Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Trustmark Corp | |
Entity Central Index Key | 0000036146 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 63,402,452 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 1,774,541 | $ 1,952,504 |
Federal funds sold and securities purchased under reverse repurchase agreements | 50 | |
Securities available for sale, at fair value (amortized cost: $2,327,434-2021 $1,959,773-2020; allowance for credit losses: $0) | 2,337,676 | 1,991,815 |
Securities held to maturity, net of allowance for credit losses of $0 (fair value: $515,296-2021; $563,115-2020) | 493,738 | 538,072 |
Paycheck Protection Program (PPP) loans | 679,725 | 610,134 |
Loans held for sale (LHFS) | 412,999 | 446,951 |
Loans held for investment (LHFI) | 9,983,704 | 9,824,524 |
Less allowance for credit losses (ACL), LHFI | 109,191 | 117,306 |
Net LHFI | 9,874,513 | 9,707,218 |
Premises and equipment, net | 199,098 | 194,278 |
Mortgage servicing rights | 83,035 | 66,464 |
Goodwill | 384,237 | 385,270 |
Identifiable intangible assets, net | 6,724 | 7,390 |
Other real estate, net | 10,651 | 11,651 |
Operating lease right-of-use assets | 33,704 | 30,901 |
Other assets | 587,672 | 609,142 |
Total Assets | 16,878,313 | 16,551,840 |
Deposits: | ||
Noninterest-bearing | 4,705,991 | 4,349,010 |
Interest-bearing | 9,677,449 | 9,699,754 |
Total deposits | 14,383,440 | 14,048,764 |
Federal funds purchased and securities sold under repurchase agreements | 160,991 | 164,519 |
Other borrowings | 145,994 | 168,252 |
Subordinated notes | 122,877 | 122,921 |
Junior subordinated debt securities | 61,856 | 61,856 |
ACL on off-balance sheet credit exposures | 29,205 | 38,572 |
Operating lease liabilities | 35,389 | 32,290 |
Other liabilities | 178,856 | 173,549 |
Total Liabilities | 15,118,608 | 14,810,723 |
Shareholders' Equity | ||
Common stock, no par value: Authorized: 250,000,000 shares Issued and outstanding: 63,394,522 shares - 2021; 63,424,526 shares - 2020 | 13,209 | 13,215 |
Capital surplus | 229,892 | 233,120 |
Retained earnings | 1,533,110 | 1,495,833 |
Accumulated other comprehensive income (loss), net of tax | (16,506) | (1,051) |
Total Shareholders' Equity | 1,759,705 | 1,741,117 |
Total Liabilities and Shareholders' Equity | $ 16,878,313 | $ 16,551,840 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Securities available-for-sale, amortized cost | $ 2,327,434,000 | $ 1,959,773,000 |
Securities available-for-sale, allowance for credit Losses | 0 | 0 |
Securities held to maturity, net of allowance for credit losses | 0 | 0 |
Securities held to maturity, fair value | $ 515,296,000 | $ 563,115,000 |
Shareholders' Equity | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, issued (in shares) | 63,394,522 | 63,424,526 |
Common stock, outstanding (in shares) | 63,394,522 | 63,424,526 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest Income | ||
Interest and fees on LHFS & LHFI | $ 90,561 | $ 106,345 |
Interest and fees on PPP loans | 9,241 | |
Interest on securities: | ||
Taxable | 8,938 | 12,948 |
Tax exempt | 229 | 361 |
Other interest income | 503 | 740 |
Total Interest Income | 109,472 | 120,394 |
Interest Expense | ||
Interest on deposits | 5,223 | 14,957 |
Interest on federal funds purchased and securities sold under repurchase agreements | 56 | 625 |
Other interest expense | 1,857 | 860 |
Total Interest Expense | 7,136 | 16,442 |
Net Interest Income | 102,336 | 103,952 |
Provision for credit losses (PCL) | (10,501) | 20,581 |
Net Interest Income After PCL | 112,837 | 83,371 |
Noninterest Income | ||
Service charges on deposit accounts | 7,356 | 10,032 |
Bank card and other fees | 9,472 | 5,355 |
Mortgage banking, net | 20,804 | 27,483 |
Insurance commissions | 12,445 | 11,550 |
Wealth management | 8,416 | 8,537 |
Other, net | 2,090 | 2,307 |
Total Noninterest Income | 60,583 | 65,264 |
Noninterest Expense | ||
Salaries and employee benefits | 71,162 | 69,148 |
Services and fees | 22,484 | 19,930 |
Net occupancy - premises | 6,795 | 6,286 |
Equipment expense | 6,244 | 5,616 |
Other real estate expense, net | 324 | 1,294 |
Credit loss expense related to off-balance sheet credit exposures | (9,367) | 6,783 |
Other expense | 14,539 | 14,753 |
Total Noninterest Expense | 112,181 | 123,810 |
Income Before Income Taxes | 61,239 | 24,825 |
Income taxes | 9,277 | 2,607 |
Net Income | $ 51,962 | $ 22,218 |
Earnings Per Share | ||
Basic | $ 0.82 | $ 0.35 |
Diluted | $ 0.82 | $ 0.35 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income per consolidated statements of income | $ 51,962 | $ 22,218 |
Net unrealized gains (losses) on available for sale securities and transferred securities: | ||
Net unrealized holding gains (losses) arising during the period | (16,350) | 30,380 |
Change in net unrealized holding loss on securities transferred to held to maturity | 533 | 646 |
Reclassification adjustments for changes realized in net income: | ||
Net change in prior service costs | 21 | 28 |
Recognized net loss due to lump sum settlement | 0 | 0 |
Change in net actuarial loss | 341 | 244 |
Other comprehensive income (loss), net of tax | (15,455) | 31,298 |
Comprehensive income | $ 36,507 | $ 53,516 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect Period Of Adoption Adjustment [Member] | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect Period Of Adoption Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2019 | $ 1,660,702 | $ (19,949) | $ 13,376 | $ 256,400 | $ 1,414,526 | $ (19,949) | $ (23,600) |
Balance (in shares) at Dec. 31, 2019 | 64,200,111 | ||||||
Accounting standards update [Extensible List] | ASU 2016-13 [Member] | ||||||
Net income per consolidated statements of income | $ 22,218 | 22,218 | |||||
Other comprehensive income (loss), net of tax | 31,298 | 31,298 | |||||
Common stock dividends paid ($0.23 per share) | (14,706) | (14,706) | |||||
Shares withheld to pay taxes, long-term incentive plan | (1,020) | $ 17 | (1,037) | ||||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 83,759 | ||||||
Repurchase and retirement of common stock | (27,538) | $ (184) | (27,354) | ||||
Repurchase and retirement of common stock (in shares) | (886,958) | ||||||
Compensation expense, long-term incentive plan | 1,394 | 1,394 | |||||
Balance at Mar. 31, 2020 | 1,652,399 | $ 13,209 | 229,403 | 1,402,089 | 7,698 | ||
Balance (in shares) at Mar. 31, 2020 | 63,396,912 | ||||||
Balance at Dec. 31, 2020 | $ 1,741,117 | $ 13,215 | 233,120 | 1,495,833 | (1,051) | ||
Balance (in shares) at Dec. 31, 2020 | 63,424,526 | 63,424,526 | |||||
Net income per consolidated statements of income | $ 51,962 | 51,962 | |||||
Other comprehensive income (loss), net of tax | (15,455) | (15,455) | |||||
Common stock dividends paid ($0.23 per share) | (14,685) | (14,685) | |||||
Shares withheld to pay taxes, long-term incentive plan | (1,230) | $ 24 | (1,254) | ||||
Shares withheld to pay taxes, long-term incentive plan (in shares) | 114,977 | ||||||
Repurchase and retirement of common stock | (4,185) | $ (30) | (4,155) | ||||
Repurchase and retirement of common stock (in shares) | (144,981) | ||||||
Compensation expense, long-term incentive plan | 2,181 | 2,181 | |||||
Balance at Mar. 31, 2021 | $ 1,759,705 | $ 13,209 | $ 229,892 | $ 1,533,110 | $ (16,506) | ||
Balance (in shares) at Mar. 31, 2021 | 63,394,522 | 63,394,522 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividends paid on common stock (in dollars per share) | $ 0.23 | $ 0.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net income per consolidated statements of income | $ 51,962 | $ 22,218 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Credit loss expense, net | (19,868) | 27,364 |
Depreciation and amortization | 11,126 | 8,996 |
Net amortization of securities | 5,430 | 1,918 |
Gains on sales of loans, net | (25,796) | (7,085) |
Compensation expense, long-term incentive plan | 2,181 | 1,394 |
Deferred income tax provision | 9,000 | (11,600) |
Proceeds from sales of loans held for sale | 685,151 | 324,167 |
Purchases and originations of loans held for sale | (643,175) | (416,687) |
Originations of mortgage servicing rights | (7,978) | (3,649) |
Earnings on bank-owned life insurance | (1,216) | (1,292) |
Net change in other assets | 21,070 | (49,822) |
Net change in other liabilities | 9,096 | (204) |
Other operating activities, net | (13,640) | 25,119 |
Net cash from operating activities | 83,343 | (79,163) |
Investing Activities | ||
Proceeds from maturities, prepayments and calls of securities held to maturity | 44,688 | 34,459 |
Proceeds from maturities, prepayments and calls of securities available for sale | 217,783 | 86,129 |
Purchases of securities available for sale | (590,517) | (278,691) |
Net proceeds from bank-owned life insurance | 1,818 | 280 |
Net change in federal funds sold and securities purchased under reverse repurchase agreements | 50 | (2,000) |
Net change in member bank stock | (3) | (107) |
Net change in LHFI and PPP loans | (226,385) | (162,097) |
Purchases of premises and equipment | (8,152) | (4,154) |
Proceeds from sales of other real estate | 909 | 3,671 |
Purchases of software | (818) | (1,805) |
Investments in tax credit and other partnerships | (7,149) | (141) |
Purchase of insurance book of business | 0 | (3,097) |
Net cash from investing activities | (567,776) | (327,553) |
Financing Activities | ||
Net change in deposits | 334,676 | 330,207 |
Net change in federal funds purchased and securities sold under repurchase agreements | (3,528) | 165,801 |
Net change in short-term borrowings | (4,220) | (127) |
Payments on long-term FHLB advances | (4) | (17) |
Payments under finance lease obligations | (354) | (459) |
Common stock dividends | (14,685) | (14,706) |
Repurchase and retirement of common stock | (4,185) | (27,538) |
Shares withheld to pay taxes, long-term incentive plan | (1,230) | (1,020) |
Net cash from financing activities | 306,470 | 452,141 |
Net change in cash and cash equivalents | (177,963) | 45,425 |
Cash and cash equivalents at beginning of period | 1,952,504 | 358,916 |
Cash and cash equivalents at end of period | $ 1,774,541 | $ 404,341 |
Business, Basis of Financial St
Business, Basis of Financial Statement Presentation and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2021 | |
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 181 offices at March 31, 2021 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 Annual Report on Form 10-K for its fiscal year ended December 31, 2020 (2020 Annual Report). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. In the opinion of Management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of these consolidated financial statements have been included. The preparation of financial statements in conformity with these accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expense during the reporting periods and the related disclosures. Although Management’s estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that in 2021 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. Coronavirus 2019 (COVID-19) Pandemic On March 11, 2020, the World Health Organization declared COVID-19, the disease caused by the novel coronavirus, a pandemic as a result of the global spread of the coronavirus illness. The COVID-19 pandemic has adversely affected, and may continue to adversely affect economic activity globally, nationally and locally. In response to the pandemic, federal and state authorities in the United States introduced various measures to try to limit or slow the spread of the virus, including travel restrictions, nonessential business closures, stay-at-home orders, and strict social distancing. The full impact of the COVID-19 pandemic is unknown and rapidly evolving. It has caused substantial disruption in international and U.S. economies, markets, and employment. The COVID-19 pandemic may continue to have a significant adverse impact on certain industries Trustmark serves, including restaurants and food services, hotels, retail and energy. Because of the significant uncertainties related to the ultimate duration of the COVID-19 pandemic and its potential effects on customers and prospects, and on the national and local economy as a whole, there can be no assurances as to how the crisis may ultimately affect Trustmark’s loan portfolio. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to Trustmark. It is reasonably possible that estimates made in the financial statements could be materially and adversely impacted in the near term as a result of these conditions, including expected credit losses on loans and off-balance sheet credit exposures. See Note 3 – LHFI and Allowance for Credit Losses, LHFI for information regarding the impact of COVID-19 on Trustmark’s loan portfolio. Paycheck Protection Program (PPP) Loans On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), a stimulus package intended to provide relief to businesses and consumers in the United States struggling as a result of the pandemic, was signed into law. A provision in the CARES Act included an initial $349 billion fund for the creation of the PPP through the Small Business Administration (SBA) and Treasury Department. The PPP is intended to provide loans to small businesses, sole proprietorships, independent contractors and self-employed individuals to pay their employees, rent, mortgage interest and utilities. PPP loans are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted purposes in accordance with the requirements of the PPP. If not forgiven, in whole or in part, these loans carry a fixed rate of 1.00% per annum with payments deferred until the date the SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, ten months after the end of the borrower’s loan forgiveness covered period). Originally, the loans carried a term of two years under SBA rules implement ing the CARES Act, but a June 5, 2020 amendment to the CARES Act provided for a five-year minimum loan term for loans made beginning as of such date, and permitted lenders and borrowers to mutually agree to amend existing two-year loans to have terms of five years . The loans are 100% guaranteed by the SBA. Subsequent legislation, including as noted below, has allocated additional funding to the PPP. The SBA pays the originating bank a processing fee ranging from 1.0% to 5.0% , based on the size of the loan. From April to August 2020, Trustmark accepted PPP applications and originated loans to qualified small businesses and other borrowers under this program. The SBA stopped accepting applications for PPP loans on August 8, 2020. The Consolidated Appropriations Act, 2021, enacted on December 27, 2020, extended some of the relief provisions in certain respects of the CARES Act, appropriated additional funding to the PPP and permitted certain PPP borrowers to make “second draw” loans. The American Rescue Plan Act of 2021, enacted on March 11, 2021, expanded the eligibility criteria for both first and second draw PPP loans and revised the exclusions from payroll costs for purposes of loan forgiveness. The PPP Extension Act of 2021, enacted on March 30, 2021, extended the PPP through May 31, 2021. In January 2021, Trustmark resumed submitting applications to the SBA on behalf of and originating loans to qualified small businesses and other borrowers under the CARES Act, as amended by the Consolidated Appropriations Act, 2021. During the first quarter of 2021, Trustmark originated 4,774 PPP loans totaling $301.5 million (net of $16.5 million of deferred fees and costs). At March 31, 2021, Trustmark had 7,456 PPP loans outstanding that totaled $679.7 million (net of $22.1 million of deferred fees and costs). Due to the amount and nature of the PPP loans, these loans are not included in the LHFI portfolio and are presented separately in the accompanying consolidated balance sheet. The PPP loans are fully guaranteed by the SBA; therefore, no ACL was estimated for these loans. |
Securities Available for Sale a
Securities Available for Sale and Held to Maturity | 3 Months Ended |
Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Securities Available for Sale and Held to Maturity | Note 2 – Securities Available for Sale and Held to Maturity The following tables are a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity at March 31, 2021 and December 31, 2020 ($ in thousands): Securities Available for Sale Securities Held to Maturity March 31, 2021 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 $ 17,778 $ 48 $ (477 ) $ 17,349 $ — $ — $ — $ — Obligations of states and political subdivisions 5,182 616 — 5,798 26,554 158 (9 ) 26,703 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 51,065 1,344 (3 ) 52,406 7,268 349 — 7,617 Issued by FNMA and FHLMC 1,748,044 16,068 (14,968 ) 1,749,144 61,855 1,941 — 63,796 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 337,616 8,283 (30 ) 345,869 324,360 17,162 (46 ) 341,476 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 167,749 903 (1,542 ) 167,110 73,701 2,003 — 75,704 Total $ 2,327,434 $ 27,262 $ (17,020 ) $ 2,337,676 $ 493,738 $ 21,613 $ (55 ) $ 515,296 December 31, 2020 U.S. Government agency obligations $ 18,378 $ 144 $ (481 ) $ 18,041 $ — $ — $ — $ — Obligations of states and political subdivisions 5,198 637 — 5,835 26,584 258 (3 ) 26,839 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 55,193 1,672 (3 ) 56,862 7,598 382 — 7,980 Issued by FNMA and FHLMC 1,421,861 20,768 (1,308 ) 1,441,321 67,944 2,397 — 70,341 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 409,883 9,600 (46 ) 419,437 360,361 19,678 (55 ) 379,984 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 49,260 1,068 (9 ) 50,319 75,585 2,386 — 77,971 Total $ 1,959,773 $ 33,889 $ (1,847 ) $ 1,991,815 $ 538,072 $ 25,101 $ (58 ) $ 563,115 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 March 31, 2021, the net unamortized, unrealized loss on the transferred securities included in accumulated other comprehensive income (loss) in the accompanying balance sheet totaled approximately $8.2 million ($6.2 million, net of tax) compared to approximately $8.9 million ($6.7 million, net of tax) at December 31, 2020. ACL on Securities Securities Available for Sale Quarterly, Trustmark evaluates if any security has a fair value less than its amortized cost. Once these securities are identified, in order to determine whether a decline in fair value resulted from a credit loss or other factors, Trustmark performs further analysis. If Trustmark determines that a credit loss exists, the credit portion of the allowance is measured using a discounted cash flow (DCF) analysis using the effective interest rate as of the security’s purchase date. The amount of credit loss Trustmark records will be limited to the amount by which the amortized cost exceeds the fair value. The DCF analysis utilizes contractual maturities, as well as third-party credit ratings and cumulative default rates published annually by Moody’s Investor Service (Moody’s). At both March 31, 2021 and December 31, 2020, the results of the analysis did not identify any securities that violate the credit loss triggers; therefore, no DCF analysis was performed and no credit loss was recognized on any of the securities available for sale. Accrued interest receivable is excluded from the estimate of credit losses for securities available for sale. At March 31, 2021, accrued interest receivable totaled $4.2 million for securities available for sale compared to $4.0 million at December 31, 2020 and was reported in other assets on the accompanying consolidated balance sheets. Securities Held to Maturity At both March 31, 2021 and December 31, 2020, the potential credit loss exposure was $26.6 million and consisted of municipal securities. After applying appropriate probability of default and loss given default assumptions, the total amount of current expected credit losses was deemed immaterial. Therefore, no reserve was recorded at March 31, 2021 and December 31, 2020. Accrued interest receivable is excluded from the estimate of credit losses for securities held to maturity. At both March 31, 2021 and December 31, 2020, accrued interest receivable totaled $1.2 million for securities held to maturity and was reported in other assets on the accompanying consolidated balance sheets. At both March 31, 2021 and December 31, 2020, Trustmark had no securities held to maturity that were past due 30 days or more as to principal or interest payments. Trustmark had no securities held to maturity classified as nonaccrual at March 31, 2021 and December 31, 2020. Trustmark monitors the credit quality of securities held to maturity on a monthly basis through credit ratings. The following table presents the amortized cost of Trustmark’s securities held to maturity by credit rating, as determined by Moody’s, at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Aaa $ 467,185 $ 511,488 Aa1 to Aa3 8,950 22,528 Not Rated (1) 17,603 4,056 Total $ 493,738 $ 538,072 (1) Not rated securities primarily consist of Mississippi municipal general obligations. The tables below include securities with gross unrealized losses for which an allowance for credit losses has not been recorded and segregated by length of impairment at March 31, 2021 and December 31, 2020 ($ in thousands): Less than 12 Months 12 Months or More Total March 31, 2021 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses U.S. Government agency obligations $ 1,462 $ (10 ) $ 10,986 $ (467 ) $ 12,448 $ (477 ) Obligations of states and political subdivisions 5,009 (6 ) 667 (3 ) 5,676 (9 ) Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 1,120 (3 ) — — 1,120 (3 ) Issued by FNMA and FHLMC 1,128,087 (14,968 ) — — 1,128,087 (14,968 ) Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 21,995 (76 ) — — 21,995 (76 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 65,692 (1,533 ) 654 (9 ) 66,346 (1,542 ) Total $ 1,223,365 $ (16,596 ) $ 12,307 $ (479 ) $ 1,235,672 $ (17,075 ) December 31, 2020 U.S. Government agency obligations $ — $ — $ 11,167 $ (481 ) $ 11,167 $ (481 ) Obligations of states and political subdivisions — — 667 (3 ) 667 (3 ) Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 1,636 (3 ) — — 1,636 (3 ) Issued by FNMA and FHLMC 324,905 (1,308 ) — — 324,905 (1,308 ) Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 29,398 (101 ) — — 29,398 (101 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA — — 659 (9 ) 659 (9 ) Total $ 355,939 $ (1,412 ) $ 12,493 $ (493 ) $ 368,432 $ (1,905 ) The unrealized losses shown above are due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. Trustmark does not intend to sell these securities and it is more likely than not that Trustmark will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity. Security Gains and Losses During the three months ended March 31, 2021 and 2020, there were no gross realized gains or losses as a result of calls and dispositions of securities. Realized gains and losses are determined using the specific identification method and are included in noninterest income as security gains (losses), net. Securities Pledged Securities with a carrying value of $1.859 billion and $1.964 billion at March 31, 2021 and December 31, 2020, respectively, were pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law. At both March 31, 2021 and December 31, 2020, none of these securities were pledged under the Federal Reserve Discount Window program to provide additional contingency funding capacity. Contractual Maturities The amortized cost and estimated fair value of securities available for sale and held to maturity at March 31, 2021, by contractual maturity, are shown below ($ 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 $ 1,479 $ 1,507 $ 19,212 $ 19,275 Due after one year through five years 1,510 1,554 7,342 7,428 Due after five years through ten years 1,967 1,928 — — Due after ten years 18,004 18,158 — — 22,960 23,147 26,554 26,703 Mortgage-backed securities 2,304,474 2,314,529 467,184 488,593 Total $ 2,327,434 $ 2,337,676 $ 493,738 $ 515,296 |
Loans Held for Investment (LHFI
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI | 3 Months Ended |
Mar. 31, 2021 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
Loans Held for Investment (LHFI) and Allowance for Credit Losses, LHFI | Note 3 – LHFI and Allowance for Credit Losses, LHFI At March 31, 2021 and December 31, 2020, LHFI consisted of the following ($ in thousands): March 31, 2021 December 31, 2020 Loans secured by real estate: Construction, land development and other land $ 542,902 $ 514,056 Other secured by 1-4 family residential properties 509,732 524,732 Secured by nonfarm, nonresidential properties 2,799,195 2,709,026 Other real estate secured 1,135,005 1,065,964 Other loans secured by real estate: Other construction 799,186 794,983 Secured by 1-4 family residential properties 1,233,050 1,216,400 Commercial and industrial loans 1,323,277 1,309,078 Consumer loans 155,356 164,386 State and other political subdivision loans 1,036,694 1,000,776 Other commercial loans 449,307 525,123 LHFI 9,983,704 9,824,524 Less ACL 109,191 117,306 Net LHFI $ 9,874,513 $ 9,707,218 Accrued interest receivable is not included in the amortized cost basis of Trustmark’s LHFI. At March 31, 2021 and December 31, 2020, accrued interest receivable for LHFI totaled $32.8 million and $33.0 million, respectively, with no related ACL and was reported in other assets on the accompanying consolidated balance sheet. Loan Concentrations Trustmark does not have any loan concentrations other than those reflected in the preceding table, which exceed 10% of total LHFI. At March 31, 2021, Trustmark’s geographic loan distribution was concentrated primarily in its five key market regions: Alabama, Florida, Mississippi, Tennessee and Texas. Accordingly, the ultimate collectability of a substantial portion of these loans is susceptible to changes in market conditions in these areas. Nonaccrual and Past Due LHFI No material interest income was recognized in the income statement on nonaccrual LHFI for each of the periods ended March 31, 2021 and 2020. The following tables provide the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more still accruing interest at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 Nonaccrual With No ACL Total Nonaccrual Loans Past Due 90 Days or More Still Accruing Loans secured by real estate: Construction, land development and other land $ 5,885 $ 6,109 $ — Other secured by 1-4 family residential properties 1,629 3,964 7 Secured by nonfarm, nonresidential properties 12,617 15,695 — Other real estate secured 58 183 — Other loans secured by real estate: Other construction — — — Secured by 1-4 family residential properties — 15,036 2,368 Commercial and industrial loans 1,176 12,776 — Consumer loans — 71 218 State and other political subdivision loans — 3,914 — Other commercial loans — 5,766 — Total $ 21,365 $ 63,514 $ 2,593 December 31, 2020 Nonaccrual With No ACL Total Nonaccrual Loans Past Due 90 Days or More Still Accruing Loans secured by real estate: Construction, land development and other land $ 5,756 $ 5,985 $ — Other secured by 1-4 family residential properties 1,895 4,487 79 Secured by nonfarm, nonresidential properties 12,037 15,197 — Other real estate secured 60 185 — Other loans secured by real estate: Other construction — — — Secured by 1-4 family residential properties — 11,807 1,257 Commercial and industrial loans 12,665 15,618 — Consumer loans — 86 240 State and other political subdivision loans — 3,970 — Other commercial loans — 5,793 — Total $ 32,413 $ 63,128 $ 1,576 The following tables provide an aging analysis of the amortized cost basis of past due LHFI at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 Past Due 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 679 $ 76 $ 5,718 $ 6,473 $ 536,429 $ 542,902 Other secured by 1-4 family residential properties 1,385 1,144 754 3,283 506,449 509,732 Secured by nonfarm, nonresidential properties 1,145 24 1,015 2,184 2,797,011 2,799,195 Other real estate secured 99 — 125 224 1,134,781 1,135,005 Other loans secured by real estate: Other construction — — — — 799,186 799,186 Secured by 1-4 family residential properties 1,929 1,720 8,457 12,106 1,220,944 1,233,050 Commercial and industrial loans 1,681 3,068 1,825 6,574 1,316,703 1,323,277 Consumer loans 825 91 218 1,134 154,222 155,356 State and other political subdivision loans 87 — 177 264 1,036,430 1,036,694 Other commercial loans 133 68 5,311 5,512 443,795 449,307 Total $ 7,963 $ 6,191 $ 23,600 $ 37,754 $ 9,945,950 $ 9,983,704 December 31, 2020 Past Due 30-59 Days 60-89 Days 90 Days or Total Past Due Current Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 339 $ 34 $ 161 $ 534 $ 513,522 $ 514,056 Other secured by 1-4 family residential properties 1,505 523 896 2,924 521,808 524,732 Secured by nonfarm, nonresidential properties 920 — 972 1,892 2,707,134 2,709,026 Other real estate secured 103 101 107 311 1,065,653 1,065,964 Other loans secured by real estate: Other construction — — — — 794,983 794,983 Secured by 1-4 family residential properties 3,291 1,289 5,110 9,690 1,206,710 1,216,400 Commercial and industrial loans 271 196 1,543 2,010 1,307,068 1,309,078 Consumer loans 926 190 240 1,356 163,030 164,386 State and other political subdivision loans 117 — 177 294 1,000,482 1,000,776 Other commercial loans 2,143 2,971 346 5,460 519,663 525,123 Total $ 9,615 $ 5,304 $ 9,552 $ 24,471 $ 9,800,053 $ 9,824,524 Troubled Debt Restructurings (TDR) A TDR occurs when a borrower is experiencing financial difficulties, and for related economic or legal reasons, a concession is granted to the borrower that Trustmark would not otherwise consider. Whatever the form of concession that might be granted by Trustmark, Management’s objective is to enhance collectability by obtaining more cash or other value from the borrower or by increasing the probability of receipt by granting the concession than by not granting it. Other concessions may arise from court proceedings or may be imposed by law. In addition, TDRs also include those credits that are extended or renewed to a borrower who is not able to obtain funds from sources other than Trustmark at a market interest rate for new debt with similar risk. At March 31, 2021 and 2020, LHFI classified as TDRs totaled $22.9 million and $26.5 million, respectively. At March 31, 2021, TDRs were primarily comprised of credits with interest-only payments for an extended period of time and payment concessions which totaled $17.3 million. At March 31, 2020, TDRs were primarily comprised of 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 which totaled $18.3 million. The remaining TDRs at March 31, 2021 and 2020 resulted from bankruptcies or from payment or maturity extensions. Trustmark had no unused commitments on TDRs at March 31, 2021 compared to $10.7 million of unused commitments on TDRs at March 31, 2020. At March 31, 2021, TDRs had a related ACL of $7.5 million, compared to $210 thousand at March 31, 2020. Trustmark had no charge-offs on TDRs for the three months ended March 31, 2021, compared to $2.2 million for the three months ended March 31, 2020. The following table illustrates the impact of modifications classified as TDRs for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 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: Other secured by 1-4 family residential properties 2 $ 126 $ 126 5 $ 501 $ 501 Commercial and industrial loans 1 14 14 2 1,582 1,582 Consumer loans — — — 4 20 20 Total 3 $ 140 $ 140 11 $ 2,103 $ 2,103 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): Three Months Ended March 31, 2021 2020 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Loans secured by real estate: Other secured by 1-4 family residential properties 3 $ 156 3 $ 446 Secured by nonfarm, nonresidential properties 1 139 — — Commercial and industrial loans — — 3 194 Total 4 $ 295 6 $ 640 Trustmark’s TDRs have resulted primarily from allowing the borrower to pay interest-only for an extended period of time and credits renewed at a rate that was not commensurate with that of new debt with similar risk rather than from forgiveness. Accordingly, as shown above, these TDRs have a similar recorded investment for both the pre-modification and post-modification disclosure. Trustmark has utilized loans 90 days or more past due to define payment default in determining TDRs that have subsequently defaulted. The following tables detail LHFI classified as TDRs by loan class at March 31, 2021 and 2020 ($ in thousands): March 31, 2021 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 11 $ 11 Other secured by 1-4 family residential properties 42 3,644 3,686 Secured by nonfarm, nonresidential properties — 3,846 3,846 Commercial and industrial loans 1,500 10,073 11,573 Consumer loans — 15 15 State and other political subdivision loans — 3,737 3,737 Other commercial loans — 81 81 Total TDRs $ 1,542 $ 21,407 $ 22,949 March 31, 2020 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 14 $ 14 Other secured by 1-4 family residential properties — 3,672 3,672 Secured by nonfarm, nonresidential properties — 2,899 2,899 Commercial and industrial loans 2,640 17,103 19,743 Consumer loans 17 23 40 Other commercial loans — 125 125 Total TDRs $ 2,657 $ 23,836 $ 26,493 The CARES Act, as amended by subsequent legislation, specified that COVID-19 related modifications executed between March 1, 2020 and the earlier of either (i) 60 days after the date of termination of the national emergency declared by the President or (ii) January 1, 2022, on loans that were current as of December 31, 2019 were not TDRs. Additionally, under guidance from the federal banking agencies, other short-term modifications made on a good faith basis in response to COVID-19 to borrowers that were current prior to any relief are not TDRs under ASC Subtopic 310-40, “Troubled Debt Restructuring by Creditors.” These modifications include short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. Commercial concessions were primarily either interest only for 90 days or full payment deferrals for 90 days. Consumer concessions were 90-day full payment deferrals. At March 31, 2021, the balance of loans remaining under some type of COVID-19 related concession totaled $28.1 million compared to $34.2 million at December 31, 2020 Collateral-Dependent Loans The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of March 31, 2021 ($ in thousands): March 31, 2021 Real Estate Equipment and Machinery Inventory and Receivables Vehicles Miscellaneous Total Loans secured by real estate: Construction, land development and other land $ 5,885 $ — $ — $ — $ — $ 5,885 Other secured by 1-4 family residential properties 216 — — — — 216 Secured by nonfarm, nonresidential properties 12,617 — — — — 12,617 Other real estate secured 58 — — — — 58 Other loans secured by real estate: Other construction — — — — — — Secured by 1-4 family residential properties 1,413 — — — — 1,413 Commercial and industrial loans 44 115 2,322 101 8,401 10,983 Consumer loans — — — — — — State and other political subdivision loans 3,914 — — — — 3,914 Other commercial loans 601 — 1,958 — 3,051 5,610 Total $ 24,748 $ 115 $ 4,280 $ 101 $ 11,452 $ 40,696 A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the sale of the collateral. The following provides a qualitative description by class of loan of the collateral that secures Trustmark’s collateral-dependent LHFI: • Loans secured by real estate – Loans within these loan classes are secured by liens on real estate properties. There have been no significant changes to the collateral that secures these financial assets during the period. • Other loans secured by real estate – Loans within these loan classes are secured by liens on real estate properties. There have been no significant changes to the collateral that secures these financial assets during the period. • Commercial and industrial loans – Loans within this loan class are primarily secured by inventory, accounts receivables, equipment and other non-real estate collateral. During the first quarter of 2021, the collateral that secures