Equibles

8-K

TRUSTMARK CORP (TRMK)

8-K 2022-01-25 For: 2022-01-25
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Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

January 25, 2022

Date of Report (Date of earliest event reported)

TRUSTMARK CORPORATION

(Exact name of registrant as specified in its charter)

Mississippi 000-03683 64-0471500
(State or other jurisdiction<br><br><br>of incorporation) (Commission<br><br><br>File Number) (IRS Employer<br><br><br>Identification No.)
248 East Capitol Street, Jackson, Mississippi 39201
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(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (601) 208-5111

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered Pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value TRMK Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.  Results of Operations and Financial Condition.

On January 25, 2022, Trustmark Corporation issued a press release announcing its financial results for the period ended December 31, 2021.  A copy of this press release and the accompanying financial statements and slide presentation are attached hereto as Exhibits 99.1 and 99.2 to this report and incorporated herein by reference.

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number Description of Exhibits
99.1 Press release announcing financial results for the period ended December 31, 2021
99.2 Investor slide presentation for the period ended December 31, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TRUSTMARK CORPORATION

BY: /s/ Thomas C. Owens
Thomas C. Owens
Treasurer and Principal Financial Officer
DATE: January 25, 2022

trmk-ex991_7.htm

Exhibit 99.1

News Release

Trustmark Corporation Announces Fourth Quarter and Fiscal Year 2021 Financial Results

Solid Balance Sheet Growth, Record Results in Insurance and Wealth Management

JACKSON, Miss. – January 25, 2022 – Trustmark Corporation (NASDAQGS:TRMK) reported net income of $26.2 million in the fourth quarter of 2021, representing diluted earnings per share of $0.42.  For the full year, Trustmark’s net income totaled $147.4 million, representing diluted earnings per share of $2.34.  Trustmark’s net income in 2021 produced a return on average tangible equity of 10.81% and a return on average assets of 0.86%.  Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable March 15, 2022, to shareholders of record on March 1, 2022.

2021 Highlights

• Loans held for investment (HFI) increased $423.3 million, or 4.3%
• Nonperforming assets declined 10.1% to represent 0.64% of loans HFI and held for sale (HFS)
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• Recoveries exceeded charge-offs by $3.7 million
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• Total deposits increased $1.0 billion, or 7.4%
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• Repurchased $61.8 million, or approximately 1.9 million shares of common stock
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• Insurance and Wealth Management businesses had a record year with revenue up 7.4% and 11.3%, respectively
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• Mortgage Banking revenue totaled $63.8 million with loan production exceeding $2.8 billion
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• Noninterest income totaled $221.9 million and represented 34.7% of total revenue
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• Completed voluntary early retirement program that reduced workforce by 3.6%
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• Expanded market optimization efforts with a net reduction of 10 offices during the year
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• Continued technology investments to enhance efficiency and productivity
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Duane A. Dewey, President and CEO, commented, “Our banking and mortgage banking businesses performed well while our insurance and wealth management businesses achieved record results.  We experienced significant loan and deposit growth, and credit quality remained strong.  While we continue to navigate the challenging low interest rate environment, we remain committed to positioning the company for continued long-term success.  Our balance sheet is well positioned for rising interest rates. We will continue investments in technology to improve efficiency and broaden our reach through digital marketing and product delivery.  Trustmark is well-positioned to serve and expand its customer base and create long-term value for its shareholders.”

Balance Sheet Management

• Loans HFI increased $72.9 million, or 0.7%, during the quarter
• Investment securities increased $128.9 million, or 3.7%, as excess liquidity was deployed linked-quarter
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• Total deposits increased $164.3 million, or 1.1%, linked-quarter
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• Maintained strong capital position with CET1 ratio of 11.29% and total risk-based capital ratio of 13.55%
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Loans HFI totaled $10.2 billion at December 31, 2021, reflecting an increase of $72.9 million, or 0.7%, linked-quarter and $423.3 million, or 4.3%, year-over-year.  The linked-quarter growth primarily reflects increases in commercial and industrial loans, 1-4 family mortgage loans, other loans, and loans secured by nonfarm, nonresidential properties which were offset in part by a decline in other real estate secured loans.  Trustmark’s loan portfolio remains well-diversified by loan type and geography.

Deposits totaled $15.1 billion at December 31, 2021, up $164.3 million, or 1.1%, from the prior quarter and $1.0 billion, or 7.4%, year-over-year.  Trustmark continues to maintain a strong liquidity position as loans HFI represented 67.9% of total deposits at year end 2021.  Noninterest bearing deposits represented 31.6% of total deposits at December 31, 2021.  Interest-bearing deposit costs totaled 0.13% for the fourth quarter, a decrease of 1 basis point linked-quarter.  The total cost of interest-bearing liabilities was 0.19% for the fourth quarter of 2021, a decrease of 2 basis points from the prior quarter.

During the fourth quarter, Trustmark repurchased $27.1 million, or approximately 816 thousand of its common shares.  During the twelve months ended December 31, 2021, Trustmark repurchased $61.8 million, or approximately 1.9 million of its common shares.  As previously announced, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2022, under which $100 million of Trustmark’s outstanding shares may be acquired through December 31, 2022.  The repurchase program, which is subject to market conditions and management discretion, will continue to be implemented through open market repurchases or privately negotiated transactions.  At December 31, 2021, Trustmark’s tangible equity to tangible assets ratio was 7.86%, while the total risk-based capital ratio was 13.55%.

Credit Quality

• Allowance for credit losses (ACL) represented 0.97% of loans HFI and 500.85% of nonperforming loans, excluding individually evaluated loans at year-end
• Net charge-offs totaled $101 thousand in the fourth quarter
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• Loans remaining under a COVID-19 related concession represented approximately 1 basis point of loans HFI at December 31, 2021
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Nonaccrual loans totaled $62.7 million at December 31, 2021, a decrease of $3.5 million from the prior quarter and $430 thousand year-over-year.  Other real estate totaled $4.6 million, reflecting a $1.7 million decrease from the prior quarter and a $7.1 million decline from the prior year.  Collectively, nonperforming assets totaled $67.3 million, reflecting a linked-quarter decrease of 7.2% and year-over-year reduction of 10.1%.

The provision for credit losses for loans HFI was a negative $4.5 million in the fourth quarter.  Negative provisioning was primarily due to improvements in credit quality and economic forecasts.  The provision for credit losses for off-balance sheet credit exposures was $2.9 million in the fourth quarter, primarily driven by increases in unfunded amounts.  Collectively, the provision for credit losses totaled a negative $1.6 million in the fourth quarter compared to a negative $3.5 million in the prior quarter and a negative $5.5 million in the fourth quarter of 2020.

Allocation of Trustmark’s $99.5 million ACL on loans HFI represented 1.00% of commercial loans and 0.87% of consumer and home mortgage loans, resulting in an ACL to total loans HFI of 0.97% at December 31, 2021.  Management believes the level of the ACL is commensurate with the credit losses currently expected in the loan portfolio.

Revenue Generation

• Excluding Paycheck Protection Program (PPP) interest and fees, net interest income (FTE) increased $1.2 million, or 1.2%, linked-quarter
• The net interest margin (FTE) totaled 2.53% in fourth quarter; excluding interest and fees on PPP loans and Federal Reserve Bank balance, net interest margin (FTE) was 2.82%
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• Noninterest income totaled $50.8 million and represented 34.1% of total revenue in fourth quarter
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Revenue in the fourth quarter totaled $149.1 million, a decrease of 2.2% from the prior quarter and 16.0% from the same quarter in the prior year.  The linked-quarter decline primarily reflects lower mortgage banking revenue while the year-over-year decline is attributed to lower net interest income and reduced mortgage banking revenue.  In 2021, revenue totaled $640.3 million, a decrease of 8.7% from the prior year.

Net interest income (FTE) in the fourth quarter totaled $101.2 million, resulting in a net interest margin of 2.53%.  The net interest margin, excluding PPP loans and Federal Reserve Bank balance, was 2.82%, down 8 basis points from the prior quarter, significantly influenced by the growth of the investment securities portfolio.  Continued low interest rates decreased the yield on the loans held for investment and held for sale portfolio as well as the securities portfolio and were partially offset by lower costs of interest-bearing deposits.

Noninterest income in the fourth quarter totaled $50.8 million, a decrease of $3.4 million from the prior quarter and $15.4 million from the prior year.  The linked-quarter change reflects an increase in service charges on deposit accounts which was more than offset by a decline in mortgage banking revenue, a seasonal decline in insurance revenue, and a reduction in other income.   The decrease in noninterest income year-over-year is principally due to lower mortgage banking revenue.

Mortgage loan production in the fourth quarter totaled $590.7 million, a decline of 16.7% linked-quarter and 25.1% year-over-year.  Mortgage banking revenue totaled $11.6 million in the fourth quarter, a decrease of $2.4 million from the prior quarter and $16.5 million year-over-year.  The linked-quarter decline is attributable to reduced spreads which resulted in lower net gains on sales of mortgage loans in the secondary market offset in part by increased net hedge ineffectiveness.  In 2021, mortgage loan production totaled $2.8 billion, down 6.1% from the record level set the prior year.  Mortgage banking revenue totaled $63.8 million in 2021, compared to $125.8 million in the prior year.

Insurance revenue in the fourth quarter totaled $11.7 million, a seasonal decline of $417 thousand from the prior quarter and an increase of $1.5 million from the prior year.  Insurance revenue in 2021 totaled $48.5 million, up $3.3 million, or 7.4%, from the prior year.  The solid performance during the year reflects an expanded producer workforce as well as the realization of operational efficiencies from investments in technology and improved processes.

Wealth management revenue totaled $8.8 million in the fourth quarter, down 3.5% from the prior quarter and up 11.7% from the prior year.  In 2021, wealth management revenue totaled $35.2 million, an increase of 11.3% from the prior year.  During 2021, Trustmark continued to enhance its competitive positioning and efficiency of its wealth management businesses as well as expand its Private Banking capabilities in key markets.

Noninterest Expense

• Adjusted noninterest expense, which excludes ORE expense, amortization of intangibles, charitable contributions resulting in state tax credits, costs associated with the voluntary early retirement program and regulatory charges increased $1.6 million, or 1.3%, from the prior quarter.  Please refer to the Consolidated Financial Information, Footnote 10 – Non-GAAP Financial Measures.

Adjusted noninterest expense in the fourth quarter was $118.2 million, up $1.6 million, or 1.3%, from the prior quarter. Salaries and employee benefits expense in the fourth quarter totaled $68.3 million.  Excluding the $5.6 million charge associated with the voluntary early retirement program in the third quarter, salary and employee benefits expense declined $754 thousand, or 1.1%, linked-quarter.

Total services and fees increased $598 thousand during the fourth quarter due to continued investments in technology and higher professional fees. Other real estate expense, net declined $1.0 million during the fourth quarter to $336 thousand.  Other expense totaled $14.6 million in the fourth quarter.  Excluding the $5.0 million regulatory settlement charge in the prior quarter, other expense increased $1.1 million linked-quarter principally due to increased operational losses.

During 2021, Trustmark consolidated 15 offices, expanded deployment of myTeller interactive teller machine technology, and opened five offices designed to efficiently serve and expand customer relationships.

