Leases (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Leases [Abstract] |
|
| Components of the Trustmark's Net Investment in its Sales-Type and Direct Financing Leases |
The table below summarizes the components of Trustmark's net investment in its sales-type and direct financing leases for the periods presented ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Leases receivable |
|
$ |
325,720 |
|
|
$ |
282,771 |
|
Unearned income |
|
|
(50,271 |
) |
|
|
(45,585 |
) |
Initial direct costs |
|
|
2,862 |
|
|
|
2,252 |
|
Unguaranteed lease residual |
|
|
14,868 |
|
|
|
7,084 |
|
Total net investment |
|
$ |
293,179 |
|
|
$ |
246,522 |
|
|
| Minimum Future Lease Payments for Trustmark's Leases Receivable |
The table below details the minimum future lease payments for Trustmark's leases receivable at June 30, 2025 ($ in thousands):
|
|
|
|
|
|
|
June 30, 2025 |
|
2025 (excluding the six months ended June 30, 2025) |
|
$ |
32,709 |
|
2026 |
|
|
61,170 |
|
2027 |
|
|
73,717 |
|
2028 |
|
|
63,284 |
|
2029 |
|
|
48,676 |
|
Thereafter |
|
|
46,164 |
|
Lease receivable |
|
$ |
325,720 |
|
|
| Components of Net Lease Cost |
The following table details the components of net lease cost for the periods presented ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Finance leases: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of right-of-use assets |
|
$ |
113 |
|
|
$ |
113 |
|
|
$ |
226 |
|
|
$ |
226 |
|
Interest on lease liabilities |
|
|
34 |
|
|
|
38 |
|
|
|
68 |
|
|
|
76 |
|
Operating lease cost |
|
|
1,341 |
|
|
|
1,232 |
|
|
|
2,682 |
|
|
|
2,412 |
|
Short-term lease cost |
|
|
154 |
|
|
|
55 |
|
|
|
319 |
|
|
|
113 |
|
Variable lease cost |
|
|
223 |
|
|
|
205 |
|
|
|
442 |
|
|
|
404 |
|
Sublease income |
|
|
(76 |
) |
|
|
(2 |
) |
|
|
(135 |
) |
|
|
(5 |
) |
Net lease cost |
|
$ |
1,789 |
|
|
$ |
1,641 |
|
|
$ |
3,602 |
|
|
$ |
3,226 |
|
|
| Cash Payments Included in Measurement of Lease Liabilities |
The following table details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
Finance leases: |
|
|
|
|
|
|
Operating cash flows included in operating activities |
|
$ |
68 |
|
|
$ |
76 |
|
Financing cash flows included in payments under finance lease obligations |
|
|
225 |
|
|
|
207 |
|
Operating leases: |
|
|
|
|
|
|
Operating cash flows (fixed payments) included in other operating activities, net |
|
|
2,637 |
|
|
|
2,254 |
|
Operating cash flows (liability reduction) included in other operating activities, net |
|
|
1,957 |
|
|
|
1,593 |
|
|
| Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates Related to Leases |
The following table details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at June 30, 2025 and December 31, 2024 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Finance lease right-of-use assets, net of accumulated depreciation |
|
$ |
3,073 |
|
|
$ |
3,299 |
|
Finance lease liabilities |
|
|
3,685 |
|
|
|
3,910 |
|
Operating lease right-of-use assets |
|
|
34,016 |
|
|
|
34,668 |
|
Operating lease liabilities |
|
|
38,091 |
|
|
|
38,698 |
|
|
|
|
|
|
|
|
Weighted-average lease term: |
|
|
|
|
|
|
Finance leases |
|
6.85 years |
|
|
7.35 years |
|
Operating leases |
|
9.05 years |
|
|
9.31 years |
|
|
|
|
|
|
|
|
Weighted-average discount rate: |
|
|
|
|
|
|
Finance leases |
|
|
3.61 |
% |
|
|
3.61 |
% |
Operating leases |
|
|
3.76 |
% |
|
|
3.72 |
% |
|
| Future Minimum Rental Commitments Under Finance and Operating Leases |
At June 30, 2025, future minimum rental commitments under finance and operating leases were as follows ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
Finance Leases |
|
|
Operating Leases |
|
2025 (excluding the six months ended June 30, 2025) |
|
$ |
291 |
|
|
$ |
2,650 |
|
2026 |
|
|
589 |
|
|
|
5,277 |
|
2027 |
|
|
594 |
|
|
|
5,211 |
|
2028 |
|
|
599 |
|
|
|
4,946 |
|
2029 |
|
|
633 |
|
|
|
4,781 |
|
Thereafter |
|
|
1,454 |
|
|
|
22,644 |
|
Total minimum lease payments |
|
|
4,160 |
|
|
|
45,509 |
|
Less imputed interest |
|
|
(475 |
) |
|
|
(7,418 |
) |
Lease liabilities |
|
$ |
3,685 |
|
|
$ |
38,091 |
|
|