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Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Table of Actual Regulatory Capital Amounts and Ratios

The following table provides Trustmark’s and TNB’s actual regulatory capital amounts and ratios under regulatory capital standards in effect at December 31, 2023 and 2022 ($ in thousands):

 

 

Actual

 

 

 

 

 

 

 

 

 

Regulatory Capital

 

 

Minimum

 

 

To Be Well

 

 

 

Amount

 

 

Ratio

 

 

Requirement

 

 

Capitalized

 

At December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Capital (to Risk Weighted Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Trustmark Corporation

 

$

1,521,665

 

 

 

10.04

%

 

 

7.000

%

 

n/a

 

Trustmark National Bank

 

 

1,602,327

 

 

 

10.58

%

 

 

7.000

%

 

 

6.50

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Capital (to Risk Weighted Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Trustmark Corporation

 

$

1,581,665

 

 

 

10.44

%

 

 

8.500

%

 

n/a

 

Trustmark National Bank

 

 

1,602,327

 

 

 

10.58

%

 

 

8.500

%

 

 

8.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Capital (to Risk Weighted Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Trustmark Corporation

 

$

1,862,246

 

 

 

12.29

%

 

 

10.500

%

 

n/a

 

Trustmark National Bank

 

 

1,759,426

 

 

 

11.61

%

 

 

10.500

%

 

 

10.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Leverage (to Average Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Trustmark Corporation

 

$

1,581,665

 

 

 

8.62

%

 

 

4.00

%

 

n/a

 

Trustmark National Bank

 

 

1,602,327

 

 

 

8.75

%

 

 

4.00

%

 

 

5.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Capital (to Risk Weighted Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Trustmark Corporation

 

$

1,413,672

 

 

 

9.74

%

 

 

7.000

%

 

n/a

 

Trustmark National Bank

 

 

1,501,889

 

 

 

10.34

%

 

 

7.000

%

 

 

6.50

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Capital (to Risk Weighted Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Trustmark Corporation

 

$

1,473,672

 

 

 

10.15

%

 

 

8.500

%

 

n/a

 

Trustmark National Bank

 

 

1,501,889

 

 

 

10.34

%

 

 

8.500

%

 

 

8.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Capital (to Risk Weighted Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Trustmark Corporation

 

$

1,729,499

 

 

 

11.91

%

 

 

10.500

%

 

n/a

 

Trustmark National Bank

 

 

1,634,454

 

 

 

11.26

%

 

 

10.500

%

 

 

10.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Leverage (to Average Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Trustmark Corporation

 

$

1,473,672

 

 

 

8.47

%

 

 

4.00

%

 

n/a

 

Trustmark National Bank

 

 

1,501,889

 

 

 

8.65

%

 

 

4.00

%

 

 

5.00

%

 
Net Change in Components of Accumulated Other Comprehensive Income (Loss) and the Related Tax Effects

 

 

Before Tax

 

 

Tax (Expense)

 

 

Net of Tax

 

 

 

Amount

 

 

Benefit

 

 

Amount

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Net unrealized holding gains (losses) arising during the period

 

$

50,537

 

 

$

(12,404

)

 

$

38,133

 

Reclassification adjustment for net (gains) losses realized in net income

 

 

(39

)

 

 

10

 

 

 

(29

)

Change in net unrealized holding loss on securities transferred to held to maturity

 

 

15,557

 

 

 

(3,889

)

 

 

11,668

 

Total securities available for sale and transferred securities

 

 

66,055

 

 

 

(16,283

)

 

 

49,772

 

Pension and other postretirement benefit plans:

 

 

 

 

 

 

 

 

 

Change in the actuarial loss of pension and other postretirement
   benefit plans

 

 

(691

)

 

 

173

 

 

 

(518

)

Reclassification adjustments for changes realized in net income:

 

 

 

 

 

 

 

 

 

Net change in prior service costs

 

 

111

 

 

 

(28

)

 

 

83

 

Recognized net loss due to lump sum settlements

 

 

25

 

 

 

(6

)

 

 

19

 

Change in net actuarial loss

 

 

177

 

 

 

(44

)

 

 

133

 

Total pension and other postretirement benefit plans

 

 

(378

)

 

 

95

 

 

 

(283

)

Cash flow hedge derivatives:

 

 

 

 

 

 

 

 

 

Change in accumulated gain (loss) on effective cash flow hedge derivatives

 

 

(8,131

)

 

 

2,033

 

 

 

(6,098

)

Reclassification adjustment for (gain) loss realized in net income

 

 

16,385

 

 

 

(4,096

)

 

 

12,289

 

Total cash flow hedge derivatives

 

 

8,254

 

 

 

(2,063

)

 

 

6,191

 

Total other comprehensive income (loss)

 

$

73,931

 

 

$

(18,251

)

 

$

55,680

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Net unrealized holding gains (losses) arising during the period

 

$

(229,524

)

 

$

57,381

 

 