“Looking forward, Trustmark will continue to focus upon efficiency, growth and innovation opportunities.  We continue to pursue opportunities to redesign workflows and restructure the organization to further leverage investments in technology that will broaden our reach, enhance the customer experience, and improve efficiency.  We remain focused on providing the financial services and advice our customers have come to expect while building long-term value for our shareholders,” said Dewey.

Additional Information

As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, January 26, 2022, at 8:30 a.m. Central Time to discuss the Corporation’s financial results. Interested parties may listen to the conference call by dialing (877) 317-3051 or by clicking on the link provided under the Investor Relations section of our website at www.trustmark.com. A replay of the conference call will also be available through Wednesday, February 9, 2022, in archived format at the same web address or by calling (877) 344-7529, passcode 4362420.

Trustmark is a financial services company providing banking and financial solutions through 180 offices in Alabama, Florida, Mississippi, Tennessee and Texas.

Forward-Looking Statements

Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  You can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “seek,” “continue,” “could,” “would,” “future” or the negative of those terms or other words of similar meaning.  You should read statements that contain these words carefully because they discuss our future expectations or state other “forward-looking” information.  These forward-looking statements include, but are not limited to, statements relating to anticipated future operating and financial performance measures, including net interest margin, credit quality, business initiatives, growth opportunities and growth rates, among other things, and encompass any estimate, prediction, expectation, projection, opinion, anticipation, outlook or statement of belief included therein as well as the management assumptions underlying these forward-looking statements.  You should be aware that the occurrence of the events described under the caption “Risk Factors” in Trustmark’s filings with the Securities and Exchange Commission (SEC) could have an adverse effect on our business, results of operations and financial condition.  Should one or more of these risks materialize, or should any such underlying assumptions prove to be significantly different, actual results may vary significantly from those anticipated, estimated, projected or expected.  Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the novel coronavirus (COVID-19) pandemic, and also by the effectiveness of varying governmental responses in ameliorating the impact of the pandemic on our customers and the economies where they operate.

Risks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels and slowdowns in economic growth, our ability to manage the impact of the COVID-19 pandemic on our markets and our customers, as well as the effectiveness of actions of federal, state and local governments and agencies (including the Board of Governors of the Federal Reserve System (FRB)) to mitigate its spread and economic impact, local, state and national economic and market conditions, conditions in the housing and real estate markets in the regions in which Trustmark operates and the extent and duration of the current volatility in the credit and financial markets, levels of and volatility in crude oil prices, changes in our ability to measure the fair value of assets in our portfolio, material changes in the level and/or volatility of market interest rates, the performance and demand for the products and services we offer, including the level and timing of withdrawals from our deposit accounts, the costs and effects of litigation and of unexpected or adverse outcomes in such litigation, our ability to attract noninterest-bearing deposits and other low-cost funds, competition in loan and deposit pricing, as well as the entry of new competitors into our markets through de novo expansion and acquisitions, economic conditions, including the potential impact of issues related to the European financial system and monetary and other governmental actions designed to address credit, securities, and/or commodity markets, the enactment of legislation and changes in existing regulations or enforcement practices or the adoption of new regulations, changes in accounting standards and practices, including changes in the interpretation of existing standards, that affect our consolidated financial statements, changes in consumer spending, borrowings and savings habits, technological changes, changes in the financial performance or condition of our borrowers, changes in our ability to control expenses, greater than expected costs or difficulties related to the integration of acquisitions or new products and lines of business, cyber-attacks and other breaches which could affect our information system security, natural disasters, environmental disasters, pandemics or other health crises, acts of war or terrorism, and other risks described in our filings with the SEC.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.  Except as required by law, we undertake no obligation to update or revise any of this information, whether as the result of new information, future events or developments or otherwise.

Trustmark Investor Contacts: Trustmark Media Contact:
Thomas C. Owens Melanie A. Morgan
Treasurer and Senior Vice President
Principal Financial Officer 601-208-2979
601-208-7853

F. Joseph Rein, Jr.

Senior Vice President

601-208-6898

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2021
($ in thousands)
(unaudited)
Linked Quarter Year over Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
QUARTERLY AVERAGE BALANCES 12/31/2021 9/30/2021 12/31/2020 Change % Change Change % Change
Securities AFS-taxable $ 3,156,740 $ 2,686,765 $ 1,902,162 17.5 % 66.0 %
Securities AFS-nontaxable 5,143 5,159 5,206 ) -0.3 % ) -1.2 %
Securities HTM-taxable 364,038 401,685 550,563 ) -9.4 % ) -33.9 %
Securities HTM-nontaxable 7,618 8,641 24,752 ) -11.8 % ) -69.2 %
Total securities 3,533,539 3,102,250 2,482,683 13.9 % 42.3 %
Paycheck protection program loans (PPP) 42,749 122,176 875,098 ) -65.0 % ) -95.1 %
Loans (includes loans held for sale) 10,487,679 10,389,826 10,231,671 0.9 % 2.5 %
Fed funds sold and reverse repurchases 58 69 303 ) -15.9 % ) -80.9 %
Other earning assets 1,839,498 2,038,515 860,540 ) -9.8 % n/m
Total earning assets 15,903,523 15,652,836 14,450,295 1.6 % 10.1 %
Allowance for credit losses (ACL), loans held<br><br><br>for investment (LHFI) (104,148 ) (104,857 ) (124,088 ) 0.7 % 16.1 %
Other assets 1,570,501 1,602,611 1,620,694 ) -2.0 % ) -3.1 %
Total assets $ 17,369,876 $ 17,150,590 $ 15,946,901 1.3 % 8.9 %
Interest-bearing demand deposits $ 4,353,599 $ 4,224,717 $ 3,649,590 3.1 % 19.3 %
Savings deposits 4,585,624 4,617,683 4,350,783 ) -0.7 % 5.4 %
Time deposits 1,220,083 1,258,829 1,436,677 ) -3.1 % ) -15.1 %
Total interest-bearing deposits 10,159,306 10,101,229 9,437,050 0.6 % 7.7 %
Fed funds purchased and repurchases 201,856 147,635 170,474 36.7 % 18.4 %
Other borrowings 94,328 109,735 173,525 ) -14.0 % ) -45.6 %
Subordinated notes 123,007 122,951 42,828 0.0 % n/m
Junior subordinated debt securities 61,856 61,856 61,856 0.0 % 0.0 %
Total interest-bearing liabilities 10,640,353 10,543,406 9,885,733 0.9 % 7.6 %
Noninterest-bearing deposits 4,679,951 4,566,924 4,100,849 2.5 % 14.1 %
Other liabilities 291,449 257,956 235,284 13.0 % 23.9 %
Total liabilities 15,611,753 15,368,286 14,221,866 1.6 % 9.8 %
Shareholders' equity 1,758,123 1,782,304 1,725,035 ) -1.4 % 1.9 %
Total liabilities and equity $ 17,369,876 $ 17,150,590 $ 15,946,901 1.3 % 8.9 %
n/m - percentage changes greater than +/- 100% are considered not meaningful

All values are in US Dollars.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2021
($ in thousands)
(unaudited)
Linked Quarter Year over Year
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PERIOD END BALANCES 12/31/2021 9/30/2021 12/31/2020 Change % Change Change % Change
Cash and due from banks $ 2,266,829 $ 2,175,058 $ 1,952,504 4.2 % 16.1 %
Fed funds sold and reverse repurchases — — 50 n/m ) -100.0 %
Securities available for sale 3,238,877 3,057,605 1,991,815 5.9 % 62.6 %
Securities held to maturity 342,537 394,905 538,072 ) -13.3 % ) -36.3 %
PPP loans 33,336 46,486 610,134 ) -28.3 % ) -94.5 %
Loans held for sale (LHFS) 275,706 335,339 446,951 ) -17.8 % ) -38.3 %
Loans held for investment (LHFI) 10,247,829 10,174,899 9,824,524 0.7 % 4.3 %
ACL LHFI (99,457 ) (104,073 ) (117,306 ) 4.4 % 15.2 %
Net LHFI 10,148,372 10,070,826 9,707,218 0.8 % 4.5 %
Premises and equipment, net 205,644 201,937 194,278 1.8 % 5.9 %
Mortgage servicing rights 87,687 84,101 66,464 4.3 % 31.9 %
Goodwill 384,237 384,237 385,270 0.0 % ) -0.3 %
Identifiable intangible assets 5,074 5,621 7,390 ) -9.7 % ) -31.3 %
Other real estate 4,557 6,213 11,651 ) -26.7 % ) -60.9 %
Operating lease right-of-use assets 34,603 34,689 30,901 ) -0.2 % 12.0 %
Other assets 568,177 567,627 609,142 0.1 % ) -6.7 %
Total assets $ 17,595,636 $ 17,364,644 $ 16,551,840 1.3 % 6.3 %
Deposits:
Noninterest-bearing $ 4,771,065 $ 4,987,885 $ 4,349,010 ) -4.3 % 9.7 %
Interest-bearing 10,316,095 9,934,954 9,699,754 3.8 % 6.4 %
Total deposits 15,087,160 14,922,839 14,048,764 1.1 % 7.4 %
Fed funds purchased and repurchases 238,577 146,417 164,519 62.9 % 45.0 %
Other borrowings 91,025 94,889 168,252 ) -4.1 % ) -45.9 %
Subordinated notes 123,042 122,987 122,921 0.0 % 0.1 %
Junior subordinated debt securities 61,856 61,856 61,856 0.0 % 0.0 %
ACL on off-balance sheet credit exposures 35,623 32,684 38,572 9.0 % ) -7.6 %
Operating lease liabilities 36,468 36,531 32,290 ) -0.2 % 12.9 %
Other liabilities 180,574 177,494 173,549 1.7 % 4.0 %
Total liabilities 15,854,325 15,595,697 14,810,723 1.7 % 7.0 %
Common stock 12,845 13,014 13,215 ) -1.3 % ) -2.8 %
Capital surplus 175,913 201,837 233,120 ) -12.8 % ) -24.5 %
Retained earnings 1,585,113 1,573,176 1,495,833 0.8 % 6.0 %
Accumulated other comprehensive income (loss),<br><br><br>net of tax (32,560 ) (19,080 ) (1,051 ) ) -70.6 % ) n/m
Total shareholders' equity 1,741,311 1,768,947 1,741,117 ) -1.6 % 0.0 %
Total liabilities and equity $ 17,595,636 $ 17,364,644 $ 16,551,840 1.3 % 6.3 %
n/m - percentage changes greater than +/- 100% are considered not meaningful

