| Segment Information |
Note 19 – Segment Information Trustmark’s management reporting structure includes two segments: General Banking and Wealth Management. 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 2024 Annual Report. Trustmark's reportable segments are determined by the Chief Executive Officer (CEO), who is the designated chief operating decision maker (CODM), based upon information provided about Trustmark's products and services offered. The reportable segments are also distinguished by the level of information provided to the CEO, who uses such information to review performance of various lines of business, which are then aggregated if operating performance, products and services and customers are similar. The CEO evaluates the financial performance of Trustmark's lines of business, such as evaluating revenue streams, significant expenses and budget to actual results, in assessing the performance of Trustmark's reportable segments and in the determination of allocating resources. The Insurance Segment is included in discontinued operations for the three and six months ended June 30, 2024 in the accompanying consolidated statements of income (loss). See Note 2 - Discontinued Operations for additional information about discontinued operations. 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 TB’s funding and interest rate risk strategies. The following tables disclose financial information by reportable segment for the periods presented ($ in thousands):
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Three Months Ended June 30, 2025 |
|
General Banking |
|
|
Wealth Management |
|
|
Consolidated |
|
Interest income |
|
$ |
234,301 |
|
|
$ |
3,127 |
|
|
$ |
237,428 |
|
Interest expense |
|
|
77,799 |
|
|
|
873 |
|
|
|
78,672 |
|
Funds transfer pricing, net |
|
|
253 |
|
|
|
(253 |
) |
|
|
— |
|
Net interest income |
|
|
156,755 |
|
|
|
2,001 |
|
|
|
158,756 |
|
PCL |
|
|
4,693 |
|
|
|
(17 |
) |
|
|
4,676 |
|
Net interest income after PCL |
|
|
152,062 |
|
|
|
2,018 |
|
|
|
154,080 |
|
Service charges on deposit accounts |
|
|
10,562 |
|
|
|
23 |
|
|
|
10,585 |
|
Bank card and other fees |
|
|
8,716 |
|
|
|
38 |
|
|
|
8,754 |
|
Mortgage banking, net |
|
|
8,602 |
|
|
|
— |
|
|
|
8,602 |
|
Wealth management |
|
|
196 |
|
|
|
9,442 |
|
|
|
9,638 |
|
Other, net |
|
|
2,257 |
|
|
|
54 |
|
|
|
2,311 |
|
Internal allocations |
|
|
(93 |
) |
|
|
93 |
|
|
|
— |
|
Noninterest income (loss) |
|
|
30,240 |
|
|
|
9,650 |
|
|
|
39,890 |
|
Salaries and employee benefits |
|
|
62,831 |
|
|
|
5,467 |
|
|
|
68,298 |
|
Services and fees |
|
|
26,357 |
|
|
|
641 |
|
|
|
26,998 |
|
Other segment expenses (1) |
|
|
29,425 |
|
|
|
393 |
|
|
|
29,818 |
|
Internal allocations |
|
|
(1,486 |
) |
|
|
1,486 |
|
|
|
— |
|
Noninterest expense |
|
|
117,127 |
|
|
|
7,987 |
|
|
|
125,114 |
|
Income from continuing operations before income taxes |
|
|
65,175 |
|
|
|
3,681 |
|
|
|
68,856 |
|
Income taxes from continuing operations |
|
|
12,100 |
|
|
|
915 |
|
|
|
13,015 |
|
Consolidated income from continuing operations |
|
$ |
53,075 |
|
|
$ |
2,766 |
|
|
$ |
55,841 |
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Information |
|
|
|
|
|
|
|
|
|
Total assets from continuing operations |
|
$ |
18,417,303 |
|
|
$ |
198,356 |
|
|
$ |
18,615,659 |
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Depreciation and amortization from continuing operations |
|
$ |
9,851 |
|
|
$ |
63 |
|
|
$ |
9,914 |
|
(1)Other segment expenses for the General Banking Segment include net occupancy-premises, equipment expense, FDIC assessment expense, other real estate expense, net, loan expense and other miscellaneous expense. Other segment expenses for the Wealth Management Segment include net occupancy-premises, equipment expense, FDIC assessment expense, loan expense and other miscellaneous expense.
