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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2014
Shareholders' Equity [Abstract] |
Shareholders' Equity | Note 18 – Shareholders' Equity Regulatory Capital Trustmark and TNB are subject to minimum risk-based capital and leverage capital requirements, 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. 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. As of December 31, 2014, Trustmark and TNB exceeded all applicable minimum capital standards for the parent company and its primary banking subsidiary. In addition, TNB met applicable regulatory guidelines to be considered well-capitalized at December 31, 2014. To be categorized in this manner, TNB maintained minimum total risk-based capital, Tier 1 risk-based capital and Tier 1 leverage ratios as set forth in the accompanying table. There are no significant conditions or events that have occurred since December 31, 2014, which Management believes have affected Trustmark’s or TNB's present classification. As of January 1, 2015, Trustmark and TNB were subject to revised capital requirements as described in the section captioned “Supervision and Regulation - Capital Adequacy” included in Part I. Item 1. – Business, located elsewhere in this report. Management believes that Trustmark and TNB are considered well-capitalized under these revised standards. The following table provides Trustmark's and TNB's actual regulatory capital amounts and ratios for the periods presented under regulatory capital standards then in effect ($ in thousands):
|  |  |  |  |  |  |  | Minimum Regulatory |
|  | Actual |  |  | Minimum Regulatory |  |  | Provision to be |
|  | Regulatory Capital |  |  | Capital Required |  |  | Well-Capitalized |
|  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |
At December 31, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,221,292 |  |  |  | 14.56 | % |  | $ | 671,024 |  |  |  | 8.00 | % |  |  | n/ | a |  |  | n/ | a
Trustmark National Bank |  |  | 1,198,697 |  |  |  | 14.32 | % |  |  | 669,856 |  |  |  | 8.00 | % |  | $ | 837,320 |  |  |  | 10.00 | %
Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,129,630 |  |  |  | 13.47 | % |  | $ | 335,512 |  |  |  | 4.00 | % |  |  | n/ | a |  |  | n/ | a
Trustmark National Bank |  |  | 1,108,399 |  |  |  | 13.24 | % |  |  | 334,928 |  |  |  | 4.00 | % |  | $ | 502,392 |  |  |  | 6.00 | %
Tier 1 Capital (to Average Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,129,630 |  |  |  | 9.63 | % |  | $ | 469,411 |  |  |  | 4.00 | % |  |  | n/ | a |  |  | n/ | a
Trustmark National Bank |  |  | 1,108,399 |  |  |  | 9.46 | % |  |  | 468,783 |  |  |  | 4.00 | % |  | $ | 585,979 |  |  |  | 5.00 | %
At December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,122,904 |  |  |  | 14.18 | % |  | $ | 633,310 |  |  |  | 8.00 | % |  |  | n/ | a |  |  | n/ | a
Trustmark National Bank |  |  | 1,076,391 |  |  |  | 13.74 | % |  |  | 626,672 |  |  |  | 8.00 | % |  | $ | 783,340 |  |  |  | 10.00 | %
Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,026,858 |  |  |  | 12.97 | % |  | $ | 316,655 |  |  |  | 4.00 | % |  |  | n/ | a |  |  | n/ | a
Trustmark National Bank |  |  | 982,925 |  |  |  | 12.55 | % |  |  | 313,336 |  |  |  | 4.00 | % |  | $ | 470,004 |  |  |  | 6.00 | %
Tier 1 Capital (to Average Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,026,858 |  |  |  | 9.06 | % |  | $ | 453,487 |  |  |  | 4.00 | % |  |  | n/ | a |  |  | n/ | a
Trustmark National Bank |  |  | 982,925 |  |  |  | 8.76 | % |  |  | 448,665 |  |  |  | 4.00 | % |  | $ | 560,831 |  |  |  | 5.00 | %
Dividends on Common Stock Dividends paid by Trustmark are substantially funded from dividends received from TNB. Approval by TNB's regulators is required if the total of all dividends declared in any calendar year exceeds the total of its net income for that year combined with its retained net income of the preceding two years. TNB will have available in 2015 approximately $114.3 million plus its net income for that year to pay as dividends. Accumulated Other Comprehensive (Loss) Income The following table presents the components of accumulated other comprehensive (loss) income and the related tax effects allocated to each component for the years ended December 31, 2014, 2013 and 2012 ($ in thousands). Reclassification adjustments related to securities available for sale are included in securities gains, net in the accompanying consolidated statements of income. The amortization of prior service cost, recognized net loss due to BancTrust termination, recognized net loss due to lump sum settlements and recognized net actuarial (loss) gain on pension and other postretirement benefit plans are included in the computation of net periodic benefit cost (see Note 15 – Defined Benefit and Other Postretirement Benefits for additional details). Reclassification adjustments related to the cash flow hedge derivative are included in other interest expense in the accompanying consolidated statements of income.
