Trustmark Corporation Announces 2015 Financial Results
Trustmark Corporation (NASDAQ:TRMK) reported net income of $27.9 million
in the fourth quarter of 2015, which represented diluted earnings per
share of $0.41. For the full year, Trustmark’s net income totaled $116.0
million, which represented diluted earnings per share of $1.71, and
produced a return on average tangible equity of 11.36% and a return on
average assets of 0.95%. Trustmark’s Board of Directors declared a
quarterly cash dividend of $0.23 per share payable March 15, 2016, to
shareholders of record on March 1, 2016.
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Fourth Quarter Highlights
-
Loans held for investment increased $299.7 million, or 4.4%, from the
prior quarter and $641.9 million, or 10.0%, from the comparable period
one year earlier
-
Credit quality remained solid; nonperforming assets declined 8.7% and
22.9% from the prior quarter and year-over-year, respectively
-
Net interest income (FTE) excluding acquired loans in the fourth
quarter totaled $92.2 million, up 2.4% from the prior quarter and 3.0%
year-over-year
-
Routine noninterest expense, which excludes ORE and intangible
amortization, totaled $97.2 million, down 1.0% and 1.9% from the prior
quarter and year-over-year, respectively
Gerard R. Host, President and CEO, stated, “We made significant
achievements in 2015. Throughout the year, we realigned the expense base
and reallocated cost savings into areas such as technology, including
enhanced performance measurements systems and myTrustmark℠, our
new consumer mobile banking service. We also continued to invest in
higher-growth markets via new banking centers and loan production
offices, while also retaining additional relationship managers. The
initial results of these investments are evident in this past year’s
results, but ultimately we anticipate their impact to be greater over
time. As we look forward in 2016, we will continue to manage the
franchise for the long term by expanding and building sustainable
relationships, an ideal that has worked for the past 126 years. Thanks
to our associates, solid profitability and strong capital base,
Trustmark remains well-positioned to continue meeting the needs of our
customers and creating long-term value for our shareholders.”
Balance Sheet Management
-
Loans held for investment expanded $641.9 million, or 10.0%, in 2015
-
Average noninterest-bearing deposits in 2015 increased 2.6% and
represented 28.9% of average total deposits
-
Solid capital base provides flexibility to support additional growth
Loans held for investment totaled $7.1 billion at December 31, 2015, an
increase of 4.4% from the prior quarter and 10.0% from the same period
one year earlier. Compared to the prior quarter, loans secured by
nonfarm, nonresidential real estate expanded $132.0 million, resulting
from growth in Texas, Alabama, Mississippi and Florida. Commercial and
industrial loans increased $72.9 million as growth in Texas, Tennessee
and Alabama, more than offset declines in Mississippi and Florida. Loans
to state and other political subdivisions increased $57.1 million, led
principally by growth in Mississippi and Texas. Construction, land
development and other land loans expanded $39.3 million, driven
primarily by growth in construction loans.
Acquired loans totaled $390.4 million at December 31, 2015, down $28.8
million from the prior quarter. Collectively, loans held for investment
and acquired loans totaled $7.5 billion at December 31, 2015, up $271.0
million, or 3.8%, from the prior quarter.
Deposits totaled $9.6 billion at December 31, 2015, an increase of
$175.8 million from the prior quarter. Trustmark continues to maintain
an attractive, low-cost deposit base with approximately 60% of deposits
in checking accounts and a total cost of deposits of 0.13%. The
favorable mix of interest-bearing liabilities yielded a total cost of
funds of 0.26% for the fourth quarter of 2015.
Trustmark’s capital position remained solid, reflecting the consistent
profitability of its diversified financial services businesses. At
December 31, 2015, Trustmark’s tangible equity to tangible assets ratio
was 8.79%, while its total risk-based capital ratio was 14.07%. Tangible
book value per share was $15.98 at December 31, 2015, up 5.6%
year-over-year.
Credit Quality
-
Solid improvement in criticized and classified loan balances
-
Nonperforming loans and other real estate decreased 30.3% and 16.6%,
respectively, in 2015
-
Allowance for loan losses represented 210.32% of nonperforming loans,
excluding impaired loans
Criticized and classified loan balances continued to reflect steady
improvement. Relative to the prior quarter, criticized and classified
loan balances decreased 8.0% and 3.4%, respectively. Compared to levels
one year earlier, criticized and classified loan balances decreased
15.8% and 18.6%, respectively.
Nonperforming loans totaled $55.3 million at December 31, 2015, down
9.5% from the prior quarter and 30.3% year-over-year. Other real estate
totaled $77.2 million, reflecting an 8.1% linked-quarter decrease and a
16.6% year-over-year reduction. Collectively, nonperforming assets
totaled $132.5 million, reflecting a linked-quarter and year-over-year
decrease of 8.7% and 22.9%, respectively.
Allocation of Trustmark's $67.6 million allowance for loan losses
represented 1.05% of commercial loans and 0.66% of consumer and home
mortgage loans, resulting in an allowance to total loans held for
investment of 0.95% at December 31, 2015, representing a level
management considers commensurate with the inherent risk in the loan
portfolio. In aggregate, the allowance for both held for investment and
acquired loan losses represented 1.06% of total loans, which include
held for investment and acquired loans.
Unless noted otherwise, all of the above credit quality metrics exclude
acquired loans and other real estate covered by FDIC loss-share
agreement.
Revenue Generation
-
Net interest income (FTE) excluding acquired loans in 2015 totaled
$357.0 million, up 3.7%, from the prior year
-
Noninterest income for the year totaled $173.1 million, reflecting in
part growth from investments in insurance and mortgage businesses
-
Insurance revenue in 2015 totaled $36.4 million, the highest level in
Trustmark’s history
-
Mortgage loan production volume in 2015 totaled $1.5 billion, up 24.3%
from the prior year
Revenue in the fourth quarter totaled $139.1 million, down 3.1% from the
prior quarter, reflecting in part a seasonal reduction in noninterest
income. Net interest income (FTE) in the fourth quarter totaled $104.2
million, resulting in a net interest margin of 3.74%. Compared to the
prior quarter, net interest income (FTE) increased $2.5 million
primarily the result of growth in interest income (FTE) from both the
held for sale and held for investment loan portfolios as well as the
securities portfolio. The yield on acquired loans in the fourth quarter
totaled 11.74% and included recoveries from settlement of debt of $5.4
million, which represented approximately 5.33% of the annualized total
acquired loan yield. Excluding acquired loans, the net interest margin
in the fourth quarter remained at 3.43%. Net interest income (FTE) in
2015 totaled $408.2 million, resulting in a net interest margin (FTE) of
3.78%; excluding acquired loans, the net interest margin (FTE) was 3.46%.
Noninterest income totaled $39.3 million in the fourth quarter, down
from the prior quarter primarily as a result of seasonally lower
mortgage banking revenues and insurance commissions, as well as
decreased other income. In the fourth quarter, bank card and other fees
totaled $7.2 million, up 2.8% from the prior quarter, while service
charges on deposit accounts totaled $12.0 million, down 3.5% from the
prior quarter. Other income, net decreased $1.9 million linked quarter,
reflecting a $932 thousand increase in partnership amortization
principally due to an additional tax credit investment as well as a $909
thousand increase in FDIC indemnification asset write-downs, which
resulted from decreased write-downs of covered other real estate and the
re-estimation of cash flows on covered acquired loans. Noninterest
income for the year totaled $173.1 million and remained stable when
compared to the prior year.
Insurance revenue in the fourth quarter totaled $8.5 million, reflecting
a seasonal decrease of 14.2% from the prior quarter and an increase of
8.6% from levels one year earlier. For the year, insurance revenue
totaled $36.4 million, up 8.8% relative to the prior year. The solid
performance in 2015 reflects increased business development efforts,
investments in additional producers and restructuring initiatives that
supported enhanced productivity.
Wealth management revenue totaled $7.8 million in the fourth quarter,
remaining stable relative to the prior quarter and down 7.4% from levels
one year earlier. The year-over-year decline is primarily attributable
to decreased brokerage activity, resulting in part from volatile market
conditions. Wealth management revenue in 2015 totaled $31.4 million,
down 3.0% relative to the prior year. Despite turbulent investment
markets, Trustmark remained focused on servicing clients and realigned
processes to enhance productivity.
Mortgage banking revenue in the fourth quarter totaled $4.3 million,
down $3.2 million from the prior quarter. The linked-quarter decline is
primarily attributable to a $2.5 million decrease in the mortgage
servicing hedge ineffectiveness and a $1.6 million decrease in
mark-to-market adjustments on mortgage loans held for sale. Mortgage
loan production totaled $340.0 million, a seasonal decrease of 19.1%
from the prior quarter and an increase of 15.7% year-over-year. In 2015,
mortgage banking revenue totaled $30.2 million, up 21.8% from the prior
year; mortgage loan production totaled $1.5 billion, up 24.3% from the
prior year. The growth in mortgage banking revenue partially reflects a
continued focus on productivity and customer service enhancements as
well as investments in additional mortgage-loan producers and
loan-production offices.
Noninterest Expense
-
Routine noninterest expense in 2015 remained well controlled and
totaled $388.9 million, partially reflecting the re-allocation of cost
savings into revenue-generating areas of the corporation
-
ORE and foreclosure expense decreased $6.4 million for the year,
resulting from the continued resolution of problem assets
-
Tax credit investments reduced the effective tax rate to 23.4% in 2015
-
Continued retail delivery channel optimization in 2015: consolidated
eight banking centers and opened three banking centers; realigned
branch staffing levels; introduced new consumer mobile banking
platform, myTrustmark℠
Excluding ORE expense and intangible amortization of $1.4 million,
routine noninterest expense in the fourth quarter totaled $97.2 million,
a decrease of $1.0 million, or 1.0%, from comparable expenses in the
prior quarter. Salaries and benefits totaled $57.4 million in the fourth
quarter, down 1.6% linked quarter and reflecting decreased insurance and
mortgage-production commissions. Services and fees declined 6.6% from
the prior quarter, reflecting in part a reduction in lower
communications expense and third-party consulting fees. ORE and
foreclosure expense improved from the prior quarter and provided an
income benefit because of gains realized on the sale of foreclosed real
estate. Relative to 2014, routine noninterest expense remained stable at
$388.9 million as savings from realigned staffing levels and technology
productivity enhancements were reallocated into new loan-production
offices, additional relationship managers and new mobile-banking
platforms.
Trustmark continued the optimization of its retail delivery channels to
enhance productivity and efficiency as well as promote additional
growth. During the fourth quarter, Trustmark opened a mortgage
loan-production office in Tuscaloosa, Alabama. In 2015, Trustmark
consolidated eight branch offices across Mississippi, Tennessee, Florida
and Texas, and reallocated a portion of those resources into three new
branch offices across Alabama and Mississippi. Overall, these collective
efforts resulted in the consolidation of 27 branch offices and the
establishment of eight new branch offices over the past three years.
Trustmark is committed to developing and maintaining relationships,
while supporting investments that promote profitable revenue growth as
well as reengineering and efficiency opportunities to enhance
shareholder value.
Additional Information
As previously announced, Trustmark will conduct a conference call with
analysts on Wednesday, January 27, 2016, at 10:00 a.m. Central Time to
discuss the Corporation’s financial results. Interested parties may
listen to the conference call by dialing (877) 317-3051 or by clicking
on the link provided under the Investor Relations section of our website
at www.trustmark.com,
which will also include a slide presentation Management will review
during the conference call. A replay of the conference call will also be
available through Wednesday, February 10, 2016, in archived format at
the same web address or by calling (877) 344-7529, passcode 10078271.
Trustmark Corporation is a financial services company providing banking
and financial solutions through 200 offices in Alabama, Florida,
Mississippi, Tennessee and Texas.
Forward-Looking Statements
Certain statements contained in this document constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. You can identify forward-looking statements by words
such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “believe,” “estimate,” “predict,” “potential,” “continue,”
“could,” “future” or the negative of those terms or other words of
similar meaning. You should read statements that contain these words
carefully because they discuss our future expectations or state other
“forward-looking” information. These forward-looking statements include,
but are not limited to, statements relating to anticipated future
operating and financial performance measures, including net interest
margin, credit quality, business initiatives, growth opportunities and
growth rates, among other things, and encompass any estimate,
prediction, expectation, projection, opinion, anticipation, outlook or
statement of belief included therein as well as the management
assumptions underlying these forward-looking statements. You should be
aware that the occurrence of the events described under the caption
“Risk Factors” in Trustmark’s filings with the Securities and Exchange
Commission could have an adverse effect on our business, results of
operations and financial condition. Should one or more of these risks
materialize, or should any such underlying assumptions prove to be
significantly different, actual results may vary significantly from
those anticipated, estimated, projected or expected.
Risks that could cause actual results to differ materially from current
expectations of Management include, but are not limited to, changes in
the level of nonperforming assets and charge-offs, local, state and
national economic and market conditions, including conditions in the
housing and real estate markets in the regions in which Trustmark
operates and the extent and duration of the current volatility in the
credit and financial markets as well as crude oil prices, changes in our
ability to measure the fair value of assets in our portfolio, material
changes in the level and/or volatility of market interest rates, the
performance and demand for the products and services we offer, including
the level and timing of withdrawals from our deposit accounts, the costs
and effects of litigation and of unexpected or adverse outcomes in such
litigation, our ability to attract noninterest-bearing deposits and
other low-cost funds, competition in loan and deposit pricing, as well
as the entry of new competitors into our markets through de novo
expansion and acquisitions, economic conditions, including the potential
impact of issues relating to the European financial system, and monetary
and other governmental actions designed to address the level and
volatility of interest rates and the volatility of securities, currency
and other markets, the enactment of legislation and changes in existing
regulations, or enforcement practices, or the adoption of new
regulations, changes in accounting standards and practices, including
changes in the interpretation of existing standards, that affect our
consolidated financial statements, changes in consumer spending,
borrowings and savings habits, technological changes, changes in the
financial performance or condition of our borrowers, changes in our
ability to control expenses, changes in our compensation and benefit
plans, greater than expected costs or difficulties related to the
integration of acquisitions or new products and lines of business,
cyber-attacks and other breaches which could affect our information
system security, natural disasters, environmental disasters, acts of war
or terrorism, and other risks described in our filings with the
Securities and Exchange Commission.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, we can give no assurance that
such expectations will prove to be correct. Except as required by law,
we undertake no obligation to update or revise any of this information,
whether as the result of new information, future events or developments
or otherwise.
