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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
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 nine months ended September 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):

 

Three Months Ended September 30, 2025

 

General Banking

 

 

Wealth Management

 

 

Consolidated

 

Interest income

 

$

239,614

 

 

$

3,103

 

 

$

242,717

 

Interest expense

 

 

78,528

 

 

 

1,748

 

 

 

80,276

 

Funds transfer pricing, net

 

 

(1,488

)

 

 

1,488

 

 

 

—

 

Net interest income

 

 

159,598

 

 

 

2,843

 

 

 

162,441

 

PCL

 

 

1,687

 

 

 

(2

)

 

 

1,685

 

Net interest income after PCL

 

 

157,911

 

 

 

2,845

 

 

 

160,756

 

Service charges on deposit accounts

 

 

11,188

 

 

 

63

 

 

 

11,251

 

Bank card and other fees

 

 

8,260

 

 

 

58

 

 

 

8,318

 

Mortgage banking, net

 

 

8,182

 

 

 

—

 

 

 

8,182

 

Wealth management

 

 

185

 

 

 

9,613

 

 

 

9,798

 

Other, net

 

 

2,299

 

 

 

83

 

 

 

2,382

 

Internal allocations

 

 

(99

)

 

 

99

 

 

 

—

 

Noninterest income (loss)

 

 

30,015

 

 

 

9,916

 

 

 

39,931

 

Salaries and employee benefits

 

 

65,678

 

 

 

5,830

 

 

 

71,508

 

Services and fees

 

 

28,083

 

 

 

694

 

 

 

28,777

 

Other segment expenses (1)

 

 

30,253

 

 

 

395

 

 

 

30,648

 

Internal allocations

 

 

(1,699

)

 

 

1,699

 

 

 

—

 

Noninterest expense

 

 

122,315

 

 

 

8,618

 

 

 

130,933

 

Income from continuing operations before income taxes

 

 

65,611

 

 

 

4,143

 

 

 

69,754

 

Income taxes from continuing operations

 

 

11,939

 

 

 

1,028

 

 

 

12,967

 

Consolidated income from continuing operations

 

$

53,672

 

 

$

3,115

 

 

$

56,787

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Information

 

 

 

 

 

 

 

 

 

Total assets from continuing operations

 

$

18,600,667

 

 

$

200,843

 

 

$

18,801,510

 

Depreciation and amortization from continuing operations

 

$

9,682

 

 

$

65

 

 

$

9,747

 
(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.

 

Three Months Ended September 30, 2024

 

General Banking

 

 

Wealth Management

 

 

Consolidated

 

Interest income

 

$

248,817

 

 

$

2,775

 

 

$

251,592

 

Interest expense

 

 

96,178

 

 

 

700

 

 

 

96,878

 

Funds transfer pricing, net

 

 

550

 

 

 

(550

)

 

 

—

 

Net interest income

 

 

153,189

 

 

 

1,525

 

 

 

154,714

 

PCL

 

 

6,551

 

 

 

(3

)

 

 

6,548

 

Net interest income after PCL

 

 

146,638

 

 

 

1,528

 

 

 

148,166

 

Service charges on deposit accounts

 

 

11,250

 

 

 

22

 

 

 

11,272

 

Bank card and other fees

 

 

7,879

 

 

 

52

 

 

 

7,931

 

Mortgage banking, net

 

 

6,119

 

 

 

—

 

 

 

6,119

 

Wealth management

 

 

175

 

 

 

9,113

 

 

 

9,288

 

Other, net

 

 

2,893

 

 

 

59

 

 

 

2,952

 

Internal allocations

 

 

(94

)

 

 

94

 

 

 

—

 

Noninterest income (loss)

 

 

28,222

 

 

 

9,340

 

 

 

37,562

 

Salaries and employee benefits

 

 

61,144

 

 

 

5,547

 

 

 

66,691

 

Services and fees

 

 

25,019

 

 

 

705

 

 

 

25,724

 

Other segment expenses (1)

 

 

30,447

 

 

 

408

 

 

 

30,855

 

Internal allocations

 

 

(1,453

)

 

 

1,453

 

 

 

—

 

Noninterest expense

 

 

115,157

 

 

 

8,113

 

 

 

123,270

 

Income from continuing operations before income taxes

 

 

59,703

 

 

 

2,755

 

 

 

62,458

 

Income taxes from continuing operations

 

 

10,445

 

 

 

683

 

 

 

11,128

 

Consolidated income from continuing operations

 

$

49,258

 

 

$

2,072

 

 

$

51,330

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Information

 

 

 

 

 

 

 

 

 

Total assets from continuing operations

 

$

18,282,757

 

 

$

197,615

 

 

$

18,480,372

 

Depreciation and amortization from continuing operations

 

$

9,656

 

 

$

62

 

 

$

9,718

 
(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.

