Securities Available for Sale and Held to Maturity (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Amortized Cost and Estimated Fair Value of Available for Sale and Held to Maturity Securities |
The following tables are a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity at December 31, 2022 and 2021 ($ in thousands):
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Securities Available for Sale |
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Securities Held to Maturity |
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Gross |
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Gross |
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Estimated |
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Gross |
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Gross |
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Estimated |
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
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December 31, 2022 |
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Cost |
|
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Gains |
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|
Losses |
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Value |
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|
Cost |
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Gains |
|
|
Losses |
|
|
Value |
|
U.S. Treasury securities |
|
$ |
425,719 |
|
|
$ |
308 |
|
|
$ |
(34,514 |
) |
|
$ |
391,513 |
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|
$ |
28,295 |
|
|
$ |
— |
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|
$ |
(115 |
) |
|
$ |
28,180 |
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U.S. Government agency obligations |
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|
8,297 |
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|
|
— |
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(531 |
) |
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7,766 |
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|
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— |
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|
|
— |
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|
|
— |
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|
|
— |
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Obligations of states and political
subdivisions |
|
|
4,820 |
|
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|
53 |
|
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(11 |
) |
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|
4,862 |
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4,510 |
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3 |
|
|
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(3 |
) |
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4,510 |
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Mortgage-backed securities |
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
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Residential mortgage pass-through
securities |
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|
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|
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|
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|
|
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Guaranteed by GNMA |
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30,534 |
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7 |
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(3,444 |
) |
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27,097 |
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4,442 |
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— |
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(395 |
) |
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4,047 |
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Issued by FNMA and FHLMC |
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1,541,570 |
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12 |
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(196,119 |
) |
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1,345,463 |
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509,311 |
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— |
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(19,586 |
) |
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489,725 |
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Other residential mortgage-backed
securities |
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|
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|
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Issued or guaranteed by FNMA,
FHLMC or GNMA |
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123,755 |
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— |
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(8,615 |
) |
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115,140 |
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188,201 |
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— |
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(13,826 |
) |
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174,375 |
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Commercial mortgage-backed
securities |
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Issued or guaranteed by FNMA,
FHLMC or GNMA |
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136,014 |
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— |
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(3,773 |
) |
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132,241 |
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759,755 |
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34 |
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(54,037 |
) |
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705,752 |
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Total |
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$ |
2,270,709 |
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$ |
380 |
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|
$ |
(247,007 |
) |
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$ |
2,024,082 |
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$ |
1,494,514 |
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$ |
37 |
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$ |
(87,962 |
) |
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$ |
1,406,589 |
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December 31, 2021 |
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U.S. Treasury securities |
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$ |
349,562 |
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$ |
16 |
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$ |
(4,938 |
) |
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$ |
344,640 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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U.S. Government agency obligations |
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14,044 |
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20 |
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(337 |
) |
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13,727 |
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— |
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— |
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— |
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|
— |
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Obligations of states and political
subdivisions |
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5,134 |
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|
580 |
|
|
|
— |
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|
5,714 |
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7,328 |
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64 |
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(3 |
) |
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7,389 |
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Mortgage-backed securities |
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Residential mortgage pass-through
securities |
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Guaranteed by GNMA |
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38,942 |
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|
665 |
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(34 |
) |
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39,573 |
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5,005 |
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187 |
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(3 |
) |
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5,189 |
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Issued by FNMA and FHLMC |
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2,230,498 |
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8,945 |
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(21,014 |
) |
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2,218,429 |
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43,444 |
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|
962 |
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— |
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|
44,406 |
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Other residential mortgage-backed
securities |
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Issued or guaranteed by FNMA,
FHLMC or GNMA |
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193,908 |
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2,879 |
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(97 |
) |
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196,690 |
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241,934 |
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9,015 |
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(31 |
) |
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250,918 |
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Commercial mortgage-backed
securities |
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Issued or guaranteed by FNMA,
FHLMC or GNMA |
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|
424,201 |
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|
404 |
|
|
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(4,501 |
) |
|
|
420,104 |
|
|
|
44,826 |
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|
|
783 |
|
|
|
— |
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|
45,609 |
|
Total |
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$ |
3,256,289 |
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$ |
13,509 |
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|
$ |
(30,921 |
) |
|
$ |
3,238,877 |
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|
$ |
342,537 |
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|
$ |
11,011 |
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|
$ |
(37 |
) |
|
$ |
353,511 |
|
|
| Securities Held to Maturity by Credit Rating, as Determined by Moody's |
The following table presents the amortized cost of Trustmark’s securities held to maturity by credit rating, as determined by Moody’s, at December 31, 2022 and 2021 ($ in thousands):
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December 31, 2022 |
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|
December 31, 2021 |
|
Aaa |
|
$ |
1,490,004 |
|
|
$ |
335,208 |
|
Aa1 to Aa3 |
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|
3,001 |
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|
5,007 |
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Not Rated (1) |
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|
1,509 |
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|
2,322 |
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Total |
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$ |
1,494,514 |
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$ |
342,537 |
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(1)Not rated securities primarily consist of Mississippi municipal general obligations.