one loan relationship experienced a decline in fair value. There have been no other significant changes to the collateral that secures these financial assets during the period. • State and other political subdivision loans – Loans within this loan class are secured by liens on real estate properties. There have been no significant changes to the collateral that secures these financial assets during the period. • Other commercial loans - Loans within this loan class are secured by liens on real estate properties or priority status of a Uniform Commercial Code agreement for non-real estate collateral. There have been no significant changes to the collateral that secures these financial assets during the period. Credit Quality Indicators Trustmark’s LHFI portfolio credit quality indicators focus on six key quality ratios that are compared against bank tolerances. The loan indicators are total classified outstanding, total criticized outstanding, nonperforming loans, nonperforming assets, delinquencies and net loan losses. Due to the homogenous nature of consumer loans, Trustmark does not assign a formal internal risk rating to each credit and therefore the criticized and classified measures are primarily composed of commercial loans. In addition to monitoring portfolio credit quality indicators, Trustmark also measures how effectively the lending process is being managed and risks are being identified. As part of an ongoing monitoring process, Trustmark grades the commercial portfolio segment as it relates to credit file completion and financial statement exceptions, underwriting, collateral documentation and compliance with law as shown below: • Credit File Completeness and Financial Statement Exceptions – evaluates the quality and condition of credit files in terms of content and completeness and focuses on efforts to obtain and document sufficient information to determine the quality and status of credits. Also included is an evaluation of the systems/procedures used to ensure compliance with policy. • Underwriting – evaluates whether credits are adequately analyzed, appropriately structured and properly approved within loan policy requirements. A properly approved credit is approved by adequate authority in a timely manner with all conditions of approval fulfilled. Total policy exceptions measure the level of underwriting and other policy exceptions within a portfolio segment. • Collateral Documentation – focuses on the adequacy of documentation to perfect Trustmark’s collateral position and substantiate collateral value. Collateral exceptions measure the level of documentation exceptions within a portfolio segment. Collateral exceptions occur when certain collateral documentation is either not present or not current. • Compliance with Law – focuses on underwriting, documentation, approval and reporting in compliance with banking laws and regulations. Primary emphasis is directed to the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), Regulation O requirements and regulations governing appraisals. Commercial Credits Trustmark has established a loan grading system that consists of ten individual credit risk grades (risk ratings) that encompass a range from loans where the expectation of loss is negligible to loans where loss has been established. The model is based on the risk of default for an individual credit and establishes certain criteria to delineate the level of risk across the ten unique credit risk grades. Credit risk grade definitions are as follows: • Risk Rate (RR) 1 through RR 6 – Grades one through six represent groups of loans that are not subject to criticism as defined in regulatory guidance. Loans in these groups exhibit characteristics that represent low to moderate risk measured by using a variety of credit risk criteria such as cash flow coverage, debt service coverage, balance sheet leverage, liquidity, management experience, industry position, prevailing economic conditions, support from secondary sources of repayment and other credit factors that may be relevant to a specific loan. In general, these loans are supported by properly margined collateral and guarantees of principal parties. • Other Assets Especially Mentioned (Special Mention) (RR 7) – a loan that has a potential weakness that if not corrected will lead to a more severe rating. This rating is for credits that are currently protected but potentially weak because of an adverse feature or condition that if not corrected will lead to a further downgrade. • Substandard (RR 8) – a loan that has at least one identified weakness that is well defined. This rating is for credits where the primary sources of repayment are not viable at the time of evaluation or where either the capital or collateral is not adequate to support the loan and the secondary means of repayment do not provide a sufficient level of support to offset the identified weakness. Loss potential exists in the aggregate amount of substandard loans but does not necessarily exist in individual loans. • Doubtful (RR 9) – a loan with an identified weakness that does not have a valid secondary source of repayment. Generally, these credits have an impaired primary source of repayment and secondary sources are not sufficient to prevent a loss in the credit. The exact amount of the loss has not been determined at this time. • Loss (RR 10) – a loan or a portion of a loan that is deemed to be uncollectible. By definition, credit risk grades special mention (RR 7), substandard (RR 8), doubtful (RR 9) and loss (RR 10) are criticized loans while substandard (RR 8), doubtful (RR 9) and loss (RR 10) are classified loans. These definitions are standardized by 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. To enhance this process, Trustmark has determined that loans will be individually assessed, and a formal analysis will be performed and based upon the analysis the loan will be written down to net realizable value. Trustmark will individually assess and remove loans from the pool in the following circumstances: • Commercial nonaccrual loans with total exposure of $500 thousand (excluding those portions of the debt that are government guaranteed or are secured by Trustmark deposits or marketable securities) or more. • Any loan that is believed to not share similar risk characteristics with the rest of the pool will be individually assessed. Otherwise, the loan will be left within the pool based on the results of the assessment. • Commercial accruing loans deemed to be a TDR with total exposure of $500 thousand (excluding those portions of the debt that are government guaranteed or are secured by Trustmark deposits or marketable securities) or more. If the loan is believed to not share similar risk characteristics with the rest of the loan pool, the loan will be individually assessed. Otherwise, the loan will be left within the pool and monitored on an ongoing basis. Each loan officer assesses the appropriateness of the internal risk rating assigned to their credits on an ongoing basis. Trustmark’s Asset Review area conducts independent credit quality reviews of the majority of Trustmark’s commercial loan portfolio both on the underlying credit quality of each individual loan class as well as the adherence to Trustmark’s loan policy and the loan administration process. In addition to the ongoing internal risk rate monitoring described above, Trustmark’s Credit Quality Review Committee meets monthly and performs a review of all loans of $100 thousand or more that are either delinquent thirty days or more or on nonaccrual. This review includes recommendations regarding risk ratings, accrual status, charge-offs and appropriate servicing officer as well as evaluation of problem credits for determination of TDRs. Quarterly, the Credit Quality Review Committee reviews and modifies continuous action plans for all credits risk rated seven or worse for relationships of $100 thousand or more. In addition, periodic reviews of significant development, commercial construction, multi-family and nonowner-occupied projects are performed. These reviews assess each particular project with respect to location, project valuations, progress of completion, leasing status, current financial information, rents, operating expenses, cash flow, adherence to budget and projections and other information as applicable. Summary results are reviewed by Senior and Regional Credit Officers in addition to the Chief Credit Officer with a determination made as to the appropriateness of existing risk ratings and accrual status. Consumer Credits Consumer LHFI that do not meet a minimum custom credit score are reviewed quarterly by Management. The Retail Credit Review Committee reviews the volume and percentage of approvals that did not meet the minimum passing custom score to ensure that Trustmark continues to originate quality loans. Trustmark monitors the levels and severity of past due consumer LHFI on a daily basis through its collection activities. A detailed assessment of consumer LHFI delinquencies is performed monthly at both a product and market level by delivery channel, which incorporates the perceived level of risk at time of underwriting. The tables below present the amortized cost basis of loans by credit quality indicator and class of loans based on analyses performed at March 31, 2021 and December 31, 2020 ($ in thousands): Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of March 31, 2021 Commercial LHFI Loans secured by real estate: Construction, land development and other land: Pass - RR 1 through RR 6 $ 100,508 $ 238,877 $ 49,940 $ 22,200 $ 2,204 $ 5,961 $ 25,907 $ 445,597 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 5,151 168 4,502 1,146 12 112 — 11,091 Doubtful - RR 9 — — — — — 42 — 42 Total 105,659 239,045 54,442 23,346 2,216 6,115 25,907 456,730 Other secured by 1-4 family residential properties: Pass - RR 1 through RR 6 $ 10,814 $ 32,767 $ 17,563 $ 13,996 $ 8,222 $ 11,582 $ 5,982 $ 100,926 Special Mention - RR 7 — 248 — 49 — — — 297 Substandard - RR 8 130 933 8 647 328 691 — 2,737 Doubtful - RR 9 — 27 — — — — — 27 Total 10,944 33,975 17,571 14,692 8,550 12,273 5,982 103,987 Secured by nonfarm, nonresidential properties: Pass - RR 1 through RR 6 $ 136,053 $ 661,490 $ 541,511 $ 483,464 $ 266,124 $ 452,175 $ 89,019 $ 2,629,836 Special Mention - RR 7 10,557 12,149 1,326 1,697 4,678 24,842 — 55,249 Substandard - RR 8 11,691 6,688 24,079 4,503 3,145 62,512 764 113,382 Doubtful - RR 9 50 — 156 — — 512 — 718 Total 158,351 680,327 567,072 489,664 273,947 540,041 89,783 2,799,185 Other real estate secured: Pass - RR 1 through RR 6 $ 94,481 $ 92,208 $ 436,162 $ 365,387 $ 33,631 $ 80,300 $ 12,529 $ 1,114,698 Special Mention - RR 7 — — — — — 825 — 825 Substandard - RR 8 8,758 10,105 14 18 — 180 — 19,075 Doubtful - RR 9 — — — — — — — — Total 103,239 102,313 436,176 365,405 33,631 81,305 12,529 1,134,598 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of March 31, 2021 Commercial LHFI Other loans secured by real estate: Other construction: Pass - RR 1 through RR 6 $ 91,578 $ 305,897 $ 360,277 $ 28,411 $ — $ 2,851 $ 9,176 $ 798,190 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 — 996 — — — — — 996 Doubtful - RR 9 — — — — — — — — Total 91,578 306,893 360,277 28,411 — 2,851 9,176 799,186 Commercial and industrial loans: Pass - RR 1 through RR 6 $ 185,654 $ 322,347 $ 146,801 $ 64,024 $ 64,540 $ 93,115 $ 376,945 $ 1,253,426 Special Mention - RR 7 — 789 — — — — — 789 Substandard - RR 8 4,406 11,622 1,891 9,055 3,632 3,423 34,662 68,691 Doubtful - RR 9 2 146 70 118 — 35 — 371 Total 190,062 334,904 148,762 73,197 68,172 96,573 411,607 1,323,277 State and other political subdivision l oans: Pass - RR 1 through RR 6 $ 66,925 $ 215,718 $ 84,495 $ 39,564 $ 112,486 $ 507,878 $ 1,338 $ 1,028,404 Special Mention - RR 7 — — — — — 4,018 — 4,018 Substandard - RR 8 — — — — 200 4,072 — 4,272 Doubtful - RR 9 — — — — — — — — Total 66,925 215,718 84,495 39,564 112,686 515,968 1,338 1,036,694 Other commercial loans: Pass - RR 1 through RR 6 $ 29,029 $ 80,676 $ 70,698 $ 18,808 $ 10,339 $ 56,084 $ 151,115 $ 416,749 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 — 7,417 2,094 663 — 504 21,856 32,534 Doubtful - RR 9 1 — — — — 23 — 24 Total 29,030 88,093 72,792 19,471 10,339 56,611 172,971 449,307 Total commercial LHFI $ 755,788 $ 2,001,268 $ 1,741,587 $ 1,053,750 $ 509,541 $ 1,311,737 $ 729,293 $ 8,102,964 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of March 31, 2021 Consumer LHFI Loans secured by real estate: Construction, land development and other land: Current $ 7,514 $ 47,747 $ 17,777 $ 6,904 $ 1,924 $ 3,677 $ — $ 85,543 Past due 30-89 days — 351 — 19 76 86 — 532 Past due 90 days or more — — — — — — — — Nonaccrual — — — — — 97 — 97 Total 7,514 48,098 17,777 6,923 2,000 3,860 — 86,172 Other secured by 1-4 family residential properties: Current $ 5,564 $ 19,368 $ 8,340 $ 10,773 $ 4,054 $ 11,890 $ 340,945 $ 400,934 Past due 30-89 days — 54 477 1 — 491 544 1,567 Past due 90 days or more — — — — — — 7 7 Nonaccrual 2 67 46 12 421 364 2,325 3,237 Total 5,566 19,489 8,863 10,786 4,475 12,745 343,821 405,745 Secured by nonfarm, nonresidential properties: Current $ — $ — $ — $ — $ 3 $ 7 $ — $ 10 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — — — — 3 7 — 10 Other real estate secured: Current $ — $ 104 $ — $ 9 $ 35 $ 259 $ — $ 407 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — 104 — 9 35 259 — 407 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of March 31, 2021 Consumer LHFI Other loans secured by real estate: Secured by 1-4 family residential properties Current $ 131,515 $ 278,826 $ 186,350 $ 153,008 $ 82,211 $ 380,460 $ — $ 1,212,370 Past due 30-89 days — 170 42 118 163 2,785 — 3,278 Past due 90 days or more — 354 142 380 338 1,153 — 2,367 Nonaccrual — 645 1,746 2,577 1,062 9,005 — 15,035 Total 131,515 279,995 188,280 156,083 83,774 393,403 — 1,233,050 Consumer loans: Current $ 20,081 $ 49,428 $ 19,813 $ 10,330 $ 3,010 $ 1,219 $ 50,283 $ 154,164 Past due 30-89 days 168 302 93 43 6 10 281 903 Past due 90 days or more 22 — 8 1 — — 188 219 Nonaccrual — 19 4 24 12 2 9 70 Total 20,271 49,749 19,918 10,398 3,028 1,231 50,761 155,356 Total consumer LHFI $ 164,866 $ 397,435 $ 234,838 $ 184,199 $ 93,315 $ 411,505 $ 394,582 $ 1,880,740 Total LHFI $ 920,654 $ 2,398,703 $ 1,976,425 $ 1,237,949 $ 602,856 $ 1,723,242 $ 1,123,875 $ 9,983,704 Term Loans by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of December 31, 2020 Commercial LHFI Loans secured by real estate: Construction, land development and other land: Pass - RR 1 through RR 6 $ 287,218 $ 62,078 $ 26,401 $ 4,487 $ 3,274 $ 3,564 $ 28,548 $ 415,570 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 5,419 4,363 1,226 12 494 22 101 11,637 Doubtful - RR 9 — — — — — 42 — 42 Total 292,637 66,441 27,627 4,499 3,768 3,628 28,649 427,249 Other secured by 1-4 family residential properties: Pass - RR 1 through RR 6 $ 35,139 $ 19,596 $ 15,399 $ 9,605 $ 10,273 $ 4,786 $ 8,486 $ 103,284 Special Mention - RR 7 255 — 50 — — — — 305 Substandard - RR 8 1,155 8 914 341 302 337 3,950 7,007 Doubtful - RR 9 29 — — — — — — 29 Total 36,578 19,604 16,363 9,946 10,575 5,123 12,436 110,625 Secured by nonfarm, nonresidential properties: Pass - RR 1 through RR 6 $ 697,439 $ 496,476 $ 442,264 $ 293,072 $ 254,747 $ 251,219 $ 96,098 $ 2,531,315 Special Mention - RR 7 13,452 6,139 2,956 4,466 4,957 20,545 — 52,515 Substandard - RR 8 19,119 20,572 4,516 12,956 38,956 25,438 2,779 124,336 Doubtful - RR 9 52 163 — — 217 306 — 738 Total 730,062 523,350 449,736 310,494 298,877 297,508 98,877 2,708,904 Other real estate secured: Pass - RR 1 through RR 6 $ 146,803 $ 376,765 $ 347,472 $ 48,626 $ 89,824 $ 23,680 $ 12,116 $ 1,045,286 Special Mention - RR 7 — — — — — 841 — 841 Substandard - RR 8 18,649 14 18 — 556 122 — 19,359 Doubtful - RR 9 — — — — — — — — Total 165,452 376,779 347,490 48,626 90,380 24,643 12,116 1,065,486 Term Loans by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of December 31, 2020 Commercial LHFI Other loans secured by real estate: Other construction Pass - RR 1 through RR 6 $ 262,544 $ 425,936 $ 81,476 $ 14,074 $ 2,464 $ — $ 7,735 $ 794,229 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 754 — — — — — — 754 Doubtful - RR 9 — — — — — — — — Total 263,298 425,936 81,476 14,074 2,464 — 7,735 794,983 Commercial and industrial loans: Pass - RR 1 through RR 6 $ 444,304 $ 165,163 $ 77,611 $ 77,985 $ 59,131 $ 43,214 $ 372,486 $ 1,239,894 Special Mention - RR 7 677 45 — — — — 240 962 Substandard - RR 8 12,090 1,814 9,737 3,735 2,160 5,024 33,380 67,940 Doubtful - RR 9 151 95 — — 32 4 — 282 Total 457,222 167,117 87,348 81,720 61,323 48,242 406,106 1,309,078 State and other political subdivision loans: Pass - RR 1 through RR 6 $ 250,363 $ 79,595 $ 41,334 $ 113,817 $ 132,634 $ 372,831 $ 1,446 $ 992,020 Special Mention - RR 7 — — — — — 4,018 — 4,018 Substandard - RR 8 — — — 247 — 4,491 — 4,738 Doubtful - RR 9 — — — — — — — — Total 250,363 79,595 41,334 114,064 132,634 381,340 1,446 1,000,776 Other commercial loans: Pass - RR 1 through RR 6 $ 101,230 $ 70,990 $ 20,769 $ 9,723 $ 33,481 $ 30,715 $ 225,533 $ 492,441 Special Mention - RR 7 7,500 — — — — — 11,333 18,833 Substandard - RR 8 381 2,099 683 6 707 — 9,948 13,824 Doubtful - RR 9 2 — — — — 23 — 25 Total 109,113 73,089 21,452 9,729 34,188 30,738 246,814 525,123 Total commercial LHFI $ 2,304,725 $ 1,731,911 $ 1,072,826 $ 593,152 $ 634,209 $ 791,222 $ 814,179 $ 7,942,224 Term Loans by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of December 31, 2020 Consumer LHFI Loans secured by real estate: Construction, land development and other land: Current $ 47,336 $ 24,174 $ 8,496 $ 2,036 $ 1,447 $ 2,868 $ — $ 86,357 Past due 30-89 days — 318 20 — 1 12 — 351 Past due 90 days or more — — — — — — — — Nonaccrual — — — — — 99 — 99 Total 47,336 24,492 8,516 2,036 1,448 2,979 — 86,807 Other secured by 1-4 family residential properties: Current $ 20,864 $ 10,253 $ 12,037 $ 4,177 $ 2,082 $ 11,124 $ 348,830 $ 409,367 Past due 30-89 days 93 12 — 13 — 133 1,058 1,309 Past due 90 days or more — — — — — 30 22 52 Nonaccrual 6 44 121 428 — 382 2,398 3,379 Total 20,963 10,309 12,158 4,618 2,082 11,669 352,308 414,107 Secured by nonfarm, nonresidential properties: Current $ 109 $ — $ — $ 4 $ — $ 9 $ — $ 122 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total 109 — — 4 — 9 — 122 Other real estate secured: Current $ 107 $ — $ 38 $ 37 $ 96 $ 200 $ — $ 478 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total 107 — 38 37 96 200 — 478 Term Loans by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of December 31, 2020 Consumer LHFI Other loans secured by real estate: Secured by 1-4 family residential properties Current $ 289,521 $ 214,056 $ 173,324 $ 92,564 $ 109,031 $ 321,250 $ — $ 1,199,746 Past due 30-89 days 499 93 753 366 1,080 799 — 3,590 Past due 90 days or more 159 214 208 127 — 549 — 1,257 Nonaccrual 283 71 |
Mortgage Banking
Mortgage Banking | 3 Months Ended |
Mar. 31, 2021 | |
Mortgage Banking [Abstract] | |
Mortgage Banking | Note 4 – 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): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 66,464 $ 79,394 Origination of servicing assets 7,978 3,649 Change in fair value: Due to market changes 13,696 (23,999 ) Due to run-off (5,103 ) (2,607 ) Balance at end of period $ 83,035 $ 56,437 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 March 31, 2021, the fair value of the MSR included an assumed average prepayment speed of 11 CPR and an average discount rate of 9.54 % compared to an assumed average prepayment speed of CPR and an average discount rate of % at March 31, 2020 . Mortgage Loans Serviced/Sold During the first three months of 2021 and 2020, Trustmark sold $659.4 million and $317.1 million, respectively, of residential mortgage loans. Gains on these sales were recorded as noninterest income in mortgage banking, net and totaled $19.5 million for the first three months of 2021 compared to $14.3 million for the first three months of 2020. The table below details the mortgage loans sold and serviced for others at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Federal National Mortgage Association $ 4,665,443 $ 4,629,670 Government National Mortgage Association 2,989,922 2,960,760 Federal Home Loan Mortgage Corporation 45,621 50,459 Other 15,330 16,201 Total mortgage loans sold and serviced for others $ 7,716,316 $ 7,657,090 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. At both March 31, 2021 and 2020, Trustmark had a reserve for mortgage loan servicing putback expenses of $500 thousand. There is inherent uncertainty in reasonably estimating the requirement for reserves against potential future mortgage loan servicing putback expenses. Future putback expenses are dependent on many subjective factors, including the review procedures of the purchasers and the potential refinance activity on loans sold with servicing released and the subsequent consequences under the representations and warranties. Trustmark believes that it has appropriately reserved for potential mortgage loan servicing putback requests. |
Other Real Estate
Other Real Estate | 3 Months Ended |
Mar. 31, 2021 | |
Other Real Estate And Foreclosed Assets [Abstract] | |
Other Real Estate | Note 5 – Other Real Estate At March 31, 2021, Trustmark’s geographic other real estate distribution was concentrated primarily in its five key market regions: Alabama, Florida, Mississippi, Tennessee and Texas. The ultimate recovery of a substantial portion of the carrying amount of other real estate is susceptible to changes in market conditions in these areas. For the periods presented, changes and gains (losses), net on other real estate were as follows ($ in thousands): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 11,651 $ 29,248 Additions — 336 Disposals (850 ) (3,741 ) Write-downs (150 ) (996 ) Balance at end of period $ 10,651 $ 24,847 Gains (losses), net on the sale of other real estate included in other real estate expense $ 59 $ (70 ) At March 31, 2021 and December 31, 2020, other real estate by type of property consisted of the following ($ in thousands): March 31, 2021 December 31, 2020 Construction, land development and other land properties $ 3,624 $ 3,857 1-4 family residential properties 1,334 1,349 Nonfarm, nonresidential properties 5,693 6,445 Total other real estate $ 10,651 $ 11,651 At March 31, 2021 and December 31, 2020, other real estate by geographic location consisted of the following ($ in thousands): March 31, 2021 December 31, 2020 Alabama $ 3,085 $ 3,271 Mississippi (1) 7,566 8,330 Tennessee (2) — 50 Total other real estate $ 10,651 $ 11,651 (1) Mississippi includes Central and Southern Mississippi Regions. (2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions. At both March 31, 2021 and December 31, 2020, the balance of other real estate included $1.3 million of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At March 31, 2021 and December 31, 2020, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $710 thousand and $424 thousand, respectively. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 6 – Leases The following table details the components of net lease cost for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Finance leases: Amortization of right-of-use assets $ 384 $ 497 Interest on lease liabilities 57 67 Operating lease cost 1,305 1,290 Short-term lease cost 119 109 Variable lease cost 307 347 Sublease income (76 ) (99 ) Net lease cost $ 2,096 $ 2,211 The following table details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Finance leases: Operating cash flows included in operating activities $ 57 $ 67 Financing cash flows included in payments under finance lease obligations 354 459 Operating leases: Operating cash flows (fixed payments) included in other operating activities, net 1,009 1,246 Operating cash flows (liability reduction) included in other operating activities, net 967 970 The following table details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Finance lease right-of-use assets, net of accumulated depreciation $ 7,179 $ 7,471 Finance lease liabilities 7,544 7,805 Operating lease right-of-use assets 33,704 30,901 Operating lease liabilities 35,389 32,290 Weighted-average lease term: Finance leases 8.41 years 8.53 years Operating leases 9.20 years 8.65 years Weighted-average discount rate: Finance leases 3.11 % 3.10 % Operating leases 3.25 % 3.41 % At March 31, 2021, future minimum rental commitments under finance and operating leases were as follows ($ in thousands): Finance Leases Operating Leases 2021 (excluding the three months ended March 31, 2021) $ 1,242 $ 3,826 2022 1,597 4,727 2023 885 4,619 2024 572 4,731 2025 584 4,752 Thereafter 3,868 18,305 Total minimum lease payments 8,748 40,960 Less imputed interest (1,204 ) (5,571 ) Lease liabilities $ 7,544 $ 35,389 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Note 7 – Deposits At March 31, 2021 and December 31, 2020, deposits consisted of the following ($ in thousands): March 31, 2021 December 31, 2020 Noninterest-bearing demand $ 4,705,991 $ 4,349,010 Interest-bearing demand 3,716,174 3,646,246 Savings 4,641,133 4,647,610 Time 1,320,142 1,405,898 Total $ 14,383,440 $ 14,048,764 |
Securities Sold Under Repurchas
Securities Sold Under Repurchase Agreements | 3 Months Ended |
Mar. 31, 2021 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Securities Sold Under Repurchase Agreements | Note 8 – Securities Sold Under Repurchase Agreements Trustmark utilizes securities sold under repurchase agreements as a source of borrowing in connection with overnight repurchase agreements offered to commercial deposit customers by using its unencumbered investment securities as collateral. Trustmark accounts for its securities sold under repurchase agreements as secured borrowings in accordance with FASB ASC Subtopic 860-30, “Transfers and Servicing – Secured Borrowing and Collateral.” Securities sold under repurchase agreements are stated at the amount of cash received in connection with the transaction. Trustmark monitors collateral levels on a continual basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities sold under repurchase agreements were secured by securities with a carrying amount of $138.5 million and $156.1 million at March 31, 2021 and December 31, 2020, respectively. Trustmark’s repurchase agreements are transacted under master repurchase agreements that give Trustmark, in the event of default by the counterparty, the right of offset with the same counterparty. As of March 31, 2021, all repurchase agreements were short-term and consisted primarily of sweep repurchase arrangements, under which excess deposits are “swept” into overnight repurchase agreements with Trustmark. The following table presents the securities sold under repurchase agreements by collateral pledged at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Mortgage-backed securities Residential mortgage pass-through securities Issued by FNMA and FHLMC $ 104,301 $ 115,357 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 7,410 12,696 Total securities sold under repurchase agreements $ 111,711 $ 128,053 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | Note 9 – Revenue from Contracts with Customers Trustmark accounts for revenue from contracts with customers in accordance with FASB ASC Topic 606, “Revenue from Contracts with Customers,” which provides that revenue be recognized in a manner that depicts the transfer of goods or services to a customer in an amount that reflects the consideration Trustmark expects to be entitled to in exchange for those goods or services. Revenue from contracts with customers is recognized either over time in a manner that depicts Trustmark’s performance, or at a point in time when control of the goods or services are transferred to the customer. Trustmark’s noninterest income, excluding all of mortgage banking, net and securities gains (losses), net and portions of bank card and other fees and other income, are considered within the scope of FASB ASC Topic 606. Gains or losses on the sale of other real estate, which are included in Trustmark’s noninterest expense as other real estate expense, are also within the scope of FASB ASC Topic 606. Trustmark records a gain or loss from the sale of other real estate when control of the property transfers to the buyer. Trustmark records the gain or loss from the sale of other real estate in noninterest expense as other real estate expense, net. Other real estate sales for the three months ended March 31, 2021 resulted in a net gain of $59 thousand, compared to a net loss of $70 thousand for the three months ended March 31, 2020. The following table presents noninterest income disaggregated by reportable operating segment and revenue stream for the periods presented ($ in thousands): Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Topic 606 Not Topic 606 (1) Total Topic 606 Not Topic 606 (1) Total General Banking Segment Service charges on deposit accounts $ 7,338 $ — $ 7,338 $ 10,012 $ — $ 10,012 Bank card and other fees 7,184 2,280 9,464 6,726 (1,377 ) 5,349 Mortgage banking, net — 20,804 20,804 — 27,483 27,483 Wealth management 18 — 18 86 — 86 Other, net 1,388 640 2,028 1,764 482 2,246 Total noninterest income $ 15,928 $ 23,724 $ 39,652 $ 18,588 $ 26,588 $ 45,176 Wealth Management Segment Service charges on deposit accounts $ 18 $ — $ 18 $ 20 $ — $ 20 Bank card and other fees 8 — 8 6 — 6 Wealth management 8,398 — 8,398 8,451 — 8,451 Other, net 32 7 39 26 13 39 Total noninterest income $ 8,456 $ 7 $ 8,463 $ 8,503 $ 13 $ 8,516 Insurance Segment Insurance commissions $ 12,445 $ — $ 12,445 $ 11,550 $ — $ 11,550 Other, net 23 — 23 22 — 22 Total noninterest income $ 12,468 $ — $ 12,468 $ 11,572 $ — $ 11,572 Consolidated Service charges on deposit accounts $ 7,356 $ — $ 7,356 $ 10,032 $ — $ 10,032 Bank card and other fees 7,192 2,280 9,472 6,732 (1,377 ) 5,355 Mortgage banking, net — 20,804 20,804 — 27,483 27,483 Insurance commissions 12,445 — 12,445 11,550 — 11,550 Wealth management 8,416 — 8,416 8,537 — 8,537 Other, net 1,443 647 2,090 1,812 495 2,307 Total noninterest income $ 36,852 $ 23,731 $ 60,583 $ 38,663 $ 26,601 $ 65,264 (1) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security gains (losses), net. |
Defined Benefit and Other Postr
Defined Benefit and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Benefit and Other Postretirement Benefits | Note 10 – Defined Benefit and Other Postretirement Benefits Qualified Pension Plan Trustmark maintains a noncontributory tax-qualified defined benefit pension plan titled the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions (the Continuing Plan) to satisfy commitments made by Trustmark to associates covered through plans obtained in acquisitions. The following table presents information regarding the net periodic benefit cost for the Continuing Plan for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Service cost $ 63 $ 64 Interest cost 43 60 Expected return on plan assets (33 ) (38 ) Recognized net actuarial loss 149 81 Net periodic benefit cost $ 222 $ 167 For the plan year ending December 31, 2021, Trustmark’s minimum required contribution to the Continuing Plan is $324 thousand; however, Management and the Board of Directors of Trustmark will monitor the Continuing Plan throughout 2021 to determine any additional funding requirements by the plan’s measurement date, which is December 31. Supplemental Retirement Plans Trustmark maintains a nonqualified supplemental retirement plan covering key executive officers and senior officers as well as directors who have elected to defer fees. The plan provides for retirement and/or death benefits based on a participant’s covered salary or deferred fees. Although plan benefits may be paid from Trustmark’s general assets, Trustmark has purchased life insurance contracts on the participants covered under the plan, which may be used to fund future benefit payments under the plan. The annual measurement date for the plan is December 31. As a result of mergers prior to 2014, Trustmark became the administrator of small nonqualified supplemental retirement plans, for which the plan benefits were frozen prior to the merger date. The following table presents information regarding the net periodic benefit cost for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Service cost $ 19 $ 19 Interest cost 293 414 Amortization of prior service cost 28 37 Recognized net actuarial loss 306 246 Net periodic benefit cost $ 646 $ 716 |
Stock and Incentive Compensatio
