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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2015
Shareholders' Equity [Abstract] |
Shareholders' Equity | Note 15 – Shareholders’ Equity Regulatory Capital As of January 1, 2015, Trustmark and TNB were subject to revised capital requirements as described in the section captioned “Recent Legislative and Regulatory Developments” included in Part I. Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of Operations, located elsewhere in this report. 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 and limit Trustmark’s and TNB’s ability to pay dividends. As of June 30, 2015, Trustmark and TNB exceeded all applicable minimum capital standards for the parent company and its primary banking subsidiary. In addition, Trustmark and TNB met applicable regulatory guidelines to be considered well-capitalized at June 30, 2015. To be categorized in this manner, Trustmark and TNB maintained minimum common equity Tier 1 risk-based capital, Tier 1 risk-based capital, total 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 June 30, 2015, which Management believes have affected Trustmark’s or TNB’s present classification. The following table provides Trustmark’s and TNB’s actual regulatory capital amounts and ratios under regulatory capital standards in effect at June 30, 2015 (Basel III) and December 31, 2014 (Basel I) ($ in thousands):
|  | Actual Regulatory Capital |  |  | Minimum |  |  | To Be Well |
|  | Amount |  |  | Ratio |  |  | Requirement |  |  | Capitalized |
At June 30, 2015: |  |  |  |  |  |  |  |  |  |  |  |
Common Equity Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,133,094 |  |  |  | 13.28 | % |  |  | 4.50 | % |  |  | n/a |
Trustmark National Bank |  |  | 1,172,108 |  |  |  | 13.74 | % |  |  | 4.50 | % |  |  | 6.50 | %
Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,191,523 |  |  |  | 13.97 | % |  |  | 6.00 | % |  |  | n/a |
Trustmark National Bank |  |  | 1,172,108 |  |  |  | 13.74 | % |  |  | 6.00 | % |  |  | 8.00 | %
Total Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,285,309 |  |  |  | 15.07 | % |  |  | 8.00 | % |  |  | n/a |
Trustmark National Bank |  |  | 1,265,894 |  |  |  | 14.84 | % |  |  | 8.00 | % |  |  | 10.00 | %
Tier 1 Leverage (to Average Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,191,523 |  |  |  | 10.14 | % |  |  | 4.00 | % |  |  | n/a |
Trustmark National Bank |  |  | 1,172,108 |  |  |  | 9.99 | % |  |  | 4.00 | % |  |  | 5.00 | %
At December 31, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Equity Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,069,630 |  |  |  | 12.75 | % |  |  | n/a |  |  |  | n/a |
Trustmark National Bank |  |  | 1,108,399 |  |  |  | 13.24 | % |  |  | n/a |  |  |  | n/a |
Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,129,630 |  |  |  | 13.47 | % |  |  | 4.00 | % |  |  | n/a |
Trustmark National Bank |  |  | 1,108,399 |  |  |  | 13.24 | % |  |  | 4.00 | % |  |  | 6.00 | %
Total Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,221,292 |  |  |  | 14.56 | % |  |  | 8.00 | % |  |  | n/a |
Trustmark National Bank |  |  | 1,198,697 |  |  |  | 14.32 | % |  |  | 8.00 | % |  |  | 10.00 | %
Tier 1 Leverage (to Average Assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,129,630 |  |  |  | 9.63 | % |  |  | 4.00 | % |  |  | n/a |
Trustmark National Bank |  |  | 1,108,399 |  |  |  | 9.46 | % |  |  | 4.00 | % |  |  | 5.00 | %
Accumulated Other Comprehensive Loss The following table presents the components of accumulated other comprehensive loss and the related tax effects allocated to each component for the six months ended June 30, 2015 and 2014 ($ 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 lump sum settlements and change in net actuarial loss on pension and other postretirement benefit plans are included in the computation of net periodic benefit cost (see Note 10 – 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 Amount |  |  | Tax (Expense) Benefit |  |  | Net of Tax Amount |