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TRUSTMARK CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED FINANCIAL INFORMATION
|
December 31, 2015
|
($ in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Linked Quarter
|
|
Year over Year
|
QUARTERLY AVERAGE BALANCES
|
|
|
|
12/31/2015
|
|
|
|
9/30/2015
|
|
|
|
12/31/2014
|
|
|
$ Change
|
|
% Change
|
|
$ Change
|
|
% Change
|
Securities AFS-taxable
|
|
|
$
|
2,209,801
|
|
|
$
|
2,269,763
|
|
|
$
|
2,204,361
|
|
|
$
|
(59,962
|
)
|
|
-2.6
|
%
|
|
$
|
5,440
|
|
|
0.2
|
%
|
Securities AFS-nontaxable
|
|
|
|
110,290
|
|
|
|
116,290
|
|
|
|
129,403
|
|
|
|
(6,000
|
)
|
|
-5.2
|
%
|
|
|
(19,113
|
)
|
|
-14.8
|
%
|
Securities HTM-taxable
|
|
|
|
1,145,397
|
|
|
|
1,151,673
|
|
|
|
1,117,989
|
|
|
|
(6,276
|
)
|
|
-0.5
|
%
|
|
|
27,408
|
|
|
2.5
|
%
|
Securities HTM-nontaxable
|
|
|
|
35,755
|
|
|
|
36,278
|
|
|
|
42,040
|
|
|
|
(523
|
)
|
|
-1.4
|
%
|
|
|
(6,285
|
)
|
|
-15.0
|
%
|
Total securities
|
|
|
|
3,501,243
|
|
|
|
3,574,004
|
|
|
|
3,493,793
|
|
|
|
(72,761
|
)
|
|
-2.0
|
%
|
|
|
7,450
|
|
|
0.2
|
%
|
Loans (including loans held for sale)
|
|
|
|
7,089,672
|
|
|
|
6,771,947
|
|
|
|
6,494,369
|
|
|
|
317,725
|
|
|
4.7
|
%
|
|
|
595,303
|
|
|
9.2
|
%
|
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered loans
|
|
|
|
384,306
|
|
|
|
421,262
|
|
|
|
544,260
|
|
|
|
(36,956
|
)
|
|
-8.8
|
%
|
|
|
(159,954
|
)
|
|
-29.4
|
%
|
Covered loans
|
|
|
|
18,341
|
|
|
|
18,982
|
|
|
|
27,039
|
|
|
|
(641
|
)
|
|
-3.4
|
%
|
|
|
(8,698
|
)
|
|
-32.2
|
%
|
Fed funds sold and rev repos
|
|
|
|
1,384
|
|
|
|
1,167
|
|
|
|
1,269
|
|
|
|
217
|
|
|
18.6
|
%
|
|
|
115
|
|
|
9.1
|
%
|
Other earning assets
|
|
|
|
68,016
|
|
|
|
58,534
|
|
|
|
48,224
|
|
|
|
9,482
|
|
|
16.2
|
%
|
|
|
19,792
|
|
|
41.0
|
%
|
Total earning assets
|
|
|
|
11,062,962
|
|
|
|
10,845,896
|
|
|
|
10,608,954
|
|
|
|
217,066
|
|
|
2.0
|
%
|
|
|
454,008
|
|
|
4.3
|
%
|
Allowance for loan losses
|
|
|
|
(78,652
|
)
|
|
|
(84,482
|
)
|
|
|
(82,851
|
)
|
|
|
5,830
|
|
|
-6.9
|
%
|
|
|
4,199
|
|
|
-5.1
|
%
|
Cash and due from banks
|
|
|
|
272,562
|
|
|
|
266,174
|
|
|
|
284,754
|
|
|
|
6,388
|
|
|
2.4
|
%
|
|
|
(12,192
|
)
|
|
-4.3
|
%
|
Other assets
|
|
|
|
1,266,712
|
|
|
|
1,286,189
|
|
|
|
1,317,217
|
|
|
|
(19,477
|
)
|
|
-1.5
|
%
|
|
|
(50,505
|
)
|
|
-3.8
|
%
|
Total assets
|
|
|
$
|
12,523,584
|
|
|
$
|
12,313,777
|
|
|
$
|
12,128,074
|
|
|
$
|
209,807
|
|
|
1.7
|
%
|
|
$
|
395,510
|
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits
|
|
|
$
|
1,917,598
|
|
|
$
|
1,915,567
|
|
|
$
|
1,815,999
|
|
|
$
|
2,031
|
|
|
0.1
|
%
|
|
$
|
101,599
|
|
|
5.6
|
%
|
Savings deposits
|
|
|
|
2,963,318
|
|
|
|
3,059,183
|
|
|
|
2,963,771
|
|
|
|
(95,865
|
)
|
|
-3.1
|
%
|
|
|
(453
|
)
|
|
0.0
|
%
|
Time deposits less than $100,000
|
|
|
|
1,033,233
|
|
|
|
1,072,373
|
|
|
|
1,152,622
|
|
|
|
(39,140
|
)
|
|
-3.6
|
%
|
|
|
(119,389
|
)
|
|
-10.4
|
%
|
Time deposits of $100,000 or more
|
|
|
|
687,635
|
|
|
|
712,910
|
|
|
|
838,309
|
|
|
|
(25,275
|
)
|
|
-3.5
|
%
|
|
|
(150,674
|
)
|
|
-18.0
|
%
|
Total interest-bearing deposits
|
|
|
|
6,601,784
|
|
|
|
6,760,033
|
|
|
|
6,770,701
|
|
|
|
(158,249
|
)
|
|
-2.3
|
%
|
|
|
(168,917
|
)
|
|
-2.5
|
%
|
Fed funds purchased and repos
|
|
|
|
563,424
|
|
|
|
528,232
|
|
|
|
526,482
|
|
|
|
35,192
|
|
|
6.7
|
%
|
|
|
36,942
|
|
|
7.0
|
%
|
Short-term borrowings
|
|
|
|
733,365
|
|
|
|
534,931
|
|
|
|
385,841
|
|
|
|
198,434
|
|
|
37.1
|
%
|
|
|
347,524
|
|
|
90.1
|
%
|
Long-term FHLB advances
|
|
|
|
50,078
|
|
|
|
1,195
|
|
|
|
2,652
|
|
|
|
48,883
|
|
|
n/m
|
|
|
|
47,426
|
|
|
n/m
|
|
Subordinated notes
|
|
|
|
49,964
|
|
|
|
49,955
|
|
|
|
49,931
|
|
|
|
9
|
|
|
0.0
|
%
|
|
|
33
|
|
|
0.1
|
%
|
Junior subordinated debt securities
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
Total interest-bearing liabilities
|
|
|
|
8,060,471
|
|
|
|
7,936,202
|
|
|
|
7,797,463
|
|
|
|
124,269
|
|
|
1.6
|
%
|
|
|
263,008
|
|
|
3.4
|
%
|
Noninterest-bearing deposits
|
|
|
|
2,839,894
|
|
|
|
2,771,186
|
|
|
|
2,762,332
|
|
|
|
68,708
|
|
|
2.5
|
%
|
|
|
77,562
|
|
|
2.8
|
%
|
Other liabilities
|
|
|
|
141,925
|
|
|
|
137,134
|
|
|
|
146,011
|
|
|
|
4,791
|
|
|
3.5
|
%
|
|
|
(4,086
|
)
|
|
-2.8
|
%
|
Total liabilities
|
|
|
|
11,042,290
|
|
|
|
10,844,522
|
|
|
|
10,705,806
|
|
|
|
197,768
|
|
|
1.8
|
%
|
|
|
336,484
|
|
|
3.1
|
%
|
Shareholders' equity
|
|
|
|
1,481,294
|
|
|
|
1,469,255
|
|
|
|
1,422,268
|
|
|
|
12,039
|
|
|
0.8
|
%
|
|
|
59,026
|
|
|
4.2
|
%
|
Total liabilities and equity
|
|
|
$
|
12,523,584
|
|
|
$
|
12,313,777
|
|
|
$
|
12,128,074
|
|
|
$
|
209,807
|
|
|
1.7
|
%
|
|
$
|
395,510
|
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Quarter
|
|
Year over Year
|
PERIOD END BALANCES
|
|
|
|
12/31/2015
|
|
|
|
9/30/2015
|
|
|
|
12/31/2014
|
|
|
$ Change
|
|
% Change
|
|
$ Change
|
|
% Change
|
Cash and due from banks
|
|
|
$
|
277,751
|
|
|
$
|
220,052
|
|
|
$
|
315,973
|
|
|
$
|
57,699
|
|
|
26.2
|
%
|
|
$
|
(38,222
|
)
|
|
-12.1
|
%
|
Fed funds sold and rev repos
|
|
|
|
250
|
|
|
|
-
|
|
|
|
1,885
|
|
|
|
250
|
|
|
n/m
|
|
|
|
(1,635
|
)
|
|
-86.7
|
%
|
Securities available for sale
|
|
|
|
2,345,422
|
|
|
|
2,382,822
|
|
|
|
2,374,567
|
|
|
|
(37,400
|
)
|
|
-1.6
|
%
|
|
|
(29,145
|
)
|
|
-1.2
|
%
|
Securities held to maturity
|
|
|
|
1,187,818
|
|
|
|
1,178,440
|
|
|
|
1,170,685
|
|
|
|
9,378
|
|
|
0.8
|
%
|
|
|
17,133
|
|
|
1.5
|
%
|
Loans held for sale (LHFS)
|
|
|
|
160,189
|
|
|
|
173,679
|
|
|
|
132,196
|
|
|
|
(13,490
|
)
|
|
-7.8
|
%
|
|
|
27,993
|
|
|
21.2
|
%
|
Loans held for investment (LHFI)
|
|
|
|
7,091,385
|
|
|
|
6,791,643
|
|
|
|
6,449,469
|
|
|
|
299,742
|
|
|
4.4
|
%
|
|
|
641,916
|
|
|
10.0
|
%
|
Allowance for loan losses
|
|
|
|
(67,619
|
)
|
|
|
(65,607
|
)
|
|
|
(69,616
|
)
|
|
|
(2,012
|
)
|
|
3.1
|
%
|
|
|
1,997
|
|
|
-2.9
|
%
|
Net LHFI
|
|
|
|
7,023,766
|
|
|
|
6,726,036
|
|
|
|
6,379,853
|
|
|
|
297,730
|
|
|
4.4
|
%
|
|
|
643,913
|
|
|
10.1
|
%
|
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered loans
|
|
|
|
372,711
|
|
|
|
400,528
|
|
|
|
525,783
|
|
|
|
(27,817
|
)
|
|
-6.9
|
%
|
|
|
(153,072
|
)
|
|
-29.1
|
%
|
Covered loans
|
|
|
|
17,700
|
|
|
|
18,645
|
|
|
|
23,626
|
|
|
|
(945
|
)
|
|
-5.1
|
%
|
|
|
(5,926
|
)
|
|
-25.1
|
%
|
Allowance for loan losses, acquired loans
|
|
|
|
(11,992
|
)
|
|
|
(12,185
|
)
|
|
|
(12,059
|
)
|
|
|
193
|
|
|
-1.6
|
%
|
|
|
67
|
|
|
-0.6
|
%
|
Net acquired loans
|
|
|
|
378,419
|
|
|
|
406,988
|
|
|
|
537,350
|
|
|
|
(28,569
|
)
|
|
-7.0
|
%
|
|
|
(158,931
|
)
|
|
-29.6
|
%
|
Net LHFI and acquired loans
|
|
|
|
7,402,185
|
|
|
|
7,133,024
|
|
|
|
6,917,203
|
|
|
|
269,161
|
|
|
3.8
|
%
|
|
|
484,982
|
|
|
7.0
|
%
|
Premises and equipment, net
|
|
|
|
195,656
|
|
|
|
196,558
|
|
|
|
200,781
|
|
|
|
(902
|
)
|
|
-0.5
|
%
|
|
|
(5,125
|
)
|
|
-2.6
|
%
|
Mortgage servicing rights
|
|
|
|
74,007
|
|
|
|
69,809
|
|
|
|
64,358
|
|
|
|
4,198
|
|
|
6.0
|
%
|
|
|
9,649
|
|
|
15.0
|
%
|
Goodwill
|
|
|
|
366,156
|
|
|
|
365,500
|
|
|
|
365,500
|
|
|
|
656
|
|
|
0.2
|
%
|
|
|
656
|
|
|
0.2
|
%
|
Identifiable intangible assets
|
|
|
|
27,546
|
|
|
|
30,129
|
|
|
|
33,234
|
|
|
|
(2,583
|
)
|
|
-8.6
|
%
|
|
|
(5,688
|
)
|
|
-17.1
|
%
|
Other real estate, excluding covered other real estate
|
|
|
|
77,177
|
|
|
|
83,955
|
|
|
|
92,509
|
|
|
|
(6,778
|
)
|
|
-8.1
|
%
|
|
|
(15,332
|
)
|
|
-16.6
|
%
|
Covered other real estate
|
|
|
|
1,651
|
|
|
|
2,865
|
|
|
|
6,060
|
|
|
|
(1,214
|
)
|
|
-42.4
|
%
|
|
|
(4,409
|
)
|
|
-72.8
|
%
|
FDIC indemnification asset
|
|
|
|
738
|
|
|
|
1,749
|
|
|
|
6,997
|
|
|
|
(1,011
|
)
|
|
-57.8
|
%
|
|
|
(6,259
|
)
|
|
-89.5
|
%
|
Other assets
|
|
|
|
562,350
|
|
|
|
551,694
|
|
|
|
568,685
|
|
|
|
10,656
|
|
|
1.9
|
%
|
|
|
(6,335
|
)
|
|
-1.1
|
%
|
Total assets
|
|
|
$
|
12,678,896
|
|
|
$
|
12,390,276
|
|
|
$
|
12,250,633
|
|
|
$
|
288,620
|
|
|
2.3
|
%
|
|
$
|
428,263
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
|
$
|
2,998,694
|
|
|
$
|
2,787,454
|
|
|
$
|
2,748,635
|
|
|
$
|
211,240
|
|
|
7.6
|
%
|
|
$
|
250,059
|
|
|
9.1
|
%
|
Interest-bearing
|
|
|
|
6,589,536
|
|
|
|
6,624,950
|
|
|
|
6,949,723
|
|
|
|
(35,414
|
)
|
|
-0.5
|
%
|
|
|
(360,187
|
)
|
|
-5.2
|
%
|
Total deposits
|
|
|
|
9,588,230
|
|
|
|
9,412,404
|
|
|
|
9,698,358
|
|
|
|
175,826
|
|
|
1.9
|
%
|
|
|
(110,128
|
)
|
|
-1.1
|
%
|
Fed funds purchased and repos
|
|
|
|
441,042
|
|
|
|
534,204
|
|
|
|
443,543
|
|
|
|
(93,162
|
)
|
|
-17.4
|
%
|
|
|
(2,501
|
)
|
|
-0.6
|
%
|
Short-term borrowings
|
|
|
|
412,617
|
|
|
|
709,845
|
|
|
|
425,077
|
|
|
|
(297,228
|
)
|
|
-41.9
|
%
|
|
|
(12,460
|
)
|
|
-2.9
|
%
|
Long-term FHLB advances
|
|
|
|
501,155
|
|
|
|
1,173
|
|
|
|
1,253
|
|
|
|
499,982
|
|
|
n/m
|
|
|
|
499,902
|
|
|
n/m
|
|
Subordinated notes
|
|
|
|
49,969
|
|
|
|
49,961
|
|
|
|
49,936
|
|
|
|
8
|
|
|
0.0
|
%
|
|
|
33
|
|
|
0.1
|
%
|
Junior subordinated debt securities
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
Other liabilities
|
|
|
|
150,970
|
|
|
|
144,077
|
|
|
|
150,670
|
|
|
|
6,893
|
|
|
4.8
|
%
|
|
|
300
|
|
|
0.2
|
%
|
Total liabilities
|
|
|
|
11,205,839
|
|
|
|
10,913,520
|
|
|
|
10,830,693
|
|
|
|
292,319
|
|
|
2.7
|
%
|
|
|
375,146
|
|
|
3.5
|
%
|
Common stock
|
|
|
|
14,076
|
|
|
|
14,076
|
|
|
|
14,060
|
|
|
|
-
|
|
|
0.0
|
%
|
|
|
16
|
|
|
0.1
|
%
|
Capital surplus
|
|
|
|
361,467
|
|
|
|
360,494
|
|
|
|
356,244
|
|
|
|
973
|
|
|
0.3
|
%
|
|
|
5,223
|
|
|
1.5
|
%
|
Retained earnings
|
|
|
|
1,142,908
|
|
|
|
1,130,766
|
|
|
|
1,092,120
|
|
|
|
12,142
|
|
|
1.1
|
%
|
|
|
50,788
|
|
|
4.7
|
%
|
Accum other comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loss, net of tax
|
|
|
|
(45,394
|
)
|
|
|
(28,580
|
)
|
|
|
(42,484
|
)
|
|
|
(16,814
|
)
|
|
58.8
|
%
|
|
|
(2,910
|
)
|
|
6.8
|
%
|
Total shareholders' equity
|
|
|
|
1,473,057
|
|
|
|
1,476,756
|
|
|
|
1,419,940
|
|
|
|
(3,699
|
)
|
|
-0.3
|
%
|
|
|
53,117
|
|
|
3.7
|
%
|
Total liabilities and equity
|
|
|
$
|
12,678,896
|
|
|
$
|
12,390,276
|
|
|
$
|
12,250,633
|
|
|
$
|
288,620
|
|
|
2.3
|
%
|
|
$
|
428,263
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m - percentage changes greater than +/- 100% are considered not
meaningful
|
|
See Notes to Consolidated Financials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED FINANCIAL INFORMATION
|
December 31, 2015
|
($ in thousands except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Linked Quarter
|
|
Year over Year
|
|
INCOME STATEMENTS
|
|
|
12/31/2015
|
|
9/30/2015
|
|
12/31/2014
|
|
$ Change
|
|
% Change
|
|
$ Change
|
|
% Change
|
|
Interest and fees on LHFS & LHFI-FTE
|
|
|
$
|
74,383
|
|
|
$
|
72,951
|
|
|
$
|
70,775
|
|
|
$
|
1,432
|
|
|
2.0
|
%
|
|
$
|
3,608
|
|
|
5.1
|
%
|
|