Stock and Incentive Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock and Incentive Compensation | Note 11 – Stock and Incentive Compensation Trustmark has granted stock and incentive compensation awards and units subject to the provisions of the Stock and Incentive Compensation Plan (the Stock Plan). Current outstanding and future grants of stock and incentive compensation awards are subject to the provisions of the Stock Plan, which is designed to provide flexibility to Trustmark regarding its ability to motivate, attract and retain the services of key associates and directors. The Stock Plan also allows Trustmark to grant nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and performance units to key associates and directors. Restricted Stock Grants Performance Awards Trustmark’s performance awards vest over three years and are granted to Trustmark’s executive and senior management teams. Performance awards granted vest based on performance goals of return on average tangible equity and total shareholder return. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date. The Monte Carlo simulation was performed by an independent valuation consultant and requires the use of subjective modeling assumptions. These awards are recognized using the straight-line method over the requisite service period. These awards provide for achievement shares if performance measures exceed 100%. The restricted share agreement for these awards provides for voting rights and dividend privileges. During 2020, Trustmark began granting performance units instead of performance awards. The performance units have the same attributes as the previously granted performance awards, except for the performance units do not provide voting rights. 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. During 2020, Trustmark began granting time-vested units instead of time-vested awards. The time-vested units have the same attributes as the previously granted time-vested awards, except for the time-vested units do not provide voting rights. The following tables summarize the Stock Plan activity for the periods presented: Three Months Ended March 31, 2021 Performance Awards and Units Time-Vested Awards and Units Nonvested shares, beginning of period 145,042 301,619 Granted 53,273 173,272 Released from restriction (44,536 ) (111,444 ) Forfeited (9,225 ) (891 ) Nonvested shares, end of period 144,554 362,556 The following table presents information regarding compensation expense for awards and units under the Stock Plan for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Performance awards and units $ (118 ) $ (513 ) Time-vested awards and units 2,299 1,907 Total compensation expense $ 2,181 $ 1,394 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | Note 12 – Contingencies Lending Related Trustmark makes commitments to extend credit and issues standby and commercial letters of credit (letters of credit) in the normal course of business in order to fulfill the financing needs of its customers. The carrying amount of commitments to extend credit and letters of credit approximates the fair value of such financial instruments. Commitments to extend credit are agreements to lend money to customers pursuant to certain specified conditions. Commitments generally have fixed expiration dates or other termination clauses. Because many of these commitments are expected to expire without being fully drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The exposure to credit loss in the event of nonperformance by the other party to the commitments to extend credit is represented by the contract amount of those instruments. Trustmark applies the same credit policies and standards as it does in the lending process when making these commitments. The collateral obtained is based upon the nature of the transaction and the assessed creditworthiness of the borrower. At March 31, 2021 and 2020, Trustmark had unused commitments to extend credit of $4.711 billion and $4.219 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 March 31, 2021 and 2020, Trustmark’s maximum exposure to credit loss in the event of nonperformance by the customer for letters of credit was $107.5 million and $106.9 million, respectively. These amounts consist primarily of commitments with maturities of less than three years, which have an immaterial carrying value. Trustmark holds collateral to support standby letters of credit when deemed necessary. As of March 31, 2021 and 2020, the fair value of collateral held was $21.5 million and $25.8 million, respectively. ACL on Off-Balance Sheet Credit Exposures Trustmark maintains a separate ACL on off-balance sheet credit exposures, including unfunded loan commitments and letters of credit, which is included on the accompanying consolidated balance sheet as of March 31, 2021 and December 31, 2020. Changes in the ACL on off-balance sheet credit exposures were as follows for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 38,572 $ — FASB ASU 2016-13 adoption adjustment — 29,638 Credit loss expense related to off-balance sheet credit exposures (9,367 ) 6,783 Balance at end of period $ 29,205 $ 36,421 Adjustments to the ACL on off-balance sheet credit exposures are recorded to credit loss expense related to off-balance sheet credit exposures in noninterest expense. The decrease in the ACL on off-balance sheet credit exposures for the three months ended March 31, 2021 was primarily due to improvements of the overall economy and macroeconomic factors used to determine the necessary reserves for off-balance sheet credit exposures. No credit loss estimate is reported for off-balance sheet credit exposures that are unconditionally cancellable by Trustmark or for undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement. Legal Proceedings Trustmark’s wholly-owned subsidiary, TNB, has been named as a defendant in several lawsuits related to the collapse of the Stanford Financial Group. On August 23, 2009, a purported class action complaint was filed in the District Court of Harris County, Texas, by Peggy Roif Rotstain, Guthrie Abbott, Catherine Burnell, Steven Queyrouze, Jaime Alexis Arroyo Bornstein and Juan C. Olano (collectively, Class Plaintiffs), on behalf of themselves and all others similarly situated, naming TNB and four other financial institutions and one individual, each of which are unaffiliated with Trustmark, as defendants. The complaint 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. Class Plaintiffs have demanded a jury trial. Class 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 4, 2016, the OSIC filed a First Amended Intervenor Complaint, which added claims for ( i ) aiding, abetting or participation in violations of the Texas Securities Act and (ii) aiding, abetting or participation in the breach of fiduciary duty. On November 7, 2017, the court denied the Class Plaintiffs’ motion seeking class certification and designation of class representatives and counsel, finding that common issues of fact did not predominate. The court granted the OSIC’s motion to lift the discovery stay that it had previously ordered. On May 3, 2019, individual investors and entities filed motions to intervene in the action. On September 18, 2019, the court denied the motions to intervene. On October 14, 2019, certain of the proposed intervenors filed a notice of appeal. On February 3, 2021, the Fifth Circuit Court of Appeals affirmed the denial of the motions to intervene; this decision was affirmed by a panel of the Fifth Circuit on March 12, 2021. On February 12, 2021, all defendants (including TNB) filed a motion for summary judgment with respect to OSIC claims that applied to all defendants. In addition, on the same date, TNB filed a separate motion for summary judgment with respect to aspects of OSIC claims that applied specifically to TNB. On March 19, 2021, OSIC filed notice with the court that it was abandoning as against all of the defendants (including TNB) the five claims described above. As a result, only the claims for (i) aiding, abetting and participating in breaches of fiduciary duty, (ii) aiding, abetting and participating in violations of the Texas Securities Act, and (iii) punitive damages remain as against TNB. On March 19, 2021, OSIC also filed responses to defendants’ motions for summary judgment. Briefing on the defendants’ (including TNB’s) summary judgment motions in respect of these remaining claims continues. The parties to the action have agreed that the case is to be tried in the District Court for the Southern District of Texas, and it is Trustmark’s understanding that the judge of the District Court for the Northern District of Texas to whom the case is currently assigned has agreed to this transfer, but he has yet to formally remand the case to the Southern District of Texas. However, on March 25, 2021, the judge to whom the case is currently assigned in the District Court for the Northern District of Texas rescinded his previously-issued trial scheduling orders so that the Southern District of Texas could set scheduling for this case once the case has in fact been remanded. On December 14, 2009, a different Stanford-related lawsuit was filed in the District Court of Ascension Parish, Louisiana, individually by Harold Jackson, Paul Blaine and Carolyn Bass Smith, Christine Nichols, and Ronald and Ramona Hebert naming TNB (misnamed as Trust National Bank) and other individuals and entities not affiliated with Trustmark as defendants. The complaint seeks to recover the money lost by these individual plaintiffs as a result of the collapse of the Stanford Financial Group (in addition to other damages) under various theories and causes of action, including negligence, breach of contract, breach of fiduciary duty, negligent misrepresentation, detrimental reliance, conspiracy, and violation of Louisiana’s uniform fiduciary, securities, and racketeering laws. The complaint does not quantify the amount of money the plaintiffs seek to recover. In January 2010, the lawsuit was removed to federal court by certain defendants and then transferred by the United States Panel on Multidistrict Litigation to federal court in the Northern District of Texas (Dallas) where multiple Stanford related matters are being consolidated for pre-trial proceedings. On March 29, 2010, the court stayed the case. TNB filed a motion to lift the stay, which was denied on February 28, 2012. In September 2012, the district court referred the case to a magistrate judge for hearing and determination of certain pretrial issues. On April 11, 2016, Trustmark learned that a different Stanford-related lawsuit had been filed on that date in the Superior Court of Justice in Ontario, Canada, by The Toronto-Dominion Bank (“TD Bank”), naming TNB and three other financial institutions not affiliated with Trustmark as defendants. The 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. Trustmark understands that trial has commenced in this matter in the Ontario court. To date, TNB has not been served in connection with this action, nor has it made any appearance in this action. On November 1, 2019, TNB was named as a defendant in a complaint filed by Paul Blaine Smith, Carolyn Bass Smith and other plaintiffs identified therein (the Smith Complaint). The Smith Complaint was filed in Texas state court (District Court, Harris County, Texas) and named TNB and four other financial institutions and one individual, each of which are unaffiliated with Trustmark, as defendants. The Smith Complaint relates to the collapse of the Stanford Financial Group, as does the other pending litigation relating to Stanford summarized above. Plaintiffs in the Smith Complaint have demanded a jury trial. On January 15, 2020, the court granted Stanford Financial Group receiver’s motion to stay the Texas state court action. On February 26, 2020, the lawsuit was removed to federal court in the Southern District of Texas by TNB. Trustmark and its counsel are carefully evaluating the Smith Complaint in the form that is publicly available, and will update the foregoing description to the extent that additional material facts are ascertained. 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. On December 30, 2019, a complaint was filed in the United States District Court for the Southern District of Mississippi, Northern Division (the Court) by Alysson Mills in her capacity as Court-appointed Receiver (the Receiver) for Arthur Lamar Adams (Adams) and Madison Timber Properties, LLC (Madison Timber), naming TNB, two other Mississippi-based financial institutions both of which are unaffiliated with Trustmark and two individuals, one of who was employed by TNB at all times relevant to the complaint and the other was employed either by TNB or one of the other defendant financial institutions, as defendants. The complaint seeks to recover from the defendants, for the benefit of the receivership estate and also for certain investors who were allegedly defrauded by Adams and Madison Timber, damages (including punitive damages) and related costs allegedly attributable to actions of the defendants that allegedly enabled illegal and fraudulent activities engaged in by Adams and Madison Timber. The Receiver did not quantify damages. TNB’s relationship with Adams and Madison Timber consisted of traditional banking services in the ordinary course of business. Trustmark and its subsidiaries are also parties to other lawsuits and other claims that arise in the ordinary course of business. Some of the lawsuits assert claims related to the lending, collection, servicing, investment, trust and other business activities, and some of the lawsuits allege substantial claims for damages. All pending legal proceedings described above are being vigorously contested. In accordance with FASB ASC Subtopic 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) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) | Note 13 – Earnings Per Share (EPS) The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands): Three Months Ended March 31, 2021 2020 Basic shares 63,396 63,757 Dilutive shares 167 157 Diluted shares 63,563 63,914 Weighted-average antidilutive stock awards were excluded in determining diluted EPS. The following table reflects weighted-average antidilutive stock awards for the periods presented (in thousands): Three Months Ended March 31, 2021 2020 Weighted-average antidilutive stock awards 74 52 |
Statements of Cash Flows
Statements of Cash Flows | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Statements of Cash Flows | Note 14 – Statements of Cash Flows The following table reflects specific transaction amounts for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Interest expense paid on deposits and borrowings $ 7,247 $ 16,807 Noncash transfers from loans to other real estate — 336 Finance right-of-use assets resulting from lease liabilities 92 — Operating right-of-use assets resulting from lease liabilities 3,863 671 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | Note 15 – Shareholders’ Equity Regulatory Capital Trustmark and TNB are subject to minimum risk-based capital and leverage capital requirements, as described in the section captioned “Capital Adequacy” included in Part I. Item 1. – Business of Trustmark’s 2020 Annual Report, which are administered by the federal bank regulatory agencies. These capital requirements, as defined by federal regulations, involve quantitative and qualitative measures of assets, liabilities and certain off-balance sheet instruments. Trustmark’s and TNB’s minimum risk-based capital requirements include a capital conservation buffer of 2.50% at March 31, 2021 and December 31, 2020. Accumulated other comprehensive income (loss), net of tax, is not included in computing regulatory capital. Trustmark has elected the five-year phase-in transition period (through December 31, 2024) related to adopting FASB ASU 2016-13 for regulatory capital purposes. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements of Trustmark and TNB and limit Trustmark’s and TNB’s ability to pay dividends. As of March 31, 2021, Trustmark and TNB exceeded all applicable minimum capital standards. In addition, Trustmark and TNB met applicable regulatory guidelines to be considered well-capitalized at March 31, 2021. 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 March 31, 2021, which Management believes have affected Trustmark’s or TNB’s present classification. The following table provides Trustmark’s and TNB’s actual regulatory capital amounts and ratios under regulatory capital standards in effect at March 31, 2021 and December 31, 2020 ($ in thousands): Actual Regulatory Capital Minimum To Be Well Amount Ratio Requirement Capitalized At March 31, 2021: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,427,077 11.71 % 7.00 % n/a Trustmark National Bank 1,446,395 11.87 % 7.00 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,487,077 12.20 % 8.50 % n/a Trustmark National Bank 1,446,395 11.87 % 8.50 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,714,872 14.07 % 10.50 % n/a Trustmark National Bank 1,551,313 12.73 % 10.50 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,487,077 9.11 % 4.00 % n/a Trustmark National Bank 1,446,395 8.87 % 4.00 % 5.00 % At December 31, 2020: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,395,844 11.62 % 7.00 % n/a Trustmark National Bank 1,412,015 11.75 % 7.00 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,455,844 12.11 % 8.50 % n/a Trustmark National Bank 1,412,015 11.75 % 8.50 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,696,794 14.12 % 10.50 % n/a Trustmark National Bank 1,530,044 12.73 % 10.50 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,455,844 9.33 % 4.00 % n/a Trustmark National Bank 1,412,015 9.07 % 4.00 % 5.00 % Stock Repurchase Program On April 1, 2019, the Board of Directors of Trustmark authorized a stock repurchase program under which $100.0 million of Trustmark’s outstanding common stock could be acquired through March 31, 2020. Trustmark repurchased approximately 887 thousand shares of its common stock valued at $27.5 million during the three months ended March 31, 2020. Under this authority, Trustmark repurchased approximately 1.5 million shares valued at $47.2 million. On January 28, 2020, the Board of Directors of Trustmark authorized a new stock repurchase program, effective April 1, 2020, under which $100.0 million of Trustmark’s outstanding common stock may be acquired through December 31, 2021. On March 9, 2020, Trustmark suspended its share repurchase programs to preserve capital to support customers during the COVID-19 pandemic. Trustmark resumed the repurchase of its shares in January 2021. Under this authority, Trustmark repurchased approximately 145 thousand shares of its outstanding common stock valued at $4.2 million during three months ended March 31, 2021. The shares may be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, depending on market conditions. There is no guarantee as to the number of shares that will be repurchased by Trustmark, and Trustmark may discontinue repurchases at any time at Management’s discretion. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) The following tables present the net change in the components of accumulated other comprehensive income (loss) and the related tax effects allocated to each component for the periods presented ($ in thousands). The amortization of prior service cost, recognized net loss due to lump sum settlements and change in net actuarial loss are included in the computation of net periodic benefit cost (see Note 10 – Defined Benefit and Other Postretirement Benefits for additional details). Reclassification adjustments related to pension and other postretirement benefit plans are included in salaries and employee benefits and other expense in the accompanying consolidated statements of income. Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 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 $ (21,800 ) $ 5,450 $ (16,350 ) $ 40,507 $ (10,127 ) $ 30,380 Change in net unrealized holding loss on securities transferred to held to maturity 711 (178 ) 533 861 (215 ) 646 Total securities available for sale and transferred securities (21,089 ) 5,272 (15,817 ) 41,368 (10,342 ) 31,026 Pension and other postretirement benefit plans: Reclassification adjustments for changes realized in net income: Net change in prior service costs 28 (7 ) 21 37 (9 ) 28 Recognized net loss due to lump sum settlements — — — — — — Change in net actuarial loss 455 (114 ) 341 326 (82 ) 244 Total pension and other postretirement benefit plans 483 (121 ) 362 363 (91 ) 272 Total other comprehensive income (loss) $ (20,606 ) $ 5,151 $ (15,455 ) $ 41,731 $ (10,433 ) $ 31,298 The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) for the periods presented ($ in thousands). All amounts are presented net of tax. Securities Available and Transferred Securities Defined Benefit Pension Items Total Balance at January 1, 2021 $ 17,331 $ (18,382 ) $ (1,051 ) Other comprehensive income (loss) before reclassification (15,817 ) — (15,817 ) Amounts reclassified from accumulated other comprehensive income (loss) — 362 362 Net other comprehensive income (loss) (15,817 ) 362 (15,455 ) Balance at March 31, 2021 $ 1,514 $ (18,020 ) $ (16,506 ) Balance at January 1, 2020 $ (8,017 ) $ (15,583 ) $ (23,600 ) Other comprehensive income (loss) before reclassification 31,026 — 31,026 Amounts reclassified from accumulated other comprehensive income (loss) — 272 272 Net other comprehensive income (loss) 31,026 272 31,298 Balance at March 31, 2020 $ 23,009 $ (15,311 ) $ 7,698 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 16 – Fair Value Financial Instruments Measured at Fair Value The methodologies Trustmark uses in determining the fair values are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected upon exchange of the position in an orderly transaction between market participants at the measurement date. The predominant portion of assets that are stated at fair value are of a nature that can be valued using prices or inputs that are readily observable through a variety of independent data providers. The providers selected by Trustmark for fair valuation data are widely recognized and accepted vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. Trustmark has documented and evaluated the pricing methodologies used by the vendors and maintains internal processes that regularly test valuations for anomalies. Trustmark utilizes an independent pricing service to advise it on the carrying value of the securities available for sale portfolio. As part of Trustmark’s procedures, the price provided from the service is evaluated for reasonableness given market changes. When a questionable price exists, Trustmark investigates further to determine if the price is valid. If needed, other market participants may be utilized to determine the correct fair value. Trustmark has also reviewed and confirmed its determinations in thorough discussions with the pricing source regarding their methods of price discovery. Mortgage loan commitments are valued based on the securities prices of similar collateral, term, rate and delivery for which the loan is eligible to deliver in place of the particular security. Trustmark acquires a broad array of mortgage security prices that are supplied by a market data vendor, which in turn accumulates prices from a broad list of securities dealers. Prices are processed through a mortgage pipeline management system that accumulates and segregates all loan commitment and forward-sale transactions according to the similarity of various characteristics (maturity, term, rate, and collateral). Prices are matched to those positions that are deemed to be an eligible substitute or offset ( i.e Trustmark estimates fair value of the MSR through the use of prevailing market participant assumptions and market participant valuation processes. This valuation is periodically tested and validated against other third-party firm valuations. Trustmark obtains the fair value of interest rate swaps from a third-party pricing service that uses an industry standard discounted cash flow methodology. In addition, credit valuation adjustments are incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of its interest rate swap contracts for the effect of nonperformance risk, Trustmark has considered any applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the FASB’s fair value measurement guidance, Trustmark made an accounting policy election to measure the credit risk of these derivative financial instruments, which are subject to master netting agreements, on a net basis by counterparty portfolio. Trustmark has determined that the majority of the inputs used to value its interest rate swaps offered to qualified commercial borrowers fall within Level 2 of the fair value hierarchy, while the credit valuation adjustments associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads. Trustmark has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its interest rate swaps and has determined that the credit valuation adjustment is not significant to the overall valuation of these derivatives. As a result, Trustmark classifies its interest rate swap valuations in Level 2 of the fair value hierarchy. Trustmark also utilizes exchange-traded derivative instruments such as Treasury note futures contracts and option contracts to achieve a fair value return that offsets the changes in fair value of the MSR attributable to interest rates. Fair values of these derivative instruments are determined from quoted prices in active markets for identical assets therefore allowing them to be classified within Level 1 of the fair value hierarchy. In addition, Trustmark utilizes derivative instruments such as interest rate lock commitments in its mortgage banking area which lack observable inputs for valuation purposes resulting in their inclusion in Level 3 of the fair value hierarchy. At this time, Trustmark presents no fair values that are derived through internal modeling. Should positions requiring fair valuation arise that are not relevant to existing methodologies, Trustmark will make every reasonable effort to obtain market participant assumptions, or independent evaluation. Financial Assets and Liabilities The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands). There were no transfers between fair value levels for the three months ended March 31, 2021 and the year ended December 31, 2020. March 31, 2021 Total Level 1 Level 2 Level 3 U.S. Government agency obligations $ 17,349 $ — $ 17,349 $ — Obligations of states and political subdivisions 5,798 — 5,798 — Mortgage-backed securities 2,314,529 — 2,314,529 — Securities available for sale 2,337,676 — 2,337,676 — Loans held for sale 412,999 — 412,999 — Mortgage servicing rights 83,035 — — 83,035 Other assets - derivatives 26,888 96 22,687 4,105 Other liabilities - derivatives 18,592 6,712 11,880 — December 31, 2020 Total Level 1 Level 2 Level 3 U.S. Government agency obligations $ 18,041 $ — $ 18,041 $ — Obligations of states and political subdivisions 5,835 — 5,835 — Mortgage-backed securities 1,967,939 — 1,967,939 — Securities available for sale 1,991,815 — 1,991,815 — Loans held for sale 446,951 — 446,951 — Mortgage servicing rights 66,464 — — 66,464 Other assets - derivatives 47,768 145 38,063 9,560 Other liabilities - derivatives 5,324 666 4,658 — The changes in Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2021 and 2020 are summarized as follows ($ in thousands): MSR Other Assets - Derivatives Balance, January 1, 2021 $ 66,464 $ 9,560 Total net (loss) gain included in Mortgage banking, net (1) 8,593 2,748 Additions 7,978 — Sales — (8,203 ) Balance, March 31, 2021 $ 83,035 $ 4,105 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 March 31, 2021 $ 13,696 $ 1,579 Balance, January 1, 2020 $ 79,394 $ 1,439 Total net (loss) gain included in Mortgage banking, net (1) (26,606 ) 9,606 Additions 3,649 — Sales — (1,219 ) Balance, March 31, 2020 $ 56,437 $ 9,826 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 March 31, 2020 $ (23,999 ) $ 4,428 (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 March 31, 2021, which have been measured at fair value on a nonrecurring basis, include collateral-dependent LHFI. A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the sale of the collateral. The expected credit loss for collateral-dependent loans is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, adjusted for the estimated cost to sell. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or as is value of the collateral, normally from recently received and reviewed appraisals. Current appraisals are ordered on an annual basis based on the inspection date or more often if market conditions necessitate. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by Trustmark’s Appraisal Review Department to ensure they are acceptable, and values are adjusted down for costs associated with asset disposal. At March 31, 2021, Trustmark had outstanding balances of $40.7 million with a related ACL of $9.5 million in collateral-dependent LHFI, compared to outstanding balances of $43.4 million with a related ACL of $4.4 million in collateral-dependent LHFI at December 31, 2020. The collateral-dependent LHFI are classified as Level 3 in the fair value hierarchy. Nonfinancial Assets and Liabilities Certain nonfinancial assets measured at fair value on a nonrecurring basis include foreclosed assets (upon initial recognition or subsequent impairment), nonfinancial assets and nonfinancial liabilities measured at fair value in the second step of a goodwill impairment test, and intangible assets and other nonfinancial long-lived assets measured at fair value for impairment assessment. Other real estate includes assets that have been acquired in satisfaction of debt through foreclosure and is recorded at the fair value less cost to sell (estimated fair value) at the time of foreclosure. Fair value is based on independent appraisals and other relevant factors. In the determination of fair value subsequent to foreclosure, Management also considers other factors or recent developments, such as changes in market conditions from the time of valuation and anticipated sales values considering plans for disposition, which could result in an adjustment to lower the collateral value estimates indicated in the appraisals. Periodic revaluations are classified as Level 3 in the fair value hierarchy since assumptions are used that may not be observable in the market. Foreclosed assets of $521 thousand were remeasured during the first three months of 2021, requiring write-downs of $47 thousand to reach their current fair values compared to $3.1 million of foreclosed assets that were remeasured during the first three months of 2020, requiring write-downs of $357 thousand. Fair Value of Financial Instruments FASB ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The carrying amounts and estimated fair values of financial instruments at March 31, 2021 and December 31, 2020, are as follows ($ in thousands): March 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Level 2 Inputs: Cash and short-term investments $ 1,774,541 $ 1,774,541 $ 1,952,554 $ 1,952,554 Securities held to maturity 493,738 515,296 538,072 563,115 Level 3 Inputs: Net LHFI and PPP loans 10,554,238 10,534,228 10,317,352 10,312,395 Financial Liabilities: Level 2 Inputs: Deposits 14,383,440 14,385,049 14,048,764 14,052,863 Federal funds purchased and securities sold under repurchase agreements 160,991 160,991 164,519 164,519 Other borrowings 145,994 145,993 168,252 168,252 Subordinated notes 122,877 128,438 122,921 127,500 Junior subordinated debt securities 61,856 46,392 61,856 46,083 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 months ended March 31, 2021, a net loss of $10.6 million 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 $7.7 million for the three months ended March 31, 2020. Interest and fees on LHFS and LHFI for the three months ended March 31, 2021 included $2.1 million of interest earned on LHFS accounted for under the fair value option, compared to $1.3 million for the three months ended March 31, 2020. 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 $123.4 million and $141.2 million at March 31, 2021 and December 31, 2020, respectively, and are included in LHFS on the accompanying consolidated balance sheets. For additional information regarding GNMA optional repurchase loans, please see the section captioned “Past Due LHFS” included in Note 3 – LHFI and Allowance for Credit Losses, LHFI. The following table provides information about the fair value and the contractual principal outstanding of LHFS accounted for under the fair value option as of March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Fair value of LHFS $ 289,612 $ 305,791 LHFS contractual principal outstanding 284,827 290,625 Fair value less unpaid principal $ 4,785 $ 15,166 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 17 – Derivative Financial Instruments Derivatives not Designated as Hedging Instruments Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that economically hedges changes in the fair value of the MSR attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting. The total notional amount of these derivative instruments was $379.0 million at March 31, 2021 compared to $326.5 million at December 31, 2020. 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 positive ineffectiveness of $270 thousand and $9.9 million for the three months ended March 31, 2021 and 2020, 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 $353.5 million at March 31, 2021, with a positive valuation adjustment of $6.5 million, compared to $377.5 million, with a negative valuation adjustment of $3.1 million, at December 31, 2020. 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 $255.6 million at March 31, 2021, with a positive valuation adjustment of $4.1 million, compared to $329.3 million, with a positive valuation adjustment of $9.6 million, at December 31, 2020. Trustmark offers certain derivatives products directly to qualified commercial lending clients seeking to manage their interest rate risk. Trustmark economically hedges interest rate swap transactions executed with commercial lending clients by entering into offsetting interest rate swap transactions with institutional derivatives market participants. Derivatives transactions executed as part of this program are not designated as qualifying hedging relationships and are, therefore, carried at fair value with the change in fair value recorded as noninterest income in bank card and other fees. Because these derivatives have mirror-image contractual terms, in addition to collateral provisions which mitigate the impact of non-performance risk, the changes in fair value are expected to substantially offset. The Chicago Mercantile Exchange rules legally characterize variation margin collateral payments made or received for centrally cleared interest rate swaps as settlements rather than collateral. As a result, centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets. At March 31, 2021, Trustmark had interest rate swaps with an aggregate notional amount of $1.172 billion related to this program, compared to $1.125 billion at December 31, 2020. Credit-risk-related Contingent Features Trustmark has agreements with its financial institution counterparties that contain provisions where if Trustmark defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Trustmark could also be declared in default on its derivatives obligations. At March 31, 2021 and December 31, 2020, 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 $980 thousand and $1.3 million, respectively. At March 31, 2021, Trustmark had posted collateral of $1.3 million against its obligations because of negotiated thresholds and minimum transfer amounts under these agreements. If Trustmark had breached any of these triggering provisions at March 31, 2021, 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 March 31, 2021, Trustmark had entered into five risk participation agreements as a beneficiary with an aggregate notional amount of $49.3 million compared to three risk participation agreements as a beneficiary with an aggregate notional amount of $41.1 million at December 31, 2020. At March 31, 2021, Trustmark had entered into twenty-two risk participation agreements as a guarantor with an aggregate notional amount of $172.0 million compared to twenty-four risk participation agreements as a guarantor with an aggregate notional amount of $172.0 million at December 31, 2020. The aggregate fair values of these risk participation agreements were immaterial at both March 31, 2021 and December 31, 2020. Tabular Disclosures The following tables disclose the fair value of derivative instruments in Trustmark’s consolidated balance sheets at March 31, 2021 and December 31, 2020 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): March 31, 2021 December 31, 2020 Derivatives not designated as hedging instruments Interest rate contracts: Exchange traded purchased options included in other assets $ 96 $ 145 OTC written options (rate locks) included in other assets 4,105 9,560 Interest rate swaps included in other assets (1) 22,586 37,974 Credit risk participation agreements included in other assets 101 89 Futures contracts included in other liabilities 4,874 34 Forward contracts included in other liabilities 6,538 3,145 Exchange traded written options included in other liabilities 1,838 632 Interest rate swaps included in other liabilities (1) 5,269 1,313 Credit risk participation agreements included in other liabilities 73 200 (1) In accordance with GAAP, the variation margin collateral payments made or received for interest rate swaps that are centrally cleared are legally characterized as settled. As a result, the centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets. Three Months Ended March 31, 2021 2020 Derivatives not designated as hedging instruments: Amount of gain (loss) recognized in mortgage banking, net $ (9,198 ) $ 33,486 Amount of gain (loss) recognized in bank card and other fees 1,602 (1,660 ) 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 March 31, 2021 and December 31, 2020 is presented in the following tables ($ in thousands): Offsetting of Derivative Assets As of March 31, 2021 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 $ 22,586 $ — $ 22,586 $ — $ — $ 22,586 Offsetting of Derivative Liabilities As of March 31, 2021 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 $ 5,269 $ — $ 5,269 $ — $ (1,310 ) $ 3,959 Offsetting of Derivative Assets As of December 31, 2020 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 $ 37,974 $ — $ 37,974 $ — $ — $ 37,974 Offsetting of Derivative Liabilities As of December 31, 2020 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 $ 1,313 $ — $ 1,313 $ — $ (1,313 ) $ — |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Note 18 – Segment Information Trustmark’s management reporting structure includes three segments: General Banking, Wealth Management and Insurance. For a complete overview of Trustmark’s operating segments, see Note 21 – Segment Information included in Part II. Item 8. – Financial Statements and Supplementary Data, of Trustmark’s 2020 Annual Report. The accounting policies of each reportable segment are the same as those of Trustmark except for its internal allocations. Noninterest expenses for back-office operations support are allocated to segments based on estimated uses of those services. Trustmark measures the net interest income of its business segments with a process that assigns cost of funds or earnings credit on a matched-term basis. This process, called “funds transfer pricing”, charges an appropriate cost of funds to assets held by a business unit, or credits the business unit for potential earnings for carrying liabilities. The net of these charges and credits flows through to the General Banking Segment, which contains the management team responsible for determining TNB’s funding and interest rate risk strategies. The following table discloses financial information by reportable segment for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 General Banking Net interest income $ 101,108 $ 102,403 Provision for credit losses (10,499 ) 18,374 Noninterest income 39,652 45,176 Noninterest expense 94,597 106,450 Income before income taxes 56,662 22,755 Income taxes 8,123 2,091 General banking net income $ 48,539 $ 20,664 Selected Financial Information Total assets $ 16,555,481 $ 13,663,877 Depreciation and amortization $ 10,864 $ 8,794 Wealth Management Net interest income $ 1,231 $ 1,504 Provision for credit losses (2 ) 2,207 Noninterest income 8,463 8,516 Noninterest expense 8,194 8,516 Income before income taxes 1,502 (703 ) Income taxes 376 (176 ) Wealth management net income $ 1,126 $ (527 ) Selected Financial Information Total assets $ 243,132 $ 280,181 Depreciation and amortization $ 68 $ 67 Insurance Net interest income $ (3 ) $ 45 Noninterest income 12,468 11,572 Noninterest expense 9,390 8,844 Income before income taxes 3,075 2,773 Income taxes 778 692 Insurance net income $ 2,297 $ 2,081 Selected Financial Information Total assets $ 79,700 $ 75,771 Depreciation and amortization $ 194 $ 135 Consolidated Net interest income $ 102,336 $ 103,952 Provision for credit losses (10,501 ) 20,581 Noninterest income 60,583 65,264 Noninterest expense 112,181 123,810 Income before income taxes 61,239 24,825 Income taxes 9,277 2,607 Consolidated net income $ 51,962 $ 22,218 Selected Financial Information Total assets $ 16,878,313 $ 14,019,829 Depreciation and amortization $ 11,126 $ 8,996 |