Six Months Ended June 30, 2015: |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Unrealized holding losses arising during the period |  | $ | (4,154 | ) |  | $ | 1,589 |  |  | $ | (2,565 | )
Reclassification adjustment for net gains realized in net income |  |  | - |  |  |  | - |  |  |  | - |
Change in net unrealized holding loss on securities transferred to held to maturity |  |  | 3,069 |  |  |  | (1,174 | ) |  |  | 1,895 |
Total securities available for sale and transferred securities |  |  | (1,085 | ) |  |  | 415 |  |  |  | (670 | )
Pension and other postretirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Net change in prior service costs |  |  | 125 |  |  |  | (48 | ) |  |  | 77 |
Recognized net loss due to lump sum settlements |  |  | 896 |  |  |  | (343 | ) |  |  | 553 |
Change in net actuarial loss |  |  | 2,437 |  |  |  | (932 | ) |  |  | 1,505 |
Total pension and other postretirement benefit plans |  |  | 3,458 |  |  |  | (1,323 | ) |  |  | 2,135 |
Cash Flow Hedge Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Change in accumulated loss on effective cash flow hedge derivatives |  |  | (703 | ) |  |  | 269 |  |  |  | (434 | )
Reclassification adjustment for loss realized in net income |  |  | 421 |  |  |  | (161 | ) |  |  | 260 |
Total cash flow hedge derivatives |  |  | (282 | ) |  |  | 108 |  |  |  | (174 | )
Total other comprehensive income |  | $ | 2,091 |  |  | $ | (800 | ) |  | $ | 1,291 |
Six Months Ended June 30, 2014: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains arising during the period |  | $ | 17,807 |  |  | $ | (6,811 | ) |  | $ | 10,996 |
Reclassification adjustment for net gains realized in net income |  |  | (389 | ) |  |  | 149 |  |  |  | (240 | )
Change in net unrealized holding loss on securities transferred to held to maturity |  |  | 2,806 |  |  |  | (1,073 | ) |  |  | 1,733 |
Total securities available for sale and transferred securities |  |  | 20,224 |  |  |  | (7,735 | ) |  |  | 12,489 |
Pension and other postretirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Net change in prior service costs |  |  | 125 |  |  |  | (48 | ) |  |  | 77 |
Recognized net loss due to lump sum settlements |  |  | 750 |  |  |  | (287 | ) |  |  | 463 |
Change in net actuarial loss |  |  | 1,805 |  |  |  | (690 | ) |  |  | 1,115 |
Total pension and other postretirement benefit plans |  |  | 2,680 |  |  |  | (1,025 | ) |  |  | 1,655 |
Cash Flow Hedge Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Change in accumulated gain on effective cash flow hedge derivatives |  |  | (1,571 | ) |  |  | 601 |  |  |  | (970 | )
Total other comprehensive income |  | $ | 21,333 |  |  | $ | (8,159 | ) |  | $ | 13,174 |
The following table presents the changes in the balances of each component of accumulated other comprehensive loss for the six months ended June 30, 2015 and 2014 ($ 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, 2015 |  | $ | (11,003 | ) |  | $ | (31,617 | ) |  | $ | 136 |  |  | $ | (42,484 | )
Other comprehensive (loss) income before reclassification |  |  | (670 | ) |  |  | 2,135 |  |  |  | (434 | ) |  |  | 1,031 |
Amounts reclassified from accumulated other comprehensive loss |  |  | - |  |  |  | - |  |  |  | 260 |  |  |  | 260 |
Net other comprehensive (loss) income |  |  | (670 | ) |  |  | 2,135 |  |  |  | (174 | ) |  |  | 1,291 |
Balance at June 30, 2015 |  | $ | (11,673 | ) |  | $ | (29,482 | ) |  | $ | (38 | ) |  | $ | (41,193 | )
Balance at January 1, 2014 |  | $ | (25,462 | ) |  | $ | (19,793 | ) |  | $ | 1,524 |  |  | $ | (43,731 | )
Other comprehensive income (loss) before reclassification |  |  | 12,729 |  |  |  | 1,655 |  |  |  | (970 | ) |  |  | 13,414 |
Amounts reclassified from accumulated other comprehensive loss |  |  | (240 | ) |  |  | - |  |  |  | - |  |  |  | (240 | )
Net other comprehensive income (loss) |  |  | 12,489 |  |  |  | 1,655 |  |  |  | (970 | ) |  |  | 13,174 |
Balance at June 30, 2014 |  | $ | (12,973 | ) |  | $ | (18,138 | ) |  | $ | 554 |  |  | $ | (30,557 | )

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