Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note 9 – Revenue from Contracts with Customers

Trustmark accounts for revenue from contracts with customers in accordance with FASB ASC Topic 606, “Revenue from Contracts with Customers,” which provides that revenue be recognized in a manner that depicts the transfer of goods or services to a customer in an amount that reflects the consideration Trustmark expects to be entitled to in exchange for those goods or services. Revenue from contracts with customers is recognized either over time in a manner that depicts Trustmark’s performance, or at a point in time when control of the goods or services are transferred to the customer. Trustmark’s noninterest income, excluding all of mortgage banking, net and securities gains (losses), net and portions of bank card and other fees and other income, are considered within the scope of FASB ASC Topic 606. Gains or losses on the sale of other real estate, which are included in Trustmark’s noninterest expense as other real estate expense, are also within the scope of FASB ASC Topic 606.

Trustmark records a gain or loss from the sale of other real estate when control of the property transfers to the buyer. Trustmark records the gain or loss from the sale of other real estate in noninterest expense as other real estate expense, net. Other real estate sales for the three months ended March 31, 2022 resulted in a net loss of $455 thousand compared to a net gain of $59 thousand for the three months ended March 31, 2021.

The following table presents noninterest income disaggregated by reportable operating segment and revenue stream for the periods presented ($ in thousands):

	Three Months Ended March 31, 2022								Three Months Ended March 31, 2021
	Topic 606			Not Topic 606 (1)		Total			Topic 606		Not Topic 606 (1)		Total
General Banking Segment
Service charges on deposit accounts	$	9,431		$	—	$	9,431		$	7,338	$	—	$	7,338
Bank card and other fees		7,417			1,015		8,432			7,184		2,280		9,464
Mortgage banking, net		—			9,873		9,873			—		20,804		20,804
Wealth management		24			—		24			18		—		18
Other, net		2,518			657		3,175			1,388		640		2,028
Total noninterest income	$	19,390		$	11,545	$	30,935		$	15,928	$	23,724	$	39,652
Wealth Management Segment
Service charges on deposit accounts	$	20		$	—	$	20		$	18	$	—	$	18
Bank card and other fees		10			—		10			8		—		8
Wealth management		9,030			—		9,030			8,398		—		8,398
Other, net		32			7		39			32		7		39
Total noninterest income	$	9,092		$	7	$	9,099		$	8,456	$	7	$	8,463
Insurance Segment
Insurance commissions	$	14,089		$	—	$	14,089		$	12,445	$	—	$	12,445
Other, net		(8	)		—		(8	)		23		—		23

Total noninterest income	$	14,081	$	—	$	14,081	$	12,468	$	—	$	12,468
Consolidated
Service charges on deposit accounts	$	9,451	$	—	$	9,451	$	7,356	$	—	$	7,356
Bank card and other fees		7,427		1,015		8,442		7,192		2,280		9,472
Mortgage banking, net		—		9,873		9,873		—		20,804		20,804
Insurance commissions		14,089		—		14,089		12,445		—		12,445
Wealth management		9,054		—		9,054		8,416		—		8,416
Other, net		2,542		664		3,206		1,443		647		2,090
Total noninterest income	$	42,563	$	11,552	$	54,115	$	36,852	$	23,731	$	60,583

(1)Noninterest income not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, accretion of the FDIC indemnification asset, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and security gains (losses), net.