Segment Information

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
General Banking
Net interest income	$	137,145		$	134,842		$	411,682		$	344,185
Provision for credit losses		10,646			11,595			20,015			10,785
Noninterest income		28,181			29,690			85,535			91,170
Noninterest expense		122,045			108,740			345,329			318,425
Income before income taxes		32,635			44,197			131,873			106,145
Income taxes		5,245			6,396			19,024			14,571
General banking net income	$	27,390		$	37,801		$	112,849		$	91,574
Selected Financial Information
Total assets	$	18,099,301		$	16,897,083		$	18,099,301		$	16,897,083
Depreciation and amortization	$	9,483		$	9,439		$	25,496		$	29,610
Wealth Management
Net interest income	$	1,494		$	1,266		$	4,462		$	3,948
Provision for credit losses		(2,220	)		(2	)		(2,131	)		(10	)
Noninterest income		8,740			9,007			26,293			27,105
Noninterest expense		8,281			8,224			24,276			24,637
Income before income taxes		4,173			2,051			8,610			6,426
Income taxes		1,043			515			2,153			1,609
Wealth management net income	$	3,130		$	1,536		$	6,457		$	4,817
Selected Financial Information
Total assets	$	194,837		$	205,873		$	194,837		$	205,873
Depreciation and amortization	$	63		$	71		$	199		$	217
Insurance
Net interest income	$	(2	)	$	(3	)	$	(8	)	$	(8	)
Noninterest income		15,303			13,909			45,326			41,699
Noninterest expense		10,619			9,734			31,885			28,922
Income before income taxes		4,682			4,172			13,433			12,769
Income taxes		1,173			1,054			3,373			3,210
Insurance net income	$	3,509		$	3,118		$	10,060		$	9,559
Selected Financial Information
Total assets	$	96,701		$	87,678		$	96,701		$	87,678
Depreciation and amortization	$	135		$	159		$	434		$	527
Consolidated
Net interest income	$	138,637		$	136,105		$	416,136		$	348,125
Provision for credit losses		8,426			11,593			17,884			10,775
Noninterest income		52,224			52,606			157,154			159,974
Noninterest expense		140,945			126,698			401,490			371,984
Income before income taxes		41,490			50,420			153,916			125,340
Income taxes		7,461			7,965			24,550			19,390
Consolidated net income	$	34,029		$	42,455		$	129,366		$	105,950
Selected Financial Information
Total assets	$	18,390,839		$	17,190,634		$	18,390,839		$	17,190,634
Depreciation and amortization	$	9,681		$	9,669		$	26,129		$	30,354