives in Hedging Relationships [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 149 | 625 |
Derivatives not Designated as Hedging Instruments [Member] | Future Contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 4,644 | 4,445 |
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 | 80 | 42 |
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 | 19 | 5 |
Derivatives not Designated as Hedging Instruments [Member] | Forward Contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 2,607 | 1,773 |
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 14,710 | 5,487 |
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 1,178 | 2,369 |
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 | 173 | 561 |
Derivatives not Designated as Hedging Instruments [Member] | OTC Written Options (Rate Locks) [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 2,545 | 1,187 |
Derivatives not Designated as Hedging Instruments [Member] | Exchange Traded Written Options [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 1,129 | $ 66 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effects of Derivative Instruments on Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivatives in Hedging Relationships [Member] | Accumulated Other Comprehensive Loss and Other Interest Expense [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of gain (loss) reclassified from accumulated other comprehensive loss and recognized in other interest expense | $ 141 | $ 99 | $ 312 | $ 105 |
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 | 7,944 | (2,523) | 12,797 | (7,941) |
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 | $ (487) | $ (10) | $ (743) | $ 45 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Amount Included in Other Comprehensive Income (Loss) for Derivative Instruments Designated as Hedges of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivatives, Fair Value [Line Items] | ||||
Amount of gain (loss) recognized in other comprehensive income (loss), net of tax | $ (76) | $ 99 | $ (123) | $ 419 |
Derivatives in Hedging Relationships [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of gain (loss) recognized in other comprehensive income (loss), net of tax | $ (76) | $ 99 | $ (123) | $ 419 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Offsetting Derivative Assets | ||
Gross Amounts of Recognized Assets, Offsetting of Derivative Assets | $ 14,859 | $ 6,112 |
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 | 14,859 | 6,112 |
Financial Instruments, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Assets | (150) | (339) |
Cash Collateral Received, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Assets | 0 | (620) |
Net Amount, Offsetting of Derivative Assets | 14,709 | 5,153 |
Offsetting Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities, Offsetting of Derivative Liabilities | 1,178 | 2,369 |
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 | 1,178 | 2,369 |
Financial Instruments, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | (150) | (339) |
Cash Collateral Posted, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | (1,100) | 0 |
Net Amount, Offsetting of Derivative Liabilities | $ (72) | $ 2,030 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of segments in which the business operates | 3 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | $ 107,724 | $ 105,164 | $ 212,532 | $ 207,257 | |||||
Provision for loan losses, net | 2,592 | 2,726 | 4,281 | 6,837 | |||||
Noninterest income | 49,639 | 47,391 | [1] | 91,130 | 94,184 | [1] | |||
Noninterest expense | 106,101 | 103,800 | 212,122 | 206,265 | |||||
Income Before Income Taxes | 48,670 | 46,029 | 87,259 | 88,339 | |||||
Income taxes | 6,530 | 6,216 | 11,780 | 11,696 | |||||
Net Income | 42,140 | $ 33,339 | 39,813 | $ 36,830 | 75,479 | 76,643 | |||
Selected Financial Information | |||||||||
Total assets | 13,548,958 | 13,525,265 | 13,548,958 | 13,525,265 | $ 13,286,460 | ||||
Depreciation and amortization | 9,786 | 10,158 | 19,123 | 19,534 | |||||
General Banking [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 106,681 | 103,978 | 210,468 | 204,685 | |||||
Provision for loan losses, net | 2,593 | 2,731 | 4,284 | 6,842 | |||||
Noninterest income | 30,808 | 29,175 | [1] | 53,721 | 58,935 | [1] | |||
Noninterest expense | 90,684 | 88,421 | 181,343 | 176,411 | |||||
Income Before Income Taxes | 44,212 | 42,001 | 78,562 | 80,367 | |||||
Income taxes | 5,411 | 5,216 | 9,601 | 9,702 | |||||
Net Income | 38,801 | 36,785 | 68,961 | 70,665 | |||||
Selected Financial Information | |||||||||
Total assets | 13,365,972 | 13,363,465 | 13,365,972 | 13,363,465 | |||||
Depreciation and amortization | 9,593 | 9,987 | 18,732 | 19,197 | |||||
Wealth Management [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 988 | 1,136 | 1,954 | 2,467 | |||||
Provision for loan losses, net | (1) | (5) | (3) | (5) | |||||
Noninterest income | 7,740 | 7,480 | [1] | 15,443 | 15,094 | [1] | |||
Noninterest expense | 7,136 | 7,088 | 14,155 | 13,964 | |||||
Income Before Income Taxes | 1,593 | 1,533 | 3,245 | 3,602 | |||||
Income taxes | 398 | 384 | 807 | 901 | |||||
Net Income | 1,195 | 1,149 | 2,438 | 2,701 | |||||
Selected Financial Information | |||||||||
Total assets | 109,106 | 94,447 | 109,106 | 94,447 | |||||
Depreciation and amortization | 67 | 28 | 136 | 55 | |||||
Insurance [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 55 | 50 | 110 | 105 | |||||
Noninterest income | 11,091 | 10,736 | [1] | 21,966 | 20,155 | [1] | |||
Noninterest expense | 8,281 | 8,291 | 16,624 | 15,890 | |||||
Income Before Income Taxes | 2,865 | 2,495 | 5,452 | 4,370 | |||||
Income taxes | 721 | 616 | 1,372 | 1,093 | |||||
Net Income | 2,144 | 1,879 | 4,080 | 3,277 | |||||
Selected Financial Information | |||||||||
Total assets | 73,880 | 67,353 | 73,880 | 67,353 | |||||
Depreciation and amortization | $ 126 | $ 143 | $ 255 | $ 282 | |||||
[1] | During the first quarter of 2019, Trustmark revised the composition of its operating segments by moving the Private Banking Group from the General Banking Segment to the Wealth Management Segment as a result of a change in supervision of this group for segment reporting purposes. The prior period amounts presented include reclassifications to conform to the current period presentation. |
Accounting Policies Recently _3
Accounting Policies Recently Adopted and Pending Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ||
Operating lease right-of-use assets | $ 32,762 | $ 33,900 |
Operating lease liabilities | $ 33,878 | 34,900 |
Finance lease right-of-use assets, net of accumulated depreciation | 11,200 | |
Finance lease liabilities | $ 11,200 | |
Percentage of right of use asset of total assets | 0.30% |