Segment Information

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
General Banking
Net interest income	$	138,378		$	111,352		$	274,537		$	209,343
Provision for credit losses		8,435			1,149			9,369			(810	)
Noninterest income		28,995			30,545			57,354			61,480
Noninterest expense		113,694			106,352			223,284			209,685
Income before income taxes		45,244			34,396			99,238			61,948
Income taxes		5,855			5,074			13,779			8,175
General banking net income	$	39,389		$	29,322		$	85,459		$	53,773
Selected Financial Information
Total assets	$	18,121,681		$	16,661,715		$	18,121,681		$	16,661,715
Depreciation and amortization	$	8,570		$	9,995		$	16,013		$	20,171
Wealth Management
Net interest income	$	1,529		$	1,326		$	2,968		$	2,682
Provision for credit losses		21			(1	)		89			(8	)
Noninterest income		8,834			8,999			17,553			18,098
Noninterest expense		7,961			8,131			15,995			16,413
Income before income taxes		2,381			2,195			4,437			4,375
Income taxes		597			548			1,110			1,094
Wealth management net income	$	1,784		$	1,647		$	3,327		$	3,281
Selected Financial Information
Total assets	$	206,556		$	199,752		$	206,556		$	199,752
Depreciation and amortization	$	67		$	73		$	136		$	146
Insurance
Net interest income	$	(3	)	$	(2	)	$	(6	)	$	(5	)
Noninterest income		15,724			13,709			30,023			27,790
Noninterest expense		10,563			9,284			21,266			19,188
Income before income taxes		5,158			4,423			8,751			8,597
Income taxes		1,294			1,108			2,200			2,156
Insurance net income	$	3,864		$	3,315		$	6,551		$	6,441
Selected Financial Information
Total assets	$	94,389		$	90,043		$	94,389		$	90,043
Depreciation and amortization	$	145		$	176		$	299		$	368
Consolidated
Net interest income	$	139,904		$	112,676		$	277,499		$	212,020
Provision for credit losses		8,456			1,148			9,458			(818	)
Noninterest income		53,553			53,253			104,930			107,368
Noninterest expense		132,218			123,767			260,545			245,286
Income before income taxes		52,783			41,014			112,426			74,920
Income taxes		7,746			6,730			17,089			11,425
Consolidated net income	$	45,037		$	34,284		$	95,337		$	63,495
Selected Financial Information
Total assets	$	18,422,626		$	16,951,510		$	18,422,626		$	16,951,510
Depreciation and amortization	$	8,782		$	10,244		$	16,448		$	20,685