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Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Taxes [Abstract] |
Income Taxes | Note 14 – Income Taxes The income tax provision included in the statements of income was as follows for the years ended December 31, 2014, 2013 and 2012 ($ in thousands):
Current |  | 2014 |  |  | 2013 |  |  | 2012 |
Federal |  | $ | 17,761 |  |  | $ | 14,537 |  |  | $ | 48,186 |
State |  |  | 2,068 |  |  |  | 1,237 |  |  |  | 2,366 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 16,256 |  |  |  | 18,394 |  |  |  | (7,349 | )
State |  |  | 2,444 |  |  |  | 2,769 |  |  |  | (1,103 | )
Income tax provision |  | $ | 38,529 |  |  | $ | 36,937 |  |  | $ | 42,100 |
For the years ended December 31, 2014, 2013 and 2012, the income tax provision differs from the amount computed by applying the statutory federal income tax rate of 35% to income before income taxes as a result of the following ($ in thousands):
|  | 2014 |  |  | 2013 |  |  | 2012 |
Income tax computed at statutory tax rate |  | $ | 56,732 |  |  | $ | 53,899 |  |  | $ | 55,784 |
Tax exempt interest |  |  | (5,612 | ) |  |  | (5,222 | ) |  |  | (5,150 | )
Nondeductible interest expense |  |  | 107 |  |  |  | 121 |  |  |  | 144 |
State income taxes, net |  |  | 2,933 |  |  |  | 2,604 |  |  |  | 821 |
Income tax credits |  |  | (15,212 | ) |  |  | (15,755 | ) |  |  | (9,255 | )
Other |  |  | (419 | ) |  |  | 1,290 |  |  |  | (244 | )
Income tax provision |  | $ | 38,529 |  |  | $ | 36,937 |  |  | $ | 42,100 |
Temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities gave rise to the following net deferred tax assets at December 31, 2014 and 2013, which are included in other assets ($ in thousands):
Deferred tax assets: |  | 2014 |  |  | 2013 |
Loan purchase accounting |  | $ | 38,471 |  |  | $ | 63,048 |
Other real estate |  |  | 36,086 |  |  |  | 47,981 |
Allowance for loan losses |  |  | 31,241 |  |  |  | 29,102 |
Deferred compensation |  |  | 20,825 |  |  |  | 20,000 |
Realized built in losses |  |  | 15,907 |  |  |  | 9,182 |
Securities |  |  | 15,443 |  |  |  | 17,741 |
Pension and other postretirement benefit plans |  |  | 14,904 |  |  |  | 7,511 |
Nonaccrual loans |  |  | 3,372 |  |  |  | 4,452 |
Stock-based compensation |  |  | 3,077 |  |  |  | 3,357 |
Other |  |  | 17,833 |  |  |  | 14,771 |
Gross deferred tax asset |  |  | 197,159 |  |  |  | 217,145 |
Valuation allowance |  |  | (8,650 | ) |  |  | (16,000 | )
Deferred tax asset net of valuation allowance |  |  | 188,509 |  |  |  | 201,145 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Goodwill and other identifiable intangibles |  |  | 28,010 |  |  |  | 29,809 |
Premises and equipment |  |  | 20,813 |  |  |  | 21,543 |
Unrealized gains on securities available for sale |  |  | 8,627 |  |  |  | 1,969 |
Mortgage servicing rights |  |  | 7,747 |  |  |  | 8,145 |
Securities |  |  | 1,353 |  |  |  | 1,270 |
Leases |  |  | 625 |  |  |  | 3,290 |
Other |  |  | 3,900 |  |  |  | 4,642 |
Gross deferred tax liability |  |  | 71,075 |  |  |  | 70,668 |
Net deferred tax asset |  | $ | 117,434 |  |  | $ | 130,477 |
Trustmark has evaluated the need for a valuation allowance and, based on the weight of the available evidence, has determined that it is more likely than not that a portion of deferred tax assets will not be realized due to limitations on the deductibility of built in losses in future years. A valuation allowance, which was created as a result of the BancTrust merger in 2013 and reduced in 2014 as a result of measurement period adjustments, has been established to reduce deferred tax assets to the amount that will more likely than not be realized in future years. For additional information regarding the merger with BancTrust and the measurement period adjustments recorded, see Note 2 – Business Combinations located elsewhere in this report. The following table provides a summary of the changes during the 2014 calendar year in the amount of unrecognized tax benefits that are included in other liabilities in the consolidated balance sheet ($ in thousands):
Balance at January 1, 2014 |  | $ | 1,779 |
Increases due to tax positions taken during the current year |  |  | 670 |
Increases due to tax positions taken during a prior year |  |  | 60 |
Decreases due to the lapse of applicable statute of limitations during the current year |  |  | (306 | )
Decreases due to settlements with taxing authorities during the current year |  |  | (43 | )
Balance at December 31, 2014 |  | $ | 2,160 |
Accrued interest, net of federal benefit, at December 31, 2014 |  | $ | 437 |
Unrecognized tax benefits that would impact the effective tax rate, if recognized, at December 31, 2014 |  | $ | 1,603 |
Interest and penalties related to unrecognized tax benefits, if any, are recorded in income tax expense. With limited exception, Trustmark is no longer subject to U.S. federal, state and local audits by tax authorities for 2008 and earlier tax years. Trustmark does not anticipate a significant change to the total amount of unrecognized tax benefits within the next twelve months.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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