Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

Note 9 – Goodwill and Identifiable Intangible Assets

Goodwill

The table below illustrates goodwill by segment for the years ended December 31, 2019 and 2018 ($ in thousands):

	General
	Banking		Insurance		Total
Balance as of January 1, 2018	$	334,603	$	45,024	$	379,627
Adjustment during 2018		—		—		—
Balance as of December 31, 2018		334,603		45,024		379,627
Adjustment during 2019		—		—		—
Balance as of December 31, 2019	$	334,603	$	45,024	$	379,627

Trustmark’s General Banking Segment delivers a full range of banking services to consumer, corporate, small and middle-market businesses through its extensive branch network.

The Insurance Segment includes TNB’s wholly-owned retail insurance subsidiary that offers a diverse mix of insurance products and services.  Trustmark performed goodwill impairment tests for the General Banking and Insurance Segments during 2019, 2018 and 2017.  Based on these tests, Trustmark concluded that the fair value of both the General Banking and Insurance Segments substantially exceeded the book value and no impairment charge was required.

Identifiable Intangible Assets

At December 31, 2019 and 2018, identifiable intangible assets consisted of the following ($ in thousands):

	December 31, 2019						December 31, 2018
	Gross Carrying		Accumulated		Net Carrying		Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Core deposit intangibles	$	87,674	$	82,096	$	5,578	$	87,674	$	78,353	$	9,321
Insurance intangibles		14,171		12,655		1,516		13,824		12,348		1,476
Banking charters		1,325		1,076		249		1,325		1,010		315
Total	$	103,170	$	95,827	$	7,343	$	102,823	$	91,711	$	11,112

Trustmark recorded $4.1 million of amortization of identifiable intangible assets in 2019, $5.2 million in 2018 and $6.2 million in 2017.  Trustmark estimates that amortization expense for identifiable intangible assets will be $2.8 million in 2020, $2.0 million in 2021, $1.2 million in 2022, $411 thousand in 2023 and $224 thousand in 2024.  Trustmark continually evaluates whether events and circumstances have occurred that indicate that identifiable intangible assets have become impaired.  Measurement of any impairment of such identifiable intangible assets is based on the fair values of those assets.  There were no impairment losses on identifiable intangible assets recorded during 2019, 2018 or 2017.

The following table illustrates the carrying amounts and remaining weighted-average amortization periods of identifiable intangible assets as of December 31, 2019 ($ in thousands):

			Remaining
			Weighted-
			Average
	Net Carrying		Amortization
	Amount		Period in Years
Core deposit intangibles	$	5,578		3.8
Insurance intangibles		1,516		12.9
Banking charters		249		3.7
Total	$	7,343		5.7