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Securities Available for Sale and Held to Maturity | 12 Months Ended
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Dec. 31, 2014
Securities Available for Sale and Held to Maturity [Abstract] |
Securities Available for Sale and Held to Maturity |
|  | Securities Available for Sale |  |  | Securities Held to Maturity |
December 31, 2014 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |
U.S. Treasury securities |  | $ | 100 |  |  | $ | - |  |  | $ | - |  |  | $ | 100 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
U.S. Government agency obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued by U.S. Government agencies |  |  | 79,788 |  |  |  | 694 |  |  |  | (826 | ) |  |  | 79,656 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Issued by U.S. Government sponsored agencies |  |  | 32,725 |  |  |  | 170 |  |  |  | (77 | ) |  |  | 32,818 |  |  |  | 100,971 |  |  |  | 2,631 |  |  |  | - |  |  |  | 103,602 |
Obligations of states and political subdivisions |  |  | 157,001 |  |  |  | 5,325 |  |  |  | (68 | ) |  |  | 162,258 |  |  |  | 63,505 |  |  |  | 3,398 |  |  |  | - |  |  |  | 66,903 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage pass-through securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed by GNMA |  |  | 11,897 |  |  |  | 544 |  |  |  | (14 | ) |  |  | 12,427 |  |  |  | 19,115 |  |  |  | 466 |  |  |  | (16 | ) |  |  | 19,565 |
Issued by FNMA and FHLMC |  |  | 199,599 |  |  |  | 4,842 |  |  |  | - |  |  |  | 204,441 |  |  |  | 11,437 |  |  |  | 471 |  |  |  | - |  |  |  | 11,908 |
Other residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 1,655,733 |  |  |  | 16,664 |  |  |  | (10,564 | ) |  |  | 1,661,833 |  |  |  | 834,176 |  |  |  | 6,440 |  |  |  | (1,916 | ) |  |  | 838,700 |
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 184,394 |  |  |  | 4,968 |  |  |  | (28 | ) |  |  | 189,334 |  |  |  | 141,481 |  |  |  | 1,750 |  |  |  | (1,063 | ) |  |  | 142,168 |
Asset-backed securities and structured financial products |  |  | 30,776 |  |  |  | 924 |  |  |  | - |  |  |  | 31,700 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 2,352,013 |  |  | $ | 34,131 |  |  | $ | (11,577 | ) |  | $ | 2,374,567 |  |  | $ | 1,170,685 |  |  | $ | 15,156 |  |  | $ | (2,995 | ) |  | $ | 1,182,846 |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 501 |  |  | $ | 1 |  |  | $ | - |  |  | $ | 502 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
U.S. Government agency obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued by U.S. Government agencies |  |  | 129,653 |  |  |  | 1,125 |  |  |  | (1,485 | ) |  |  | 129,293 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Issued by U.S. Government sponsored agencies |  |  | 40,681 |  |  |  | 19 |  |  |  | (521 | ) |  |  | 40,179 |  |  |  | 100,159 |  |  |  | - |  |  |  | (1,580 | ) |  |  | 98,579 |
Obligations of states and political subdivisions |  |  | 165,810 |  |  |  | 6,243 |  |  |  | (315 | ) |  |  | 171,738 |  |  |  | 65,987 |  |  |  | 2,806 |  |  |  | (281 | ) |  |  | 68,512 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage pass-through securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed by GNMA |  |  | 14,099 |  |  |  | 459 |  |  |  | (84 | ) |  |  | 14,474 |  |  |  | 9,433 |  |  |  | 142 |  |  |  | (72 | ) |  |  | 9,503 |
Issued by FNMA and FHLMC |  |  | 239,880 |  |  |  | 3,147 |  |  |  | (1,909 | ) |  |  | 241,118 |  |  |  | 12,724 |  |  |  | 30 |  |  |  | (162 | ) |  |  | 12,592 |
Other residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 1,300,375 |  |  |  | 12,459 |  |  |  | (22,093 | ) |  |  | 1,290,741 |  |  |  | 837,393 |  |  |  | - |  |  |  | (15,072 | ) |  |  | 822,321 |
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 235,317 |  |  |  | 7,278 |  |  |  | (423 | ) |  |  | 242,172 |  |  |  | 143,032 |  |  |  | 85 |  |  |  | (3,791 | ) |  |  | 139,326 |
Asset-backed securities and structured financial products |  |  | 62,689 |  |  |  | 1,248 |  |  |  | - |  |  |  | 63,937 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 2,189,005 |  |  | $ | 31,979 |  |  | $ | (26,830 | ) |  | $ | 2,194,154 |  |  | $ | 1,168,728 |  |  | $ | 3,063 |  |  | $ | (20,958 | ) |  | $ | 1,150,833 |
During the fourth quarter of 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 December 31, 2014, the net unamortized, unrealized loss on the transferred securities included in accumulated other comprehensive loss in the accompanying balance sheet totaled approximately $40.4 million ($24.9 million, net of tax). During the fourth quarter of 2013, Trustmark sold $135.6 million of Collateralized Loan Obligations (CLO) securities generating a net gain of $1.3 million. These securities were identified as available for sale and had been carried in the asset-backed securities and structured financial products line item in the table shown above. During the first quarter of 2014, Trustmark sold its remaining $25.9 million of CLO securities generating a net gain of $389 thousand. Temporarily Impaired Securities The table below includes securities with gross unrealized losses segregated by length of impairment at December 31, 2014 and 2013 ($ in thousands):
