Other Real Estate

3 Months Ended

Mar. 31, 2023

Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]

Note 5 – Other Real Estate

At March 31, 2023, Trustmark’s geographic other real estate distribution was primarily concentrated in its Mississippi market region. The ultimate recovery of a substantial portion of the carrying amount of other real estate is susceptible to changes in market conditions in this area.

For the periods presented, changes and gains (losses), net on other real estate were as follows ($ in thousands):


	Three Months Ended March 31,
	2023			2022
Balance at beginning of period	$	1,986		$	4,557
Additions		300			45
Disposals		(542	)		(1,868	)
(Write-downs) recoveries		(60	)		453
Balance at end of period	$	1,684		$	3,187

Gains (losses), net on the sale of other real estate included in other real estate expense	$	(77	)	$	(455	)

At March 31, 2023 and December 31, 2022, other real estate by type of property consisted of the following ($ in thousands):


	March 31, 2023		December 31, 2022
1-4 family residential properties	$	1,273	$	1,128
Nonfarm, nonresidential properties		411		561
Other real estate properties		—		297
Total other real estate	$	1,684	$	1,986

At March 31, 2023 and December 31, 2022, other real estate by geographic location consisted of the following ($ in thousands):


	March 31, 2023		December 31, 2022
Alabama	$	—	$	194
Mississippi (1)		1,495		1,769
Tennessee (2)		189		23
Total other real estate	$	1,684	$	1,986

(1)

Mississippi includes Central and Southern Mississippi Regions.

(2)

Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.

At March 31, 2023, the balance of other real estate included $1.3 million of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property compared to $1.1 million at December 31, 2022. At March 31, 2023 and December 31, 2022, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $2.8 million and $2.9 million, respectively.