$

(172,143

)

Change in net unrealized holding loss on securities transferred to held to maturity

 

 

(86,033

)

 

 

21,508

 

 

 

(64,525

)

Total securities available for sale and transferred securities

 

 

(315,557

)

 

 

78,889

 

 

 

(236,668

)

Pension and other postretirement benefit plans:

 

 

 

 

 

 

 

 

 

Change in the actuarial loss of pension and other postretirement
   benefit plans

 

 

10,792

 

 

 

(2,698

)

 

 

8,094

 

Reclassification adjustments for changes realized in net income:

 

 

 

 

 

 

 

 

 

Net change in prior service costs

 

 

111

 

 

 

(28

)

 

 

83

 

Change in net actuarial loss

 

 

1,089

 

 

 

(272

)

 

 

817

 

Total pension and other postretirement benefit plans

 

 

11,992

 

 

 

(2,998

)

 

 

8,994

 

Cash flow hedge derivatives:

 

 

 

 

 

 

 

 

 

Change in accumulated gain (loss) on effective cash flow hedge derivatives

 

 

(20,685

)

 

 

5,171

 

 

 

(15,514

)

Reclassification adjustment for (gain) loss realized in net income

 

 

460

 

 

 

(115

)

 

 

345

 

Total cash flow hedge derivatives

 

 

(20,225

)

 

 

5,056

 

 

 

(15,169

)

Total other comprehensive income (loss)

 

$

(323,790

)

 

$

80,947

 

 

$

(242,843

)

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Net unrealized holding gains (losses) arising during the period

 

$

(49,454

)

 

$

12,364

 

 

$

(37,090

)

Change in net unrealized holding loss on securities transferred to held to maturity

 

 

2,647

 

 

 

(662

)

 

 

1,985

 

Total securities available for sale and transferred securities

 

 

(46,807

)

 

 

11,702

 

 

 

(35,105

)

Pension and other postretirement benefit plans:

 

 

 

 

 

 

 

 

 

Change in the actuarial loss of pension and other postretirement
   benefit plans

 

 

2,845

 

 

 

(711

)

 

 

2,134

 

Reclassification adjustments for changes realized in net income:

 

 

 

 

 

 

 

 

 

Net change in prior service costs

 

 

111

 

 

 

(27

)

 

 

84

 

Recognized net loss due to lump sum settlements

 

 

183

 

 

 

(46

)

 

 

137

 

Change in net actuarial loss

 

 

1,655

 

 

 

(414

)

 

 

1,241

 

Total pension and other postretirement benefit plans

 

 

4,794

 

 

 

(1,198

)

 

 

3,596

 

Total other comprehensive income (loss)

 

$

(42,013

)

 

$

10,504

 

 

$

(31,509

)
Summary of Changes in Balances of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) for the periods presented ($ in thousands). All amounts are presented net of tax.

 

 

 

Securities
Available for Sale
and Transferred
Securities

 

 

Defined
Benefit
Pension Items

 

 

Cash Flow Hedge Derivative

 

 

Total

 

Balance, January 1, 2021

 

$

17,331

 

 

$

(18,382

)

 

$

—

 

 

$

(1,051

)

Other comprehensive income (loss) before
   reclassification

 

 

(35,105

)

 

 

2,134

 

 

 

—

 

 

 

(32,971

)

Amounts reclassified from accumulated other
   comprehensive income (loss)

 

 

—

 

 

 

1,462

 

 

 

—

 

 

 

1,462

 

Net other comprehensive income (loss)

 

 

(35,105

)

 

 

3,596

 

 

 

—

 

 

 

(31,509

)

Balance, December 31, 2021

 

 

(17,774

)

 

 

(14,786

)

 

 

—

 

 

 

(32,560

)

Other comprehensive income (loss) before
   reclassification

 

 

(236,668

)

 

 

8,094

 

 

 

(15,514

)

 

 

(244,088

)

Amounts reclassified from accumulated other
   comprehensive income (loss)

 

 

—

 

 

 

900

 

 

 

345

 

 

 

1,245

 

Net other comprehensive income (loss)

 

 

(236,668

)

 

 

8,994

 

 

 

(15,169

)

 

 

(242,843

)

Balance, December 31, 2022

 

 

(254,442

)

 

 

(5,792

)

 

 

(15,169

)

 

 

(275,403

)

Other comprehensive income (loss) before reclassification

 

 

49,801

 

 

 

(518

)

 

 

(6,098

)

 

 

43,185

 

Amounts reclassified from accumulated other
   comprehensive income (loss)

 

 

(29

)

 

 

235

 

 

 

12,289

 

 

 

12,495

 

Net other comprehensive income (loss)

 

 

49,772

 

 

 

(283

)

 

 

6,191

 

 

 

55,680

 

Balance, December 31, 2023

 

$

(204,670

)

 

$

(6,075

)

 

$

(8,978

)

 

$

(219,723

)