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Segment Information
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segment Information

Note 22 – Segment Information

Trustmark’s management reporting structure includes three segments: General Banking, Wealth Management and Insurance.  The General Banking Segment is responsible for all traditional banking products and services, including loans and deposits.  The General Banking Segment also consists of internal operations such as Human Resources, Executive Administration, Treasury (Funds Management), Public Affairs and Corporate Finance.  The Wealth Management Segment provides customized solutions for customers by integrating financial services with traditional banking products and services such as money management, full-service brokerage, financial planning, personal and institutional trust and retirement services.  Through Fisher Brown Bottrell Insurance, Inc. (FBBI), a wholly owned subsidiary of TNB, Trustmark’s Insurance Segment provides a full range of retail insurance products including commercial risk management products, bonding, group benefits and personal lines coverage.

During the first quarter of 2019, Trustmark revised the composition of its operating segments by moving the Private Banking Group from the General Banking Segment to the Wealth Management Segment as a result of a change in supervision of this group for reporting purposes.  The prior periods presented include reclassifications to conform to the current period presentation.

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):

 

 

 

Years Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

General Banking

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

422,661

 

 

$

415,561

 

 

$

402,507

 

Provision for loan losses, net

 

 

10,838

 

 

 

17,001

 

 

 

7,485

 

Noninterest income

 

 

113,755

 

 

 

113,930

 

 

 

116,044

 

Noninterest expense

 

 

370,493

 

 

 

355,389

 

 

 

370,793

 

Income before income taxes

 

 

155,085

 

 

 

157,101

 

 

 

140,273

 

Income taxes

 

 

18,721

 

 

 

18,560

 

 

 

43,427

 

General banking net income

 

$

136,364

 

 

$

138,541

 

 

$

96,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

13,333,518

 

 

$

13,111,362

 

 

$

13,627,012

 

Depreciation and amortization

 

$

38,637

 

 

$

38,182

 

 

$

37,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth Management

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

3,686

 

 

$

3,633

 

 

$

4,809

 

Provision for loan losses, net

 

 

1

 

 

 

(13

)

 

 

214

 

Noninterest income

 

 

30,861

 

 

 

30,420

 

 

 

30,421

 

Noninterest expense

 

 

26,365

 

 

 

29,170

 

 

 

29,989

 

Income before income taxes

 

 

8,181

 

 

 

4,896

 

 

 

5,027

 

Income taxes

 

 

2,040

 

 

 

1,225

 

 

 

1,923

 

Wealth Management net income

 

$

6,141

 

 

$

3,671

 

 

$

3,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

90,113

 

 

$

106,179

 

 

$

102,773

 

Depreciation and amortization

 

$

267

 

 

$

186

 

 

$

137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

242

 

 

$

226

 

 

$

234

 

Noninterest income

 

 

42,429

 

 

 

40,486

 

 

 

38,198

 

Noninterest expense

 

 

32,144

 

 

 

30,856

 

 

 

29,387

 

Income before income taxes

 

 

10,527

 

 

 

9,856

 

 

 

9,045

 

Income taxes

 

 

2,572

 

 

 

2,484

 

 

 

3,365

 

Insurance net income

 

$

7,955

 

 

$

7,372

 

 

$

5,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

74,246

 

 

$

68,919

 

 

$

68,168

 

Depreciation and amortization

 

$

516

 

 

$

572

 

 

$

630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

426,589

 

 

$

419,420

 

 

$

407,550

 

Provision for loan losses, net

 

 

10,839

 

 

 

16,988

 

 

 

7,699

 

Noninterest income

 

 

187,045

 

 

 

184,836

 

 

 

184,663

 

Noninterest expense

 

 

429,002

 

 

 

415,415

 

 

 

430,169

 

Income before income taxes

 

 

173,793

 

 

 

171,853

 

 

 

154,345

 

Income taxes

 

 

23,333

 

 

 

22,269

 

 

 

48,715

 

Consolidated net income

 

$

150,460

 

 

$

149,584

 

 

$

105,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

13,497,877

 

 

$

13,286,460

 

 

$

13,797,953

 

Depreciation and amortization

 

$

39,420

 

 

$

38,940

 

 

$

38,471