Trustmark Corporation Announces Third Quarter 2015 Financial Results
Trustmark Corporation (NASDAQ:TRMK) reported net income of $28.4 million
in the third quarter of 2015, which represented diluted earnings per
share of $0.42. Trustmark’s performance during the third quarter of 2015
produced a return on average tangible equity of 10.96% and a return on
average assets of 0.92%. During the first nine months of 2015,
Trustmark’s net income totaled $88.2 million, which represented diluted
earnings per share of $1.30. Trustmark’s Board of Directors declared a
quarterly cash dividend of $0.23 per share payable December 15, 2015, to
shareholders of record on December 1, 2015.
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Third Quarter Highlights
-
Loans held for investment increased $344.6 million, or 5.3%, from the
prior quarter and $458.0 million, or 7.2%, from the comparable period
one year earlier
-
Credit quality remained solid; continued reduction in nonperforming
assets
-
Revenue remained stable from the prior quarter at $143.6 million;
growth in earning assets partially offset pressures of low interest
rate environment
-
Noninterest income totaled $46.0 million for the third quarter;
insurance commissions up 5.4% and 7.2% linked quarter and
year-over-year, respectively
Gerard R. Host, President and CEO, stated, “Reflecting the strength of
our diverse five-state franchise, legacy loan growth in the third
quarter totaled approximately $345 million, a 5.3% increase from the
prior quarter. We also continued to maintain and expand customer
relationships in our other lines of business, as evidenced by strength
in insurance commissions and mortgage loan production volumes. Routine
noninterest expense remained well controlled and credit quality remained
solid. Earlier this year, we launched our new consumer mobile banking
service, myTrustmark℠, which has been very well received. We
remained excited about the opportunities this platform, in addition to
others, may present for our franchise. 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
-
Solid legacy loan growth in Mississippi, Alabama, Texas and Tennessee
during the third quarter
-
Total loans (acquired and held for investment) expanded $297.3
million, or 4.3%, from the prior quarter; average earning assets
increased $209.1 million, or 2.0%, linked quarter
-
Capital base provides opportunity to support additional growth
Loans held for investment totaled $6.8 billion at September 30, 2015, an
increase of 5.3% from the prior quarter and 7.2% from the same period
one year earlier. Relative to the prior quarter, loans to state and
other political subdivisions increased $103.3 million, led by growth in
Mississippi and Texas. Construction, land development and other land
loans increased $103.0 million, driven by growth in construction loans.
Other loans, which include loans to nonprofits and real estate
investment trusts, increased $59.8 million, as growth in Mississippi,
Texas and Alabama, more than offset declines in Florida and Tennessee.
Commercial and industrial loans increased $50.6 million, primarily
reflecting growth in Tennessee and Florida, while loans secured by
nonfarm, nonresidential real estate increased $37.4 million, principally
because of growth in Alabama.
Acquired loans totaled $419.2 million at September 30, 2015, down $47.2
million from the prior quarter. Collectively, loans held for investment
and acquired loans totaled $7.2 billion at September 30, 2015, up $297.3
million, or 4.3%, from the prior quarter.
End of period deposits totaled $9.4 billion, a linked-quarter decrease
of $379.8 million that primarily reflects a seasonal reduction in public
fund balances. Trustmark continues to maintain an attractive, low-cost
deposit base with approximately 60.0% 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 third quarter of 2015.
Trustmark’s capital position remained solid, reflecting the consistent
profitability of its diversified financial services businesses. At
September 30, 2015, Trustmark’s tangible equity to tangible assets ratio
was 9.01%, while its total risk-based capital ratio was 14.66%. Tangible
book value per share was $16.00 at September 30, 2015, up 6.4%
year-over-year.
Credit Quality
-
Continued improvement in criticized and classified loan balances
-
Nonperforming assets declined 8.9% linked quarter and 21.7%
year-over-year
-
Allowance for loan losses represented 206.72% of nonperforming loans,
excluding impaired loans
Levels of criticized and classified loan balances continued to reflect
steady improvement. Relative to the prior quarter, criticized and
classified loan balances declined by 1.5% and 9.9%, respectively.
Compared to levels one year earlier, criticized and classified loan
balances declined 22.0% and 20.3%, respectively.
At September 30, 2015, nonperforming loans totaled $61.1 million, a
decline of 10.7% from the prior quarter and 30.8% from the prior year.
Other real estate totaled $84.0 million, down 7.5% linked quarter and
13.5% year-over-year. Collectively, nonperforming assets totaled $145.1
million, a decrease of $14.1 million, or 8.9%, from the prior quarter
and $40.3 million, or 21.7%, from levels one year earlier.
Allocation of Trustmark's $65.6 million allowance for loan losses
represented 1.07% of commercial loans and 0.67% of consumer and home
mortgage loans, resulting in an allowance to total loans held for
investment of 0.97% at September 30, 2015, representing a level
management considers commensurate with the inherent risk in the loan
portfolio. The allowance for loan losses represented 206.72% of
nonperforming loans, excluding impaired loans at September 30, 2015.
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) remained stable relative to the prior
quarter at $101.7 million
-
Noninterest income increased 0.9% from the prior quarter and 7.2% from
levels one year earlier
-
Mortgage loan production volumes continued to remain strong at $420.4
million, up 0.8% linked quarter and 21.7% year-over-year
Revenue in the third quarter totaled $143.6 million and remained stable
from the prior quarter. Net interest income (FTE) in the third quarter
totaled $101.7 million, reflecting a net interest margin of 3.72%.
Relative to the prior quarter, decreased interest income on the acquired
loan portfolio was more than offset by increased interest income on the
loans held for investment and held for sale portfolios, as well as the
securities portfolio. The yield on acquired loans in the third quarter
totaled 10.46% and included recoveries from settlement of debt of $4.8
million, which represented approximately 4.29% of the annualized total
acquired loan yield. Excluding acquired loans, the net interest margin
in the third quarter totaled 3.43%, down from 3.49% in the prior quarter.
Noninterest income totaled $46.0 million in the third quarter, an
increase of 0.9% from the prior quarter and 7.2% from levels one year
earlier. Service charges on deposit accounts increased 4.0% linked
quarter, while bank card and other fees decreased 6.1% from the prior
quarter, reflecting lower fees on interest rate swaps for commercial
loan customers. Other income, net improved $1.9 million linked quarter,
driven primarily by FDIC indemnification asset write-downs that occurred
during the second quarter of 2015.
Insurance revenue in the third quarter totaled $9.9 million, an increase
of 5.4% from the prior quarter and 7.2% from levels one year earlier.
The solid performance this quarter was due to continued growth in the
commercial property and casualty line of business as well as seasonal
factors. Wealth management revenue remained stable relative to the prior
quarter at $7.8 million, reflecting expanded trust management and
annuity income, but partially offset by lower brokerage activity.
Mortgage banking revenue in the third quarter totaled $7.4 million, down
from the prior quarter, but up from levels one year earlier. The
decrease in mortgage revenue from the prior quarter primarily reflects a
decreased benefit from the mortgage servicing hedge ineffectiveness as
well as tightening secondary marketing spreads. Mortgage loan production
in the third quarter remained solid at $420.4 million, up 0.8% from the
prior quarter and 21.7% from levels one year earlier.
Noninterest Expense
-
Routine noninterest expense remained well controlled at $98.2 million,
up 0.9% from the prior quarter
-
Continued optimization of retail delivery channels with successful
adoption of new consumer mobile banking platform, myTrustmark℠,
and realignment of branch network
Excluding ORE expense and intangible amortization of $5.3 million,
routine noninterest expense totaled $98.2 million, an increase of $847
thousand, or 0.9%, from comparable expenses in the prior quarter.
Salaries and benefits totaled $58.3 million in the third quarter, up
1.5% on a linked-quarter basis; the quarter-over-quarter increase
primarily reflects increased commissions from seasonal insurance
renewals and expanded mortgage loan production. Services and fees
decreased 2.1% from the prior quarter, primarily because of lower data
processing expense and third-party consulting fees. ORE and foreclosure
expense increased $2.5 million from both the prior quarter and the same
quarter one year earlier. Other expense increased marginally relative to
the prior quarter principally because of higher loan expense.
As banking continues to evolve as something customers will do, not
necessarily some place they will go, Trustmark has made investments in
mobile banking products to ensure it continues to meet the evolving
wants and needs of its customers. In the second quarter of 2015,
Trustmark successfully introduced its new consumer mobile banking
service, myTrustmark℠, which currently features account
monitoring, funds transfer and bill pay capabilities. These
capabilities, in addition to planned additions, aim to enhance the
Trustmark banking experience, allowing customers to bank when and where
they want.
During the third quarter, Trustmark continued the optimization of its
retail delivery channels, consolidating two offices in Florida and
Texas, and reallocating a portion of those resources into a new office
in Gulfport, Mississippi. Year-to-date, Trustmark has consolidated eight
offices and opened three new offices. 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, October 28, 2015, 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, November 11, 2015, in archived format at
the same web address or by calling (877) 344-7529, passcode 10072410.
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 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,
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
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CONSOLIDATED FINANCIAL INFORMATION
|
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September 30, 2015
|
|
($ in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Quarter
|
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Year over Year
|
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QUARTERLY AVERAGE BALANCES
|
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|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
9/30/2014
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|
|
|
$
|
Change
|
|
|
|
% Change
|
|
|
$
|
Change
|
|
|
% Change
|
|
|
Securities AFS-taxable
|
|
|
$
|
2,269,763
|
|
|
|
$
|
2,255,485
|
|
|
|
$
|
2,202,020
|
|
|
|
$
|
14,278
|
|
|
|
|
0.6
|
%
|
|
$
|
67,743
|
|
|
|
3.1
|
%
|
|
Securities AFS-nontaxable
|
|
|
|
116,290
|
|
|
|
|
120,330
|
|
|
|
|
131,305
|
|
|
|
|
(4,040
|
)
|
|
|
|
-3.4
|
%
|
|
|
(15,015
|
