Segment Information

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
General Banking
Net interest income	$	153,189		$	137,143		$	424,236		$	411,674
Provision for credit losses		6,551			10,646			33,631			20,015
Noninterest income (loss)		28,222			28,181			(92,376	)		85,535
Noninterest expense		115,157			122,010			336,835			345,225
Income (loss) before income taxes		59,703			32,668			(38,606	)		131,969
Income taxes		10,445			5,245			(21,675	)		19,024
General banking income (loss)	$	49,258		$	27,423		$	(16,931	)	$	112,945
Selected Financial Information
Total assets	$	18,282,757		$	18,126,327		$	18,282,757		$	18,126,327
Depreciation and amortization	$	9,656		$	9,483		$	27,998		$	25,496
Wealth Management
Net interest income	$	1,525		$	1,494		$	4,337		$	4,462
Provision for credit losses		(3	)		(2,220	)		162			(2,131	)
Noninterest income		9,340			8,740			28,007			26,293
Noninterest expense		8,113			8,281			24,425			24,276
Income before income taxes		2,755			4,173			7,757			8,610
Income taxes		683			1,043			1,928			2,153
Wealth management income	$	2,072		$	3,130		$	5,829		$	6,457
Selected Financial Information
Total assets	$	197,615		$	194,837		$	197,615		$	194,837
Depreciation and amortization	$	62		$	63		$	188		$	199
Consolidated
Net interest income	$	154,714		$	138,637		$	428,573		$	416,136
Provision for credit losses		6,548			8,426			33,793			17,884
Noninterest income (loss)		37,562			36,921			(64,369	)		111,828
Noninterest expense		123,270			130,291			361,260			369,501
Income (loss) from continuing operations    before income taxes		62,458			36,841			(30,849	)		140,579
Income taxes		11,128			6,288			(19,747	)		21,177
Consolidated income (loss) from    continuing operations	$	51,330		$	30,553		$	(11,102	)	$	119,402
Selected Financial Information
Total assets from continuing operations	$	18,480,372		$	18,321,164		$	18,480,372		$	18,321,164
Depreciation and amortization from    continuing operations	$	9,718		$	9,546		$	28,186		$	25,695