Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The following tables disclose the fair value of derivative instruments in Trustmark’s consolidated balance sheets at December 31, 2023 and 2022 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands):

	December 31,
	2023		2022
Derivatives in hedging relationships
Interest rate contracts:
Interest rate swaps included in other assets (1)	$	1,182	$	—
Interest rate floors included in other assets		1,689		—
Interest rate swaps included in other liabilities (1)		267		761
Derivatives not designated as hedging instruments
Interest rate contracts:
Exchange traded purchased options included in other assets	$	180	$	38
OTC written options (rate locks) included in other assets		845		157
Futures contracts included in other assets		7,505		16
Interest rate swaps included in other assets (1)		11,910		8,654
Credit risk participation agreements included in other assets		5		6
Futures contracts included in other liabilities		—		268
Forward contracts included in other liabilities		994		(168	)
Exchange traded written options included in other liabilities		21		206
Interest rate swaps included in other liabilities (1)		34,255		44,304
Credit risk participation agreements included in other liabilities		63		8

(1)In accordance with GAAP, the variation margin collateral payments made or received for interest rate swaps that are centrally cleared are legally characterized as settled. As a result, the centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets.

Effects of Derivative Instruments on Statements of Operations

	Years Ended December 31,
	2023			2022			2021
Derivatives in hedging relationships
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) and recognized in interest and fees on LHFS & LHFI	$	(16,385	)	$	(460	)	$	—
Derivatives not designated as hedging instruments
Amount of gain (loss) recognized in mortgage banking, net	$	(5,281	)	$	(43,764	)	$	(15,436	)
Amount of gain (loss) recognized in bank card and other fees		271			403			1,649

Schedule of Amount Included in Other Comprehensive Income for Derivative Instruments Designated as Hedges of Cash Flows

The following table discloses the amount included in other comprehensive income (loss), net of tax, for derivative instruments designated as cash flow hedges for the periods presented ($ in thousands):

	Years Ended December 31,
	2023			2022			2021
Derivatives in cash flow hedging relationship
Amount of gain (loss) recognized in other comprehensive    income (loss), net of tax	$	(6,098	)	$	(15,514	)	$	—

Information about Financial Instruments that are Eligible for Offset in the Consolidated Balance Sheets

Information about financial instruments that are eligible for offset in the consolidated balance sheets at December 31, 2023 and 2022 is presented in the following tables ($ in thousands):

Offsetting of Derivative Assets
As of December 31, 2023
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Received		Net Amount
Derivatives	$	14,781	$	—	$	14,781	$	(4,339	)	$	—	$	10,442

Offsetting of Derivative Liabilities
As of December 31, 2023
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Posted			Net Amount
Derivatives	$	34,522	$	—	$	34,522	$	(4,339	)	$	(2,040	)	$	28,143

Offsetting of Derivative Assets
As of December 31, 2022
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received			Net Amount
Derivatives	$	9,415	$	—	$	9,415	$	—	$	(2,230	)	$	7,185

Offsetting of Derivative Liabilities
As of December 31, 2022
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Posted			Net Amount
Derivatives	$	44,304	$	—	$	44,304	$	—	$	(740	)	$	43,564