All values are in US Dollars.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2021
($ in thousands except per share data)
(unaudited)
Quarter Ended Linked Quarter Year over Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
INCOME STATEMENTS 12/31/2021 9/30/2021 12/31/2020 Change % Change Change % Change
Interest and fees on LHFS & LHFI-FTE $ 94,137 $ 94,101 $ 96,453 0.0 % ) -2.4 %
Interest and fees on PPP loans 397 1,533 14,870 ) -74.1 % ) -97.3 %
Interest on securities-taxable 10,796 9,973 9,998 8.3 % 8.0 %
Interest on securities-tax exempt-FTE 123 132 293 ) -6.8 % ) -58.0 %
Interest on fed funds sold and reverse repurchases — — — n/m n/m
Other interest income 826 949 249 ) -13.0 % n/m
Total interest income-FTE 106,279 106,688 121,863 ) -0.4 % ) -12.8 %
Interest on deposits 3,401 3,691 6,363 ) -7.9 % ) -46.6 %
Interest on fed funds purchased and repurchases 66 51 56 29.4 % 17.9 %
Other interest expense 1,580 1,733 1,127 ) -8.8 % 40.2 %
Total interest expense 5,047 5,475 7,546 ) -7.8 % ) -33.1 %
Net interest income-FTE 101,232 101,213 114,317 0.0 % ) -11.4 %
Provision for credit losses, LHFI (4,515 ) (2,492 ) (4,413 ) ) 81.2 % ) -2.3 %
Provision for credit losses, off-balance sheet credit<br><br><br>exposures (1) 2,939 (1,049 ) (1,087 ) n/m n/m
Net interest income after provision-FTE 102,808 104,754 119,817 ) -1.9 % ) -14.2 %
Service charges on deposit accounts 9,366 8,911 8,283 5.1 % 13.1 %
Bank card and other fees 8,340 8,549 9,107 ) -2.4 % ) -8.4 %
Mortgage banking, net 11,609 14,004 28,155 ) -17.1 % ) -58.8 %
Insurance commissions 11,716 12,133 10,196 ) -3.4 % 14.9 %
Wealth management 8,757 9,071 7,838 ) -3.5 % 11.7 %
Other, net 979 1,481 2,538 ) -33.9 % ) -61.4 %
Total noninterest income 50,767 54,149 66,117 ) -6.2 % ) -23.2 %
Salaries and employee benefits 68,258 74,623 69,660 ) -8.5 % ) -2.0 %
Services and fees 22,904 22,306 22,327 2.7 % 2.6 %
Net occupancy-premises 6,816 6,854 6,616 ) -0.6 % 3.0 %
Equipment expense 6,585 5,941 6,213 10.8 % 6.0 %
Other real estate expense, net 336 1,357 (812 ) ) -75.2 % n/m
Other expense 14,570 18,519 15,890 ) -21.3 % ) -8.3 %
Total noninterest expense 119,469 129,600 119,894 ) -7.8 % ) -0.4 %
Income before income taxes and tax eq adj 34,106 29,303 66,040 16.4 % ) -48.4 %
Tax equivalent adjustment 2,906 2,947 2,939 ) -1.4 % ) -1.1 %
Income before income taxes 31,200 26,356 63,101 18.4 % ) -50.6 %
Income taxes 4,978 5,156 11,884 ) -3.5 % ) -58.1 %
Net income $ 26,222 $ 21,200 $ 51,217 23.7 % ) -48.8 %
Per share data
Earnings per share - basic $ 0.42 $ 0.34 $ 0.81 23.5 % ) -48.1 %
Earnings per share - diluted $ 0.42 $ 0.34 $ 0.81 23.5 % ) -48.1 %
Dividends per share $ 0.23 $ 0.23 $ 0.23 0.0 % 0.0 %
Weighted average shares outstanding
Basic 62,037,884 62,521,684 63,424,219
Diluted 62,264,983 62,730,157 63,616,767
Period end shares outstanding 61,648,679 62,461,832 63,424,526
(1) During the second quarter of 2021, Trustmark reclassified its credit loss expense related to off-balance sheet credit exposures from noninterest expense to provision for credit losses, off-balance sheet credit exposures.  Prior periods have been reclassified accordingly.
n/m - percentage changes greater than +/- 100% are considered not meaningful

All values are in US Dollars.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2021
($ in thousands)
(unaudited)
Quarter Ended Linked Quarter Year over Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NONPERFORMING ASSETS (1) 12/31/2021 9/30/2021 12/31/2020 Change % Change Change % Change
Nonaccrual LHFI
Alabama $ 8,182 $ 9,223 $ 9,221 ) -11.3 % ) -11.3 %
Florida 313 381 572 ) -17.8 % ) -45.3 %
Mississippi (2) 21,636 22,898 35,015 ) -5.5 % ) -38.2 %
Tennessee (3) 10,501 10,356 12,572 1.4 % ) -16.5 %
Texas 22,066 23,382 5,748 ) -5.6 % n/m
Total nonaccrual LHFI 62,698 66,240 63,128 ) -5.3 % ) -0.7 %
Other real estate
Alabama — 613 3,271 ) -100.0 % ) -100.0 %
Florida — — — n/m n/m
Mississippi (2) 4,557 5,600 8,330 ) -18.6 % ) -45.3 %
Tennessee (3) — — 50 n/m ) -100.0 %
Texas — — — n/m n/m
Total other real estate 4,557 6,213 11,651 ) -26.7 % ) -60.9 %
Total nonperforming assets $ 67,255 $ 72,453 $ 74,779 ) -7.2 % ) -10.1 %
LOANS PAST DUE OVER 90 DAYS (1)
LHFI $ 2,114 $ 625 $ 1,576 n/m 34.1 %
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase) $ 69,894 $ 75,091 $ 119,409 ) -6.9 % ) -41.5 %
Quarter Ended Linked Quarter Year over Year
ACL LHFI (1) 12/31/2021 9/30/2021 12/31/2020 Change % Change Change % Change
Beginning Balance $ 104,073 $ 104,032 $ 122,010 0.0 % ) -14.7 %
CECL adoption adjustments:
LHFI — — — n/m n/m
Acquired loan transfers — — — n/m n/m
Provision for credit losses, LHFI (4,515 ) (2,492 ) (4,413 ) ) -81.2 % ) -2.3 %
Charge-offs (2,616 ) (1,586 ) (2,797 ) ) -64.9 % 6.5 %
Recoveries 2,515 4,119 2,506 ) -38.9 % 0.4 %
Net (charge-offs) recoveries (101 ) 2,533 (291 ) ) n/m -65.3 %
Ending Balance $ 99,457 $ 104,073 $ 117,306 ) -4.4 % ) -15.2 %
NET (CHARGE-OFFS) RECOVERIES (1)
Alabama $ 747 $ 247 $ (1,011 ) n/m n/m
Florida (32 ) 356 66 ) n/m ) n/m
Mississippi (2) (683 ) 1,436 332 ) n/m ) n/m
Tennessee (3) (130 ) (8 ) 303 ) n/m ) n/m
Texas (3 ) 502 19 ) n/m ) n/m
Total net (charge-offs) recoveries $ (101 ) $ 2,533 $ (291 ) ) n/m 65.3 %
(1)  Excludes PPP loans.
(2)  Mississippi includes Central and Southern Mississippi Regions.
(3)  Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.
n/m - percentage changes greater than +/- 100% are considered not meaningful

All values are in US Dollars.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2021
($ in thousands)
(unaudited)
Quarter Ended Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
AVERAGE BALANCES 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
Securities AFS-taxable $ 3,156,740 $ 2,686,765 $ 2,339,662 $ 2,098,089 $ 1,902,162 $ 2,573,533 $ 1,776,555
Securities AFS-nontaxable 5,143 5,159 5,174 5,190 5,206 5,166 10,737
Securities HTM-taxable 364,038 401,685 441,688 489,260 550,563 423,763 626,983
Securities HTM-nontaxable 7,618 8,641 10,958 24,070 24,752 12,765 25,366
Total securities 3,533,539 3,102,250 2,797,482 2,616,609 2,482,683 3,015,227 2,439,641
PPP loans 42,749 122,176 648,222 598,139 875,098 350,668 646,680
Loans (includes loans held for sale) 10,487,679 10,389,826 10,315,927 10,316,319 10,231,671 10,377,941 9,996,192
Fed funds sold and reverse repurchases 58 69 55 136 303 79 221
Other earning assets 1,839,498 2,038,515 1,750,385 1,667,906 860,540 1,825,134 657,096
Total earning assets 15,903,523 15,652,836 15,512,071 15,199,109 14,450,295 15,569,049 13,739,830
ACL LHFI (104,148 ) (104,857 ) (112,346 ) (119,557 ) (124,088 ) (110,170 ) (108,567 )
Other assets 1,570,501 1,602,611 1,622,388 1,601,250 1,620,694 1,599,114 1,592,393
Total assets $ 17,369,876 $ 17,150,590 $ 17,022,113 $ 16,680,802 $ 15,946,901 $ 17,057,993 $ 15,223,656
Interest-bearing demand deposits $ 4,353,599 $ 4,224,717 $ 4,056,910 $ 3,743,651 $ 3,649,590 $ 4,096,746 $ 3,584,249
Savings deposits 4,585,624 4,617,683 4,627,180 4,659,037 4,350,783 4,622,167 4,149,860
Time deposits 1,220,083 1,258,829 1,301,896 1,371,830 1,436,677 1,287,663 1,534,673
Total interest-bearing deposits 10,159,306 10,101,229 9,985,986 9,774,518 9,437,050 10,006,576 9,268,782
Fed funds purchased and repurchases 201,856 147,635 174,620 166,909 170,474 172,782 151,805
Other borrowings 94,328 109,735 132,199 166,926 173,525 125,554 133,602
Subordinated notes 123,007 122,951 122,897 122,875 42,828 122,933 10,766
Junior subordinated debt securities 61,856 61,856 61,856 61,856 61,856 61,856 61,856
Total interest-bearing liabilities 10,640,353 10,543,406 10,477,558 10,293,084 9,885,733 10,489,701 9,626,811
Noninterest-bearing deposits 4,679,951 4,566,924 4,512,268 4,363,559 4,100,849 4,531,642 3,646,860
Other liabilities 291,449 257,956 251,582 264,808 235,284 266,499 268,398
Total liabilities 15,611,753 15,368,286 15,241,408 14,921,451 14,221,866 15,287,842 13,542,069
Shareholders' equity 1,758,123 1,782,304 1,780,705 1,759,351 1,725,035 1,770,151 1,681,587
Total liabilities and equity $ 17,369,876 $ 17,150,590 $ 17,022,113 $ 16,680,802 $ 15,946,901 $ 17,057,993 $ 15,223,656