Interest and fees on acquired loans
|
|
|
|
11,910
|
|
|
|
11,607
|
|
|
|
13,500
|
|
|
|
303
|
|
|
2.6
|
%
|
|
|
(1,590
|
)
|
|
-11.8
|
%
|
|
Interest on securities-taxable
|
|
|
|
21,149
|
|
|
|
20,264
|
|
|
|
21,694
|
|
|
|
885
|
|
|
4.4
|
%
|
|
|
(545
|
)
|
|
-2.5
|
%
|
|
Interest on securities-tax exempt-FTE
|
|
|
|
1,565
|
|
|
|
1,609
|
|
|
|
1,814
|
|
|
|
(44
|
)
|
|
-2.7
|
%
|
|
|
(249
|
)
|
|
-13.7
|
%
|
|
Interest on fed funds sold and rev repos
|
|
|
|
4
|
|
|
|
2
|
|
|
|
3
|
|
|
|
2
|
|
|
100.0
|
%
|
|
|
1
|
|
|
33.3
|
%
|
|
Other interest income
|
|
|
|
402
|
|
|
|
392
|
|
|
|
384
|
|
|
|
10
|
|
|
2.6
|
%
|
|
|
18
|
|
|
4.7
|
%
|
|
Total interest income-FTE
|
|
|
|
109,413
|
|
|
|
106,825
|
|
|
|
108,170
|
|
|
|
2,588
|
|
|
2.4
|
%
|
|
|
1,243
|
|
|
1.1
|
%
|
|
Interest on deposits
|
|
|
|
3,000
|
|
|
|
3,147
|
|
|
|
3,382
|
|
|
|
(147
|
)
|
|
-4.7
|
%
|
|
|
(382
|
)
|
|
-11.3
|
%
|
|
Interest on fed funds pch and repos
|
|
|
|
274
|
|
|
|
205
|
|
|
|
184
|
|
|
|
69
|
|
|
33.7
|
%
|
|
|
90
|
|
|
48.9
|
%
|
|
Other interest expense
|
|
|
|
1,987
|
|
|
|
1,811
|
|
|
|
1,510
|
|
|
|
176
|
|
|
9.7
|
%
|
|
|
477
|
|
|
31.6
|
%
|
|
Total interest expense
|
|
|
|
5,261
|
|
|
|
5,163
|
|
|
|
5,076
|
|
|
|
98
|
|
|
1.9
|
%
|
|
|
185
|
|
|
3.6
|
%
|
|
Net interest income-FTE
|
|
|
|
104,152
|
|
|
|
101,662
|
|
|
|
103,094
|
|
|
|
2,490
|
|
|
2.4
|
%
|
|
|
1,058
|
|
|
1.0
|
%
|
|
Provision for loan losses, LHFI
|
|
|
|
3,043
|
|
|
|
2,514
|
|
|
|
(1,393
|
)
|
|
|
529
|
|
|
21.0
|
%
|
|
|
4,436
|
|
|
n/m
|
|
|
Provision for loan losses, acquired loans
|
|
|
|
997
|
|
|
|
1,256
|
|
|
|
1,179
|
|
|
|
(259
|
)
|
|
-20.6
|
%
|
|
|
(182
|
)
|
|
-15.4
|
%
|
|
Net interest income after provision-FTE
|
|
|
|
100,112
|
|
|
|
97,892
|
|
|
|
103,308
|
|
|
|
2,220
|
|
|
2.3
|
%
|
|
|
(3,196
|
)
|
|
-3.1
|
%
|
|
Service charges on deposit accounts
|
|
|
|
11,961
|
|
|
|
12,400
|
|
|
|
12,514
|
|
|
|
(439
|
)
|
|
-3.5
|
%
|
|
|
(553
|
)
|
|
-4.4
|
%
|
|
Insurance commissions
|
|
|
|
8,501
|
|
|
|
9,906
|
|
|
|
7,831
|
|
|
|
(1,405
|
)
|
|
-14.2
|
%
|
|
|
670
|
|
|
8.6
|
%
|
|
Wealth management
|
|
|
|
7,831
|
|
|
|
7,790
|
|
|
|
8,460
|
|
|
|
41
|
|
|
0.5
|
%
|
|
|
(629
|
)
|
|
-7.4
|
%
|
|
Bank card and other fees
|
|
|
|
7,156
|
|
|
|
6,964
|
|
|
|
6,712
|
|
|
|
192
|
|
|
2.8
|
%
|
|
|
444
|
|
|
6.6
|
%
|
|
Mortgage banking, net
|
|
|
|
4,287
|
|
|
|
7,443
|
|
|
|
5,918
|
|
|
|
(3,156
|
)
|
|
-42.4
|
%
|
|
|
(1,631
|
)
|
|
-27.6
|
%
|
|
Other, net
|
|
|
|
(466
|
)
|
|
|
1,470
|
|
|
|
596
|
|
|
|
(1,936
|
)
|
|
n/m
|
|
|
|
(1,062
|
)
|
|
n/m
|
|
|
Nonint inc-excl sec gains (losses), net
|
|
|
|
39,270
|
|
|
|
45,973
|
|
|
|
42,031
|
|
|
|
(6,703
|
)
|
|
-14.6
|
%
|
|
|
(2,761
|
)
|
|
-6.6
|
%
|
|
Security gains (losses), net
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
n/m
|
|
|
|
-
|
|
|
n/m
|
|
|
Total noninterest income
|
|
|
|
39,270
|
|
|
|
45,973
|
|
|
|
42,031
|
|
|
|
(6,703
|
)
|
|
-14.6
|
%
|
|
|
(2,761
|
)
|
|
-6.6
|
%
|
|
Salaries and employee benefits
|
|
|
|
57,366
|
|
|
|
58,270
|
|
|
|
57,159
|
|
|
|
(904
|
)
|
|
-1.6
|
%
|
|
|
207
|
|
|
0.4
|
%
|
|
Services and fees
|
|
|
|
13,717
|
|
|
|
14,691
|
|
|
|
14,401
|
|
|
|
(974
|
)
|
|
-6.6
|
%
|
|
|
(684
|
)
|
|
-4.7
|
%
|
|
Net occupancy-premises
|
|
|
|
6,304
|
|
|
|
6,580
|
|
|
|
6,632
|
|
|
|
(276
|
)
|
|
-4.2
|
%
|
|
|
(328
|
)
|
|
-4.9
|
%
|
|
Equipment expense
|
|
|
|
6,105
|
|
|
|
5,877
|
|
|
|
5,911
|
|
|
|
228
|
|
|
3.9
|
%
|
|
|
194
|
|
|
3.3
|
%
|
|
FDIC assessment expense
|
|
|
|
2,614
|
|
|
|
2,559
|
|
|
|
2,669
|
|
|
|
55
|
|
|
2.1
|
%
|
|
|
(55
|
)
|
|
-2.1
|
%
|
|
ORE/Foreclosure expense
|
|
|
|
(518
|
)
|
|
|
3,385
|
|
|
|
3,240
|
|
|
|
(3,903
|
)
|
|
n/m
|
|
|
|
(3,758
|
)
|
|
n/m
|
|
|
Other expense
|
|
|
|
13,032
|
|
|
|
12,198
|
|
|
|
14,420
|
|
|
|
834
|
|
|
6.8
|
%
|
|
|
(1,388
|
)
|
|
-9.6
|
%
|
|
Total noninterest expense
|
|
|
|
98,620
|
|
|
|
103,560
|
|
|
|
104,432
|
|
|
|
(4,940
|
)
|
|
-4.8
|
%
|
|
|
(5,812
|
)
|
|
-5.6
|
%
|
|
Income before income taxes and tax eq adj
|
|
|
|
40,762
|
|
|
|
40,305
|
|
|
|
40,907
|
|
|
|
457
|
|
|
1.1
|
%
|
|
|
(145
|
)
|
|
-0.4
|
%
|
|
Tax equivalent adjustment
|
|
|
|
4,334
|
|
|
|
4,056
|
|
|
|
4,179
|
|
|
|
278
|
|
|
6.9
|
%
|
|
|
155
|
|
|
3.7
|
%
|
|
Income before income taxes
|
|
|
|
36,428
|
|
|
|
36,249
|
|
|
|
36,728
|
|
|
|
179
|
|
|
0.5
|
%
|
|
|
(300
|
)
|
|
-0.8
|
%
|
|
Income taxes
|
|
|
|
8,570
|
|
|
|
7,819
|
|
|
|
8,655
|
|
|
|
751
|
|
|
9.6
|
%
|
|
|
(85
|
)
|
|
-1.0
|
%
|
|
Net income
|
|
|
$
|
27,858
|
|
|
$
|
28,430
|
|
|
$
|
28,073
|
|
|
$
|
(572
|
)
|
|
-2.0
|
%
|
|
$
|
(215
|
)
|
|
-0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic
|
|
|
$
|
0.41
|
|
|
$
|
0.42
|
|
|
$
|
0.42
|
|
|
$
|
(0.01
|
)
|
|
-2.4
|
%
|
|
$
|
(0.01
|
)
|
|
-2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - diluted
|
|
|
$
|
0.41
|
|
|
$
|
0.42
|
|
|
$
|
0.42
|
|
|
$
|
(0.01
|
)
|
|
-2.4
|
%
|
|
$
|
(0.01
|
)
|
|
-2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
-
|
|
|
0.0
|
%
|
|
$
|
-
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
67,557,991
|
|
|
|
67,557,395
|
|
|
|
67,445,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
67,734,109
|
|
|
|
67,707,456
|
|
|
|
67,633,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end shares outstanding
|
|
|
|
67,559,128
|
|
|
|
67,557,395
|
|
|
|
67,481,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity
|
|
|
|
7.46
|
%
|
|
|
7.68
|
%
|
|
|
7.83
|
%
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity
|
|
|
|
10.61
|
%
|
|
|
10.96
|
%
|
|
|
11.40
|
%
|
|
|
|
|
|
|
|
|
|
Return on assets
|
|
|
|
0.88
|
%
|
|
|
0.92
|
%
|
|
|
0.92
|
%
|
|
|
|
|
|
|
|
|
|
Interest margin - Yield - FTE
|
|
|
|
3.92
|
%
|
|
|
3.91
|
%
|
|
|
4.05
|
%
|
|
|
|
|
|
|
|
|
|
Interest margin - Cost
|
|
|
|
0.19
|
%
|
|
|
0.19
|
%
|
|
|
0.19
|
%
|
|
|
|
|
|
|
|
|
|
Net interest margin - FTE
|
|
|
|
3.74
|
%
|
|
|
3.72
|
%
|
|
|
3.86
|
%
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (1)
|
|
|
|
66.03
|
%
|
|
|
67.87
|
%
|
|
|
69.16
|
%
|
|
|
|
|
|
|
|
|
|
Full-time equivalent employees
|
|
|
|
2,941
|
|
|
|
2,963
|
|
|
|
3,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK PERFORMANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value-Close
|
|
|
$
|
23.04
|
|
|
$
|
23.17
|
|
|
$
|
24.54
|
|
|
|
|
|
|
|
|
|
|
Book value
|
|
|
$
|
21.80
|
|
|
$
|
21.86
|
|
|
$
|
21.04
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
|
|
|
$
|
15.98
|
|
|
$
|
16.00
|
|
|
$
|
15.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
- The efficiency ratio is noninterest expense to total net
interest income (FTE) and noninterest income, excluding security
gains (losses), amortization of partnership tax credits,
amortization of purchased intangibles, and nonroutine income and
expense items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m - percentage changes greater than +/- 100% are considered not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Consolidated Financials
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED FINANCIAL INFORMATION
|
December 31, 2015
|
($ in thousands)
|
(unaudited)
|
|
|
|
Quarter Ended
|
|
Linked Quarter
|
|
Year over Year
|
NONPERFORMING ASSETS (1)
|
|
|
12/31/2015
|
|
9/30/2015
|
|
12/31/2014
|
|
$ Change
|
|
% Change
|
|
$ Change
|
|
% Change
|
Nonaccrual loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
$
|
1,776
|
|
|
$
|
1,306
|
|
|
$
|
852
|
|
|
$
|
470
|
|
|
36.0
|
%
|
|
$
|
924
|
|
|
n/m
|
|
Florida
|
|
|
|
5,180
|
|
|
|
7,444
|
|
|
|
11,091
|
|
|
|
(2,264
|
)
|
|
-30.4
|
%
|
|
|
(5,911
|
)
|
|
-53.3
|
%
|
Mississippi (2)
|
|
|
|
40,754
|
|
|
|
44,955
|
|
|
|
57,129
|
|
|
|
(4,201
|
)
|
|
-9.3
|
%
|
|
|
(16,375
|
)
|
|
-28.7
|
%
|
Tennessee (3)
|
|
|
|
5,106
|
|
|
|
4,911
|
|
|
|
5,819
|
|
|
|
195
|
|
|
4.0
|
%
|
|
|
(713
|
)
|
|
-12.3
|
%
|
Texas
|
|
|
|
2,496
|
|
|
|
2,515
|
|
|
|
4,452
|
|
|
|
(19
|
)
|
|
-0.8
|
%
|
|
|
(1,956
|
)
|
|
-43.9
|
%
|
Total nonaccrual loans
|
|
|
|
55,312
|
|
|
|
61,131
|
|
|
|
79,343
|
|
|
|
(5,819
|
)
|
|
-9.5
|
%
|
|
|
(24,031
|
)
|
|
-30.3
|
%
|
Other real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
|
21,578
|
|
|
|
23,822
|
|
|
|
21,196
|
|
|
|
(2,244
|
)
|
|
-9.4
|
%
|
|
|
382
|
|
|
1.8
|
%
|
Florida
|
|
|
|
29,579
|
|
|
|
30,374
|
|
|
|
35,324
|
|
|
|
(795
|
)
|
|
-2.6
|
%
|
|
|
(5,745
|
)
|
|
-16.3
|
%
|
Mississippi (2)
|
|
|
|
14,312
|
|
|
|
13,180
|
|
|
|
17,397
|
|
|
|
1,132
|
|
|
8.6
|
%
|
|
|
(3,085
|
)
|
|
-17.7
|
%
|
Tennessee (3)
|
|
|
|
9,974
|
|
|
|
9,840
|
|
|
|
10,292
|
|
|
|
134
|
|
|
1.4
|
%
|
|
|
(318
|
)
|
|
-3.1
|
%
|
Texas
|
|
|
|
1,734
|
|
|
|
6,739
|
|
|
|
8,300
|
|
|
|
(5,005
|
)
|
|
-74.3
|
%
|
|
|
(6,566
|
)
|
|
-79.1
|
%
|
Total other real estate
|
|
|
|
77,177
|
|
|
|
83,955
|
|
|
|
92,509
|
|
|
|
(6,778
|
)
|
|
-8.1
|
%
|
|
|
(15,332
|
)
|
|
-16.6
|
%
|
Total nonperforming assets
|
|
|
$
|
132,489
|
|
|
$
|
145,086
|
|
|
$
|
171,852
|
|
|
$
|
(12,597
|
)
|
|
-8.7
|
%
|
|
$
|
(39,363
|
)
|
|
-22.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS PAST DUE OVER 90 DAYS (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFI
|
|
|
$
|
2,300
|
|
|
$
|
9,224
|
|
|
$
|
2,764
|
|
|
$
|
(6,924
|
)
|
|
-75.1
|
%
|
|
$
|
(464
|
)
|
|
-16.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFS-Guaranteed GNMA serviced loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(no obligation to repurchase)
|
|
|
$
|
21,812
|
|
|
$
|
15,165
|
|
|
$
|
25,943
|
|
|
$
|
6,647
|
|
|
43.8
|
%
|
|
$
|
(4,131
|
)
|
|
-15.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Linked Quarter
|
|
Year over Year
|
ALLOWANCE FOR LOAN LOSSES (4)
|
|
|
|
12/31/2015
|
|
|
|
9/30/2015
|
|
|
|
12/31/2014
|
|
|
$
|
Change
|
|
% Change
|
|
|
$
|
Change
|
|
% Change
|
|
Beginning Balance
|
|
|
$
|
65,607
|
|
|
$
|
71,166
|
|
|
$
|
70,134
|
|
|
$
|
(5,559
|
)
|
|
-7.8
|
%
|
|
$
|
(4,527
|
)
|
|
-6.5
|
%
|
Provision for loan losses
|
|
|
|
3,043
|
|
|
|
2,514
|
|
|
|
(1,393
|
)
|
|
|
529
|
|
|
21.0
|
%
|
|
|
4,436
|
|
|
n/m
|
|
Charge-offs
|
|
|
|
(3,781
|
)
|
|
|
(11,406
|
)
|
|
|
(3,174
|
)
|
|
|
7,625
|
|
|
-66.9
|
%
|
|
|
(607
|
)
|
|
19.1
|
%
|
Recoveries
|
|
|
|
2,750
|
|
|
|
3,333
|
|
|
|
4,049
|
|
|
|
(583
|
)
|
|
-17.5
|
%
|
|
|
(1,299
|
)
|
|
-32.1
|
%
|
Net (charge-offs) recoveries
|
|
|
|
(1,031
|
)
|
|
|
(8,073
|
)
|
|
|
875
|
|
|
|
7,042
|
|
|
-87.2
|
%
|
|
|
(1,906
|
)
|
|
n/m
|
|
Ending Balance
|
|
|
$
|
67,619
|
|
|
$
|
65,607
|
|
|
$
|
69,616
|
|
|
$
|
2,012
|
|
|
3.1
|
%
|
|
$
|
(1,997
|
)
|
|
-2.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
$
|
1,453
|
|
|
$
|
(70
|
)
|
|
$
|
283
|
|
|
$
|
1,523
|
|
|
n/m
|
|
|
$
|
1,170
|
|
|
n/m
|
|
Florida
|
|
|
|
(1,357
|
)
|
|
|
(1,430
|
)
|
|
|
(66
|
)
|
|
|
73