Accounting Policies Recently Ad
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Accounting Policies Recently Adopted and Pending Accounting Pronouncements | Note 19 – Accounting Policies Recently Adopted and Pending Accounting Pronouncements Accounting Policies Recently Adopted Except for the changes detailed below, Trustmark has consistently applied its accounting policies to all periods presented in the accompanying consolidated financial statements. ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” Issued in December 2019, ASU 2019-12 seeks to simplify the accounting for income taxes by removing certain exceptions to the general principles in FASB ASC Topic 740. In particular, the amendments of ASU 2019-12 remove the exceptions to (1) the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items (e.g., discontinued operations or other comprehensive income); (2) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (3) the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (4) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments of ASU 2019-12 (1) require that an entity recognize a franchise tax (or similar tax), that is partially based on income, in accordance with FASB ASC Topic 740 and account for any incremental amount incurred as a non-income-based tax; (2) require that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should instead be considered a separate transaction; (3) specify that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, but rather may elect to do so for a legal entity that is both not subject to tax and disregarded by the taxing authority; and (4) require that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. Trustmark adopted the amendments of ASU 2019-12 effective January 1, 2021. Adoption of ASU 2019-12 did not have a material impact to Trustmark’s consolidated financial statements. 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. Trustmark adopted the amendments of ASU 2018-14 effective January 1, 2021. Trustmark will include the revised disclosures in its Annual Report on Form 10-K for the year ending December 31, 2021. Changes to the disclosures related to the defined benefit plans as a result of adopting ASU 2018-14 will not have a material impact to Trustmark’s consolidated financial statements Pending Accounting Pronouncements ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Issued in March 2020, ASU 2020-04 seeks to provided additional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The FASB issued ASU 2020-04 is response to concerns about the structural risks of interbank offered rates (IBORs) and, in particular, the risk that the London Interbank Offer Rate (LIBOR) will no longer be used. Regulators have begun reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. Stakeholders have raised operational challenges likely to arise with the reference rate reform, particularly related to contract modifications and hedge accounting. The amendments of ASU 2020-04, which are elective and apply to all entities, provide expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by the reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications should be applied consistently for all contracts or transactions within the relevant Codification Topic or Subtopic or Industry Subtopic that contains the related guidance. The optional expedients for hedging relationships can be elected on an individual hedging relationship basis. As the guidance in ASU 2020-04 is intended to assist entities during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. Management is currently evaluating the impact to Trustmark as a result of the potential discontinuance of LIBOR, and a determination cannot be made at this time as to the impact the amendments of ASU 2020-04 or the reference rate reform will have on its consolidated financial statements. |
Accounting Policies Recently _2
Accounting Policies Recently Adopted and Pending Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Securities Available for Sale | Securities Available for Sale Quarterly, Trustmark evaluates if any security has a fair value less than its amortized cost. Once these securities are identified, in order to determine whether a decline in fair value resulted from a credit loss or other factors, Trustmark performs further analysis. If Trustmark determines that a credit loss exists, the credit portion of the allowance is measured using a discounted cash flow (DCF) analysis using the effective interest rate as of the security’s purchase date. The amount of credit loss Trustmark records will be limited to the amount by which the amortized cost exceeds the fair value. The DCF analysis utilizes contractual maturities, as well as third-party credit ratings and cumulative default rates published annually by Moody’s Investor Service (Moody’s). At both March 31, 2021 and December 31, 2020, the results of the analysis did not identify any securities that violate the credit loss triggers; therefore, no DCF analysis was performed and no credit loss was recognized on any of the securities available for sale. Accrued interest receivable is excluded from the estimate of credit losses for securities available for sale. At March 31, 2021, accrued interest receivable totaled $4.2 million for securities available for sale compared to $4.0 million at December 31, 2020 and was reported in other assets on the accompanying consolidated balance sheets. |
Securities Held to Maturity | Securities Held to Maturity At both March 31, 2021 and December 31, 2020, the potential credit loss exposure was $26.6 million and consisted of municipal securities. After applying appropriate probability of default and loss given default assumptions, the total amount of current expected credit losses was deemed immaterial. Therefore, no reserve was recorded at March 31, 2021 and December 31, 2020. Accrued interest receivable is excluded from the estimate of credit losses for securities held to maturity. At both March 31, 2021 and December 31, 2020, accrued interest receivable totaled $1.2 million for securities held to maturity and was reported in other assets on the accompanying consolidated balance sheets. At both March 31, 2021 and December 31, 2020, Trustmark had no securities held to maturity that were past due 30 days or more as to principal or interest payments. Trustmark had no securities held to maturity classified as nonaccrual at March 31, 2021 and December 31, 2020. |
Allowance for Credit Losses, LHFI (ACL) | ACL on LHFI Trustmark’s ACL methodology for LHFI is based upon guidance within the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Subtopic 326-20 as well as applicable regulatory guidance. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Credit quality within the LHFI portfolio is continuously monitored by Management and is reflected within the ACL for loans. The ACL is an estimate of expected losses inherent within Trustmark’s existing LHFI portfolio. The ACL for LHFI is adjusted through the PCL and reduced by the charge off of loan amounts, net of recoveries. The methodology for estimating the amount of expected credit losses reported in the ACL has two basic components: a collective, or pooled, component for estimated expected credit losses for pools of loans that share similar risk characteristics, and an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans. In estimating the allowance for credit losses for the collective component, loans are segregated into loan pools based on loan product types and similar risk characteristics. The loans secured by real estate and other loans secured by real estate portfolio segments include loans for both commercial and residential properties. The underwriting process for these loans includes analysis of the financial position and strength of both the borrower and guarantor, experience with similar projects in the past, market demand and prospects for successful completion of the proposed project within the established budget and schedule, values of underlying collateral , availability of permanent financing , maximum loan-to-value ratios, minimum equity requirements, acceptable amortization periods and minimum debt service coverage requirements, based on property type. T he borrower’s financial strength and capacity to repay their obligations remain the primary focus of underwriting. Financial strength is evaluated based upon analytical tools that consider historical and projected cash flows and performance in addition to analysis of the proposed project for income-producing properties. Additional support offered by guarantors is also considered. Ultimate repayment of these loans is sensitive to interest rate changes, general economic conditions, liquidity and availability of long-term financing. The commercial and industrial LHFI portfolio segment includes loans within Trustmark’s geographic markets made to many types of businesses for various purposes, such as short term working capital loans that are usually secured by accounts receivable and inventory and term financing for equipment and fixed asset purchases that are secured by those assets. Trustmark’s credit underwriting process for commercial and industrial loans includes analysis of historical and projected cash flows and performance, evaluation of financial strength of both borrowers and guarantors as reflected in current and detailed financial information and evaluation of underlying collateral to support the credit. The consumer LHFI portfolio segment is comprised of loans which are underwritten after evaluating a borrower’s repayment capacity, credit and collateral. Several factors are considered when assessing a borrower’s capacity to repay the obligation, including the borrower’s employment, income, current debt and assets. Credit is assessed using a credit report that provides credit scores and the borrower’s current and past information about their credit history. Property appraisals are obtained to assist in evaluating collateral. Loan-to-value and debt-to-income ratios, loan amount and lien position are also considered in assessing whether to originate a loan. These borrowers are particularly susceptible to downturns in economic trends such as conditions that negatively affect housing prices and demand and levels of unemployment. The state and other political subdivision LHFI and the other commercial LHFI portfolio segments primarily consist of loans to non-depository financial institutions, such as mortgage companies, finance companies and other financial intermediaries, loans to state and political subdivisions, and loans to non-profit and charitable organizations. These loans are underwritten based on the specific nature or purpose of the loan and underlying collateral with special consideration given to the specific source of repayment for the loan. The following table provides a description of each of Trustmark’s portfolio segments, loan classes, loan pools and the ACL methodology and loss drivers: Portfolio Segment Loan Class Loan Pool Methodology Loss Drivers Loans secured by real estate Construction, land development and other land 1-4 family residential construction DCF Prime Rate, National GDP Lots and development DCF Prime Rate, Southern Unemployment Unimproved land DCF Prime Rate, Southern Unemployment All other consumer DCF Southern Unemployment Other secured by 1-4 family residential properties Consumer 1-4 family - 1st liens DCF Prime Rate, Southern Unemployment All other consumer DCF Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Secured by nonfarm, nonresidential properties Nonowner-occupied - hotel/motel DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - office DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied- Retail DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - senior living/nursing homes DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - all other DCF Southern Vacancy Rate, Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Other real estate secured Nonresidential nonowner -occupied - apartments DCF Southern Vacancy Rate, Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Nonowner-occupied - all other DCF Southern Vacancy Rate, Southern Unemployment Other loans secured by real estate Other construction Other construction WARM Prime Rate, National Unemployment Secured by 1-4 family residential properties Trustmark mortgage WARM Southern Unemployment Commercial and industrial loans Commercial and industrial loans Commercial and industrial - non-working capital DCF Trustmark historical data Commercial and industrial - working capital DCF Trustmark historical data Credit cards WARM Trustmark call report data Consumer loans Consumer loans Credit cards WARM Trustmark call report data Overdrafts Loss Rate Trustmark historical data All other consumer DCF Southern Unemployment State and other political subdivision loans State and other political subdivision loans Obligations of state and political subdivisions DCF Moody's Bond Default Study Other commercial loans Other commercial loans Other loans DCF Prime Rate, Southern Unemployment Commercial and industrial - non-working capital DCF Trustmark historical data Commercial and industrial - working capital DCF Trustmark historical data In general, Trustmark utilizes a DCF method to estimate the quantitative portion of the allowance for credit losses for loan pools. The DCF model consists of two key components, a loss driver analysis (LDA) and a cash flow analysis. For loan pools utilizing the DCF methodology, multiple assumptions are in place, depending on the loan pool. A reasonable and supportable forecast is utilized for each loan pool by developing a LDA for each loan class. The LDA uses charge off data from Federal Financial Institutions Examination Council (FFIEC) reports to construct a periodic default rate (PDR). The PDR is decomposed into a probability of default (PD). Regressions are run using the data for various macroeconomic variables in order to determine which ones correlate to Trustmark’s losses. These variables are then incorporated into the application to calculate a quarterly PD using a third-party baseline forecast. In addition to the PD, a loss given default (LGD) is derived using a method referred to as Frye Jacobs. The Frye Jacobs method is a mathematical formula that traces the relationship between LGD and PD over time and projects the LGD based on the levels of PD forecasts. This model approach is applicable to all pools within the construction, land development and other land, other secured by 1-4 family residential properties, secured by nonfarm, nonresidential properties and other real estate secured loan classes as well as the all other consumer and other loans pools. For the commercial and industrial loans related pools, Trustmark uses its own PD and LGD data, instead of the macroeconomic variables and the Frye Jacobs method described above, to calculate the PD and LGD as there were no defensible macroeconomic variables that correlated to Trustmark’s losses. Trustmark utilizes a third-party Bond Default Study to derive the PD and LGD for the obligations of state and political subdivisions pool. Due to the lack of losses within this pool, no defensible macroeconomic factors were identified to correlate. The PD and LGD measures are used in conjunction with prepayment data as inputs into the DCF model to calculate the cash flows at the individual loan level. Contractual cash flows based on loan terms are adjusted for PD, LGD and prepayments to derive loss cash flows. These loss cash flows are discounted by the loan’s coupon rate to arrive at the discounted cash flow based quantitative loss. The prepayment studies are updated quarterly by a third-party for each applicable pool. An alternate method of estimating the ACL is used for certain loan pools due to specific characteristics of these loans. For the non-DCF pools, specifically, those using the weighted average remaining maturity (WARM) method, the remaining life is incorporated into the ACL quantitative calculation. Trustmark determined that reasonable and supportable forecasts could be made for a twelve-month period for all of its loan pools. To the extent the lives of the loans in the LHFI portfolio extend beyond this forecast period, Trustmark uses a reversion period of four quarters and reverts to the historical mean on a straight-line basis over the remaining life of the loans. The econometric models currently in production reflect segment or pool level sensitivities of PD to changes in macroeconomic variables. By measuring the relationship between defaults and changes in the economy, the quantitative reserve incorporates reasonable and supportable forecasts of future conditions that will affect the value of its assets, as required by FASB ASC Topic 326. Under stable forecasts, these linear regressions will reasonably predict a pool’s PD. However, due to the COVID-19 pandemic, the macroeconomic variables used for reasonable and supportable forecasting have changed rapidly. At the current levels, it is not clear that the models currently in production will produce reasonably representative results since the models were originally estimated using data beginning in 2004 through 2019. During this period, a traditional, albeit severe, economic recession occurred. Thus, econometric models are sensitive to similar future levels of PD. In order to prevent the econometric models from extrapolating beyond reasonable boundaries of their input variables, Trustmark chose to establish an upper and lower limit process when applying the periodic forecasts. In this way, Management will not rely upon unobserved and untested relationships in the setting of the quantitative reserve. This approach applies to all input variables, including: Southern Unemployment, National Unemployment, National GDP, Southern Vacancy Rate and the Prime Rate. The upper and lower limits are based on the distribution of the macroeconomic variable by selecting extreme percentiles at the upper and lower limits of the distribution, the 1 st th the COVID-19 pandemic, causing an overall decrease in quantitative reserve levels. Qualitative factors used in the ACL methodology include the following: • Lending policies and procedures • Economic conditions and concentrations of credit • Nature and volume of the portfolio • Performance trends • External factors While all these factors are incorporated into the overall methodology, only three are currently considered active: (i) economic conditions and concentrations of credit, (ii) performance trends and (iii) external factors. Two of Trustmark’s largest loan classes are the loans secured by nonfarm, nonresidential properties and the loans secured by other real estate. Trustmark elected to create a qualitative factor specifically for these loan classes which addresses changes in the economic conditions of metropolitan areas and applies additional pool level reserves. This qualitative factor is based on third-party market data and forecast trends and is updated quarterly as information is available, by market and by loan pool. For the performance trends factor , Trustmark uses migration analyses to allocate additional ACL to non-pass/delinquent loans within each pool. In this way, Management believes the ACL will directly reflect changes in risk , based on the performance of the loans within a pool, whether declining or improving . The external factors qualitative factor is Management’s best judgement on the loan or pool level impact of all factors that affect the portfolio that are not accounted for using any other part of the ACL methodology (e.g., natural disasters, changes in legislation, impacts due to technology and pandemics). During the third quarter of 2020, Trustmark activated the External Factor – Pandemic to ensure reserve adequacy for collectively evaluated loans most likely to be impacted by the unique economic and behavioral conditions created by the COVID-19 pandemic. Additional qualitative reserves are derived based on two principles. The first is the disconnect of economic factors to Trustmark’s modeled probability of default (derived from the econometric models underpinning the quantitative pooled reserves). During the pandemic, extraordinary measures by the federal government were made available to consumers and businesses, including COVID-19 loan payment concessions, direct transfer payments to households, tax deferrals, and reduced interest rates, among others. These government interventions may have extended the lag between economic conditions and default, relative to what was captured in the model development data. Because Trustmark’s econometric PD models rely on the observed relationship from the economic downturn from 2007 to 2009 in both timing and severity, Management does not expect the models to reflect these current conditions. For example, while the models would predict contemporaneous unemployment peaks and loan defaults, this may not occur when borrowers can request payment deferrals. Thus, for the affected population, economic conditions are not fully considered as a part of Trustmark’s quantitative reserve. The second principle is the change in risk that is identified by rating changes. As a part of Trustmark’s credit review process, loans in the affected population have been given more frequent screening to ensure accurate ratings are maintained through this dynamic period. Trustmark’s quantitative reserve does not directly address changes in ratings, thus a migration qualitative factor was designed to work in concert with the quantitative reserve. In a downturn, the qualitative factor is inactive for most pools because changes in ratings are congruent with changes in macroeconomic conditions, which directly influence the PD models in the quantitative reserve. As discussed above, the disconnect of economic factors means that changes in rating caused by deteriorating and weak economic conditions as a result of the pandemic are not being captured in the quantitative reserve. During the fourth quarter of 2020, due to unforeseen pandemic conditions that varied from Management’s expectations during the third quarter of 2020, additional reserves were further dimensioned in order to appropriately reflect the risk within the portfolio related to the COVID-19 pandemic. In an effort to ensure the External Factor-Pandemic qualitative factor is reasonable and supportable, historical Trustmark loss data was leveraged to construct a framework that is quantitative in nature. To dimension the additional reserve, Management uses the sensitivity of the quantitative commercial loan reserve to changes in macroeconomic conditions to apply to loans rated acceptable or better (RR 1-4). In addition, to account for the known changes in risk, a weighted average of the commercial loan portfolio loss rate, derived from the performance trends qualitative factor, is used to dimension additional reserves for downgraded credits. Loans rated acceptable with risk (RR 5) or watch (RR 6) received the additional reserves based on the average of the macroeconomic conditions and weighted- average of the commercial loan portfolio loss rate while the loans rated special mention and substandard received additional reserves based on the weighted-average described above |
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 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” Issued in December 2019, ASU 2019-12 seeks to simplify the accounting for income taxes by removing certain exceptions to the general principles in FASB ASC Topic 740. In particular, the amendments of ASU 2019-12 remove the exceptions to (1) the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items (e.g., discontinued operations or other comprehensive income); (2) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (3) the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (4) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments of ASU 2019-12 (1) require that an entity recognize a franchise tax (or similar tax), that is partially based on income, in accordance with FASB ASC Topic 740 and account for any incremental amount incurred as a non-income-based tax; (2) require that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should instead be considered a separate transaction; (3) specify that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, but rather may elect to do so for a legal entity that is both not subject to tax and disregarded by the taxing authority; and (4) require that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. Trustmark adopted the amendments of ASU 2019-12 effective January 1, 2021. Adoption of ASU 2019-12 did not have a material impact to Trustmark’s consolidated financial statements. 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. Trustmark adopted the amendments of ASU 2018-14 effective January 1, 2021. Trustmark will include the revised disclosures in its Annual Report on Form 10-K for the year ending December 31, 2021. Changes to the disclosures related to the defined benefit plans as a result of adopting ASU 2018-14 will not have a material impact to Trustmark’s consolidated financial statements Pending Accounting Pronouncements ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Issued in March 2020, ASU 2020-04 seeks to provided additional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The FASB issued ASU 2020-04 is response to concerns about the structural risks of interbank offered rates (IBORs) and, in particular, the risk that the London Interbank Offer Rate (LIBOR) will no longer be used. Regulators have begun reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. Stakeholders have raised operational challenges likely to arise with the reference rate reform, particularly related to contract modifications and hedge accounting. The amendments of ASU 2020-04, which are elective and apply to all entities, provide expedients and exceptions for applying GAAP to contract modifications and hedging relationships affected by the reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications should be applied consistently for all contracts or transactions within the relevant Codification Topic or Subtopic or Industry Subtopic that contains the related guidance. The optional expedients for hedging relationships can be elected on an individual hedging relationship basis. As the guidance in ASU 2020-04 is intended to assist entities during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. Management is currently evaluating the impact to Trustmark as a result of the potential discontinuance of LIBOR, and a determination cannot be made at this time as to the impact the amendments of ASU 2020-04 or the reference rate reform will have on its consolidated financial statements. |
Securities Available for Sale_2
Securities Available for Sale and Held to Maturity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020 ($ in thousands): Securities Available for Sale Securities Held to Maturity March 31, 2021 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 $ 17,778 $ 48 $ (477 ) $ 17,349 $ — $ — $ — $ — Obligations of states and political subdivisions 5,182 616 — 5,798 26,554 158 (9 ) 26,703 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 51,065 1,344 (3 ) 52,406 7,268 349 — 7,617 Issued by FNMA and FHLMC 1,748,044 16,068 (14,968 ) 1,749,144 61,855 1,941 — 63,796 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 337,616 8,283 (30 ) 345,869 324,360 17,162 (46 ) 341,476 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 167,749 903 (1,542 ) 167,110 73,701 2,003 — 75,704 Total $ 2,327,434 $ 27,262 $ (17,020 ) $ 2,337,676 $ 493,738 $ 21,613 $ (55 ) $ 515,296 December 31, 2020 U.S. Government agency obligations $ 18,378 $ 144 $ (481 ) $ 18,041 $ — $ — $ — $ — Obligations of states and political subdivisions 5,198 637 — 5,835 26,584 258 (3 ) 26,839 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 55,193 1,672 (3 ) 56,862 7,598 382 — 7,980 Issued by FNMA and FHLMC 1,421,861 20,768 (1,308 ) 1,441,321 67,944 2,397 — 70,341 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 409,883 9,600 (46 ) 419,437 360,361 19,678 (55 ) 379,984 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 49,260 1,068 (9 ) 50,319 75,585 2,386 — 77,971 Total $ 1,959,773 $ 33,889 $ (1,847 ) $ 1,991,815 $ 538,072 $ 25,101 $ (58 ) $ 563,115 |
Securities Held to Maturity by Credit Rating, as Determined by Moody's | The following table presents the amortized cost of Trustmark’s securities held to maturity by credit rating, as determined by Moody’s, at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Aaa $ 467,185 $ 511,488 Aa1 to Aa3 8,950 22,528 Not Rated (1) 17,603 4,056 Total $ 493,738 $ 538,072 (1) Not rated securities primarily consist of Mississippi municipal general obligations. |
Securities with Gross Unrealized Losses, Segregated by Length of Impairment | The tables below include securities with gross unrealized losses for which an allowance for credit losses has not been recorded and segregated by length of impairment at March 31, 2021 and December 31, 2020 ($ in thousands): Less than 12 Months 12 Months or More Total March 31, 2021 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses U.S. Government agency obligations $ 1,462 $ (10 ) $ 10,986 $ (467 ) $ 12,448 $ (477 ) Obligations of states and political subdivisions 5,009 (6 ) 667 (3 ) 5,676 (9 ) Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 1,120 (3 ) — — 1,120 (3 ) Issued by FNMA and FHLMC 1,128,087 (14,968 ) — — 1,128,087 (14,968 ) Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 21,995 (76 ) — — 21,995 (76 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 65,692 (1,533 ) 654 (9 ) 66,346 (1,542 ) Total $ 1,223,365 $ (16,596 ) $ 12,307 $ (479 ) $ 1,235,672 $ (17,075 ) December 31, 2020 U.S. Government agency obligations $ — $ — $ 11,167 $ (481 ) $ 11,167 $ (481 ) Obligations of states and political subdivisions — — 667 (3 ) 667 (3 ) Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 1,636 (3 ) — — 1,636 (3 ) Issued by FNMA and FHLMC 324,905 (1,308 ) — — 324,905 (1,308 ) Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 29,398 (101 ) — — 29,398 (101 ) Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA — — 659 (9 ) 659 (9 ) Total $ 355,939 $ (1,412 ) $ 12,493 $ (493 ) $ 368,432 $ (1,905 ) |
Contractual Maturities of Available for Sale and Held to Maturity Securities | The amortized cost and estimated fair value of securities available for sale and held to maturity at March 31, 2021, 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 $ 1,479 $ 1,507 $ 19,212 $ 19,275 Due after one year through five years 1,510 1,554 7,342 7,428 Due after five years through ten years 1,967 1,928 — — Due after ten years 18,004 18,158 — — 22,960 23,147 26,554 26,703 Mortgage-backed securities 2,304,474 2,314,529 467,184 488,593 Total $ 2,327,434 $ 2,337,676 $ 493,738 $ 515,296 |
Loans Held for Investment (LH_2
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
Loan Portfolio Held for Investment | At March 31, 2021 and December 31, 2020, LHFI consisted of the following ($ in thousands): March 31, 2021 December 31, 2020 Loans secured by real estate: Construction, land development and other land $ 542,902 $ 514,056 Other secured by 1-4 family residential properties 509,732 524,732 Secured by nonfarm, nonresidential properties 2,799,195 2,709,026 Other real estate secured 1,135,005 1,065,964 Other loans secured by real estate: Other construction 799,186 794,983 Secured by 1-4 family residential properties 1,233,050 1,216,400 Commercial and industrial loans 1,323,277 1,309,078 Consumer loans 155,356 164,386 State and other political subdivision loans 1,036,694 1,000,776 Other commercial loans 449,307 525,123 LHFI 9,983,704 9,824,524 Less ACL 109,191 117,306 Net LHFI $ 9,874,513 $ 9,707,218 |
Schedule of Amortized Cost Basis of Loans on Nonaccrual Status | The following tables provide the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more still accruing interest at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 Nonaccrual With No ACL Total Nonaccrual Loans Past Due 90 Days or More Still Accruing Loans secured by real estate: Construction, land development and other land $ 5,885 $ 6,109 $ — Other secured by 1-4 family residential properties 1,629 3,964 7 Secured by nonfarm, nonresidential properties 12,617 15,695 — Other real estate secured 58 183 — Other loans secured by real estate: Other construction — — — Secured by 1-4 family residential properties — 15,036 2,368 Commercial and industrial loans 1,176 12,776 — Consumer loans — 71 218 State and other political subdivision loans — 3,914 — Other commercial loans — 5,766 — Total $ 21,365 $ 63,514 $ 2,593 December 31, 2020 Nonaccrual With No ACL Total Nonaccrual Loans Past Due 90 Days or More Still Accruing Loans secured by real estate: Construction, land development and other land $ 5,756 $ 5,985 $ — Other secured by 1-4 family residential properties 1,895 4,487 79 Secured by nonfarm, nonresidential properties 12,037 15,197 — Other real estate secured 60 185 — Other loans secured by real estate: Other construction — — — Secured by 1-4 family residential properties — 11,807 1,257 Commercial and industrial loans 12,665 15,618 — Consumer loans — 86 240 State and other political subdivision loans — 3,970 — Other commercial loans — 5,793 — Total $ 32,413 $ 63,128 $ 1,576 |