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2021
($ in thousands)
(unaudited)
PERIOD END BALANCES 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Cash and due from banks $ 2,266,829 $ 2,175,058 $ 2,267,224 $ 1,774,541 $ 1,952,504
Fed funds sold and reverse repurchases — — — — 50
Securities available for sale 3,238,877 3,057,605 2,548,739 2,337,676 1,991,815
Securities held to maturity 342,537 394,905 433,012 493,738 538,072
PPP loans 33,336 46,486 166,119 679,725 610,134
LHFS 275,706 335,339 332,132 412,999 446,951
LHFI 10,247,829 10,174,899 10,152,869 9,983,704 9,824,524
ACL LHFI (99,457 ) (104,073 ) (104,032 ) (109,191 ) (117,306 )
Net LHFI 10,148,372 10,070,826 10,048,837 9,874,513 9,707,218
Premises and equipment, net 205,644 201,937 200,970 199,098 194,278
Mortgage servicing rights 87,687 84,101 80,764 83,035 66,464
Goodwill 384,237 384,237 384,237 384,237 385,270
Identifiable intangible assets 5,074 5,621 6,170 6,724 7,390
Other real estate 4,557 6,213 9,439 10,651 11,651
Operating lease right-of-use assets 34,603 34,689 33,201 33,704 30,901
Other assets 568,177 567,627 587,288 587,672 609,142
Total assets $ 17,595,636 $ 17,364,644 $ 17,098,132 $ 16,878,313 $ 16,551,840
Deposits:
Noninterest-bearing $ 4,771,065 $ 4,987,885 $ 4,446,991 $ 4,705,991 $ 4,349,010
Interest-bearing 10,316,095 9,934,954 10,185,093 9,677,449 9,699,754
Total deposits 15,087,160 14,922,839 14,632,084 14,383,440 14,048,764
Fed funds purchased and repurchases 238,577 146,417 157,176 160,991 164,519
Other borrowings 91,025 94,889 117,223 145,994 168,252
Subordinated notes 123,042 122,987 122,932 122,877 122,921
Junior subordinated debt securities 61,856 61,856 61,856 61,856 61,856
ACL on off-balance sheet credit exposures 35,623 32,684 33,733 29,205 38,572
Operating lease liabilities 36,468 36,531 34,959 35,389 32,290
Other liabilities 180,574 177,494 158,860 178,856 173,549
Total liabilities 15,854,325 15,595,697 15,318,823 15,118,608 14,810,723
Common stock 12,845 13,014 13,079 13,209 13,215
Capital surplus 175,913 201,837 210,420 229,892 233,120
Retained earnings 1,585,113 1,573,176 1,566,451 1,533,110 1,495,833
Accumulated other comprehensive income (loss),<br><br><br>net of tax (32,560 ) (19,080 ) (10,641 ) (16,506 ) (1,051 )
Total shareholders' equity 1,741,311 1,768,947 1,779,309 1,759,705 1,741,117
Total liabilities and equity $ 17,595,636 $ 17,364,644 $ 17,098,132 $ 16,878,313 $ 16,551,840

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2021
($ in thousands except per share data)
(unaudited)
Quarter Ended Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
INCOME STATEMENTS 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
Interest and fees on LHFS & LHFI-FTE $ 94,137 $ 94,101 $ 93,698 $ 93,394 $ 96,453 $ 375,330 $ 402,539
Interest and fees on PPP loans 397 1,533 25,555 9,241 14,870 36,726 26,643
Interest on securities-taxable 10,796 9,973 8,991 8,938 9,998 38,698 48,250
Interest on securities-tax exempt-FTE 123 132 149 290 293 694 1,366
Interest on fed funds sold and reverse repurchases — — — — — — 1
Other interest income 826 949 489 503 249 2,767 1,559
Total interest income-FTE 106,279 106,688 128,882 112,366 121,863 454,215 480,358
Interest on deposits 3,401 3,691 4,630 5,223 6,363 16,945 37,487
Interest on fed funds purchased and repurchases 66 51 59 56 56 232 755
Other interest expense 1,580 1,733 1,813 1,857 1,127 6,983 3,556
Total interest expense 5,047 5,475 6,502 7,136 7,546 24,160 41,798
Net interest income-FTE 101,232 101,213 122,380 105,230 114,317 430,055 438,560
Provision for credit losses, LHFI (4,515 ) (2,492 ) (3,991 ) (10,501 ) (4,413 ) (21,499 ) 36,113
Provision for credit losses, off-balance sheet credit<br><br><br>exposures (1) 2,939 (1,049 ) 4,528 (9,367 ) (1,087 ) (2,949 ) 8,934
Net interest income after provision-FTE 102,808 104,754 121,843 125,098 119,817 454,503 393,513
Service charges on deposit accounts 9,366 8,911 7,613 7,356 8,283 33,246 32,289
Bank card and other fees 8,340 8,549 8,301 9,472 9,107 34,662 31,022
Mortgage banking, net 11,609 14,004 17,333 20,804 28,155 63,750 125,822
Insurance commissions 11,716 12,133 12,217 12,445 10,196 48,511 45,176
Wealth management 8,757 9,071 8,946 8,416 7,838 35,190 31,625
Other, net 979 1,481 2,001 2,090 2,538 6,551 8,659
Total noninterest income 50,767 54,149 56,411 60,583 66,117 221,910 274,593
Salaries and employee benefits 68,258 74,623 70,115 71,162 69,660 284,158 272,257
Services and fees 22,904 22,306 21,769 22,484 22,327 89,463 83,816
Net occupancy-premises 6,816 6,854 6,578 6,795 6,616 27,043 26,489
Equipment expense 6,585 5,941 5,567 6,244 6,213 24,337 23,277
Other real estate expense, net 336 1,357 1,511 324 (812 ) 3,528 1,956
Other expense 14,570 18,519 13,139 14,539 15,890 60,767 58,506
Total noninterest expense 119,469 129,600 118,679 121,548 119,894 489,296 466,301
Income before income taxes and tax eq adj 34,106 29,303 59,575 64,133 66,040 187,117 201,805
Tax equivalent adjustment 2,906 2,947 2,957 2,894 2,939 11,704 12,023
Income before income taxes 31,200 26,356 56,618 61,239 63,101 175,413 189,782
Income taxes 4,978 5,156 8,637 9,277 11,884 28,048 29,757
Net income $ 26,222 $ 21,200 $ 47,981 $ 51,962 $ 51,217 $ 147,365 $ 160,025
Per share data
Earnings per share - basic $ 0.42 $ 0.34 $ 0.76 $ 0.82 $ 0.81 $ 2.35 $ 2.52
Earnings per share - diluted $ 0.42 $ 0.34 $ 0.76 $ 0.82 $ 0.81 $ 2.34 $ 2.51
Dividends per share $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.92 $ 0.92
Weighted average shares outstanding
Basic 62,037,884 62,521,684 63,214,593 63,395,911 63,424,219 62,788,055 63,504,516
Diluted 62,264,983 62,730,157 63,409,683 63,562,503 63,616,767 62,973,464 63,645,599
Period end shares outstanding 61,648,679 62,461,832 62,773,226 63,394,522 63,424,526 61,648,679 63,424,526
(1) During the second quarter of 2021, Trustmark reclassified its credit loss expense related to off-balance sheet credit exposures from noninterest expense to provision for credit losses, off-balance sheet credit exposures.  Prior periods have been reclassified accordingly.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL  INFORMATION
December 31, 2021
($ in thousands)
(unaudited)
Quarter Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NONPERFORMING ASSETS (1) 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020
Nonaccrual LHFI
Alabama $ 8,182 $ 9,223 $ 8,952 $ 9,161 $ 9,221
Florida 313 381 467 607 572
Mississippi (2) 21,636 22,898 23,422 35,534 35,015
Tennessee (3) 10,501 10,356 10,751 12,451 12,572
Texas 22,066 23,382 7,856 5,761 5,748
Total nonaccrual LHFI 62,698 66,240 51,448 63,514 63,128
Other real estate
Alabama — 613 2,830 3,085 3,271
Florida — — — — —
Mississippi (2) 4,557 5,600 6,550 7,566 8,330
Tennessee (3) — — 59 — 50
Texas — — — — —
Total other real estate 4,557 6,213 9,439 10,651 11,651
Total nonperforming assets $ 67,255 $ 72,453 $ 60,887 $ 74,165 $ 74,779
LOANS PAST DUE OVER 90 DAYS (1)
LHFI $ 2,114 $ 625 $ 423 $ 2,593 $ 1,576
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase) $ 69,894 $ 75,091 $ 81,538 $ 109,566 $ 119,409
Quarter Ended Year Ended
ACL LHFI (1) 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
Beginning Balance $ 104,073 $ 104,032 $ 109,191 $ 117,306 $ 122,010 $ 117,306 $ 84,277
CECL adoption adjustments:
LHFI — — — — — — (3,039 )
Acquired loan transfers — — — — — — 1,822
Provision for credit losses, LHFI (4,515 ) (2,492 ) (3,991 ) (10,501 ) (4,413 ) (21,499 ) 36,113
Charge-offs (2,616 ) (1,586 ) (4,828 ) (1,245 ) (2,797 ) (10,275 ) (11,475 )
Recoveries 2,515 4,119 3,660 3,631 2,506 13,925 9,608
Net (charge-offs) recoveries (101 ) 2,533 (1,168 ) 2,386 (291 ) 3,650 (1,867 )
Ending Balance $ 99,457 $ 104,073 $ 104,032 $ 109,191 $ 117,306 $ 99,457 $ 117,306
NET (CHARGE-OFFS) RECOVERIES (1)
Alabama $ 747 $ 247 $ 203 $ 102 $ (1,011 ) $ 1,299 $ (1,448 )
Florida (32 ) 356 167 30 66 521 390
Mississippi (2) (683 ) 1,436 (3,071 ) 2,207 332 (111 ) 814
Tennessee (3) (130 ) (8 ) 1,031 47 303 940 (1,775 )
Texas (3 ) 502 502 — 19 1,001 152
Total net (charge-offs) recoveries $ (101 ) $ 2,533 $ (1,168 ) $ 2,386 $ (291 ) $ 3,650 $ (1,867 )
(1)  Excludes PPP loans.
(2)  Mississippi includes Central and Southern Mississippi Regions.
(3)  Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL  INFORMATION
December 31, 2021
(unaudited)
Quarter Ended Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL RATIOS AND OTHER DATA 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
Return on average equity 5.92 % 4.72 % 10.81 % 11.98 % 11.81 % 8.32 % 9.52 %
Return on average tangible equity 7.72 % 6.16 % 13.96 % 15.56 % 15.47 % 10.81 % 12.58 %
Return on average assets 0.60 % 0.49 % 1.13 % 1.26 % 1.28 % 0.86 % 1.05 %
Interest margin - Yield - FTE 2.65 % 2.70 % 3.33 % 3.00 % 3.35 % 2.92 % 3.50 %
Interest margin - Cost 0.13 % 0.14 % 0.17 % 0.19 % 0.21 % 0.16 % 0.30 %
Net interest margin - FTE 2.53 % 2.57 % 3.16 % 2.81 % 3.15 % 2.76 % 3.19 %
Efficiency ratio (1) 76.52 % 74.10 % 64.31 % 71.84 % 65.59 % 71.41 % 63.35 %
Full-time equivalent employees 2,692 2,680 2,772 2,793 2,797
CREDIT QUALITY RATIOS (2)
Net (recoveries) charge-offs / average loans 0.00 % -0.10 % 0.05 % -0.09 % 0.01 % -0.04 % 0.02 %
Provision for credit losses, LHFI / average loans -0.17 % -0.10 % -0.16 % -0.41 % -0.17 % -0.21 % 0.36 %
Nonaccrual LHFI / (LHFI + LHFS) 0.60 % 0.63 % 0.49 % 0.61 % 0.61 %
Nonperforming assets / (LHFI + LHFS) 0.64 % 0.69 % 0.58 % 0.71 % 0.73 %
Nonperforming assets / (LHFI + LHFS + other real estate) 0.64 % 0.69 % 0.58 % 0.71 % 0.73 %
ACL LHFI / LHFI 0.97 % 1.02 % 1.02 % 1.09 % 1.19 %
ACL LHFI-commercial / commercial LHFI 1.00 % 1.05 % 1.04 % 1.13 % 1.20 %
ACL LHFI-consumer / consumer and home mortgage LHFI 0.87 % 0.91 % 0.98 % 0.95 % 1.16 %
ACL LHFI / nonaccrual LHFI 158.63 % 157.11 % 202.21 % 171.92 % 185.82 %
ACL LHFI / nonaccrual LHFI (excl individually evaluated loans) 500.85 % 520.77 % 537.35 % 437.08 % 572.69 %
CAPITAL RATIOS
Total equity / total assets 9.90 % 10.19 % 10.41 % 10.43 % 10.52 %
Tangible equity / tangible assets 7.86 % 8.12 % 8.31 % 8.30 % 8.34 %
Tangible equity / risk-weighted assets 10.71 % 11.19 % 11.33 % 11.23 % 11.22 %
Tier 1 leverage ratio 8.73 % 8.92 % 9.00 % 9.11 % 9.33 %
Common equity tier 1 capital ratio 11.29 % 11.68 % 11.76 % 11.71 % 11.62 %
Tier 1 risk-based capital ratio 11.77 % 12.17 % 12.25 % 12.20 % 12.11 %
Total risk-based capital ratio 13.55 % 14.01 % 14.10 % 14.07 % 14.12 %
STOCK PERFORMANCE
Market value-Close $ 32.46 $ 32.22 $ 30.80 $ 33.66 $ 27.31
Book value $ 28.25 $ 28.32 $ 28.35 $ 27.76 $ 27.45
Tangible book value $ 21.93 $ 22.08 $ 22.13 $ 21.59 $ 21.26
(1)  See Note 10 – Non-GAAP Financial Measures in the Notes to Consolidated Financials for Trustmark’s efficiency ratio calculation.
(2)  Excludes PPP loans.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2021
($ in thousands)
(unaudited)

Note 1 – Regulatory Matters

On October 22, 2021, Trustmark Corporation’s subsidiary, Trustmark National  Bank  (“TNB”), issued a press release announcing that it entered into a consent order with the Office of the Comptroller of the Currency (“OCC”) and a separate consent order jointly with the U.S. Department of Justice (“DOJ”) and the Consumer Financial Protection Bureau (“CFPB”), to resolve allegations that TNB previously violated the Fair Housing Act (the “FHA”), the Equal Credit Opportunity Act (the “ECOA”) and the Consumer Financial Protection Act within the Memphis metropolitan statistical area (the “Memphis MSA”).

Under the DOJ and CFPB’s joint consent order, TNB paid a civil money penalty totaling $5.0 million, of which $4.0 million satisfied the OCC’s civil money penalty as set forth in the OCC’s consent order; the remaining $1.0 million was paid to the CFPB.  The joint consent order also requires TNB, among other things, to implement a mutually agreed-upon Fair Lending Plan, invest $3.85 million over five years in a loan subsidy fund to increase credit opportunities to residents of majority-Black and Hispanic neighborhoods, and devote a minimum of $400 thousand over five years toward community development partnership contributions and $200 thousand per year over five years toward advertising, community outreach, and credit repair and education in TNB’s Memphis lending area (defined in the consent order as consisting of Shelby County and Fayette County in Tennessee and DeSoto County in Mississippi). TNB will also open one new mortgage loan production office to serve the credit needs of residents in a majority-Black and Hispanic neighborhood in TNB’s Memphis lending area. In addition, TNB will continue to maintain its full-time Community Lending Manager position and its full-time Community Development Manager position, which are both focused on the Memphis MSA.

The joint consent order has been approved by the United States District Court for the Western District of Tennessee.

Note 2 - Paycheck Protection Program

On June 30, 2021, Trustmark announced the sale of substantially all PPP loans originated in 2021 by its wholly owned subsidiary, TNB, to The Loan Source, Inc. (Loan Source), a firm with significant expertise in PPP loans. As a result of this transaction, Loan Source will assume responsibility for the servicing and forgiveness process for the loans it has acquired from Trustmark. This transaction will allow Trustmark to focus on more traditional lending efforts and increase its ability to provide customers with financial services in an improving economic environment.

Trustmark accelerated the recognition of unamortized PPP loan origination fees, net of cost, of approximately $18.6 million, in the second quarter of 2021 due to the sale of approximately $354.2 million in PPP loans. This revenue is substantially the same as Trustmark would expect to recognize upon the maturity or forgiveness of the PPP loans being sold in this transaction, and thus this transaction serves to accelerate revenue anticipated in future periods into the second quarter.

At December 31, 2021, Trustmark had PPP loans outstanding that totaled $33.3 million (net of $500 thousand of deferred fees and costs) under the CARES Act.  Due to the amount and nature of the PPP loans, these loans were not included in the LHFI portfolio and are presented separately in the accompanying consolidated balance sheets. The PPP loans are fully guaranteed by the Small Business Administration; therefore, no ACL was estimated for these loans.

Note 3 - Securities Available for Sale and Held to Maturity

The following table is a summary of the estimated fair value of securities available for sale and the amortized cost of securities held to maturity:

12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities $ 344,640 $ 278,615 $ 30,025 $ — $ —
U.S. Government agency obligations 13,727 14,979 16,023 17,349 18,041
Obligations of states and political subdivisions 5,714 5,734 5,807 5,798 5,835
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA 39,573 43,860 48,445 52,406 56,862
Issued by FNMA and FHLMC 2,218,429 2,187,412 1,983,783 1,749,144 1,441,321
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA 196,690 236,885 283,988 345,869 419,437
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA 420,104 290,120 180,668 167,110 50,319
Total securities available for sale $ 3,238,877 $ 3,057,605 $ 2,548,739 $ 2,337,676 $ 1,991,815
SECURITIES HELD TO MATURITY
Obligations of states and political subdivisions $ 7,328 $ 10,683 $ 12,994 $ 26,554 $ 26,584
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA 5,005 5,912 6,249 7,268 7,598
Issued by FNMA and FHLMC 43,444 48,554 53,406 61,855 67,944
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA 241,934 264,638 291,477 324,360 360,361
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA 44,826 65,118 68,886 73,701 75,585
Total securities held to maturity $ 342,537 $ 394,905 $ 433,012 $ 493,738 $ 538,072

At December 31, 2021, the net unamortized, unrealized loss included in accumulated other comprehensive income (loss) in the accompanying balance sheet for securities held to maturity previously transferred from securities available for sale totaled approximately $6.3 million ($4.7 million, net of tax).

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2021
($ in thousands)
(unaudited)

Note 3 - Securities Available for Sale and Held to Maturity (continued)

Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of 99.7% of the portfolio in GSE-backed obligations and other Aaa rated securities as determined by Moody’s. None of the securities owned by Trustmark are collateralized by assets which are considered sub-prime. Furthermore, outside of stock ownership in the Federal Home Loan Bank of Dallas, Federal Home Loan Bank of Atlanta and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE.

Note 4 – Loan Composition

LHFI consisted of the following during the periods presented:

LHFI BY TYPE 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020
Loans secured by real estate:
Construction, land development and other land loans $ 1,308,781 $ 1,286,613 $ 1,360,302 $ 1,342,088 $ 1,309,039
Secured by 1-4 family residential properties 1,977,993 1,891,292 1,810,396 1,742,782 1,741,132
Secured by nonfarm, nonresidential properties 2,977,084 2,924,953 2,819,662 2,799,195 2,709,026
Other real estate secured 726,043 986,163 1,078,622 1,135,005 1,065,964
Commercial and industrial loans 1,414,279 1,327,211 1,326,605 1,323,277 1,309,078
Consumer loans 159,472 157,963 153,519 153,267 161,174
State and other political subdivision loans 1,146,251 1,125,186 1,136,764 1,036,694 1,000,776
Other loans 537,926 475,518 466,999 451,396 528,335
LHFI 10,247,829 10,174,899 10,152,869 9,983,704 9,824,524
ACL LHFI (99,457 ) (104,073 ) (104,032 ) (109,191 ) (117,306 )
Net LHFI $ 10,148,372 $ 10,070,826 $ 10,048,837 $ 9,874,513 $ 9,707,218

The following table presents the LHFI composition by region at December 31, 2021 and reflects each region’s diversified mix of loans:

December 31, 2021
LHFI - COMPOSITION BY REGION Total Alabama Florida Mississippi<br><br><br>(Central and<br><br><br>Southern<br><br><br>Regions) Tennessee<br><br><br>(Memphis, TN and<br><br><br>Northern MS<br><br><br>Regions) Texas
Loans secured by real estate:
Construction, land development and other land loans $ 1,308,781 $ 522,231 $ 49,383 $ 411,607 $ 48,328 $ 277,232
Secured by 1-4 family residential properties 1,977,993 114,068 41,473 1,738,583 67,601 16,268
Secured by nonfarm, nonresidential properties 2,977,084 890,055 252,656 1,137,039 170,318 527,016
Other real estate secured 726,043 147,430 6,765 280,122 19,887 271,839
Commercial and industrial loans 1,414,279 279,151 24,099 516,122 349,385 245,522
Consumer loans 159,472 23,850 8,176 101,701 18,129 7,616
State and other political subdivision loans 1,146,251 98,215 72,146 728,509 34,542 212,839
Other loans 537,926 76,612 11,697 355,863 43,004 50,750
Loans $ 10,247,829 $ 2,151,612 $ 466,395 $ 5,269,546 $ 751,194 $ 1,609,082
CONSTRUCTION, LAND DEVELOPMENT AND OTHER LAND LOANS BY REGION
Lots $ 62,841 $ 25,827 $ 8,399 $ 17,845 $ 3,210 $ 7,560
Development 139,708 59,615 584 44,593 11,862 23,054
Unimproved land 101,591 26,016 12,495 31,167 10,976 20,937
1-4 family construction 292,828 140,905 20,388 78,164 21,123 32,248
Other construction 711,813 269,868 7,517 239,838 1,157 193,433
Construction, land development and other land loans $ 1,308,781 $ 522,231 $ 49,383 $ 411,607 $ 48,328 $ 277,232
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2021
($ in thousands)
(unaudited)

Note 4 – Loan Composition (continued)

December 31, 2021
Total Alabama Florida Mississippi<br><br><br>(Central and<br><br><br>Southern<br><br><br>Regions) Tennessee<br><br><br>(Memphis, TN and<br><br><br>Northern MS<br><br><br>Regions) Texas
LOANS SECURED BY NONFARM, NONRESIDENTIAL PROPERTIES BY REGION
Non-owner occupied:
Retail $ 351,822 $ 140,054 $ 29,586 $ 97,103 $ 18,777 $ 66,302
Office 208,835 68,067 22,626 66,799 12,786 38,557
Hotel/motel 348,090 176,327 78,408 46,886 32,204 14,265
Mini-storage 153,938 22,414 2,144 100,029 697 28,654
Industrial 346,096 134,279 20,581 86,613 135 104,488
Health care 63,746 32,230 1,101 27,766 364 2,285
Convenience stores 22,634 8,114 677 3,748 1,167 8,928
Nursing homes/senior living 197,677 86,868 — 84,540 6,269 20,000
Other 78,940 17,509 7,239 32,015 11,729 10,448
Total non-owner occupied loans 1,771,778 685,862 162,362 545,499 84,128 293,927
Owner-occupied:
Office 170,438 37,572 42,913 48,923 13,091 27,939
Churches 83,375 18,657 5,937 47,019 9,172 2,590
Industrial warehouses 182,126 21,647 2,678 48,118 18,562 91,121
Health care 141,427 11,854 6,809 105,842 2,276 14,646
Convenience stores 130,948 15,255 13,244 68,673 466 33,310
Retail 65,269 12,420 10,992 20,476 8,818 12,563
Restaurants 54,978 2,877 4,484 30,894 12,735 3,988
Auto dealerships 53,710 6,090 256 27,489 19,875 —
Nursing homes/senior living 197,232 71,639 — 125,593 — —
Other 125,803 6,182 2,981 68,513 1,195 46,932
Total owner-occupied loans 1,205,306 204,193 90,294 591,540 86,190 233,089
Loans secured by nonfarm, nonresidential properties $ 2,977,084 $ 890,055 $ 252,656 $ 1,137,039 $ 170,318 $ 527,016

Note 5 – Subordinated Notes

During the fourth quarter of 2020, Trustmark agreed to issue and sell $125.0 million aggregate principal amount of its 3.625% Fixed-to-Floating Rate Subordinated Notes (the Notes) due December 1, 2030. At December 31, 2021, the carrying amount of the Notes was $123.0 million. The Notes are unsecured obligations and are subordinated in right of payment to all of Trustmark’s existing and future senior indebtedness, whether secured or unsecured. The Notes are obligations of Trustmark only and are not obligations of, and are not guaranteed by, any of its subsidiaries, including TNB. From the date of issuance until November 30, 2025, the Notes bear interest at a fixed rate of 3.625% per year, payable semi-annually in arrears on June 1 and December 1 of each year. Beginning December 1, 2025, the Notes will bear interest at a floating rate per year equal to the Benchmark rate, which is the Three-Month Term Secured Overnight Financing Rate (SOFR), plus 338.7 basis points, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year. The Notes qualify as Tier 2 capital for Trustmark.  The Notes may be redeemed at Trustmark’s option under certain circumstances. Trustmark intends to use the net proceeds for general corporate purposes.

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2021
($ in thousands)
(unaudited)

Note 6 – Yields on Earning Assets and Interest-Bearing Liabilities

The following table illustrates the yields on earning assets by category as well as the rates paid on interest-bearing liabilities on a tax equivalent basis:

Quarter Ended Year Ended
12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
Securities – taxable 1.22 % 1.28 % 1.30 % 1.40 % 1.62 % 1.29 % 2.01 %
Securities – nontaxable 3.82 % 3.79 % 3.70 % 4.02 % 3.89 % 3.87 % 3.78 %
Securities – total 1.23 % 1.29 % 1.31 % 1.43 % 1.65 % 1.31 % 2.03 %
PPP loans 3.68 % 4.98 % 15.81 % 6.27 % 6.76 % 10.47 % 4.12 %
Loans - LHFI & LHFS 3.56 % 3.59 % 3.64 % 3.67 % 3.75 % 3.62 % 4.03 %
Loans - total 3.56 % 3.61 % 4.36 % 3.81 % 3.99 % 3.84 % 4.03 %
Fed funds sold & reverse repurchases — — — — — — 0.45 %
Other earning assets 0.18 % 0.18 % 0.11 % 0.12 % 0.12 % 0.15 % 0.24 %
Total earning assets 2.65 % 2.70 % 3.33 % 3.00 % 3.35 % 2.92 % 3.50 %
Interest-bearing deposits 0.13 % 0.14 % 0.19 % 0.22 % 0.27 % 0.17 % 0.40 %
Fed funds purchased & repurchases 0.13 % 0.14 % 0.14 % 0.14 % 0.13 % 0.13 % 0.50 %
Other borrowings 2.25 % 2.33 % 2.29 % 2.14 % 1.61 % 2.25 % 1.72 %
Total interest-bearing liabilities 0.19 % 0.21 % 0.25 % 0.28 % 0.30 % 0.23 % 0.43 %
Net interest margin 2.53 % 2.57 % 3.16 % 2.81 % 3.15 % 2.76 % 3.19 %
Net interest margin excluding PPP loans and the FRB balance 2.82 % 2.90 % 2.94 % 2.99 % 3.09 % 2.91 % 3.29 %

Reflected in the table above are yields on earning assets and liabilities, along with the net interest margin which equals reported net interest income-FTE, annualized, as a percent of average earning assets. In addition, the table includes net interest margin excluding PPP loans and the balance held at the Federal Reserve Bank of Atlanta (FRB), which equals reported net interest income-FTE excluding interest income on PPP loans and the FRB balance, annualized, as a percent of average earning assets excluding average PPP loans and the FRB balance.

At December 31, 2021 and September 30, 2021, the average FRB balance totaled $1.787 billion and $1.996 billion, respectively, and is included in other earning assets in the accompanying average consolidated balance sheets.

The net interest margin excluding PPP loans and the FRB balance totaled 2.82% for the fourth quarter of 2021, a decrease of 8 basis points when compared to the third quarter of 2021.  Continued low interest rates decreased the yield on the loans held for investment and held for sale portfolio as well as the securities portfolio and were partially offset by lower costs of interest-bearing deposits.

Note 7 – Mortgage Banking

Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that offsets the changes in fair value of mortgage servicing rights (MSR) attributable to interest rates.  These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting under generally accepted accounting principles (GAAP).  Changes in the fair value of these exchange-traded derivative instruments, including administrative costs, are recorded in noninterest income in mortgage banking, net and are offset by the changes in the fair value of the MSR.  The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates.  Ineffectiveness of hedging the MSR fair value is measured by comparing the change in value of hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions.  The impact of this strategy resulted in a net positive ineffectiveness of $778 thousand during the fourth quarter of 2021.

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2021
($ in thousands)
(unaudited)

Note 7 – Mortgage Banking (continued)

The following table illustrates the components of mortgage banking revenues included in noninterest income in the accompanying income statements:

Quarter Ended Year Ended
12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
Mortgage servicing income, net $ 6,571 $ 6,406 $ 6,318 $ 6,181 $ 6,227 $ 25,476 $ 23,681
Change in fair value-MSR from runoff (4,745 ) (5,283 ) (5,029 ) (5,103 ) (5,177 ) (20,160 ) (16,588 )
Gain on sales of loans, net 9,005 12,737 14,778 19,456 28,014 55,976 110,903
Mortgage banking income before hedge ineffectiveness 10,831 13,860 16,067 20,534 29,064 61,292 117,996
Change in fair value-MSR from market changes 2,221 1,806 (4,465 ) 13,696 951 13,258 (26,147 )
Change in fair value of derivatives (1,443 ) (1,662 ) 5,731 (13,426 ) (1,860 ) (10,800 ) 33,973
Net positive (negative) hedge ineffectiveness 778 144 1,266 270 (909 ) 2,458 7,826
Mortgage banking, net $ 11,609 $ 14,004 $ 17,333 $ 20,804 $ 28,155 $ 63,750 $ 125,822

Note 8 – Salaries and Employee Benefit Plans

Early Retirement Program

In June 2021, Trustmark announced a voluntary early retirement program.  In general, associates who were eligible to participate had to be at least 60 years of age with five or more years of continuous service. The cost of this program is reflected in a one-time charge of approximately $5.7 million (salaries and benefits of $5.6 million and other miscellaneous expense of $89 thousand; or $0.07 per diluted share net of tax) in Trustmark’s third quarter of 2021 earnings. The salary and employee benefits expense savings that resulted from the implementation of the early retirement program was approximately $1.3 million ($0.02 per diluted share net of tax) for 2021 and expected to be $4.3 million ($0.05 per diluted share net of tax) for the year ended 2022.

Note 9 – Other Noninterest Income and Expense

Other noninterest income consisted of the following for the periods presented:

Quarter Ended Year Ended
12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
Partnership amortization for tax credit purposes $ (2,455 ) $ (2,045 ) $ (1,989 ) $ (1,522 ) $ (1,877 ) $ (8,011 ) $ (5,700 )
Increase in life insurance cash surrender value 1,675 1,663 1,653 1,639 1,708 6,630 6,881
Other miscellaneous income 1,759 1,863 2,337 1,973 2,707 7,932 7,478
Total other, net $ 979 $ 1,481 $ 2,001 $ 2,090 $ 2,538 $ 6,551 $ 8,659

Trustmark invests in partnerships that provide income tax credits on a Federal and/or State basis (i.e., new market tax credits, low-income housing tax credits and historical tax credits). The income tax credits related to these partnerships are utilized as specifically allowed by income tax law and are recorded as a reduction in income tax expense.

Other noninterest expense consisted of the following for the periods presented:

Quarter Ended Year Ended
12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
Loan expense $ 3,221 $ 4,022 $ 3,738 $ 4,167 $ 4,243 $ 15,148 $ 15,177
Amortization of intangibles 548 549 553 666 752 2,316 3,052
FDIC assessment expense 1,475 1,275 1,225 1,540 1,500 5,515 6,090
Regulatory settlement charge — 5,000 — — — 5,000 —
Other miscellaneous expense 9,326 7,673 7,623 8,166 9,395 32,788 34,187
Total other expense $ 14,570 $ 18,519 $ 13,139 $ 14,539 $ 15,890 $ 60,767 $ 58,506

During the third quarter of 2021, other expense included a charge of $5.0 million to resolve allegations by regulatory authorities regarding fair lending matters.  See Note 1 – Regulatory Matters for further details.

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2021
($ in thousands)
(unaudited)

Note 10 – Non-GAAP Financial Measures

In addition to capital ratios defined by U.S. generally accepted accounting principles (GAAP) and banking regulators, Trustmark utilizes various tangible common equity measures when evaluating capital utilization and adequacy.  Tangible common equity, as defined by Trustmark, represents common equity less goodwill and identifiable intangible assets.

Trustmark believes these measures are important because they reflect the level of capital available to withstand unexpected market conditions.  Additionally, presentation of these measures allows readers to compare certain aspects of Trustmark’s capitalization to other organizations.  These ratios differ from capital measures defined by banking regulators principally in that the numerator excludes shareholders’ equity associated with preferred securities, the nature and extent of which varies across organizations.  In Management’s experience, many stock analysts use tangible common equity measures in conjunction with more traditional bank capital ratios to compare capital adequacy of banking organizations with significant amounts of goodwill or other tangible assets, typically stemming from the use of the purchase accounting method in accounting for mergers and acquisitions.

These calculations are intended to complement the capital ratios defined by GAAP and banking regulators.  Because GAAP does not include these capital ratio measures, Trustmark believes there are no comparable GAAP financial measures to these tangible common equity ratios.  Despite the importance of these measures to Trustmark, there are no standardized definitions for them and, as a result, Trustmark’s calculations may not be comparable with other organizations.  Also, there may be limits in the usefulness of these measures to investors.  As a result, Trustmark encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.  The following table reconciles Trustmark’s calculation of these measures to amounts reported under GAAP.

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2021
($ in thousands except per share data)
(unaudited)

Note 10 – Non-GAAP Financial Measures (continued)

Quarter Ended Year Ended
12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
TANGIBLE EQUITY
AVERAGE BALANCES
Total shareholders' equity $ 1,758,123 $ 1,782,304 $ 1,780,705 $ 1,759,351 $ 1,725,035 $ 1,770,151 $ 1,681,587
Less:  Goodwill (384,237 ) (384,237 ) (384,237 ) (385,155 ) (385,270 ) (384,463 ) (383,582 )
Identifiable intangible assets (5,382 ) (5,899 ) (6,442 ) (7,118 ) (7,803 ) (6,205 ) (8,060 )
Total average tangible equity $ 1,368,504 $ 1,392,168 $ 1,390,026 $ 1,367,078 $ 1,331,962 $ 1,379,483 $ 1,289,945
PERIOD END BALANCES
Total shareholders' equity $ 1,741,311 $ 1,768,947 $ 1,779,309 $ 1,759,705 $ 1,741,117
Less:  Goodwill (384,237 ) (384,237 ) (384,237 ) (384,237 ) (385,270 )
Identifiable intangible assets (5,074 ) (5,621 ) (6,170 ) (6,724 ) (7,390 )
Total tangible equity (a) $ 1,352,000 $ 1,379,089 $ 1,388,902 $ 1,368,744 $ 1,348,457
TANGIBLE ASSETS
Total assets $ 17,595,636 $ 17,364,644 $ 17,098,132 $ 16,878,313 $ 16,551,840
Less:  Goodwill (384,237 ) (384,237 ) (384,237 ) (384,237 ) (385,270 )
Identifiable intangible assets (5,074 ) (5,621 ) (6,170 ) (6,724 ) (7,390 )
Total tangible assets (b) $ 17,206,325 $ 16,974,786 $ 16,707,725 $ 16,487,352 $ 16,159,180
Risk-weighted assets (c) $ 12,623,630 $ 12,324,254 $ 12,256,492 $ 12,188,988 $ 12,017,378
NET INCOME ADJUSTED FOR INTANGIBLE AMORTIZATION
Net income $ 26,222 $ 21,200 $ 47,981 $ 51,962 $ 51,217 $ 147,365 $ 160,025
Plus: Intangible amortization net of tax 411 412 415 500 564 1,738 2,289
Net income adjusted for intangible amortization $ 26,633 $ 21,612 $ 48,396 $ 52,462 $ 51,781 $ 149,103 $ 162,314
Period end common shares outstanding (d) 61,648,679 62,461,832 62,773,226 63,394,522 63,424,526
TANGIBLE COMMON EQUITY MEASUREMENTS
Return on average tangible equity (1) 7.72 % 6.16 % 13.96 % 15.56 % 15.47 % 10.81 % 12.58 %
Tangible equity/tangible assets (a)/(b) 7.86 % 8.12 % 8.31 % 8.30 % 8.34 %
Tangible equity/risk-weighted assets (a)/(c) 10.71 % 11.19 % 11.33 % 11.23 % 11.22 %
Tangible book value (a)/(d)*1,000 $ 21.93 $ 22.08 $ 22.13 $ 21.59 $ 21.26
COMMON EQUITY TIER 1 CAPITAL (CET1)
Total shareholders' equity $ 1,741,311 $ 1,768,947 $ 1,779,309 $ 1,759,705 $ 1,741,117
CECL transition adjustment 26,000 26,419 26,671 26,829 31,199
AOCI-related adjustments 32,560 19,080 10,641 16,506 1,051
CET1 adjustments and deductions:
Goodwill net of associated deferred tax liabilities (DTLs) (370,252 ) (370,264 ) (370,276 ) (370,288 ) (371,333 )
Other adjustments and deductions for CET1 (2) (4,392 ) (4,817 ) (5,243 ) (5,675 ) (6,190 )
CET1 capital (e) 1,425,227 1,439,365 1,441,102 1,427,077 1,395,844
Additional tier 1 capital instruments plus related surplus 60,000 60,000 60,000 60,000 60,000
Tier 1 capital $ 1,485,227 $ 1,499,365 $ 1,501,102 $ 1,487,077 $ 1,455,844
Common equity tier 1 capital ratio (e)/(c) 11.29 % 11.68 % 11.76 % 11.71 % 11.62 %
(1) Calculation = ((net income adjusted for intangible amortization/number of days in period)*number of days in year)/total average tangible equity.
--- ---
(2) Includes other intangible assets, net of DTLs, disallowed deferred tax assets (DTAs), threshold deductions and transition adjustments, as applicable.
--- ---
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2021
($ in thousands except per share data)
(unaudited)

Note 10 – Non-GAAP Financial Measures (continued)

Trustmark discloses certain non-GAAP financial measures because Management uses these measures for business planning purposes, including to manage Trustmark’s business against internal projected results of operations and to measure Trustmark’s performance. Trustmark views these as measures of our core operating business, which exclude the impact of the items detailed below, as these items are generally not operational in nature. These non-GAAP financial measures also provide another basis for comparing period-to-period results as presented in the accompanying selected financial data table and the audited consolidated financial statements by excluding potential differences caused by non-operational and unusual or non-recurring items. Readers are cautioned that these adjustments are not permitted under GAAP. Trustmark encourages readers to consider its consolidated financial statements and the notes related thereto in their entirety, and not to rely on any single financial measure.

The following table presents pre-provision net revenue (PPNR) during the periods presented:

Quarter Ended Year Ended
12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
Net interest income (GAAP) $ 98,326 $ 98,266 $ 119,423 $ 102,336 $ 111,378 $ 418,351 $ 426,537
Noninterest income (GAAP) 50,767 54,149 56,411 60,583 66,117 221,910 274,593
Pre-provision revenue (a) $ 149,093 $ 152,415 $ 175,834 $ 162,919 $ 177,495 $ 640,261 $ 701,130
Noninterest expense (GAAP) $ 119,469 $ 129,600 $ 118,679 $ 121,548 $ 119,894 $ 489,296 $ 466,301
Less: Voluntary early retirement program — (5,700 ) — — — (5,700 ) (4,375 )
Regulatory settlement charge — (5,000 ) — — — (5,000 ) —
Adjusted noninterest expense - PPNR (Non-GAAP) (b) $ 119,469 $ 118,900 $ 118,679 $ 121,548 $ 119,894 $ 478,596 $ 461,926
PPNR (Non-GAAP) (a)-(b) $ 29,624 $ 33,515 $ 57,155 $ 41,371 $ 57,601 $ 161,665 $ 239,204

The following table presents adjustments to net income and select financial ratios as reported in accordance with GAAP resulting from significant non-routine items occurring during the periods presented:

Quarter Ended Year Ended
12/31/2021 12/31/2020 12/31/2021 12/31/2020
Amount Diluted EPS Amount Diluted EPS Amount Diluted EPS Amount Diluted EPS
Net income (GAAP) $ 26,222 $ 0.42 $ 51,217 $ 0.81 $ 147,365 $ 2.34 $ 160,025 $ 2.51
Significant non-routine transactions (net of taxes):
Voluntary early retirement program — — — — 4,275 0.07 3,281 0.05
Regulatory settlement charge (not tax deductible) — — — — 5,000 0.08 — —
Net income adjusted for significant non-routine<br><br><br>transactions (Non-GAAP) $ 26,222 $ 0.42 $ 51,217 $ 0.81 $ 156,640 $ 2.49 $ 163,306 $ 2.56
Reported (GAAP) Adjusted               (Non-GAAP) Reported (GAAP) Adjusted               (Non-GAAP) Reported (GAAP) Adjusted               (Non-GAAP) Reported (GAAP) Adjusted               (Non-GAAP)
Return on average equity 5.92 % n/a 11.81 % n/a 8.32 % 8.83 % 9.52 % 9.69 %
Return on average tangible equity 7.72 % n/a 15.47 % n/a 10.81 % 11.45 % 12.58 % 12.81 %
Return on average assets 0.60 % n/a 1.28 % n/a 0.86 % 0.92 % 1.05 % 1.07 %
n/a - not applicable
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2021
($ in thousands)
(unaudited)

Note 10 – Non-GAAP Financial Measures (continued)

The following table presents Trustmark’s calculation of its efficiency ratio for the periods presented:

Quarter Ended Year Ended
12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020
Total noninterest expense (GAAP) $ 119,469 $ 129,600 $ 118,679 $ 121,548 $ 119,894 489,296 $ 466,301
Less: Other real estate expense, net (336 ) (1,357 ) (1,511 ) (324 ) 812 (3,528 ) (1,956 )
Amortization of intangibles (548 ) (549 ) (553 ) (666 ) (752 ) (2,316 ) (3,052 )
Charitable contributions resulting in state tax credits (391 ) (350 ) (355 ) (350 ) (375 ) (1,446 ) (1,500 )
Voluntary early retirement program — (5,700 ) — — — (5,700 ) (4,375 )
Regulatory settlement charge — (5,000 ) — — — (5,000 ) —
Adjusted noninterest expense (Non-GAAP) (c) $ 118,194 $ 116,644 $ 116,260 $ 120,208 $ 119,579 $ 471,306 $ 455,418
Net interest income (GAAP) $ 98,326 $ 98,266 $ 119,423 $ 102,336 $ 111,378 $ 418,351 $ 426,537
Add: Tax equivalent adjustment 2,906 2,947 2,957 2,894 2,939 11,704 12,023
Net interest income-FTE (Non-GAAP) (a) $ 101,232 $ 101,213 $ 122,380 $ 105,230 $ 114,317 $ 430,055 $ 438,560
Noninterest income (GAAP) $ 50,767 $ 54,149 $ 56,411 $ 60,583 $ 66,117 $ 221,910 $ 274,593
Add: Partnership amortization for tax credit purposes 2,455 2,045 1,989 1,522 1,877 8,011 5,700
Adjusted noninterest income (Non-GAAP) (b) $ 53,222 $ 56,194 $ 58,400 $ 62,105 $ 67,994 $ 229,921 $ 280,293
Adjusted revenue (Non-GAAP) (a)+(b) $ 154,454 $ 157,407 $ 180,780 $ 167,335 $ 182,311 $ 659,976 $ 718,853
Efficiency ratio (Non-GAAP) (c)/((a)+(b)) 76.52 % 74.10 % 64.31 % 71.84 % 65.59 % 71.41 % 63.35 %

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Fourth Quarter & Fiscal Year 2021 Financial Results January 25, 2022 Exhibit 99.2

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Forward–Looking Statements 2 Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “seek,” “continue,” “could,” “would,” “future” or the negative of those terms or other words of similar meaning. You should read statements that contain these words carefully because they discuss our future expectations or state other “forward-looking” information. These forward-looking statements include, but are not limited to, statements relating to anticipated future operating and financial performance measures, including net interest margin, credit quality, business initiatives, growth opportunities and growth rates, among other things, and encompass any estimate, prediction, expectation, projection, opinion, anticipation, outlook or statement of belief included therein as well as the management assumptions underlying these forward-looking statements. You should be aware that the occurrence of the events described under the caption “Risk Factors” in Trustmark’s filings with the Securities and Exchange Commission (SEC) could have an adverse effect on our business, results of operations and financial condition. Should one or more of these risks materialize, or should any such underlying assumptions prove to be significantly different, actual results may vary significantly from those anticipated, estimated, projected or expected. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the novel coronavirus (COVID-19) pandemic, and also by the effectiveness of varying governmental responses in ameliorating the impact of the pandemic on our customers and the economies where they operate. Risks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels and slowdowns in economic growth, our ability to manage the impact of the COVID-19 pandemic on our markets and our customers, as well as the effectiveness of actions of federal, state and local governments and agencies (including the Board of Governors of the Federal Reserve System (FRB)) to mitigate its spread and economic impact, local, state and national economic and market conditions, conditions in the housing and real estate markets in the regions in which Trustmark operates and the extent and duration of the current volatility in the credit and financial markets, levels of and volatility in crude oil prices, changes in our ability to measure the fair value of assets in our portfolio, material changes in the level and/or volatility of market interest rates, the performance and demand for the products and services we offer, including the level and timing of withdrawals from our deposit accounts, the costs and effects of litigation and of unexpected or adverse outcomes in such litigation, our ability to attract noninterest-bearing deposits and other low-cost funds, competition in loan and deposit pricing, as well as the entry of new competitors into our markets through de novo expansion and acquisitions, economic conditions, including the potential impact of issues related to the European financial system and monetary and other governmental actions designed to address credit, securities, and/or commodity markets, the enactment of legislation and changes in existing regulations or enforcement practices or the adoption of new regulations, changes in accounting standards and practices, including changes in the interpretation of existing standards, that affect our consolidated financial statements, changes in consumer spending, borrowings and savings habits, technological changes, changes in the financial performance or condition of our borrowers, changes in our ability to control expenses, greater than expected costs or difficulties related to the integration of acquisitions or new products and lines of business, cyber-attacks and other breaches which could affect our information system security, natural disasters, environmental disasters, pandemics or other health crises, acts of war or terrorism, and other risks described in our filings with the SEC. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Except as required by law, we undertake no obligation to update or revise any of this information, whether as the result of new information, future events or developments or otherwise.

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Expense Management Financial Highlights Performance reflects continued balance sheet growth, strong credit quality and disciplined expense management Source: Company reports (1) For Non-GAAP measures, please refer to the Earnings Release dated January 25, 2022 and the Consolidated Financial Information, Note 10 – Non-GAAP Financial Measures 3 Loans Held for Investment (HFI) increased $72.9 million, or 0.7%, linked-quarter and $423.3 million, or 4.3%, year-over-year Deposits increased $164.3 million, or 1.1%, linked-quarter and $1.0 billion, or 7.4%, year-over-year Investment securities increased $128.9 million, or 3.7%, linked-quarter and $1.1 billion, or 41.6%, year-over-year Mortgage loan production totaled $590.7 million for the fourth quarter , down 16.7% linked-quarter; in 2021 mortgage loan production totaled $2.8 billion, down 6.1% year-over-year Earnings Drivers Net interest income (FTE) excluding interest and fees on PPP loans totaled $100.8 million in the fourth quarter, an increase of $1.2 million, or 1.2%, linked-quarter Noninterest income totaled $50.8 million , representing 34.1% of total revenue in the fourth quarter Insurance and Wealth Management businesses had record year with revenue up 7.4% and 11.3%, respectively Profitable Revenue Generation Adjusted noninterest expense(1) totaled $471.3 million in 2021, a 3.5 % year-over-year increase; in fourth quarter, adjusted noninterest expense totaled $118.2 million, up 1.3% linked-quarter Credit quality remained solid, nonperforming assets declined 10.1% from the prior year Recoveries exceeded charge-offs by $3.7 million in 2021 Provision for credit losses on loans HFI totaled a negative $4.5 million in fourth quarter and a negative $21.5 million in 2021 Credit Quality Maintained strong capital levels with CET1 ratio of 11.29% and total risk-based capital ratio of 13.55% Repurchased $27.1 million, or approximately 816 thousand shares of common stock in the fourth quarter; for the full year, Trustmark repurchased $61.8 million, or approximately 1.9 million shares of common stock Board of Directors declared quarterly cash dividend of $0.23 per share Capital Management

Slide 4

Loans Held for Investment (LHFI) Portfolio Focus on profitable, credit-disciplined loan growth continued Source: Company reports (1) Percentages may not sum to 100% due to rounding. Trustmark has no loan exposure in which the source of repayment or the underlying security of such exposure is tied to the realization of value from energy reserves

Total energy-related sector exposure of $322 million with outstanding balances of $112 million – representing 1% of total LHFI – at December 31, 2021

At December 31, 2021, nonaccrual energy-related loans represented less than 1 basis point of both energy-related loans and outstanding LHFI Dollar Change: $22 $73 $159 $169 4

Slide 5

Real Estate Secured Loan Portfolio Detail 5 Source: Company reports (1) Multi-Family is included in Other Real Estate Secured Loans in Financials Focus on vertical construction with limited exposure to unimproved land and development

Well-diversified product and geographical mix

Balanced between non-owner and owner-occupied portfolios

Virtually no REIT outstandings ($4.4 million)

Slide 6

Commercial Loan Portfolio Detail 6 Source: Company reports Portfolio includes commercial, financial intermediaries, agriculture production and non-profits

Well-diversified portfolio with no single category exceeding 14%

Small energy book and has never been an area of focused growth

Virtually no regulatory defined higher risk commercial and industrial outstanding ($10.0 million)

Slide 7

COVID-19 Impacted Industries 7 At December 31, 2021

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Allowance for Credit Losses Source: Company reports Does not include allowance for off balance sheet credit exposures Totals may not foot due to rounding 8 ($ in millions) Quantitative changes due to improvement of the macroeconomic forecast Qualitative changes including reduction of the impact of the COVID-19 pandemic reserve Net impact of all other changes including individually analyzed reserves, prepayment studies, loan growth, etc. ACL 09/30/21 ACL 12/30/21

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Credit Risk Management Solid asset quality metrics Allowance for credit losses represented 0.97% of loans held for investment and 500.85% of nonaccrual loans, excluding individually evaluated loans Net charge-offs totaled $101 thousand in the fourth quarter; recoveries exceeded charge-offs by $3.7 million in 2021 Nonaccruals declined $3.5 million in the quarter and represented 0.60% of loans Nonperforming assets decreased $5.2 million, or 7.2%, linked-quarter and $7.5 million, or 10.1%, year-over-year to represent 0.64% of total loans and other real estate owned at December 31, 2021 Source: Company reports Note: Unless noted otherwise, credit metrics exclude PPP loans (1) Totals may not foot due to rounding (2) NPLs excludes individually evaluated loans 9

Slide 10

Attractive, Low-Cost Deposit Base Deposits totaled $15.1 billion at December 31, 2021, up $164.3 million, or 1.1%, linked-quarter, and up $1.0 billion, or 7.4%, year-over-year

Cost of interest-bearing deposits in the fourth quarter totaled 0.13%, down 1 basis point from the prior quarter Source: Company reports (1) Numbers and/or percentages may not foot due to rounding. (2) Above does not include the daily sweep between low transaction interest checking to savings for regulatory purposes. 10 $14,668

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Income Statement Highlights – Net Interest Income Net interest income (FTE) totaled $101.2 million, resulting in a net interest margin of 2.53% in the fourth quarter, down 4 basis points from the prior quarter

The net interest margin, excluding PPP loans and Federal Reserve Bank balance, totaled 2.82% in the fourth quarter, an 8 basis point decrease from the prior quarter, significantly influenced by growth of the investment securities portfolio

Source: Company reports (1) Totals may not foot due to rounding (2) Loan Yield includes LHFI & LHFS 11 Asset Rate/Volume Liability Rate/Volume # of Days in Quarter PPP Net Interest Margin

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Earning Asset Composition & Interest Rate Sensitivity As of 12/31/21 12 Substantial NII asset sensitivity is driven by, Loan portfolio mix with 51% variable rate Securities portfolio duration of 3.9 years Cash & due balance of $2.3 billion

Agency MBS is backed primarily by 15-year collateral Balance: $3.6B Yield: 1.23% Book Balance: $10.5B Yield2: 3.56% (1) Loans include LHFI & LHFS (2) Loan Yield includes LHFI & LHFS

Slide 13

Noninterest income totaled $50.8 million for the fourth quarter, a decrease of $3.4 million linked-quarter. For the year ended 2021, noninterest income totaled $221.9 million, a $52.7 million decrease year-over-year. The linked-quarter and year-over-year changes are principally attributable to lower mortgage banking revenue.

Insurance revenue totaled $11.7 million in the fourth quarter, a slight decrease from the prior quarter. For 2021, insurance revenue totaled $48.5 million, an increase of $3.3 million, or 7.4%, from the previous year.

In the fourth quarter, service charges on deposit accounts totaled $9.4 million and for the year ended 2021, totaled $33.2 million, reflecting both an increase of $455 thousand linked-quarter and $1.0 million year-over-year.

Income Statement Highlights – Noninterest Income Source: Company reports (1) Totals may not foot due to rounding

13 (1)

Slide 14

Income Statement Highlights – Mortgage Banking Source: Company reports (1) Totals may not foot due to rounding (2) Production includes Loans Available for Sale (AFS) and Portfolio (3) Gain on Sale Margin excludes FAS 133 (Pipeline valuation adjustment)

Mortgage banking revenue totaled $11.6 million in the fourth quarter and $63.8 million in 2021.

Mortgage loan production in the fourth quarter totaled $590.7 million. For 2021, mortgage loan production totaled $2.8 billion, down 6.1% from the record level set in 2020.

Retail production represented 79% of volume, or $468.6 million, in the fourth quarter.

14 Gain on sale margin (3) Purchase 58% 52% 71% 69% 71% Refinance 42% 48% 29% 31% 29% (1)

Slide 15

Adjusted Noninterest Expense (2) - totaled $118.2 million in the fourth quarter, up $1.6 million, or 1.3%, from the prior quarter. In 2021, adjusted noninterest expense totaled $471.3 million, a 3.5% increase from the prior year. Salaries and benefits totaled $68.3 million in the fourth quarter. Excluding $5.6 million in charges associated with the voluntary early retirement program in the prior quarter, salary and employee benefits expense declined $754 thousand, or 1.1%, from the third quarter Income Statement Highlights – Noninterest Expense Source: Company reports (1) Totals may not foot due to rounding (2) For Non-GAAP measures, please refer to the Earnings Release dated January 25, 2022 and the Consolidated Financial Information, Note 10 – Non-GAAP Financial Measures 15

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Capital Management Solid capital position reflects consistent profitability of diversified financial services businesses Capital position remained strong with a CET1 ratio of 11.29% and a total risk-based capital ratio of 13.55% at December 31, 2021 Repurchased $27.1 million, or approximately 816 thousand shares of common stock in the fourth quarter. For the year ended 2021, Trustmark repurchased $61.8 million, or approximately 1.9 million of its common shares. As previously announced, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2022, under which $100 million of Trustmark’s outstanding shares may be acquired through December 31, 2022 Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable March 15, 2022, to shareholders of record on March 1, 2022 Source: Company reports (1) Trustmark has elected the five-year phase-in transition period related to adopting the CECL methodology for its regulatory capital. 16

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Outlook Commentary(1) Source: Company reports (1) See Forward Looking Statement Disclosure on page 2 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. 17

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Trustmark Corporation Diversified financial services company headquartered in Jackson, MS, offering banking, wealth management, and risk management solutions in 180 locations throughout the Southeast U.S. Our vision is to be a premier financial services provider in our marketplace. Our mission is to achieve outstanding customer satisfaction by providing banking, wealth management, and risk management solutions through superior sales and service, utilizing excellent people, teamwork, and diversity, while meeting our corporate financial goals.

18 Who We Are Strategic Priorities to Enhance Shareholder Value Our Footprint

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