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Securities Available for Sale and Held to Maturity | 9 Months Ended
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Sep. 30, 2012
Securities Available for Sale and Held to Maturity [Abstract] |
Securities Available for Sale and Held to Maturity |
Note 3 – | Securities Available for Sale and Held to Maturity
The following table is a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity ($ in thousands):
|  | Securities Available for Sale |  |  | Securities Held to Maturity |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
September 30, 2012 |  | Cost |  |  | Gains |  |  | (Losses) |  |  | Value |  |  | Cost |  |  | Gains |  |  | (Losses) |  |  | Value |
U.S. Government agency obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued by U.S. Government agencies |  | $ | 18 |  |  | $ | - |  |  | $ | - |  |  | $ | 18 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Issued by U.S. Government sponsored agencies |  |  | 60,290 |  |  |  | 381 |  |  |  | - |  |  |  | 60,671 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Obligations of states and political subdivisions |  |  | 202,133 |  |  |  | 13,772 |  |  |  | (5 | ) |  |  | 215,900 |  |  |  | 37,669 |  |  |  | 4,226 |  |  |  | (3 | ) |  |  | 41,892 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage pass-through securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed by GNMA |  |  | 20,306 |  |  |  | 1,046 |  |  |  | - |  |  |  | 21,352 |  |  |  | 3,435 |  |  |  | 257 |  |  |  | - |  |  |  | 3,692 |
Issued by FNMA and FHLMC |  |  | 229,195 |  |  |  | 8,691 |  |  |  | - |  |  |  | 237,886 |  |  |  | 580 |  |  |  | 48 |  |  |  | - |  |  |  | 628 |
Other residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 1,535,208 |  |  |  | 30,101 |  |  |  | (19 | ) |  |  | 1,565,290 |  |  |  | 1,624 |  |  |  | 8 |  |  |  | - |  |  |  | 1,632 |
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 361,843 |  |  |  | 19,528 |  |  |  | (164 | ) |  |  | 381,207 |  |  |  | 2,176 |  |  |  | 252 |  |  |  | - |  |  |  | 2,428 |
Asset-backed securities / structured financial products |  |  | 239,793 |  |  |  | 2,352 |  |  |  | (23 | ) |  |  | 242,122 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 2,648,786 |  |  | $ | 75,871 |  |  | $ | (211 | ) |  | $ | 2,724,446 |  |  | $ | 45,484 |  |  | $ | 4,791 |  |  | $ | (3 | ) |  | $ | 50,272 |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued by U.S. Government agencies |  | $ | 3 |  |  | $ | - |  |  | $ | - |  |  | $ | 3 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Issued by U.S. Government sponsored agencies |  |  | 64,573 |  |  |  | 229 |  |  |  | - |  |  |  | 64,802 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Obligations of states and political subdivisions |  |  | 190,868 |  |  |  | 11,971 |  |  |  | (12 | ) |  |  | 202,827 |  |  |  | 42,619 |  |  |  | 4,131 |  |  |  | (2 | ) |  |  | 46,748 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage pass-through securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed by GNMA |  |  | 11,500 |  |  |  | 945 |  |  |  | - |  |  |  | 12,445 |  |  |  | 4,538 |  |  |  | 336 |  |  |  | - |  |  |  | 4,874 |
Issued by FNMA and FHLMC |  |  | 340,839 |  |  |  | 7,093 |  |  |  | - |  |  |  | 347,932 |  |  |  | 588 |  |  |  | 28 |  |  |  | - |  |  |  | 616 |
Other residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 1,570,782 |  |  |  | 44,183 |  |  |  | - |  |  |  | 1,614,965 |  |  |  | 7,749 |  |  |  | 133 |  |  |  | (1 | ) |  |  | 7,881 |
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 216,698 |  |  |  | 9,497 |  |  |  | (176 | ) |  |  | 226,019 |  |  |  | 2,211 |  |  |  | 185 |  |  |  | - |  |  |  | 2,396 |
Total |  | $ | 2,395,263 |  |  | $ | 73,918 |  |  | $ | (188 | ) |  | $ | 2,468,993 |  |  | $ | 57,705 |  |  | $ | 4,813 |  |  | $ | (3 | ) |  | $ | 62,515 |
Temporarily Impaired Securities The table below includes securities with gross unrealized losses segregated by length of impairment ($ in thousands):
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |
September 30, 2012 |  | Fair Value |  |  | (Losses) |  |  | Fair Value |  |  | (Losses) |  |  | Fair Value |  |  | (Losses) |
