Segment Information

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
General Banking
Net interest income	$	134,842		$	96,928		$	344,185		$	316,205
Provision for credit losses		11,595			(3,539	)		10,785			(22,865	)
Noninterest income		29,690			32,863			91,170			107,682
Noninterest expense		108,740			112,996			318,425			319,159
Income before income taxes		44,197			20,334			106,145			127,593
Income taxes		6,396			3,693			14,571			18,953
General banking net income	$	37,801		$	16,641		$	91,574		$	108,640
Selected Financial Information
Total assets	$	16,897,083		$	17,015,176		$	16,897,083		$	17,015,176
Depreciation and amortization	$	9,439		$	11,653		$	29,610		$	33,563
Wealth Management
Net interest income	$	1,266		$	1,341		$	3,948		$	3,828
Provision for credit losses		(2	)		(2	)		(10	)		(7	)
Noninterest income		9,007			9,126			27,105			26,609
Noninterest expense		8,224			7,747			24,637			23,690
Income before income taxes		2,051			2,722			6,426			6,754
Income taxes		515			685			1,609			1,694
Wealth management net income	$	1,536		$	2,037		$	4,817		$	5,060
Selected Financial Information
Total assets	$	205,873		$	265,672		$	205,873		$	265,672
Depreciation and amortization	$	71		$	65		$	217		$	199
Insurance
Net interest income	$	(3	)	$	(3	)	$	(8	)	$	(8	)
Noninterest income		13,909			12,160			41,699			36,852
Noninterest expense		9,734			8,857			28,922			26,978
Income before income taxes		4,172			3,300			12,769			9,866
Income taxes		1,054			778			3,210			2,423
Insurance net income	$	3,118		$	2,522		$	9,559		$	7,443
Selected Financial Information
Total assets	$	87,678		$	83,796		$	87,678		$	83,796
Depreciation and amortization	$	159		$	191		$	527		$	575
Consolidated
Net interest income	$	136,105		$	98,266		$	348,125		$	320,025
Provision for credit losses		11,593			(3,541	)		10,775			(22,872	)
Noninterest income		52,606			54,149			159,974			171,143
Noninterest expense		126,698			129,600			371,984			369,827
Income before income taxes		50,420			26,356			125,340			144,213
Income taxes		7,965			5,156			19,390			23,070
Consolidated net income	$	42,455		$	21,200		$	105,950		$	121,143
Selected Financial Information
Total assets	$	17,190,634		$	17,364,644		$	17,190,634		$	17,364,644
Depreciation and amortization	$	9,669		$	11,909		$	30,354		$	34,337