Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 2 - Discontinued Operations

On May 31, 2024, Trustmark National Bank (TNB) completed the sale of its wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc. (FBBI), to Marsh & McLennan Agency LLC (MMA) for approximately $336.9 million in cash. The transaction resulted in a pre-tax net gain of $228.3 million. The gain, along with FBBI's historical financial results for periods prior to the sale, is reflected in Trustmark's consolidated financial statements as discontinued operations. The assets and liabilities of FBBI have been presented as "Assets of discontinued operations" and "Liabilities of discontinued operations" on the consolidated balance sheet at December 31, 2023. FBBI's operating results have been presented as "Discontinued operations" within the accompanying consolidated statements of income and prior period amounts have been reclassified to conform with the current period presentation. Cash flows from both continuing and discontinued operations are included in the Consolidated Statements of Cash Flows.

The following table summarizes financial information related to FBBI which has been segregated from continuing operations and reported as discontinued operations for the periods presented ($ in thousands):

	Years Ended December 31,
	2024		2023		2022
Noninterest income:
Insurance commissions	$	27,728	$	57,569	$	53,721
Gain on sale of discontinued operations, net		228,272		—		—
Other, net		527		956		1
Total noninterest income		256,527		58,525		53,722
Noninterest expense:
Salaries and employee benefits		16,263		36,395		33,193
Services and fees		704		1,673		1,576
Net occupancy - premises		269		975		1,278
Equipment expense		93		298		303
Other expense		2,046		2,882		2,730
Total noninterest expense		19,375		42,223		39,080
Income from discontinued operations before income taxes		237,152		16,302		14,642
Income taxes from discontinued operations		59,353		4,103		3,673
Income from discontinued operations	$	177,799	$	12,199	$	10,969

The assets and liabilities of discontinued operations on the consolidated balance sheet at December 31, 2023 were as follows ($ in thousands):

	December 31, 2023
Carrying amounts of assets included as part of discontinued operations:
Cash and due from banks	$	200
Premises and equipment, net		308
Goodwill		49,633
Identifiable intangible assets, net		2,729
Operating lease right-of-use assets		2,431
Other assets		12,333
Assets of discontinued operations	$	67,634
Carrying amounts of liabilities included as part of discontinued operations:
Operating lease liabilities	$	2,487
Other liabilities		9,540
Liabilities of discontinued operations	$	12,027