)
|
|
|
-11.4
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%
|
|
Securities HTM-taxable
|
|
|
|
1,151,673
|
|
|
|
|
1,143,273
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|
|
|
|
1,126,309
|
|
|
|
|
8,400
|
|
|
|
|
0.7
|
%
|
|
|
25,364
|
|
|
|
2.3
|
%
|
|
Securities HTM-nontaxable
|
|
|
|
36,278
|
|
|
|
|
38,173
|
|
|
|
|
43,114
|
|
|
|
|
(1,895
|
)
|
|
|
|
-5.0
|
%
|
|
|
(6,836
|
)
|
|
|
-15.9
|
%
|
|
Total securities
|
|
|
|
3,574,004
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|
|
|
|
3,557,261
|
|
|
|
|
3,502,748
|
|
|
|
|
16,743
|
|
|
|
|
0.5
|
%
|
|
|
71,256
|
|
|
|
2.0
|
%
|
|
Loans (including loans held for sale)
|
|
|
|
6,771,947
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|
|
|
|
6,554,739
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|
|
|
|
6,387,251
|
|
|
|
|
217,208
|
|
|
|
|
3.3
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%
|
|
|
384,696
|
|
|
|
6.0
|
%
|
|
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Noncovered loans
|
|
|
|
421,262
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|
|
|
|
462,418
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|
|
|
|
585,675
|
|
|
|
|
(41,156
|
)
|
|
|
|
-8.9
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%
|
|
|
(164,413
|
)
|
|
|
-28.1
|
%
|
|
Covered loans
|
|
|
|
18,982
|
|
|
|
|
20,574
|
|
|
|
|
28,971
|
|
|
|
|
(1,592
|
)
|
|
|
|
-7.7
|
%
|
|
|
(9,989
|
)
|
|
|
-34.5
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%
|
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Fed funds sold and rev repos
|
|
|
|
1,167
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|
|
|
|
557
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|
|
|
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4,228
|
|
|
|
|
610
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|
|
|
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n/m
|
|
|
|
(3,061
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)
|
|
|
-72.4
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%
|
|
Other earning assets
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|
|
|
58,534
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|
|
|
|
41,242
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|
|
|
|
41,871
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|
|
|
|
17,292
|
|
|
|
|
41.9
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%
|
|
|
16,663
|
|
|
|
39.8
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%
|
|
Total earning assets
|
|
|
|
10,845,896
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|
|
|
|
10,636,791
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|
|
|
|
10,550,744
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|
|
|
|
209,105
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|
|
|
|
2.0
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%
|
|
|
295,152
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|
|
|
2.8
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%
|
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Allowance for loan losses
|
|
|
|
(84,482
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)
|
|
|
|
(84,331
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)
|
|
|
|
(78,227
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)
|
|
|
|
(151
|
)
|
|
|
|
0.2
|
%
|
|
|
(6,255
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)
|
|
|
8.0
|
%
|
|
Cash and due from banks
|
|
|
|
266,174
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|
|
|
|
272,292
|
|
|
|
|
272,925
|
|
|
|
|
(6,118
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)
|
|
|
|
-2.2
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%
|
|
|
(6,751
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)
|
|
|
-2.5
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%
|
|
Other assets
|
|
|
|
1,286,189
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|
|
|
|
1,288,507
|
|
|
|
|
1,345,771
|
|
|
|
|
(2,318
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)
|
|
|
|
-0.2
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%
|
|
|
(59,582
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)
|
|
|
-4.4
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%
|
|
Total assets
|
|
|
$
|
12,313,777
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|
|
|
$
|
12,113,259
|
|
|
|
$
|
12,091,213
|
|
|
|
$
|
200,518
|
|
|
|
|
1.7
|
%
|
|
$
|
222,564
|
|
|
|
1.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits
|
|
|
$
|
1,915,567
|
|
|
|
$
|
1,924,447
|
|
|
|
$
|
1,808,710
|
|
|
|
$
|
(8,880
|
)
|
|
|
|
-0.5
|
%
|
|
$
|
106,857
|
|
|
|
5.9
|
%
|
|
Savings deposits
|
|
|
|
3,059,183
|
|
|
|
|
3,226,380
|
|
|
|
|
3,050,743
|
|
|
|
|
(167,197
|
)
|
|
|
|
-5.2
|
%
|
|
|
8,440
|
|
|
|
0.3
|
%
|
|
Time deposits less than $100,000
|
|
|
|
1,072,373
|
|
|
|
|
1,101,477
|
|
|
|
|
1,187,794
|
|
|
|
|
(29,104
|
)
|
|
|
|
-2.6
|
%
|
|
|
(115,421
|
)
|
|
|
-9.7
|
%
|
|
Time deposits of $100,000 or more
|
|
|
|
712,910
|
|
|
|
|
751,129
|
|
|
|
|
874,333
|
|
|
|
|
(38,219
|
)
|
|
|
|
-5.1
|
%
|
|
|
(161,423
|
)
|
|
|
-18.5
|
%
|
|
Total interest-bearing deposits
|
|
|
|
6,760,033
|
|
|
|
|
7,003,433
|
|
|
|
|
6,921,580
|
|
|
|
|
(243,400
|
)
|
|
|
|
-3.5
|
%
|
|
|
(161,547
|
)
|
|
|
-2.3
|
%
|
|
Fed funds purchased and repos
|
|
|
|
528,232
|
|
|
|
|
497,606
|
|
|
|
|
540,870
|
|
|
|
|
30,626
|
|
|
|
|
6.2
|
%
|
|
|
(12,638
|
)
|
|
|
-2.3
|
%
|
|
Short-term borrowings
|
|
|
|
534,931
|
|
|
|
|
128,761
|
|
|
|
|
181,114
|
|
|
|
|
406,170
|
|
|
|
|
n/m
|
|
|
|
353,817
|
|
|
|
n/m
|
|
|
Long-term FHLB advances
|
|
|
|
1,195
|
|
|
|
|
1,213
|
|
|
|
|
8,050
|
|
|
|
|
(18
|
)
|
|
|
|
-1.5
|
%
|
|
|
(6,855
|
)
|
|
|
-85.2
|
%
|
|
Subordinated notes
|
|
|
|
49,955
|
|
|
|
|
49,947
|
|
|
|
|
49,923
|
|
|
|
|
8
|
|
|
|
|
0.0
|
%
|
|
|
32
|
|
|
|
0.1
|
%
|
|
Junior subordinated debt securities
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
|
|
-
|
|
|
|
0.0
|
%
|
|
Total interest-bearing liabilities
|
|
|
|
7,936,202
|
|
|
|
|
7,742,816
|
|
|
|
|
7,763,393
|
|
|
|
|
193,386
|
|
|
|
|
2.5
|
%
|
|
|
172,809
|
|
|
|
2.2
|
%
|
|
Noninterest-bearing deposits
|
|
|
|
2,771,186
|
|
|
|
|
2,772,741
|
|
|
|
|
2,774,745
|
|
|
|
|
(1,555
|
)
|
|
|
|
-0.1
|
%
|
|
|
(3,559
|
)
|
|
|
-0.1
|
%
|
|
Other liabilities
|
|
|
|
137,134
|
|
|
|
|
143,201
|
|
|
|
|
140,218
|
|
|
|
|
(6,067
|
)
|
|
|
|
-4.2
|
%
|
|
|
(3,084
|
)
|
|
|
-2.2
|
%
|
|
Total liabilities
|
|
|
|
10,844,522
|
|
|
|
|
10,658,758
|
|
|
|
|
10,678,356
|
|
|
|
|
185,764
|
|
|
|
|
1.7
|
%
|
|
|
166,166
|
|
|
|
1.6
|
%
|
|
Shareholders' equity
|
|
|
|
1,469,255
|
|
|
|
|
1,454,501
|
|
|
|
|
1,412,857
|
|
|
|
|
14,754
|
|
|
|
|
1.0
|
%
|
|
|
56,398
|
|
|
|
4.0
|
%
|
|
Total liabilities and equity
|
|
|
$
|
12,313,777
|
|
|
|
$
|
12,113,259
|
|
|
|
$
|
12,091,213
|
|
|
|
$
|
200,518
|
|
|
|
|
1.7
|
%
|
|
$
|
222,564
|
|
|
|
1.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Quarter
|
|
Year over Year
|
|
PERIOD END BALANCES
|
|
|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
9/30/2014
|
|
|
|
$
|
Change
|
|
|
|
% Change
|
|
|
$
|
Change
|
|
|
% Change
|
|
|
Cash and due from banks
|
|
|
$
|
220,052
|
|
|
|
$
|
255,050
|
|
|
|
$
|
237,497
|
|
|
|
$
|
(34,998
|
)
|
|
|
|
-13.7
|
%
|
|
$
|
(17,445
|
)
|
|
|
-7.3
|
%
|
|
Fed funds sold and rev repos
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
4,013
|
|
|
|
|
-
|
|
|
|
|
n/m
|
|
|
|
(4,013
|
)
|
|
|
-100.0
|
%
|
|
Securities available for sale
|
|
|
|
2,382,822
|
|
|
|
|
2,446,383
|
|
|
|
|
2,363,895
|
|
|
|
|
(63,561
|
)
|
|
|
|
-2.6
|
%
|
|
|
18,927
|
|
|
|
0.8
|
%
|
|
Securities held to maturity
|
|
|
|
1,178,440
|
|
|
|
|
1,190,161
|
|
|
|
|
1,169,640
|
|
|
|
|
(11,721
|
)
|
|
|
|
-1.0
|
%
|
|
|
8,800
|
|
|
|
0.8
|
%
|
|
Loans held for sale (LHFS)
|
|
|
|
173,679
|
|
|
|
|
147,539
|
|
|
|
|
135,562
|
|
|
|
|
26,140
|
|
|
|
|
17.7
|
%
|
|
|
38,117
|
|
|
|
28.1
|
%
|
|
Loans held for investment (LHFI)
|
|
|
|
6,791,643
|
|
|
|
|
6,447,073
|
|
|
|
|
6,333,651
|
|
|
|
|
344,570
|
|
|
|
|
5.3
|
%
|
|
|
457,992
|
|
|
|
7.2
|
%
|
|
Allowance for loan losses
|
|
|
|
(65,607
|
)
|
|
|
|
(71,166
|
)
|
|
|
|
(70,134
|
)
|
|
|
|
5,559
|
|
|
|
|
-7.8
|
%
|
|
|
4,527
|
|
|
|
-6.5
|
%
|
|
Net LHFI
|
|
|
|
6,726,036
|
|
|
|
|
6,375,907
|
|
|
|
|
6,263,517
|
|
|
|
|
350,129
|
|
|
|
|
5.5
|
%
|
|
|
462,519
|
|
|
|
7.4
|
%
|
|
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered loans
|
|
|
|
400,528
|
|
|
|
|
447,160
|
|
|
|
|
564,542
|
|
|
|
|
(46,632
|
)
|
|
|
|
-10.4
|
%
|
|
|
(164,014
|
)
|
|
|
-29.1
|
%
|
|
Covered loans
|
|
|
|
18,645
|
|
|
|
|
19,239
|
|
|
|
|
27,607
|
|
|
|
|
(594
|
)
|
|
|
|
-3.1
|
%
|
|
|
(8,962
|
)
|
|
|
-32.5
|
%
|
|
Allowance for loan losses, acquired loans
|
|
|
|
(12,185
|
)
|
|
|
|
(12,629
|
)
|
|
|
|
(11,949
|
)
|
|
|
|
444
|
|
|
|
|
-3.5
|
%
|
|
|
(236
|
)
|
|
|
2.0
|
%
|
|
Net acquired loans
|
|
|
|
406,988
|
|
|
|
|
453,770
|
|
|
|
|
580,200
|
|
|
|
|
(46,782
|
)
|
|
|
|
-10.3
|
%
|
|
|
(173,212
|
)
|
|
|
-29.9
|
%
|
|
Net LHFI and acquired loans
|
|
|
|
7,133,024
|
|
|
|
|
6,829,677
|
|
|
|
|
6,843,717
|
|
|
|
|
303,347
|
|
|
|
|
4.4
|
%
|
|
|
289,307
|
|
|
|
4.2
|
%
|
|
Premises and equipment, net
|
|
|
|
196,558
|
|
|
|
|
196,220
|
|
|
|
|
200,474
|
|
|
|
|
338
|
|
|
|
|
0.2
|
%
|
|
|
(3,916
|
)
|
|
|
-2.0
|
%
|
|
Mortgage servicing rights
|
|
|
|
69,809
|
|
|
|
|
71,422
|
|
|
|
|
67,090
|
|
|
|
|
(1,613
|
)
|
|
|
|
-2.3
|
%
|
|
|
2,719
|
|
|
|
4.1
|
%
|
|
Goodwill
|
|
|
|
365,500
|
|
|
|
|
365,500
|
|
|
|
|
365,500
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
|
|
-
|
|
|
|
0.0
|
%
|
|
Identifiable intangible assets
|
|
|
|
30,129
|
|
|
|
|
32,042
|
|
|
|
|
35,357
|
|
|
|
|
(1,913
|
)
|
|
|
|
-6.0
|
%
|
|
|
(5,228
|
)
|
|
|
-14.8
|
%
|
|
Other real estate, excluding covered other real estate
|
|
|
|
83,955
|
|
|
|
|
90,748
|
|
|
|
|
97,037
|
|
|
|
|
(6,793
|
)
|
|
|
|
-7.5
|
%
|
|
|
(13,082
|
)
|
|
|
-13.5
|
%
|
|
Covered other real estate
|
|
|
|
2,865
|
|
|
|
|
3,755
|
|
|
|
|
4,146
|
|
|
|
|
(890
|
)
|
|
|
|
-23.7
|
%
|
|
|
(1,281
|
)
|
|
|
-30.9
|
%
|
|
FDIC indemnification asset
|
|
|
|
1,749
|
|
|
|
|
2,632
|
|
|
|
|
8,154
|
|
|
|
|
(883
|
)
|
|
|
|
-33.5
|
%
|
|
|
(6,405
|
)
|
|
|
-78.6
|
%
|
|
Other assets
|
|
|
|
551,694
|
|
|
|
|
551,319
|
|
|
|
|
564,234
|
|
|
|
|
375
|
|
|
|
|
0.1
|
%
|
|
|
(12,540
|
)
|
|
|
-2.2
|
%
|
|
Total assets
|
|
|
$
|
12,390,276
|
|
|
|
$
|
12,182,448
|
|
|
|
$
|
12,096,316
|
|
|
|
$
|
207,828
|
|
|
|
|
1.7
|
%
|
|
$
|
293,960
|
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
|
$
|
2,787,454
|
|
|
|
$
|
2,819,171
|
|
|
|
$
|
2,723,480
|
|
|
|
$
|
(31,717
|
)
|
|
|
|
-1.1
|
%
|
|
$
|
63,974
|
|
|
|
2.3
|
%
|
|
Interest-bearing
|
|
|
|
6,624,950
|
|
|
|
|
6,973,003
|
|
|
|
|
6,789,745
|
|
|
|
|
(348,053
|
)
|
|
|
|
-5.0
|
%
|
|
|
(164,795
|
)
|
|
|
-2.4
|
%
|
|
Total deposits
|
|
|
|
9,412,404
|
|
|
|
|
9,792,174
|
|
|
|
|
9,513,225
|
|
|
|
|
(379,770
|
)
|
|
|
|
-3.9
|
%
|
|
|
(100,821
|
)
|
|
|
-1.1
|
%
|
|
Fed funds purchased and repos
|
|
|
|
534,204
|
|
|
|
|
477,462
|
|
|
|
|
607,851
|
|
|
|
|
56,742
|
|
|
|
|
11.9
|
%
|
|
|
(73,647
|
)
|
|
|
-12.1
|
%
|
|
Short-term borrowings
|
|
|
|
709,845
|
|
|
|
|
201,744
|
|
|
|
|
316,666
|
|
|
|
|
508,101
|
|
|
|
|
n/m
|
|
|
|
393,179
|
|
|
|
n/m
|
|
|
Long-term FHLB advances
|
|
|
|
1,173
|
|
|
|
|
1,204
|
|
|
|
|
8,003
|
|
|
|
|
(31
|
)
|
|
|
|
-2.6
|
%
|
|
|
(6,830
|
)
|
|
|
-85.3
|
%
|
|
Subordinated notes
|
|
|
|
49,961
|
|
|
|
|
49,953
|
|
|
|
|
49,928
|
|
|
|
|
8
|
|
|
|
|
0.0
|
%
|
|
|
33
|
|
|
|
0.1
|
%
|
|
Junior subordinated debt securities
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
|
|
-
|
|
|
|
0.0
|
%
|
|
Other liabilities
|
|
|
|
144,077
|
|
|
