Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

Note 18 – Segment Information

Trustmark’s management reporting structure includes three segments: General Banking, Wealth Management and Insurance. For a complete overview of Trustmark’s operating segments, see Note 21 – Segment Information included in Part II. Item 8. – Financial Statements and Supplementary Data, of Trustmark’s 2021 Annual Report.

The accounting policies of each reportable segment are the same as those of Trustmark except for its internal allocations. Noninterest expenses for back-office operations support are allocated to segments based on estimated uses of those services. Trustmark measures the net interest income of its business segments with a process that assigns cost of funds or earnings credit on a matched-term basis. This process, called “funds transfer pricing”, charges an appropriate cost of funds to assets held by a business unit, or credits the business unit for potential earnings for carrying liabilities. The net of these charges and credits flows through to the General Banking Segment, which contains the management team responsible for determining TNB’s funding and interest rate risk strategies.

The following table discloses financial information by reportable segment for the periods presented ($ in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
General Banking
Net interest income	$	111,352		$	118,169		$	209,343		$	219,277
Provision for credit losses		1,149			540			(810	)		(19,326	)
Noninterest income		30,545			35,167			61,480			74,819
Noninterest expense		106,352			102,199			209,685			206,163
Income before income taxes		34,396			50,597			61,948			107,259
Income taxes		5,074			7,137			8,175			15,260
General banking net income	$	29,322		$	43,460		$	53,773		$	91,999
Selected Financial Information
Total assets	$	16,661,715		$	16,716,574		$	16,661,715		$	16,716,574
Depreciation and amortization	$	9,995		$	11,046		$	20,171		$	21,910
Wealth Management
Net interest income	$	1,326		$	1,256		$	2,682		$	2,487
Provision for credit losses		(1	)		(3	)		(8	)		(5	)
Noninterest income		8,999			9,020			18,098			17,483
Noninterest expense		8,131			7,749			16,413			15,943
Income before income taxes		2,195			2,530			4,375			4,032
Income taxes		548			633			1,094			1,009
Wealth management net income	$	1,647		$	1,897		$	3,281		$	3,023
Selected Financial Information
Total assets	$	199,752		$	299,275		$	199,752		$	299,275
Depreciation and amortization	$	73		$	66		$	146		$	134
Insurance
Net interest income	$	(2	)	$	(2	)	$	(5	)	$	(5	)
Noninterest income		13,709			12,224			27,790			24,692
Noninterest expense		9,284			8,731			19,188			18,121
Income before income taxes		4,423			3,491			8,597			6,566
Income taxes		1,108			867			2,156			1,645
Insurance net income	$	3,315		$	2,624		$	6,441		$	4,921
Selected Financial Information
Total assets	$	90,043		$	82,283		$	90,043		$	82,283
Depreciation and amortization	$	176		$	190		$	368		$	384
Consolidated
Net interest income	$	112,676		$	119,423		$	212,020		$	221,759
Provision for credit losses		1,148			537			(818	)		(19,331	)
Noninterest income		53,253			56,411			107,368			116,994
Noninterest expense		123,767			118,679			245,286			240,227
Income before income taxes		41,014			56,618			74,920			117,857
Income taxes		6,730			8,637			11,425			17,914
Consolidated net income	$	34,284		$	47,981		$	63,495		$	99,943
Selected Financial Information
Total assets	$	16,951,510		$	17,098,132		$	16,951,510		$	17,098,132
Depreciation and amortization	$	10,244		$	11,302		$	20,685		$	22,428