Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Information

Note 21 – Parent Company Only Financial Information

($ in thousands)

Condensed Balance Sheets	December 31,
	2023		2022
Assets:
Investment in banks	$	1,770,392	$	1,602,169
Other assets		77,901		76,325
Total Assets	$	1,848,293	$	1,678,494
Liabilities and Shareholders' Equity:
Accrued expense	$	1,108	$	1,108
Subordinated notes		123,482		123,262
Junior subordinated debt securities		61,856		61,856
Shareholders' equity		1,661,847		1,492,268
Total Liabilities and Shareholders' Equity	$	1,848,293	$	1,678,494

Condensed Statements of Income	Years Ended December 31,
	2023		2022			2021
Revenue:
Dividends received from banks	$	67,189	$	89,733		$	45,284
Earnings of subsidiaries over distributions		106,388		(11,269	)		108,141
Other income		163		94			95
Total Revenue		173,740		78,558			153,520
Expense:
Other expense		8,251		6,671			6,155
Total Expense		8,251		6,671			6,155
Net Income	$	165,489	$	71,887		$	147,365

Condensed Statements of Cash Flows	Years Ended December 31,
	2023			2022			2021
Operating Activities:
Net income	$	165,489		$	71,887		$	147,365
Adjustments to reconcile net income to net cash provided    by operating activities:
Net change in investment in subsidiaries		(106,388	)		11,269			(108,141	)
Other		(797	)		(1,550	)		(2,078	)
Net cash from operating activities		58,304			81,606			37,146
Financing Activities:
Common stock dividends		(56,653	)		(56,679	)		(58,085	)
Repurchase and retirement of common stock		—			(24,604	)		(61,799	)
Net cash from financing activities		(56,653	)		(81,283	)		(119,884	)
Net change in cash and cash equivalents		1,651			323			(82,738	)
Cash and cash equivalents at beginning of year		75,860			75,537			158,275
Cash and cash equivalents at end of year	$	77,511		$	75,860		$	75,537

Trustmark paid income taxes of approximately $38.8 million in 2023, $2.7 million in 2022 and $15.3 million in 2021. Trustmark (parent company only) paid interest of $4.5 million of interest paid in both 2023 and 2022 and $4.6 million in 2021.