Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

Note 7 – Goodwill and Identifiable Intangible Assets

Goodwill

The table below illustrates goodwill by segment for the years ended December 31, 2023 and 2022 ($ in thousands):

	General
	Banking		Insurance		Total
Balance as of January 1, 2022	$	334,603	$	49,634	$	384,237
Adjustment during 2022		—		—		—
Balance as of December 31, 2022		334,603		49,634		384,237
Adjustment during 2023		—		—		—
Balance as of December 31, 2023	$	334,603	$	49,634	$	384,237

Trustmark’s General Banking Segment delivers a full range of banking services to consumer, corporate, small and middle-market businesses through its extensive branch network. The Insurance Segment includes TNB’s wholly-owned retail insurance subsidiary that offers a diverse mix of insurance products and services. Trustmark performed goodwill impairment tests for the General Banking and Insurance Segments during 2023, 2022 and 2021. Based on these tests, Trustmark concluded that the fair value of both the General Banking and Insurance Segments exceeded the book value and no impairment charge was required.

Identifiable Intangible Assets

At December 31, 2023 and 2022, identifiable intangible assets consisted of the following ($ in thousands):

	December 31, 2023						December 31, 2022
	Gross Carrying		Accumulated		Net Carrying		Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Core deposit intangibles	$	87,674	$	87,439	$	235	$	87,674	$	87,199	$	475
Insurance intangibles		17,272		14,542		2,730		17,272		14,157		3,115
Banking charters		1,325		1,325		—		1,325		1,275		50
Total	$	106,271	$	103,306	$	2,965	$	106,271	$	102,631	$	3,640

Trustmark recorded $675 thousand of amortization of identifiable intangible assets in 2023, $1.4 million in 2022 and $2.3 million in 2021. Trustmark estimates that amortization expense for identifiable intangible assets will be $469 thousand in 2024, $403 thousand in 2025, $341 thousand in 2026, $283 thousand in 2027 and $250 thousand in 2028. Trustmark continually evaluates whether events and circumstances have occurred that indicate that identifiable intangible assets have become impaired. Measurement of any impairment of such identifiable intangible assets is based on the fair values of those assets. There were no impairment losses on identifiable intangible assets recorded during 2023, 2022 or 2021.

The following table illustrates the carrying amounts and remaining weighted-average amortization periods of identifiable intangible assets at December 31, 2023 ($ in thousands):

			Remaining
			Weighted-
			Average
	Net Carrying		Amortization
	Amount		Period in Years
Core deposit intangibles	$	235		3.2
Insurance intangibles		2,730		14.9
Total	$	2,965		13.9