Leases (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| 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):
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Leases receivable |
|
$ |
470,944 |
|
|
$ |
442,096 |
|
Unearned income |
|
|
(69,647 |
) |
|
|
(68,283 |
) |
Initial direct costs |
|
|
3,488 |
|
|
|
3,236 |
|
Unguaranteed lease residual |
|
|
29,729 |
|
|
|
24,360 |
|
Total net investment |
|
$ |
434,514 |
|
|
$ |
401,409 |
|
|
| Minimum Future Lease Payments for Trustmark's Leases Receivable |
The table below details the minimum future lease payments for Trustmark's leases receivable at March 31, 2026 ($ in thousands):
|
|
|
|
|
|
|
March 31, 2026 |
|
2026 (excluding the three months ended March 31, 2026) |
|
$ |
69,396 |
|
2027 |
|
|
106,258 |
|
2028 |
|
|
95,855 |
|
2029 |
|
|
77,865 |
|
2030 |
|
|
53,375 |
|
Thereafter |
|
|
68,195 |
|
Lease receivable |
|
$ |
470,944 |
|
|
| Components of Net Lease Cost |
The following table details the components of net lease cost for the periods presented ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Finance leases: |
|
|
|
|
|
|
Amortization of right-of-use assets |
|
$ |
113 |
|
|
$ |
113 |
|
Interest on lease liabilities |
|
|
30 |
|
|
|
34 |
|
Operating lease cost |
|
|
1,352 |
|
|
|
1,341 |
|
Short-term lease cost |
|
|
159 |
|
|
|
165 |
|
Variable lease cost |
|
|
233 |
|
|
|
219 |
|
Sublease income |
|
|
(68 |
) |
|
|
(59 |
) |
Net lease cost |
|
$ |
1,819 |
|
|
$ |
1,813 |
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Finance leases: |
|
|
|
|
|
|
Operating cash flows included in operating activities |
|
$ |
30 |
|
|
$ |
34 |
|
Financing cash flows included in payments under finance lease obligations |
|
|
117 |
|
|
|
112 |
|
|
|
|
|
|
|
|
Operating leases: |
|
|
|
|
|
|
Operating cash flows (fixed payments) included in other operating activities, net |
|
|
1,333 |
|
|
|
1,315 |
|
Operating cash flows (liability reduction) included in other operating activities, net |
|
|
979 |
|
|
|
976 |
|
|
| 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 March 31, 2026 and December 31, 2025 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Finance lease right-of-use assets, net of accumulated depreciation |
|
$ |
2,733 |
|
|
$ |
2,847 |
|
Finance lease liabilities |
|
|
3,341 |
|
|
|
3,458 |
|
Operating lease right-of-use assets |
|
|
32,702 |
|
|
|
32,152 |
|
Operating lease liabilities |
|
|
36,819 |
|
|
|
36,250 |
|
|
|
|
|
|
|
|
Weighted-average lease term: |
|
|
|
|
|
|
Finance leases |
|
6.11 years |
|
|
6.36 years |
|
Operating leases |
|
8.70 years |
|
|
8.69 years |
|
|
|
|
|
|
|
|
Weighted-average discount rate: |
|
|
|
|
|
|
Finance leases |
|
|
3.61 |
% |
|
|
3.61 |
% |
Operating leases |
|
|
4.07 |
% |
|
|
4.04 |
% |
|
| Future Minimum Rental Commitments Under Finance and Operating Leases |
At March 31, 2026, future minimum rental commitments under finance and operating leases were as follows ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
Finance Leases |
|
|
Operating Leases |
|
2026 (excluding the three months ended March 31, 2026) |
|
$ |
442 |
|
|
$ |
3,992 |
|
2027 |
|
|
594 |
|
|
|
5,301 |
|
2028 |
|
|
599 |
|
|
|
5,061 |
|
2029 |
|
|
633 |
|
|
|
4,900 |
|
2030 |
|
|
644 |
|
|
|
4,881 |
|
Thereafter |
|
|
810 |
|
|
|
20,284 |
|
Total minimum lease payments |
|
|
3,722 |
|
|
|
44,419 |
|
Less imputed interest |
|
|
(381 |
) |
|
|
(7,600 |
) |
Lease liabilities |
|
$ |
3,341 |
|
|
$ |
36,819 |
|
|