	Securities Available for Sale									Securities Held to Maturity
December 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
U.S. Treasury securities	$	100	$	-	$	-		$	100	$	-	$	-	$	-		$	-
U.S. Government agency obligations
Issued by U.S. Government agencies		79,788		694		(826	)		79,656		-		-		-			-
Issued by U.S. Government sponsored agencies		32,725		170		(77	)		32,818		100,971		2,631		-			103,602
Obligations of states and political subdivisions		157,001		5,325		(68	)		162,258		63,505		3,398		-			66,903
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		11,897		544		(14	)		12,427		19,115		466		(16	)		19,565
Issued by FNMA and FHLMC		199,599		4,842		-			204,441		11,437		471		-			11,908
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,655,733		16,664		(10,564	)		1,661,833		834,176		6,440		(1,916	)		838,700
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		184,394		4,968		(28	)		189,334		141,481		1,750		(1,063	)		142,168
Asset-backed securities and structured financial products		30,776		924		-			31,700		-		-		-			-
Total	$	2,352,013	$	34,131	$	(11,577	)	$	2,374,567	$	1,170,685	$	15,156	$	(2,995	)	$	1,182,846

December 31, 2013
U.S. Treasury securities	$	501	$	1	$	-		$	502	$	-	$	-	$	-		$	-
U.S. Government agency obligations
Issued by U.S. Government agencies		129,653		1,125		(1,485	)		129,293		-		-		-			-
Issued by U.S. Government sponsored agencies		40,681		19		(521	)		40,179		100,159		-		(1,580	)		98,579
Obligations of states and political subdivisions		165,810		6,243		(315	)		171,738		65,987		2,806		(281	)		68,512
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		14,099		459		(84	)		14,474		9,433		142		(72	)		9,503
Issued by FNMA and FHLMC		239,880		3,147		(1,909	)		241,118		12,724		30		(162	)		12,592
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,300,375		12,459		(22,093	)		1,290,741		837,393		-		(15,072	)		822,321
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		235,317		7,278		(423	)		242,172		143,032		85		(3,791	)		139,326
Asset-backed securities and structured financial products		62,689		1,248		-			63,937		-		-		-			-
Total	$	2,189,005	$	31,979	$	(26,830	)	$	2,194,154	$	1,168,728	$	3,063	$	(20,958	)	$	1,150,833

During the fourth quarter of 2013, Trustmark reclassified approximately $1.099 billion of securities available for sale to securities held to maturity. The securities were transferred at fair value, which became the cost basis for the securities held to maturity. At the date of transfer, the net unrealized holding loss on the available for sale securities totaled approximately $46.6 million ($28.8 million, net of tax). The net unrealized holding loss is amortized over the remaining life of the securities as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. There were no gains or losses recognized as a result of the transfer. At December 31, 2014, the net unamortized, unrealized loss on the transferred securities included in accumulated other comprehensive loss in the accompanying balance sheet totaled approximately $40.4 million ($24.9 million, net of tax).

During the fourth quarter of 2013, Trustmark sold $135.6 million of Collateralized Loan Obligations (CLO) securities generating a net gain of $1.3 million. These securities were identified as available for sale and had been carried in the asset-backed securities and structured financial products line item in the table shown above. During the first quarter of 2014, Trustmark sold its remaining $25.9 million of CLO securities generating a net gain of $389 thousand.

Temporarily Impaired Securities

The table below includes securities with gross unrealized losses segregated by length of impairment at December 31, 2014 and 2013 ($ in thousands):

	Less than 12 Months					12 Months or More					Total
December 31, 2014	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
U.S. Government agency obligations
Issued by U.S. Government agencies	$	19,220	$	(115	)	$	32,656	$	(711	)	$	51,876	$	(826	)
Issued by U.S. Government sponsored agencies		9,948		(52	)		9,956		(25	)		19,904		(77	)
Obligations of states and political subdivisions		8,431		(22	)		3,800		(46	)		12,231		(68	)
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		7,199		(22	)		647		(8	)		7,846		(30	)
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		537,033		(2,449	)		395,342		(10,031	)		932,375		(12,480	)
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		9,134		(3	)		79,829		(1,088	)		88,963		(1,091	)
Total	$	590,965	$	(2,663	)	$	522,230	$	(11,909	)	$	1,113,195	$	(14,572	)

December 31, 2013
U.S. Government agency obligations
Issued by U.S. Government agencies	$	68,908	$	(1,485	)	$	-	$	-		$	68,908	$	(1,485	)
Issued by U.S. Government sponsored agencies		138,478		(2,101	)		-		-			138,478		(2,101	)
Obligations of states and political subdivisions		55,963		(586	)		796		(10	)		56,759		(596	)
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		14,732		(155	)		161		(1	)		14,893		(156	)
Issued by FNMA and FHLMC		118,466		(2,071	)		-		-			118,466		(2,071	)
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,534,381		(36,750	)		23,458		(415	)		1,557,839		(37,165	)
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		177,412		(4,214	)		-		-			177,412		(4,214	)
Total	$	2,108,340	$	(47,362	)	$	24,415	$	(426	)	$	2,132,755	$	(47,788	)

The unrealized losses shown above are due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. Because Trustmark does not intend to sell these securities and it is more likely than not that Trustmark will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, Trustmark does not consider these investments to be other-than-temporarily impaired at December 31, 2014. There were no other-than-temporary impairments for the years ended December 31, 2014, 2013 and 2012.

Security Gains and Losses

For the periods presented, gains and losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows ($ in thousands):

	Years Ended December 31,
Available for Sale	2014			2013			2012
Proceeds from calls and sales of securities	$	56,815		$	224,853		$	38,364
Gross realized gains		456			1,680			1,052
Gross realized losses		(156	)		(1,195	)		(2	)

Held to Maturity
Proceeds from calls of securities	$	-		$	-		$	335
Gross realized gains		-			-			9

Securities Pledged

Securities with a carrying value of $2.457 billion and $2.475 billion at December 31, 2014 and 2013, respectively, were pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law. Of the amount pledged at December 31, 2014, $6.0 million was pledged to the FRB of Atlanta under the Federal Reserve Discount Window program to provide additional contingency funding capacity. At year-end, these securities were not required to collateralize any borrowings from the FRB of Atlanta.

Contractual Maturities

The amortized cost and estimated fair value of securities available for sale and held to maturity at December 31, 2014, by contractual maturity, are shown below ($ in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Securities				Securities
	Available for Sale				Held to Maturity
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Due in one year or less	$	18,088	$	18,236	$	2,496	$	2,513
Due after one year through five years		137,976		142,016		11,693		12,298
Due after five years through ten years		61,738		63,811		137,991		142,604
Due after ten years		82,588		82,469		12,296		13,090
		300,390		306,532		164,476		170,505
Mortgage-backed securities		2,051,623		2,068,035		1,006,209		1,012,341
Total	$	2,352,013	$	2,374,567	$	1,170,685	$	1,182,846