Aging Analysis of Past Due LHFI by Loan Type | The following tables provide an aging analysis of the amortized cost basis of past due LHFI at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 Past Due 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 679 $ 76 $ 5,718 $ 6,473 $ 536,429 $ 542,902 Other secured by 1-4 family residential properties 1,385 1,144 754 3,283 506,449 509,732 Secured by nonfarm, nonresidential properties 1,145 24 1,015 2,184 2,797,011 2,799,195 Other real estate secured 99 — 125 224 1,134,781 1,135,005 Other loans secured by real estate: Other construction — — — — 799,186 799,186 Secured by 1-4 family residential properties 1,929 1,720 8,457 12,106 1,220,944 1,233,050 Commercial and industrial loans 1,681 3,068 1,825 6,574 1,316,703 1,323,277 Consumer loans 825 91 218 1,134 154,222 155,356 State and other political subdivision loans 87 — 177 264 1,036,430 1,036,694 Other commercial loans 133 68 5,311 5,512 443,795 449,307 Total $ 7,963 $ 6,191 $ 23,600 $ 37,754 $ 9,945,950 $ 9,983,704 December 31, 2020 Past Due 30-59 Days 60-89 Days 90 Days or Total Past Due Current Loans Total LHFI Loans secured by real estate: Construction, land development and other land $ 339 $ 34 $ 161 $ 534 $ 513,522 $ 514,056 Other secured by 1-4 family residential properties 1,505 523 896 2,924 521,808 524,732 Secured by nonfarm, nonresidential properties 920 — 972 1,892 2,707,134 2,709,026 Other real estate secured 103 101 107 311 1,065,653 1,065,964 Other loans secured by real estate: Other construction — — — — 794,983 794,983 Secured by 1-4 family residential properties 3,291 1,289 5,110 9,690 1,206,710 1,216,400 Commercial and industrial loans 271 196 1,543 2,010 1,307,068 1,309,078 Consumer loans 926 190 240 1,356 163,030 164,386 State and other political subdivision loans 117 — 177 294 1,000,482 1,000,776 Other commercial loans 2,143 2,971 346 5,460 519,663 525,123 Total $ 9,615 $ 5,304 $ 9,552 $ 24,471 $ 9,800,053 $ 9,824,524 |
Impact of Modifications Classified as Troubled Debt Restructurings | The following table illustrates the impact of modifications classified as TDRs for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 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: Other secured by 1-4 family residential properties 2 $ 126 $ 126 5 $ 501 $ 501 Commercial and industrial loans 1 14 14 2 1,582 1,582 Consumer loans — — — 4 20 20 Total 3 $ 140 $ 140 11 $ 2,103 $ 2,103 |
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): Three Months Ended March 31, 2021 2020 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Loans secured by real estate: Other secured by 1-4 family residential properties 3 $ 156 3 $ 446 Secured by nonfarm, nonresidential properties 1 139 — — Commercial and industrial loans — — 3 194 Total 4 $ 295 6 $ 640 |
Troubled Debt Restructuring Related to Loans Held for Investment by Loan Type | The following tables detail LHFI classified as TDRs by loan class at March 31, 2021 and 2020 ($ in thousands): March 31, 2021 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 11 $ 11 Other secured by 1-4 family residential properties 42 3,644 3,686 Secured by nonfarm, nonresidential properties — 3,846 3,846 Commercial and industrial loans 1,500 10,073 11,573 Consumer loans — 15 15 State and other political subdivision loans — 3,737 3,737 Other commercial loans — 81 81 Total TDRs $ 1,542 $ 21,407 $ 22,949 March 31, 2020 Accruing Nonaccrual Total Loans secured by real estate: Construction, land development and other land $ — $ 14 $ 14 Other secured by 1-4 family residential properties — 3,672 3,672 Secured by nonfarm, nonresidential properties — 2,899 2,899 Commercial and industrial loans 2,640 17,103 19,743 Consumer loans 17 23 40 Other commercial loans — 125 125 Total TDRs $ 2,657 $ 23,836 $ 26,493 |
Schedule of Amortized Cost Basis of Collateral-Dependent Loans | The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of March 31, 2021 ($ in thousands): March 31, 2021 Real Estate Equipment and Machinery Inventory and Receivables Vehicles Miscellaneous Total Loans secured by real estate: Construction, land development and other land $ 5,885 $ — $ — $ — $ — $ 5,885 Other secured by 1-4 family residential properties 216 — — — — 216 Secured by nonfarm, nonresidential properties 12,617 — — — — 12,617 Other real estate secured 58 — — — — 58 Other loans secured by real estate: Other construction — — — — — — Secured by 1-4 family residential properties 1,413 — — — — 1,413 Commercial and industrial loans 44 115 2,322 101 8,401 10,983 Consumer loans — — — — — — State and other political subdivision loans 3,914 — — — — 3,914 Other commercial loans 601 — 1,958 — 3,051 5,610 Total $ 24,748 $ 115 $ 4,280 $ 101 $ 11,452 $ 40,696 |
Carrying Amount of Loans by Credit Quality Indicator | The tables below present the amortized cost basis of loans by credit quality indicator and class of loans based on analyses performed at March 31, 2021 and December 31, 2020 ($ in thousands): Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of March 31, 2021 Commercial LHFI Loans secured by real estate: Construction, land development and other land: Pass - RR 1 through RR 6 $ 100,508 $ 238,877 $ 49,940 $ 22,200 $ 2,204 $ 5,961 $ 25,907 $ 445,597 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 5,151 168 4,502 1,146 12 112 — 11,091 Doubtful - RR 9 — — — — — 42 — 42 Total 105,659 239,045 54,442 23,346 2,216 6,115 25,907 456,730 Other secured by 1-4 family residential properties: Pass - RR 1 through RR 6 $ 10,814 $ 32,767 $ 17,563 $ 13,996 $ 8,222 $ 11,582 $ 5,982 $ 100,926 Special Mention - RR 7 — 248 — 49 — — — 297 Substandard - RR 8 130 933 8 647 328 691 — 2,737 Doubtful - RR 9 — 27 — — — — — 27 Total 10,944 33,975 17,571 14,692 8,550 12,273 5,982 103,987 Secured by nonfarm, nonresidential properties: Pass - RR 1 through RR 6 $ 136,053 $ 661,490 $ 541,511 $ 483,464 $ 266,124 $ 452,175 $ 89,019 $ 2,629,836 Special Mention - RR 7 10,557 12,149 1,326 1,697 4,678 24,842 — 55,249 Substandard - RR 8 11,691 6,688 24,079 4,503 3,145 62,512 764 113,382 Doubtful - RR 9 50 — 156 — — 512 — 718 Total 158,351 680,327 567,072 489,664 273,947 540,041 89,783 2,799,185 Other real estate secured: Pass - RR 1 through RR 6 $ 94,481 $ 92,208 $ 436,162 $ 365,387 $ 33,631 $ 80,300 $ 12,529 $ 1,114,698 Special Mention - RR 7 — — — — — 825 — 825 Substandard - RR 8 8,758 10,105 14 18 — 180 — 19,075 Doubtful - RR 9 — — — — — — — — Total 103,239 102,313 436,176 365,405 33,631 81,305 12,529 1,134,598 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of March 31, 2021 Commercial LHFI Other loans secured by real estate: Other construction: Pass - RR 1 through RR 6 $ 91,578 $ 305,897 $ 360,277 $ 28,411 $ — $ 2,851 $ 9,176 $ 798,190 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 — 996 — — — — — 996 Doubtful - RR 9 — — — — — — — — Total 91,578 306,893 360,277 28,411 — 2,851 9,176 799,186 Commercial and industrial loans: Pass - RR 1 through RR 6 $ 185,654 $ 322,347 $ 146,801 $ 64,024 $ 64,540 $ 93,115 $ 376,945 $ 1,253,426 Special Mention - RR 7 — 789 — — — — — 789 Substandard - RR 8 4,406 11,622 1,891 9,055 3,632 3,423 34,662 68,691 Doubtful - RR 9 2 146 70 118 — 35 — 371 Total 190,062 334,904 148,762 73,197 68,172 96,573 411,607 1,323,277 State and other political subdivision l oans: Pass - RR 1 through RR 6 $ 66,925 $ 215,718 $ 84,495 $ 39,564 $ 112,486 $ 507,878 $ 1,338 $ 1,028,404 Special Mention - RR 7 — — — — — 4,018 — 4,018 Substandard - RR 8 — — — — 200 4,072 — 4,272 Doubtful - RR 9 — — — — — — — — Total 66,925 215,718 84,495 39,564 112,686 515,968 1,338 1,036,694 Other commercial loans: Pass - RR 1 through RR 6 $ 29,029 $ 80,676 $ 70,698 $ 18,808 $ 10,339 $ 56,084 $ 151,115 $ 416,749 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 — 7,417 2,094 663 — 504 21,856 32,534 Doubtful - RR 9 1 — — — — 23 — 24 Total 29,030 88,093 72,792 19,471 10,339 56,611 172,971 449,307 Total commercial LHFI $ 755,788 $ 2,001,268 $ 1,741,587 $ 1,053,750 $ 509,541 $ 1,311,737 $ 729,293 $ 8,102,964 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of March 31, 2021 Consumer LHFI Loans secured by real estate: Construction, land development and other land: Current $ 7,514 $ 47,747 $ 17,777 $ 6,904 $ 1,924 $ 3,677 $ — $ 85,543 Past due 30-89 days — 351 — 19 76 86 — 532 Past due 90 days or more — — — — — — — — Nonaccrual — — — — — 97 — 97 Total 7,514 48,098 17,777 6,923 2,000 3,860 — 86,172 Other secured by 1-4 family residential properties: Current $ 5,564 $ 19,368 $ 8,340 $ 10,773 $ 4,054 $ 11,890 $ 340,945 $ 400,934 Past due 30-89 days — 54 477 1 — 491 544 1,567 Past due 90 days or more — — — — — — 7 7 Nonaccrual 2 67 46 12 421 364 2,325 3,237 Total 5,566 19,489 8,863 10,786 4,475 12,745 343,821 405,745 Secured by nonfarm, nonresidential properties: Current $ — $ — $ — $ — $ 3 $ 7 $ — $ 10 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — — — — 3 7 — 10 Other real estate secured: Current $ — $ 104 $ — $ 9 $ 35 $ 259 $ — $ 407 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total — 104 — 9 35 259 — 407 Term Loans by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Total As of March 31, 2021 Consumer LHFI Other loans secured by real estate: Secured by 1-4 family residential properties Current $ 131,515 $ 278,826 $ 186,350 $ 153,008 $ 82,211 $ 380,460 $ — $ 1,212,370 Past due 30-89 days — 170 42 118 163 2,785 — 3,278 Past due 90 days or more — 354 142 380 338 1,153 — 2,367 Nonaccrual — 645 1,746 2,577 1,062 9,005 — 15,035 Total 131,515 279,995 188,280 156,083 83,774 393,403 — 1,233,050 Consumer loans: Current $ 20,081 $ 49,428 $ 19,813 $ 10,330 $ 3,010 $ 1,219 $ 50,283 $ 154,164 Past due 30-89 days 168 302 93 43 6 10 281 903 Past due 90 days or more 22 — 8 1 — — 188 219 Nonaccrual — 19 4 24 12 2 9 70 Total 20,271 49,749 19,918 10,398 3,028 1,231 50,761 155,356 Total consumer LHFI $ 164,866 $ 397,435 $ 234,838 $ 184,199 $ 93,315 $ 411,505 $ 394,582 $ 1,880,740 Total LHFI $ 920,654 $ 2,398,703 $ 1,976,425 $ 1,237,949 $ 602,856 $ 1,723,242 $ 1,123,875 $ 9,983,704 Term Loans by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of December 31, 2020 Commercial LHFI Loans secured by real estate: Construction, land development and other land: Pass - RR 1 through RR 6 $ 287,218 $ 62,078 $ 26,401 $ 4,487 $ 3,274 $ 3,564 $ 28,548 $ 415,570 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 5,419 4,363 1,226 12 494 22 101 11,637 Doubtful - RR 9 — — — — — 42 — 42 Total 292,637 66,441 27,627 4,499 3,768 3,628 28,649 427,249 Other secured by 1-4 family residential properties: Pass - RR 1 through RR 6 $ 35,139 $ 19,596 $ 15,399 $ 9,605 $ 10,273 $ 4,786 $ 8,486 $ 103,284 Special Mention - RR 7 255 — 50 — — — — 305 Substandard - RR 8 1,155 8 914 341 302 337 3,950 7,007 Doubtful - RR 9 29 — — — — — — 29 Total 36,578 19,604 16,363 9,946 10,575 5,123 12,436 110,625 Secured by nonfarm, nonresidential properties: Pass - RR 1 through RR 6 $ 697,439 $ 496,476 $ 442,264 $ 293,072 $ 254,747 $ 251,219 $ 96,098 $ 2,531,315 Special Mention - RR 7 13,452 6,139 2,956 4,466 4,957 20,545 — 52,515 Substandard - RR 8 19,119 20,572 4,516 12,956 38,956 25,438 2,779 124,336 Doubtful - RR 9 52 163 — — 217 306 — 738 Total 730,062 523,350 449,736 310,494 298,877 297,508 98,877 2,708,904 Other real estate secured: Pass - RR 1 through RR 6 $ 146,803 $ 376,765 $ 347,472 $ 48,626 $ 89,824 $ 23,680 $ 12,116 $ 1,045,286 Special Mention - RR 7 — — — — — 841 — 841 Substandard - RR 8 18,649 14 18 — 556 122 — 19,359 Doubtful - RR 9 — — — — — — — — Total 165,452 376,779 347,490 48,626 90,380 24,643 12,116 1,065,486 Term Loans by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of December 31, 2020 Commercial LHFI Other loans secured by real estate: Other construction Pass - RR 1 through RR 6 $ 262,544 $ 425,936 $ 81,476 $ 14,074 $ 2,464 $ — $ 7,735 $ 794,229 Special Mention - RR 7 — — — — — — — — Substandard - RR 8 754 — — — — — — 754 Doubtful - RR 9 — — — — — — — — Total 263,298 425,936 81,476 14,074 2,464 — 7,735 794,983 Commercial and industrial loans: Pass - RR 1 through RR 6 $ 444,304 $ 165,163 $ 77,611 $ 77,985 $ 59,131 $ 43,214 $ 372,486 $ 1,239,894 Special Mention - RR 7 677 45 — — — — 240 962 Substandard - RR 8 12,090 1,814 9,737 3,735 2,160 5,024 33,380 67,940 Doubtful - RR 9 151 95 — — 32 4 — 282 Total 457,222 167,117 87,348 81,720 61,323 48,242 406,106 1,309,078 State and other political subdivision loans: Pass - RR 1 through RR 6 $ 250,363 $ 79,595 $ 41,334 $ 113,817 $ 132,634 $ 372,831 $ 1,446 $ 992,020 Special Mention - RR 7 — — — — — 4,018 — 4,018 Substandard - RR 8 — — — 247 — 4,491 — 4,738 Doubtful - RR 9 — — — — — — — — Total 250,363 79,595 41,334 114,064 132,634 381,340 1,446 1,000,776 Other commercial loans: Pass - RR 1 through RR 6 $ 101,230 $ 70,990 $ 20,769 $ 9,723 $ 33,481 $ 30,715 $ 225,533 $ 492,441 Special Mention - RR 7 7,500 — — — — — 11,333 18,833 Substandard - RR 8 381 2,099 683 6 707 — 9,948 13,824 Doubtful - RR 9 2 — — — — 23 — 25 Total 109,113 73,089 21,452 9,729 34,188 30,738 246,814 525,123 Total commercial LHFI $ 2,304,725 $ 1,731,911 $ 1,072,826 $ 593,152 $ 634,209 $ 791,222 $ 814,179 $ 7,942,224 Term Loans by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of December 31, 2020 Consumer LHFI Loans secured by real estate: Construction, land development and other land: Current $ 47,336 $ 24,174 $ 8,496 $ 2,036 $ 1,447 $ 2,868 $ — $ 86,357 Past due 30-89 days — 318 20 — 1 12 — 351 Past due 90 days or more — — — — — — — — Nonaccrual — — — — — 99 — 99 Total 47,336 24,492 8,516 2,036 1,448 2,979 — 86,807 Other secured by 1-4 family residential properties: Current $ 20,864 $ 10,253 $ 12,037 $ 4,177 $ 2,082 $ 11,124 $ 348,830 $ 409,367 Past due 30-89 days 93 12 — 13 — 133 1,058 1,309 Past due 90 days or more — — — — — 30 22 52 Nonaccrual 6 44 121 428 — 382 2,398 3,379 Total 20,963 10,309 12,158 4,618 2,082 11,669 352,308 414,107 Secured by nonfarm, nonresidential properties: Current $ 109 $ — $ — $ 4 $ — $ 9 $ — $ 122 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total 109 — — 4 — 9 — 122 Other real estate secured: Current $ 107 $ — $ 38 $ 37 $ 96 $ 200 $ — $ 478 Past due 30-89 days — — — — — — — — Past due 90 days or more — — — — — — — — Nonaccrual — — — — — — — — Total 107 — 38 37 96 200 — 478 Term Loans by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Total As of December 31, 2020 Consumer LHFI Other loans secured by real estate: Secured by 1-4 family residential properties Current $ 289,521 $ 214,056 $ 173,324 $ 92,564 $ 109,031 $ 321,250 $ — $ 1,199,746 Past due 30-89 days 499 93 753 366 1,080 799 — 3,590 Past due 90 days or more 159 214 208 127 — 549 — 1,257 Nonaccrual 283 711 2,024 682 239 7,868 — 11,807 Total 290,462 215,074 176,309 93,739 110,350 330,466 — 1,216,400 Consumer loans: Current $ 65,370 $ 25,303 $ 13,140 $ 3,893 $ 1,257 $ 345 $ 53,669 $ 162,977 Past due 30-89 days 524 158 67 19 7 3 305 1,083 Past due 90 days or more 77 — 4 — — — 159 240 Nonaccrual 12 4 55 13 2 — — 86 Total 65,983 25,465 13,266 3,925 1,266 348 54,133 164,386 Total consumer LHFI $ 424,960 $ 275,340 $ 210,287 $ 104,359 $ 115,242 $ 345,671 $ 406,441 $ 1,882,300 Total LHFI $ 2,729,685 $ 2,007,251 $ 1,283,113 $ 697,511 $ 749,451 $ 1,136,893 $ 1,220,620 $ 9,824,524 |
Summary of Trustmark's Portfolio Segments, Loan Classes, Loan Pools and the ACL Methodology and Loss Drivers | The following table provides a description of each of Trustmark’s portfolio segments, loan classes, loan pools and the ACL methodology and loss drivers: Portfolio Segment Loan Class Loan Pool Methodology Loss Drivers Loans secured by real estate Construction, land development and other land 1-4 family residential construction DCF Prime Rate, National GDP Lots and development DCF Prime Rate, Southern Unemployment Unimproved land DCF Prime Rate, Southern Unemployment All other consumer DCF Southern Unemployment Other secured by 1-4 family residential properties Consumer 1-4 family - 1st liens DCF Prime Rate, Southern Unemployment All other consumer DCF Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Secured by nonfarm, nonresidential properties Nonowner-occupied - hotel/motel DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - office DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied- Retail DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - senior living/nursing homes DCF Southern Vacancy Rate, Southern Unemployment Nonowner-occupied - all other DCF Southern Vacancy Rate, Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Other real estate secured Nonresidential nonowner -occupied - apartments DCF Southern Vacancy Rate, Southern Unemployment Nonresidential owner-occupied DCF Southern Unemployment, National GDP Nonowner-occupied - all other DCF Southern Vacancy Rate, Southern Unemployment Other loans secured by real estate Other construction Other construction WARM Prime Rate, National Unemployment Secured by 1-4 family residential properties Trustmark mortgage WARM Southern Unemployment Commercial and industrial loans Commercial and industrial loans Commercial and industrial - non-working capital DCF Trustmark historical data Commercial and industrial - working capital DCF Trustmark historical data Credit cards WARM Trustmark call report data Consumer loans Consumer loans Credit cards WARM Trustmark call report data Overdrafts Loss Rate Trustmark historical data All other consumer DCF Southern Unemployment State and other political subdivision loans State and other political subdivision loans Obligations of state and political subdivisions DCF Moody's Bond Default Study Other commercial loans Other commercial loans Other loans DCF Prime Rate, Southern Unemployment Commercial and industrial - non-working capital DCF Trustmark historical data Commercial and industrial - working capital DCF Trustmark historical data |
Change in Allowance for Loan Losses | The following tables disaggregate the ACL and the amortized cost basis of the loans by the measurement methodology used at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 ACL LHFI Individually Evaluated for Credit Loss Collectively Evaluated for Credit Loss Total ACL Individually Evaluated for Credit Loss Collectively Evaluated for Credit Loss Total LHFI Loans secured by real estate: Construction, land development and other land $ — $ 5,058 $ 5,058 $ 5,885 537,017 $ 542,902 Other secured by 1-4 family residential properties — 8,667 8,667 216 509,516 509,732 Secured by nonfarm, nonresidential properties — 46,438 46,438 12,617 2,786,578 2,799,195 Other real estate secured — 5,770 5,770 58 1,134,947 1,135,005 Other loans secured by real estate: Other construction — 5,124 5,124 — 799,186 799,186 Secured by 1-4 family residential properties — 3,753 3,753 1,413 1,231,637 1,233,050 Commercial and industrial loans 5,721 14,445 20,166 10,983 1,312,294 1,323,277 Consumer loans — 4,750 4,750 — 155,356 155,356 State and other political subdivision loans 1,644 1,371 3,015 3,914 1,032,780 1,036,694 Other commercial loans 2,094 4,356 6,450 5,610 443,697 449,307 Total $ 9,459 $ 99,732 $ 109,191 $ 40,696 $ 9,943,008 $ 9,983,704 December 31, 2020 ACL LHFI Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total Loans secured by real estate: Construction, land development and other land $ — $ 6,854 $ 6,854 $ 5,756 $ 508,300 $ 514,056 Other secured by 1-4 family residential properties — 9,928 9,928 454 524,278 524,732 Secured by nonfarm, nonresidential properties — 48,523 48,523 12,037 2,696,989 2,709,026 Other real estate secured — 7,382 7,382 60 1,065,904 1,065,964 Other loans secured by real estate: Other construction — 8,158 8,158 — 794,983 794,983 Secured by 1-4 family residential properties — 5,143 5,143 1,441 1,214,959 1,216,400 Commercial and industrial loans 579 14,272 14,851 14,076 1,295,002 1,309,078 Consumer loans — 5,838 5,838 — 164,386 164,386 State and other political subdivision loans 1,700 1,490 3,190 3,970 996,806 1,000,776 Other commercial loans 2,100 5,339 7,439 5,615 519,508 525,123 Total $ 4,379 $ 112,927 $ 117,306 $ 43,409 $ 9,781,115 $ 9,824,524 Changes in the ACL were as follows for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 117,306 $ 84,277 FASB ASU 2016-13 adoption adjustments: LHFI — (3,039 ) Allowance for loan losses, acquired loans transfer — 815 Acquired loans ACL adjustment — 1,007 Loans charged-off (1,245 ) (5,545 ) Recoveries 3,631 2,468 Net (charge-offs) recoveries 2,386 (3,077 ) PCL (10,501 ) 20,581 Balance at end of period $ 109,191 $ 100,564 The following tables detail changes in the ACL by loan class for the periods presented ($ in thousands): Three Months Ended March 31, 2021 Balance at Beginning of Period Charge-offs Recoveries PCL Balance at End of Period Loans secured by real estate: Construction, land development and other land $ 6,854 $ — $ 766 $ (2,562 ) $ 5,058 Other secured by 1-4 family residential properties 9,928 (26 ) 71 (1,306 ) 8,667 Secured by nonfarm, nonresidential properties 48,523 — 30 (2,115 ) 46,438 Other real estate secured 7,382 — 6 (1,618 ) 5,770 Other loans secured by real estate: Other construction 8,158 — 1 (3,035 ) 5,124 Secured by 1-4 family residential properties 5,143 — 100 (1,490 ) 3,753 Commercial and industrial loans 14,851 (23 ) 1,287 4,051 20,166 Consumer loans 5,838 (442 ) 362 (1,008 ) 4,750 State and other political subdivision loans 3,190 — — (175 ) 3,015 Other commercial loans 7,439 (754 ) 1,008 (1,243 ) 6,450 Total $ 117,306 $ (1,245 ) $ 3,631 $ (10,501 ) $ 109,191 The decreases in the PCL for the three months ended March 31, 2021 were primarily due to improvements in the macroeconomic forecasting variables used in the ACL modeling, such as National and Southern Unemployment, National GDP, Prime Rate and South Vacancy Rate. The PCL for the commercial and industrial loan portfolio increased $4.1 million during the three months ended March 31, 2021 primarily due to loans being specifically reserved. Three Months Ended March 31, 2020 Balance at Beginning of Period FASB ASU 2016-13 Adoption Adjustment Charge-offs Recoveries PCL Balance at End of Period Loans secured by real estate: Construction, land development and other land $ 6,371 $ (188 ) $ — $ 94 $ 2,802 $ 9,079 Other secured by 1-4 family residential properties 5,888 4,188 (64 ) 63 1,636 11,711 Secured by nonfarm, nonresidential properties 26,158 (8,179 ) (2,448 ) 61 12,535 28,127 Other real estate secured 4,024 (765 ) (8 ) 6 2,016 5,273 Other loans secured by real estate: Other construction 1,889 3,202 — 19 2,601 7,711 Secured by 1-4 family residential properties 3,044 2,891 (19 ) 93 2,033 8,042 Commercial and industrial loans 25,992 (8,964 ) (982 ) 542 (2,024 ) 14,564 Consumer loans 3,379 2,059 (690 ) 473 1,375 6,596 State and other political subdivision loans 2,229 2,455 — — (1,243 ) 3,441 Other commercial loans 5,303 2,084 (1,334 ) 1,117 (1,150 ) 6,020 Total $ 84,277 $ (1,217 ) $ (5,545 ) $ 2,468 $ 20,581 $ 100,564 |
Mortgage Banking (Tables)
Mortgage Banking (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 66,464 $ 79,394 Origination of servicing assets 7,978 3,649 Change in fair value: Due to market changes 13,696 (23,999 ) Due to run-off (5,103 ) (2,607 ) Balance at end of period $ 83,035 $ 56,437 |
Schedule of Mortgage Loans Sold and Serviced for Others | The table below details the mortgage loans sold and serviced for others at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Federal National Mortgage Association $ 4,665,443 $ 4,629,670 Government National Mortgage Association 2,989,922 2,960,760 Federal Home Loan Mortgage Corporation 45,621 50,459 Other 15,330 16,201 Total mortgage loans sold and serviced for others $ 7,716,316 $ 7,657,090 |
Other Real Estate (Tables)
Other Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 11,651 $ 29,248 Additions — 336 Disposals (850 ) (3,741 ) Write-downs (150 ) (996 ) Balance at end of period $ 10,651 $ 24,847 Gains (losses), net on the sale of other real estate included in other real estate expense $ 59 $ (70 ) |
Other Real Estate, By Type of Property | At March 31, 2021 and December 31, 2020, other real estate by type of property consisted of the following ($ in thousands): March 31, 2021 December 31, 2020 Construction, land development and other land properties $ 3,624 $ 3,857 1-4 family residential properties 1,334 1,349 Nonfarm, nonresidential properties 5,693 6,445 Total other real estate $ 10,651 $ 11,651 |
Other Real Estate, By Geographic Location | At March 31, 2021 and December 31, 2020, other real estate by geographic location consisted of the following ($ in thousands): March 31, 2021 December 31, 2020 Alabama $ 3,085 $ 3,271 Mississippi (1) 7,566 8,330 Tennessee (2) — 50 Total other real estate $ 10,651 $ 11,651 (1) Mississippi includes Central and Southern Mississippi Regions. (2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Components of Net Lease Cost | The following table details the components of net lease cost for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Finance leases: Amortization of right-of-use assets $ 384 $ 497 Interest on lease liabilities 57 67 Operating lease cost 1,305 1,290 Short-term lease cost 119 109 Variable lease cost 307 347 Sublease income (76 ) (99 ) Net lease cost $ 2,096 $ 2,211 |
Cash Payments Included in Measurement of Lease Liabilities | The following table details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Finance leases: Operating cash flows included in operating activities $ 57 $ 67 Financing cash flows included in payments under finance lease obligations 354 459 Operating leases: Operating cash flows (fixed payments) included in other operating activities, net 1,009 1,246 Operating cash flows (liability reduction) included in other operating activities, net 967 970 |
Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates Related to Leases | The following table details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Finance lease right-of-use assets, net of accumulated depreciation $ 7,179 $ 7,471 Finance lease liabilities 7,544 7,805 Operating lease right-of-use assets 33,704 30,901 Operating lease liabilities 35,389 32,290 Weighted-average lease term: Finance leases 8.41 years 8.53 years Operating leases 9.20 years 8.65 years Weighted-average discount rate: Finance leases 3.11 % 3.10 % Operating leases 3.25 % 3.41 % |
Future Minimum Rental Commitments Under Finance and Operating Leases | At March 31, 2021, future minimum rental commitments under finance and operating leases were as follows ($ in thousands): Finance Leases Operating Leases 2021 (excluding the three months ended March 31, 2021) $ 1,242 $ 3,826 2022 1,597 4,727 2023 885 4,619 2024 572 4,731 2025 584 4,752 Thereafter 3,868 18,305 Total minimum lease payments 8,748 40,960 Less imputed interest (1,204 ) (5,571 ) Lease liabilities $ 7,544 $ 35,389 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Deposits Summary | At March 31, 2021 and December 31, 2020, deposits consisted of the following ($ in thousands): March 31, 2021 December 31, 2020 Noninterest-bearing demand $ 4,705,991 $ 4,349,010 Interest-bearing demand 3,716,174 3,646,246 Savings 4,641,133 4,647,610 Time 1,320,142 1,405,898 Total $ 14,383,440 $ 14,048,764 |
Securities Sold Under Repurch_2
Securities Sold Under Repurchase Agreements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Mortgage-backed securities Residential mortgage pass-through securities Issued by FNMA and FHLMC $ 104,301 $ 115,357 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC or GNMA 7,410 12,696 Total securities sold under repurchase agreements $ 111,711 $ 128,053 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Noninterest Income Disaggregated by Reportable Operating Segment and Revenue Stream | The following table presents noninterest income disaggregated by reportable operating segment and revenue stream for the periods presented ($ in thousands): Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Topic 606 Not Topic 606 (1) Total Topic 606 Not Topic 606 (1) Total General Banking Segment Service charges on deposit accounts $ 7,338 $ — $ 7,338 $ 10,012 $ — $ 10,012 Bank card and other fees 7,184 2,280 9,464 6,726 (1,377 ) 5,349 Mortgage banking, net — 20,804 20,804 — 27,483 27,483 Wealth management 18 — 18 86 — 86 Other, net 1,388 640 2,028 1,764 482 2,246 Total noninterest income $ 15,928 $ 23,724 $ 39,652 $ 18,588 $ 26,588 $ 45,176 Wealth Management Segment Service charges on deposit accounts $ 18 $ — $ 18 $ 20 $ — $ 20 Bank card and other fees 8 — 8 6 — 6 Wealth management 8,398 — 8,398 8,451 — 8,451 Other, net 32 7 39 26 13 39 Total noninterest income $ 8,456 $ 7 $ 8,463 $ 8,503 $ 13 $ 8,516 Insurance Segment Insurance commissions $ 12,445 $ — $ 12,445 $ 11,550 $ — $ 11,550 Other, net 23 — 23 22 — 22 Total noninterest income $ 12,468 $ — $ 12,468 $ 11,572 $ — $ 11,572 Consolidated Service charges on deposit accounts $ 7,356 $ — $ 7,356 $ 10,032 $ — $ 10,032 Bank card and other fees 7,192 2,280 9,472 6,732 (1,377 ) 5,355 Mortgage banking, net — 20,804 20,804 — 27,483 27,483 Insurance commissions 12,445 — 12,445 11,550 — 11,550 Wealth management 8,416 — 8,416 8,537 — 8,537 Other, net 1,443 647 2,090 1,812 495 2,307 Total noninterest income $ 36,852 $ 23,731 $ 60,583 $ 38,663 $ 26,601 $ 65,264 (1) Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security gains (losses), net. |
Defined Benefit and Other Pos_2
Defined Benefit and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Trustmark Capital Accumulation Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The following table presents information regarding the net periodic benefit cost for the Continuing Plan for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Service cost $ 63 $ 64 Interest cost 43 60 Expected return on plan assets (33 ) (38 ) Recognized net actuarial loss 149 81 Net periodic benefit cost $ 222 $ 167 |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The following table presents information regarding the net periodic benefit cost for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Service cost $ 19 $ 19 Interest cost 293 414 Amortization of prior service cost 28 37 Recognized net actuarial loss 306 246 Net periodic benefit cost $ 646 $ 716 |
Stock and Incentive Compensat_2
Stock and Incentive Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Performance Awards and Units Time-Vested Awards and Units Nonvested shares, beginning of period 145,042 301,619 Granted 53,273 173,272 Released from restriction (44,536 ) (111,444 ) Forfeited (9,225 ) (891 ) Nonvested shares, end of period 144,554 362,556 |
Compensation Expense for Awards and Units Under Stock Plan | The following table presents information regarding compensation expense for awards and units under the Stock Plan for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Performance awards and units $ (118 ) $ (513 ) Time-vested awards and units 2,299 1,907 Total compensation expense $ 2,181 $ 1,394 |
Contingencies (Tables)
Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Changes in ACL on Off-balance Sheet Credit Exposures | Changes in the ACL on off-balance sheet credit exposures were as follows for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 38,572 $ — FASB ASU 2016-13 adoption adjustment — 29,638 Credit loss expense related to off-balance sheet credit exposures (9,367 ) 6,783 Balance at end of period $ 29,205 $ 36,421 |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 2020 Basic shares 63,396 63,757 Dilutive shares 167 157 Diluted shares 63,563 63,914 |
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 March 31, 2021 2020 Weighted-average antidilutive stock awards 74 52 |
Statements of Cash Flows (Table
Statements of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flows Supplementary Disclosures | The following table reflects specific transaction amounts for the periods presented ($ in thousands): Three Months Ended March 31, 2021 2020 Interest expense paid on deposits and borrowings $ 7,247 $ 16,807 Noncash transfers from loans to other real estate — 336 Finance right-of-use assets resulting from lease liabilities 92 — Operating right-of-use assets resulting from lease liabilities 3,863 671 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020 ($ in thousands): Actual Regulatory Capital Minimum To Be Well Amount Ratio Requirement Capitalized At March 31, 2021: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,427,077 11.71 % 7.00 % n/a Trustmark National Bank 1,446,395 11.87 % 7.00 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,487,077 12.20 % 8.50 % n/a Trustmark National Bank 1,446,395 11.87 % 8.50 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,714,872 14.07 % 10.50 % n/a Trustmark National Bank 1,551,313 12.73 % 10.50 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,487,077 9.11 % 4.00 % n/a Trustmark National Bank 1,446,395 8.87 % 4.00 % 5.00 % At December 31, 2020: Common Equity Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,395,844 11.62 % 7.00 % n/a Trustmark National Bank 1,412,015 11.75 % 7.00 % 6.50 % Tier 1 Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,455,844 12.11 % 8.50 % n/a Trustmark National Bank 1,412,015 11.75 % 8.50 % 8.00 % Total Capital (to Risk Weighted Assets) Trustmark Corporation $ 1,696,794 14.12 % 10.50 % n/a Trustmark National Bank 1,530,044 12.73 % 10.50 % 10.00 % Tier 1 Leverage (to Average Assets) Trustmark Corporation $ 1,455,844 9.33 % 4.00 % n/a Trustmark National Bank 1,412,015 9.07 % 4.00 % 5.00 % |
Net Change in Components of Accumulated Other Comprehensive Income (Loss) and the Related Tax Effects | Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 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 $ (21,800 ) $ 5,450 $ (16,350 ) $ 40,507 $ (10,127 ) $ 30,380 Change in net unrealized holding loss on securities transferred to held to maturity 711 (178 ) 533 861 (215 ) 646 Total securities available for sale and transferred securities (21,089 ) 5,272 (15,817 ) 41,368 (10,342 ) 31,026 Pension and other postretirement benefit plans: Reclassification adjustments for changes realized in net income: Net change in prior service costs 28 (7 ) 21 37 (9 ) 28 Recognized net loss due to lump sum settlements — — — — — — Change in net actuarial loss 455 (114 ) 341 326 (82 ) 244 Total pension and other postretirement benefit plans 483 (121 ) 362 363 (91 ) 272 Total other comprehensive income (loss) $ (20,606 ) $ 5,151 $ (15,455 ) $ 41,731 $ (10,433 ) $ 31,298 |
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 income (loss) for the periods presented ($ in thousands). All amounts are presented net of tax. Securities Available and Transferred Securities Defined Benefit Pension Items Total Balance at January 1, 2021 $ 17,331 $ (18,382 ) $ (1,051 ) Other comprehensive income (loss) before reclassification (15,817 ) — (15,817 ) Amounts reclassified from accumulated other comprehensive income (loss) — 362 362 Net other comprehensive income (loss) (15,817 ) 362 (15,455 ) Balance at March 31, 2021 $ 1,514 $ (18,020 ) $ (16,506 ) Balance at January 1, 2020 $ (8,017 ) $ (15,583 ) $ (23,600 ) Other comprehensive income (loss) before reclassification 31,026 — 31,026 Amounts reclassified from accumulated other comprehensive income (loss) — 272 272 Net other comprehensive income (loss) 31,026 272 31,298 Balance at March 31, 2020 $ 23,009 $ (15,311 ) $ 7,698 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value Recurring Basis | The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands). There were no transfers between fair value levels for the three months ended March 31, 2021 and the year ended December 31, 2020. March 31, 2021 Total Level 1 Level 2 Level 3 U.S. Government agency obligations $ 17,349 $ — $ 17,349 $ — Obligations of states and political subdivisions 5,798 — 5,798 — Mortgage-backed securities 2,314,529 — 2,314,529 — Securities available for sale 2,337,676 — 2,337,676 — Loans held for sale 412,999 — 412,999 — Mortgage servicing rights 83,035 — — 83,035 Other assets - derivatives 26,888 96 22,687 4,105 Other liabilities - derivatives 18,592 6,712 11,880 — December 31, 2020 Total Level 1 Level 2 Level 3 U.S. Government agency obligations $ 18,041 $ — $ 18,041 $ — Obligations of states and political subdivisions 5,835 — 5,835 — Mortgage-backed securities 1,967,939 — 1,967,939 — Securities available for sale 1,991,815 — 1,991,815 — Loans held for sale 446,951 — 446,951 — Mortgage servicing rights 66,464 — — 66,464 Other assets - derivatives 47,768 145 38,063 9,560 Other liabilities - derivatives 5,324 666 4,658 — |