|
|
147,646
|
|
|
|
|
123,689
|
|
|
|
|
(3,569
|
)
|
|
|
|
-2.4
|
%
|
|
|
20,388
|
|
|
|
16.5
|
%
|
|
Total liabilities
|
|
|
|
10,913,520
|
|
|
|
|
10,732,039
|
|
|
|
|
10,681,218
|
|
|
|
|
181,481
|
|
|
|
|
1.7
|
%
|
|
|
232,302
|
|
|
|
2.2
|
%
|
|
Common stock
|
|
|
|
14,076
|
|
|
|
|
14,076
|
|
|
|
|
14,051
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
|
|
25
|
|
|
|
0.2
|
%
|
|
Capital surplus
|
|
|
|
360,494
|
|
|
|
|
359,533
|
|
|
|
|
354,251
|
|
|
|
|
961
|
|
|
|
|
0.3
|
%
|
|
|
6,243
|
|
|
|
1.8
|
%
|
|
Retained earnings
|
|
|
|
1,130,766
|
|
|
|
|
1,117,993
|
|
|
|
|
1,081,161
|
|
|
|
|
12,773
|
|
|
|
|
1.1
|
%
|
|
|
49,605
|
|
|
|
4.6
|
%
|
|
Accum other comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loss, net of tax
|
|
|
|
(28,580
|
)
|
|
|
|
(41,193
|
)
|
|
|
|
(34,365
|
)
|
|
|
|
12,613
|
|
|
|
|
-30.6
|
%
|
|
|
5,785
|
|
|
|
-16.8
|
%
|
|
Total shareholders' equity
|
|
|
|
1,476,756
|
|
|
|
|
1,450,409
|
|
|
|
|
1,415,098
|
|
|
|
|
26,347
|
|
|
|
|
1.8
|
%
|
|
|
61,658
|
|
|
|
4.4
|
%
|
|
Total liabilities and equity
|
|
|
$
|
12,390,276
|
|
|
|
$
|
12,182,448
|
|
|
|
$
|
12,096,316
|
|
|
|
$
|
207,828
|
|
|
|
|
1.7
|
%
|
|
$
|
293,960
|
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m - percentage changes greater than +/- 100% are considered
not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Consolidated Financials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED FINANCIAL INFORMATION
|
|
|
|
September 30, 2015
|
|
|
|
($ in thousands except per share data)
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Linked Quarter
|
|
|
Year over Year
|
INCOME STATEMENTS
|
|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
9/30/2014
|
|
|
|
$
|
Change
|
|
|
% Change
|
|
|
|
$
|
Change
|
|
|
% Change
|
|
Interest and fees on LHFS & LHFI-FTE
|
|
$
|
72,951
|
|
|
|
$
|
71,546
|
|
|
|
$
|
70,197
|
|
|
|
$
|
1,405
|
|
|
|
2.0
|
%
|
|
|
$
|
2,754
|
|
|
|
3.9
|
%
|
Interest and fees on acquired loans
|
|
|
11,607
|
|
|
|
|
12,557
|
|
|
|
|
23,200
|
|
|
|
|
(950
|
)
|
|
|
-7.6
|
%
|
|
|
|
(11,593
|
)
|
|
|
-50.0
|
%
|
Interest on securities-taxable
|
|
|
20,264
|
|
|
|
|
19,731
|
|
|
|
|
19,712
|
|
|
|
|
533
|
|
|
|
2.7
|
%
|
|
|
|
552
|
|
|
|
2.8
|
%
|
Interest on securities-tax exempt-FTE
|
|
|
1,609
|
|
|
|
|
1,688
|
|
|
|
|
1,845
|
|
|
|
|
(79
|
)
|
|
|
-4.7
|
%
|
|
|
|
(236
|
)
|
|
|
-12.8
|
%
|
Interest on fed funds sold and rev repos
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
9
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
(7
|
)
|
|
|
-77.8
|
%
|
Other interest income
|
|
|
392
|
|
|
|
|
392
|
|
|
|
|
386
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
6
|
|
|
|
1.6
|
%
|
Total interest income-FTE
|
|
|
106,825
|
|
|
|
|
105,916
|
|
|
|
|
115,349
|
|
|
|
|
909
|
|
|
|
0.9
|
%
|
|
|
|
(8,524
|
)
|
|
|
-7.4
|
%
|
Interest on deposits
|
|
|
3,147
|
|
|
|
|
3,204
|
|
|
|
|
3,606
|
|
|
|
|
(57
|
)
|
|
|
-1.8
|
%
|
|
|
|
(459
|
)
|
|
|
-12.7
|
%
|
Interest on fed funds pch and repos
|
|
|
205
|
|
|
|
|
179
|
|
|
|
|
180
|
|
|
|
|
26
|
|
|
|
14.5
|
%
|
|
|
|
25
|
|
|
|
13.9
|
%
|
Other interest expense
|
|
|
1,811
|
|
|
|
|
1,614
|
|
|
|
|
1,425
|
|
|
|
|
197
|
|
|
|
12.2
|
%
|
|
|
|
386
|
|
|
|
27.1
|
%
|
Total interest expense
|
|
|
5,163
|
|
|
|
|
4,997
|
|
|
|
|
5,211
|
|
|
|
|
166
|
|
|
|
3.3
|
%
|
|
|
|
(48
|
)
|
|
|
-0.9
|
%
|
Net interest income-FTE
|
|
|
101,662
|
|
|
|
|
100,919
|
|
|
|
|
110,138
|
|
|
|
|
743
|
|
|
|
0.7
|
%
|
|
|
|
(8,476
|
)
|
|
|
-7.7
|
%
|
Provision for loan losses, LHFI
|
|
|
2,514
|
|
|
|
|
1,033
|
|
|
|
|
3,058
|
|
|
|
|
1,481
|
|
|
|
n/m
|
|
|
|
|
(544
|
)
|
|
|
-17.8
|
%
|
Provision for loan losses, acquired loans
|
|
|
1,256
|
|
|
|
|
825
|
|
|
|
|
1,145
|
|
|
|
|
431
|
|
|
|
52.2
|
%
|
|
|
|
111
|
|
|
|
9.7
|
%
|
Net interest income after provision-FTE
|
|
|
97,892
|
|
|
|
|
99,061
|
|
|
|
|
105,935
|
|
|
|
|
(1,169
|
)
|
|
|
-1.2
|
%
|
|
|
|
(8,043
|
)
|
|
|
-7.6
|
%
|
Service charges on deposit accounts
|
|
|
12,400
|
|
|
|
|
11,920
|
|
|
|
|
12,743
|
|
|
|
|
480
|
|
|
|
4.0
|
%
|
|
|
|
(343
|
)
|
|
|
-2.7
|
%
|
Insurance commissions
|
|
|
9,906
|
|
|
|
|
9,401
|
|
|
|
|
9,240
|
|
|
|
|
505
|
|
|
|
5.4
|
%
|
|
|
|
666
|
|
|
|
7.2
|
%
|
Wealth management
|
|
|
7,790
|
|
|
|
|
7,758
|
|
|
|
|
8,038
|
|
|
|
|
32
|
|
|
|
0.4
|
%
|
|
|
|
(248
|
)
|
|
|
-3.1
|
%
|
Bank card and other fees
|
|
|
6,964
|
|
|
|
|
7,416
|
|
|
|
|
7,279
|
|
|
|
|
(452
|
)
|
|
|
-6.1
|
%
|
|
|
|
(315
|
)
|
|
|
-4.3
|
%
|
Mortgage banking, net
|
|
|
7,443
|
|
|
|
|
9,481
|
|
|
|
|
5,842
|
|
|
|
|
(2,038
|
)
|
|
|
-21.5
|
%
|
|
|
|
1,601
|
|
|
|
27.4
|
%
|
Other, net
|
|
|
1,470
|
|
|
|
|
(433
|
)
|
|
|
|
(160
|
)
|
|
|
|
1,903
|
|
|
|
n/m
|
|
|
|
|
1,630
|
|
|
|
n/m
|
|
Nonint inc-excl sec gains (losses), net
|
|
|
45,973
|
|
|
|
|
45,543
|
|
|
|
|
42,982
|
|
|
|
|
430
|
|
|
|
0.9
|
%
|
|
|
|
2,991
|
|
|
|
7.0
|
%
|
Security gains (losses), net
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(89
|
)
|
|
|
|
-
|
|
|
|
n/m
|
|
|
|
|
89
|
|
|
|
-100.0
|
%
|
Total noninterest income
|
|
|
45,973
|
|
|
|
|
45,543
|
|
|
|
|
42,893
|
|
|
|
|
430
|
|
|
|
0.9
|
%
|
|
|
|
3,080
|
|
|
|
7.2
|
%
|
Salaries and employee benefits
|
|
|
58,270
|
|
|
|
|
57,393
|
|
|
|
|
56,675
|
|
|
|
|
877
|
|
|
|
1.5
|
%
|
|
|
|
1,595
|
|
|
|
2.8
|
%
|
Services and fees
|
|
|
14,691
|
|
|
|
|
15,005
|
|
|
|
|
14,489
|
|
|
|
|
(314
|
)
|
|
|
-2.1
|
%
|
|
|
|
202
|
|
|
|
1.4
|
%
|
Net occupancy-premises
|
|
|
6,580
|
|
|
|
|
6,243
|
|
|
|
|
6,817
|
|
|
|
|
337
|
|
|
|
5.4
|
%
|
|
|
|
(237
|
)
|
|
|
-3.5
|
%
|
Equipment expense
|
|
|
5,877
|
|
|
|
|
5,903
|
|
|
|
|
5,675
|
|
|
|
|
(26
|
)
|
|
|
-0.4
|
%
|
|
|
|
202
|
|
|
|
3.6
|
%
|
FDIC assessment expense
|
|
|
2,559
|
|
|
|
|
2,615
|
|
|
|
|
2,644
|
|
|
|
|
(56
|
)
|
|
|
-2.1
|
%
|
|
|
|
(85
|
)
|
|
|
-3.2
|
%
|
ORE/Foreclosure expense
|
|
|
3,385
|
|
|
|
|
921
|
|
|
|
|
930
|
|
|
|
|
2,464
|
|
|
|
n/m
|
|
|
|
|
2,455
|
|
|
|
n/m
|
|
Other expense
|
|
|
12,198
|
|
|
|
|
12,186
|
|
|
|
|
12,964
|
|
|
|
|
12
|
|
|
|
0.1
|
%
|
|
|
|
(766
|
)
|
|
|
-5.9
|
%
|
Total noninterest expense
|
|
|
103,560
|
|
|
|
|
100,266
|
|
|
|
|
100,194
|
|
|
|
|
3,294
|
|
|
|
3.3
|
%
|
|
|
|
3,366
|
|
|
|
3.4
|
%
|
Income before income taxes and tax eq adj
|
|
|
40,305
|
|
|
|
|
44,338
|
|
|
|
|
48,634
|
|
|
|
|
(4,033
|
)
|
|
|
-9.1
|
%
|
|
|
|
(8,329
|
)
|
|
|
-17.1
|
%
|
Tax equivalent adjustment
|
|
|
4,056
|
|
|
|
|
3,970
|
|
|
|
|
3,909
|
|
|
|
|
86
|
|
|
|
2.2
|
%
|
|
|
|
147
|
|
|
|
3.8
|
%
|
Income before income taxes
|
|
|
36,249
|
|
|
|
|
40,368
|
|
|
|
|
44,725
|
|
|
|
|
(4,119
|
)
|
|
|
-10.2
|
%
|
|
|
|
(8,476
|
)
|
|
|
-19.0
|
%
|
Income taxes
|
|
|
7,819
|
|
|
|
|
9,766
|
|
|
|
|
11,136
|
|
|
|
|
(1,947
|
)
|
|
|
-19.9
|
%
|
|
|
|
(3,317
|
)
|
|
|
-29.8
|
%
|
Net income
|
|
$
|
28,430
|
|
|
|
$
|
30,602
|
|
|
|
$
|
33,589
|
|
|
|
$
|
(2,172
|
)
|
|
|
-7.1
|
%
|
|
|
$
|
(5,159
|
)
|
|
|
-15.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic
|
|
$
|
0.42
|
|
|
|
$
|
0.45
|
|
|
|
$
|
0.50
|
|
|
|
$
|
(0.03
|
)
|
|
|
-6.7
|
%
|
|
|
$
|
(0.08
|
)
|
|
|
-16.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - diluted
|
|
$
|
0.42
|
|
|
|
$
|
0.45
|
|
|
|
$
|
0.50
|
|
|
|
$
|
(0.03
|
)
|
|
|
-6.7
|
%
|
|
|
$
|
(0.08
|
)
|
|
|
-16.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share
|
|
$
|
0.23
|
|
|
|
$
|
0.23
|
|
|
|
$
|
0.23
|
|
|
|
$
|
-
|
|
|
|
0.0
|
%
|
|
|
$
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
67,557,395
|
|
|
|
|
67,556,825
|
|
|
|
|
67,439,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
67,707,456
|
|
|
|
|
67,685,449
|
|
|
|
|
67,608,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end shares outstanding
|
|
|
67,557,395
|
|
|
|
|
67,557,395
|
|
|
|
|
67,439,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity
|
|
|
7.68
|
%
|
|
|
|
8.44
|
%
|
|
|
|
9.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity
|
|
|
10.96
|
%
|
|
|
|
12.05
|
%
|
|
|
|
13.70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on assets
|
|
|
0.92
|
%
|
|
|
|
1.01
|
%
|
|
|
|
1.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest margin - Yield - FTE
|
|
|
3.91
|
%
|
|
|
|
3.99
|
%
|
|
|
|
4.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest margin - Cost
|
|
|
0.19
|
%
|
|
|
|
0.19
|
%
|
|
|
|
0.20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin - FTE
|
|
|
3.72
|
%
|
|
|
|
3.81
|
%
|
|
|
|
4.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (1)
|
|
|
67.87
|
%
|
|
|
|
66.00
|
%
|
|
|
|
62.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent employees
|
|
|
2,963
|
|
|
|
|
2,989
|
|
|
|
|
3,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK PERFORMANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value-Close
|
|
$
|
23.17
|
|
|
|
$
|
24.98
|
|
|
|
$
|
23.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
|
$
|
21.86
|
|
|
|
$
|
21.47
|
|
|
|
$
|
20.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
|
|
$
|
16.00
|
|
|
|
$
|
15.58
|
|
|
|
$
|
15.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
September 30, 2015
|
($ in thousands)
|
(unaudited)
|
|
|
Quarter Ended
|
|
|
Linked Quarter
|
|
|
Year over Year
|
NONPERFORMING ASSETS (1)
|
|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
9/30/2014
|
|
|
|
$
|
Change
|
|
|
% Change
|
|
|
|
$
|
Change
|
|
|
% Change
|
|
Nonaccrual loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
$
|
1,306
|
|
|
|
$
|
713
|
|
|
|
$
|
852
|
|
|
|
$
|
593
|
|
|
|
83.2
|
%
|
|
|
$
|
454
|
|
|
|
53.3
|
%
|
Florida
|
|
|
7,444
|
|
|
|
|
7,892
|
|
|
|
|
10,986
|
|
|
|
|
(448
|
)
|
|
|
-5.7
|
%
|
|
|
|
(3,542
|
)
|
|
|
-32.2
|
%
|
Mississippi (2)
|
|
|
44,955
|
|
|
|
|
52,051
|
|
|
|
|
65,751
|
|
|
|
|
(7,096
|
)
|
|
|
-13.6
|
%
|
|
|
|
(20,796
|
)
|
|
|
-31.6
|
%
|
Tennessee (3)
|
|
|
4,911
|
|
|
|
|
5,468
|
|
|
|
|
5,901
|
|
|
|
|
(557
|
)
|
|
|
-10.2
|
%
|
|
|
|
(990
|
)
|
|
|
-16.8
|
%
|
Texas
|
|
|
2,515
|
|
|
|
|
2,314
|
|
|
|
|
4,824
|
|
|
|
|
201
|
|
|
|
8.7
|
%
|
|
|
|
(2,309
|
)
|
|
|
-47.9
|
%
|
Total nonaccrual loans
|
|
|
61,131
|
|
|
|
|
68,438
|
|
|
|
|
88,314
|
|
|
|
|
(7,307
|
)
|
|
|
-10.7
|
%
|
|
|
|
(27,183
|
)
|
|
|
-30.8
|
%
|
Other real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
23,822
|
|
|
|
|
21,849
|
|
|
|
|
24,256
|
|
|
|
|
1,973
|
|
|
|
9.0
|
%
|
|
|
|
(434
|
)
|
|
|
-1.8
|
%
|
Florida
|
|
|
30,374
|
|
|
|
|
31,059
|
|
|
|
|
36,608
|
|
|
|
|
(685
|
)
|
|
|
-2.2
|
%
|
|
|
|
(6,234
|
)
|
|
|
-17.0
|
%
|
Mississippi (2)
|
|
|
13,180
|
|
|
|
|
14,094
|
|
|
|
|
16,419
|
|
|
|
|
(914
|
)
|
|
|
-6.5
|
%
|
|
|
|
(3,239
|
)
|
|
|
-19.7
|
%
|
Tennessee (3)
|
|
|
9,840
|
|
|
|
|
9,707
|
|
|
|
|
11,347
|
|
|
|
|
133
|
|
|
|
1.4
|
%
|
|
|
|
(1,507
|
)
|
|
|
-13.3
|
%
|
Texas
|
|
|
6,739
|
|
|
|
|
14,039
|
|
|
|
|
8,407
|
|
|
|
|
(7,300
|
)
|
|
|
-52.0
|
%
|
|
|
|
(1,668
|
)
|
|
|
-19.8
|
%
|
Total other real estate
|
|
|
83,955
|
|
|
|
|
90,748
|
|
|
|
|
97,037
|
|
|
|
|
(6,793
|
)
|
|
|
-7.5
|
%
|
|
|
|
(13,082
|
)
|
|
|
-13.5
|
%
|
Total nonperforming assets
|
|
$
|
145,086
|
|
|
|
$
|
159,186
|
|
|
|
$
|
185,351
|
|
|
|
$
|
(14,100
|
)
|
|
|
-8.9
|
%
|
|
|
$
|
(40,265
|
)
|
|
|
-21.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS PAST DUE OVER 90 DAYS (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFI
|
|
$
|
9,224
|
|
|
|
$
|
1,771
|
|
|
|
$
|
3,839
|
|
|
|
$
|
7,453
|
|
|
|
n/m
|
|
|
|
$
|
5,385
|
|
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFS-Guaranteed GNMA serviced loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(no obligation to repurchase)
|
|
$
|
15,165
|
|
|
|
$
|
11,987
|
|
|
|
$
|
24,979
|
|
|
|
$
|
3,178
|
|
|
|
26.5
|
%
|
|
|
$
|
(9,814
|
)
|
|
|
