Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Components of the Trustmark's Net Investment in its Sales-Type and Direct Financing Leases

The table below summarizes the components of Trustmark's net investment in its sales-type and direct financing leases for the periods presented ($ in thousands):

	June 30, 2024			December 31, 2023
Leases receivable	$	258,403		$	161,319
Unearned income		(44,744	)		(29,011	)
Initial direct costs		2,223			1,326
Unguaranteed lease residual		7,997			4,101
Total net investment	$	223,879		$	137,735

Minimum Future Lease Payments for Trustmark's Leases Receivable

The table below details the minimum future lease payments for Trustmark's leases receivable at June 30, 2024 ($ in thousands):

	June 30, 2024
2024 (excluding the six months ended June 30, 2024)	$	22,018
2025		42,624
2026		41,520
2027		54,075
2028		43,225
Thereafter		54,941
Lease receivable	$	258,403

Components of Net Lease Cost

The following table details the components of net lease cost for the periods presented ($ in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Finance leases:
Amortization of right-of-use assets	$	113		$	203		$	226		$	560
Interest on lease liabilities		38			41			76			83
Operating lease cost		1,232			1,178			2,412			2,308
Short-term lease cost		55			56			113			130
Variable lease cost		205			210			404			447
Sublease income		(2	)		(3	)		(5	)		(6	)
Net lease cost	$	1,641		$	1,685		$	3,226		$	3,522

Cash Payments Included in Measurement of Lease Liabilities

The following table details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands):

	Six Months Ended June 30,
	2024		2023
Finance leases:
Operating cash flows included in operating activities	$	76	$	83
Financing cash flows included in payments under finance lease obligations		207		535
Operating leases:
Operating cash flows (fixed payments) included in other operating activities, net		2,254		2,188
Operating cash flows (liability reduction) included in other operating activities, net		1,593		1,625

Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates Related to Leases

The following table details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at June 30, 2024 and December 31, 2023 ($ in thousands):

	June 30, 2024			December 31, 2023
Finance lease right-of-use assets, net of accumulated depreciation	$	3,525		$	3,751
Finance lease liabilities		4,127			4,334
Operating lease right-of-use assets		36,925			35,711
Operating lease liabilities		40,517			39,097
Weighted-average lease term:
Finance leases	7.84 years			8.34 years
Operating leases	9.72 years			10.28 years
Weighted-average discount rate:
Finance leases		3.61	%		3.61	%
Operating leases		3.71	%		3.67	%

Future Minimum Rental Commitments Under Finance and Operating Leases

At June 30, 2024, future minimum rental commitments under finance and operating leases were as follows ($ in thousands):

	Finance Leases			Operating Leases
2024 (excluding the six months ended June 30, 2024)	$	290		$	2,574
2025		584			5,242
2026		589			5,144
2027		594			5,202
2028		599			4,831
Thereafter		2,086			25,922
Total minimum lease payments		4,742			48,915
Less imputed interest		(615	)		(8,398	)
Lease liabilities	$	4,127		$	40,517