 

Nine Months Ended September 30, 2025

 

General Banking

 

 

Wealth Management

 

 

Consolidated

 

Interest income

 

$

700,073

 

 

$

9,219

 

 

$

709,292

 

Interest expense

 

 

232,624

 

 

 

3,416

 

 

 

236,040

 

Funds transfer pricing, net

 

 

(775

)

 

 

775

 

 

 

—

 

Net interest income

 

 

466,674

 

 

 

6,578

 

 

 

473,252

 

PCL

 

 

11,677

 

 

 

(22

)

 

 

11,655

 

Net interest income after PCL

 

 

454,997

 

 

 

6,600

 

 

 

461,597

 

Service charges on deposit accounts

 

 

32,365

 

 

 

107

 

 

 

32,472

 

Bank card and other fees

 

 

24,601

 

 

 

135

 

 

 

24,736

 

Mortgage banking, net

 

 

25,555

 

 

 

—

 

 

 

25,555

 

Wealth management

 

 

562

 

 

 

28,417

 

 

 

28,979

 

Other, net

 

 

10,474

 

 

 

189

 

 

 

10,663

 

Internal allocations

 

 

(288

)

 

 

288

 

 

 

—

 

Noninterest income (loss)

 

 

93,269

 

 

 

29,136

 

 

 

122,405

 

Salaries and employee benefits

 

 

191,380

 

 

 

16,918

 

 

 

208,298

 

Services and fees

 

 

80,039

 

 

 

1,983

 

 

 

82,022

 

Other segment expenses (1)

 

 

88,525

 

 

 

1,213

 

 

 

89,738

 

Internal allocations

 

 

(4,667

)

 

 

4,667

 

 

 

—

 

Noninterest expense

 

 

355,277

 

 

 

24,781

 

 

 

380,058

 

Income from continuing operations before income taxes

 

 

192,989

 

 

 

10,955

 

 

 

203,944

 

Income taxes from continuing operations

 

 

34,961

 

 

 

2,722

 

 

 

37,683

 

Consolidated income from continuing operations

 

$

158,028

 

 

$

8,233

 

 

$

166,261

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Information

 

 

 

 

 

 

 

 

 

Total assets from continuing operations

 

$

18,600,667

 

 

$

200,843

 

 

$

18,801,510

 

Depreciation and amortization from continuing operations

 

$

28,042

 

 

$

190

 

 

$

28,232

 

 

(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.

 

Nine Months Ended September 30, 2024

 

General Banking

 

 

Wealth Management

 

 

Consolidated

 

Interest income

 

$

712,843

 

 

$

7,740

 

 

$

720,583

 

Interest expense

 

 

290,165

 

 

 

1,845

 

 

 

292,010

 

Funds transfer pricing, net

 

 

1,558

 

 

 

(1,558

)

 

 

—

 

Net interest income

 

 

424,236

 

 

 

4,337

 

 

 

428,573

 

PCL

 

 

33,631

 

 

 

162

 

 

 

33,793

 

Net interest income after PCL

 

 

390,605

 

 

 

4,175

 

 

 

394,780

 

Service charges on deposit accounts

 

 

33,089

 

 

 

65

 

 

 

33,154

 

Bank card and other fees

 

 

24,457

 

 

 

127

 

 

 

24,584

 

Mortgage banking, net

 

 

19,238

 

 

 

—

 

 

 

19,238

 

Wealth management

 

 

538

 

 

 

27,394

 

 

 

27,932

 

Other, net

 

 

13,376

 

 

 

139

 

 

 

13,515

 

Securities gains (losses), net

 

 

(182,792

)

 

 

—

 

 

 

(182,792

)

Internal allocations

 

 

(282

)

 

 

282

 

 

 

—

 

Noninterest income (loss)

 

 

(92,376

)

 

 

28,007

 

 

 

(64,369

)

Salaries and employee benefits

 

 

180,359

 

 

 

16,657

 

 

 

197,016

 

Services and fees

 

 

72,830

 

 

 

2,068

 

 

 

74,898

 

Other segment expenses (1)

 

 

88,030

 

 

 

1,316

 

 

 

89,346

 

Internal allocations

 

 

(4,384

)

 

 

4,384

 

 

 

—

 

Noninterest expense

 

 

336,835

 

 

 

24,425

 

 

 

361,260

 

Income from continuing operations before income taxes

 

 

(38,606

)

 

 

7,757

 

 

 

(30,849

)

Income taxes from continuing operations

 

 

(21,675

)

 

 

1,928

 

 

 

(19,747

)

Consolidated income from continuing operations

 

$

(16,931

)

 

$

5,829

 

 

$

(11,102

)

 

 

 

 

 

 

 

 

 

 

Selected Financial Information

 

 

 

 

 

 

 

 

 

Total assets from continuing operations

 

$

18,282,757

 

 

$

197,615

 

 

$

18,480,372

 

Depreciation and amortization from continuing operations

 

$

27,998

 

 

$

188

 

 

$

28,186

 

 

(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.