-39.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Linked Quarter
|
|
|
Year over Year
|
ALLOWANCE FOR LOAN LOSSES (4)
|
|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
9/30/2014
|
|
|
|
$
|
Change
|
|
|
% Change
|
|
|
|
$
|
Change
|
|
|
% Change
|
|
Beginning Balance
|
|
$
|
71,166
|
|
|
|
$
|
71,321
|
|
|
|
$
|
66,648
|
|
|
|
$
|
(155
|
)
|
|
|
-0.2
|
%
|
|
|
$
|
4,518
|
|
|
|
6.8
|
%
|
Provision for loan losses
|
|
|
2,514
|
|
|
|
|
1,033
|
|
|
|
|
3,058
|
|
|
|
|
1,481
|
|
|
|
n/m
|
|
|
|
|
(544
|
)
|
|
|
-17.8
|
%
|
Charge-offs
|
|
|
(11,406
|
)
|
|
|
|
(4,278
|
)
|
|
|
|
(3,216
|
)
|
|
|
|
(7,128
|
)
|
|
|
n/m
|
|
|
|
|
(8,190
|
)
|
|
|
n/m
|
|
Recoveries
|
|
|
3,333
|
|
|
|
|
3,090
|
|
|
|
|
3,644
|
|
|
|
|
243
|
|
|
|
7.9
|
%
|
|
|
|
(311
|
)
|
|
|
-8.5
|
%
|
Net (charge-offs) recoveries
|
|
|
(8,073
|
)
|
|
|
|
(1,188
|
)
|
|
|
|
428
|
|
|
|
|
(6,885
|
)
|
|
|
n/m
|
|
|
|
|
(8,501
|
)
|
|
|
n/m
|
|
Ending Balance
|
|
$
|
65,607
|
|
|
|
$
|
71,166
|
|
|
|
$
|
70,134
|
|
|
|
$
|
(5,559
|
)
|
|
|
-7.8
|
%
|
|
|
$
|
(4,527
|
)
|
|
|
-6.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
$
|
(70
|
)
|
|
|
$
|
623
|
|
|
|
$
|
1,093
|
|
|
|
$
|
(693
|
)
|
|
|
n/m
|
|
|
|
$
|
(1,163
|
)
|
|
|
n/m
|
|
Florida
|
|
|
(1,430
|
)
|
|
|
|
(1,168
|
)
|
|
|
|
(147
|
)
|
|
|
|
(262
|
)
|
|
|
22.4
|
%
|
|
|
|
(1,283
|
)
|
|
|
n/m
|
|
Mississippi (2)
|
|
|
4,221
|
|
|
|
|
2,046
|
|
|
|
|
4,679
|
|
|
|
|
2,175
|
|
|
|
n/m
|
|
|
|
|
(458
|
)
|
|
|
-9.8
|
%
|
Tennessee (3)
|
|
|
(1,050
|
)
|
|
|
|
(483
|
)
|
|
|
|
244
|
|
|
|
|
(567
|
)
|
|
|
n/m
|
|
|
|
|
(1,294
|
)
|
|
|
n/m
|
|
Texas
|
|
|
843
|
|
|
|
|
15
|
|
|
|
|
(2,811
|
)
|
|
|
|
828
|
|
|
|
n/m
|
|
|
|
|
3,654
|
|
|
|
n/m
|
|
Total provision for loan losses
|
|
$
|
2,514
|
|
|
|
$
|
1,033
|
|
|
|
$
|
3,058
|
|
|
|
$
|
1,481
|
|
|
|
n/m
|
|
|
|
$
|
(544
|
)
|
|
|
-17.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
$
|
163
|
|
|
|
$
|
216
|
|
|
|
$
|
172
|
|
|
|
$
|
(53
|
)
|
|
|
-24.5
|
%
|
|
|
$
|
(9
|
)
|
|
|
-5.2
|
%
|
Florida
|
|
|
(1,090
|
)
|
|
|
|
539
|
|
|
|
|
(89
|
)
|
|
|
|
(1,629
|
)
|
|
|
n/m
|
|
|
|
|
(1,001
|
)
|
|
|
n/m
|
|
Mississippi (2)
|
|
|
7,391
|
|
|
|
|
1,028
|
|
|
|
|
462
|
|
|
|
|
6,363
|
|
|
|
n/m
|
|
|
|
|
6,929
|
|
|
|
n/m
|
|
Tennessee (3)
|
|
|
448
|
|
|
|
|
105
|
|
|
|
|
48
|
|
|
|
|
343
|
|
|
|
n/m
|
|
|
|
|
400
|
|
|
|
n/m
|
|
Texas
|
|
|
1,161
|
|
|
|
|
(700
|
)
|
|
|
|
(1,021
|
)
|
|
|
|
1,861
|
|
|
|
n/m
|
|
|
|
|
2,182
|
|
|
|
n/m
|
|
Total net charge-offs (recoveries)
|
|
$
|
8,073
|
|
|
|
$
|
1,188
|
|
|
|
$
|
(428
|
)
|
|
|
$
|
6,885
|
|
|
|
n/m
|
|
|
|
$
|
8,501
|
|
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs/average loans
|
|
|
0.47
|
%
|
|
|
|
0.07
|
%
|
|
|
|
-0.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses/average loans
|
|
|
0.15
|
%
|
|
|
|
0.06
|
%
|
|
|
|
0.19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans/total loans (incl LHFS)
|
|
|
0.88
|
%
|
|
|
|
1.04
|
%
|
|
|
|
1.37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets/total loans (incl LHFS)
|
|
|
2.08
|
%
|
|
|
|
2.41
|
%
|
|
|
|
2.87
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets/total loans (incl LHFS) +ORE
|
|
|
2.06
|
%
|
|
|
|
2.38
|
%
|
|
|
|
2.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL/total loans (excl LHFS)
|
|
|
0.97
|
%
|
|
|
|
1.10
|
%
|
|
|
|
1.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL-commercial/total commercial loans
|
|
|
1.07
|
%
|
|
|
|
1.30
|
%
|
|
|
|
1.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL-consumer/total consumer and home mortgage loans
|
|
|
0.67
|
%
|
|
|
|
0.59
|
%
|
|
|
|
0.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL/nonperforming loans
|
|
|
107.32
|
%
|
|
|
|
103.99
|
%
|
|
|
|
79.41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL/nonperforming loans -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(excl impaired loans)
|
|
|
206.72
|
%
|
|
|
|
192.60
|
%
|
|
|
|
178.81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity/total assets
|
|
|
11.92
|
%
|
|
|
|
11.91
|
%
|
|
|
|
11.70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity/tangible assets
|
|
|
9.01
|
%
|
|
|
|
8.93
|
%
|
|
|
|
8.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity/risk-weighted assets
|
|
|
12.24
|
%
|
|
|
|
12.34
|
%
|
|
|
|
12.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio
|
|
|
10.09
|
%
|
|
|
|
10.14
|
%
|
|
|
|
9.54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 common risk-based capital ratio - BASEL I
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
12.74
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital ratio - BASEL III
|
|
|
13.00
|
%
|
|
|
|
13.28
|
%
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 risk-based capital ratio
|
|
|
13.66
|
%
|
|
|
|
13.97
|
%
|
|
|
|
13.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total risk-based capital ratio
|
|
|
14.66
|
%
|
|
|
|
15.07
|
%
|
|
|
|
14.70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
September 30, 2015
|
($ in thousands)
|
(unaudited)
|
|
|
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
|
AVERAGE BALANCES
|
|
|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
3/31/2015
|
|
|
|
|
12/31/2014
|
|
|
|
|
9/30/2014
|
|
|
|
9/30/2015
|
|
|
|
9/30/2014
|
|
|
Securities AFS-taxable
|
|
|
$
|
2,269,763
|
|
|
|
$
|
2,255,485
|
|
|
|
$
|
2,190,344
|
|
|
|
$
|
2,204,361
|
|
|
|
$
|
2,202,020
|
|
|
$
|
2,238,822
|
|
|
$
|
2,181,495
|
|
|
Securities AFS-nontaxable
|
|
|
|
116,290
|
|
|
|
|
120,330
|
|
|
|
|
127,623
|
|
|
|
|
129,403
|
|
|
|
|
131,305
|
|
|
|
121,373
|
|
|
|
138,934
|
|
|
Securities HTM-taxable
|
|
|
|
1,151,673
|
|
|
|
|
1,143,273
|
|
|
|
|
1,119,979
|
|
|
|
|
1,117,989
|
|
|
|
|
1,126,309
|
|
|
|
1,138,424
|
|
|
|
1,121,862
|
|
|
Securities HTM-nontaxable
|
|
|
|
36,278
|
|
|
|
|
38,173
|
|
|
|
|
41,405
|
|
|
|
|
42,040
|
|
|
|
|
43,114
|
|
|
|
38,600
|
|
|
|
39,279
|
|
|
Total securities
|
|
|
|
3,574,004
|
|
|
|
|
3,557,261
|
|
|
|
|
3,479,351
|
|
|
|
|
3,493,793
|
|
|
|
|
3,502,748
|
|
|
|
3,537,219
|
|
|
|
3,481,570
|
|
|
Loans (including loans held for sale)
|
|
|
|
6,771,947
|
|
|
|
|
6,554,739
|
|
|
|
|
6,561,430
|
|
|
|
|
6,494,369
|
|
|
|
|
6,387,251
|
|
|
|
6,630,143
|
|
|
|
6,167,850
|
|
|
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered loans
|
|
|
|
421,262
|
|
|
|
|
462,418
|
|
|
|
|
502,534
|
|
|
|
|
544,260
|
|
|
|
|
585,675
|
|
|
|
461,774
|
|
|
|
666,769
|
|
|
Covered loans
|
|
|
|
|
18,982
|
|
|
|
|
20,574
|
|
|
|
|
23,593
|
|
|
|
|
27,039
|
|
|
|
|
28,971
|
|
|
|
21,033
|
|
|
|
31,282
|
|
|
Fed funds sold and rev repos
|
|
|
|
1,167
|
|
|
|
|
557
|
|
|
|
|
217
|
|
|
|
|
1,269
|
|
|
|
|
4,228
|
|
|
|
650
|
|
|
|
4,437
|
|
|
Other earning assets
|
|
|
|
58,534
|
|
|
|
|
41,242
|
|
|
|
|
46,368
|
|
|
|
|
48,224
|
|
|
|
|
41,871
|
|
|
|
48,759
|
|
|
|
38,335
|
|
|
Total earning assets
|
|
|
|
10,845,896
|
|
|
|
|
10,636,791
|
|
|
|
|
10,613,493
|
|
|
|
|
10,608,954
|
|
|
|
|
10,550,744
|
|
|
|
10,699,578
|
|
|
|
10,390,243
|
|
|
Allowance for loan losses
|
|
|
|
(84,482
|
)
|
|
|
|
(84,331
|
)
|
|
|
|
(81,993
|
)
|
|
|
|
(82,851
|
)
|
|
|
|
(78,227
|
)
|
|
|
(83,611
|
)
|
|
|
(78,533
|
)
|
|
Cash and due from banks
|
|
|
|
266,174
|
|
|
|
|
272,292
|
|
|
|
|
290,251
|
|
|
|
|
284,754
|
|
|
|
|
272,925
|
|
|
|
276,151
|
|
|
|
327,657
|
|
|
Other assets
|
|
|
|
|
1,286,189
|
|
|
|
|
1,288,507
|
|
|
|
|
1,303,552
|
|
|
|
|
1,317,217
|
|
|
|
|
1,345,771
|
|
|
|
1,292,685
|
|
|
|
1,354,948
|
|
|
Total assets
|
|
|
$
|
12,313,777
|
|
|
|
$
|
12,113,259
|
|
|
|
$
|
12,125,303
|
|
|
|
$
|
12,128,074
|
|
|
|
$
|
12,091,213
|
|
|
$
|
12,184,803
|
|
|
$
|
11,994,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits
|
|
|
$
|
1,915,567
|
|
|
|
$
|
1,924,447
|
|
|
|
$
|
1,847,374
|
|
|
|
$
|
1,815,999
|
|
|
|
$
|
1,808,710
|
|
|
$
|
1,896,046
|
|
|
$
|
1,844,741
|
|
|
Savings deposits
|
|
|
|
|
3,059,183
|
|
|
|
|
3,226,380
|
|
|
|
|
3,252,586
|
|
|
|
|
2,963,771
|
|
|
|
|
3,050,743
|
|
|
|
3,178,675
|
|
|
|
3,167,637
|
|
|
Time deposits less than $100,000
|
|
|
|
1,072,373
|
|
|
|
|
1,101,477
|
|
|
|
|
1,139,912
|
|
|
|
|
1,152,622
|
|
|
|
|
1,187,794
|
|
|
|
1,104,339
|
|
|
|
1,230,997
|
|
|
Time deposits of $100,000 or more
|
|
|
|
712,910
|
|
|
|
|
751,129
|
|
|
|
|
785,715
|
|
|
|
|
838,309
|
|
|
|
|
874,333
|
|
|
|
749,651
|
|
|
|
910,857
|
|
|
Total interest-bearing deposits
|
|
|
|
6,760,033
|
|
|
|
|
7,003,433
|
|
|
|
|
7,025,587
|
|
|
|
|
6,770,701
|
|
|
|
|
6,921,580
|
|
|
|
6,928,711
|
|
|
|
7,154,232
|
|
|
Fed funds purchased and repos
|
|
|
|
528,232
|
|
|
|
|
497,606
|
|
|
|
|
421,206
|
|
|
|
|
526,482
|
|
|
|
|
540,870
|
|
|
|
482,740
|
|
|
|
404,604
|
|
|
Short-term borrowings
|
|
|
|
534,931
|
|
|
|
|
128,761
|
|
|
|
|
256,714
|
|
|
|
|
385,841
|
|
|
|
|
181,114
|
|
|
|
307,821
|
|
|
|
102,288
|
|
|
Long-term FHLB advances
|
|
|
|
1,195
|
|
|
|
|
1,213
|
|
|
|
|
1,243
|
|
|
|
|
2,652
|
|
|
|
|
8,050
|
|
|
|
1,217
|
|
|
|
8,248
|
|
|
Subordinated notes
|
|
|
|
49,955
|
|
|
|
|
49,947
|
|
|
|
|
49,939
|
|
|
|
|
49,931
|
|
|
|
|
49,923
|
|
|
|
49,947
|
|
|
|
49,915
|
|
|
Junior subordinated debt securities
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
|
61,856
|
|
|
Total interest-bearing liabilities
|
|
|
|
7,936,202
|
|
|
|
|
7,742,816
|
|
|
|
|
7,816,545
|
|
|
|
|
7,797,463
|
|
|
|
|
7,763,393
|
|
|
|
7,832,292
|
|
|
|
7,781,143
|
|
|
Noninterest-bearing deposits
|
|
|
|
2,771,186
|
|
|
|
|
2,772,741
|
|
|
|
|
2,741,945
|
|
|
|
|
2,762,332
|
|
|
|
|
2,774,745
|
|
|
|
2,762,064
|
|
|
|
2,694,673
|
|
|
Other liabilities
|
|
|
|
|
137,134
|
|
|
|
|
143,201
|
|
|
|
|
129,844
|
|
|
|
|
146,011
|
|
|
|
|
140,218
|
|
|
|
136,754
|
|
|
|
127,414
|
|
|
Total liabilities
|
|
|
|
10,844,522
|
|
|
|
|
10,658,758
|
|
|
|
|
10,688,334
|
|
|
|
|
10,705,806
|
|
|
|
|
10,678,356
|
|
|
|
10,731,110
|
|
|
|
10,603,230
|
|
|
Shareholders' equity
|
|
|
|
1,469,255
|
|
|
|
|
1,454,501
|
|
|
|
|
1,436,969
|
|
|
|
|
1,422,268
|
|
|
|
|
1,412,857
|
|
|
|
1,453,693
|
|
|
|
1,391,085
|
|
|
Total liabilities and equity
|
|
|
$
|
12,313,777
|
|
|
|
$
|
12,113,259
|
|
|
|
$
|
12,125,303
|
|
|
|
$
|
12,128,074
|
|
|
|
$
|
12,091,213
|
|
|
$
|
12,184,803
|
|
|
$
|
11,994,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD END BALANCES
|
|
|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
3/31/2015
|
|
|
|
|
12/31/2014
|
|
|
|
|
9/30/2014
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
$
|
220,052
|
|
|
|
$
|
255,050
|
|
|
|
$
|
335,244
|
|
|
|
$
|
315,973
|
|
|
|
$
|
237,497
|
|
|
|
|
|
|
Fed funds sold and rev repos
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1,885
|
|
|
|
|
4,013
|
|
|
|
|
|
|
Securities available for sale
|
|
|
|
2,382,822
|
|
|
|
|
2,446,383
|
|
|
|
|
2,381,459
|
|
|
|
|
2,374,567
|
|
|
|
|
2,363,895
|
|
|
|
|
|
|
Securities held to maturity
|
|
|
|
1,178,440
|
|
|
|
|
1,190,161
|
|
|
|
|
1,184,554
|
|
|
|
|
1,170,685
|
|
|
|
|
1,169,640
|
|
|
|
|
|
|
Loans held for sale (LHFS)
|
|
|
|
173,679
|
|
|
|
|
147,539
|
|
|
|
|
150,365
|
|
|
|
|
132,196
|
|
|
|
|
135,562
|
|
|
|
|
|
|
Loans held for investment (LHFI)
|
|
|
|
6,791,643
|
|
|
|
|
6,447,073
|
|
|
|
|
6,413,876
|
|
|
|
|
6,449,469
|
|
|
|
|
6,333,651
|
|
|
|
|
|
|
Allowance for loan losses
|
|
|
|
(65,607
|
)
|
|
|
|
(71,166
|
)
|
|
|
|
(71,321
|
)
|
|
|
|
(69,616
|
)
|
|
|
|
(70,134
|
)
|
|
|
|
|
|
Net LHFI
|
|
|
|
|
6,726,036
|
|
|
|
|
6,375,907
|
|
|
|
|
6,342,555
|
|
|
|
|
6,379,853
|
|
|
|
|
6,263,517
|
|
|
|
|
|
|
Acquired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncovered loans
|
|
|
|
400,528
|
|
|
|
|
447,160
|
|
|
|
|
478,172
|
|
|
|
|
525,783
|
|
|
|
|
564,542
|
|
|
|
|
|
|
Covered loans
|
|
|
|
|
18,645
|
|
|
|
|
19,239
|
|
|
|
|