|  | Before Tax |  |  | Tax (Expense) |  |  | Net of Tax |
|  | Amount |  |  | Benefit |  |  | Amount |
Year Ended December 31, 2014: |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Unrealized holding gains arising during the period |  | $ | 17,705 |  |  | $ | (6,772 | ) |  | $ | 10,933 |
Reclassification adjustment for net gains realized in net income |  |  | (300 | ) |  |  | 115 |  |  |  | (185 | )
Change in net unrealized holding loss on securities transferred to held to maturity |  |  | 6,010 |  |  |  | (2,299 | ) |  |  | 3,711 |
Total securities available for sale and transferred securities |  |  | 23,415 |  |  |  | (8,956 | ) |  |  | 14,459 |
Pension and other postretirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Net change in prior service costs |  |  | 249 |  |  |  | (95 | ) |  |  | 154 |
Recognized net loss due to BancTrust termination |  |  | 1,355 |  |  |  | (518 | ) |  |  | 837 |
Recognized net loss due to lump sum settlements |  |  | 905 |  |  |  | (346 | ) |  |  | 559 |
Recognized net actuarial loss |  |  | (21,657 | ) |  |  | 8,283 |  |  |  | (13,374 | )
Total pension and other postretirement benefit plans |  |  | (19,148 | ) |  |  | 7,324 |  |  |  | (11,824 | )
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Change in accumulated gain on effective cash flow hedge derivatives |  |  | (2,246 | ) |  |  | 859 |  |  |  | (1,387 | )
Reclassification adjustment for loss realized in net income |  |  | (2 | ) |  |  | 1 |  |  |  | (1 | )
Total cash flow hedge derivatives |  |  | (2,248 | ) |  |  | 860 |  |  |  | (1,388 | )
Total other comprehensive income |  | $ | 2,019 |  |  | $ | (772 | ) |  | $ | 1,247 |
Year Ended December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding losses arising during the period |  | $ | (67,135 | ) |  | $ | 25,679 |  |  | $ | (41,456 | )
Reclassification adjustment for net gains realized in net income |  |  | (485 | ) |  |  | 186 |  |  |  | (299 | )
Net unrealized holding loss on securities transferred to held to maturity |  |  | (46,383 | ) |  |  | 17,741 |  |  |  | (28,642 | )
Total securities available for sale and transferred securities |  |  | (114,003 | ) |  |  | 43,606 |  |  |  | (70,397 | )
Pension and other postretirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Net change in prior service costs |  |  | 251 |  |  |  | (96 | ) |  |  | 155 |
Recognized net loss due to lump sum settlement |  |  | 2,225 |  |  |  | (851 | ) |  |  | 1,374 |
Recognized net actuarial gain |  |  | 32,742 |  |  |  | (12,524 | ) |  |  | 20,218 |
Total pension and other postretirement benefit plans |  |  | 35,218 |  |  |  | (13,471 | ) |  |  | 21,747 |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Change in accumulated gain on effective cash flow hedge derivatives |  |  | 2,468 |  |  |  | (944 | ) |  |  | 1,524 |
Total other comprehensive loss |  | $ | (76,317 | ) |  | $ | 29,191 |  |  | $ | (47,126 | )
Year Ended December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains arising during the period |  | $ | 97 |  |  | $ | (37 | ) |  | $ | 60 |
Reclassification adjustment for net gains realized in net income |  |  | (1,059 | ) |  |  | 405 |  |  |  | (654 | )
Total securities available for sale |  |  | (962 | ) |  |  | 368 |  |  |  | (594 | )
Pension and other postretirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Net change in prior service costs |  |  | 52 |  |  |  | (20 | ) |  |  | 32 |
Recognized net actuarial gain |  |  | 1,354 |  |  |  | (518 | ) |  |  | 836 |
Total pension and other postretirement benefit plans |  |  | 1,406 |  |  |  | (538 | ) |  |  | 868 |
Total other comprehensive income |  | $ | 444 |  |  | $ | (170 | ) |  | $ | 274 |
The following table presents the changes in the balances of each component of accumulated other comprehensive (loss) income for the years ended December 31, 2014, 2013 and 2012 ($ in thousands). All amounts are presented net of tax.
|  | Securities Available for Sale and Transferred Securities |  |  | Defined Benefit Pension Items |  |  | Cash Flow Hedge Derivatives |  |  | Total |
Balance at January 1, 2012 |  | $ | 45,529 |  |  | $ | (42,408 | ) |  | $ | - |  |  | $ | 3,121 |
Other comprehensive income before reclassification |  |  | 60 |  |  |  | 868 |  |  |  | - |  |  |  | 928 |
Amounts reclassified from accumulated other comprehensive income |  |  | (654 | ) |  |  | - |  |  |  | - |  |  |  | (654 | )
Net other comprehensive (loss) income |  |  | (594 | ) |  |  | 868 |  |  |  | - |  |  |  | 274 |
Balance at December 31, 2012 |  |  | 44,935 |  |  |  | (41,540 | ) |  |  | - |  |  |  | 3,395 |
Other comprehensive loss before reclassification |  |  | (70,098 | ) |  |  | 21,747 |  |  |  | 1,524 |  |  |  | (46,827 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | (299 | ) |  |  | - |  |  |  | - |  |  |  | (299 | )
Net other comprehensive (loss) income |  |  | (70,397 | ) |  |  | 21,747 |  |  |  | 1,524 |  |  |  | (47,126 | )
Balance at December 31, 2013 |  |  | (25,462 | ) |  |  | (19,793 | ) |  |  | 1,524 |  |  |  | (43,731 | )
Other comprehensive income before reclassification |  |  | 14,644 |  |  |  | (11,824 | ) |  |  | (1,387 | ) |  |  | 1,433 |
Amounts reclassified from accumulated other comprehensive loss |  |  | (185 | ) |  |  | - |  |  |  | (1 | ) |  |  | (186 | )
Net other comprehensive income (loss) |  |  | 14,459 |  |  |  | (11,824 | ) |  |  | (1,388 | ) |  |  | 1,247 |
Balance at December 31, 2014 |  | $ | (11,003 | ) |  | $ | (31,617 | ) |  | $ | 136 |  |  | $ | (42,484 | )

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