Leases (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| 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 at December 31, 2023 ($ in thousands):
|
|
|
|
|
|
|
December 31, 2023 |
|
Leases receivable |
|
$ |
161,319 |
|
Unearned income |
|
|
(29,011 |
) |
Initial direct costs |
|
|
1,326 |
|
Unguaranteed lease residual |
|
|
4,101 |
|
Total net investment |
|
$ |
137,735 |
|
|
| Minimum Future Lease Payments for Trustmark's Leases Receivable |
The table below details the minimum future lease payments for Trustmark's leases receivable at December 31, 2023 ($ in thousands):
|
|
|
|
|
|
|
December 31, 2023 |
|
2024 |
|
$ |
24,647 |
|
2025 |
|
|
25,617 |
|
2026 |
|
|
24,176 |
|
2027 |
|
|
36,295 |
|
2028 |
|
|
21,141 |
|
Thereafter |
|
|
29,443 |
|
Total leases receivable |
|
$ |
161,319 |
|
|
| Components of Net Lease Cost |
The table below details the components of net lease cost for the periods presented ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Finance leases |
|
|
|
|
|
|
|
|
|
Amortization of right-of-use assets |
|
$ |
786 |
|
|
$ |
1,479 |
|
|
$ |
1,546 |
|
Interest on lease liabilities |
|
|
163 |
|
|
|
188 |
|
|
|
219 |
|
Operating lease cost |
|
|
5,311 |
|
|
|
5,172 |
|
|
|
5,275 |
|
Short-term lease cost |
|
|
277 |
|
|
|
389 |
|
|
|
463 |
|
Variable lease cost |
|
|
906 |
|
|
|
1,150 |
|
|
|
1,234 |
|
Sublease income |
|
|
(12 |
) |
|
|
(168 |
) |
|
|
(350 |
) |
Net lease cost |
|
$ |
7,431 |
|
|
$ |
8,210 |
|
|
$ |
8,387 |
|
|
| Cash Payments Included in Measurement of Lease Liabilities |
The table below details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Finance leases |
|
|
|
|
|
|
|
|
|
Operating cash flows included in operating activities |
|
$ |
163 |
|
|
$ |
188 |
|
|
$ |
219 |
|
Financing cash flows included in payments under finance lease
obligations |
|
|
721 |
|
|
|
1,409 |
|
|
|
1,434 |
|
Operating leases |
|
|
|
|
|
|
|
|
|
Operating cash flows (fixed payments) included in other operating
activities, net |
|
|
4,188 |
|
|
|
4,829 |
|
|
|
4,781 |
|
Operating cash flows (liability reduction) included in other operating
activities, net |
|
|
3,643 |
|
|
|
4,009 |
|
|
|
3,948 |
|
|
| Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates Related to Leases |
The table below details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at December 31, 2023 and 2022 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Finance lease right-of-use assets, net of accumulated depreciation |
|
$ |
3,751 |
|
|
$ |
4,537 |
|
Finance lease liabilities |
|
|
4,334 |
|
|
|
5,055 |
|
Operating lease right-of-use assets |
|
|
38,142 |
|
|
|
36,301 |
|
Operating lease liabilities |
|
|
41,584 |
|
|
|
38,932 |
|
|
|
|
|
|
|
|
Weighted-average lease term |
|
|
|
|
|
|
Finance leases |
|
8.34 years |
|
|
8.72 years |
|
Operating leases |
|
10.13 years |
|
|
9.64 years |
|
|
|
|
|
|
|
|
Weighted-average discount rate |
|
|
|
|
|
|
Finance leases |
|
|
3.61 |
% |
|
|
3.49 |
% |
Operating leases |
|
|
3.64 |
% |
|
|
3.22 |
% |
|
| Future Minimum Rental Commitments Under Finance and Operating Leases |
At December 31, 2023, future minimum rental commitments under finance and operating leases were as follows ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
Finance Leases |
|
|
Operating Leases |
|
2024 |
|
$ |
573 |
|
|
$ |
5,051 |
|
2025 |
|
|
584 |
|
|
|
5,119 |
|
2026 |
|
|
589 |
|
|
|
4,967 |
|
2027 |
|
|
594 |
|
|
|
5,020 |
|
2028 |
|
|
599 |
|
|
|
4,860 |
|
Thereafter |
|
|
2,086 |
|
|
|
25,452 |
|
Total minimum lease payments |
|
|
5,025 |
|
|
|
50,469 |
|
Less imputed interest |
|
|
(691 |
) |
|
|
(8,885 |
) |
Lease liabilities |
|
$ |
4,334 |
|
|
$ |
41,584 |
|
|