20,271
|
|
|
|
|
23,626
|
|
|
|
|
27,607
|
|
|
|
|
|
|
Allowance for loan losses, acquired loans
|
|
|
|
(12,185
|
)
|
|
|
|
(12,629
|
)
|
|
|
|
(11,837
|
)
|
|
|
|
(12,059
|
)
|
|
|
|
(11,949
|
)
|
|
|
|
|
|
Net acquired loans
|
|
|
|
406,988
|
|
|
|
|
453,770
|
|
|
|
|
486,606
|
|
|
|
|
537,350
|
|
|
|
|
580,200
|
|
|
|
|
|
|
Net LHFI and acquired loans
|
|
|
|
7,133,024
|
|
|
|
|
6,829,677
|
|
|
|
|
6,829,161
|
|
|
|
|
6,917,203
|
|
|
|
|
6,843,717
|
|
|
|
|
|
|
Premises and equipment, net
|
|
|
|
196,558
|
|
|
|
|
196,220
|
|
|
|
|
198,039
|
|
|
|
|
200,781
|
|
|
|
|
200,474
|
|
|
|
|
|
|
Mortgage servicing rights
|
|
|
|
69,809
|
|
|
|
|
71,422
|
|
|
|
|
62,903
|
|
|
|
|
64,358
|
|
|
|
|
67,090
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
365,500
|
|
|
|
|
365,500
|
|
|
|
|
365,500
|
|
|
|
|
365,500
|
|
|
|
|
365,500
|
|
|
|
|
|
|
Identifiable intangible assets
|
|
|
|
30,129
|
|
|
|
|
32,042
|
|
|
|
|
31,250
|
|
|
|
|
33,234
|
|
|
|
|
35,357
|
|
|
|
|
|
|
Other real estate, excluding covered other real estate
|
|
|
|
83,955
|
|
|
|
|
90,748
|
|
|
|
|
90,175
|
|
|
|
|
92,509
|
|
|
|
|
97,037
|
|
|
|
|
|
|
Covered other real estate
|
|
|
|
2,865
|
|
|
|
|
3,755
|
|
|
|
|
4,794
|
|
|
|
|
6,060
|
|
|
|
|
4,146
|
|
|
|
|
|
|
FDIC indemnification asset
|
|
|
|
1,749
|
|
|
|
|
2,632
|
|
|
|
|
4,743
|
|
|
|
|
6,997
|
|
|
|
|
8,154
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
551,694
|
|
|
|
|
551,319
|
|
|
|
|
540,977
|
|
|
|
|
568,685
|
|
|
|
|
564,234
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
12,390,276
|
|
|
|
$
|
12,182,448
|
|
|
|
$
|
12,179,164
|
|
|
|
$
|
12,250,633
|
|
|
|
$
|
12,096,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
|
|
$
|
2,787,454
|
|
|
|
$
|
2,819,171
|
|
|
|
$
|
2,936,875
|
|
|
|
$
|
2,748,635
|
|
|
|
$
|
2,723,480
|
|
|
|
|
|
|
Interest-bearing
|
|
|
|
|
6,624,950
|
|
|
|
|
6,973,003
|
|
|
|
|
6,970,115
|
|
|
|
|
6,949,723
|
|
|
|
|
6,789,745
|
|
|
|
|
|
|
Total deposits
|
|
|
|
9,412,404
|
|
|
|
|
9,792,174
|
|
|
|
|
9,906,990
|
|
|
|
|
9,698,358
|
|
|
|
|
9,513,225
|
|
|
|
|
|
|
Fed funds purchased and repos
|
|
|
|
534,204
|
|
|
|
|
477,462
|
|
|
|
|
523,187
|
|
|
|
|
443,543
|
|
|
|
|
607,851
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
|
709,845
|
|
|
|
|
201,744
|
|
|
|
|
50,570
|
|
|
|
|
425,077
|
|
|
|
|
316,666
|
|
|
|
|
|
|
Long-term FHLB advances
|
|
|
|
1,173
|
|
|
|
|
1,204
|
|
|
|
|
1,222
|
|
|
|
|
1,253
|
|
|
|
|
8,003
|
|
|
|
|
|
|
Subordinated notes
|
|
|
|
49,961
|
|
|
|
|
49,953
|
|
|
|
|
49,944
|
|
|
|
|
49,936
|
|
|
|
|
49,928
|
|
|
|
|
|
|
Junior subordinated debt securities
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
|
61,856
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
144,077
|
|
|
|
|
147,646
|
|
|
|
|
139,311
|
|
|
|
|
150,670
|
|
|
|
|
123,689
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
10,913,520
|
|
|
|
|
10,732,039
|
|
|
|
|
10,733,080
|
|
|
|
|
10,830,693
|
|
|
|
|
10,681,218
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
14,076
|
|
|
|
|
14,076
|
|
|
|
|
14,076
|
|
|
|
|
14,060
|
|
|
|
|
14,051
|
|
|
|
|
|
|
Capital surplus
|
|
|
|
|
360,494
|
|
|
|
|
359,533
|
|
|
|
|
358,583
|
|
|
|
|
356,244
|
|
|
|
|
354,251
|
|
|
|
|
|
|
Retained earnings
|
|
|
|
|
1,130,766
|
|
|
|
|
1,117,993
|
|
|
|
|
1,103,077
|
|
|
|
|
1,092,120
|
|
|
|
|
1,081,161
|
|
|
|
|
|
|
Accum other comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loss, net of tax
|
|
|
|
|
(28,580
|
)
|
|
|
|
(41,193
|
)
|
|
|
|
(29,652
|
)
|
|
|
|
(42,484
|
)
|
|
|
|
(34,365
|
)
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
|
1,476,756
|
|
|
|
|
1,450,409
|
|
|
|
|
1,446,084
|
|
|
|
|
1,419,940
|
|
|
|
|
1,415,098
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
$
|
12,390,276
|
|
|
|
$
|
12,182,448
|
|
|
|
$
|
12,179,164
|
|
|
|
$
|
12,250,633
|
|
|
|
$
|
12,096,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Consolidated Financials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED FINANCIAL INFORMATION
|
September 30, 2015
|
($ in thousands except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Nine Months Ended
|
INCOME STATEMENTS
|
|
|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
3/31/2015
|
|
|
|
|
12/31/2014
|
|
|
|
|
9/30/2014
|
|
|
|
|
9/30/2015
|
|
|
|
|
9/30/2014
|
|
Interest and fees on LHFS & LHFI-FTE
|
|
|
$
|
72,951
|
|
|
|
$
|
71,546
|
|
|
|
$
|
69,658
|
|
|
|
$
|
70,775
|
|
|
|
$
|
70,197
|
|
|
|
$
|
214,155
|
|
|
|
$
|
206,000
|
|
Interest and fees on acquired loans
|
|
|
|
11,607
|
|
|
|
|
12,557
|
|
|
|
|
15,078
|
|
|
|
|
13,500
|
|
|
|
|
23,200
|
|
|
|
|
39,242
|
|
|
|
|
63,236
|
|
Interest on securities-taxable
|
|
|
|
20,264
|
|
|
|
|
19,731
|
|
|
|
|
19,586
|
|
|
|
|
21,694
|
|
|
|
|
19,712
|
|
|
|
|
59,581
|
|
|
|
|
58,454
|
|
Interest on securities-tax exempt-FTE
|
|
|
|
1,609
|
|
|
|
|
1,688
|
|
|
|
|
1,789
|
|
|
|
|
1,814
|
|
|
|
|
1,845
|
|
|
|
|
5,086
|
|
|
|
|
5,677
|
|
Interest on fed funds sold and rev repos
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
-
|
|
|
|
|
3
|
|
|
|
|
9
|
|
|
|
|
4
|
|
|
|
|
20
|
|
Other interest income
|
|
|
|
392
|
|
|
|
|
392
|
|
|
|
|
393
|
|
|
|
|
384
|
|
|
|
|
386
|
|
|
|
|
1,177
|
|
|
|
|
1,140
|
|
Total interest income-FTE
|
|
|
|
106,825
|
|
|
|
|
105,916
|
|
|
|
|
106,504
|
|
|
|
|
108,170
|
|
|
|
|
115,349
|
|
|
|
|
319,245
|
|
|
|
|
334,527
|
|
Interest on deposits
|
|
|
|
3,147
|
|
|
|
|
3,204
|
|
|
|
|
3,247
|
|
|
|
|
3,382
|
|
|
|
|
3,606
|
|
|
|
|
9,598
|
|
|
|
|
11,941
|
|
Interest on fed funds pch and repos
|
|
|
|
205
|
|
|
|
|
179
|
|
|
|
|
143
|
|
|
|
|
184
|
|
|
|
|
180
|
|
|
|
|
527
|
|
|
|
|
366
|
|
Other interest expense
|
|
|
|
1,811
|
|
|
|
|
1,614
|
|
|
|
|
1,649
|
|
|
|
|
1,510
|
|
|
|
|
1,425
|
|
|
|
|
5,074
|
|
|
|
|
4,163
|
|
Total interest expense
|
|
|
|
5,163
|
|
|
|
|
4,997
|
|
|
|
|
5,039
|
|
|
|
|
5,076
|
|
|
|
|
5,211
|
|
|
|
|
15,199
|
|
|
|
|
16,470
|
|
Net interest income-FTE
|
|
|
|
101,662
|
|
|
|
|
100,919
|
|
|
|
|
101,465
|
|
|
|
|
103,094
|
|
|
|
|
110,138
|
|
|
|
|
304,046
|
|
|
|
|
318,057
|
|
Provision for loan losses, LHFI
|
|
|
|
2,514
|
|
|
|
|
1,033
|
|
|
|
|
1,785
|
|
|
|
|
(1,393
|
)
|
|
|
|
3,058
|
|
|
|
|
5,332
|
|
|
|
|
2,604
|
|
Provision for loan losses, acquired loans
|
|
|
|
1,256
|
|
|
|
|
825
|
|
|
|
|
347
|
|
|
|
|
1,179
|
|
|
|
|
1,145
|
|
|
|
|
2,428
|
|
|
|
|
4,992
|
|
Net interest income after provision-FTE
|
|
|
|
97,892
|
|
|
|
|
99,061
|
|
|
|
|
99,333
|
|
|
|
|
103,308
|
|
|
|
|
105,935
|
|
|
|
|
296,286
|
|
|
|
|
310,461
|
|
Service charges on deposit accounts
|
|
|
|
12,400
|
|
|
|
|
11,920
|
|
|
|
|
11,085
|
|
|
|
|
12,514
|
|
|
|
|
12,743
|
|
|
|
|
35,405
|
|
|
|
|
36,157
|
|
Insurance commissions
|
|
|
|
9,906
|
|
|
|
|
9,401
|
|
|
|
|
8,616
|
|
|
|
|
7,831
|
|
|
|
|
9,240
|
|
|
|
|
27,923
|
|
|
|
|
25,637
|
|
Wealth management
|
|
|
|
7,790
|
|
|
|
|
7,758
|
|
|
|
|
7,990
|
|
|
|
|
8,460
|
|
|
|
|
8,038
|
|
|
|
|
23,538
|
|
|
|
|
23,883
|
|
Bank card and other fees
|
|
|
|
6,964
|
|
|
|
|
7,416
|
|
|
|
|
6,762
|
|
|
|
|
6,712
|
|
|
|
|
7,279
|
|
|
|
|
21,142
|
|
|
|
|
26,254
|
|
Mortgage banking, net
|
|
|
|
7,443
|
|
|
|
|
9,481
|
|
|
|
|
8,965
|
|
|
|
|
5,918
|
|
|
|
|
5,842
|
|
|
|
|
25,889
|
|
|
|
|
18,862
|
|
Other, net
|
|
|
|
1,470
|
|
|
|
|
(433
|
)
|
|
|
|
(1,055
|
)
|
|
|
|
596
|
|
|
|
|
(160
|
)
|
|
|
|
(18
|
)
|
|
|
|
18
|
|
Nonint inc-excl sec gains (losses), net
|
|
|
|
45,973
|
|
|
|
|
45,543
|
|
|
|
|
42,363
|
|
|
|
|
42,031
|
|
|
|
|
42,982
|
|
|
|
|
133,879
|
|
|
|
|
130,811
|
|
Security gains (losses), net
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(89
|
)
|
|
|
|
-
|
|
|
|
|
300
|
|
Total noninterest income
|
|
|
|
45,973
|
|
|
|
|
45,543
|
|
|
|
|
42,363
|
|
|
|
|
42,031
|
|
|
|
|
42,893
|
|
|
|
|
133,879
|
|
|
|
|
131,111
|
|
Salaries and employee benefits
|
|
|
|
58,270
|
|
|
|
|
57,393
|
|
|
|
|
57,169
|
|
|
|
|
57,159
|
|
|
|
|
56,675
|
|
|
|
|
172,832
|
|
|
|
|
169,535
|
|
Services and fees
|
|
|
|
14,691
|
|
|
|
|
15,005
|
|
|
|
|
14,121
|
|
|
|
|
14,401
|
|
|
|
|
14,489
|
|
|
|
|
43,817
|
|
|
|
|
42,197
|
|
Net occupancy-premises
|
|
|
|
6,580
|
|
|
|
|
6,243
|
|
|
|
|
6,191
|
|
|
|
|
6,632
|
|
|
|
|
6,817
|
|
|
|
|
19,014
|
|
|
|
|
19,836
|
|
Equipment expense
|
|
|
|
5,877
|
|
|
|
|
5,903
|
|
|
|
|
5,974
|
|
|
|
|
5,911
|
|
|
|
|
5,675
|
|
|
|
|
17,754
|
|
|
|
|
17,949
|
|
FDIC assessment expense
|
|
|
|
2,559
|
|
|
|
|
2,615
|
|
|
|
|
2,940
|
|
|
|
|
2,669
|
|
|
|
|
2,644
|
|
|
|
|
8,114
|
|
|
|
|
7,528
|
|
ORE/Foreclosure expense
|
|
|
|
3,385
|
|
|
|
|
921
|
|
|
|
|
1,115
|
|
|
|
|
3,240
|
|
|
|
|
930
|
|
|
|
|
5,421
|
|
|
|
|
8,081
|
|
Other expense
|
|
|
|
12,198
|
|
|
|
|
12,186
|
|
|
|
|
11,706
|
|
|
|
|
14,420
|
|
|
|
|
12,964
|
|
|
|
|
36,090
|
|
|
|
|
39,447
|
|
Total noninterest expense
|
|
|
|
103,560
|
|
|
|
|
100,266
|
|
|
|
|
99,216
|
|
|
|
|
104,432
|
|
|
|
|
100,194
|
|
|
|
|
303,042
|
|
|
|
|
304,573
|
|
Income before income taxes and tax eq adj
|
|
|
|
40,305
|
|
|
|
|
44,338
|
|
|
|
|
42,480
|
|
|
|
|
40,907
|
|
|
|
|
48,634
|
|
|
|
|
127,123
|
|
|
|
|
136,999
|
|
Tax equivalent adjustment
|
|
|
|
4,056
|
|
|
|
|
3,970
|
|
|
|
|
4,073
|
|
|
|
|
4,179
|
|
|
|
|
3,909
|
|
|
|
|
12,099
|
|
|
|
|
11,636
|
|
Income before income taxes
|
|
|
|
36,249
|
|
|
|
|
40,368
|
|
|
|
|
38,407
|
|
|
|
|
36,728
|
|
|
|
|
44,725
|
|
|
|
|
115,024
|
|
|
|
|
125,363
|
|
Income taxes
|
|
|
|
7,819
|
|
|
|
|
9,766
|
|
|
|
|
9,259
|
|
|
|
|
8,655
|
|
|
|
|
11,136
|
|
|
|
|
26,844
|
|
|
|
|
29,874
|
|
Net income
|
|
|
$
|
28,430
|
|
|
|
$
|
30,602
|
|
|
|
$
|
29,148
|
|
|
|
$
|
28,073
|
|
|
|
$
|
33,589
|
|
|
|
$
|
88,180
|
|
|
|
$
|
95,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic
|
|
|
$
|
0.42
|
|
|
|
$
|
0.45
|
|
|
|
$
|
0.43
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.50
|
|
|
|
$
|
1.31
|
|
|
|
$
|
1.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - diluted
|
|
|
$
|
0.42
|
|
|
|
$
|
0.45
|
|
|
|
$
|
0.43
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.50
|
|
|
|
$
|
1.30
|
|
|
|
$
|
1.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share
|
|
|
$
|
0.23
|
|
|
|
$
|
0.23
|
|
|
|
$
|
0.23
|
|
|
|
$
|
0.23
|
|
|
|
$
|
0.23
|
|
|
|
$
|
0.69
|
|
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
67,557,395
|
|
|
|
|
67,556,825
|
|
|
|
|
67,525,791
|
|
|
|
|
67,445,721
|
|
|
|
|
67,439,788
|
|
|
|
|
67,546,786
|
|
|
|
|
67,429,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
67,707,456
|
|
|
|
|
67,685,449
|
|
|
|
|
67,639,326
|
|
|
|
|
67,633,637
|
|
|
|
|
67,608,612
|
|
|
|
|
67,677,206
|
|
|
|
|
67,580,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end shares outstanding
|
|
|
|
67,557,395
|
|
|
|
|
67,557,395
|
|
|
|
|
67,556,591
|
|
|
|
|
67,481,992
|
|
|
|
|
67,439,788
|
|
|
|
|
67,557,395
|
|
|
|
|
67,439,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity
|
|
|
|
7.68
|
%
|
|
|
|
8.44
|
%
|
|
|
|
8.23
|
%
|
|
|
|
7.83
|
%
|
|
|
|
9.43
|
%
|
|
|
|
8.11
|
%
|
|
|
|
9.18
|
%
|
Return on average tangible equity
|
|
|
|
10.96
|
%
|
|
|
|
12.05
|
%
|
|
|
|
11.86
|
%
|
|
|
|
11.40
|
%
|
|
|
|
13.70
|
%
|
|
|
|
11.62
|
%
|
|
|
|
13.52
|
%
|
Return on assets
|
|
|
|
0.92
|
%
|
|
|
|
1.01
|
%
|
|
|
|
0.97
|
%
|
|
|
|
0.92
|
%
|
|
|
|
1.10
|
%
|
|
|
|
0.97
|
%
|
|
|
|
1.06
|
%
|
Interest margin - Yield - FTE
|
|
|
|
3.91
|
%
|
|
|
|
3.99
|
%
|
|
|
|
4.07
|
%
|
|
|
|
4.05
|
%
|
|
|
|
4.34
|
%
|
|
|
|
3.99
|
%
|
|
|
|
4.30
|
%
|
Interest margin - Cost
|
|
|
|
0.19
|
%
|
|
|
|
0.19
|
%
|
|
|
|
0.19
|
%
|
|
|
|
0.19
|
%
|
|
|
|
0.20
|
%
|
|
|
|
0.19
|
%
|
|
|
|
0.21
|
%
|
Net interest margin - FTE
|
|
|
|
3.72
|
%
|
|
|
|
3.81
|
%
|
|
|
|
3.88
|
%
|
|
|
|
3.86
|
%
|
|
|
|
4.14
|
%
|
|