Obligations of states and political subdivisions |  | $ | 1,886 |  |  | $ | (5 | ) |  | $ | 957 |  |  | $ | (3 | ) |  | $ | 2,843 |  |  | $ | (8 | )
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 19,971 |  |  |  | (19 | ) |  |  | - |  |  |  | - |  |  |  | 19,971 |  |  |  | (19 | )
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 16,404 |  |  |  | (164 | ) |  |  | - |  |  |  | - |  |  |  | 16,404 |  |  |  | (164 | )
Asset-backed securities / structured financial products |  |  | 6,598 |  |  |  | (23 | ) |  |  | - |  |  |  | - |  |  |  | 6,598 |  |  |  | (23 | )
Total |  | $ | 44,859 |  |  | $ | (211 | ) |  | $ | 957 |  |  | $ | (3 | ) |  | $ | 45,816 |  |  | $ | (214 | )
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 3,368 |  |  | $ | (12 | ) |  | $ | 202 |  |  | $ | (2 | ) |  | $ | 3,570 |  |  | $ | (14 | )
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 1,069 |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | 1,069 |  |  |  | (1 | )
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 46,890 |  |  |  | (176 | ) |  |  | - |  |  |  | - |  |  |  | 46,890 |  |  |  | (176 | )
Total |  | $ | 51,327 |  |  | $ | (189 | ) |  | $ | 202 |  |  | $ | (2 | ) |  | $ | 51,529 |  |  | $ | (191 | )
Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. In estimating other-than-temporary impairment losses, Management considers, among other things, the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer and the intent and ability of Trustmark to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The unrealized losses shown above are primarily due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. Because Trustmark does not intend to sell these securities and it is more likely than not that Trustmark will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, Trustmark does not consider these investments to be other-than-temporarily impaired at September 30, 2012. There were no other-than-temporary impairments for the nine months ended September 30, 2012 and 2011. Security Gains and Losses Gains and losses as a result of calls and dispositions of securities were as follows ($ in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Available for Sale |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Proceeds from calls and sales of securities |  | $ | 2,710 |  |  | $ | 1,175 |  |  | $ | 37,536 |  |  | $ | 24,171 |
Gross realized (losses) gains |  |  | (1 | ) |  |  | 5 |  |  |  | 1,038 |  |  |  | 57 |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from calls of securities |  | $ | - |  |  | $ | 2,355 |  |  | $ | 175 |  |  | $ | 3,645 |
Gross realized gains |  |  | - |  |  |  | 28 |  |  |  | 3 |  |  |  | 34 |
Realized gains and losses are determined using the specific identification method and are included in noninterest income as securities (losses) gains, net. Contractual Maturities The amortized cost and estimated fair value of securities available for sale and held to maturity at September 30, 2012, by contractual maturity, are shown below ($ in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities |  |  | Securities |
|  | Available for Sale |  |  | Held to Maturity |
|  |  |  |  | Estimated |  |  |  |  |  | Estimated |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Due in one year or less |  | $ | 12,642 |  |  | $ | 12,717 |  |  | $ | 2,002 |  |  | $ | 2,022 |
Due after one year through five years |  |  | 74,924 |  |  |  | 78,933 |  |  |  | 17,347 |  |  |  | 18,878 |
Due after five years through ten years |  |  | 381,607 |  |  |  | 393,544 |  |  |  | 17,566 |  |  |  | 20,188 |
Due after ten years |  |  | 33,061 |  |  |  | 33,517 |  |  |  | 754 |  |  |  | 804 |
|  |  | 502,234 |  |  |  | 518,711 |  |  |  | 37,669 |  |  |  | 41,892 |
Mortgage-backed securities |  |  | 2,146,552 |  |  |  | 2,205,735 |  |  |  | 7,815 |  |  |  | 8,380 |
Total |  | $ | 2,648,786 |  |  | $ | 2,724,446 |  |  | $ | 45,484 |  |  | $ | 50,272 |

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- Definition Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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