Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

Note 19 – Segment Information

Trustmark’s management reporting structure includes two segments: General Banking and Wealth Management. 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 Insurance Segment is included in discontinued operations for all periods presented in the accompanying consolidated balance sheets and the consolidated statements of income (loss). See Note 2 - Discontinued Operations for additional information about discontinued operations.

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 June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
General Banking
Net interest income	$	139,533		$	138,375	$	271,047		$	274,531
Provision for credit losses		19,732			8,435		27,080			9,369
Noninterest income (loss)		(150,996	)		28,995		(120,598	)		57,354
Noninterest expense		110,005			113,660		221,678			223,215
Income (loss) before income taxes		(141,200	)		45,275		(98,309	)		99,301
Income taxes		(38,429	)		5,855		(32,120	)		13,779
General banking net income (loss)	$	(102,771	)	$	39,420	$	(66,189	)	$	85,522
Selected Financial Information
Total assets	$	18,272,094		$	18,138,313	$	18,272,094		$	18,138,313
Depreciation and amortization	$	9,975		$	8,570	$	18,342		$	16,013
Wealth Management
Net interest income	$	1,496		$	1,529	$	2,812		$	2,968
Provision for credit losses		(3	)		21		165			89
Noninterest income		9,710			8,834		18,667			17,553
Noninterest expense		8,321			7,961		16,312			15,995
Income before income taxes		2,888			2,381		5,002			4,437
Income taxes		722			597		1,245			1,110
Wealth management net income	$	2,166		$	1,784	$	3,757		$	3,327
Selected Financial Information
Total assets	$	180,393		$	206,556	$	180,393		$	206,556
Depreciation and amortization	$	64		$	67	$	126		$	136
Consolidated
Net interest income	$	141,029		$	139,904	$	273,859		$	277,499
Provision for credit losses		19,729			8,456		27,245			9,458
Noninterest income (loss)		(141,286	)		37,829		(101,931	)		74,907
Noninterest expense		118,326			121,621		237,990			239,210
Income (loss) from continuing operations    before income taxes		(138,312	)		47,656		(93,307	)		103,738
Income taxes		(37,707	)		6,452		(30,875	)		14,889
Consolidated net income (loss) from    continuing operations	$	(100,605	)	$	41,204	$	(62,432	)	$	88,849
Selected Financial Information
Total assets from continuing operations	$	18,452,487		$	18,344,869	$	18,452,487		$	18,344,869
Depreciation and amortization from    continuing operations	$	10,039		$	8,637	$	18,468		$	16,149