|
|
3.80
|
%
|
|
|
|
4.09
|
%
|
Efficiency ratio (1)
|
|
|
|
67.87
|
%
|
|
|
|
66.00
|
%
|
|
|
|
66.46
|
%
|
|
|
|
69.16
|
%
|
|
|
|
62.80
|
%
|
|
|
|
66.78
|
%
|
|
|
|
65.07
|
%
|
Full-time equivalent employees
|
|
|
|
2,963
|
|
|
|
|
2,989
|
|
|
|
|
3,038
|
|
|
|
|
3,060
|
|
|
|
|
3,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK PERFORMANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value-Close
|
|
|
$
|
23.17
|
|
|
|
$
|
24.98
|
|
|
|
$
|
24.28
|
|
|
|
$
|
24.54
|
|
|
|
$
|
23.04
|
|
|
|
|
|
|
|
Book value
|
|
|
$
|
21.86
|
|
|
|
$
|
21.47
|
|
|
|
$
|
21.41
|
|
|
|
$
|
21.04
|
|
|
|
$
|
20.98
|
|
|
|
|
|
|
|
Tangible book value
|
|
|
$
|
16.00
|
|
|
|
$
|
15.58
|
|
|
|
$
|
15.53
|
|
|
|
$
|
15.13
|
|
|
|
$
|
15.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
September 30, 2015
|
($ in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
NONPERFORMING ASSETS (1)
|
|
|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
3/31/2015
|
|
|
|
|
12/31/2014
|
|
|
|
|
9/30/2014
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
$
|
1,306
|
|
|
|
$
|
713
|
|
|
|
$
|
902
|
|
|
|
$
|
852
|
|
|
|
$
|
852
|
|
|
|
|
|
|
|
Florida
|
|
|
|
7,444
|
|
|
|
|
7,892
|
|
|
|
|
8,179
|
|
|
|
|
11,091
|
|
|
|
|
10,986
|
|
|
|
|
|
|
|
Mississippi (2)
|
|
|
|
44,955
|
|
|
|
|
52,051
|
|
|
|
|
52,145
|
|
|
|
|
57,129
|
|
|
|
|
65,751
|
|
|
|
|
|
|
|
Tennessee (3)
|
|
|
|
4,911
|
|
|
|
|
5,468
|
|
|
|
|
4,197
|
|
|
|
|
5,819
|
|
|
|
|
5,901
|
|
|
|
|
|
|
|
Texas
|
|
|
|
2,515
|
|
|
|
|
2,314
|
|
|
|
|
11,585
|
|
|
|
|
4,452
|
|
|
|
|
4,824
|
|
|
|
|
|
|
|
Total nonaccrual loans
|
|
|
|
61,131
|
|
|
|
|
68,438
|
|
|
|
|
77,008
|
|
|
|
|
79,343
|
|
|
|
|
88,314
|
|
|
|
|
|
|
|
Other real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
|
23,822
|
|
|
|
|
21,849
|
|
|
|
|
21,795
|
|
|
|
|
21,196
|
|
|
|
|
24,256
|
|
|
|
|
|
|
|
Florida
|
|
|
|
30,374
|
|
|
|
|
31,059
|
|
|
|
|
34,746
|
|
|
|
|
35,324
|
|
|
|
|
36,608
|
|
|
|
|
|
|
|
Mississippi (2)
|
|
|
|
13,180
|
|
|
|
|
14,094
|
|
|
|
|
15,143
|
|
|
|
|
17,397
|
|
|
|
|
16,419
|
|
|
|
|
|
|
|
Tennessee (3)
|
|
|
|
9,840
|
|
|
|
|
9,707
|
|
|
|
|
10,072
|
|
|
|
|
10,292
|
|
|
|
|
11,347
|
|
|
|
|
|
|
|
Texas
|
|
|
|
6,739
|
|
|
|
|
14,039
|
|
|
|
|
8,419
|
|
|
|
|
8,300
|
|
|
|
|
8,407
|
|
|
|
|
|
|
|
Total other real estate
|
|
|
|
83,955
|
|
|
|
|
90,748
|
|
|
|
|
90,175
|
|
|
|
|
92,509
|
|
|
|
|
97,037
|
|
|
|
|
|
|
|
Total nonperforming assets
|
|
|
$
|
145,086
|
|
|
|
$
|
159,186
|
|
|
|
$
|
167,183
|
|
|
|
$
|
171,852
|
|
|
|
$
|
185,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS PAST DUE OVER 90 DAYS (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFI
|
|
|
$
|
9,224
|
|
|
|
$
|
1,771
|
|
|
|
$
|
1,413
|
|
|
|
$
|
2,764
|
|
|
|
$
|
3,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFS-Guaranteed GNMA serviced loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(no obligation to repurchase)
|
|
|
$
|
15,165
|
|
|
|
$
|
11,987
|
|
|
|
$
|
7,584
|
|
|
|
$
|
25,943
|
|
|
|
$
|
24,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Nine Months Ended
|
ALLOWANCE FOR LOAN LOSSES (4)
|
|
|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
3/31/2015
|
|
|
|
|
12/31/2014
|
|
|
|
|
9/30/2014
|
|
|
|
|
9/30/2015
|
|
|
|
|
9/30/2014
|
|
Beginning Balance
|
|
|
$
|
71,166
|
|
|
|
$
|
71,321
|
|
|
|
$
|
69,616
|
|
|
|
$
|
70,134
|
|
|
|
$
|
66,648
|
|
|
|
$
|
69,616
|
|
|
|
$
|
66,448
|
|
Provision for loan losses
|
|
|
|
2,514
|
|
|
|
|
1,033
|
|
|
|
|
1,785
|
|
|
|
|
(1,393
|
)
|
|
|
|
3,058
|
|
|
|
|
5,332
|
|
|
|
|
2,604
|
|
Charge-offs
|
|
|
|
(11,406
|
)
|
|
|
|
(4,278
|
)
|
|
|
|
(3,004
|
)
|
|
|
|
(3,174
|
)
|
|
|
|
(3,216
|
)
|
|
|
|
(18,688
|
)
|
|
|
|
(10,052
|
)
|
Recoveries
|
|
|
|
3,333
|
|
|
|
|
3,090
|
|
|
|
|
2,924
|
|
|
|
|
4,049
|
|
|
|
|
3,644
|
|
|
|
|
9,347
|
|
|
|
|
11,134
|
|
Net (charge-offs) recoveries
|
|
|
|
(8,073
|
)
|
|
|
|
(1,188
|
)
|
|
|
|
(80
|
)
|
|
|
|
875
|
|
|
|
|
428
|
|
|
|
|
(9,341
|
)
|
|
|
|
1,082
|
|
Ending Balance
|
|
|
$
|
65,607
|
|
|
|
$
|
71,166
|
|
|
|
$
|
71,321
|
|
|
|
$
|
69,616
|
|
|
|
$
|
70,134
|
|
|
|
$
|
65,607
|
|
|
|
$
|
70,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
$
|
(70
|
)
|
|
|
$
|
623
|
|
|
|
$
|
761
|
|
|
|
$
|
283
|
|
|
|
$
|
1,093
|
|
|
|
$
|
1,314
|
|
|
|
$
|
2,261
|
|
Florida
|
|
|
|
(1,430
|
)
|
|
|
|
(1,168
|
)
|
|
|
|
1,833
|
|
|
|
|
(66
|
)
|
|
|
|
(147
|
)
|
|
|
|
(765
|
)
|
|
|
|
(5,660
|
)
|
Mississippi (2)
|
|
|
|
4,221
|
|
|
|
|
2,046
|
|
|
|
|
(2,729
|
)
|
|
|
|
(3,065
|
)
|
|
|
|
4,679
|
|
|
|
|
3,538
|
|
|
|
|
9,539
|
|
Tennessee (3)
|
|
|
|
(1,050
|
)
|
|
|
|
(483
|
)
|
|
|
|
1,432
|
|
|
|
|
1,993
|
|
|
|
|
244
|
|
|
|
|
(101
|
)
|
|
|
|
(948
|
)
|
Texas
|
|
|
|
843
|
|
|
|
|
15
|
|
|
|
|
488
|
|
|
|
|
(538
|
)
|
|
|
|
(2,811
|
)
|
|
|
|
1,346
|
|
|
|
|
(2,588
|
)
|
Total provision for loan losses
|
|
|
$
|
2,514
|
|
|
|
$
|
1,033
|
|
|
|
$
|
1,785
|
|
|
|
$
|
(1,393
|
)
|
|
|
$
|
3,058
|
|
|
|
$
|
5,332
|
|
|
|
$
|
2,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama
|
|
|
$
|
163
|
|
|
|
$
|
216
|
|
|
|
$
|
144
|
|
|
|
$
|
92
|
|
|
|
$
|
172
|
|
|
|
$
|
523
|
|
|
|
$
|
311
|
|
Florida
|
|
|
|
(1,090
|
)
|
|
|
|
539
|
|
|
|
|
(28
|
)
|
|
|
|
(226
|
)
|
|
|
|
(89
|
)
|
|
|
|
(579
|
)
|
|
|
|
(3,138
|
)
|
Mississippi (2)
|
|
|
|
7,391
|
|
|
|
|
1,028
|
|
|
|
|
143
|
|
|
|
|
(880
|
)
|
|
|
|
462
|
|
|
|
|
8,562
|
|
|
|
|
2,656
|
|
Tennessee (3)
|
|
|
|
448
|
|
|
|
|
105
|
|
|
|
|
(216
|
)
|
|
|
|
325
|
|
|
|
|
48
|
|
|
|
|
337
|
|
|
|
|
134
|
|
Texas
|
|
|
|
1,161
|
|
|
|
|
(700
|
)
|
|
|
|
37
|
|
|
|
|
(186
|
)
|
|
|
|
(1,021
|
)
|
|
|
|
498
|
|
|
|
|
(1,045
|
)
|
Total net charge-offs (recoveries)
|
|
|
$
|
8,073
|
|
|
|
$
|
1,188
|
|
|
|
$
|
80
|
|
|
|
$
|
(875
|
)
|
|
|
$
|
(428
|
)
|
|
|
$
|
9,341
|
|
|
|
$
|
(1,082
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs/average loans
|
|
|
|
0.47
|
%
|
|
|
|
0.07
|
%
|
|
|
|
0.00
|
%
|
|
|
|
-0.05
|
%
|
|
|
|
-0.03
|
%
|
|
|
|
0.19
|
%
|
|
|
|
-0.02
|
%
|
Provision for loan losses/average loans
|
|
|
|
0.15
|
%
|
|
|
|
0.06
|
%
|
|
|
|
0.11
|
%
|
|
|
|
-0.09
|
%
|
|
|
|
0.19
|
%
|
|
|
|
0.11
|
%
|
|
|
|
0.06
|
%
|
Nonperforming loans/total loans (incl LHFS)
|
|
|
|
0.88
|
%
|
|
|
|
1.04
|
%
|
|
|
|
1.17
|
%
|
|
|
|
1.21
|
%
|
|
|
|
1.37
|
%
|
|
|
|
|
|
|
Nonperforming assets/total loans (incl LHFS)
|
|
|
|
2.08
|
%
|
|
|
|
2.41
|
%
|
|
|
|
2.55
|
%
|
|
|
|
2.61
|
%
|
|
|
|
2.87
|
%
|
|
|
|
|
|
|
Nonperforming assets/total loans (incl LHFS) +ORE
|
|
|
|
2.06
|
%
|
|
|
|
2.38
|
%
|
|
|
|
2.51
|
%
|
|
|
|
2.57
|
%
|
|
|
|
2.82
|
%
|
|
|
|
|
|
|
ALL/total loans (excl LHFS)
|
|
|
|
0.97
|
%
|
|
|
|
1.10
|
%
|
|
|
|
1.11
|
%
|
|
|
|
1.08
|
%
|
|
|
|
1.11
|
%
|
|
|
|
|
|
|
ALL-commercial/total commercial loans
|
|
|
|
1.07
|
%
|
|
|
|
1.30
|
%
|
|
|
|
1.30
|
%
|
|
|
|
1.23
|
%
|
|
|
|
1.26
|
%
|
|
|
|
|
|
|
ALL-consumer/total consumer and home mortgage loans
|
|
|
|
0.67
|
%
|
|
|
|
0.59
|
%
|
|
|
|
0.61
|
%
|
|
|
|
0.67
|
%
|
|
|
|
0.69
|
%
|
|
|
|
|
|
|
ALL/nonperforming loans
|
|
|
|
107.32
|
%
|
|
|
|
103.99
|
%
|
|
|
|
92.62
|
%
|
|
|
|
87.74
|
%
|
|
|
|
79.41
|
%
|
|
|
|
|
|
|
ALL/nonperforming loans -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(excl impaired loans)
|
|
|
|
206.72
|
%
|
|
|
|
192.60
|
%
|
|
|
|
205.52
|
%
|
|
|
|
180.95
|
%
|
|
|
|
178.81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity/total assets
|
|
|
|
11.92
|
%
|
|
|
|
11.91
|
%
|
|
|
|
11.87
|
%
|
|
|
|
11.59
|
%
|
|
|
|
11.70
|
%
|
|
|
|
|
|
|
Tangible equity/tangible assets
|
|
|
|
9.01
|
%
|
|
|
|
8.93
|
%
|
|
|
|
8.91
|
%
|
|
|
|
8.62
|
%
|
|
|
|
8.67
|
%
|
|
|
|
|
|
|
Tangible equity/risk-weighted assets
|
|
|
|
12.24
|
%
|
|
|
|
12.34
|
%
|
|
|
|
12.34
|
%
|
|
|
|
12.17
|
%
|
|
|
|
12.24
|
%
|
|
|
|
|
|
|
Tier 1 leverage ratio
|
|
|
|
10.09
|
%
|
|
|
|
10.14
|
%
|
|
|
|
9.99
|
%
|
|
|
|
9.63
|
%
|
|
|
|
9.54
|
%
|
|
|
|
|
|
|
Tier 1 common risk-based capital ratio - BASEL I
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
12.75
|
%
|
|
|
|
12.74
|
%
|
|
|
|
|
|
|
Common equity tier 1 capital ratio - BASEL III
|
|
|
|
13.00
|
%
|
|
|
|
13.28
|
%
|
|
|
|
13.14
|
%
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
Tier 1 risk-based capital ratio
|
|
|
|
13.66
|
%
|
|
|
|
13.97
|
%
|
|
|
|
13.83
|
%
|
|
|
|
13.47
|
%
|
|
|
|
13.47
|
%
|
|
|
|
|
|
|
Total risk-based capital ratio
|
|
|
|
14.66
|
%
|
|
|
|
15.07
|
%
|
|
|
|
14.92
|
%
|
|
|
|
14.56
|
%
|
|
|
|
14.70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
September 30, 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2015
|
|
|
|
6/30/2015
|
|
|
|
3/31/2015
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
SECURITIES AVAILABLE FOR SALE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
100
|
|
|
$
|
100
|
U.S. Government agency obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued by U.S. Government agencies
|
|
|
|
71,282
|
|
|
|
74,409
|
|
|
|
78,115
|
|
|
|
79,656
|
|
|
|
83,011
|
Issued by U.S. Government sponsored agencies
|
|
|
|
23,016
|
|
|
|
33,009
|
|
|
|
33,076
|
|
|
|
32,818
|
|
|
|
30,779
|
Obligations of states and political subdivisions
|
|
|
|
147,794
|
|
|
|
151,322
|
|
|
|
160,154
|
|
|
|
162,258
|
|
|
|
165,463
|
Mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage pass-through securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed by GNMA
|
|
|
|
26,651
|
|
|
|
20,651
|
|
|
|
12,010
|
|
|
|
12,427
|
|
|
|
12,828
|
Issued by FNMA and FHLMC
|
|
|
|
177,411
|
|
|
|
185,651
|
|
|
|
195,470
|
|
|
|
204,441
|
|
|
|
213,420
|
Other residential mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA, FHLMC, or GNMA
|
|
|
|
1,630,402
|
|
|
|
1,662,476
|
|
|
|
1,646,710
|
|
|
|
1,661,833
|
|
|
|
1,603,138
|
Commercial mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA, FHLMC, or GNMA
|
|
|
|
279,609
|
|
|
|
290,398
|
|
|
|
225,826
|
|
|
|
189,334
|
|
|
|
221,641
|
Asset-backed securities and structured financial products
|
|
|
|
26,657
|
|
|
|
28,467
|
|
|
|
30,098
|
|
|
|
31,700
|
|
|
|
33,515
|
Total securities available for sale
|
|
|
$
|
2,382,822
|
|
|
$
|
2,446,383
|
|
|
$
|
2,381,459
|
|
|
$
|
2,374,567
|
|
|
$
|
2,363,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECURITIES HELD TO MATURITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agency obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued by U.S. Government sponsored agencies
|
|
|
$
|
101,578
|
|
|
$
|
101,374
|
|
|
$
|
101,171
|
|
|
$
|
100,971
|
|
|
$
|
100,767
|
Obligations of states and political subdivisions
|
|
|
|
56,661
|
|
|
|
56,978
|
|
|
|
62,928
|
|
|
|
63,505
|
|
|
|
64,538
|
Mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage pass-through securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed by GNMA
|
|
|
|
17,783
|
|
|
|
18,265
|
|
|
|
18,861
|
|
|
|
19,115
|
|
|
|
13,368
|
Issued by FNMA and FHLMC
|
|
|
|
10,669
|
|
|
|
10,965
|
|
|
|
11,341
|
|
|
|
11,437
|
|
|
|
11,816
|
Other residential mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA, FHLMC, or GNMA
|
|
|
|
808,763
|
|
|
|
838,989
|
|
|
|
842,827
|
|
|
|
834,176
|
|
|
|
836,966
|
Commercial mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA, FHLMC, or GNMA
|
|
|
|
182,986
|
|
|
|
163,590
|
|
|
|
147,426
|
|
|
|
141,481
|
|
|
|
142,185
|
Total securities held to maturity
|
|
|
$
|
1,178,440
|
|
|
$
|
1,190,161
|
|
|
$
|
1,184,554
|
|
|
$
|
1,170,685
|
|
|
$
|
1,169,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30, 2015, the net
unamortized, unrealized loss on the transferred securities included in
accumulated other comprehensive (loss) income in the accompanying
balance sheet totaled approximately $35.6 million ($22.0 million, net of
tax).