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis | The changes in Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2021 and 2020 are summarized as follows ($ in thousands): MSR Other Assets - Derivatives Balance, January 1, 2021 $ 66,464 $ 9,560 Total net (loss) gain included in Mortgage banking, net (1) 8,593 2,748 Additions 7,978 — Sales — (8,203 ) Balance, March 31, 2021 $ 83,035 $ 4,105 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 March 31, 2021 $ 13,696 $ 1,579 Balance, January 1, 2020 $ 79,394 $ 1,439 Total net (loss) gain included in Mortgage banking, net (1) (26,606 ) 9,606 Additions 3,649 — Sales — (1,219 ) Balance, March 31, 2020 $ 56,437 $ 9,826 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 March 31, 2020 $ (23,999 ) $ 4,428 (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 March 31, 2021 and December 31, 2020, are as follows ($ in thousands): March 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Level 2 Inputs: Cash and short-term investments $ 1,774,541 $ 1,774,541 $ 1,952,554 $ 1,952,554 Securities held to maturity 493,738 515,296 538,072 563,115 Level 3 Inputs: Net LHFI and PPP loans 10,554,238 10,534,228 10,317,352 10,312,395 Financial Liabilities: Level 2 Inputs: Deposits 14,383,440 14,385,049 14,048,764 14,052,863 Federal funds purchased and securities sold under repurchase agreements 160,991 160,991 164,519 164,519 Other borrowings 145,994 145,993 168,252 168,252 Subordinated notes 122,877 128,438 122,921 127,500 Junior subordinated debt securities 61,856 46,392 61,856 46,083 |
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 March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Fair value of LHFS $ 289,612 $ 305,791 LHFS contractual principal outstanding 284,827 290,625 Fair value less unpaid principal $ 4,785 $ 15,166 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | The following tables disclose the fair value of derivative instruments in Trustmark’s consolidated balance sheets at March 31, 2021 and December 31, 2020 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands): March 31, 2021 December 31, 2020 Derivatives not designated as hedging instruments Interest rate contracts: Exchange traded purchased options included in other assets $ 96 $ 145 OTC written options (rate locks) included in other assets 4,105 9,560 Interest rate swaps included in other assets (1) 22,586 37,974 Credit risk participation agreements included in other assets 101 89 Futures contracts included in other liabilities 4,874 34 Forward contracts included in other liabilities 6,538 3,145 Exchange traded written options included in other liabilities 1,838 632 Interest rate swaps included in other liabilities (1) 5,269 1,313 Credit risk participation agreements included in other liabilities 73 200 (1) In accordance with GAAP, the variation margin collateral payments made or received for interest rate swaps that are centrally cleared are legally characterized as settled. As a result, the centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets. |
Effects of Derivative Instruments on Statements of Operations | Three Months Ended March 31, 2021 2020 Derivatives not designated as hedging instruments: Amount of gain (loss) recognized in mortgage banking, net $ (9,198 ) $ 33,486 Amount of gain (loss) recognized in bank card and other fees 1,602 (1,660 ) |
Information about Financial Instruments that are Eligible for Offset in the Consolidated Balance Sheets | Information about financial instruments that are eligible for offset in the consolidated balance sheets as of March 31, 2021 and December 31, 2020 is presented in the following tables ($ in thousands): Offsetting of Derivative Assets As of March 31, 2021 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 $ 22,586 $ — $ 22,586 $ — $ — $ 22,586 Offsetting of Derivative Liabilities As of March 31, 2021 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 $ 5,269 $ — $ 5,269 $ — $ (1,310 ) $ 3,959 Offsetting of Derivative Assets As of December 31, 2020 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 $ 37,974 $ — $ 37,974 $ — $ — $ 37,974 Offsetting of Derivative Liabilities As of December 31, 2020 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 $ 1,313 $ — $ 1,313 $ — $ (1,313 ) $ — |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 2020 General Banking Net interest income $ 101,108 $ 102,403 Provision for credit losses (10,499 ) 18,374 Noninterest income 39,652 45,176 Noninterest expense 94,597 106,450 Income before income taxes 56,662 22,755 Income taxes 8,123 2,091 General banking net income $ 48,539 $ 20,664 Selected Financial Information Total assets $ 16,555,481 $ 13,663,877 Depreciation and amortization $ 10,864 $ 8,794 Wealth Management Net interest income $ 1,231 $ 1,504 Provision for credit losses (2 ) 2,207 Noninterest income 8,463 8,516 Noninterest expense 8,194 8,516 Income before income taxes 1,502 (703 ) Income taxes 376 (176 ) Wealth management net income $ 1,126 $ (527 ) Selected Financial Information Total assets $ 243,132 $ 280,181 Depreciation and amortization $ 68 $ 67 Insurance Net interest income $ (3 ) $ 45 Noninterest income 12,468 11,572 Noninterest expense 9,390 8,844 Income before income taxes 3,075 2,773 Income taxes 778 692 Insurance net income $ 2,297 $ 2,081 Selected Financial Information Total assets $ 79,700 $ 75,771 Depreciation and amortization $ 194 $ 135 Consolidated Net interest income $ 102,336 $ 103,952 Provision for credit losses (10,501 ) 20,581 Noninterest income 60,583 65,264 Noninterest expense 112,181 123,810 Income before income taxes 61,239 24,825 Income taxes 9,277 2,607 Consolidated net income $ 51,962 $ 22,218 Selected Financial Information Total assets $ 16,878,313 $ 14,019,829 Depreciation and amortization $ 11,126 $ 8,996 |
Business, Basis of Financial _2
Business, Basis of Financial Statement Presentation and Principles of Consolidation - Additional Information (Details) $ in Thousands | Jun. 05, 2020 | Mar. 27, 2020USD ($) | Mar. 31, 2021USD ($)OfficeLoan | Dec. 31, 2020USD ($) |
Business Basis Of Financial Statement Presentation And Principles Of Consolidation [Line Items] | ||||
Number of offices | Office | 181 | |||
Financing receivable, loan amount | $ 679,725 | $ 610,134 | ||
Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | ||||
Business Basis Of Financial Statement Presentation And Principles Of Consolidation [Line Items] | ||||
Provision for CARES Act | $ 349,000,000 | |||
Financing Receivable, interest rate | 1.00% | |||
Financing Receivable, loan term | 2 years | |||
Financing receivable, loans outstanding | Loan | 7,456 | |||
Financing receivable, loan amount | $ 679,700 | |||
Financing receivable, deferred fees and costs | $ 22,100 | |||
Financing receivable, loans originated | Loan | 4,774 | |||
Financing receivable, loan amount received | $ 301,500 | |||
Financing receivable loan originated deferred fees and cost | $ 16,500 | |||
Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | Minimum [Member] | ||||
Business Basis Of Financial Statement Presentation And Principles Of Consolidation [Line Items] | ||||
Financing Receivable, loan term | 5 years | |||
Financing Receivable, processing fee percentage | 1.00% | |||
Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | Maximum [Member] | ||||
Business Basis Of Financial Statement Presentation And Principles Of Consolidation [Line Items] | ||||
Financing receivable, existing loans maturity term | 5 years | |||
Financing receivable, guaranteed percentage | 100.00% | |||
Financing Receivable, processing fee percentage | 5.00% |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 2,327,434 | $ 1,959,773 |
Securities Available for Sale, Gross Unrealized Gains | 27,262 | 33,889 |
Securities Available for Sale, Gross Unrealized (Losses) | (17,020) | (1,847) |
Securities Available for Sale, Estimated Fair Value | 2,337,676 | 1,991,815 |
Securities Held to Maturity, Amortized Cost | 493,738 | 538,072 |
Securities Held to Maturity, Gross Unrealized Gains | 21,613 | 25,101 |
Securities Held to Maturity, Gross Unrealized (Losses) | (55) | (58) |
Securities Held to Maturity, Estimated Fair Value | 515,296 | 563,115 |
U.S. Government Agency Obligations [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 17,778 | 18,378 |
Securities Available for Sale, Gross Unrealized Gains | 48 | 144 |
Securities Available for Sale, Gross Unrealized (Losses) | (477) | (481) |
Securities Available for Sale, Estimated Fair Value | 17,349 | 18,041 |
Securities Held to Maturity, Amortized Cost | 0 | 0 |
Securities Held to Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held to Maturity, Gross Unrealized (Losses) | 0 | 0 |
Securities Held to Maturity, Estimated Fair Value | 0 | 0 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 5,182 | 5,198 |
Securities Available for Sale, Gross Unrealized Gains | 616 | 637 |
Securities Available for Sale, Gross Unrealized (Losses) | 0 | 0 |
Securities Available for Sale, Estimated Fair Value | 5,798 | 5,835 |
Securities Held to Maturity, Amortized Cost | 26,554 | 26,584 |
Securities Held to Maturity, Gross Unrealized Gains | 158 | 258 |
Securities Held to Maturity, Gross Unrealized (Losses) | (9) | (3) |
Securities Held to Maturity, Estimated Fair Value | 26,703 | 26,839 |
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 | 51,065 | 55,193 |
Securities Available for Sale, Gross Unrealized Gains | 1,344 | 1,672 |
Securities Available for Sale, Gross Unrealized (Losses) | (3) | (3) |
Securities Available for Sale, Estimated Fair Value | 52,406 | 56,862 |
Securities Held to Maturity, Amortized Cost | 7,268 | 7,598 |
Securities Held to Maturity, Gross Unrealized Gains | 349 | 382 |
Securities Held to Maturity, Gross Unrealized (Losses) | 0 | 0 |
Securities Held to Maturity, Estimated Fair Value | 7,617 | 7,980 |
Residential Mortgage Pass-Through Securities Issued by FNMA and FHLMC [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 1,748,044 | 1,421,861 |
Securities Available for Sale, Gross Unrealized Gains | 16,068 | 20,768 |
Securities Available for Sale, Gross Unrealized (Losses) | (14,968) | (1,308) |
Securities Available for Sale, Estimated Fair Value | 1,749,144 | 1,441,321 |
Securities Held to Maturity, Amortized Cost | 61,855 | 67,944 |
Securities Held to Maturity, Gross Unrealized Gains | 1,941 | 2,397 |
Securities Held to Maturity, Gross Unrealized (Losses) | 0 | 0 |
Securities Held to Maturity, Estimated Fair Value | 63,796 | 70,341 |
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 | 337,616 | 409,883 |
Securities Available for Sale, Gross Unrealized Gains | 8,283 | 9,600 |
Securities Available for Sale, Gross Unrealized (Losses) | (30) | (46) |
Securities Available for Sale, Estimated Fair Value | 345,869 | 419,437 |
Securities Held to Maturity, Amortized Cost | 324,360 | 360,361 |
Securities Held to Maturity, Gross Unrealized Gains | 17,162 | 19,678 |
Securities Held to Maturity, Gross Unrealized (Losses) | (46) | (55) |
Securities Held to Maturity, Estimated Fair Value | 341,476 | 379,984 |
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 | 167,749 | 49,260 |
Securities Available for Sale, Gross Unrealized Gains | 903 | 1,068 |
Securities Available for Sale, Gross Unrealized (Losses) | (1,542) | (9) |
Securities Available for Sale, Estimated Fair Value | 167,110 | 50,319 |
Securities Held to Maturity, Amortized Cost | 73,701 | 75,585 |
Securities Held to Maturity, Gross Unrealized Gains | 2,003 | 2,386 |
Securities Held to Maturity, Gross Unrealized (Losses) | 0 | 0 |
Securities Held to Maturity, Estimated Fair Value | $ 75,704 | $ 77,971 |
Securities Available for Sale_4
Securities Available for Sale and Held to Maturity - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2013 | |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||
Reclassification of Securities available for sale to securities held to maturity | $ 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 | $ 8,200,000 | $ 8,900,000 | |
Net unamortized, unrealized loss on transfer of securities, net of tax | 6,200,000 | 6,700,000 | |
Credit loss recognized | 0 | 0 | |
Potential credit loss exposure | 26,600,000 | 26,600,000 | |
Pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law | 1,859,000,000 | 1,964,000,000 | |
Pledged securities providing additional contingency funding | 0 | 0 | |
30 Days or More Past Due [Member] | |||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||
Held-to-maturity, past due | 0 | 0 | |
Securities Available for Sale [Member] | |||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||
Accrued interest receivable | 4,200,000 | 4,000,000 | |
Securities Held to Maturity [Member] | |||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | |||
Accrued interest receivable | 1,200,000 | 1,200,000 | |
Reserve for credit loss | 0 | 0 | |
Held-to-maturity nonnaccrual | $ 0 | $ 0 |
Securities Available for Sale_5
Securities Available for Sale and Held to Maturity - Securities Held to Maturity by Credit Rating, as Determined by Moody's (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Held to Maturity Amortized Cost | $ 493,738 | $ 538,072 |
Aaa [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Held to Maturity Amortized Cost | 467,185 | 511,488 |
Aaa1 to Aa3 [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Held to Maturity Amortized Cost | 8,950 | 22,528 |
Not Rated [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Securities Held to Maturity Amortized Cost | $ 17,603 | $ 4,056 |
Securities Available for Sale_6
Securities Available for Sale and Held to Maturity - Securities with Gross Unrealized Losses, Segregated by Length of Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | $ 1,223,365 | $ 355,939 |
Estimated Fair Value, 12 Months or More | 12,307 | 12,493 |
Estimated Fair Value, Total | 1,235,672 | 368,432 |
Gross Unrealized (Losses), Less than 12 Months | (16,596) | (1,412) |
Gross Unrealized (Losses), 12 Months or More | (479) | (493) |
Gross Unrealized (Losses), Total | (17,075) | (1,905) |
U.S. Government Agency Obligations [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 1,462 | 0 |
Estimated Fair Value, 12 Months or More | 10,986 | 11,167 |
Estimated Fair Value, Total | 12,448 | 11,167 |
Gross Unrealized (Losses), Less than 12 Months | (10) | 0 |
Gross Unrealized (Losses), 12 Months or More | (467) | (481) |
Gross Unrealized (Losses), Total | (477) | (481) |
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 | 5,009 | 0 |
Estimated Fair Value, 12 Months or More | 667 | 667 |
Estimated Fair Value, Total | 5,676 | 667 |
Gross Unrealized (Losses), Less than 12 Months | (6) | 0 |
Gross Unrealized (Losses), 12 Months or More | (3) | (3) |
Gross Unrealized (Losses), Total | (9) | (3) |
Residential Mortgage Pass-Through Securities Guaranteed by GNMA [Member] | ||
Schedule of Available For Sale and Held to Maturity Securities [Line Items] | ||
Estimated Fair Value, Less than 12 Months | 1,120 | 1,636 |
Estimated Fair Value, 12 Months or More | 0 | 0 |
Estimated Fair Value, Total | 1,120 | 1,636 |
Gross Unrealized (Losses), Less than 12 Months | (3) | (3) |
Gross Unrealized (Losses), 12 Months or More | 0 | 0 |
Gross Unrealized (Losses), Total | (3) | (3) |
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 | 1,128,087 | 324,905 |
Estimated Fair Value, 12 Months or More | 0 | 0 |
Estimated Fair Value, Total | 1,128,087 | 324,905 |
Gross Unrealized (Losses), Less than 12 Months | (14,968) | (1,308) |
Gross Unrealized (Losses), 12 Months or More | 0 | 0 |
Gross Unrealized (Losses), Total | (14,968) | (1,308) |
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 | 21,995 | 29,398 |
Estimated Fair Value, 12 Months or More | 0 | 0 |
Estimated Fair Value, Total | 21,995 | 29,398 |
Gross Unrealized (Losses), Less than 12 Months | (76) | (101) |
Gross Unrealized (Losses), 12 Months or More | 0 | 0 |
Gross Unrealized (Losses), Total | (76) | (101) |
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 | 65,692 | 0 |
Estimated Fair Value, 12 Months or More | 654 | 659 |
Estimated Fair Value, Total | 66,346 | 659 |
Gross Unrealized (Losses), Less than 12 Months | (1,533) | 0 |
Gross Unrealized (Losses), 12 Months or More | (9) | (9) |
Gross Unrealized (Losses), Total | $ (1,542) | $ (9) |
Securities Available for Sale_7
Securities Available for Sale and Held to Maturity - Contractual Maturities of Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Securities Available for Sale, Amortized Cost [Abstract] | ||
Due in one year or less | $ 1,479 | |
Due after one year through five years | 1,510 | |
Due after five years through ten years | 1,967 | |
Due after ten years | 18,004 | |
Total amortized cost, before mortgage-backed securities | 22,960 | |
Mortgage-backed securities | 2,304,474 | |
Securities Available for Sale, Amortized Cost | 2,327,434 | $ 1,959,773 |
Securities Available for Sale, Estimated Fair Value [Abstract] | ||
Due in one year or less | 1,507 | |
Due after one year through five years | 1,554 | |
Due after five years through ten years | 1,928 | |
Due after ten years | 18,158 | |
Total fair value, before mortgage-backed securities | 23,147 | |
Mortgage-backed securities | 2,314,529 | |
Total | 2,337,676 | 1,991,815 |
Securities Held to Maturity, Amortized Cost [Abstract] | ||
Due in one year or less | 19,212 | |
Due after one year through five years | 7,342 | |
Due after five years through ten years | 0 | |
Due after ten years | 0 | |
Total amortized cost, before mortgage-backed securities | 26,554 | |
Mortgage-backed securities | 467,184 | |
Securities Held to Maturity, Amortized Cost | 493,738 | 538,072 |
Securities Held to Maturity, Estimated Fair Value [Abstract] | ||
Due in one year or less | 19,275 | |
Due after one year through five years | 7,428 | |
Due after five years through ten years | 0 | |
Due after ten years | 0 | |
Total fair value, before mortgage-backed securities | 26,703 | |
Mortgage-backed securities | 488,593 | |
Total | $ 515,296 | $ 563,115 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Loan Portfolio [Abstract] | ||
Total LHFI | $ 9,983,704 | $ 9,824,524 |
Less allowance for credit losses (ACL), LHFI | 109,191 | 117,306 |
Net LHFI | 9,874,513 | 9,707,218 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 542,902 | 514,056 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,233,050 | 1,216,400 |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 509,732 | 524,732 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,135,005 | 1,065,964 |
Other Construction [Member] | Other Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 799,186 | 794,983 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 2,799,195 | 2,709,026 |
Commercial and Industrial Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,323,277 | 1,309,078 |
Consumer Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 155,356 | 164,386 |
State and Other Political Subdivision Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | 1,036,694 | 1,000,776 |
Other Commercial Loans [Member] | ||
Loan Portfolio [Abstract] | ||
Total LHFI | $ 449,307 | $ 525,123 |
Loans Held for Investment (LH_4
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Additional Information (Details 1) | 3 Months Ended | ||
Mar. 31, 2021USD ($)Region | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |||
Accrued interest receivable | $ 32,800,000 | $ 33,000,000 | |
Maximum concentration of loan as a percentage of total LHFI | 10.00% | ||
Key market regions | Region | 5 | ||
LHFI classified as TDRs | $ 22,900,000 | $ 26,500,000 | |
LHFI classified as TDRs from credits with interest only payments and payment concessions | 17,300,000 | ||
LHFI classified as TDRs from credits with interest only payments and credits renewed at a rate that was not commensurate with that of new debt with similar risk | 18,300,000 | ||
Unused commitments on TDRs | 0 | 10,700,000 | |
Financing receivable, related allowance | 7,500,000 | 210,000 | |
Financing receivable, related charge-offs | $ 0 | $ 2,200,000 | |
Period of extension on interest part of loans modified related to COVID-19 | 90 days | ||
Period of extension on full payment deferrals part of loans modified related to COVID-19 | 90 days | ||
Balance of loans remaining under some type of concession related to COVID-19 | $ 28,100,000 | $ 34,200,000 |
Loans Held for Investment (LH_5
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Schedule of Amortized Cost Basis of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual With No ACL | $ 21,365 | $ 32,413 |
Total Nonaccrual | 63,514 | 63,128 |
Loans Past Due 90 Days or More Still Accruing | 2,593 | 1,576 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual With No ACL | 5,885 | 5,756 |
Total Nonaccrual | 6,109 | 5,985 |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual With No ACL | 1,629 | 1,895 |
Total Nonaccrual | 3,964 | 4,487 |
Loans Past Due 90 Days or More Still Accruing | 7 | 79 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual With No ACL | 12,617 | 12,037 |
Total Nonaccrual | 15,695 | 15,197 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual With No ACL | 58 | 60 |
Total Nonaccrual | 183 | 185 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Nonaccrual | 15,036 | 11,807 |
Loans Past Due 90 Days or More Still Accruing | 2,368 | 1,257 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual With No ACL | 1,176 | 12,665 |
Total Nonaccrual | 12,776 | 15,618 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Nonaccrual | 71 | 86 |
Loans Past Due 90 Days or More Still Accruing | 218 | 240 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Nonaccrual | 3,914 | 3,970 |
Other Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Nonaccrual | $ 5,766 | $ 5,793 |
Loans Held for Investment (LH_6
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Aging Analysis of Past Due and Nonaccrual LHFI by Loan Type (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | $ 37,754 | $ 24,471 |
Nonaccrual | 63,514 | 63,128 |
Current Loans | 9,945,950 | 9,800,053 |
Total LHFI | 9,983,704 | 9,824,524 |
Past Due 30 to 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 7,963 | 9,615 |
Past Due 60 to 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 6,191 | 5,304 |
Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 23,600 | 9,552 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 6,473 | 534 |
Nonaccrual | 6,109 | 5,985 |
Current Loans | 536,429 | 513,522 |
Total LHFI | 542,902 | 514,056 |
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 | 679 | 339 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 76 | 34 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 5,718 | 161 |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 3,283 | 2,924 |
Nonaccrual | 3,964 | 4,487 |
Current Loans | 506,449 | 521,808 |
Total LHFI | 509,732 | 524,732 |
Other 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 | 1,385 | 1,505 |
Other 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 | 1,144 | 523 |
Other 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 | 754 | 896 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 12,106 | 9,690 |
Nonaccrual | 15,036 | 11,807 |
Current Loans | 1,220,944 | 1,206,710 |
Total LHFI | 1,233,050 | 1,216,400 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,929 | 3,291 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,720 | 1,289 |
Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 8,457 | 5,110 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 2,184 | 1,892 |
Nonaccrual | 15,695 | 15,197 |
Current Loans | 2,797,011 | 2,707,134 |
Total LHFI | 2,799,195 | 2,709,026 |
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 | 1,145 | 920 |
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 | 24 | |
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 | 1,015 | 972 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 224 | 311 |
Nonaccrual | 183 | 185 |
Current Loans | 1,134,781 | 1,065,653 |
Total LHFI | 1,135,005 | 1,065,964 |
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 | 99 | 103 |
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 | 101 | |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 125 | 107 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 6,574 | 2,010 |
Nonaccrual | 12,776 | 15,618 |
Current Loans | 1,316,703 | 1,307,068 |
Total LHFI | 1,323,277 | 1,309,078 |
Commercial and Industrial Loans [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,681 | 271 |
Commercial and Industrial Loans [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 3,068 | 196 |
Commercial and Industrial Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,825 | 1,543 |
Other Construction [Member] | Other Loans Secured by Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Current Loans | 799,186 | 794,983 |
Total LHFI | 799,186 | 794,983 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,134 | 1,356 |
Nonaccrual | 71 | 86 |
Current Loans | 154,222 | 163,030 |
Total LHFI | 155,356 | 164,386 |
Consumer Loans [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 825 | 926 |
Consumer Loans [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 91 | 190 |
Consumer Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 218 | 240 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 264 | 294 |
Nonaccrual | 3,914 | 3,970 |
Current Loans | 1,036,430 | 1,000,482 |
Total LHFI | 1,036,694 | 1,000,776 |
State and Other Political Subdivision Loans [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 87 | 117 |
State and Other Political Subdivision Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 177 | 177 |
Other Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 5,512 | 5,460 |
Nonaccrual | 5,766 | 5,793 |
Current Loans | 443,795 | 519,663 |
Total LHFI | 449,307 | 525,123 |
Other Commercial Loans [Member] | Past Due 30 to 59 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 133 | 2,143 |
Other Commercial Loans [Member] | Past Due 60 to 89 Days [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 68 | 2,971 |
Other Commercial Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | $ 5,311 | $ 346 |
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 | |
Mar. 31, 2021USD ($)Contract | Mar. 31, 2020USD ($)Contract | |
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 140 | $ 2,103 |
Post-Modification Outstanding Recorded Investment | $ 140 | $ 2,103 |
Other Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 126 | $ 501 |
Post-Modification Outstanding Recorded Investment | $ 126 | $ 501 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 14 | $ 1,582 |
Post-Modification Outstanding Recorded Investment | $ 14 | $ 1,582 |
Consumer Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 4 | |
Pre-Modification Outstanding Recorded Investment | $ 20 | |
Post-Modification Outstanding Recorded Investment | $ 20 |
Loans Held for Investment (LH_8
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Troubled Debt Restructuring Subsequently Defaulted (Details) - Troubled Debt Restructurings [Member] $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)Contract | Mar. 31, 2020USD ($)Contract | |
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 4 | 6 |
Recorded Investment | $ | $ 295 | $ 640 |
Other Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 3 |
Recorded Investment | $ | $ 156 | $ 446 |
Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 0 |
Recorded Investment | $ | $ 139 | $ 0 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 194 |
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 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | $ 63,514 | $ 63,128 | |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 6,109 | 5,985 | |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 3,964 | 4,487 | |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 15,695 | 15,197 | |
Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 12,776 | 15,618 | |
Consumer Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 71 | 86 | |
State and Other Political Subdivision Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 3,914 | 3,970 | |
Other Commercial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Nonaccrual | 5,766 | $ 5,793 | |
Troubled Debt Restructurings [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 1,542 | $ 2,657 | |
Nonaccrual | 21,407 | 23,836 | |
Total | 22,949 | 26,493 | |
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 | 11 | 14 | |
Total | 11 | 14 | |
Troubled Debt Restructurings [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 42 | 0 | |
Nonaccrual | 3,644 | 3,672 | |
Total | 3,686 | 3,672 | |
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 | 3,846 | 2,899 | |
Total | 3,846 | 2,899 | |
Troubled Debt Restructurings [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 1,500 | 2,640 | |
Nonaccrual | 10,073 | 17,103 | |
Total | 11,573 | 19,743 | |
Troubled Debt Restructurings [Member] | Consumer Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 17 | |
Nonaccrual | 15 | 23 | |
Total | 15 | 40 | |
Troubled Debt Restructurings [Member] | State and Other Political Subdivision Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | ||
Nonaccrual | 3,737 | ||
Total | 3,737 | ||
Troubled Debt Restructurings [Member] | Other Commercial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Accruing | 0 | 0 | |
Nonaccrual | 81 | 125 | |
Total | $ 81 | $ 125 |
Loans Held for Investment (L_10
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Schedule of Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans and Collateral Type (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | $ 40,696 |
Loans Secured by Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 24,748 |
Equipment and Machinery [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 115 |
Inventory and Receivables [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 4,280 |
Vehicles [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 101 |
Miscellaneous [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 11,452 |
Construction, Land Development and Other Land [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 5,885 |
Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 5,885 |
Other Secured by 1-4 Family Residential Properties [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 216 |
Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 216 |
Secured by Nonfarm, Nonresidential Properties [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 12,617 |
Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 12,617 |
Other Real Estate Secured [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 58 |
Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 58 |
Secured by 1-4 Family Residential Properties [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 1,413 |
Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 1,413 |
Commercial and Industrial Loans [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 10,983 |
Commercial and Industrial Loans [Member] | Loans Secured by Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 44 |
Commercial and Industrial Loans [Member] | Equipment and Machinery [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 115 |
Commercial and Industrial Loans [Member] | Inventory and Receivables [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 2,322 |
Commercial and Industrial Loans [Member] | Vehicles [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 101 |
Commercial and Industrial Loans [Member] | Miscellaneous [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 8,401 |
State and Other Political Subdivision Loans [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 3,914 |
State and Other Political Subdivision Loans [Member] | Loans Secured by Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 3,914 |
Other Commercial Loans [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 5,610 |
Other Commercial Loans [Member] | Loans Secured by Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 601 |
Other Commercial Loans [Member] | Inventory and Receivables [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | 1,958 |
Other Commercial Loans [Member] | Miscellaneous [Member] | |
Financing Receivable Impaired [Line Items] | |
Collateral-Dependent Loans | $ 3,051 |
Loans Held for Investment (L_11
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Additional Information (Details 2) | 3 Months Ended | ||
Mar. 31, 2021USD ($)KeyRatio | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
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 | ||
Exposure for commercial non accrual loans to be reviewed on individual basis | $ 500,000 | ||
Exposure for commercial accrual loans deemed to be reviewed on individual basis | 500,000 | ||
LHFS past due 90 days or more | $ 109,600,000 | $ 119,400,000 | |
Percentage of outstanding principal to be repurchased under GNMA optional repurchase program | 100.00% | ||
Financing Receivable [Abstract] | |||
PCL | $ (10,501,000) | $ 20,581,000 | |
Allowance for Credit Losses, ACL [Member] | |||
Financing Receivable [Abstract] | |||
PCL | (10,501,000) | 20,581,000 | |
Commercial and Industrial Loans [Member] | Allowance for Credit Losses, ACL [Member] | |||
Financing Receivable [Abstract] | |||
PCL | 4,051,000 | (2,024,000) | |
State and Other Political Subdivision Loans [Member] | Allowance for Credit Losses, ACL [Member] | |||
Financing Receivable [Abstract] | |||
PCL | (175,000) | (1,243,000) | |
Other Commercial Loans [Member] | Allowance for Credit Losses, ACL [Member] | |||
Financing Receivable [Abstract] | |||
PCL | (1,243,000) | $ (1,150,000) | |
Minimum [Member] | |||
Financing Receivable [Abstract] | |||
Credit amount used as baseline in evaluating loan policy | $ 100,000 |
Loans Held for Investment (L_12
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Summary of Amortized Cost Basis of Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | $ 920,654 | $ 2,729,685 |
Term Loans by Origination Year, Before Latest Fiscal Year | 2,398,703 | 2,007,251 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 1,976,425 | 1,283,113 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1,237,949 | 697,511 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 602,856 | 749,451 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,723,242 | 1,136,893 |
Financing Receivable, Revolving Loans | 1,123,875 | 1,220,620 |
Total LHFI | 9,983,704 | 9,824,524 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 1,323,277 | 1,309,078 |
State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 1,036,694 | 1,000,776 |
Other Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 449,307 | 525,123 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 155,356 | 164,386 |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 542,902 | 514,056 |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 509,732 | 524,732 |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 1,135,005 | 1,065,964 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 2,799,195 | 2,709,026 |
Other Loans Secured by Real Estate [Member] | Other Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 799,186 | 794,983 |
Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total LHFI | 1,233,050 | 1,216,400 |
Commercial LHFI [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 755,788 | 2,304,725 |
Term Loans by Origination Year, Before Latest Fiscal Year | 2,001,268 | 1,731,911 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 1,741,587 | 1,072,826 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1,053,750 | 593,152 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 509,541 | 634,209 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,311,737 | 791,222 |
Financing Receivable, Revolving Loans | 729,293 | 814,179 |
Total LHFI | 8,102,964 | 7,942,224 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 190,062 | 457,222 |
Term Loans by Origination Year, Before Latest Fiscal Year | 334,904 | 167,117 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 148,762 | 87,348 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 73,197 | 81,720 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 68,172 | 61,323 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 96,573 | 48,242 |
Financing Receivable, Revolving Loans | 411,607 | 406,106 |
Total LHFI | 1,323,277 | 1,309,078 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 185,654 | 444,304 |
