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Securities Available for Sale and Held to Maturity | 6 Months Ended
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Jun. 30, 2015
Securities Available for Sale and Held to Maturity [Abstract] |
Securities Available for Sale and Held to Maturity | Note 2 – Securities Available for Sale and Held to Maturity The following tables are a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity ($ in thousands):
|  | Securities Available for Sale |  |  | Securities Held to Maturity |
June 30, 2015 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Estimated Fair Value |
U.S. Government agency obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued by U.S. Government agencies |  | $ | 74,258 |  |  | $ | 808 |  |  | $ | (657 | ) |  | $ | 74,409 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Issued by U.S. Government sponsored agencies |  |  | 32,748 |  |  |  | 261 |  |  |  | - |  |  |  | 33,009 |  |  |  | 101,374 |  |  |  | 3,278 |  |  |  | - |  |  |  | 104,652 |
Obligations of states and political subdivisions |  |  | 146,711 |  |  |  | 4,668 |  |  |  | (57 | ) |  |  | 151,322 |  |  |  | 56,978 |  |  |  | 2,972 |  |  |  | - |  |  |  | 59,950 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage pass-through securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed by GNMA |  |  | 20,349 |  |  |  | 508 |  |  |  | (206 | ) |  |  | 20,651 |  |  |  | 18,265 |  |  |  | 335 |  |  |  | (82 | ) |  |  | 18,518 |
Issued by FNMA and FHLMC |  |  | 181,658 |  |  |  | 4,150 |  |  |  | (157 | ) |  |  | 185,651 |  |  |  | 10,965 |  |  |  | 320 |  |  |  | - |  |  |  | 11,285 |
Other residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 1,658,085 |  |  |  | 14,991 |  |  |  | (10,600 | ) |  |  | 1,662,476 |  |  |  | 838,989 |  |  |  | 5,496 |  |  |  | (3,390 | ) |  |  | 841,095 |
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 286,496 |  |  |  | 5,056 |  |  |  | (1,154 | ) |  |  | 290,398 |  |  |  | 163,590 |  |  |  | 1,952 |  |  |  | (825 | ) |  |  | 164,717 |
Asset-backed securities and structured financial products |  |  | 27,678 |  |  |  | 789 |  |  |  | - |  |  |  | 28,467 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 2,427,983 |  |  | $ | 31,231 |  |  | $ | (12,831 | ) |  | $ | 2,446,383 |  |  | $ | 1,190,161 |  |  | $ | 14,353 |  |  | $ | (4,297 | ) |  | $ | 1,200,217 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 June 30, 2015, the net unamortized, unrealized loss on the transferred securities included in accumulated other comprehensive loss in the accompanying balance sheet totaled approximately $37.3 million ($23.0 million, net of tax). Temporarily Impaired Securities The tables below include securities with gross unrealized losses segregated by length of impairment ($ in thousands):
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
June 30, 2015 |  | 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 |  | $ | - |  |  | $ | - |  |  | $ | 33,386 |  |  | $ | (657 | ) |  | $ | 33,386 |  |  | $ | (657 | )
Obligations of states and political subdivisions |  |  | 6,046 |  |  |  | (30 | ) |  |  | 2,849 |  |  |  | (27 | ) |  |  | 8,895 |  |  |  | (57 | )
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage pass-through securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed by GNMA |  |  | 19,542 |  |  |  | (288 | ) |  |  | - |  |  |  | - |  |  |  | 19,542 |  |  |  | (288 | )
Issued by FNMA and FHLMC |  |  | 34,188 |  |  |  | (157 | ) |  |  | - |  |  |  | - |  |  |  | 34,188 |  |  |  | (157 | )
Other residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 846,185 |  |  |  | (6,470 | ) |  |  | 271,538 |  |  |  | (7,520 | ) |  |  | 1,117,723 |  |  |  | (13,990 | )
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 171,582 |  |  |  | (1,821 | ) |  |  | 26,241 |  |  |  | (158 | ) |  |  | 197,823 |  |  |  | (1,979 | )
Total |  | $ | 1,077,543 |  |  | $ | (8,766 | ) |  | $ | 334,014 |  |  | $ | (8,362 | ) |  | $ | 1,411,557 |  |  | $ | (17,128 | )
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 | )
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 June 30, 2015. There were no other-than-temporary impairments for the six months ended June 30, 2015 and 2014. Security Gains and Losses Gains and losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows for the periods presented ($ in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Available for Sale |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Proceeds from calls and sales of securities |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 26,274 |
Gross realized gains |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 389 |
Realized gains and losses are determined using the specific identification method and are included in noninterest income as security gains, net. Contractual Maturities The amortized cost and estimated fair value of securities available for sale and held to maturity at June 30, 2015, 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 Available for Sale |  |  | Securities Held to Maturity |
|  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
Due in one year or less |  | $ | 17,167 |  |  | $ | 17,315 |  |  | $ | 956 |  |  | $ | 966 |
Due after one year through five years |  |  | 154,905 |  |  |  | 159,763 |  |  |  | 9,751 |  |  |  | 10,195 |
Due after five years through ten years |  |  | 32,638 |  |  |  | 33,349 |  |  |  | 135,818 |  |  |  | 140,986 |
Due after ten years |  |  | 76,685 |  |  |  | 76,780 |  |  |  | 11,827 |  |  |  | 12,455 |
|  |  | 281,395 |  |  |  | 287,207 |  |  |  | 158,352 |  |  |  | 164,602 |
Mortgage-backed securities |  |  | 2,146,588 |  |  |  | 2,159,176 |  |  |  | 1,031,809 |  |  |  | 1,035,615 |
Total |  | $ | 2,427,983 |  |  | $ | 2,446,383 |  |  | $ | 1,190,161 |  |  | $ | 1,200,217 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 + Details
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