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
December 31, 2014 |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |
U.S. Government agency obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued by U.S. Government agencies |  | $ | 19,220 |  |  | $ | (115 | ) |  | $ | 32,656 |  |  | $ | (711 | ) |  | $ | 51,876 |  |  | $ | (826 | )
Issued by U.S. Government sponsored agencies |  |  | 9,948 |  |  |  | (52 | ) |  |  | 9,956 |  |  |  | (25 | ) |  |  | 19,904 |  |  |  | (77 | )
Obligations of states and political subdivisions |  |  | 8,431 |  |  |  | (22 | ) |  |  | 3,800 |  |  |  | (46 | ) |  |  | 12,231 |  |  |  | (68 | )
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage pass-through securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed by GNMA |  |  | 7,199 |  |  |  | (22 | ) |  |  | 647 |  |  |  | (8 | ) |  |  | 7,846 |  |  |  | (30 | )
Other residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 537,033 |  |  |  | (2,449 | ) |  |  | 395,342 |  |  |  | (10,031 | ) |  |  | 932,375 |  |  |  | (12,480 | )
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 9,134 |  |  |  | (3 | ) |  |  | 79,829 |  |  |  | (1,088 | ) |  |  | 88,963 |  |  |  | (1,091 | )
Total |  | $ | 590,965 |  |  | $ | (2,663 | ) |  | $ | 522,230 |  |  | $ | (11,909 | ) |  | $ | 1,113,195 |  |  | $ | (14,572 | )
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued by U.S. Government agencies |  | $ | 68,908 |  |  | $ | (1,485 | ) |  | $ | - |  |  | $ | - |  |  | $ | 68,908 |  |  | $ | (1,485 | )
Issued by U.S. Government sponsored agencies |  |  | 138,478 |  |  |  | (2,101 | ) |  |  | - |  |  |  | - |  |  |  | 138,478 |  |  |  | (2,101 | )
Obligations of states and political subdivisions |  |  | 55,963 |  |  |  | (586 | ) |  |  | 796 |  |  |  | (10 | ) |  |  | 56,759 |  |  |  | (596 | )
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage pass-through securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed by GNMA |  |  | 14,732 |  |  |  | (155 | ) |  |  | 161 |  |  |  | (1 | ) |  |  | 14,893 |  |  |  | (156 | )
Issued by FNMA and FHLMC |  |  | 118,466 |  |  |  | (2,071 | ) |  |  | - |  |  |  | - |  |  |  | 118,466 |  |  |  | (2,071 | )
Other residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 1,534,381 |  |  |  | (36,750 | ) |  |  | 23,458 |  |  |  | (415 | ) |  |  | 1,557,839 |  |  |  | (37,165 | )
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 177,412 |  |  |  | (4,214 | ) |  |  | - |  |  |  | - |  |  |  | 177,412 |  |  |  | (4,214 | )
Total |  | $ | 2,108,340 |  |  | $ | (47,362 | ) |  | $ | 24,415 |  |  | $ | (426 | ) |  | $ | 2,132,755 |  |  | $ | (47,788 | )
The unrealized losses shown above are due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. Because Trustmark does not intend to sell these securities and it is more likely than not that Trustmark will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, Trustmark does not consider these investments to be other-than-temporarily impaired at December 31, 2014. There were no other-than-temporary impairments for the years ended December 31, 2014, 2013 and 2012. Security Gains and Losses For the periods presented, gains and losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows ($ in thousands):
|  | Years Ended December 31, |
Available for Sale |  | 2014 |  |  | 2013 |  |  | 2012 |
Proceeds from calls and sales of securities |  | $ | 56,815 |  |  | $ | 224,853 |  |  | $ | 38,364 |
Gross realized gains |  |  | 456 |  |  |  | 1,680 |  |  |  | 1,052 |
Gross realized losses |  |  | (156 | ) |  |  | (1,195 | ) |  |  | (2 | )
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from calls of securities |  | $ | - |  |  | $ | - |  |  | $ | 335 |
Gross realized gains |  |  | - |  |  |  | - |  |  |  | 9 |
Securities Pledged Securities with a carrying value of $2.457 billion and $2.475 billion at December 31, 2014 and 2013, respectively, were pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law. Of the amount pledged at December 31, 2014, $6.0 million was pledged to the FRB of Atlanta under the Federal Reserve Discount Window program to provide additional contingency funding capacity. At year-end, these securities were not required to collateralize any borrowings from the FRB of Atlanta. Contractual Maturities The amortized cost and estimated fair value of securities available for sale and held to maturity at December 31, 2014, by contractual maturity, are shown below ($ 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 |  | $ | 18,088 |  |  | $ | 18,236 |  |  | $ | 2,496 |  |  | $ | 2,513 |
Due after one year through five years |  |  | 137,976 |  |  |  | 142,016 |  |  |  | 11,693 |  |  |  | 12,298 |
Due after five years through ten years |  |  | 61,738 |  |  |  | 63,811 |  |  |  | 137,991 |  |  |  | 142,604 |
Due after ten years |  |  | 82,588 |  |  |  | 82,469 |  |  |  | 12,296 |  |  |  | 13,090 |
|  |  | 300,390 |  |  |  | 306,532 |  |  |  | 164,476 |  |  |  | 170,505 |
Mortgage-backed securities |  |  | 2,051,623 |  |  |  | 2,068,035 |  |  |  | 1,006,209 |  |  |  | 1,012,341 |
Total |  | $ | 2,352,013 |  |  | $ | 2,374,567 |  |  | $ | 1,170,685 |  |  | $ | 1,182,846 |

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