Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

Note 20 – Segment Information

Trustmark’s management reporting structure includes three segments: General Banking, Wealth Management and Insurance. The General Banking Segment is responsible for all traditional banking products and services, including loans and deposits. The General Banking Segment also consists of internal operations such as Human Resources, Executive Administration, Treasury (Funds Management), Public Affairs and Corporate Finance. The Wealth Management Segment provides customized solutions for customers by integrating financial services with traditional banking products and services such as money management, full-service brokerage, financial planning, personal and institutional trust and retirement services. Through FBBI, Trustmark’s Insurance Segment provides a full range of retail insurance products including commercial risk management products, bonding, group benefits and personal lines coverage.

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):

	Years Ended December 31,
	2023			2022			2021
General Banking
Net interest income	$	547,010		$	489,398		$	413,201
PCL		26,716			22,913			(24,439	)
Noninterest income		113,497			116,350			137,874
Noninterest expense		463,496			531,397			421,561
Income before income taxes		170,295			51,438			153,953
Income taxes		25,091			(3,683	)		22,706
General banking net income	$	145,204		$	55,121		$	131,247
Selected Financial Information
Total assets	$	18,440,198		$	17,710,673		$	17,275,438
Depreciation and amortization	$	34,924		$	38,909		$	44,776
Wealth Management
Net interest income	$	5,879		$	5,321		$	5,161
PCL		(2,135	)		(21	)		(9	)
Noninterest income		34,936			35,072			35,420
Noninterest expense		32,339			32,873			31,721
Income before income taxes		10,611			7,541			8,869
Income taxes		2,653			1,870			2,219
Wealth Management net income	$	7,958		$	5,671		$	6,650
Selected Financial Information
Total assets	$	185,342		$	214,313		$	232,997
Depreciation and amortization	$	261		$	288		$	269
Insurance
Net interest income	$	(11	)	$	(11	)	$	(11	)
Noninterest income		58,525			53,722			48,616
Noninterest expense		42,084			38,943			36,014
Income before income taxes		16,430			14,768			12,591
Income taxes		4,103			3,673			3,123
Insurance net income	$	12,327		$	11,095		$	9,468
Selected Financial Information
Total assets	$	96,649		$	90,492		$	87,201
Depreciation and amortization	$	571		$	685		$	768
Consolidated
Net interest income	$	552,878		$	494,708		$	418,351
PCL		24,581			22,892			(24,448	)
Noninterest income		206,958			205,144			221,910
Noninterest expense		537,919			603,213			489,296
Income before income taxes		197,336			73,747			175,413
Income taxes		31,847			1,860			28,048
Consolidated net income	$	165,489		$	71,887		$	147,365
Selected Financial Information
Total assets	$	18,722,189		$	18,015,478		$	17,595,636
Depreciation and amortization	$	35,756		$	39,882		$	45,813