Segment Information

3 Months Ended

Mar. 31, 2023

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 20 – Segment Information included in Part II. Item 8. – Financial Statements and Supplementary Data, of Trustmark’s 2022 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 March 31,
	2023			2022
General Banking
Net interest income	$	136,159		$	97,991
Provision for credit losses		934			(1,959	)
Noninterest income		28,359			30,935
Noninterest expense		109,590			103,333
Income before income taxes		53,994			27,552
Income taxes		7,924			3,101
General banking net income	$	46,070		$	24,451
Selected Financial Information
Total assets	$	18,578,910		$	17,123,482
Depreciation and amortization	$	7,443		$	10,176
Wealth Management
Net interest income	$	1,439		$	1,356
Provision for credit losses		68			(7	)
Noninterest income		8,719			9,099
Noninterest expense		8,034			8,282
Income before income taxes		2,056			2,180
Income taxes		513			546
Wealth management net income	$	1,543		$	1,634
Selected Financial Information
Total assets	$	207,414		$	231,295
Depreciation and amortization	$	69		$	73
Insurance
Net interest income	$	(3	)	$	(3	)
Noninterest income		14,299			14,081
Noninterest expense		10,703			9,904
Income before income taxes		3,593			4,174
Income taxes		906			1,048
Insurance net income	$	2,687		$	3,126
Selected Financial Information
Total assets	$	90,854		$	86,774
Depreciation and amortization	$	154		$	192
Consolidated
Net interest income	$	137,595		$	99,344
Provision for credit losses		1,002			(1,966	)
Noninterest income		51,377			54,115
Noninterest expense		128,327			121,519
Income before income taxes		59,643			33,906
Income taxes		9,343			4,695
Consolidated net income	$	50,300		$	29,211
Selected Financial Information
Total assets	$	18,877,178		$	17,441,551
Depreciation and amortization	$	7,666		$	10,441