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FDIC Indemnification Asset | 9 Months Ended
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Sep. 30, 2012
FDIC Indemnification Asset [Abstract] |
FDIC Indemnification Asset |
Note 8 – | FDIC Indemnification Asset
The FDIC indemnification asset was initially recorded at fair value, based on the discounted value of expected future cash flows under the loss-share agreement. The difference between the present value at acquisition date and the undiscounted cash flows TNB expects to collect from the FDIC is accreted into noninterest income over the life of the FDIC indemnification asset. The FDIC indemnification asset is presented net of any true-up provision, pursuant to the provisions of the loss-share agreement, due to the FDIC at the termination of the loss-share agreement. Pursuant to the provisions of the Heritage loss-share agreement, TNB may be required to make a true-up payment to the FDIC at the termination of the loss-share agreement should actual losses be less than certain thresholds established in the agreement. TNB calculates the projected true-up payable to the FDIC quarterly and records a FDIC true-up provision for the present value of the projected true-up payable to the FDIC at the termination of the loss-share agreement. TNB's FDIC true-up provision totaled $961 thousand and $601 thousand at September 30, 2012 and December 31, 2011, respectively. The FDIC indemnification asset is reduced as expected losses on covered loans and covered other real estate decline or as loss-share claims are submitted to the FDIC. The FDIC indemnification asset is revalued concurrent with the loan re-estimation and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of covered loans and covered other real estate. These adjustments are measured on the same basis as the related covered loans and covered other real estate. Any increases in cash flow of the covered loans and covered other real estate over those expected reduce the FDIC indemnification asset, and any decreases in cash flow of the covered loans and covered other real estate under those expected increase the FDIC indemnification asset. Increases and decreases to the FDIC indemnification asset are recorded as adjustments to noninterest income. During the second quarter of 2012, Trustmark re-estimated the expected cash flows on the acquired loans of Heritage as required by FASB ASC Topic 310-30. The analysis resulted in improvements in the estimated future cash flows of the acquired loans that remain outstanding as well as lower expected remaining losses on those loans. The improvements in the estimated expected cash flows of the covered loans resulted in a reduction of the expected loss-share receivable from the FDIC. During the first nine months of 2012, other income included a writedown of the FDIC indemnification asset of $3.0 million on covered loans as a result of loan payoffs, improved cash flow projections and lower loss expectations for loan pools. The following table presents changes in the FDIC indemnification asset for the periods presented ($ in thousands):
Balance at January 1, 2011 |  | $ | - |
Additions from acquisition |  |  | 33,333 |
Accretion |  |  | 185 |
Loss-share payments received from FDIC |  |  | (986 | )
Change in expected cash flows (1) |  |  | (4,157 | )
Change in FDIC true-up provision |  |  | (27 | )
Balance at December 31, 2011 |  | $ | 28,348 |
Accretion |  |  | 187 |
Transfers to FDIC claims receivable |  |  | (1,271 | )
Change in expected cash flows (1) |  |  | (2,925 | )
Change in FDIC true-up provision |  |  | (360 | )
Balance at September 30, 2012 |  | $ | 23,979 |
(1) | The decrease was due to loan pay-offs, improved cash flow projections, and lower loss expectations for covered loans.

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