|
|
|
-5.1
|
%
|
|
|
(1,291
|
)
|
|
n/m
|
|
Mississippi (2)
|
|
|
|
1,842
|
|
|
|
4,221
|
|
|
|
(3,065
|
)
|
|
|
(2,379
|
)
|
|
-56.4
|
%
|
|
|
4,907
|
|
|
n/m
|
|
Tennessee (3)
|
|
|
|
182
|
|
|
|
(1,050
|
)
|
|
|
1,993
|
|
|
|
1,232
|
|
|
n/m
|
|
|
|
(1,811
|
)
|
|
-90.9
|
%
|
Texas
|
|
|
|
923
|
|
|
|
843
|
|
|
|
(538
|
)
|
|
|
80
|
|
|
9.5
|
%
|
|
|
1,461
|
|
|
n/m
|
|
Total provision for loan losses
|
|
|
$
|
3,043
|
|
|
$
|
2,514
|
|
|
$
|
(1,393
|
)
|
|
$
|
529
|
|
|
21.0
|
%
|
|
$
|
4,436
|
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
$
|
422
|
|
|
$
|
163
|
|
|
$
|
92
|
|
|
$
|
259
|
|
|
n/m
|
|
|
$
|
330
|
|
|
n/m
|
|
Florida
|
|
|
|
(389
|
)
|
|
|
(1,090
|
)
|
|
|
(226
|
)
|
|
|
701
|
|
|
-64.3
|
%
|
|
|
(163
|
)
|
|
72.1
|
%
|
Mississippi (2)
|
|
|
|
925
|
|
|
|
7,391
|
|
|
|
(880
|
)
|
|
|
(6,466
|
)
|
|
-87.5
|
%
|
|
|
1,805
|
|
|
n/m
|
|
Tennessee (3)
|
|
|
|
188
|
|
|
|
448
|
|
|
|
325
|
|
|
|
(260
|
)
|
|
-58.0
|
%
|
|
|
(137
|
)
|
|
-42.2
|
%
|
Texas
|
|
|
|
(115
|
)
|
|
|
1,161
|
|
|
|
(186
|
)
|
|
|
(1,276
|
)
|
|
n/m
|
|
|
|
71
|
|
|
-38.2
|
%
|
Total net charge-offs (recoveries)
|
|
|
$
|
1,031
|
|
|
$
|
8,073
|
|
|
$
|
(875
|
)
|
|
$
|
(7,042
|
)
|
|
-87.2
|
%
|
|
$
|
1,906
|
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs/average loans
|
|
|
|
0.06
|
%
|
|
|
0.47
|
%
|
|
|
-0.05
|
%
|
|
|
|
|
|
|
|
|
Provision for loan losses/average loans
|
|
|
|
0.17
|
%
|
|
|
0.15
|
%
|
|
|
-0.09
|
%
|
|
|
|
|
|
|
|
|
Nonperforming loans/total loans (incl LHFS)
|
|
|
|
0.76
|
%
|
|
|
0.88
|
%
|
|
|
1.21
|
%
|
|
|
|
|
|
|
|
|
Nonperforming assets/total loans (incl LHFS)
|
|
|
|
1.83
|
%
|
|
|
2.08
|
%
|
|
|
2.61
|
%
|
|
|
|
|
|
|
|
|
Nonperforming assets/total loans (incl LHFS) +ORE
|
|
|
|
1.81
|
%
|
|
|
2.06
|
%
|
|
|
2.57
|
%
|
|
|
|
|
|
|
|
|
ALL/total loans (excl LHFS)
|
|
|
|
0.95
|
%
|
|
|
0.97
|
%
|
|
|
1.08
|
%
|
|
|
|
|
|
|
|
|
ALL-commercial/total commercial loans
|
|
|
|
1.05
|
%
|
|
|
1.07
|
%
|
|
|
1.23
|
%
|
|
|
|
|
|
|
|
|
ALL-consumer/total consumer and home mortgage loans
|
|
|
|
0.66
|
%
|
|
|
0.67
|
%
|
|
|
0.67
|
%
|
|
|
|
|
|
|
|
|
ALL/nonperforming loans
|
|
|
|
122.25
|
%
|
|
|
107.32
|
%
|
|
|
87.74
|
%
|
|
|
|
|
|
|
|
|
ALL/nonperforming loans -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(excl impaired loans)
|
|
|
|
210.32
|
%
|
|
|
206.72
|
%
|
|
|
180.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity/total assets
|
|
|
|
11.62
|
%
|
|
|
11.92
|
%
|
|
|
11.59
|
%
|
|
|
|
|
|
|
|
|
Tangible equity/tangible assets
|
|
|
|
8.79
|
%
|
|
|
9.01
|
%
|
|
|
8.62
|
%
|
|
|
|
|
|
|
|
|
Tangible equity/risk-weighted assets
|
|
|
|
11.68
|
%
|
|
|
12.24
|
%
|
|
|
12.17
|
%
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio
|
|
|
|
10.03
|
%
|
|
|
10.09
|
%
|
|
|
9.63
|
%
|
|
|
|
|
|
|
|
|
Tier 1 common risk-based capital ratio - BASEL I
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12.75
|
%
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital ratio - BASEL III
|
|
|
|
12.57
|
%
|
|
|
13.00
|
%
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Tier 1 risk-based capital ratio
|
|
|
|
13.21
|
%
|
|
|
13.66
|
%
|
|
|
13.47
|
%
|
|
|
|
|
|
|
|
|
Total risk-based capital ratio
|
|
|
|
14.07
|
%
|
|
|
14.66
|
%
|
|
|
14.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Excludes acquired loans and covered other real estate
|
(2) - Mississippi includes Central and Southern Mississippi
Regions
|
(3) - Tennessee includes Memphis, Tennessee and Northern
Mississippi Regions
|
(4) - Excludes acquired loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m - percentage changes greater than +/- 100% are considered not
meaningful
|
|
See Notes to Consolidated Financials
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED FINANCIAL INFORMATION
|
December 31, 2015
|
($ in thousands)
|
(unaudited)
|
|
|
|
Quarter Ended
|
|
Year Ended
|
AVERAGE BALANCES
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
Securities AFS-taxable
|
|
|
$
|
2,209,801
|
|
|
$
|
2,269,763
|
|
|
$
|
2,255,485
|
|
|
$
|
2,190,344
|
|
|
$
|
2,204,361
|
|
|
$
|
2,231,507
|
|
|
$
|
2,187,258
|
|
Securities AFS-nontaxable
|
|
|
|
110,290
|
|
|
|
116,290
|
|
|
|
120,330
|
|
|
|
127,623
|
|
|
|
129,403
|
|
|
|
118,579
|
|
|
|
136,532
|
|
Securities HTM-taxable
|
|
|
|
1,145,397
|
|
|
|
1,151,673
|
|
|
|
1,143,273
|
|
|
|
1,119,979
|
|
|
|
1,117,989
|
|
|
|
1,140,182
|
|
|
|
1,120,886
|
|
Securities HTM-nontaxable
|
|
|
|
35,755
|
|
|
|
36,278
|
|
|
|
38,173
|
|
|
|
41,405
|
|
|
|
42,040
|
|
|
|
37,883
|
|
|
|
39,975
|
|
Total securities
|
|
|
|
3,501,243
|
|
|
|
3,574,004
|
|
|
|
3,557,261
|
|
|
|
3,479,351
|
|
|
|
3,493,793
|
|
|
|
3,528,151
|
|
|
|
3,484,651
|
|
Loans (including loans held for sale)
|
|
|
|
7,089,672
|
|
|
|
6,771,947
|
|
|
|
6,554,739
|
|
|
|
6,561,430
|
|
|
|
6,494,369
|
|
|
|
6,745,970
|
|
|
|
6,250,151
|
|
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered loans
|
|
|
|
384,306
|
|
|
|
421,262
|
|
|
|
462,418
|
|
|
|
502,534
|
|
|
|
544,260
|
|
|
|
442,248
|
|
|
|
635,890
|
|
Covered loans
|
|
|
|
18,341
|
|
|
|
18,982
|
|
|
|
20,574
|
|
|
|
23,593
|
|
|
|
27,039
|
|
|
|
20,354
|
|
|
|
30,212
|
|
Fed funds sold and rev repos
|
|
|
|
1,384
|
|
|
|
1,167
|
|
|
|
557
|
|
|
|
217
|
|
|
|
1,269
|
|
|
|
835
|
|
|
|
3,638
|
|
Other earning assets
|
|
|
|
68,016
|
|
|
|
58,534
|
|
|
|
41,242
|
|
|
|
46,368
|
|
|
|
48,224
|
|
|
|
53,613
|
|
|
|
40,828
|
|
Total earning assets
|
|
|
|
11,062,962
|
|
|
|
10,845,896
|
|
|
|
10,636,791
|
|
|
|
10,613,493
|
|
|
|
10,608,954
|
|
|
|
10,791,171
|
|
|
|
10,445,370
|
|
Allowance for loan losses
|
|
|
|
(78,652
|
)
|
|
|
(84,482
|
)
|
|
|
(84,331
|
)
|
|
|
(81,993
|
)
|
|
|
(82,851
|
)
|
|
|
(82,361
|
)
|
|
|
(79,621
|
)
|
Cash and due from banks
|
|
|
|
272,562
|
|
|
|
266,174
|
|
|
|
272,292
|
|
|
|
290,251
|
|
|
|
284,754
|
|
|
|
275,246
|
|
|
|
316,843
|
|
Other assets
|
|
|
|
1,266,712
|
|
|
|
1,286,189
|
|
|
|
1,288,507
|
|
|
|
1,303,552
|
|
|
|
1,317,217
|
|
|
|
1,286,139
|
|
|
|
1,345,438
|
|
Total assets
|
|
|
$
|
12,523,584
|
|
|
$
|
12,313,777
|
|
|
$
|
12,113,259
|
|
|
$
|
12,125,303
|
|
|
$
|
12,128,074
|
|
|
$
|
12,270,195
|
|
|
$
|
12,028,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits
|
|
|
$
|
1,917,598
|
|
|
$
|
1,915,567
|
|
|
$
|
1,924,447
|
|
|
$
|
1,847,374
|
|
|
$
|
1,815,999
|
|
|
$
|
1,901,478
|
|
|
$
|
1,837,496
|
|
Savings deposits
|
|
|
|
2,963,318
|
|
|
|
3,059,183
|
|
|
|
3,226,380
|
|
|
|
3,252,586
|
|
|
|
2,963,771
|
|
|
|
3,124,393
|
|
|
|
3,116,251
|
|
Time deposits less than $100,000
|
|
|
|
1,033,233
|
|
|
|
1,072,373
|
|
|
|
1,101,477
|
|
|
|
1,139,912
|
|
|
|
1,152,622
|
|
|
|
1,086,417
|
|
|
|
1,211,242
|
|
Time deposits of $100,000 or more
|
|
|
|
687,635
|
|
|
|
712,910
|
|
|
|
751,129
|
|
|
|
785,715
|
|
|
|
838,309
|
|
|
|
734,020
|
|
|
|
892,571
|
|
Total interest-bearing deposits
|
|
|
|
6,601,784
|
|
|
|
6,760,033
|
|
|
|
7,003,433
|
|
|
|
7,025,587
|
|
|
|
6,770,701
|
|
|
|
6,846,308
|
|
|
|
7,057,560
|
|
Fed funds purchased and repos
|
|
|
|
563,424
|
|
|
|
528,232
|
|
|
|
497,606
|
|
|
|
421,206
|
|
|
|
526,482
|
|
|
|
503,077
|
|
|
|
435,324
|
|
Short-term borrowings
|
|
|
|
733,365
|
|
|
|
534,931
|
|
|
|
128,761
|
|
|
|
256,714
|
|
|
|
385,841
|
|
|
|
415,081
|
|
|
|
173,759
|
|
Long-term FHLB advances
|
|
|
|
50,078
|
|
|
|
1,195
|
|
|
|
1,213
|
|
|
|
1,243
|
|
|
|
2,652
|
|
|
|
13,533
|
|
|
|
6,837
|
|
Subordinated notes
|
|
|
|
49,964
|
|
|
|
49,955
|
|
|
|
49,947
|
|
|
|
49,939
|
|
|
|
49,931
|
|
|
|
49,951
|
|
|
|
49,919
|
|
Junior subordinated debt securities
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
61,856
|
|
Total interest-bearing liabilities
|
|
|
|
8,060,471
|
|
|
|
7,936,202
|
|
|
|
7,742,816
|
|
|
|
7,816,545
|
|
|
|
7,797,463
|
|
|
|
7,889,806
|
|
|
|
7,785,255
|
|
Noninterest-bearing deposits
|
|
|
|
2,839,894
|
|
|
|
2,771,186
|
|
|
|
2,772,741
|
|
|
|
2,741,945
|
|
|
|
2,762,332
|
|
|
|
2,781,682
|
|
|
|
2,711,727
|
|
Other liabilities
|
|
|
|
141,925
|
|
|
|
137,134
|
|
|
|
143,201
|
|
|
|
129,844
|
|
|
|
146,011
|
|
|
|
138,057
|
|
|
|
132,103
|
|
Total liabilities
|
|
|
|
11,042,290
|
|
|
|
10,844,522
|
|
|
|
10,658,758
|
|
|
|
10,688,334
|
|
|
|
10,705,806
|
|
|
|
10,809,545
|
|
|
|
10,629,085
|
|
Shareholders' equity
|
|
|
|
1,481,294
|
|
|
|
1,469,255
|
|
|
|
1,454,501
|
|
|
|
1,436,969
|
|
|
|
1,422,268
|
|
|
|
1,460,650
|
|
|
|
1,398,945
|
|
Total liabilities and equity
|
|
|
$
|
12,523,584
|
|
|
$
|
12,313,777
|
|
|
$
|
12,113,259
|
|
|
$
|
12,125,303
|
|
|
$
|
12,128,074
|
|
|
$
|
12,270,195
|
|
|
$
|
12,028,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD END BALANCES
|
|
|
|
12/31/2015
|
|
|
|
9/30/2015
|
|
|
|
6/30/2015
|
|
|
|
3/31/2015
|
|
|
|
12/31/2014
|
|
|
|
|
|
Cash and due from banks
|
|
|
$
|
277,751
|
|
|
$
|
220,052
|
|
|
$
|
255,050
|
|
|
$
|
335,244
|
|
|
$
|
315,973
|
|
|
|
|
|
Fed funds sold and rev repos
|
|
|
|
250
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,885
|
|
|
|
|
|
Securities available for sale
|
|
|
|
2,345,422
|
|
|
|
2,382,822
|
|
|
|
2,446,383
|
|
|
|
2,381,459
|
|
|
|
2,374,567
|
|
|
|
|
|
Securities held to maturity
|
|
|
|
1,187,818
|
|
|
|
1,178,440
|
|
|
|
1,190,161
|
|
|
|
1,184,554
|
|
|
|
1,170,685
|
|
|
|
|
|
Loans held for sale (LHFS)
|
|
|
|
160,189
|
|
|
|
173,679
|
|
|
|
147,539
|
|
|
|
150,365
|
|
|
|
132,196
|
|
|
|
|
|
Loans held for investment (LHFI)
|
|
|
|
7,091,385
|
|
|
|
6,791,643
|
|
|
|
6,447,073
|
|
|
|
6,413,876
|
|
|
|
6,449,469
|
|
|
|
|
|
Allowance for loan losses
|
|
|
|
(67,619
|
)
|
|
|
(65,607
|
)
|
|
|
(71,166
|
)
|
|
|
(71,321
|
)
|
|
|
(69,616
|
)
|
|
|
|
|
Net LHFI
|
|
|
|
7,023,766
|
|
|
|
6,726,036
|
|
|
|
6,375,907
|
|
|
|
6,342,555
|
|
|
|
6,379,853
|
|
|
|
|
|
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered loans
|
|
|
|
372,711
|
|
|
|
400,528
|
|
|
|
447,160
|
|
|
|
478,172
|
|
|
|
525,783
|
|
|
|
|
|
Covered loans
|
|
|
|
17,700
|
|
|
|
18,645
|
|
|
|
19,239
|
|
|
|
20,271
|
|
|
|
23,626
|
|
|
|
|
|
Allowance for loan losses, acquired loans
|
|
|
|
(11,992
|
)
|
|
|
(12,185
|
)
|
|
|
(12,629
|
)
|
|
|
(11,837
|
)
|
|
|
(12,059
|
)
|
|
|
|
|
Net acquired loans
|
|
|
|
378,419
|
|
|
|
406,988
|
|
|
|
453,770
|
|
|
|
486,606
|
|
|
|
537,350
|
|
|
|
|
|
Net LHFI and acquired loans
|
|
|
|
7,402,185
|
|
|
|
7,133,024
|
|
|
|
6,829,677
|
|
|
|
6,829,161
|
|
|
|
6,917,203
|
|
|
|
|
|
Premises and equipment, net
|
|
|
|
195,656
|
|
|
|
196,558
|
|
|
|
196,220
|
|
|
|
198,039
|
|
|
|
200,781
|
|
|
|
|
|
Mortgage servicing rights
|
|
|
|
74,007
|
|
|
|
69,809
|
|
|
|
71,422
|
|
|
|
62,903
|
|
|
|
64,358
|
|
|
|
|
|
Goodwill
|
|
|
|
366,156
|
|
|
|
365,500
|
|
|
|
365,500
|
|
|
|
365,500
|
|
|
|
365,500