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Three Months Ended June 30, 2024 |
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General Banking |
|
|
Wealth Management |
|
|
Consolidated |
|
Interest income |
|
$ |
236,455 |
|
|
$ |
2,696 |
|
|
$ |
239,151 |
|
Interest expense |
|
|
97,485 |
|
|
|
637 |
|
|
|
98,122 |
|
Funds transfer pricing, net |
|
|
563 |
|
|
|
(563 |
) |
|
|
— |
|
Net interest income |
|
|
139,533 |
|
|
|
1,496 |
|
|
|
141,029 |
|
PCL |
|
|
19,732 |
|
|
|
(3 |
) |
|
|
19,729 |
|
Net interest income after PCL |
|
|
119,801 |
|
|
|
1,499 |
|
|
|
121,300 |
|
Service charges on deposit accounts |
|
|
10,903 |
|
|
|
21 |
|
|
|
10,924 |
|
Bank card and other fees |
|
|
9,186 |
|
|
|
39 |
|
|
|
9,225 |
|
Mortgage banking, net |
|
|
4,204 |
|
|
|
— |
|
|
|
4,204 |
|
Wealth management |
|
|
174 |
|
|
|
9,518 |
|
|
|
9,692 |
|
Other, net |
|
|
7,423 |
|
|
|
38 |
|
|
|
7,461 |
|
Securities gains (losses), net |
|
|
(182,792 |
) |
|
|
— |
|
|
|
(182,792 |
) |
Internal allocations |
|
|
(94 |
) |
|
|
94 |
|
|
|
— |
|
Noninterest income (loss) |
|
|
(150,996 |
) |
|
|
9,710 |
|
|
|
(141,286 |
) |
Salaries and employee benefits |
|
|
59,112 |
|
|
|
5,726 |
|
|
|
64,838 |
|
Services and fees |
|
|
24,072 |
|
|
|
671 |
|
|
|
24,743 |
|
Other segment expenses (1) |
|
|
28,296 |
|
|
|
449 |
|
|
|
28,745 |
|
Internal allocations |
|
|
(1,475 |
) |
|
|
1,475 |
|
|
|
— |
|
Noninterest expense |
|
|
110,005 |
|
|
|
8,321 |
|
|
|
118,326 |
|
Income from continuing operations before income taxes |
|
|
(141,200 |
) |
|
|
2,888 |
|
|
|
(138,312 |
) |
Income taxes from continuing operations |
|
|
(38,429 |
) |
|
|
722 |
|
|
|
(37,707 |
) |
Consolidated income from continuing operations |
|
$ |
(102,771 |
) |
|
$ |
2,166 |
|
|
$ |
(100,605 |
) |
|
|
|
|
|
|
|
|
|
|
Selected Financial Information |
|
|
|
|
|
|
|
|
|
Total assets from continuing operations |
|
$ |
18,272,094 |
|
|
$ |
180,393 |
|
|
$ |
18,452,487 |
|
Depreciation and amortization from continuing operations |
|
$ |
9,975 |
|
|
$ |
64 |
|
|
$ |
10,039 |
|
(1)Other segment expenses for the General Banking Segment include net occupancy-premises, equipment expense, FDIC assessment expense, other real estate expense, net, loan expense and other miscellaneous expense. Other segment expenses for the Wealth Management Segment include net occupancy-premises, equipment expense, FDIC assessment expense, loan expense and other miscellaneous expense.
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|
Six Months Ended June 30, 2025 |
|
General Banking |
|
|
Wealth Management |
|
|
Consolidated |
|
Interest income |
|
$ |
460,459 |
|
|
$ |
6,116 |
|
|
$ |
466,575 |
|
Interest expense |
|
|
154,096 |
|
|
|
1,668 |
|
|
|
155,764 |
|
Funds transfer pricing, net |
|
|
713 |
|
|
|
(713 |
) |
|
|
— |
|
Net interest income |
|
|
307,076 |
|
|
|
3,735 |
|
|
|
310,811 |
|
PCL |
|
|
9,990 |
|
|
|
(20 |
) |
|
|
9,970 |
|
Net interest income after PCL |
|
|
297,086 |
|
|
|
3,755 |
|
|
|
300,841 |
|
Service charges on deposit accounts |
|
|
21,177 |
|
|
|
44 |
|
|
|
21,221 |
|
Bank card and other fees |
|
|
16,341 |
|
|
|
77 |
|
|
|
16,418 |
|
Mortgage banking, net |
|
|
17,373 |
|
|
|
— |
|
|
|
17,373 |
|
Wealth management |
|
|
377 |
|
|
|
18,804 |
|
|
|
19,181 |
|
Other, net |
|
|
8,175 |
|
|
|
106 |
|
|
|
8,281 |
|
Internal allocations |
|
|
(189 |
) |
|
|
189 |
|
|
|
— |
|
Noninterest income (loss) |
|
|
63,254 |
|
|
|
19,220 |
|
|
|
82,474 |
|
Salaries and employee benefits |
|
|
125,702 |
|
|
|
11,088 |
|
|
|
136,790 |
|
Services and fees |
|
|
51,956 |
|
|
|
1,289 |
|
|
|
53,245 |
|
Other segment expenses (1) |
|
|
58,272 |
|
|
|
818 |
|
|
|
59,090 |
|
Internal allocations |
|
|
(2,968 |
) |
|
|
2,968 |
|
|
|
— |
|
Noninterest expense |
|
|
232,962 |
|
|
|
16,163 |
|
|
|
249,125 |
|
Income from continuing operations before income taxes |
|
|
127,378 |
|
|
|
6,812 |
|
|
|
134,190 |
|
Income taxes from continuing operations |
|
|
23,022 |
|
|
|
1,694 |
|
|
|
24,716 |
|
Consolidated income from continuing operations |
|
$ |
104,356 |
|
|
$ |
5,118 |
|
|
$ |
109,474 |
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Information |
|
|
|
|
|
|
|
|
|
Total assets from continuing operations |
|
$ |
18,417,303 |
|
|
$ |
198,356 |
|
|
$ |
18,615,659 |
|
Depreciation and amortization from continuing operations |
|
$ |
18,360 |
|
|
$ |
125 |
|
|
$ |
18,485 |
|
(1)Other segment expenses for the General Banking Segment include net occupancy-premises, equipment expense, FDIC assessment expense, other real estate expense, net, loan expense and other miscellaneous expense. Other segment expenses for the Wealth Management Segment include net occupancy-premises, equipment expense, FDIC assessment expense, loan expense and other miscellaneous expense.
