Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Fair Value of Derivative Instruments |
The following tables disclose the fair value of derivative instruments in Trustmark’s consolidated balance sheets at June 30, 2025 and December 31, 2024 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands):
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June 30, 2025 |
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December 31, 2024 |
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Derivatives in hedging relationships: |
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Interest rate contracts: |
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Interest rate swaps included in other assets (1) |
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$ |
4,276 |
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$ |
74 |
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Interest rate floors included in other assets |
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2,344 |
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1,582 |
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Interest rate swaps included in other liabilities (1) |
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306 |
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5,958 |
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Derivatives not designated as hedging instruments: |
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Interest rate contracts: |
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Exchange traded purchased options included in other assets |
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$ |
67 |
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$ |
18 |
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OTC written options (rate locks) included in other assets |
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1,807 |
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229 |
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Futures contracts included in other assets |
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3,607 |
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— |
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Interest rate swaps included in other assets (1) |
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10,859 |
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13,478 |
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Credit risk participation agreements included in other assets |
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25 |
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16 |
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Futures contracts included in other liabilities |
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— |
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1,972 |
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Forward contracts included in other liabilities |
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(1,095 |
) |
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(679 |
) |
Exchange traded written options included in other liabilities |
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23 |
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211 |
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Interest rate swaps included in other liabilities (1) |
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23,796 |
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33,817 |
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Credit risk participation agreements included in other liabilities |
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203 |
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76 |
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(1)In accordance with GAAP, the variation margin collateral payments made or received for interest rate swaps that are centrally cleared are legally characterized as settled. As a result, the centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets.
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| Effects of Derivative Instruments on Statements of Operations |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Derivatives in hedging relationships: |
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Amount of gain (loss) reclassified from accumulated other
comprehensive income (loss) and recognized in
interest and fees on LHFS and LHFI |
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$ |
(2,681 |
) |
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$ |
(4,869 |
) |
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$ |
(5,361 |
) |
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$ |
(9,689 |
) |
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Derivatives not designated as hedging instruments: |
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Amount of gain (loss) recognized in mortgage banking, net |
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$ |
1,842 |
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$ |
(3,007 |
) |
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$ |
6,557 |
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$ |
(8,133 |
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Amount of gain (loss) recognized in bank card and other fees |
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452 |
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51 |
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364 |
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(5 |
) |
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| Schedule of Amount Included in Other Comprehensive Income for Derivative Instruments Designated as Hedges of Cash Flows |
The following table discloses the amount included in other comprehensive income (loss), net of tax, for derivative instruments designated as cash flow hedges for the periods presented ($ in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Derivatives in cash flow hedging relationship |
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Amount of gain (loss) recognized in other comprehensive
income (loss), net of tax |
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$ |
3,074 |
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$ |
(3,655 |
) |
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$ |
8,983 |
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$ |
(15,625 |
) |
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| Information about Financial Instruments that are Eligible for Offset in the Consolidated Balance Sheets |
Information about financial instruments that are eligible for offset in the consolidated balance sheets as of June 30, 2025 and December 31, 2024 is presented in the following tables ($ in thousands):
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Offsetting of Derivative Assets |
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As of June 30, 2025 |
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Gross Amounts Not Offset in the
Statement of Financial Position |
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Gross
Amounts of
Recognized
Assets |
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Gross Amounts
Offset in the
Statement of
Financial Position |
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Net Amounts of
Assets presented in
the Statement of
Financial Position |
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Financial
Instruments |
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Cash Collateral
Received |
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Net Amount |
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Derivatives |
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$ |
17,479 |
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$ |
— |
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$ |
17,479 |
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$ |
(6,844 |
) |
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$ |
(690 |
) |
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$ |
9,945 |
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Offsetting of Derivative Liabilities |
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As of June 30, 2025 |
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Gross Amounts Not Offset in the
Statement of Financial Position |
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Gross
Amounts of
Recognized
Liabilities |
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Gross Amounts
Offset in the
Statement of
Financial Position |
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Net Amounts of
Liabilities presented
in the Statement of
Financial Position |
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Financial
Instruments |
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Cash Collateral
Posted |
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Net Amount |
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Derivatives |
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$ |
24,102 |
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$ |
— |
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$ |
24,102 |
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$ |
(6,844 |
) |
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$ |
(2,200 |
) |
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$ |
15,058 |
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Offsetting of Derivative Assets |
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As of December 31, 2024 |
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Gross Amounts Not Offset in the
Statement of Financial Position |
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Gross
Amounts of
Recognized
Assets |
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Gross Amounts
Offset in the
Statement of
Financial Position |
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Net Amounts of
Assets presented in
the Statement of
Financial Position |
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Financial
Instruments |
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Cash Collateral
Received |
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Net Amount |
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Derivatives |
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$ |
15,134 |
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$ |
— |
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$ |
15,134 |
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$ |
(7,956 |
) |
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$ |
(2,000 |
) |
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$ |
5,178 |
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Offsetting of Derivative Liabilities |
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As of December 31, 2024 |
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Gross Amounts Not Offset in the
Statement of Financial Position |
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Gross
Amounts of
Recognized
Liabilities |
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Gross Amounts
Offset in the
Statement of
Financial Position |
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Net Amounts of
Liabilities presented
in the Statement of
Financial Position |
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Financial
Instruments |
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Cash Collateral
Posted |
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Net Amount |
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Derivatives |
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$ |
39,775 |
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$ |
— |
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$ |
39,775 |
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$ |
(7,956 |
) |
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$ |
(1,460 |
) |
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$ |
30,359 |
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