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Stock and Incentive Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock and Incentive Compensation | Note 12 – Stock and Incentive Compensation Trustmark has granted restricted stock units subject to the provisions of the Stock and Incentive Compensation Plan (the Stock Plan). Current outstanding and future grants of restricted stock units are subject to the provisions of the Stock Plan, which is designed to provide flexibility to Trustmark regarding its ability to motivate, attract and retain the services of key associates and directors. The Stock Plan also allows Trustmark to grant nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and performance units to key associates and directors. Restricted Stock Grants Performance Units Trustmark’s performance units vest over three years and are granted to Trustmark’s executive and senior management teams. Performance units granted vest based on performance goals of return on average tangible equity and total shareholder return. Performance units are valued utilizing a Monte Carlo simulation model to estimate fair value of the units at the grant date. The Monte Carlo simulation was performed by an independent valuation consultant and requires the use of subjective modeling assumptions. These units are recognized using the straight-line method over the requisite service period. These units are granted at 100% of target, yet provide for achievement units if performance measures exceed 100%. The restricted stock agreement for these units provides for dividend privileges, but no voting rights. Time-Based Units Trustmark’s time-based units granted to Trustmark’s executive and senior management teams vest over three years. Trustmark’s time-based units granted to members of Trustmark’s Board of Directors vest over one year. Time-based units are valued utilizing the fair value of Trustmark’s stock at the grant date. These units are amortized on the straight-line method over the earlier of the requisite service period or at age 65. The restricted stock agreement for these units provides for dividend privileges, but no voting rights. The following tables summarize the Stock Plan activity for the period presented:
|  | Three Months Ended June 30, 2025 |
|  | Performance Units |  |  | Time-Vested Units |
Nonvested units, beginning of period |  |  | 212,485 |  |  |  | 383,557 |
Granted |  |  | — |  |  |  | 21,430 |
Released from restriction |  |  | — |  |  |  | (25,612 | )
Forfeited |  |  | (7,258 | ) |  |  | (12,809 | )
Nonvested units, end of period |  |  | 205,227 |  |  |  | 366,566 |
|  | Six Months Ended June 30, 2025 |
|  | Performance Units |  |  | Time-Vested Units |
Nonvested units, beginning of period |  |  | 208,045 |  |  |  | 372,276 |
Granted |  |  | 63,392 |  |  |  | 126,224 |
Adjustment for performance factor |  |  | 47,415 |  |  |  | — |
Released from restriction |  |  | (105,951 | ) |  |  | (116,663 | )
Forfeited |  |  | (7,674 | ) |  |  | (15,271 | )
Nonvested units, end of period |  |  | 205,227 |  |  |  | 366,566 |
The following table presents information regarding compensation expense for units under the Stock Plan for the periods presented ($ in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Performance units |  | $ | 531 |  |  | $ | 522 |  |  | $ | 1,024 |  |  | $ | 984 |
Time-vested units |  |  | 656 |  |  |  | 856 |  |  |  | 2,634 |  |  |  | 2,632 |
Total compensation expense |  | $ | 1,187 |  |  | $ | 1,378 |  |  | $ | 3,658 |  |  | $ | 3,616 |

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