Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

Note 18 – Segment Information

Trustmark’s management reporting structure includes three segments: General Banking, Wealth Management and Insurance.  For a complete overview of Trustmark’s operating segments, see Note 21 – Segment Information included in Part II. Item 8. – Financial Statements and Supplementary Data, of Trustmark’s 2020 Annual Report.

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):

	Three Months Ended March 31,
	2021			2020
General Banking
Net interest income	$	101,108		$	102,403
Provision for credit losses		(10,499	)		18,374
Noninterest income		39,652			45,176
Noninterest expense		94,597			106,450
Income before income taxes		56,662			22,755
Income taxes		8,123			2,091
General banking net income	$	48,539		$	20,664
Selected Financial Information
Total assets	$	16,555,481		$	13,663,877
Depreciation and amortization	$	10,864		$	8,794
Wealth Management
Net interest income	$	1,231		$	1,504
Provision for credit losses		(2	)		2,207
Noninterest income		8,463			8,516
Noninterest expense		8,194			8,516
Income before income taxes		1,502			(703	)
Income taxes		376			(176	)
Wealth management net income	$	1,126		$	(527	)
Selected Financial Information
Total assets	$	243,132		$	280,181
Depreciation and amortization	$	68		$	67
Insurance
Net interest income	$	(3	)	$	45
Noninterest income		12,468			11,572
Noninterest expense		9,390			8,844
Income before income taxes		3,075			2,773
Income taxes		778			692
Insurance net income	$	2,297		$	2,081
Selected Financial Information
Total assets	$	79,700		$	75,771
Depreciation and amortization	$	194		$	135
Consolidated
Net interest income	$	102,336		$	103,952
Provision for credit losses		(10,501	)		20,581
Noninterest income		60,583			65,264
Noninterest expense		112,181			123,810
Income before income taxes		61,239			24,825
Income taxes		9,277			2,607
Consolidated net income	$	51,962		$	22,218
Selected Financial Information
Total assets	$	16,878,313		$	14,019,829
Depreciation and amortization	$	11,126		$	8,996