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| Securities with Gross Unrealized Losses, Segregated by Length of Impairment |
The table below includes securities with gross unrealized losses for which an ACL has not been recorded and segregated by length of impairment at December 31, 2022 and 2021 ($ in thousands):
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Less than 12 Months |
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12 Months or More |
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Total |
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Gross |
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Gross |
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|
|
|
|
Gross |
|
|
|
Estimated |
|
|
Unrealized |
|
|
Estimated |
|
|
Unrealized |
|
|
Estimated |
|
|
Unrealized |
|
December 31, 2022 |
|
Fair Value |
|
|
Losses |
|
|
Fair Value |
|
|
Losses |
|
|
Fair Value |
|
|
Losses |
|
U.S. Treasury securities |
|
$ |
161,298 |
|
|
$ |
(5,655 |
) |
|
$ |
258,087 |
|
|
$ |
(28,974 |
) |
|
$ |
419,385 |
|
|
$ |
(34,629 |
) |
U.S. Government agency obligations |
|
|
1,828 |
|
|
|
(184 |
) |
|
|
5,938 |
|
|
|
(347 |
) |
|
|
7,766 |
|
|
|
(531 |
) |
Obligations of states and political
subdivisions |
|
|
1,017 |
|
|
|
(11 |
) |
|
|
3,664 |
|
|
|
(3 |
) |
|
|
4,681 |
|
|
|
(14 |
) |
Mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage pass-through
securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed by GNMA |
|
|
27,223 |
|
|
|
(3,270 |
) |
|
|
3,577 |
|
|
|
(569 |
) |
|
|
30,800 |
|
|
|
(3,839 |
) |
Issued by FNMA and FHLMC |
|
|
770,865 |
|
|
|
(41,807 |
) |
|
|
1,062,041 |
|
|
|
(173,898 |
) |
|
|
1,832,906 |
|
|
|
(215,705 |
) |
Other residential mortgage-backed
securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA,
FHLMC or GNMA |
|
|
281,964 |
|
|
|
(21,452 |
) |
|
|
7,235 |
|
|
|
(989 |
) |
|
|
289,199 |
|
|
|
(22,441 |
) |
Commercial mortgage-backed
securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA,
FHLMC or GNMA |
|
|
833,970 |
|
|
|
(57,742 |
) |
|
|
1,644 |
|
|
|
(68 |
) |
|
|
835,614 |
|
|
|
(57,810 |
) |
Total |
|
$ |
2,078,165 |
|
|
$ |
(130,121 |
) |
|
$ |
1,342,186 |
|
|
$ |
(204,848 |
) |
|
$ |
3,420,351 |
|
|
$ |
(334,969 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
$ |
315,123 |
|
|
$ |
(4,938 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
315,123 |
|
|
$ |
(4,938 |
) |
U.S. Government agency obligations |
|
|
1,312 |
|
|
|
(5 |
) |
|
|
8,619 |
|
|
|
(332 |
) |
|
|
9,931 |
|
|
|
(337 |
) |
Obligations of states and political
subdivisions |
|
|
3,006 |
|
|
|
(1 |
) |
|
|
667 |
|
|
|
(2 |
) |
|
|
3,673 |
|
|
|
(3 |
) |
Mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage pass-through
securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranteed by GNMA |
|
|
6,040 |
|
|
|
(37 |
) |
|
|
— |
|
|
|
— |
|
|
|
6,040 |
|
|
|
(37 |
) |
Issued by FNMA and FHLMC |
|
|
1,734,921 |
|
|
|
(19,980 |
) |
|
|
55,303 |
|
|
|
(1,034 |
) |
|
|
1,790,224 |
|
|
|
(21,014 |
) |
Other residential mortgage-backed
securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA,
FHLMC or GNMA |
|
|
19,038 |
|
|
|
(99 |
) |
|
|
2,647 |
|
|
|
(29 |
) |
|
|
21,685 |
|
|
|
(128 |
) |
Commercial mortgage-backed
securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued or guaranteed by FNMA,
FHLMC or GNMA |
|
|
344,025 |
|
|
|
(4,492 |
) |
|
|
639 |
|
|
|
(9 |
) |
|
|
344,664 |
|
|
|
(4,501 |
) |
Total |
|
$ |
2,423,465 |
|
|
$ |
(29,552 |
) |
|
$ |
67,875 |
|
|
$ |
(1,406 |
) |
|
$ |
2,491,340 |
|
|
$ |
(30,958 |
) |
|
| Contractual Maturities of Available for Sale and Held to Maturity Securities |
The amortized cost and estimated fair value of securities available for sale and held to maturity at December 31, 2022, by contractual maturity, are shown below ($ in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
Securities |
|
|
Securities |
|
|
|
Available for Sale |
|
|
Held to Maturity |
|
|
|
Amortized |
|
|
Estimated |
|
|
Amortized |
|
|
Estimated |
|
|
|
Cost |
|
|
Fair Value |
|
|
Cost |
|
|
Fair Value |
|
Due in one year or less |
|
$ |
30,089 |
|
|
$ |
30,208 |
|
|
$ |
4,169 |
|
|
$ |
4,170 |
|
Due after one year through five years |
|
|
389,528 |
|
|
|
356,175 |
|
|
|
341 |
|
|
|
340 |
|
Due after five years through ten years |
|
|
14,218 |
|
|
|
12,999 |
|
|
|
28,295 |
|
|
|
28,180 |
|
Due after ten years |
|
|
5,001 |
|
|
|
4,759 |
|
|
|
— |
|
|
|
— |
|
|
|
|
438,836 |
|
|
|
404,141 |
|
|
|
32,805 |
|
|
|
32,690 |
|
Mortgage-backed securities |
|
|
1,831,873 |
|
|
|
1,619,941 |
|
|
|
1,461,709 |
|
|
|
1,373,899 |
|
Total |
|
$ |
2,270,709 |
|
|
$ |
2,024,082 |
|
|
$ |
1,494,514 |
|
|
$ |
1,406,589 |
|
|