|
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|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024 |
|
General Banking |
|
|
Wealth Management |
|
|
Consolidated |
|
Interest income |
|
$ |
464,026 |
|
|
$ |
4,965 |
|
|
$ |
468,991 |
|
Interest expense |
|
|
193,987 |
|
|
|
1,145 |
|
|
|
195,132 |
|
Funds transfer pricing, net |
|
|
1,008 |
|
|
|
(1,008 |
) |
|
|
— |
|
Net interest income |
|
|
271,047 |
|
|
|
2,812 |
|
|
|
273,859 |
|
PCL |
|
|
27,080 |
|
|
|
165 |
|
|
|
27,245 |
|
Net interest income after PCL |
|
|
243,967 |
|
|
|
2,647 |
|
|
|
246,614 |
|
Service charges on deposit accounts |
|
|
21,839 |
|
|
|
43 |
|
|
|
21,882 |
|
Bank card and other fees |
|
|
16,578 |
|
|
|
75 |
|
|
|
16,653 |
|
Mortgage banking, net |
|
|
13,119 |
|
|
|
— |
|
|
|
13,119 |
|
Wealth management |
|
|
363 |
|
|
|
18,281 |
|
|
|
18,644 |
|
Other, net |
|
|
10,483 |
|
|
|
80 |
|
|
|
10,563 |
|
Securities gains (losses), net |
|
|
(182,792 |
) |
|
|
— |
|
|
|
(182,792 |
) |
Internal allocations |
|
|
(188 |
) |
|
|
188 |
|
|
|
— |
|
Noninterest income (loss) |
|
|
(120,598 |
) |
|
|
18,667 |
|
|
|
(101,931 |
) |
Salaries and employee benefits |
|
|
119,215 |
|
|
|
11,110 |
|
|
|
130,325 |
|
Services and fees |
|
|
47,811 |
|
|
|
1,363 |
|
|
|
49,174 |
|
Other segment expenses (1) |
|
|
57,583 |
|
|
|
908 |
|
|
|
58,491 |
|
Internal allocations |
|
|
(2,931 |
) |
|
|
2,931 |
|
|
|
— |
|
Noninterest expense |
|
|
221,678 |
|
|
|
16,312 |
|
|
|
237,990 |
|
Income from continuing operations before income taxes |
|
|
(98,309 |
) |
|
|
5,002 |
|
|
|
(93,307 |
) |
Income taxes from continuing operations |
|
|
(32,120 |
) |
|
|
1,245 |
|
|
|
(30,875 |
) |
Consolidated income from continuing operations |
|
$ |
(66,189 |
) |
|
$ |
3,757 |
|
|
$ |
(62,432 |
) |
|
|
|
|
|
|
|
|
|
|
Selected Financial Information |
|
|
|
|
|
|
|
|
|
Total assets from continuing operations |
|
$ |
18,272,094 |
|
|
$ |
180,393 |
|
|
$ |
18,452,487 |
|
Depreciation and amortization from continuing operations |
|
$ |
18,342 |
|
|
$ |
126 |
|
|
$ |
18,468 |
|
(1)Other segment expenses for the General Banking Segment include net occupancy-premises, equipment expense, FDIC assessment expense, other real estate expense, net, loan expense and other miscellaneous expense. Other segment expenses for the Wealth Management Segment include net occupancy-premises, equipment expense, FDIC assessment expense, loan expense and other miscellaneous expense.
|