Discontinued Operations

3 Months Ended

Mar. 31, 2025

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. FBBI's operating results prior to the sale have been presented as "Income From Discontinued Operations" within the accompanying consolidated statements of income (loss). 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 period presented ($ in thousands):

	Three Months Ended
	March 31, 2024
Noninterest income:
Insurance commissions	$	15,464
Gain on sale of discontinued operations, net		—
Other, net		530
Total noninterest income		15,994
Noninterest expense:
Salaries and employee benefits		9,971
Services and fees		408
Net occupancy - premises		226
Equipment expense		60
Other expense		817
Total noninterest expense		11,482
Income from discontinued operations before income taxes		4,512
Income taxes from discontinued operations		1,150
Income from discontinued operations	$	3,362