Management continues to focus on asset quality as one of the strategic
goals of the securities portfolio, which is evidenced by the investment
of approximately 94% of the portfolio in GSE-backed obligations and
other Aaa rated securities as determined by Moody’s. None of the
securities owned by Trustmark are collateralized by assets which are
considered sub-prime. Furthermore, outside of stock ownership in the
Federal Home Loan Bank of Dallas, Federal Home Loan Bank of Atlanta and
Federal Reserve Bank, Trustmark does not hold any other equity
investment in a GSE.
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2015
($ in thousands)
(unaudited)
Note 2 – Loan Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
LHFI BY TYPE (excluding acquired loans)
|
|
|
|
9/30/2015
|
|
|
|
6/30/2015
|
|
|
|
3/31/2015
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
Loans secured by real estate:
|
|
|
|
|
|
|
|
|
|
|
|
Construction, land development and other land loans
|
|
|
$
|
785,472
|
|
|
$
|
682,444
|
|
|
$
|
691,657
|
|
|
$
|
619,877
|
|
|
$
|
580,794
|
|
Secured by 1-4 family residential properties
|
|
|
|
1,638,639
|
|
|
|
1,637,933
|
|
|
|
1,613,993
|
|
|
|
1,634,397
|
|
|
|
1,625,480
|
|
Secured by nonfarm, nonresidential properties
|
|
|
|
1,604,453
|
|
|
|
1,567,035
|
|
|
|
1,516,895
|
|
|
|
1,553,193
|
|
|
|
1,560,901
|
|
Other real estate secured
|
|
|
|
225,523
|
|
|
|
240,056
|
|
|
|
233,322
|
|
|
|
253,787
|
|
|
|
239,819
|
|
Commercial and industrial loans
|
|
|
|
1,270,277
|
|
|
|
1,219,684
|
|
|
|
1,228,788
|
|
|
|
1,270,350
|
|
|
|
1,246,753
|
|
Consumer loans
|
|
|
|
169,509
|
|
|
|
165,215
|
|
|
|
161,535
|
|
|
|
167,964
|
|
|
|
168,813
|
|
State and other political subdivision loans
|
|
|
|
677,539
|
|
|
|
574,265
|
|
|
|
614,330
|
|
|
|
602,727
|
|
|
|
585,382
|
|
Other loans
|
|
|
|
420,231
|
|
|
|
360,441
|
|
|
|
353,356
|
|
|
|
347,174
|
|
|
|
325,709
|
|
LHFI
|
|
|
|
6,791,643
|
|
|
|
6,447,073
|
|
|
|
6,413,876
|
|
|
|
6,449,469
|
|
|
|
6,333,651
|
|
Allowance for loan losses
|
|
|
|
(65,607
|
)
|
|
|
(71,166
|
)
|
|
|
(71,321
|
)
|
|
|
(69,616
|
)
|
|
|
(70,134
|
)
|
Net LHFI
|
|
|
$
|
6,726,036
|
|
|
$
|
6,375,907
|
|
|
$
|
6,342,555
|
|
|
$
|
6,379,853
|
|
|
$
|
6,263,517
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUIRED NONCOVERED LOANS BY TYPE
|
|
|
9/30/2015
|
|
|
|
6/30/2015
|
|
|
|
3/31/2015
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
Loans secured by real estate:
|
|
|
|
|
|
|
|
|
|
|
Construction, land development and other land loans
|
|
$
|
45,299
|
|
|
$
|
50,867
|
|
|
$
|
51,363
|
|
|
$
|
58,309
|
|
|
$
|
64,808
|
|
Secured by 1-4 family residential properties
|
|
|
96,870
|
|
|
|
101,027
|
|
|
|
111,830
|
|
|
|
116,920
|
|
|
|
120,366
|
|
Secured by nonfarm, nonresidential properties
|
|
|
146,614
|
|
|
|
168,698
|
|
|
|
177,210
|
|
|
|
202,323
|
|
|
|
214,806
|
|
Other real estate secured
|
|
|
23,816
|
|
|
|
25,666
|
|
|
|
26,819
|
|
|
|
27,813
|
|
|
|
28,036
|
|
Commercial and industrial loans
|
|
|
57,748
|
|
|
|
73,732
|
|
|
|
81,261
|
|
|
|
88,256
|
|
|
|
103,185
|
|
Consumer loans
|
|
|
6,295
|
|
|
|
7,273
|
|
|
|
8,494
|
|
|
|
9,772
|
|
|
|
11,236
|
|
Other loans
|
|
|
23,886
|
|
|
|
19,897
|
|
|
|
21,195
|
|
|
|
22,390
|
|
|
|
22,105
|
|
Noncovered loans
|
|
|
400,528
|
|
|
|
447,160
|
|
|
|
478,172
|
|
|
|
525,783
|
|
|
|
564,542
|
|
Allowance for loan losses
|
|
|
(11,417
|
)
|
|
|
(11,927
|
)
|
|
|
(11,106
|
)
|
|
|
(10,541
|
)
|
|
|
(11,136
|
)
|
Net noncovered loans
|
|
$
|
389,111
|
|
|
$
|
435,233
|
|
|
$
|
467,066
|
|
|
$
|
515,242
|
|
|
$
|
553,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUIRED COVERED LOANS BY TYPE
|
|
|
9/30/2015
|
|
|
|
6/30/2015
|
|
|
|
3/31/2015
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
Loans secured by real estate:
|
|
|
|
|
|
|
|
|
|
|
Construction, land development and other land loans
|
|
$
|
966
|
|
|
$
|
904
|
|
|
$
|
1,447
|
|
|
$
|
1,197
|
|
|
$
|
1,721
|
|
Secured by 1-4 family residential properties
|
|
|
10,546
|
|
|
|
11,080
|
|
|
|
11,200
|
|
|
|
13,180
|
|
|
|
14,114
|
|
Secured by nonfarm, nonresidential properties
|
|
|
5,363
|
|
|
|
5,206
|
|
|
|
5,844
|
|
|
|
7,672
|
|
|
|
8,270
|
|
Other real estate secured
|
|
|
1,511
|
|
|
|
1,622
|
|
|
|
1,469
|
|
|
|
1,096
|
|
|
|
2,949
|
|
Commercial and industrial loans
|
|
|
205
|
|
|
|
371
|
|
|
|
255
|
|
|
|
277
|
|
|
|
327
|
|
Consumer loans
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other loans
|
|
|
54
|
|
|
|
56
|
|
|
|
56
|
|
|
|
204
|
|
|
|
226
|
|
Covered loans
|
|
|
18,645
|
|
|
|
19,239
|
|
|
|
20,271
|
|
|
|
23,626
|
|
|
|
27,607
|
|
Allowance for loan losses
|
|
|
(768
|
)
|
|
|
(702
|
)
|
|
|
(731
|
)
|
|
|
(1,518
|
)
|
|
|
(813
|
)
|
Net covered loans
|
|
$
|
17,877
|
|
|
$
|
18,537
|
|
|
$
|
19,540
|
|
|
$
|
22,108
|
|
|
$
|
26,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2015
($ in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 2 – Loan Composition (continued)
|
|
|
|
|
September 30, 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
|
|
|
$
|
785,472
|
|
$
|
113,462
|
|
$
|
47,977
|
|
$
|
285,193
|
|
$
|
59,210
|
|
$
|
279,630
|
Secured by 1-4 family residential properties
|
|
|
|
|
1,638,639
|
|
|
54,393
|
|
|
50,026
|
|
|
1,402,256
|
|
|
114,594
|
|
|
17,370
|
Secured by nonfarm, nonresidential properties
|
|
|
|
|
1,604,453
|
|
|
173,525
|
|
|
160,976
|
|
|
779,426
|
|
|
150,353
|
|
|
340,173
|
Other real estate secured
|
|
|
|
|
225,523
|
|
|
16,369
|
|
|
6,045
|
|
|
127,938
|
|
|
18,854
|
|
|
56,317
|
Commercial and industrial loans
|
|
|
|
|
1,270,277
|
|
|
84,285
|
|
|
23,601
|
|
|
743,301
|
|
|
174,987
|
|
|
244,103
|
Consumer loans
|
|
|
|
|
169,509
|
|
|
17,945
|
|
|
2,786
|
|
|
128,754
|
|
|
17,300
|
|
|
2,724
|
State and other political subdivision loans
|
|
|
|
|
677,539
|
|
|
45,794
|
|
|
26,537
|
|
|
485,911
|
|
|
22,760
|
|
|
96,537
|
Other loans
|
|
|
|
|
420,231
|
|
|
26,479
|
|
|
18,422
|
|
|
280,586
|
|
|
37,920
|
|
|
56,824
|
Loans
|
|
|
|
$
|
6,791,643
|
|
$
|
532,252
|
|
$
|
336,370
|
|
$
|
4,233,365
|
|
$
|
595,978
|
|
$
|
1,093,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTRUCTION, LAND DEVELOPMENT AND
OTHER LAND LOANS BY REGION (1)
|
|
|
|
|
|
|
|
|
Lots
|
|
|
|
$
|
48,258
|
|
$
|
6,169
|
|
$
|
21,204
|
|
$
|
14,662
|
|
$
|
2,275
|
|
$
|
3,948
|
Development
|
|
|
|
|
56,720
|
|
|
9,600
|
|
|
5,256
|
|
|
29,696
|
|
|
767
|
|
|
11,401
|
Unimproved land
|
|
|
|
|
98,485
|
|
|
9,034
|
|
|
10,774
|
|
|
43,899
|
|
|
19,675
|
|
|
15,103
|
1-4 family construction
|
|
|
|
|
145,319
|
|
|
25,036
|
|
|
9,466
|
|
|
67,776
|
|
|
2,087
|
|
|
40,954
|
Other construction
|
|
|
|
|
436,690
|
|
|
63,623
|
|
|
1,277
|
|
|
129,160
|
|
|
34,406
|
|
|
208,224
|
Construction, land development and other land loans
|
|
|
$
|
785,472
|
|
$
|
113,462
|
|
$
|
47,977
|
|
$
|
285,193
|
|
$
|
59,210
|
|
$
|
279,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS SECURED BY NONFARM,
NONRESIDENTIAL PROPERTIES BY REGION (1)
|
|
|
|
|
|
|
|
|
Income producing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
|
$
|
211,804
|
|
$
|
41,172
|
|
$
|
33,401
|
|
$
|
79,163
|
|
$
|
19,533
|
|
$
|
38,535
|
Office
|
|
|
|
|
212,280
|
|
|
21,798
|
|
|
37,129
|
|
|
76,683
|
|
|
7,614
|
|
|
69,056
|
Nursing homes/assisted living
|
|
|
|
|
72,690
|
|
|
-
|
|
|
-
|
|
|
67,156
|
|
|
5,534
|
|
|
-
|
Hotel/motel
|
|
|
|
|
131,105
|
|
|
33,651
|
|
|
17,632
|
|
|
36,681
|
|
|
33,047
|
|
|
10,094
|
Industrial
|
|
|
|
|
45,719
|
|
|
6,942
|
|
|
5,182
|
|
|
11,060
|
|
|
4,019
|
|
|
18,516
|
Health care
|
|
|
|
|
25,650
|
|
|
2,156
|
|
|
633
|
|
|
22,850
|
|
|
11
|
|
|
-
|
Convenience stores
|
|
|
|
|
11,692
|
|
|
236
|
|
|
-
|
|
|
5,673
|
|
|
1,150
|
|
|
4,633
|
Other
|
|
|
|
|
169,471
|
|
|
8,765
|
|
|
19,451
|
|
|
79,492
|
|
|
3,652
|
|
|
58,111
|
Total income producing loans
|
|
|
|
|
880,411
|
|
|
114,720
|
|
|
113,428
|
|
|
378,758
|
|
|
74,560
|
|
|
198,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner-occupied:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office
|
|
|
|
|
115,817
|
|
|
8,810
|
|
|
17,631
|
|
|
58,575
|
|
|
8,961
|
|
|
21,840
|
Churches
|
|
|
|
|
92,300
|
|
|
4,298
|
|
|
2,744
|
|
|
46,011
|
|
|
29,513
|
|
|
9,734
|
Industrial warehouses
|
|
|
|
|
124,076
|
|
|
4,405
|
|
|
2,604
|
|
|
63,637
|
|
|
10,988
|
|
|
42,442
|
Health care
|
|
|
|
|
115,284
|
|
|
13,139
|
|
|
8,048
|
|
|
64,783
|
|
|
9,870
|
|
|
19,444
|
Convenience stores
|
|
|
|
|
71,276
|
|
|
5,302
|
|
|
3,966
|
|
|
47,006
|
|
|
2,859
|
|
|
12,143
|
Retail
|
|
|
|
|
35,182
|
|
|
2,419
|
|
|
5,706
|
|
|
20,415
|
|
|
3,619
|
|
|
3,023
|
Restaurants
|
|
|
|
|
63,194
|
|
|
1,910
|
|
|
1,853
|
|
|
23,412
|
|
|
3,417
|
|
|
32,602
|
Auto dealerships
|
|
|
|
|
12,653
|
|
|
8,272
|
|
|
117
|
|
|
2,988
|
|
|
1,276
|
|
|
-
|
Other
|
|
|
|
|
94,260
|
|
|
10,250
|
|
|
4,879
|
|
|
73,841
|
|
|
5,290
|
|
|
-
|
Total owner-occupied loans
|
|
|
|
|
724,042
|
|
|
58,805
|
|
|
47,548
|
|
|
400,668
|
|
|
75,793
|
|
|
141,228
|
Loans secured by nonfarm, nonresidential properties
|
|
|
$
|
1,604,453
|
|
$
|
173,525
|
|
$
|
160,976
|
|
$
|
779,426
|
|
$
|
150,353
|
|
$
|
340,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes acquired loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
September 30, 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
|
|
|
Nine Months Ended
|
|
|
|
9/30/2015
|
|
|
|
6/30/2015
|
|
|
|
3/31/2015
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
|
|
9/30/2015
|
|
|
|
9/30/2014
|
|
Securities – taxable
|
|
|
2.35
|
%
|
|
|
2.33
|
%
|
|
|
2.40
|
%
|
|
|
2.59
|
%
|
|
|
2.35
|
%
|
|
|
2.36
|
%
|
|
|
2.37
|
%
|
Securities – nontaxable
|
|
|
4.18
|
%
|
|
|
4.27
|
%
|
|
|
4.29
|
%
|
|
|
4.20
|
%
|
|
|
4.20
|
%
|
|
|
4.25
|
%
|
|
|
4.26
|
%
|
Securities – total
|
|
|
2.43
|
%
|
|
|
2.42
|
%
|
|
|
2.49
|
%
|
|
|
2.67
|
%
|
|
|
2.44
|
%
|
|
|
2.44
|
%
|
|
|
2.46
|
%
|
Loans - LHFI & LHFS
|
|
|
4.27
|
%
|
|
|
4.38
|
%
|
|
|
4.31
|
%
|
|
|
4.32
|
%
|
|
|
4.36
|
%
|
|
|
4.32
|
%
|
|
|
4.47
|
%
|
Acquired loans
|
|
|
10.46
|
%
|
|
|
10.43
|
%
|
|
|
11.62
|
%
|
|
|
9.38
|
%
|
|
|
14.98
|
%
|
|
|
10.87
|
%
|
|
|
12.11
|
%
|
Loans - total
|
|
|
4.65
|
%
|
|
|
4.79
|
%
|
|
|
4.85
|
%
|
|
|
4.73
|
%
|
|
|
5.29
|
%
|
|
|
4.76
|
%
|
|
|
5.24
|
%
|
FF sold & rev repo
|
|
|
0.68
|
%
|
|
|
1.44
|
%
|
|
|
0.00
|
%
|
|
|
0.94
|
%
|
|
|
0.84
|
%
|
|
|
0.82
|
%
|
|
|
0.60
|
%
|
Other earning assets
|
|
|
2.66
|
%
|
|
|
3.81
|
%
|
|
|
3.44
|
%
|
|
|
3.16
|
%
|
|
|
3.66
|
%
|
|
|
3.23
|
%
|
|
|
3.98
|
%
|
Total earning assets
|
|
|
3.91
|
%
|
|
|
3.99
|
%
|
|
|
4.07
|
%
|
|
|
4.05
|
%
|
|
|
4.34
|
%
|
|
|
3.99
|
%
|
|
|
4.30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
|
|
|
0.18
|
%
|
|
|
0.18
|
%
|
|
|
0.19
|
%
|
|
|
0.20
|
%
|
|
|
0.21
|
%
|
|
|
0.19
|
%
|
|
|
0.22
|
%
|
FF pch & repo
|
|
|
0.15
|
%
|
|
|
0.14
|
%
|
|
|
0.14
|
%
|
|
|
0.14
|
%
|
|
|
0.13
|
%
|
|
|
0.15
|
%
|
|
|
0.12
|
%
|
Other borrowings
|
|
|
1.11
|
%
|
|
|
2.68
|
%
|
|
|
1.81
|
%
|
|
|
1.20
|
%
|
|
|
1.88
|
%
|
|
|
1.61
|
%
|
|
|
2.50
|
%
|
Total interest-bearing liabilities
|
|
|
0.26
|
%
|
|
|
0.26
|
%
|
|
|
0.26
|
%
|
|
|
0.26
|
%
|
|
|
0.27
|
%
|
|
|
0.26
|
%
|
|
|
0.28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
3.72
|
%
|
|
|
3.81
|
%
|
|
|
3.88
|
%
|
|
|
3.86
|
%
|
|
|
4.14
|
%
|
|
|
3.80
|
%
|
|
|
4.09
|
%
|
Net interest margin excluding acquired loans
|
|
|
3.43
|
%
|
|
|
3.49
|
%
|
|
|
3.47
|
%
|
|
|
3.54
|
%
|
|
|
3.47
|
%
|
|
|
3.47
|
%
|
|
|
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. The net interest margin
excluding acquired loans decreased 6 basis points during the third
quarter of 2015 primarily due to declining yields on loans held for
investment and loans held for sale.
