Stock and Incentive Compensation Plans

12 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock and Incentive Compensation Plans

Note 16 – Stock and Incentive Compensation Plans

Trustmark has granted stock and incentive compensation awards subject to the provisions of the Stock and Incentive Compensation Plan (the Stock Plan).  Current outstanding and future grants of stock and incentive compensation awards are subject to the provisions of the Stock Plan, which is designed to provide flexibility to Trustmark regarding its ability to motivate, attract and retain the services of key associates and directors.  The Stock Plan also allows Trustmark to grant nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and performance units to key associates and directors.  At December 31, 2018, the maximum number of shares of Trustmark’s common stock available for issuance under the Stock Plan was 1,018,337 shares.

Restricted Stock Grants

Performance Awards

Trustmark’s performance awards vest over three years and are granted to Trustmark’s executive and senior management teams.  Performance awards granted vest based on performance goals of return on average tangible equity and total shareholder return.  Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.  These awards are recognized using the straight-line method over the requisite service period.  These awards provide for achievement shares if performance measures exceed 100%.  The restricted share agreement provides for voting rights and dividend privileges.

The following table summarizes Trustmark’s performance award activity for the periods presented:

	Years Ended December 31,
	2018					2017					2016
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Grant-Date					Grant-Date					Grant-Date
	Shares			Fair Value		Shares			Fair Value		Shares			Fair Value
Nonvested shares, beginning of year		213,516		$	25.37		237,136		$	26.27		212,309		$	24.14
Granted		51,174			31.88		58,406			33.31		99,116			20.18
Released from restriction		(55,351	)		25.32		(67,279	)		34.78		(40,888	)		32.84
Forfeited		(31,644	)		26.26		(14,747	)		28.42		(33,401	)		30.01
Nonvested shares, end of year		177,695		$	27.10		213,516		$	25.37		237,136		$	26.27

Time-Vested Awards

Trustmark’s time-vested awards vest over three years and are granted to members of Trustmark’s Board of Directors as well as Trustmark’s executive and senior management teams.  Time-vested awards are valued utilizing the fair value of Trustmark’s stock at the grant date.  These awards are recognized on the straight-line method over the requisite service period.

The following table summarizes Trustmark’s time-vested award activity for the periods presented:

	Years Ended December 31,
	2018					2017					2016
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Grant-Date					Grant-Date					Grant-Date
	Shares			Fair Value		Shares			Fair Value		Shares			Fair Value
Nonvested shares, beginning of year		320,357		$	25.40		322,056		$	22.65		306,657		$	24.56
Granted		118,325			31.96		105,524			33.79		139,791			20.66
Released from restriction		(107,180	)		23.02		(101,289	)		25.35		(108,241	)		23.74
Forfeited		(9,632	)		29.30		(5,934	)		26.52		(16,151	)		22.24
Nonvested shares, end of year		321,870		$	28.48		320,357		$	25.40		322,056		$	22.65

The following table presents information regarding compensation expense for awards under the Stock Plan for the periods presented ($ in thousands):

							At December 31, 2018
	Recognized Compensation Expense						Unrecognized		Weighted Average
	for Years Ended December 31,						Compensation		Life ofUnrecognized
	2018		2017		2016		Expense		Compensation Expense
Performance awards	$	861	$	1,387	$	1,171	$	1,624		1.64
Time-vested awards		3,009		2,922		2,513		3,548		1.79
Total	$	3,870	$	4,309	$	3,684	$	5,172