|
|
|
|
|
|
Identifiable intangible assets
|
|
|
|
27,546
|
|
|
|
30,129
|
|
|
|
32,042
|
|
|
|
31,250
|
|
|
|
33,234
|
|
|
|
|
|
Other real estate, excluding covered other real estate
|
|
|
|
77,177
|
|
|
|
83,955
|
|
|
|
90,748
|
|
|
|
90,175
|
|
|
|
92,509
|
|
|
|
|
|
Covered other real estate
|
|
|
|
1,651
|
|
|
|
2,865
|
|
|
|
3,755
|
|
|
|
4,794
|
|
|
|
6,060
|
|
|
|
|
|
FDIC indemnification asset
|
|
|
|
738
|
|
|
|
1,749
|
|
|
|
2,632
|
|
|
|
4,743
|
|
|
|
6,997
|
|
|
|
|
|
Other assets
|
|
|
|
562,350
|
|
|
|
551,694
|
|
|
|
551,319
|
|
|
|
540,977
|
|
|
|
568,685
|
|
|
|
|
|
Total assets
|
|
|
$
|
12,678,896
|
|
|
$
|
12,390,276
|
|
|
$
|
12,182,448
|
|
|
$
|
12,179,164
|
|
|
$
|
12,250,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
|
$
|
2,998,694
|
|
|
$
|
2,787,454
|
|
|
$
|
2,819,171
|
|
|
$
|
2,936,875
|
|
|
$
|
2,748,635
|
|
|
|
|
|
Interest-bearing
|
|
|
|
6,589,536
|
|
|
|
6,624,950
|
|
|
|
6,973,003
|
|
|
|
6,970,115
|
|
|
|
6,949,723
|
|
|
|
|
|
Total deposits
|
|
|
|
9,588,230
|
|
|
|
9,412,404
|
|
|
|
9,792,174
|
|
|
|
9,906,990
|
|
|
|
9,698,358
|
|
|
|
|
|
Fed funds purchased and repos
|
|
|
|
441,042
|
|
|
|
534,204
|
|
|
|
477,462
|
|
|
|
523,187
|
|
|
|
443,543
|
|
|
|
|
|
Short-term borrowings
|
|
|
|
412,617
|
|
|
|
709,845
|
|
|
|
201,744
|
|
|
|
50,570
|
|
|
|
425,077
|
|
|
|
|
|
Long-term FHLB advances
|
|
|
|
501,155
|
|
|
|
1,173
|
|
|
|
1,204
|
|
|
|
1,222
|
|
|
|
1,253
|
|
|
|
|
|
Subordinated notes
|
|
|
|
49,969
|
|
|
|
49,961
|
|
|
|
49,953
|
|
|
|
49,944
|
|
|
|
49,936
|
|
|
|
|
|
Junior subordinated debt securities
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
|
|
Other liabilities
|
|
|
|
150,970
|
|
|
|
144,077
|
|
|
|
147,646
|
|
|
|
139,311
|
|
|
|
150,670
|
|
|
|
|
|
Total liabilities
|
|
|
|
11,205,839
|
|
|
|
10,913,520
|
|
|
|
10,732,039
|
|
|
|
10,733,080
|
|
|
|
10,830,693
|
|
|
|
|
|
Common stock
|
|
|
|
14,076
|
|
|
|
14,076
|
|
|
|
14,076
|
|
|
|
14,076
|
|
|
|
14,060
|
|
|
|
|
|
Capital surplus
|
|
|
|
361,467
|
|
|
|
360,494
|
|
|
|
359,533
|
|
|
|
358,583
|
|
|
|
356,244
|
|
|
|
|
|
Retained earnings
|
|
|
|
1,142,908
|
|
|
|
1,130,766
|
|
|
|
1,117,993
|
|
|
|
1,103,077
|
|
|
|
1,092,120
|
|
|
|
|
|
Accum other comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loss, net of tax
|
|
|
|
(45,394
|
)
|
|
|
(28,580
|
)
|
|
|
(41,193
|
)
|
|
|
(29,652
|
)
|
|
|
(42,484
|
)
|
|
|
|
|
Total shareholders' equity
|
|
|
|
1,473,057
|
|
|
|
1,476,756
|
|
|
|
1,450,409
|
|
|
|
1,446,084
|
|
|
|
1,419,940
|
|
|
|
|
|
Total liabilities and equity
|
|
|
$
|
12,678,896
|
|
|
$
|
12,390,276
|
|
|
$
|
12,182,448
|
|
|
$
|
12,179,164
|
|
|
$
|
12,250,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Consolidated Financials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED FINANCIAL INFORMATION
|
December 31, 2015
|
($ in thousands except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
INCOME STATEMENTS
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
|
Interest and fees on LHFS & LHFI-FTE
|
|
|
$
|
74,383
|
|
|
$
|
72,951
|
|
|
$
|
71,546
|
|
|
$
|
69,658
|
|
|
$
|
70,775
|
|
|
$
|
288,538
|
|
|
$
|
276,775
|
|
|
Interest and fees on acquired loans
|
|
|
|
11,910
|
|
|
|
11,607
|
|
|
|
12,557
|
|
|
|
15,078
|
|
|
|
13,500
|
|
|
|
51,152
|
|
|
|
76,736
|
|
|
Interest on securities-taxable
|
|
|
|
21,149
|
|
|
|
20,264
|
|
|
|
19,731
|
|
|
|
19,586
|
|
|
|
21,694
|
|
|
|
80,730
|
|
|
|
80,148
|
|
|
Interest on securities-tax exempt-FTE
|
|
|
|
1,565
|
|
|
|
1,609
|
|
|
|
1,688
|
|
|
|
1,789
|
|
|
|
1,814
|
|
|
|
6,651
|
|
|
|
7,491
|
|
|
Interest on fed funds sold and rev repos
|
|
|
|
4
|
|
|
|
2
|
|
|
|
2
|
|
|
|
-
|
|
|
|
3
|
|
|
|
8
|
|
|
|
23
|
|
|
Other interest income
|
|
|
|
402
|
|
|
|
392
|
|
|
|
392
|
|
|
|
393
|
|
|
|
384
|
|
|
|
1,579
|
|
|
|
1,524
|
|
|
Total interest income-FTE
|
|
|
|
109,413
|
|
|
|
106,825
|
|
|
|
105,916
|
|
|
|
106,504
|
|
|
|
108,170
|
|
|
|
428,658
|
|
|
|
442,697
|
|
|
Interest on deposits
|
|
|
|
3,000
|
|
|
|
3,147
|
|
|
|
3,204
|
|
|
|
3,247
|
|
|
|
3,382
|
|
|
|
12,598
|
|
|
|
15,323
|
|
|
Interest on fed funds pch and repos
|
|
|
|
274
|
|
|
|
205
|
|
|
|
179
|
|
|
|
143
|
|
|
|
184
|
|
|
|
801
|
|
|
|
550
|
|
|
Other interest expense
|
|
|
|
1,987
|
|
|
|
1,811
|
|
|
|
1,614
|
|
|
|
1,649
|
|
|
|
1,510
|
|
|
|
7,061
|
|
|
|
5,673
|
|
|
Total interest expense
|
|
|
|
5,261
|
|
|
|
5,163
|
|
|
|
4,997
|
|
|
|
5,039
|
|
|
|
5,076
|
|
|
|
20,460
|
|
|
|
21,546
|
|
|
Net interest income-FTE
|
|
|
|
104,152
|
|
|
|
101,662
|
|
|
|
100,919
|
|
|
|
101,465
|
|
|
|
103,094
|
|
|
|
408,198
|
|
|
|
421,151
|
|
|
Provision for loan losses, LHFI
|
|
|
|
3,043
|
|
|
|
2,514
|
|
|
|
1,033
|
|
|
|
1,785
|
|
|
|
(1,393
|
)
|
|
|
8,375
|
|
|
|
1,211
|
|
|
Provision for loan losses, acquired loans
|
|
|
|
997
|
|
|
|
1,256
|
|
|
|
825
|
|
|
|
347
|
|
|
|
1,179
|
|
|
|
3,425
|
|
|
|
6,171
|
|
|
Net interest income after provision-FTE
|
|
|
|
100,112
|
|
|
|
97,892
|
|
|
|
99,061
|
|
|
|
99,333
|
|
|
|
103,308
|
|
|
|
396,398
|
|
|
|
413,769
|
|
|
Service charges on deposit accounts
|
|
|
|
11,961
|
|
|
|
12,400
|
|
|
|
11,920
|
|
|
|
11,085
|
|
|
|
12,514
|
|
|
|
47,366
|
|
|
|
48,671
|
|
|
Insurance commissions
|
|
|
|
8,501
|
|
|
|
9,906
|
|
|
|
9,401
|
|
|
|
8,616
|
|
|
|
7,831
|
|
|
|
36,424
|
|
|
|
33,468
|
|
|
Wealth management
|
|
|
|
7,831
|
|
|
|
7,790
|
|
|
|
7,758
|
|
|
|
7,990
|
|
|
|
8,460
|
|
|
|
31,369
|
|
|
|
32,343
|
|
|
Bank card and other fees
|
|
|
|
7,156
|
|
|
|
6,964
|
|
|
|
7,416
|
|
|
|
6,762
|
|
|
|
6,712
|
|
|
|
28,298
|
|
|
|
32,966
|
|
|
Mortgage banking, net
|
|
|
|
4,287
|
|
|
|
7,443
|
|
|
|
9,481
|
|
|
|
8,965
|
|
|
|
5,918
|
|
|
|
30,176
|
|
|
|
24,780
|
|
|
Other, net
|
|
|
|
(466
|
)
|
|
|
1,470
|
|
|
|
(433
|
)
|
|
|
(1,055
|
)
|
|
|
596
|
|
|
|
(484
|
)
|
|
|
614
|
|
|
Nonint inc-excl sec gains (losses), net
|
|
|
|
39,270
|
|
|
|
45,973
|
|
|
|
45,543
|
|
|
|
42,363
|
|
|
|
42,031
|
|
|
|
173,149
|
|
|
|
172,842
|
|
|
Security gains (losses), net
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
300
|
|
|
Total noninterest income
|
|
|
|
39,270
|
|
|
|
45,973
|
|
|
|
45,543
|
|
|
|
42,363
|
|
|
|
42,031
|
|
|
|
173,149
|
|
|
|
173,142
|
|
|
Salaries and employee benefits
|
|
|
|
57,366
|
|
|
|
58,270
|
|
|
|
57,393
|
|
|
|
57,169
|
|
|
|
57,159
|
|
|
|
230,198
|
|
|
|
226,694
|
|
|
Services and fees
|
|
|
|
13,717
|
|
|
|
14,691
|
|
|
|
15,005
|
|
|
|
14,121
|
|
|
|
14,401
|
|
|
|
57,534
|
|
|
|
56,598
|
|
|
Net occupancy-premises
|
|
|
|
6,304
|
|
|
|
6,580
|
|
|
|
6,243
|
|
|
|
6,191
|
|
|
|
6,632
|
|
|
|
25,318
|
|
|
|
26,468
|
|
|
Equipment expense
|
|
|
|
6,105
|
|
|
|
5,877
|
|
|
|
5,903
|
|
|
|
5,974
|
|
|
|
5,911
|
|
|
|
23,859
|
|
|
|
23,860
|
|
|
FDIC assessment expense
|
|
|
|
2,614
|
|
|
|
2,559
|
|
|
|
2,615
|
|
|
|
2,940
|
|
|
|
2,669
|
|
|
|
10,728
|
|
|
|
10,197
|
|
|
ORE/Foreclosure expense
|
|
|
|
(518
|
)
|
|
|
3,385
|
|
|
|
921
|
|
|
|
1,115
|
|
|
|
3,240
|
|
|
|
4,903
|
|
|
|
11,321
|
|
|
Other expense
|
|
|
|
13,032
|
|
|
|
12,198
|
|
|
|
12,186
|
|
|
|
11,706
|
|
|
|
14,420
|
|
|
|
49,122
|
|
|
|
53,867
|
|
|
Total noninterest expense
|
|
|
|
98,620
|
|
|
|
103,560
|
|
|
|
100,266
|
|
|
|
99,216
|
|
|
|
104,432
|
|
|
|
401,662
|
|
|
|
409,005
|
|
|
Income before income taxes and tax eq adj
|
|
|
|
40,762
|
|
|
|
40,305
|
|
|
|
44,338
|
|
|
|
42,480
|
|
|
|
40,907
|
|
|
|
167,885
|
|
|
|
177,906
|
|
|
Tax equivalent adjustment
|
|
|
|
4,334
|
|
|
|
4,056
|
|
|
|
3,970
|
|
|
|
4,073
|
|
|
|
4,179
|
|
|
|
16,433
|
|
|
|
15,815
|
|
|
Income before income taxes
|
|
|
|
36,428
|
|
|
|
36,249
|
|
|
|
40,368
|
|
|
|
38,407
|
|
|
|
36,728
|
|
|
|
151,452
|
|
|
|
162,091
|
|
|
Income taxes
|
|
|
|
8,570
|
|
|
|
7,819
|
|
|
|
9,766
|
|
|
|
9,259
|
|
|
|
8,655
|
|
|
|
35,414
|
|
|
|
38,529
|
|
|
Net income
|
|
|
$
|
27,858
|
|
|
$
|
28,430
|
|
|
$
|
30,602
|
|
|
$
|
29,148
|
|
|
$
|
28,073
|
|
|
$
|
116,038
|
|
|
$
|
123,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic
|
|
|
$
|
0.41
|
|
|
$
|
0.42
|
|
|
$
|
0.45
|
|
|
$
|
0.43
|
|
|
$
|
0.42
|
|
|
$
|
1.72
|
|
|
$
|
1.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - diluted
|
|
|
$
|
0.41
|
|
|
$
|
0.42
|
|
|
$
|
0.45
|
|
|
$
|
0.43
|
|
|
$
|
0.42
|
|
|
$
|
1.71
|
|
|
$
|
1.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.92
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
67,557,991
|
|
|
|
67,557,395
|
|
|
|
67,556,825
|
|
|
|
67,525,791
|
|
|
|
67,445,721
|
|
|
|
67,549,611
|
|
|
|
67,433,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
67,734,109
|
|
|
|
67,707,456
|
|
|
|
67,685,449
|
|
|
|
67,639,326
|
|
|
|
67,633,637
|
|
|
|
67,691,821
|
|
|
|
67,594,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end shares outstanding
|
|
|
|
67,559,128
|
|
|
|
67,557,395
|
|
|
|
67,557,395
|
|
|
|
67,556,591
|
|
|
|
67,481,992
|
|
|
|
67,559,128
|
|
|
|
67,481,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity
|
|
|
|
7.46
|
%
|
|
|
7.68
|
%
|
|
|
8.44
|
%
|
|
|
8.23
|
%
|
|
|
7.83
|
%
|
|
|
7.94
|
%
|
|
|
8.83
|
%
|
|
Return on average tangible equity
|
|
|
|
10.61
|
%
|
|
|
10.96
|
%
|
|
|
12.05
|
%
|
|
|
11.86
|
%
|
|
|
11.40
|
%
|
|
|
11.36
|
%
|
|
|
12.97
|
%
|
|
Return on assets
|
|
|
|
0.88
|
%
|
|
|
0.92
|
%
|
|
|
1.01
|
%
|
|
|
0.97
|
%
|
|
|
0.92
|
%
|
|
|
0.95
|
%
|
|
|
1.03
|
%
|
|
Interest margin - Yield - FTE
|
|
|
|
3.92
|
%
|
|
|
3.91
|
%
|
|
|
3.99
|
%
|
|
|
4.07
|
%
|
|
|
4.05
|
%
|
|
|
3.97
|
%
|
|
|
4.24
|
%
|
|
Interest margin - Cost
|
|
|
|
0.19
|
%
|
|
|
0.19
|
%
|
|
|
0.19
|
%
|
|
|
0.19
|
%
|
|
|
0.19
|
%
|
|
|
0.19
|
%
|
|
|
0.21
|
%
|
|
Net interest margin - FTE
|
|
|
|
3.74
|
%
|
|
|
3.72
|
%
|
|
|
3.81
|
%
|
|
|
3.88
|
%
|
|
|
3.86
|
%
|
|
|
3.78
|
%
|
|
|
4.03
|
%
|
|
Efficiency ratio (1)
|
|
|
|
66.03
|
%
|
|
|
67.87
|
%
|
|
|
66.00
|
%
|
|
|
66.46
|
%
|
|
|
69.16
|
%
|
|
|
66.60
|
%
|
|
|
66.07
|
%
|
|
Full-time equivalent employees
|
|
|
|
2,941
|
|
|
|
2,963
|
|
|
|
2,989
|
|
|
|
3,038
|
|
|
|
3,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK PERFORMANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value-Close
|
|
|
$
|
23.04
|
|
|
$
|
23.17
|
|
|
$
|
24.98
|
|
|
$
|
24.28
|
|
|
$
|
24.54
|
|
|
|
|
|
|
Book value
|
|
|
$
|
21.80
|
|
|
$
|
21.86
|
|
|
$
|
21.47
|
|
|
$
|
21.41
|
|
|
$
|
21.04
|
|
|
|
|
|
|
Tangible book value
|
|
|
$
|
15.98
|
|
|
$
|
16.00
|
|
|
$
|
15.58
|
|
|
$
|
15.53
|
|
|
$
|
15.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
- The efficiency ratio is noninterest expense to total net
interest income (FTE) and noninterest income, excluding security
gains (losses), amortization of partnership tax credits,
amortization of purchased intangibles, and nonroutine income and
expense items.