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 positive ineffectiveness of $479
thousand and $583 thousand for the quarters ended September 30, 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
|
|
|
Nine Months Ended
|
|
|
|
|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
3/31/2015
|
|
|
|
|
12/31/2014
|
|
|
|
|
9/30/2014
|
|
|
|
|
9/30/2015
|
|
|
|
|
9/30/2014
|
|
Mortgage servicing income, net
|
|
|
|
$
|
4,906
|
|
|
|
$
|
4,696
|
|
|
|
$
|
4,897
|
|
|
|
$
|
4,814
|
|
|
|
$
|
4,674
|
|
|
|
$
|
14,499
|
|
|
|
$
|
13,805
|
|
Change in fair value-MSR from runoff
|
|
|
|
|
(2,636
|
)
|
|
|
|
(2,587
|
)
|
|
|
|
(2,213
|
)
|
|
|
|
(1,999
|
)
|
|
|
|
(2,364
|
)
|
|
|
|
(7,436
|
)
|
|
|
|
(6,567
|
)
|
Gain on sales of loans, net
|
|
|
|
|
4,479
|
|
|
|
|
5,114
|
|
|
|
|
3,716
|
|
|
|
|
2,910
|
|
|
|
|
3,272
|
|
|
|
|
13,309
|
|
|
|
|
7,860
|
|
Other, net
|
|
|
|
|
215
|
|
|
|
|
206
|
|
|
|
|
1,245
|
|
|
|
|
132
|
|
|
|
|
(323
|
)
|
|
|
|
1,666
|
|
|
|
|
772
|
|
Mortgage banking income before hedge ineffectiveness
|
|
|
|
6,964
|
|
|
|
|
7,429
|
|
|
|
|
7,645
|
|
|
|
|
5,857
|
|
|
|
|
5,259
|
|
|
|
|
22,038
|
|
|
|
|
15,870
|
|
Change in fair value-MSR from market changes
|
|
|
|
|
(4,141
|
)
|
|
|
|
6,076
|
|
|
|
|
(2,368
|
)
|
|
|
|
(4,142
|
)
|
|
|
|
700
|
|
|
|
|
(433
|
)
|
|
|
|
(3,061
|
)
|
Change in fair value of derivatives
|
|
|
|
|
4,620
|
|
|
|
|
(4,024
|
)
|
|
|
|
3,688
|
|
|
|
|
4,203
|
|
|
|
|
(117
|
)
|
|
|
|
4,284
|
|
|
|
|
6,053
|
|
Net positive hedge ineffectiveness
|
|
|
|
|
479
|
|
|
|
|
2,052
|
|
|
|
|
1,320
|
|
|
|
|
61
|
|
|
|
|
583
|
|
|
|
|
3,851
|
|
|
|
|
2,992
|
|
Mortgage banking, net
|
|
|
|
$
|
7,443
|
|
|
|
$
|
9,481
|
|
|
|
$
|
8,965
|
|
|
|
$
|
5,918
|
|
|
|
$
|
5,842
|
|
|
|
$
|
25,889
|
|
|
|
$
|
18,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 $304 thousand, which was recorded
during the first quarter of 2015 and is included in the table above as
"Gain on sales of loans, net.”
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2015
($ 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
|
|
|
Nine Months Ended
|
|
|
|
|
9/30/2015
|
|
|
|
|
6/30/2015
|
|
|
|
|
3/31/2015
|
|
|
|
|
12/31/2014
|
|
|
|
|
9/30/2014
|
|
|
|
|
9/30/2015
|
|
|
|
|
9/30/2014
|
|
Partnership amortization for tax credit purposes
|
|
|
$
|
(2,083
|
)
|
|
|
$
|
(2,480
|
)
|
|
|
$
|
(2,472
|
)
|
|
|
$
|
(2,806
|
)
|
|
|
$
|
(3,006
|
)
|
|
|
$
|
(7,035
|
)
|
|
|
$
|
(9,018
|
)
|
Increase (decrease) in FDIC indemnification asset
|
|
|
|
82
|
|
|
|
|
(1,798
|
)
|
|
|
|
(970
|
)
|
|
|
|
(735
|
)
|
|
|
|
(452
|
)
|
|
|
|
(2,686
|
)
|
|
|
|
(2,139
|
)
|
Increase in life insurance cash surrender value
|
|
|
|
1,687
|
|
|
|
|
1,673
|
|
|
|
|
1,675
|
|
|
|
|
1,693
|
|
|
|
|
1,702
|
|
|
|
|
5,035
|
|
|
|
|
5,647
|
|
Other miscellaneous income
|
|
|
|
1,784
|
|
|
|
|
2,172
|
|
|
|
|
712
|
|
|
|
|
2,444
|
|
|
|
|
1,596
|
|
|
|
|
4,668
|
|
|
|
|
5,528
|
|
Total other, net
|
|
|
$
|
1,470
|
|
|
|
$
|
(433
|
)
|
|
|
$
|
(1,055
|
)
|
|
|
$
|
596
|
|
|
|
$
|
(160
|
)
|
|
|
$
|
(18
|
)
|
|
|
$
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 third quarter of 2015, other noninterest income included a
net upward adjustment of the FDIC indemnification asset of $82 thousand
on acquired covered loans and covered other real estate obtained from
the Heritage Banking Group as a result of declines in loan pay-offs and
real estate sales as well as an increase in writedowns of other real
estate when compared to the second quarter of 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other noninterest expense consisted of the following for the
periods presented ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
|
|
|
9/30/2015
|
|
|
|
6/30/2015
|
|
|
|
3/31/2015
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
|
|
9/30/2015
|
|
|
|
9/30/2014
|
Loan expense
|
|
|
$
|
3,416
|
|
|
$
|
3,342
|
|
|
$
|
2,721
|
|
|
$
|
3,312
|
|
|
$
|
3,070
|
|
|
$
|
9,479
|
|
|
$
|
9,641
|
Amortization of intangibles
|
|
|
|
1,942
|
|
|
|
1,959
|
|
|
|
1,991
|
|
|
|
2,123
|
|
|
|
2,150
|
|
|
|
5,892
|
|
|
|
6,633
|
Other miscellaneous expense
|
|
|
|
6,840
|
|
|
|
6,885
|
|
|
|
6,994
|
|
|
|
8,985
|
|
|
|
7,744
|
|
|
|
20,719
|
|
|
|
23,173
|
Total other expense
|
|
|
$
|
12,198
|
|
|
$
|
12,186
|
|
|
$
|
11,706
|
|
|
$
|
14,420
|
|
|
$
|
12,964
|
|
|
$
|
36,090
|
|
|
$
|
39,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
September 30, 2015
($ in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 6 - Non-GAAP Financial Measures (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
|
|
|
|
|
|
9/30/2015
|
|
|
|
6/30/2015
|
|
|
|
3/31/2015
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
|
|
9/30/2015
|
|
|
|
9/30/2014
|
|
TANGIBLE EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
$
|
1,469,255
|
|
|
$
|
1,454,501
|
|
|
$
|
1,436,969
|
|
|
$
|
1,422,268
|
|
|
$
|
1,412,857
|
|
|
$
|
1,453,693
|
|
|
$
|
1,391,085
|
|
Less:
|
Goodwill
|
|
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(367,880
|
)
|
|
Identifiable intangible assets
|
|
|
|
(31,144
|
)
|
|
|
(30,385
|
)
|
|
|
(32,398
|
)
|
|
|
(34,411
|
)
|
|
|
(36,553
|
)
|
|
|
(31,304
|
)
|
|
|
(38,743
|
)
|
Total average tangible equity
|
|
|
$
|
1,072,611
|
|
|
$
|
1,058,616
|
|
|
$
|
1,039,071
|
|
|
$
|
1,022,357
|
|
|
$
|
1,010,804
|
|
|
$
|
1,056,889
|
|
|
$
|
984,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD END BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
$
|
1,476,756
|
|
|
$
|
1,450,409
|
|
|
$
|
1,446,084
|
|
|
$
|
1,419,940
|
|
|
$
|
1,415,098
|
|
|
|
|
|
Less:
|
Goodwill
|
|
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
|
|
|
Identifiable intangible assets
|
|
|
|
(30,129
|
)
|
|
|
(32,042
|
)
|
|
|
(31,250
|
)
|
|
|
(33,234
|
)
|
|
|
(35,357
|
)
|
|
|
|
|
Total tangible equity
|
|
(a)
|
|
$
|
1,081,127
|
|
|
$
|
1,052,867
|
|
|
$
|
1,049,334
|
|
|
$
|
1,021,206
|
|
|
$
|
1,014,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
12,390,276
|
|
|
$
|
12,182,448
|
|
|
$
|
12,179,164
|
|
|
$
|
12,250,633
|
|
|
$
|
12,096,316
|
|
|
|
|
|
Less:
|
Goodwill
|
|
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
|
|
|
Identifiable intangible assets
|
|
|
|
(30,129
|
)
|
|
|
(32,042
|
)
|
|
|
(31,250
|
)
|
|
|
(33,234
|
)
|
|
|
(35,357
|
)
|
|
|
|
|
Total tangible assets
|
|
(b)
|
|
$
|
11,994,647
|
|
|
$
|
11,784,906
|
|
|
$
|
11,782,414
|
|
|
$
|
11,851,899
|
|
|
$
|
11,695,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets
|
|
(c)
|
|
$
|
8,831,355
|
|
|
$
|
8,530,144
|
|
|
$
|
8,503,102
|
|
|
$
|
8,387,799
|
|
|
$
|
8,287,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ADJUSTED FOR INTANGIBLE
AMORTIZATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
28,430
|
|
|
$
|
30,602
|
|
|
$
|
29,148
|
|
|
$
|
28,073
|
|
|
$
|
33,589
|
|
|
$
|
88,180
|
|
|
$
|
95,489
|
|
Plus:
|
Intangible amortization net of tax
|
|
|
|
1,199
|
|
|
|
1,210
|
|
|
|
1,229
|
|
|
|
1,312
|
|
|
|
1,328
|
|
|
|
3,638
|
|
|
|
4,098
|
|
Net income adjusted for intangible amortization
|
|
$
|
29,629
|
|
|
$
|
31,812
|
|
|
$
|
30,377
|
|
|
$
|
29,385
|
|
|
$
|
34,917
|
|
|
$
|
91,818
|
|
|
$
|
99,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end common shares outstanding
|
(d)
|
|
|
67,557,395
|
|
|
|
67,557,395
|
|
|
|
67,556,591
|
|
|
|
67,481,992
|
|
|
|
67,439,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY MEASUREMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity (1)
|
|
|
|
10.96
|
%
|
|
|
12.05
|
%
|
|
|
11.86
|
%
|
|
|
11.40
|
%
|
|
|
13.70
|
%
|
|
|
11.62
|
%
|
|
|
13.52
|
%
|
Tangible equity/tangible assets
|
(a)/(b)
|
|
|
9.01
|
%
|
|
|
8.93
|
%
|
|
|
8.91
|
%
|
|
|
8.62
|
%
|
|
|
8.67
|
%
|
|
|
|
|
Tangible equity/risk-weighted assets
|
(a)/(c)
|
|
|
12.24
|
%
|
|
|
12.34
|
%
|
|
|
12.34
|
%
|
|
|
12.17
|
%
|
|
|
12.24
|
%
|
|
|
|
|
Tangible book value
|
|
(a)/(d)*1,000
|
|
$
|
16.00
|
|
|
$
|
15.58
|
|
|
$
|
15.53
|
|
|
$
|
15.13
|
|
|
$
|
15.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TIER 1 COMMON RISK-BASED CAPITAL -
BASEL I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
|
|
|
|
|
$
|
1,419,940
|
|
|
$
|
1,415,098
|
|
|
|
|
|
Eliminate qualifying AOCI
|
|
|
|
|
|
|
|
|
|
42,484
|
|
|
|
34,365
|
|
|
|
|
|
Qualifying tier 1 capital
|
|
|
|
|
|
|
|
|
|
60,000
|
|
|
|
60,000
|
|
|
|
|
|
Disallowed goodwill
|
|
|
|
|
|
|
|
|
|
|
(365,500
|
)
|
|
|
(365,500
|
)
|
|
|
|
|
Adj to goodwill allowed for deferred taxes
|
|
|
|
|
|
|
|
|
|
15,855
|
|
|
|
15,503
|
|
|
|
|
|
Other disallowed intangibles
|
|
|
|
|
|
|
|
|
|
(33,234
|
)
|
|
|
(35,357
|
)
|
|
|
|
|
Disallowed servicing intangible
|
|
|
|
|
|
|
|
|
|
(6,436
|
)
|
|
|
(6,709
|
)
|
|
|
|
|
Disallowed deferred taxes
|
|
|
|
|
|
|
|
|
|
(3,479
|
)
|
|
|
(1,234
|
)
|
|
|
|
|
Total tier 1 capital
|
|
|
|
|
|
|
|
|
|
|
1,129,630
|
|
|
|
1,116,166
|
|
|
|
|
|
Less:
|
Qualifying tier 1 capital
|
|
|
|
|
|
|
|
|
|
(60,000
|
)
|
|
|
(60,000
|
)
|
|
|
|
|
Total tier 1 common capital
|
(e)
|
|
|
|
|
|
|
|
$
|
1,069,630
|
|
|
$
|
1,056,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 common risk-based capital ratio
|
(e)/(c)
|
|
|
|
|
|
|
|
|
12.75
|
%
|
|
|
12.74
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON EQUITY TIER 1 CAPITAL (CET1) -
BASEL III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
$
|
1,476,756
|
|
|
$
|
1,450,409
|
|
|
$
|
1,446,084
|
|
|
|
|
|
|
|
|
|
AOCI-related adjustments
|
|
|
|
28,580
|
|
|
|
41,193
|
|
|
|
29,652
|
|
|
|
|
|
|
|
|
|
CET1 adjustments and deductions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill net of associated deferred tax liabilities (DTLs)
|
|
|
(348,587
|
)
|
|
|
(348,940
|
)
|
|
|
(349,292
|
)
|
|
|
|
|
|
|
|
|
|
Other adjustments and deductions for CET1 (2)
|
|
|
(8,888
|
)
|
|
|
(9,568
|
)
|
|
|
(9,104
|
)
|
|
|
|
|
|
|
|
|
|
|
CET1 capital
|
(f)
|
|
|
1,147,861
|
|
|
|
1,133,094
|
|
|
|
1,117,340
|
|
|
|
|
|
|
|
|
|
|
Additional tier 1 capital instruments plus related surplus
|
|
|
60,000
|
|
|
|
60,000
|
|
|
|
60,000
|
|
|
|
|
|
|
|
|
|
|
Less: additional tier 1 capital deductions
|
|
|
(1,287
|
)
|
|
|
(1,571
|
)
|
|
|
(1,762
|
)
|
|
|
|
|
|
|
|
|
|
|
Additional tier 1 capital
|
|
|
58,713
|
|
|
|
58,429
|
|
|
|
58,238
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital
|
|
|
$
|
1,206,574
|
|
|
$
|
1,191,523
|
|
|
$
|
1,175,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital ratio
|
(f)/(c)
|
|
|
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/20151027006604/en/ Copyright Business Wire 2015
Source: Business Wire
(October 27, 2015 - 4:30 PM EDT)
News by QuoteMedia
www.quotemedia.com
|