Term Loans by Origination Year, Before Latest Fiscal Year | 322,347 | 165,163 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 146,801 | 77,611 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 64,024 | 77,985 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 64,540 | 59,131 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 93,115 | 43,214 |
Financing Receivable, Revolving Loans | 376,945 | 372,486 |
Total LHFI | 1,253,426 | 1,239,894 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 677 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 789 | 45 |
Financing Receivable, Revolving Loans | 240 | |
Total LHFI | 789 | 962 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 4,406 | 12,090 |
Term Loans by Origination Year, Before Latest Fiscal Year | 11,622 | 1,814 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 1,891 | 9,737 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 9,055 | 3,735 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 3,632 | 2,160 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 3,423 | 5,024 |
Financing Receivable, Revolving Loans | 34,662 | 33,380 |
Total LHFI | 68,691 | 67,940 |
Commercial LHFI [Member] | Commercial and Industrial Loans [Member] | Doubtful - RR 9 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 2 | 151 |
Term Loans by Origination Year, Before Latest Fiscal Year | 146 | 95 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 70 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 118 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 32 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 35 | 4 |
Total LHFI | 371 | 282 |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 66,925 | 250,363 |
Term Loans by Origination Year, Before Latest Fiscal Year | 215,718 | 79,595 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 84,495 | 41,334 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 39,564 | 114,064 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 112,686 | 132,634 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 515,968 | 381,340 |
Financing Receivable, Revolving Loans | 1,338 | 1,446 |
Total LHFI | 1,036,694 | 1,000,776 |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 66,925 | 250,363 |
Term Loans by Origination Year, Before Latest Fiscal Year | 215,718 | 79,595 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 84,495 | 41,334 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 39,564 | 113,817 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 112,486 | 132,634 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 507,878 | 372,831 |
Financing Receivable, Revolving Loans | 1,338 | 1,446 |
Total LHFI | 1,028,404 | 992,020 |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 4,018 | 4,018 |
Total LHFI | 4,018 | 4,018 |
Commercial LHFI [Member] | State and Other Political Subdivision Loans [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 247 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 200 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 4,072 | 4,491 |
Total LHFI | 4,272 | 4,738 |
Commercial LHFI [Member] | Other Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 29,030 | 109,113 |
Term Loans by Origination Year, Before Latest Fiscal Year | 88,093 | 73,089 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 72,792 | 21,452 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 19,471 | 9,729 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 10,339 | 34,188 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 56,611 | 30,738 |
Financing Receivable, Revolving Loans | 172,971 | 246,814 |
Total LHFI | 449,307 | 525,123 |
Commercial LHFI [Member] | Other Commercial Loans [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 29,029 | 101,230 |
Term Loans by Origination Year, Before Latest Fiscal Year | 80,676 | 70,990 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 70,698 | 20,769 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 18,808 | 9,723 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 10,339 | 33,481 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 56,084 | 30,715 |
Financing Receivable, Revolving Loans | 151,115 | 225,533 |
Total LHFI | 416,749 | 492,441 |
Commercial LHFI [Member] | Other Commercial Loans [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 7,500 | |
Financing Receivable, Revolving Loans | 11,333 | |
Total LHFI | 18,833 | |
Commercial LHFI [Member] | Other Commercial Loans [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 381 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 7,417 | 2,099 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 2,094 | 683 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 663 | 6 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 707 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 504 | |
Financing Receivable, Revolving Loans | 21,856 | 9,948 |
Total LHFI | 32,534 | 13,824 |
Commercial LHFI [Member] | Other Commercial Loans [Member] | Doubtful - RR 9 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 1 | 2 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 23 | 23 |
Total LHFI | 24 | 25 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 105,659 | 292,637 |
Term Loans by Origination Year, Before Latest Fiscal Year | 239,045 | 66,441 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 54,442 | 27,627 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 23,346 | 4,499 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2,216 | 3,768 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 6,115 | 3,628 |
Financing Receivable, Revolving Loans | 25,907 | 28,649 |
Total LHFI | 456,730 | 427,249 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 100,508 | 287,218 |
Term Loans by Origination Year, Before Latest Fiscal Year | 238,877 | 62,078 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 49,940 | 26,401 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 22,200 | 4,487 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2,204 | 3,274 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 5,961 | 3,564 |
Financing Receivable, Revolving Loans | 25,907 | 28,548 |
Total LHFI | 445,597 | 415,570 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 5,151 | 5,419 |
Term Loans by Origination Year, Before Latest Fiscal Year | 168 | 4,363 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 4,502 | 1,226 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1,146 | 12 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 12 | 494 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 112 | 22 |
Financing Receivable, Revolving Loans | 101 | |
Total LHFI | 11,091 | 11,637 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Doubtful - RR 9 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 42 | 42 |
Total LHFI | 42 | 42 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 10,944 | 36,578 |
Term Loans by Origination Year, Before Latest Fiscal Year | 33,975 | 19,604 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 17,571 | 16,363 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 14,692 | 9,946 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 8,550 | 10,575 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 12,273 | 5,123 |
Financing Receivable, Revolving Loans | 5,982 | 12,436 |
Total LHFI | 103,987 | 110,625 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 10,814 | 35,139 |
Term Loans by Origination Year, Before Latest Fiscal Year | 32,767 | 19,596 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 17,563 | 15,399 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 13,996 | 9,605 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 8,222 | 10,273 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 11,582 | 4,786 |
Financing Receivable, Revolving Loans | 5,982 | 8,486 |
Total LHFI | 100,926 | 103,284 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 255 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 248 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 50 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 49 | |
Total LHFI | 297 | 305 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 130 | 1,155 |
Term Loans by Origination Year, Before Latest Fiscal Year | 933 | 8 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 8 | 914 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 647 | 341 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 328 | 302 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 691 | 337 |
Financing Receivable, Revolving Loans | 3,950 | |
Total LHFI | 2,737 | 7,007 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Doubtful - RR 9 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 29 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 27 | |
Total LHFI | 27 | 29 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 103,239 | 165,452 |
Term Loans by Origination Year, Before Latest Fiscal Year | 102,313 | 376,779 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 436,176 | 347,490 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 365,405 | 48,626 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 33,631 | 90,380 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 81,305 | 24,643 |
Financing Receivable, Revolving Loans | 12,529 | 12,116 |
Total LHFI | 1,134,598 | 1,065,486 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 94,481 | 146,803 |
Term Loans by Origination Year, Before Latest Fiscal Year | 92,208 | 376,765 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 436,162 | 347,472 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 365,387 | 48,626 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 33,631 | 89,824 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 80,300 | 23,680 |
Financing Receivable, Revolving Loans | 12,529 | 12,116 |
Total LHFI | 1,114,698 | 1,045,286 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 825 | 841 |
Total LHFI | 825 | 841 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 8,758 | 18,649 |
Term Loans by Origination Year, Before Latest Fiscal Year | 10,105 | 14 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 14 | 18 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 18 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 556 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 180 | 122 |
Total LHFI | 19,075 | 19,359 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 158,351 | 730,062 |
Term Loans by Origination Year, Before Latest Fiscal Year | 680,327 | 523,350 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 567,072 | 449,736 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 489,664 | 310,494 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 273,947 | 298,877 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 540,041 | 297,508 |
Financing Receivable, Revolving Loans | 89,783 | 98,877 |
Total LHFI | 2,799,185 | 2,708,904 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 136,053 | 697,439 |
Term Loans by Origination Year, Before Latest Fiscal Year | 661,490 | 496,476 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 541,511 | 442,264 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 483,464 | 293,072 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 266,124 | 254,747 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 452,175 | 251,219 |
Financing Receivable, Revolving Loans | 89,019 | 96,098 |
Total LHFI | 2,629,836 | 2,531,315 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Special Mention - RR 7 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 10,557 | 13,452 |
Term Loans by Origination Year, Before Latest Fiscal Year | 12,149 | 6,139 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 1,326 | 2,956 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1,697 | 4,466 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 4,678 | 4,957 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 24,842 | 20,545 |
Total LHFI | 55,249 | 52,515 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 11,691 | 19,119 |
Term Loans by Origination Year, Before Latest Fiscal Year | 6,688 | 20,572 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 24,079 | 4,516 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 4,503 | 12,956 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 3,145 | 38,956 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 62,512 | 25,438 |
Financing Receivable, Revolving Loans | 764 | 2,779 |
Total LHFI | 113,382 | 124,336 |
Commercial LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Doubtful - RR 9 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 50 | 52 |
Term Loans by Origination Year, Before Latest Fiscal Year | 163 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 156 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 217 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 512 | 306 |
Total LHFI | 718 | 738 |
Commercial LHFI [Member] | Other Loans Secured by Real Estate [Member] | Other Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 91,578 | 263,298 |
Term Loans by Origination Year, Before Latest Fiscal Year | 306,893 | 425,936 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 360,277 | 81,476 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 28,411 | 14,074 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2,464 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,851 | |
Financing Receivable, Revolving Loans | 9,176 | 7,735 |
Total LHFI | 799,186 | 794,983 |
Commercial LHFI [Member] | Other Loans Secured by Real Estate [Member] | Other Construction [Member] | Pass - RR 1 through RR 6 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 91,578 | 262,544 |
Term Loans by Origination Year, Before Latest Fiscal Year | 305,897 | 425,936 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 360,277 | 81,476 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 28,411 | 14,074 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2,464 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,851 | |
Financing Receivable, Revolving Loans | 9,176 | 7,735 |
Total LHFI | 798,190 | 794,229 |
Commercial LHFI [Member] | Other Loans Secured by Real Estate [Member] | Other Construction [Member] | Substandard - RR 8 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 754 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 996 | |
Total LHFI | 996 | 754 |
Consumer LHFI [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 164,866 | 424,960 |
Term Loans by Origination Year, Before Latest Fiscal Year | 397,435 | 275,340 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 234,838 | 210,287 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 184,199 | 104,359 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 93,315 | 115,242 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 411,505 | 345,671 |
Financing Receivable, Revolving Loans | 394,582 | 406,441 |
Total LHFI | 1,880,740 | 1,882,300 |
Consumer LHFI [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 20,271 | 65,983 |
Term Loans by Origination Year, Before Latest Fiscal Year | 49,749 | 25,465 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 19,918 | 13,266 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 10,398 | 3,925 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 3,028 | 1,266 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,231 | 348 |
Financing Receivable, Revolving Loans | 50,761 | 54,133 |
Total LHFI | 155,356 | 164,386 |
Consumer LHFI [Member] | Consumer Loans [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 20,081 | 65,370 |
Term Loans by Origination Year, Before Latest Fiscal Year | 49,428 | 25,303 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 19,813 | 13,140 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 10,330 | 3,893 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 3,010 | 1,257 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,219 | 345 |
Financing Receivable, Revolving Loans | 50,283 | 53,669 |
Total LHFI | 154,164 | 162,977 |
Consumer LHFI [Member] | Consumer Loans [Member] | Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 168 | 524 |
Term Loans by Origination Year, Before Latest Fiscal Year | 302 | 158 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 93 | 67 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 43 | 19 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 6 | 7 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 10 | 3 |
Financing Receivable, Revolving Loans | 281 | 305 |
Total LHFI | 903 | 1,083 |
Consumer LHFI [Member] | Consumer Loans [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 22 | 77 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 8 | 4 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1 | |
Financing Receivable, Revolving Loans | 188 | 159 |
Total LHFI | 219 | 240 |
Consumer LHFI [Member] | Consumer Loans [Member] | Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 12 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 19 | 4 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 4 | 55 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 24 | 13 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 12 | 2 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2 | |
Financing Receivable, Revolving Loans | 9 | |
Total LHFI | 70 | 86 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 7,514 | 47,336 |
Term Loans by Origination Year, Before Latest Fiscal Year | 48,098 | 24,492 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 17,777 | 8,516 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 6,923 | 2,036 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 2,000 | 1,448 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 3,860 | 2,979 |
Total LHFI | 86,172 | 86,807 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 7,514 | 47,336 |
Term Loans by Origination Year, Before Latest Fiscal Year | 47,747 | 24,174 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 17,777 | 8,496 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 6,904 | 2,036 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,924 | 1,447 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 3,677 | 2,868 |
Total LHFI | 85,543 | 86,357 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Before Latest Fiscal Year | 351 | 318 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 20 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 19 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 76 | 1 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 86 | 12 |
Total LHFI | 532 | 351 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 97 | 99 |
Total LHFI | 97 | 99 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 5,566 | 20,963 |
Term Loans by Origination Year, Before Latest Fiscal Year | 19,489 | 10,309 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 8,863 | 12,158 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 10,786 | 4,618 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 4,475 | 2,082 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 12,745 | 11,669 |
Financing Receivable, Revolving Loans | 343,821 | 352,308 |
Total LHFI | 405,745 | 414,107 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 5,564 | 20,864 |
Term Loans by Origination Year, Before Latest Fiscal Year | 19,368 | 10,253 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 8,340 | 12,037 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 10,773 | 4,177 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 4,054 | 2,082 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 11,890 | 11,124 |
Financing Receivable, Revolving Loans | 340,945 | 348,830 |
Total LHFI | 400,934 | 409,367 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 93 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 54 | 12 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 477 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 1 | 13 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 491 | 133 |
Financing Receivable, Revolving Loans | 544 | 1,058 |
Total LHFI | 1,567 | 1,309 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 30 | |
Financing Receivable, Revolving Loans | 7 | 22 |
Total LHFI | 7 | 52 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 2 | 6 |
Term Loans by Origination Year, Before Latest Fiscal Year | 67 | 44 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 46 | 121 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 12 | 428 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 421 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 364 | 382 |
Financing Receivable, Revolving Loans | 2,325 | 2,398 |
Total LHFI | 3,237 | 3,379 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 107 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 104 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 38 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 9 | 37 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 35 | 96 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 259 | 200 |
Total LHFI | 407 | 478 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 107 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 104 | |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 38 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 9 | 37 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 35 | 96 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 259 | 200 |
Total LHFI | 407 | 478 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 109 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 4 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 3 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 7 | 9 |
Total LHFI | 10 | 122 |
Consumer LHFI [Member] | Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 109 | |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 4 | |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 3 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 7 | 9 |
Total LHFI | 10 | 122 |
Consumer LHFI [Member] | Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 131,515 | 290,462 |
Term Loans by Origination Year, Before Latest Fiscal Year | 279,995 | 215,074 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 188,280 | 176,309 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 156,083 | 93,739 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 83,774 | 110,350 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 393,403 | 330,466 |
Total LHFI | 1,233,050 | 1,216,400 |
Consumer LHFI [Member] | Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Current [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 131,515 | 289,521 |
Term Loans by Origination Year, Before Latest Fiscal Year | 278,826 | 214,056 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 186,350 | 173,324 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 153,008 | 92,564 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 82,211 | 109,031 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 380,460 | 321,250 |
Total LHFI | 1,212,370 | 1,199,746 |
Consumer LHFI [Member] | Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 499 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 170 | 93 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 42 | 753 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 118 | 366 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 163 | 1,080 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 2,785 | 799 |
Total LHFI | 3,278 | 3,590 |
Consumer LHFI [Member] | Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Past Due 90 Days or More [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 159 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 354 | 214 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 142 | 208 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 380 | 127 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 338 | |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 1,153 | 549 |
Total LHFI | 2,367 | 1,257 |
Consumer LHFI [Member] | Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Nonaccrual [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans by Origination Year, Current Fiscal Year | 283 | |
Term Loans by Origination Year, Before Latest Fiscal Year | 645 | 711 |
Term Loans by Origination Year, Two Years Before Latest Fiscal Year | 1,746 | 2,024 |
Term Loans by Origination Year, Three Years Before Latest Fiscal Year | 2,577 | 682 |
Term Loans by Origination Year, Four Years Before Latest Fiscal Year | 1,062 | 239 |
Term Loans by Origination Year, Five or More Years Before Latest Fiscal Year | 9,005 | 7,868 |
Total LHFI | $ 15,035 | $ 11,807 |
Loans Held for Investment (L_13
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Summary of Trustmark's Portfolio Segments, Loan Classes, Loan Pools and the ACL Methodology and Loss Drivers (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | 1 -4 Family Residential Construction [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Prime Rate, National GDP |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Lots and Development [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Prime Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Unimproved Land [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Prime Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | All Other Consumer [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | All Other Consumer [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Consumer 1-4 Family - 1st Liens [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Prime Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Nonresidential Owner- Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment, National GDP |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonresidential Owner- Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment, National GDP |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonowner-Occupied - Hotel/Motel [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonowner-Occupied - Office [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonowner-Occupied- Retail [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonowner-Occupied- Senior Living/ Nursing Homes [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Nonowner-occupied - All Other [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Nonresidential Owner- Occupied [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment, National GDP |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Nonowner-occupied - All Other [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Nonresidential Nonowner- Occupied - Apartments [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Vacancy Rate, Southern Unemployment |
Other Loans Secured by Real Estate [Member] | Other Construction [Member] | Other Construction [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | WARM |
Loss Drivers | Prime Rate, National Unemployment |
Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Trustmark Mortgage [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | WARM |
Loss Drivers | Southern Unemployment |
Commercial and Industrial Loans [Member] | Commercial and Industrial Loans [Member] | Commercial and Industrial - Non-Working Capital [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Trustmark historical data |
Commercial and Industrial Loans [Member] | Commercial and Industrial Loans [Member] | Commercial and Industrial - Working Capital [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Trustmark historical data |
Commercial and Industrial Loans [Member] | Commercial and Industrial Loans [Member] | Credit Cards [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | WARM |
Loss Drivers | Trustmark call report data |
Consumer Loans [Member] | Consumer Loans [Member] | All Other Consumer [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Southern Unemployment |
Consumer Loans [Member] | Consumer Loans [Member] | Credit Cards [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | WARM |
Loss Drivers | Trustmark call report data |
Consumer Loans [Member] | Consumer Loans [Member] | Overdrafts [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | Loss Rate |
Loss Drivers | Trustmark historical data |
State and Other Political Subdivision Loans [Member] | State and Other Political Subdivision Loans [Member] | Obligations of State and Political Subdivisions [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Moody's Bond Default Study |
Other Commercial Loans [Member] | Other Commercial Loans [Member] | Commercial and Industrial - Non-Working Capital [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Trustmark historical data |
Other Commercial Loans [Member] | Other Commercial Loans [Member] | Commercial and Industrial - Working Capital [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Trustmark historical data |
Other Commercial Loans [Member] | Other Commercial Loans [Member] | Other Loans [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Methodology | DCF |
Loss Drivers | Prime Rate, Southern Unemployment |
Loans Held for Investment (L_14
Loans Held for Investment (LHFI) and Allowance for Loan Losses, LHFI - Summary of Balance in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Total | $ 109,191 | $ 117,306 | ||
Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 9,459 | 4,379 | ||
Collectively Evaluated for Credit Loss | 99,732 | 112,927 | ||
Total | 109,191 | 117,306 | $ 100,564 | $ 84,277 |
Allowance for Loan Losses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 40,696 | 43,409 | ||
Collectively Evaluated for Credit Loss | 9,943,008 | 9,781,115 | ||
Total | 9,983,704 | 9,824,524 | ||
Commercial and Industrial Loans [Member] | Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 5,721 | 579 | ||
Collectively Evaluated for Credit Loss | 14,445 | 14,272 | ||
Total | 20,166 | 14,851 | 14,564 | 25,992 |
Commercial and Industrial Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 10,983 | 14,076 | ||
Collectively Evaluated for Credit Loss | 1,312,294 | 1,295,002 | ||
Total | 1,323,277 | 1,309,078 | ||
Consumer Loans [Member] | Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Collectively Evaluated for Credit Loss | 4,750 | 5,838 | ||
Total | 4,750 | 5,838 | 6,596 | 3,379 |
Consumer Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Collectively Evaluated for Credit Loss | 155,356 | 164,386 | ||
Total | 155,356 | 164,386 | ||
State and Other Political Subdivision Loans [Member] | Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 1,644 | 1,700 | ||
Collectively Evaluated for Credit Loss | 1,371 | 1,490 | ||
Total | 3,015 | 3,190 | 3,441 | 2,229 |
State and Other Political Subdivision Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 3,914 | 3,970 | ||
Collectively Evaluated for Credit Loss | 1,032,780 | 996,806 | ||
Total | 1,036,694 | 1,000,776 | ||
Other Commercial Loans [Member] | Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 2,094 | 2,100 | ||
Collectively Evaluated for Credit Loss | 4,356 | 5,339 | ||
Total | 6,450 | 7,439 | 6,020 | 5,303 |
Other Commercial Loans [Member] | Allowance for Loan Losses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 5,610 | 5,615 | ||
Collectively Evaluated for Credit Loss | 443,697 | 519,508 | ||
Total | 449,307 | 525,123 | ||
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Collectively Evaluated for Credit Loss | 5,058 | 6,854 | ||
Total | 5,058 | 6,854 | 9,079 | 6,371 |
Loans Secured by Real Estate [Member] | Construction, Land Development and Other Land [Member] | Allowance for Loan Losses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 5,885 | 5,756 | ||
Collectively Evaluated for Credit Loss | 537,017 | 508,300 | ||
Total | 542,902 | 514,056 | ||
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Collectively Evaluated for Credit Loss | 8,667 | 9,928 | ||
Total | 8,667 | 9,928 | 11,711 | 5,888 |
Loans Secured by Real Estate [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Allowance for Loan Losses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 216 | 454 | ||
Collectively Evaluated for Credit Loss | 509,516 | 524,278 | ||
Total | 509,732 | 524,732 | ||
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Collectively Evaluated for Credit Loss | 46,438 | 48,523 | ||
Total | 46,438 | 48,523 | 28,127 | 26,158 |
Loans Secured by Real Estate [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Allowance for Loan Losses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 12,617 | 12,037 | ||
Collectively Evaluated for Credit Loss | 2,786,578 | 2,696,989 | ||
Total | 2,799,195 | 2,709,026 | ||
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Collectively Evaluated for Credit Loss | 5,770 | 7,382 | ||
Total | 5,770 | 7,382 | 5,273 | 4,024 |
Loans Secured by Real Estate [Member] | Other Real Estate Secured [Member] | Allowance for Loan Losses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 58 | 60 | ||
Collectively Evaluated for Credit Loss | 1,134,947 | 1,065,904 | ||
Total | 1,135,005 | 1,065,964 | ||
Other Loans Secured by Real Estate [Member] | Other Construction [Member] | Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Collectively Evaluated for Credit Loss | 5,124 | 8,158 | ||
Total | 5,124 | 8,158 | 7,711 | 1,889 |
Other Loans Secured by Real Estate [Member] | Other Construction [Member] | Allowance for Loan Losses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Collectively Evaluated for Credit Loss | 799,186 | 794,983 | ||
Total | 799,186 | 794,983 | ||
Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Allowance for Credit Losses, ACL [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Collectively Evaluated for Credit Loss | 3,753 | 5,143 | ||
Total | 3,753 | 5,143 | $ 8,042 | $ 3,044 |
Other Loans Secured by Real Estate [Member] | Secured by 1-4 Family Residential Properties [Member] | Allowance for Loan Losses, LHFI [Member] | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Individually Evaluated for Credit Loss | 1,413 | 1,441 | ||
Collectively Evaluated for Credit Loss | 1,231,637 | 1,214,959 | ||
Total | $ 1,233,050 | $ 1,216,400 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | $ 117,306 | |
PCL | (10,501) | $ 20,581 |
Balance at end of period | 109,191 | |
Allowance for Credit Losses, ACL [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 117,306 | 84,277 |
Loans charged-off | (1,245) | (5,545) |
Recoveries | 3,631 | 2,468 |
Net (charge-offs) recoveries | 2,386 | (3,077) |
PCL | (10,501) | 20,581 |
Balance at end of period | 109,191 | 100,564 |
Allowance for Credit Losses, ACL [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 6,854 | 6,371 |
Recoveries | 766 | 94 |
PCL | (2,562) | 2,802 |
Balance at end of period | 5,058 | 9,079 |
Allowance for Credit Losses, ACL [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 9,928 | 5,888 |
Loans charged-off | (26) | (64) |
Recoveries | 71 | 63 |
PCL | (1,306) | 1,636 |
Balance at end of period | 8,667 | 11,711 |
Allowance for Credit Losses, ACL [Member] | Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 5,143 | 3,044 |
Loans charged-off | (19) | |
Recoveries | 100 | 93 |
PCL | (1,490) | 2,033 |
Balance at end of period | 3,753 | 8,042 |
Allowance for Credit Losses, ACL [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 48,523 | 26,158 |
Loans charged-off | (2,448) | |
Recoveries | 30 | 61 |
PCL | (2,115) | 12,535 |
Balance at end of period | 46,438 | 28,127 |
Allowance for Credit Losses, ACL [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 7,382 | 4,024 |
Loans charged-off | (8) | |
Recoveries | 6 | 6 |
PCL | (1,618) | 2,016 |
Balance at end of period | 5,770 | 5,273 |
Allowance for Credit Losses, ACL [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 14,851 | 25,992 |
Loans charged-off | (23) | (982) |
Recoveries | 1,287 | 542 |
PCL | 4,051 | (2,024) |
Balance at end of period | 20,166 | 14,564 |
Allowance for Credit Losses, ACL [Member] | Other Construction [Member] | Other Loans Secured by Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 8,158 | 1,889 |
Recoveries | 1 | 19 |
PCL | (3,035) | 2,601 |
Balance at end of period | 5,124 | 7,711 |
Allowance for Credit Losses, ACL [Member] | Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 5,838 | 3,379 |
Loans charged-off | (442) | (690) |
Recoveries | 362 | 473 |