|
|
|
See Notes to Consolidated Financials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED FINANCIAL INFORMATION
|
December 31, 2015
|
($ in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
NONPERFORMING ASSETS (1)
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
|
|
|
Nonaccrual loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
$
|
1,776
|
|
|
$
|
1,306
|
|
|
$
|
713
|
|
|
$
|
902
|
|
|
$
|
852
|
|
|
|
|
|
Florida
|
|
|
|
5,180
|
|
|
|
7,444
|
|
|
|
7,892
|
|
|
|
8,179
|
|
|
|
11,091
|
|
|
|
|
|
Mississippi (2)
|
|
|
|
40,754
|
|
|
|
44,955
|
|
|
|
52,051
|
|
|
|
52,145
|
|
|
|
57,129
|
|
|
|
|
|
Tennessee (3)
|
|
|
|
5,106
|
|
|
|
4,911
|
|
|
|
5,468
|
|
|
|
4,197
|
|
|
|
5,819
|
|
|
|
|
|
Texas
|
|
|
|
2,496
|
|
|
|
2,515
|
|
|
|
2,314
|
|
|
|
11,585
|
|
|
|
4,452
|
|
|
|
|
|
Total nonaccrual loans
|
|
|
|
55,312
|
|
|
|
61,131
|
|
|
|
68,438
|
|
|
|
77,008
|
|
|
|
79,343
|
|
|
|
|
|
Other real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
|
21,578
|
|
|
|
23,822
|
|
|
|
21,849
|
|
|
|
21,795
|
|
|
|
21,196
|
|
|
|
|
|
Florida
|
|
|
|
29,579
|
|
|
|
30,374
|
|
|
|
31,059
|
|
|
|
34,746
|
|
|
|
35,324
|
|
|
|
|
|
Mississippi (2)
|
|
|
|
14,312
|
|
|
|
13,180
|
|
|
|
14,094
|
|
|
|
15,143
|
|
|
|
17,397
|
|
|
|
|
|
Tennessee (3)
|
|
|
|
9,974
|
|
|
|
9,840
|
|
|
|
9,707
|
|
|
|
10,072
|
|
|
|
10,292
|
|
|
|
|
|
Texas
|
|
|
|
1,734
|
|
|
|
6,739
|
|
|
|
14,039
|
|
|
|
8,419
|
|
|
|
8,300
|
|
|
|
|
|
Total other real estate
|
|
|
|
77,177
|
|
|
|
83,955
|
|
|
|
90,748
|
|
|
|
90,175
|
|
|
|
92,509
|
|
|
|
|
|
Total nonperforming assets
|
|
|
$
|
132,489
|
|
|
$
|
145,086
|
|
|
$
|
159,186
|
|
|
$
|
167,183
|
|
|
$
|
171,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS PAST DUE OVER 90 DAYS (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFI
|
|
|
$
|
2,300
|
|
|
$
|
9,224
|
|
|
$
|
1,771
|
|
|
$
|
1,413
|
|
|
$
|
2,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFS-Guaranteed GNMA serviced loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(no obligation to repurchase)
|
|
|
$
|
21,812
|
|
|
$
|
15,165
|
|
|
$
|
11,987
|
|
|
$
|
7,584
|
|
|
$
|
25,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
ALLOWANCE FOR LOAN LOSSES (4)
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
Beginning Balance
|
|
|
$
|
65,607
|
|
|
$
|
71,166
|
|
|
$
|
71,321
|
|
|
$
|
69,616
|
|
|
$
|
70,134
|
|
|
$
|
69,616
|
|
|
$
|
66,448
|
|
Provision for loan losses
|
|
|
|
3,043
|
|
|
|
2,514
|
|
|
|
1,033
|
|
|
|
1,785
|
|
|
|
(1,393
|
)
|
|
|
8,375
|
|
|
|
1,211
|
|
Charge-offs
|
|
|
|
(3,781
|
)
|
|
|
(11,406
|
)
|
|
|
(4,278
|
)
|
|
|
(3,004
|
)
|
|
|
(3,174
|
)
|
|
|
(22,469
|
)
|
|
|
(13,226
|
)
|
Recoveries
|
|
|
|
2,750
|
|
|
|
3,333
|
|
|
|
3,090
|
|
|
|
2,924
|
|
|
|
4,049
|
|
|
|
12,097
|
|
|
|
15,183
|
|
Net (charge-offs) recoveries
|
|
|
|
(1,031
|
)
|
|
|
(8,073
|
)
|
|
|
(1,188
|
)
|
|
|
(80
|
)
|
|
|
875
|
|
|
|
(10,372
|
)
|
|
|
1,957
|
|
Ending Balance
|
|
|
$
|
67,619
|
|
|
$
|
65,607
|
|
|
$
|
71,166
|
|
|
$
|
71,321
|
|
|
$
|
69,616
|
|
|
$
|
67,619
|
|
|
$
|
69,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
$
|
1,453
|
|
|
$
|
(70
|
)
|
|
$
|
623
|
|
|
$
|
761
|
|
|
$
|
283
|
|
|
$
|
2,767
|
|
|
$
|
2,544
|
|
Florida
|
|
|
|
(1,357
|
)
|
|
|
(1,430
|
)
|
|
|
(1,168
|
)
|
|
|
1,833
|
|
|
|
(66
|
)
|
|
|
(2,122
|
)
|
|
|
(5,726
|
)
|
Mississippi (2)
|
|
|
|
1,842
|
|
|
|
4,221
|
|
|
|
2,046
|
|
|
|
(2,729
|
)
|
|
|
(3,065
|
)
|
|
|
5,380
|
|
|
|
6,474
|
|
Tennessee (3)
|
|
|
|
182
|
|
|
|
(1,050
|
)
|
|
|
(483
|
)
|
|
|
1,432
|
|
|
|
1,993
|
|
|
|
81
|
|
|
|
1,045
|
|
Texas
|
|
|
|
923
|
|
|
|
843
|
|
|
|
15
|
|
|
|
488
|
|
|
|
(538
|
)
|
|
|
2,269
|
|
|
|
(3,126
|
)
|
Total provision for loan losses
|
|
|
$
|
3,043
|
|
|
$
|
2,514
|
|
|
$
|
1,033
|
|
|
$
|
1,785
|
|
|
$
|
(1,393
|
)
|
|
$
|
8,375
|
|
|
$
|
1,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
$
|
422
|
|
|
$
|
163
|
|
|
$
|
216
|
|
|
$
|
144
|
|
|
$
|
92
|
|
|
$
|
945
|
|
|
$
|
403
|
|
Florida
|
|
|
|
(389
|
)
|
|
|
(1,090
|
)
|
|
|
539
|
|
|
|
(28
|
)
|
|
|
(226
|
)
|
|
|
(968
|
)
|
|
|
(3,364
|
)
|
Mississippi (2)
|
|
|
|
925
|
|
|
|
7,391
|
|
|
|
1,028
|
|
|
|
143
|
|
|
|
(880
|
)
|
|
|
9,487
|
|
|
|
1,776
|
|
Tennessee (3)
|
|
|
|
188
|
|
|
|
448
|
|
|
|
105
|
|
|
|
(216
|
)
|
|
|
325
|
|
|
|
525
|
|
|
|
459
|
|
Texas
|
|
|
|
(115
|
)
|
|
|
1,161
|
|
|
|
(700
|
)
|
|
|
37
|
|
|
|
(186
|
)
|
|
|
383
|
|
|
|
(1,231
|
)
|
Total net charge-offs (recoveries)
|
|
|
$
|
1,031
|
|
|
$
|
8,073
|
|
|
$
|
1,188
|
|
|
$
|
80
|
|
|
$
|
(875
|
)
|
|
$
|
10,372
|
|
|
$
|
(1,957
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs/average loans
|
|
|
|
0.06
|
%
|
|
|
0.47
|
%
|
|
|
0.07
|
%
|
|
|
0.00
|
%
|
|
|
-0.05
|
%
|
|
|
0.15
|
%
|
|
|
-0.03
|
%
|
Provision for loan losses/average loans
|
|
|
|
0.17
|
%
|
|
|
0.15
|
%
|
|
|
0.06
|
%
|
|
|
0.11
|
%
|
|
|
-0.09
|
%
|
|
|
0.12
|
%
|
|
|
0.02
|
%
|
Nonperforming loans/total loans (incl LHFS)
|
|
|
|
0.76
|
%
|
|
|
0.88
|
%
|
|
|
1.04
|
%
|
|
|
1.17
|
%
|
|
|
1.21
|
%
|
|
|
|
|
Nonperforming assets/total loans (incl LHFS)
|
|
|
|
1.83
|
%
|
|
|
2.08
|
%
|
|
|
2.41
|
%
|
|
|
2.55
|
%
|
|
|
2.61
|
%
|
|
|
|
|
Nonperforming assets/total loans (incl LHFS) +ORE
|
|
|
|
1.81
|
%
|
|
|
2.06
|
%
|
|
|
2.38
|
%
|
|
|
2.51
|
%
|
|
|
2.57
|
%
|
|
|
|
|
ALL/total loans (excl LHFS)
|
|
|
|
0.95
|
%
|
|
|
0.97
|
%
|
|
|
1.10
|
%
|
|
|
1.11
|
%
|
|
|
1.08
|
%
|
|
|
|
|
ALL-commercial/total commercial loans
|
|
|
|
1.05
|
%
|
|
|
1.07
|
%
|
|
|
1.30
|
%
|
|
|
1.30
|
%
|
|
|
1.23
|
%
|
|
|
|
|
ALL-consumer/total consumer and home mortgage loans
|
|
|
|
0.66
|
%
|
|
|
0.67
|
%
|
|
|
0.59
|
%
|
|
|
0.61
|
%
|
|
|
0.67
|
%
|
|
|
|
|
ALL/nonperforming loans
|
|
|
|
122.25
|
%
|
|
|
107.32
|
%
|
|
|
103.99
|
%
|
|
|
92.62
|
%
|
|
|
87.74
|
%
|
|
|
|
|
ALL/nonperforming loans -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(excl impaired loans)
|
|
|
|
210.32
|
%
|
|
|
206.72
|
%
|
|
|
192.60
|
%
|
|
|
205.52
|
%
|
|
|
180.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity/total assets
|
|
|
|
11.62
|
%
|
|
|
11.92
|
%
|
|
|
11.91
|
%
|
|
|
11.87
|
%
|
|
|
11.59
|
%
|
|
|
|
|
Tangible equity/tangible assets
|
|
|
|
8.79
|
%
|
|
|
9.01
|
%
|
|
|
8.93
|
%
|
|
|
8.91
|
%
|
|
|
8.62
|
%
|
|
|
|
|
Tangible equity/risk-weighted assets
|
|
|
|
11.68
|
%
|
|
|
12.24
|
%
|
|
|
12.34
|
%
|
|
|
12.34
|
%
|
|
|
12.17
|
%
|
|
|
|
|
Tier 1 leverage ratio
|
|
|
|
10.03
|
%
|
|
|
10.09
|
%
|
|
|
10.14
|
%
|
|
|
9.99
|
%
|
|
|
9.63
|
%
|
|
|
|
|
Tier 1 common risk-based capital ratio - BASEL I
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12.75
|
%
|
|
|
|
|
Common equity tier 1 capital ratio - BASEL III
|
|
|
|
12.57
|
%
|
|
|
13.00
|
%
|
|
|
13.28
|
%
|
|
|
13.14
|
%
|
|
|
-
|
|
|
|
|
|
Tier 1 risk-based capital ratio
|
|
|
|
13.21
|
%
|
|
|
13.66
|
%
|
|
|
13.97
|
%
|
|
|
13.83
|
%
|
|
|
13.47
|
%
|
|
|
|
|
Total risk-based capital ratio
|
|
|
|
14.07
|
%
|
|
|
14.66
|
%
|
|
|
15.07
|
%
|
|
|
14.92
|
%
|
|
|
14.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Excludes acquired loans and covered other real estate
|
(2) - Mississippi includes Central and Southern Mississippi
Regions
|
(3) - Tennessee includes Memphis, Tennessee and Northern
Mississippi Regions
|
(4) - Excludes acquired loans
|
|
See Notes to Consolidated Financials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES
TO CONSOLIDATED FINANCIALS December 31, 2015 ($
in thousands) (unaudited)
Note 1 - Securities Available for Sale and Held to Maturity
The following table is a summary of the estimated fair value of
securities available for sale and the amortized cost of securities
held to maturity ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
SECURITIES AVAILABLE FOR SALE
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities
|
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
100
|
U.S. Government agency obligations
|
|
|
|
|
|
|
|
|
|
|
|
Issued by U.S. Government agencies
|
|
|
|
68,135
|
|
|
71,282
|
|
|
74,409
|
|
|
78,115
|
|
|
79,656
|
Issued by U.S. Government sponsored agencies
|
|
|
|
281
|
|
|
23,016
|
|
|
33,009
|
|
|
33,076
|
|
|
32,818
|
Obligations of states and political subdivisions
|
|
|
|
138,609
|
|
|
147,794
|
|
|
151,322
|
|
|
160,154
|
|
|
162,258
|
Mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage pass-through securities
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed by GNMA
|
|
|
|
25,812
|
|
|
26,651
|
|
|
20,651
|
|
|
12,010
|
|
|
12,427
|
Issued by FNMA and FHLMC
|
|
|
|
225,542
|
|
|
177,411
|
|
|
185,651
|
|
|
195,470
|
|
|
204,441
|
Other residential mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA, FHLMC, or GNMA
|
|
|
|
1,582,860
|
|
|
1,630,402
|
|
|
1,662,476
|
|
|
1,646,710
|
|
|
1,661,833
|
Commercial mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA, FHLMC, or GNMA
|
|
|
|
279,226
|
|
|
279,609
|
|
|
290,398
|
|
|
225,826
|
|
|
189,334
|
Asset-backed securities and structured financial products
|
|
|
|
24,957
|
|
|
26,657
|
|
|
28,467
|
|
|
30,098
|
|
|
31,700
|
Total securities available for sale
|
|
|
$
|
2,345,422
|
|
$
|
2,382,822
|
|
$
|
2,446,383
|
|
$
|
2,381,459
|
|
$
|
2,374,567
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITIES HELD TO MATURITY
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agency obligations
|
|
|
|
|
|
|
|
|
|
|
|
Issued by U.S. Government sponsored agencies
|
|
|
$
|
101,782
|
|
$
|
101,578
|
|
$
|
101,374
|
|
$
|
101,171
|
|
$
|
100,971
|
Obligations of states and political subdivisions
|
|
|
|
55,892
|
|
|
56,661
|
|
|
56,978
|
|
|
62,928
|
|
|
63,505
|
Mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage pass-through securities
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed by GNMA
|
|
|
|
17,363
|
|
|
17,783
|
|
|
18,265
|
|
|
18,861
|
|
|
19,115
|
Issued by FNMA and FHLMC
|
|
|
|
10,368
|
|
|
10,669
|
|
|
10,965
|
|
|
11,341
|
|
|
11,437
|
Other residential mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA, FHLMC, or GNMA
|
|
|
|
820,012
|
|
|
808,763
|
|
|
838,989
|
|
|
842,827
|
|
|
834,176
|
Commercial mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA, FHLMC, or GNMA
|
|
|
|
182,401
|
|
|
182,986
|
|
|
163,590
|
|
|
147,426
|
|
|
141,481
|
Total securities held to maturity
|
|
|
$
|
1,187,818
|
|
$
|
1,178,440
|
|
$
|
1,190,161
|
|
$
|
1,184,554
|
|
$
|
1,170,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2015, the net
unamortized, unrealized loss on the transferred securities included in
accumulated other comprehensive loss in the accompanying balance sheet
totaled approximately $34.0 million ($21.0 million, net of tax).
Management continues to focus on asset quality as one of the strategic
goals of the securities portfolio, which is evidenced by the investment
of approximately 94% of the portfolio in GSE-backed obligations and
other Aaa rated securities as determined by Moody’s. None of the
securities owned by Trustmark are collateralized by assets which are
considered sub-prime. Furthermore, outside of stock ownership in the
Federal Home Loan Bank of Dallas, Federal Home Loan Bank of Atlanta and
Federal Reserve Bank, Trustmark does not hold any other equity
investment in a GSE.
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES
TO CONSOLIDATED FINANCIALS December 31, 2015 ($
in thousands) (unaudited)
Note 2 – Loan Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFI BY TYPE (excluding acquired loans)
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
Loans secured by real estate:
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land development and other land loans
|
|
|
$
|
824,723
|
|
|
$
|
785,472
|
|
|
$
|
682,444
|
|
|
$
|
691,657
|
|
|
$
|
619,877
|
|
Secured by 1-4 family residential properties
|
|
|
|
1,649,501
|
|
|
|
1,638,639
|
|
|
|
1,637,933
|
|
|
|
1,613,993
|
|
|
|
1,634,397
|
|
Secured by nonfarm, nonresidential properties
|
|
|
|
1,736,476
|
|
|
|
1,604,453
|
|
|
|
1,567,035
|
|
|
|
1,516,895
|
|
|
|
1,553,193
|
|
Other real estate secured
|
|
|
|
211,228
|
|
|
|
225,523
|
|
|
|
240,056
|
|
|
|
233,322
|
|
|
|
253,787
|
|
Commercial and industrial loans
|
|
|
|
1,343,211
|
|
|
|
1,270,277
|
|
|
|
1,219,684
|
|
|
|
1,228,788
|
|
|
|
1,270,350
|
|
Consumer loans
|
|
|
|
169,135
|
|
|
|
169,509
|
|
|
|
165,215
|
|
|
|
161,535
|
|
|
|
167,964
|
|
State and other political subdivision loans
|
|
|
|
734,615
|
|
|
|
677,539
|
|
|
|
574,265
|
|
|
|
614,330
|
|
|
|
602,727
|
|
Other loans
|
|
|
|
422,496
|
|
|
|
420,231
|
|
|
|
360,441
|
|
|
|
353,356
|
|
|
|
347,174
|
|
LHFI
|
|
|
|
7,091,385
|
|
|
|
6,791,643
|
|
|
|
6,447,073
|
|
|
|
6,413,876
|
|
|
|
6,449,469
|
|
Allowance for loan losses
|
|
|
|
(67,619
|
)
|
|
|
(65,607
|
)
|
|
|
(71,166
|
)
|
|
|
(71,321
|
)
|
|
|
(69,616
|
)
|
Net LHFI
|
|
|
$
|
7,023,766
|
|
|
$
|
6,726,036
|
|
|
$
|
6,375,907
|
|
|
$
|
6,342,555
|
|
|
$
|
6,379,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUIRED NONCOVERED LOANS BY TYPE
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
Loans secured by real estate:
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land development and other land loans
|
|
|
$
|
41,623
|
|
|
$
|
45,299
|
|
|
$
|
50,867
|
|
|
$
|
51,363
|
|
|
$
|
58,309
|
|
Secured by 1-4 family residential properties
|
|
|
|
86,950
|
|
|
|
96,870
|
|
|
|
101,027
|
|
|
|
111,830
|
|
|
|
116,920
|
|
Secured by nonfarm, nonresidential properties
|
|
|
|
135,626
|
|
|
|
146,614
|
|
|
|
168,698
|
|
|
|
177,210
|
|
|
|
202,323
|
|
Other real estate secured
|
|
|
|
23,860
|
|
|
|
23,816
|
|
|
|
25,666
|
|
|
|
26,819
|
|
|
|
27,813
|
|
Commercial and industrial loans
|
|
|
|
55,075
|
|
|
|
57,748
|
|
|
|
73,732
|
|
|
|
81,261
|
|
|
|
88,256
|
|
Consumer loans
|
|
|
|
5,641
|
|
|
|
6,295
|
|
|
|
7,273
|
|
|
|
8,494
|
|
|
|
9,772
|
|
Other loans
|
|
|
|
23,936
|
|
|
|
23,886
|
|
|
|
19,897
|
|
|
|
21,195
|
|
|
|
22,390
|
|
Noncovered loans
|
|
|
|
372,711
|
|
|
|
400,528
|
|
|
|
447,160
|
|
|
|
478,172
|
|
|
|
525,783
|
|
Allowance for loan losses
|
|
|
|
(11,259
|
)
|
|
|
(11,417
|
)
|
|
|
(11,927
|
)
|
|
|
(11,106
|
)
|
|
|
(10,541
|
)
|
Net noncovered loans
|
|
|
$
|
361,452
|
|
|
$
|
389,111
|
|
|
$
|
435,233
|
|
|
$
|
467,066
|
|
|
$
|
515,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUIRED COVERED LOANS BY TYPE
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
Loans secured by real estate:
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land development and other land loans
|
|
|
$
|
1,021
|
|
|
$
|
966
|
|
|
$
|
904
|
|
|
$
|
1,447
|
|
|
$
|
1,197
|
|
Secured by 1-4 family residential properties
|
|
|
|
10,058
|
|
|
|
10,546
|
|
|
|
11,080
|
|
|
|
11,200
|
|
|
|
13,180
|
|
Secured by nonfarm, nonresidential properties
|
|
|
|
4,638
|
|
|
|
5,363
|
|
|
|
5,206
|
|
|
|
5,844
|
|
|
|
7,672
|
|
Other real estate secured
|
|
|
|
1,286
|
|
|
|
1,511
|
|
|
|
1,622
|
|
|
|
1,469
|
|
|
|
1,096
|
|
Commercial and industrial loans
|
|
|
|
624
|
|
|
|
205
|
|
|
|
371
|
|
|
|
255
|
|
|
|
277
|
|
Consumer loans
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other loans
|
|
|
|
73
|
|
|
|
54
|
|
|
|
56
|
|
|
|
56
|
|
|
|
204
|
|
Covered loans
|
|
|
|
17,700
|
|
|
|
18,645
|
|
|
|
19,239
|
|
|
|
20,271
|
|
|
|
23,626
|
|
Allowance for loan losses
|
|
|
|
(733
|
)
|
|
|
(768
|
)
|
|
|
(702
|
)
|
|
|
(731
|
)
|
|
|
(1,518
|
)
|
Net covered loans
|
|
|
$
|
16,967
|
|
|
$
|
17,877
|
|
|
$
|
18,537
|
|
|
$
|
19,540
|
|
|
$
|
22,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES
TO CONSOLIDATED FINANCIALS December 31, 2015 ($
in thousands) (unaudited)
Note 2 – Loan Composition (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
LHFI - COMPOSITION BY REGION (1)
|
|
|
Total
|
|
Alabama
|
|
Florida
|
|
Mississippi (Central and Southern Regions)
|
|
Tennessee (Memphis, TN and
Northern MS Regions)
|
|
Texas
|
Loans secured by real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land development and other land loans
|
|
|
$
|
824,723
|
|
$
|
125,498
|
|
$
|
55,546
|
|
$
|
313,173
|
|
$
|
44,043
|
|
$
|
286,463
|
Secured by 1-4 family residential properties
|
|
|
|
1,649,501
|
|
|
58,893
|
|
|
49,176
|
|
|
1,409,421
|
|
|
112,529
|
|
|
19,482
|
Secured by nonfarm, nonresidential properties
|
|
|
|
1,736,476
|
|
|
218,852
|
|
|
165,992
|
|
|
807,331
|
|
|
145,551
|
|
|
398,750
|
Other real estate secured
|
|
|
|
211,228
|
|
|
18,581
|
|
|
5,954
|
|
|
108,176
|
|
|
17,807
|
|
|
60,710
|
Commercial and industrial loans
|
|
|
|
1,343,211
|
|
|
107,549
|
|
|
12,763
|
|
|
702,876
|
|
|
220,294
|
|
|
299,729
|
Consumer loans
|
|
|
|
169,135
|
|
|
18,059
|
|
|
2,871
|
|
|
128,357
|
|
|
17,038
|
|
|
2,810
|
State and other political subdivision loans
|
|
|
|
734,615
|
|
|
45,559
|
|
|
27,361
|
|
|
513,481
|
|
|
24,784
|
|
|
123,430
|
Other loans
|
|
|
|
422,496
|
|
|
26,617
|
|
|
19,335
|
|
|
288,698
|
|
|
42,783
|
|
|
45,063
|
Loans
|
|
|
$
|
7,091,385
|
|
$
|
619,608
|
|
$
|
338,998
|
|
$
|
4,271,513
|
|
$
|
624,829
|
|
$
|
1,236,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTRUCTION, LAND DEVELOPMENT AND
OTHER LAND LOANS BY REGION (1)
|
Lots
|
|
|
$
|
49,906
|
|
$
|
6,655
|
|
$
|
20,054
|
|
$
|
16,671
|
|
$
|
2,164
|
|
$
|
4,362
|
Development
|
|
|
|
54,174
|
|
|
8,760
|
|
|
4,210
|
|
|
25,451
|
|
|
764
|
|
|
14,989
|
Unimproved land
|
|
|
|
109,681
|
|
|
8,799
|
|
|
18,485
|
|
|
43,945
|
|
|
18,698
|
|
|
19,754
|
1-4 family construction
|
|
|
|
155,008
|
|
|
30,226
|
|
|
9,317
|
|
|
75,090
|
|
|
1,826
|
|
|
38,549
|
Other construction
|
|
|
|
455,954
|
|
|
71,058
|
|
|
3,480
|
|
|
152,016
|
|
|
20,591
|
|
|
208,809
|
Construction, land development and other land loans
|
|
|
$
|
824,723
|
|
$
|
125,498
|
|
$
|
55,546
|
|
$
|
313,173
|
|
$
|
44,043
|
|
$
|
286,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS SECURED BY NONFARM,
NONRESIDENTIAL PROPERTIES BY REGION (1)
|
Income producing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
$
|
215,549
|
|
$
|
51,801
|
|
$
|
36,545
|
|
$
|
69,580
|
|
$
|
19,122
|
|
$
|
38,501
|
Office
|
|
|
|
216,832
|
|
|
31,277
|
|
|
31,794
|
|
|
74,840
|
|
|
7,275
|
|
|
71,646
|
Nursing homes/assisted living
|
|
|
|
95,170
|
|
|
-
|
|
|
-
|
|
|
89,716
|
|
|
5,454
|
|
|
-
|
Hotel/motel
|
|
|
|
149,813
|
|
|
33,468
|
|
|
22,200
|
|
|
38,257
|
|
|
32,668
|
|
|
23,220
|
Industrial
|
|
|
|
70,422
|
|
|
7,053
|
|
|
8,493
|
|
|
9,994
|
|
|
3,949
|
|
|
40,933
|
Health care
|
|
|
|
24,515
|
|
|
530
|
|
|
871
|
|
|
23,111
|
|
|
3
|
|
|
-
|
Convenience stores
|
|
|
|
16,783
|
|
|
233
|
|
|
-
|
|
|
10,855
|
|
|
1,121
|
|
|
4,574
|
Other
|
|
|
|
186,930
|
|
|
20,452
|
|
|
17,992
|
|
|
80,627
|
|
|
3,902
|
|
|
63,957
|
Total income producing loans
|
|
|
|
976,014
|
|
|
144,814
|
|
|
117,895
|
|
|
396,980
|
|
|
73,494
|
|
|
242,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner-occupied:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office
|
|
|
|
119,550
|
|
|
9,506
|
|
|
20,902
|
|
|
59,584
|
|
|
8,971
|
|
|
20,587
|
Churches
|
|
|
|
93,227
|
|
|
8,049
|
|
|
2,267
|
|
|
45,311
|
|
|
28,212
|
|
|
9,388
|
Industrial warehouses
|
|
|
|
129,216
|
|
|
5,049
|
|
|
4,117
|
|
|
63,085
|
|
|
10,840
|
|
|
46,125
|
Health care
|
|
|
|
118,931
|
|
|
19,632
|
|
|
7,905
|
|
|
60,774
|
|
|
10,428
|
|
|
20,192
|
Convenience stores
|
|
|
|
81,653
|
|
|
6,787
|
|
|
1,798
|
|
|
47,007
|
|
|
2,802
|
|
|
23,259
|
Retail
|
|
|
|
29,568
|
|
|
2,482
|
|
|
5,648
|
|
|
15,884
|
|
|
2,822
|
|
|
2,732
|
Restaurants
|
|
|
|
28,214
|
|
|
2,466
|
|
|
1,768
|
|
|
22,624
|
|
|
-
|
|
|
1,356
|
Auto dealerships
|
|
|
|
10,842
|
|
|
8,246
|
|
|
105
|
|
|
2,491
|
|
|
-
|
|
|
-
|
Other
|
|
|
|
149,261
|
|
|
11,821
|
|
|
3,587
|
|
|
93,591
|
|
|
7,982
|
|
|
32,280
|
Total owner-occupied loans
|
|
|
|
760,462
|
|
|
74,038
|
|
|
48,097
|
|
|
410,351
|
|
|
72,057
|
|
|
155,919
|
Loans secured by nonfarm, nonresidential properties
|
|
|
$
|
1,736,476
|
|
$
|
218,852
|
|
$
|
165,992
|
|
$
|
807,331
|
|
$
|
145,551
|
|
$
|
398,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes acquired loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES
TO CONSOLIDATED FINANCIALS December 31, 2015 ($
in thousands) (unaudited)
Note 3 – Yields on Earning Assets and Interest-Bearing
Liabilities
The following table illustrates the yields on earning assets by
category as well as the rates paid on interest-bearing liabilities
on a tax equivalent basis:
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
Securities – taxable
|
|
|
2.50%
|
|
2.35%
|
|
2.33%
|
|
2.40%
|
|
2.59%
|
|
2.39%
|
|
2.42%
|
Securities – nontaxable
|
|
|
4.25%
|
|
4.18%
|
|
4.27%
|
|
4.29%
|
|
4.20%
|
|
4.25%
|
|
4.24%
|
Securities – total
|
|
|
2.57%
|
|
2.43%
|
|
2.42%
|
|
2.49%
|
|
2.67%
|
|
2.48%
|
|
2.52%
|
Loans - LHFI & LHFS
|
|
|
4.16%
|
|
4.27%
|
|
4.38%
|
|
4.31%
|
|
4.32%
|
|
4.28%
|
|
4.43%
|
Acquired loans
|
|
|
11.74%
|
|
10.46%
|
|
10.43%
|
|
11.62%
|
|
9.38%
|
|
11.06%
|
|
11.52%
|
Loans - total
|
|
|
4.57%
|
|
4.65%
|
|
4.79%
|
|
4.85%
|
|
4.73%
|
|
4.71%
|
|
5.11%
|
FF sold & rev repo
|
|
|
1.15%
|
|
0.68%
|
|
1.44%
|
|
0.00%
|
|
0.94%
|
|
0.96%
|
|
0.63%
|
Other earning assets
|
|
|
2.34%
|
|
2.66%
|
|
3.81%
|
|
3.44%
|
|
3.16%
|
|
2.95%
|
|
3.73%
|
Total earning assets
|
|
|
3.92%
|
|
3.91%
|
|
3.99%
|
|
4.07%
|
|
4.05%
|
|
3.97%
|
|
4.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
|
|
|
0.18%
|
|
0.18%
|
|
0.18%
|
|
0.19%
|
|
0.20%
|
|
0.18%
|
|
0.22%
|
FF pch & repo
|
|
|
0.19%
|
|
0.15%
|
|
0.14%
|
|
0.14%
|
|
0.14%
|
|
0.16%
|
|
0.13%
|
Other borrowings
|
|
|
0.88%
|
|
1.11%
|
|
2.68%
|
|
1.81%
|
|
1.20%
|
|
1.31%
|
|
1.94%
|
Total interest-bearing liabilities
|
|
|
0.26%
|
|
0.26%
|
|
0.26%
|
|
0.26%
|
|
0.26%
|
|
0.26%
|
|
0.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
3.74%
|
|
3.72%
|
|
3.81%
|
|
3.88%
|
|
3.86%
|
|
3.78%
|
|
4.03%
|
Net interest margin excluding acquired loans
|
|
|
3.43%
|
|
3.43%
|
|
3.49%
|
|
3.47%
|
|
3.54%
|
|
3.46%
|
|
3.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reflected in the table above are yields on earning assets and
liabilities, along with the net interest margin which equals reported
net interest income-FTE, annualized, as a percent of average earning
assets. In addition, the table includes net interest margin excluding
acquired loans, which equals reported net interest income-FTE excluding
interest income on acquired loans, annualized, as a percent of average
earning assets excluding average acquired loans.
During the fourth quarter of 2015, the net interest margin included $902
thousand of yield maintenance payments on prepaid securities. The net
interest margin, excluding acquired loans and the yield maintenance
payments on prepaid securities, totaled 3.40% during the fourth quarter
of 2015.
Note 4 – Mortgage Banking
Trustmark utilizes a portfolio of exchange-traded derivative
instruments, such as Treasury note futures contracts and option
contracts, to achieve a fair value return that offsets the changes in
fair value of mortgage servicing rights (MSR) attributable to interest
rates. These transactions are considered freestanding derivatives that
do not otherwise qualify for hedge accounting under generally accepted
accounting principles (GAAP). Changes in the fair value of these
exchange-traded derivative instruments, including administrative costs,
are recorded in noninterest income in mortgage banking, net and are
offset by the changes in the fair value of the MSR. The MSR fair value
represents the present value of future cash flows, which among other
things includes decay and the effect of changes in interest rates.
Ineffectiveness of hedging the MSR fair value is measured by comparing
the change in value of hedge instruments to the change in the fair value
of the MSR asset attributable to changes in interest rates and other
market driven changes in valuation inputs and assumptions. The impact of
this strategy resulted in a net negative ineffectiveness of $2.0 million
compared to a net positive ineffectiveness of $61 thousand for the
quarters ended December 31, 2015 and 2014, respectively.
The following table illustrates the components of mortgage banking
revenues included in noninterest income in the accompanying income
statements:
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Years Ended
|
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
Mortgage servicing income, net
|
|
|
$
|
5,126
|
|
|
$
|
4,906
|
|
|
$
|
4,696
|
|
|
$
|
4,897
|
|
|
$
|
4,814
|
|
|
$
|
19,625
|
|
|
$
|
18,619
|
|
Change in fair value-MSR from runoff
|
|
|
|
(2,091
|
)
|
|
|
(2,636
|
)
|
|
|
(2,587
|
)
|
|
|
(2,213
|
)
|
|
|
(1,999
|
)
|
|
|
(9,527
|
)
|
|
|
(8,566
|
)
|
Gain on sales of loans, net
|
|
|
|
4,656
|
|
|
|
4,479
|
|
|
|
5,114
|
|
|
|
3,716
|
|
|
|
2,910
|
|
|
|
17,965
|
|
|
|
10,770
|
|
Other, net
|
|
|
|
(1,433
|
)
|
|
|
215
|
|
|
|
206
|
|
|
|
1,245
|
|
|
|
132
|
|
|
|
233
|
|
|
|
904
|
|
Mortgage banking income before hedge ineffectiveness
|
|
|
|
6,258
|
|
|
|
6,964
|
|
|
|
7,429
|
|
|
|
7,645
|
|
|
|
5,857
|
|
|
|
28,296
|
|
|
|
21,727
|
|
Change in fair value-MSR from market changes
|
|
|
|
2,010
|
|
|
|
(4,141
|
)
|
|
|
6,076
|
|
|
|
(2,368
|
)
|
|
|
(4,142
|
)
|
|
|
1,577
|
|
|
|
(7,203
|
)
|
Change in fair value of derivatives
|
|
|
|
(3,981
|
)
|
|
|
4,620
|
|
|
|
(4,024
|
)
|
|
|
3,688
|
|
|
|
4,203
|
|
|
|
303
|
|
|
|
10,256
|
|
Net (negative) positive hedge ineffectiveness
|
|
|
|
(1,971
|
)
|
|
|
479
|
|
|
|
2,052
|
|
|
|
1,320
|
|
|
|
61
|
|
|
|
1,880
|
|
|
|
3,053
|
|
Mortgage banking, net
|
|
|
$
|
4,287
|
|
|
$
|
7,443
|
|
|
$
|
9,481
|
|
|
$
|
8,965
|
|
|
$
|
5,918
|
|
|
$
|
30,176
|
|
|
$
|
24,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the first quarter of 2015, Trustmark exercised its option to
repurchase approximately $28.5 million of delinquent loans serviced for
GNMA. These loans were subsequently sold to a third party under
different repurchase provisions. Trustmark retained the servicing for
these loans, which are subject to guarantees by FHA/VA. As a result of
this repurchase and sale, the loans are no longer carried as
"LHFS-Guaranteed GNMA serviced loans" (see pages 3 and 6). The
transaction resulted in a gain of $304 thousand, which was recorded
during the first quarter of 2015 and is included in the table above as
"Gain on sales of loans, net.”
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES
TO CONSOLIDATED FINANCIALS December 31, 2015 ($
in thousands) (unaudited)
Note 5 – Other Noninterest Income and Expense
Other noninterest income consisted of the following for the
periods presented ($ in thousands):
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
Partnership amortization for tax credit purposes
|
|
|
$
|
(3,015
|
)
|
|
$
|
(2,083
|
)
|
|
$
|
(2,480
|
)
|
|
$
|
(2,472
|
)
|
|
$
|
(2,806
|
)
|
|
$
|
(10,050
|
)
|
|
$
|
(11,824
|
)
|
(Decrease) Increase in FDIC indemnification asset
|
|
|
|
(827
|
)
|
|
|
82
|
|
|
|
(1,798
|
)
|
|
|
(970
|
)
|
|
|
(735
|
)
|
|
|
(3,513
|
)
|
|
|
(2,874
|
)
|
Increase in life insurance cash surrender value
|
|
|
|
1,667
|
|
|
|
1,687
|
|
|
|
1,673
|
|
|
|
1,675
|
|
|
|
1,693
|
|
|
|
6,702
|
|
|
|
7,340
|
|
Other miscellaneous income
|
|
|
|
1,709
|
|
|
|
1,784
|
|
|
|
2,172
|
|
|
|
712
|
|
|
|
2,444
|
|
|
|
6,377
|
|
|
|
7,972
|
|
Total other, net
|
|
|
$
|
(466
|
)
|
|
$
|
1,470
|
|
|
$
|
(433
|
)
|
|
$
|
(1,055
|
)
|
|
$
|
596
|
|
|
$
|
(484
|
)
|
|
$
|
614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trustmark invests in partnerships that provide income tax credits on a
Federal and/or State basis (i.e., new market tax credits, low income
housing tax credits or historical tax credits). These investments are
recorded based on the equity method of accounting, which requires the
equity in partnership losses to be recognized when incurred and are
recorded as a reduction in other income. The income tax credits related
to these partnerships are utilized as specifically allowed by income tax
law and are recorded as a reduction in income tax expense.
During the fourth quarter of 2015, other noninterest income included a
net downward adjustment of the FDIC indemnification asset of $827
thousand on acquired covered loans and covered other real estate
obtained from the Heritage Banking Group primarily as a result of
decreases in write-downs of covered other real estate when compared to
the third quarter of 2015.
Other noninterest expense consisted of the following for the periods
presented ($ in thousands):
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
Loan expense
|
|
|
$
|
3,356
|
|
$
|
3,416
|
|
$
|
3,342
|
|
$
|
2,721
|
|
$
|
3,312
|
|
$
|
12,835
|
|
$
|
12,953
|
Amortization of intangibles
|
|
|
|
1,927
|
|
|
1,942
|
|
|
1,959
|
|
|
1,991
|
|
|
2,123
|
|
|
7,819
|
|
|
8,756
|
Other miscellaneous expense
|
|
|
|
7,749
|
|
|
6,840
|
|
|
6,885
|
|
|
6,994
|
|
|
8,985
|
|
|
28,468
|
|
|
32,158
|
Total other expense
|
|
|
$
|
13,032
|
|
$
|
12,198
|
|
$
|
12,186
|
|
$
|
11,706
|
|
$
|
14,420
|
|
$
|
49,122
|
|
$
|
53,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 6 – Non-GAAP Financial Measures
In addition to capital ratios defined by GAAP and banking regulators,
Trustmark utilizes various tangible common equity measures when
evaluating capital utilization and adequacy. Tangible common equity, as
defined by Trustmark, represents common equity less goodwill and
identifiable intangible assets.
Trustmark believes these measures are important because they reflect the
level of capital available to withstand unexpected market conditions.
Additionally, presentation of these measures allows readers to compare
certain aspects of Trustmark’s capitalization to other organizations.
These ratios differ from capital measures defined by banking regulators
principally in that the numerator excludes shareholders’ equity
associated with preferred securities, the nature and extent of which
varies across organizations.
These calculations are intended to complement the capital ratios defined
by GAAP and banking regulators. Because GAAP does not include these
capital ratio measures, Trustmark believes there are no comparable GAAP
financial measures to these tangible common equity ratios. Despite the
importance of these measures to Trustmark, there are no standardized
definitions for them and, as a result, Trustmark’s calculations may not
be comparable with other organizations. Also there may be limits in the
usefulness of these measures to investors. As a result, Trustmark
encourages readers to consider its consolidated financial statements in
their entirety and not to rely on any single financial measure. The
following table reconciles Trustmark’s calculation of these measures to
amounts reported under GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES
TO CONSOLIDATED FINANCIALS December 31, 2015 ($
in thousands) (unaudited)
Note 6 - Non-GAAP Financial Measures (continued)
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
|
|
|
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2014
|
|
TANGIBLE EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
$
|
1,481,294
|
|
|
$
|
1,469,255
|
|
|
$
|
1,454,501
|
|
|
$
|
1,436,969
|
|
|
$
|
1,422,268
|
|
|
$
|
1,460,650
|
|
|
$
|
1,398,945
|
|
|
Less:
|
Goodwill
|
|
|
|
|
|
(365,945
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,613
|
)
|
|
|
(367,281
|
)
|
|
|
Identifiable intangible assets
|
|
|
|
|
(28,851
|
)
|
|
|
(31,144
|
)
|
|
|
(30,385
|
)
|
|
|
(32,398
|
)
|
|
|
(34,411
|
)
|
|
|
(30,686
|
)
|
|
|
(37,651
|
)
|
|
Total average tangible equity
|
|
|
|
$
|
1,086,498
|
|
|
$
|
1,072,611
|
|
|
$
|
1,058,616
|
|
|
$
|
1,039,071
|
|
|
$
|
1,022,357
|
|
|
$
|
1,064,351
|
|
|
$
|
994,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD END BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
$
|
1,473,057
|
|
|
$
|
1,476,756
|
|
|
$
|
1,450,409
|
|
|
$
|
1,446,084
|
|
|
$
|
1,419,940
|
|
|
|
|
|
|
Less:
|
Goodwill
|
|
|
|
|
|
(366,156
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
|
|
|
|
Identifiable intangible assets
|
|
|
|
|
(27,546
|
)
|
|
|
(30,129
|
)
|
|
|
(32,042
|
)
|
|
|
(31,250
|
)
|
|
|
(33,234
|
)
|
|
|
|
|
|
Total tangible equity
|
|
(a)
|
|
|
$
|
1,079,355
|
|
|
$
|
1,081,127
|
|
|
$
|
1,052,867
|
|
|
$
|
1,049,334
|
|
|
$
|
1,021,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
$
|
12,678,896
|
|
|
$
|
12,390,276
|
|
|
$
|
12,182,448
|
|
|
$
|
12,179,164
|
|
|
$
|
12,250,633
|
|
|
|
|
|
|
Less:
|
Goodwill
|
|
|
|
|
|
(366,156
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
|
|
|
|
Identifiable intangible assets
|
|
|
|
|
(27,546
|
)
|
|
|
(30,129
|
)
|
|
|
(32,042
|
)
|
|
|
(31,250
|
)
|
|
|
(33,234
|
)
|
|
|
|
|
|
Total tangible assets
|
|
(b)
|
|
|
$
|
12,285,194
|
|
|
$
|
11,994,647
|
|
|
$
|
11,784,906
|
|
|
$
|
11,782,414
|
|
|
$
|
11,851,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets
|
|
(c)
|
|
|
$
|
9,242,902
|
|
|
$
|
8,831,355
|
|
|
$
|
8,530,144
|
|
|
$
|
8,503,102
|
|
|
$
|
8,387,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ADJUSTED FOR INTANGIBLE
AMORTIZATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
27,858
|
|
|
$
|
28,430
|
|
|
$
|
30,602
|
|
|
$
|
29,148
|
|
|
$
|
28,073
|
|
|
$
|
116,038
|
|
|
$
|
123,562
|
|
|
Plus:
|
Intangible amortization net of tax
|
|
|
|
|
1,191
|
|
|
|
1,199
|
|
|
|
1,210
|
|
|
|
1,229
|
|
|
|
1,312
|
|
|
|
4,829
|
|
|
|
5,410
|
|
|
Net income adjusted for intangible amortization
|
|
|
|
$
|
29,049
|
|
|
$
|
29,629
|
|
|
$
|
31,812
|
|
|
$
|
30,377
|
|
|
$
|
29,385
|
|
|
$
|
120,867
|
|
|
$
|
128,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end common shares outstanding
|
(d)
|
|
|
|
67,559,128
|
|
|
|
67,557,395
|
|
|
|
67,557,395
|
|
|
|
67,556,591
|
|
|
|
67,481,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY MEASUREMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity (1)
|
|
|
|
|
10.61
|
%
|
|
|
10.96
|
%
|
|
|
12.05
|
%
|
|
|
11.86
|
%
|
|
|
11.40
|
%
|
|
|
11.36
|
%
|
|
|
12.97
|
%
|
|
Tangible equity/tangible assets
|
(a)/(b)
|
|
|
|
8.79
|
%
|
|
|
9.01
|
%
|
|
|
8.93
|
%
|
|
|
8.91
|
%
|
|
|
8.62
|
%
|
|
|
|
|
|
Tangible equity/risk-weighted assets
|
(a)/(c)
|
|
|
|
11.68
|
%
|
|
|
12.24
|
%
|
|
|
12.34
|
%
|
|
|
12.34
|
%
|
|
|
12.17
|
%
|
|
|
|
|
|
Tangible book value
|
|
(a)/(d)*1,000
|
|
|
$
|
15.98
|
|
|
$
|
16.00
|
|
|
$
|
15.58
|
|
|
$
|
15.53
|
|
|
$
|
15.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TIER 1 COMMON RISK-BASED CAPITAL -
BASEL I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,419,940
|
|
|
|
|
|
|
Eliminate qualifying AOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
42,484
|
|
|
|
|
|
|
Qualifying tier 1 capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,000
|
|
|
|
|
|
|
Disallowed goodwill
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(365,500
|
)
|
|
|
|
|
|
Adj to goodwill allowed for deferred taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
15,855
|
|
|
|
|
|
|
Other disallowed intangibles
|
|
|
|
|
|
|
|
|
|
|
|
|
(33,234
|
)
|
|
|
|
|
|
Disallowed servicing intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,436
|
)
|
|
|
|
|
|
Disallowed deferred taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,479
|
)
|
|
|
|
|
|
Total tier 1 capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,129,630
|
|
|
|
|
|
|
Less:
|
Qualifying tier 1 capital
|
|
|
|
|
|
|
|
|
|
|
|
|
(60,000
|
)
|
|
|
|
|
|
Total tier 1 common capital
|
(e)
|
|
|
|
|
|
|
|
|
|
|
$
|
1,069,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 common risk-based capital ratio
|
(e)/(c)
|
|
|
|
|
|
|
|
|
|
|
|
12.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON EQUITY TIER 1 CAPITAL (CET1) -
BASEL III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
$
|
1,473,057
|
|
|
$
|
1,476,756
|
|
|
$
|
1,450,409
|
|
|
$
|
1,446,084
|
|
|
|
|
|
|
|
|
AOCI-related adjustments
|
|
|
|
|
45,394
|
|
|
|
28,580
|
|
|
|
41,193
|
|
|
|
29,652
|
|
|
|
|
|
|
|
|
CET1 adjustments and deductions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill net of associated deferred tax liabilities (DTLs)
|
|
|
|
|
(348,873
|
)
|
|
|
(348,587
|
)
|
|
|
(348,940
|
)
|
|
|
(349,292
|
)
|
|
|
|
|
|
|
|
|
Other adjustments and deductions for CET1 (2)
|
|
|
|
|
(7,980
|
)
|
|
|
(8,888
|
)
|
|
|
(9,568
|
)
|
|
|
(9,104
|
)
|
|
|
|
|
|
|
|
|
|
CET1 capital
|
(f)
|
|
|
|
1,161,598
|
|
|
|
1,147,861
|
|
|
|
1,133,094
|
|
|
|
1,117,340
|
|
|
|
|
|
|
|
|
|
Additional tier 1 capital instruments plus related surplus
|
|
|
|
|
60,000
|
|
|
|
60,000
|
|
|
|
60,000
|
|
|
|
60,000
|
|
|
|
|
|
|
|
|
|
Less: additional tier 1 capital deductions
|
|
|
|
|
(1,063
|
)
|
|
|
(1,287
|
)
|
|
|
(1,571
|
)
|
|
|
(1,762
|
)
|
|
|
|
|
|
|
|
|
|
Additional tier 1 capital
|
|
|
|
|
58,937
|
|
|
|
58,713
|
|
|
|
58,429
|
|
|
|
58,238
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital
|
|
|
|
$
|
1,220,535
|
|
|
$
|
1,206,574
|
|
|
$
|
1,191,523
|
|
|
$
|
1,175,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital ratio
|
(f)/(c)
|
|
|
|
12.57
|
%
|
|
|
13.00
|
%
|
|
|
13.28
|
%
|
|
|
13.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Calculation = ((net income adjusted for intangible
amortization/number of days in period)*number of days in
year)/total average tangible equity
|
(2)
|
Includes other intangible assets, net of DTLs, disallowed deferred
tax assets (DTAS), threshold deductions and transition
adjustments, as applicable.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160126006527/en/ Copyright Business Wire 2016
Source: Business Wire
(January 26, 2016 - 4:30 PM EST)
News by QuoteMedia
www.quotemedia.com
|