Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Note 18 – Segment Information

Trustmark’s management reporting structure includes three segments: General Banking, Wealth Management and Insurance. For a complete overview of Trustmark’s operating segments, see Note 20 – Segment Information included in Part II. Item 8. – Financial Statements and Supplementary Data, of Trustmark’s 2023 Annual Report.

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):

	Three Months Ended March 31,
	2024			2023
General Banking
Net interest income	$	131,517		$	136,159
Provision for credit losses		7,348			934
Noninterest income		30,398			28,359
Noninterest expense		111,708			109,590
Income before income taxes		42,859			53,994
Income taxes		6,309			7,924
General banking net income	$	36,550		$	46,070
Selected Financial Information
Total assets	$	18,093,454		$	18,578,910
Depreciation and amortization	$	8,367		$	7,443
Wealth Management
Net interest income	$	1,316		$	1,439
Provision for credit losses		168			68
Noninterest income		8,957			8,719
Noninterest expense		7,991			8,034
Income before income taxes		2,114			2,056
Income taxes		523			513
Wealth management net income	$	1,591		$	1,543
Selected Financial Information
Total assets	$	178,165		$	207,414
Depreciation and amortization	$	62		$	69
Insurance
Net interest income	$	(3	)	$	(3	)
Noninterest income		15,994			14,299
Noninterest expense		11,447			10,703
Income before income taxes		4,544			3,593
Income taxes		1,150			906
Insurance net income	$	3,394		$	2,687
Selected Financial Information
Total assets	$	104,993		$	90,854
Depreciation and amortization	$	134		$	154
Consolidated
Net interest income	$	132,830		$	137,595
Provision for credit losses		7,516			1,002
Noninterest income		55,349			51,377
Noninterest expense		131,146			128,327
Income before income taxes		49,517			59,643
Income taxes		7,982			9,343
Consolidated net income	$	41,535		$	50,300
Selected Financial Information
Total assets	$	18,376,612		$	18,877,178
Depreciation and amortization	$	8,563		$	7,666