PCL | (1,008) | 1,375 |
Balance at end of period | 4,750 | 6,596 |
Allowance for Credit Losses, ACL [Member] | State and Other Political Subdivision Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 3,190 | 2,229 |
PCL | (175) | (1,243) |
Balance at end of period | 3,015 | 3,441 |
Allowance for Credit Losses, ACL [Member] | Other Commercial Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 7,439 | 5,303 |
Loans charged-off | (754) | (1,334) |
Recoveries | 1,008 | 1,117 |
PCL | (1,243) | (1,150) |
Balance at end of period | $ 6,450 | 6,020 |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
LHFI | (3,039) | |
Allowance for loan losses, acquired loans transfer | 815 | |
Acquired loans ACL adjustment | 1,007 | |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | (1,217) | |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | Construction, Land Development and Other Land [Member] | Loans Secured by Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | (188) | |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | Other Secured by 1-4 Family Residential Properties [Member] | Loans Secured by Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 4,188 | |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | Secured by 1-4 Family Residential Properties [Member] | Other Loans Secured by Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 2,891 | |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | Secured by Nonfarm, Nonresidential Properties [Member] | Loans Secured by Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | (8,179) | |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | Other Real Estate Secured [Member] | Loans Secured by Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | (765) | |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | Commercial and Industrial Loans [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | (8,964) | |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | Other Construction [Member] | Other Loans Secured by Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 3,202 | |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | Consumer Loans [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 2,059 | |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | State and Other Political Subdivision Loans [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 2,455 | |
Allowance for Credit Losses, ACL [Member] | ASU 2016-13 [Member] | Other Commercial Loans [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | $ 2,084 |
Mortgage Banking - Schedule of
Mortgage Banking - Schedule of Activity in the Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Mortgage servicing rights [Abstract] | ||
Balance at beginning of period | $ 66,464 | $ 79,394 |
Origination of servicing assets | 7,978 | 3,649 |
Change in fair value [Abstract] | ||
Due to market changes | 13,696 | (23,999) |
Due to run-off | (5,103) | (2,607) |
Balance at end of period | $ 83,035 | $ 56,437 |
Mortgage Banking - Additional I
Mortgage Banking - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)CPR | Mar. 31, 2020USD ($)CPR | |
Schedule of changes in the reserve for mortgage loan [Abstract] | ||
Assumed average prepayment speed | CPR | 11 | 17 |
Average discount rate (in hundredths) | 9.54% | 9.52% |
Mortgage servicing rights [Abstract] | ||
Residential mortgage loans sold | $ 659,400 | $ 317,100 |
Gains on sales of residential mortgage loans | $ 19,500 | 14,300 |
Period of putback response | 60 days | |
Reserve for mortgage loan servicing putback expenses | $ 500 | $ 500 |
Mortgage Banking - Schedule o_2
Mortgage Banking - Schedule of Mortgage Loans Sold and Serviced for Others (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | $ 7,716,316 | $ 7,657,090 |
Federal National Mortgage Association [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 4,665,443 | 4,629,670 |
Government National Mortgage Association [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 2,989,922 | 2,960,760 |
Federal Home Loan Mortgage Corporation [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | 45,621 | 50,459 |
Other [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgage loans sold and serviced for others | $ 15,330 | $ 16,201 |
Other Real Estate - Changes and
Other Real Estate - Changes and Gains (Losses), Net on Other Real Estate (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reconciliation Of Carrying Amount Of Real Estate Investments Roll Forward | ||
Balance at beginning of period | $ 11,651 | $ 29,248 |
Additions | 336 | |
Disposals | (850) | (3,741) |
Write-downs | (150) | (996) |
Balance at end of period | 10,651 | 24,847 |
Gains (losses), net on the sale of other real estate included in other real estate expense | $ 59 | $ (70) |
Other Real Estate - Other Real
Other Real Estate - Other Real Estate, By Type of Property (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Other real estate [Line Items] | ||||
Total other real estate | $ 10,651 | $ 11,651 | $ 24,847 | $ 29,248 |
Construction, Land Development And Other Land Properties [Member] | ||||
Other real estate [Line Items] | ||||
Total other real estate | 3,624 | 3,857 | ||
1 - 4 Family Residential Properties [Member] | ||||
Other real estate [Line Items] | ||||
Total other real estate | 1,334 | 1,349 | ||
Nonfarm, Nonresidential Properties [Member] | ||||
Other real estate [Line Items] | ||||
Total other real estate | $ 5,693 | $ 6,445 |
Other Real Estate - Other Rea_2
Other Real Estate - Other Real Estate, By Geographic Location (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Other Real Estate by Geographic Location [Line Items] | |||||
Total other real estate | $ 10,651 | $ 11,651 | $ 24,847 | $ 29,248 | |
Alabama [Member] | |||||
Other Real Estate by Geographic Location [Line Items] | |||||
Total other real estate | 3,085 | 3,271 | |||
Mississippi [Member] | |||||
Other Real Estate by Geographic Location [Line Items] | |||||
Total other real estate | [1] | $ 7,566 | 8,330 | ||
Tennessee [Member] | |||||
Other Real Estate by Geographic Location [Line Items] | |||||
Total other real estate | [2] | $ 50 | |||
[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 | Mar. 31, 2021 | Dec. 31, 2020 |
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 | $ 1,300 | $ 1,300 |
Consumer mortgage loans and that formal foreclosure proceedings are in process | $ 710 | $ 424 |
Leases - Components of Net Leas
Leases - Components of Net Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finance leases: | ||
Amortization of right-of-use assets | $ 384 | $ 497 |
Interest on lease liabilities | 57 | 67 |
Operating lease cost | 1,305 | 1,290 |
Short-term lease cost | 119 | 109 |
Variable lease cost | 307 | 347 |
Sublease income | (76) | (99) |
Net lease cost | $ 2,096 | $ 2,211 |
Leases - Cash Payments Included
Leases - Cash Payments Included in Measurement of Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finance leases: | ||
Operating cash flows included in operating activities | $ 57 | $ 67 |
Financing cash flows included in payments under finance lease obligations | 354 | 459 |
Operating leases: | ||
Operating cash flows (fixed payments) included in other operating activities, net | 1,009 | 1,246 |
Operating cash flows (liability reduction) included in other operating activities, net | $ 967 | $ 970 |
Leases - Balance Sheet Informat
Leases - Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Finance lease right-of-use assets, net of accumulated depreciation | $ 7,179 | $ 7,471 |
Finance lease liabilities | 7,544 | 7,805 |
Operating lease right-of-use assets | 33,704 | 30,901 |
Operating lease liabilities | $ 35,389 | $ 32,290 |
Weighted-average lease term: | ||
Finance leases | 8 years 4 months 28 days | 8 years 6 months 10 days |
Operating leases | 9 years 2 months 12 days | 8 years 7 months 24 days |
Weighted-average discount rate: | ||
Finance leases | 3.11% | 3.10% |
Operating leases | 3.25% | 3.41% |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Commitments Under Finance and Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 (excluding the three months ended March 31, 2021) | $ 1,242 | |
Finance leases, 2022 | 1,597 | |
Finance leases, 2023 | 885 | |
Finance leases, 2024 | 572 | |
Finance leases, 2025 | 584 | |
Thereafter | 3,868 | |
Finance leases, total minimum lease payments | 8,748 | |
Finance leases, imputed interest | (1,204) | |
Finance lease liabilities | 7,544 | $ 7,805 |
2021 (excluding the three months ended March 31, 2021) | 3,826 | |
Operating leases, 2022 | 4,727 | |
Operating leases, 2023 | 4,619 | |
Operating leases, 2024 | 4,731 | |
Operating leases, 2025 | 4,752 | |
Thereafter | 18,305 | |
Operating leases, total minimum lease payments | 40,960 | |
Operating leases, imputed interest | (5,571) | |
Operating lease liabilities | $ 35,389 | $ 32,290 |
Deposits - Deposits Summary (De
Deposits - Deposits Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Noninterest-bearing demand | $ 4,705,991 | $ 4,349,010 |
Interest-bearing demand | 3,716,174 | 3,646,246 |
Savings | 4,641,133 | 4,647,610 |
Time | 1,320,142 | 1,405,898 |
Total deposits | $ 14,383,440 | $ 14,048,764 |
Securities Sold Under Repurch_3
Securities Sold Under Repurchase Agreement - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements, secured by securities carrying amount | $ 138.5 | $ 156.1 |
Securities Sold Under Repurch_4
Securities Sold Under Repurchase Agreements - Schedule of Securities Sold Under Repurchase Agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Securities sold under repurchase agreements by collateral pledged | ||
Total securities sold under repurchase agreements | $ 111,711 | $ 128,053 |
Residential Mortgage Pass-Through Securities Issued by FNMA and FHLMC [Member] | ||
Securities sold under repurchase agreements by collateral pledged | ||
Total securities sold under repurchase agreements | 104,301 | 115,357 |
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 | $ 7,410 | $ 12,696 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | ||
Other real estate sales, net gains (losses) | $ 59 | $ (70) |
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 | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenue From Contract With Customer [Line Items] | |||
Service charges on deposit accounts | $ 7,356 | $ 10,032 | |
Bank card and other fees | 9,472 | 5,355 | |
Mortgage banking, net | 20,804 | 27,483 | |
Insurance commissions | 12,445 | 11,550 | |
Wealth management | 8,416 | 8,537 | |
Other, net | 2,090 | 2,307 | |
Total Noninterest Income | 60,583 | 65,264 | |
Topic 606 [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Service charges on deposit accounts | 7,356 | 10,032 | |
Bank card and other fees | 7,192 | 6,732 | |
Insurance commissions | 12,445 | 11,550 | |
Wealth management | 8,416 | 8,537 | |
Other, net | 1,443 | 1,812 | |
Total Noninterest Income | 36,852 | 38,663 | |
Not Topic 606 [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Bank card and other fees | [1] | 2,280 | (1,377) |
Mortgage banking, net | [1] | 20,804 | 27,483 |
Other, net | [1] | 647 | 495 |
Total Noninterest Income | [1] | 23,731 | 26,601 |
General Banking Segment [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Service charges on deposit accounts | 7,338 | 10,012 | |
Bank card and other fees | 9,464 | 5,349 | |
Mortgage banking, net | 20,804 | 27,483 | |
Wealth management | 18 | 86 | |
Other, net | 2,028 | 2,246 | |
Total Noninterest Income | 39,652 | 45,176 | |
General Banking Segment [Member] | Topic 606 [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Service charges on deposit accounts | 7,338 | 10,012 | |
Bank card and other fees | 7,184 | 6,726 | |
Wealth management | 18 | 86 | |
Other, net | 1,388 | 1,764 | |
Total Noninterest Income | 15,928 | 18,588 | |
General Banking Segment [Member] | Not Topic 606 [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Bank card and other fees | [1] | 2,280 | (1,377) |
Mortgage banking, net | [1] | 20,804 | 27,483 |
Other, net | [1] | 640 | 482 |
Total Noninterest Income | [1] | 23,724 | 26,588 |
Wealth Management Segment [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Service charges on deposit accounts | 18 | 20 | |
Bank card and other fees | 8 | 6 | |
Wealth management | 8,398 | 8,451 | |
Other, net | 39 | 39 | |
Total Noninterest Income | 8,463 | 8,516 | |
Wealth Management Segment [Member] | Topic 606 [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Service charges on deposit accounts | 18 | 20 | |
Bank card and other fees | 8 | 6 | |
Wealth management | 8,398 | 8,451 | |
Other, net | 32 | 26 | |
Total Noninterest Income | 8,456 | 8,503 | |
Wealth Management Segment [Member] | Not Topic 606 [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Other, net | [1] | 7 | 13 |
Total Noninterest Income | [1] | 7 | 13 |
Insurance Segment [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Insurance commissions | 12,445 | 11,550 | |
Other, net | 23 | 22 | |
Total Noninterest Income | 12,468 | 11,572 | |
Insurance Segment [Member] | Topic 606 [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Insurance commissions | 12,445 | 11,550 | |
Other, net | 23 | 22 | |
Total Noninterest Income | $ 12,468 | $ 11,572 | |
[1] | Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security gains (losses), net. |
Defined Benefit and Other Pos_3
Defined Benefit and Other Postretirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Trustmark Capital Accumulation Plan [Member] | Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions [Member] | ||
Net periodic benefit cost [Abstract] | ||
Service cost | $ 63 | $ 64 |
Interest cost | 43 | 60 |
Expected return on plan assets | (33) | (38) |
Recognized net actuarial loss | 149 | 81 |
Net periodic benefit cost | 222 | 167 |
Supplemental Retirement Plan [Member] | ||
Net periodic benefit cost [Abstract] | ||
Service cost | 19 | 19 |
Interest cost | 293 | 414 |
Amortization of prior service cost | 28 | 37 |
Recognized net actuarial loss | 306 | 246 |
Net periodic benefit cost | $ 646 | $ 716 |
Defined Benefit and Other Pos_4
Defined Benefit and Other Postretirement Benefits - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Trustmark Capital Accumulation Plan [Member] | Forecast [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Trustmark's minimum required contribution to the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions | $ 324 |
Stock and Incentive Compensat_3
Stock and Incentive Compensation - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021 | |
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] | 3 Months Ended |
Mar. 31, 2021shares | |
Performance Based Awards and Units [Member] | |
Shares [Roll Forward] | |
Nonvested shares, beginning of period (in shares) | 145,042 |
Granted (in shares) | 53,273 |
Released from restriction (in shares) | (44,536) |
Forfeited (in shares) | (9,225) |
Nonvested shares, end of period (in shares) | 144,554 |
Time-Vested Awards and Units [Member] | |
Shares [Roll Forward] | |
Nonvested shares, beginning of period (in shares) | 301,619 |
Granted (in shares) | 173,272 |
Released from restriction (in shares) | (111,444) |
Forfeited (in shares) | (891) |
Nonvested shares, end of period (in shares) | 362,556 |
Stock and Incentive Compensat_5
Stock and Incentive Compensation - Compensation Expense for Awards and Units Under Stock Plan (Details) - Stock and Incentive Compensation Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Compensation expense [Abstract] | ||
Recognized compensation expense | $ 2,181 | $ 1,394 |
Performance Awards and Units [Member] | ||
Compensation expense [Abstract] | ||
Recognized compensation expense | (118) | (513) |
Time-Vested Awards and Units [Member] | ||
Compensation expense [Abstract] | ||
Recognized compensation expense | $ 2,299 | $ 1,907 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | $ 4,711 | $ 4,219 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Potential exposure to credit loss in the event of nonperformance | $ 107.5 | 106.9 |
Letters of credit, maturity term - maximum | 3 years | |
Collateral held, fair value | $ 21.5 | $ 25.8 |
Contingencies - Summary of Chan
Contingencies - Summary of Changes in ACL on Off-balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Balance at beginning of period | $ 38,572 | $ 0 |
FASB ASU 2016-13 adoption adjustment | 0 | 29,638 |
Credit loss expense related to off-balance sheet credit exposures | (9,367) | 6,783 |
Balance at end of period | $ 29,205 | $ 36,421 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Basic shares | 63,396 | 63,757 |
Dilutive shares | 167 | 157 |
Diluted shares | 63,563 | 63,914 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Weighted-average antidilutive stock awards (in shares) | 74 | 52 |
Statements of Cash Flows - Cash
Statements of Cash Flows - Cash Flows Supplementary Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of cash flows specific transaction amounts [Abstract] | ||
Interest expense paid on deposits and borrowings | $ 7,247 | $ 16,807 |
Noncash transfers from loans to other real estate | 336 | |
Finance right-of-use assets resulting from lease liabilities | 92 | |
Operating right-of-use assets resulting from lease liabilities | $ 3,863 | $ 671 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Apr. 01, 2020 | Apr. 01, 2019 | |
Stockholders Equity [Line items] | ||||||
Capital conservation buffer rate | 2.50% | 2.50% | ||||
Stock Repurchase Program 2 [Member] | ||||||
Stockholders Equity [Line items] | ||||||
Amount of stock authorized for repurchase | $ 100 | |||||
Stock Repurchase Program 2 [Member] | Common Stock [Member] | ||||||
Stockholders Equity [Line items] | ||||||
Repurchase shares of common stock | 887,000 | 1,500,000 | ||||
Repurchase shares of common stock, value | $ 27.5 | $ 47.2 | ||||
Stock Repurchase Program 3 [Member] | ||||||
Stockholders Equity [Line items] | ||||||
Amount of stock authorized for repurchase | $ 100 | |||||
Stock Repurchase Program 3 [Member] | Common Stock [Member] | ||||||
Stockholders Equity [Line items] | ||||||
Repurchase shares of common stock | 145,000 | |||||
Repurchase shares of common stock, value | $ 4.2 |
Shareholders' Equity - Table of
Shareholders' Equity - Table of Actual Regulatory Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
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 | $ 1,427,077 | $ 1,395,844 | |
Actual Regulatory Capital Ratio | 11.71% | 11.62% | |
Minimum Regulatory Capital Required Ratio | 7.00% | 7.00% | |
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 | $ 1,487,077 | $ 1,455,844 | |
Actual Regulatory Capital Ratio | 12.20 | 12.11 | |
Minimum Regulatory Capital Required Ratio | 8.50 | 8.50 | |
Trustmark Corporation [Member] | Total Capital (to Risk Weighted Assets) [Member] | |||
Total Capital (to Risk Weighted Assets) [Abstract] | |||
Actual Regulatory Capital Amount | $ 1,714,872 | $ 1,696,794 | |
Actual Regulatory Capital Ratio | 14.07 | 14.12 | |
Minimum Regulatory Capital Required Ratio | 10.50 | 10.50 | |
Trustmark Corporation [Member] | Tier 1 Leverage (to Average Assets) [Member] | |||
Tier 1 Leverage (to Average Assets) [Abstract] | |||
Actual Regulatory Capital Amount | $ 1,487,077 | $ 1,455,844 | |
Actual Regulatory Capital Ratio | 9.11 | 9.33 | |
Minimum Regulatory Capital Required Ratio | 4 | 4 | |
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 | $ 1,446,395 | $ 1,412,015 | |
Actual Regulatory Capital Ratio | 11.87% | 11.75% | |
Minimum Regulatory Capital Required Ratio | 7.00% | 7.00% | |
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 | $ 1,446,395 | $ 1,412,015 | |
Actual Regulatory Capital Ratio | 11.87 | 11.75 | |
Minimum Regulatory Capital Required Ratio | 8.50 | 8.50 | |
Minimum Regulatory Provision to be Well-Capitalized Ratio | 8 | 8 | |
Trustmark National Bank [Member] | Total Capital (to Risk Weighted Assets) [Member] | |||
Total Capital (to Risk Weighted Assets) [Abstract] | |||
Actual Regulatory Capital Amount | $ 1,551,313 | $ 1,530,044 | |
Actual Regulatory Capital Ratio | 12.73 | 12.73 | |
Minimum Regulatory Capital Required Ratio | 10.50 | 10.50 | |
Minimum Regulatory Provision to be Well-Capitalized Ratio | 10 | 10 | |
Trustmark National Bank [Member] | Tier 1 Leverage (to Average Assets) [Member] | |||
Tier 1 Leverage (to Average Assets) [Abstract] | |||
Actual Regulatory Capital Amount | $ 1,446,395 | $ 1,412,015 | |
Actual Regulatory Capital Ratio | 8.87 | 9.07 | |
Minimum Regulatory Capital Required Ratio | 4 | 4 | |
Minimum Regulatory Provision to be Well-Capitalized Ratio | 5 | 5 | |
[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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), before tax amount | $ (20,606) | $ 41,731 |
Other comprehensive income (loss), tax (expense) benefit | 5,151 | (10,433) |
Other comprehensive income (loss), before reclassifications, net of tax amount | (15,817) | 31,026 |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 362 | 272 |
Other comprehensive income (loss), net of tax amount | (15,455) | 31,298 |
Securities Available for Sale and Transferred Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), before reclassifications, before tax amount | (21,800) | 40,507 |
Other comprehensive income (loss), change in net unrealized holding loss on securities transferred to held to maturity, before tax amount | 711 | 861 |
Other comprehensive income (loss), before tax amount | (21,089) | 41,368 |
Other comprehensive income (loss), before reclassifications, tax (expense) benefit | 5,450 | (10,127) |
Other comprehensive income (loss), change in net unrealized holding loss on securities transferred to held to maturity, tax (expense) benefit | (178) | (215) |
Other comprehensive income (loss), tax (expense) benefit | 5,272 | (10,342) |
Other comprehensive income (loss), before reclassifications, net of tax amount | (16,350) | 30,380 |
Other comprehensive income (loss), change in net unrealized holding loss on securities transferred to held to maturity, net of tax amount | 533 | 646 |
Other comprehensive income (loss), net of tax amount | (15,817) | 31,026 |
Net Change in Prior Service Costs [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification from accumulated other comprehensive income, current period, before tax amount | 28 | 37 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | (7) | (9) |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 21 | 28 |
Recognized Net Loss Due to Lump Sum Settlements [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification from accumulated other comprehensive income, current period, before tax amount | 0 | 0 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | 0 | 0 |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 0 | 0 |
Change in Net Actuarial Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification from accumulated other comprehensive income, current period, before tax amount | 455 | 326 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | (114) | (82) |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | 341 | 244 |
Pension and Other Postretirement Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification from accumulated other comprehensive income, current period, before tax amount | 483 | 363 |
Reclassification from accumulated other comprehensive income, current period, tax (expense) benefit | (121) | (91) |
Reclassification from accumulated other comprehensive income, current period, net of tax amount | $ 362 | $ 272 |
Shareholders' Equity - Changes
Shareholders' Equity - Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 1,741,117 | $ 1,660,702 |
Other comprehensive income (loss) before reclassification | (15,817) | 31,026 |
Amounts reclassified from accumulated other comprehensive income (loss) | 362 | 272 |
Other comprehensive income (loss), net of tax amount | (15,455) | 31,298 |
Balance | 1,759,705 | 1,652,399 |
Securities Available for Sale and Transferred Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 17,331 | (8,017) |
Other comprehensive income (loss) before reclassification | (15,817) | 31,026 |
Other comprehensive income (loss), net of tax amount | (15,817) | 31,026 |
Balance | 1,514 | 23,009 |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (18,382) | (15,583) |
Amounts reclassified from accumulated other comprehensive income (loss) | 362 | 272 |
Other comprehensive income (loss), net of tax amount | 362 | 272 |
Balance | (18,020) | (15,311) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (1,051) | (23,600) |
Balance | $ (16,506) | $ 7,698 |
Fair Value - Financial Assets a
Fair Value - Financial Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $ 2,337,676 | $ 1,991,815 | ||
Loans held for sale | 412,999 | 446,951 | ||
Mortgage servicing rights | 83,035 | 66,464 | $ 56,437 | $ 79,394 |
U.S. Government Agency Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 17,349 | 18,041 | ||
Obligations of States and Political Subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 5,798 | 5,835 | ||
Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,337,676 | 1,991,815 | ||
Loans held for sale | 412,999 | 446,951 | ||
Mortgage servicing rights | 83,035 | 66,464 | ||
Other assets - derivatives | 26,888 | 47,768 | ||
Other liabilities - derivatives | 18,592 | 5,324 | ||
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 | 17,349 | 18,041 | ||
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 | 5,798 | 5,835 | ||
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,314,529 | 1,967,939 | ||
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 | 96 | 145 | ||
Other liabilities - derivatives | 6,712 | 666 | ||
Level 1 [Member] | Recurring Basis [Member] | U.S. Government Agency Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Level 1 [Member] | Recurring Basis [Member] | Obligations of States and Political Subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Level 1 [Member] | Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Level 2 [Member] | Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,337,676 | 1,991,815 | ||
Loans held for sale | 412,999 | 446,951 | ||
Mortgage servicing rights | 0 | 0 | ||
Other assets - derivatives | 22,687 | 38,063 | ||
Other liabilities - derivatives | 11,880 | 4,658 | ||
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 | 17,349 | 18,041 | ||
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 | 5,798 | 5,835 | ||
Level 2 [Member] | Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,314,529 | 1,967,939 | ||
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 | 83,035 | 66,464 | ||
Other assets - derivatives | 4,105 | 9,560 | ||
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 | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
MSR [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 66,464 | $ 79,394 | |
Total net (loss) gain included in Mortgage banking, net | [1] | 8,593 | (26,606) |
Additions | 7,978 | 3,649 | |
Sales | 0 | 0 | |
Ending Balance | 83,035 | 56,437 | |
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 | 13,696 | (23,999) | |
Other Assets - Derivatives [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 9,560 | 1,439 | |
Total net (loss) gain included in Mortgage banking, net | [1] | 2,748 | 9,606 |
Additions | 0 | 0 | |
Sales | (8,203) | (1,219) | |
Ending Balance | 4,105 | 9,826 | |
The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held, end of period | $ 1,579 | $ 4,428 | |
[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 | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Outstanding balances in collateral dependent related to allowance for credit losses | $ 40,700 | $ 43,400 | |
Collateral dependent related to allowance for credit losses | 9,500 | 4,400 | |
Foreclosed assets remeasured after initial recognition | 521 | $ 3,100 | |
Write-downs of allowance for foreclosed assets after initial recognition | 47 | 357 | |
Noninterest gain (loss) Mortgage banking, net for changes in fair value of LHFS | (10,600) | 7,700 | |
Interest earned on LHFS included in Interest and fees on LHFS and LHFI | 2,100 | $ 1,300 | |
Serviced GNMA loans eligible for repurchase | $ 123,400 | $ 141,200 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held to maturity | $ 493,738 | $ 538,072 |
Deposits | 14,383,440 | 14,048,764 |
Federal funds purchased and securities sold under repurchase agreements | 160,991 | 164,519 |
Other borrowings | 145,994 | 168,252 |
Subordinated notes | 122,877 | 122,921 |
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 | 1,774,541 | 1,952,554 |
Securities held to maturity | 493,738 | 538,072 |
Deposits | 14,383,440 | 14,048,764 |
Federal funds purchased and securities sold under repurchase agreements | 160,991 | 164,519 |
Other borrowings | 145,994 | 168,252 |
Subordinated notes | 122,877 | 122,921 |
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 | 1,774,541 | 1,952,554 |
Securities held to maturity | 515,296 | 563,115 |
Deposits | 14,385,049 | 14,052,863 |
Federal funds purchased and securities sold under repurchase agreements | 160,991 | 164,519 |
Other borrowings | 145,993 | 168,252 |
Subordinated notes | 128,438 | 127,500 |
Junior subordinated debt securities | 46,392 | 46,083 |
Level 3 [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net LHFI and PPP loans | 10,554,238 | 10,317,352 |
Level 3 [Member] | Estimate Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net LHFI and PPP loans | $ 10,534,228 | $ 10,312,395 |
Fair Value - Fair Value and the
Fair Value - Fair Value and the Contractual Principal Outstanding of the LHFS (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair value and the contractual principal outstanding of the LHFS [Abstract] | ||
Fair value of LHFS | $ 289,612 | $ 305,791 |
LHFS contractual principal outstanding | 284,827 | 290,625 |
Fair value less unpaid principal | $ 4,785 | $ 15,166 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - Derivatives not Designated as Hedging Instruments [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)Contract | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)Contract | |
Beneficiary [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Number of risk participation agreements | Contract | 5 | 3 | |
Aggregate notional amount of credit risk participation agreements | $ 49,300,000 | $ 41,100,000 | |
Guarantor [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Number of risk participation agreements | Contract | 22 | 24 | |
Aggregate notional amount of credit risk participation agreements | $ 172,000,000 | $ 172,000,000 | |
Forward Contracts [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet obligations | 353,500,000 | 377,500,000 | |
Valuation adjustment | 6,500,000 | (3,100,000) | |
Interest Rate Lock Commitments [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet obligations | 255,600,000 | 329,300,000 | |
Valuation adjustment | 4,100,000 | 9,600,000 | |
Interest Rate Swap [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total notional amount | 1,172,000,000 | 1,125,000,000 | |
Termination value of derivatives | 980,000 | 1,300,000 | |
Collateral Posted | 1,300,000 | ||
Mortgage Servicing Rights Hedge [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Total notional amount | 379,000,000 | $ 326,500,000 | |
Net (negative) positive ineffectiveness on MSR fair value | $ 270,000 | $ 9,900,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | $ 22,586 | $ 37,974 | |
Fair value of derivative liability | 5,269 | 1,313 | |
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 | 101 | 89 | |
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 | 73 | 200 | |
Derivatives not Designated as Hedging Instruments [Member] | Future Contracts [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | 4,874 | 34 | |
Derivatives not Designated as Hedging Instruments [Member] | Forward Contracts [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | 6,538 | 3,145 | |
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 | 96 | 145 | |
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 | 4,105 | 9,560 | |
Derivatives not Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | [1] | 22,586 | 37,974 |
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] | 5,269 | 1,313 |
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 | $ 1,838 | $ 632 | |
[1] | In accordance with GAAP, the variation margin collateral payments made or received for interest rate swaps that are centrally cleared are legally characterized as settled. As a result, the centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets. |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effects of Derivative Instruments on Statements of Operations (Details) - Derivatives not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Mortgage Banking, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of gain (loss) recognized in mortgage banking, net | $ (9,198) | $ 33,486 |
Bank Card and Other Fees [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of gain (loss) recognized in bank card and other fees | $ 1,602 | $ (1,660) |
Derivative Financial Instrume_6
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Derivative Assets | ||
Gross Amounts of Recognized Assets, Offsetting of Derivative Assets | $ 22,586 | $ 37,974 |
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 | 22,586 | 37,974 |
Financial Instruments, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Assets | 0 | 0 |
Cash Collateral Received, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Assets | 0 | 0 |
Net Amount, Offsetting of Derivative Assets | 22,586 | 37,974 |
Offsetting Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities, Offsetting of Derivative Liabilities | 5,269 | 1,313 |
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 | 5,269 | 1,313 |
Financial Instruments, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | 0 | 0 |
Cash Collateral Posted, Gross Amounts Not Offset in the Statement of Financial Position, Offsetting of Derivative Liabilities | (1,310) | $ (1,313) |
Net Amount, Offsetting of Derivative Liabilities | $ 3,959 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021Segment | |
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 | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 102,336 | $ 103,952 | |
Provision for credit losses | (10,501) | 20,581 | |
Noninterest income | 60,583 | 65,264 | |
Noninterest expense | 112,181 | 123,810 | |
Income Before Income Taxes | 61,239 | 24,825 | |
Income taxes | 9,277 | 2,607 | |
Net Income | 51,962 | 22,218 | |
Selected Financial Information | |||
Total assets | 16,878,313 | 14,019,829 | $ 16,551,840 |
Depreciation and amortization | 11,126 | 8,996 | |
General Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 101,108 | 102,403 | |
Provision for credit losses | (10,499) | 18,374 | |
Noninterest income | 39,652 | 45,176 | |
Noninterest expense | 94,597 | 106,450 | |
Income Before Income Taxes | 56,662 | 22,755 | |
Income taxes | 8,123 | 2,091 | |
Net Income | 48,539 | 20,664 | |
Selected Financial Information | |||
Total assets | 16,555,481 | 13,663,877 | |
Depreciation and amortization | 10,864 | 8,794 | |
Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,231 | 1,504 | |
Provision for credit losses | (2) | 2,207 | |
Noninterest income | 8,463 | 8,516 | |
Noninterest expense | 8,194 | 8,516 | |
Income Before Income Taxes | 1,502 | (703) | |
Income taxes | 376 | (176) | |
Net Income | 1,126 | (527) | |
Selected Financial Information | |||
Total assets | 243,132 | 280,181 | |
Depreciation and amortization | 68 | 67 | |
Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | (3) | 45 | |
Noninterest income | 12,468 | 11,572 | |
Noninterest expense | 9,390 | 8,844 | |
Income Before Income Taxes | 3,075 | 2,773 | |
Income taxes | 778 | 692 | |
Net Income | 2,297 | 2,081 | |
Selected Financial Information | |||
Total assets | 79,700 | 75,771 | |
Depreciation and amortization | $ 194 | $ 135 |
Accounting Policies Recently _3
Accounting Policies Recently Adopted and Pending Accounting Pronouncements - Additional Information (Details) | Mar. 31, 2021 |
ASU 2019-12 [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
ASU 2018-14 [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |