8-K - TRMK - Equibles

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

April 23, 2024

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>of incorporation)	(Commission<br><br>File Number)	(IRS Employer<br><br>Identification No.)
248 East Capitol Street, Jackson, Mississippi	39201
---	---
(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 April 23, 2024, Trustmark Corporation issued a press release announcing its financial results for the period ended March 31, 2024. 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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective April 23, 2024, the Company and Duane A. Dewey, President and Chief Executive Officer of the Company, entered into an amendment (the Amendment) to Mr. Dewey’s employment agreement with the Company. The Amendment extends the term of Mr. Dewey’s employment by two years, through December 31, 2027. No other changes were made to Mr. Dewey’s employment agreement.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

Item 7.01. Regulation FD Disclosure.

On April 23, 2024, Trustmark National Bank issued a press release announcing that it has entered into a definitive agreement to sell its wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc., to Marsh & McLennan Agency LLC. Trustmark National Bank is a wholly owned subsidiary of Trustmark Corporation (NASDAQGS: TRMK). A copy of this press release is attached hereto as Exhibit 99.3 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 March 31, 2024
99.2	Investor slide presentation for the period ended March 31, 2024
99.3	Press release announcing definitive agreement, dated April 23, 2024
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:	April 23, 2024

EX-99.1

Exhibit 99.1

News Release

Trustmark Corporation Announces First Quarter 2024 Financial Results

Loan Growth Moderates, Credit Quality Remains Stable

Solid Growth in Fee Income and Disciplined Expense Management Reflected in Financial Results

JACKSON, Miss. – April 23, 2024 – Trustmark Corporation (NASDAQGS:TRMK) reported net income of $41.5 million in the first quarter of 2024, representing diluted earnings per share of $0.68. Trustmark’s performance during the first quarter produced a return on average tangible equity of 12.98% and a return on average assets of 0.89%. The Board of Directors declared a quarterly cash dividend of $0.23 per share payable June 15, 2024, to shareholders of record on June 1, 2024.

First Quarter Highlights

• Loans held for investment increased 0.8% linked-quarter and represented 85.1% of total deposits at March 31, 2024

• Credit quality remained solid

• Revenue totaled $188.2 million, up 0.9% linked-quarter

• Noninterest income increased 11.1% linked-quarter, reflecting seasonal increases and the strength of diversified business lines

• Noninterest expense decreased 3.9% linked-quarter, reflecting on-going expense management priorities

Duane A. Dewey, President and CEO, stated, “We are off to a great start in 2024. Our first quarter results reflect continued loan growth, solid credit quality, and double-digit increases in noninterest income. In addition, we experienced a meaningful decrease in noninterest expense. These accomplishments are the results of our focused efforts to expand customer relationships and diligently manage expenses. Our associates have done a tremendous job of serving customers, building relationships, and demonstrating the value Trustmark can provide as our customers’ financial partner. We are well positioned to serve and expand our customer base and create long-term value for shareholders.”

Balance Sheet Management

• Loans held for investment (HFI) increased $107.4 million, or 0.8%, during the quarter

• Total deposits decreased $231.2 million, or 1.5%, during the quarter

• Maintained strong capital position with CET1 ratio of 10.12% and total risk-based capital ratio of 12.42%

Loans HFI totaled $13.1 billion at March 31, 2024, reflecting an increase of $107.4 million, or 0.8%, linked-quarter and $560.7 million, or 4.5%, year-over-year. The linked-quarter growth reflected increases in commercial real estate and equipment finance loans offset in part by reductions in state and other political subdivision loans and consumer loans. Trustmark’s loan portfolio remains well-diversified by loan type and geography.

Deposits totaled $15.3 billion at March 31, 2024, down $231.2 million, or 1.5%, from the prior quarter and up $554.9 million, or 3.8%, year-over-year. Trustmark continues to maintain a strong liquidity position as loans HFI represented 85.1% of total deposits at March 31, 2024. Migration into higher-yielding products continued to drive a change in deposit mix from noninterest-bearing deposits, which represented 19.8% of total deposits at March 31, 2024. Interest-bearing deposit costs totaled 2.74% for the first quarter, an increase of 7 basis points linked-quarter, while the total cost of deposits was 2.18%, an increase of 8 basis points linked-quarter. The total cost of interest-bearing liabilities in the first quarter was 2.92%, up 3 basis points from the prior quarter.

During the first quarter, Trustmark did not repurchase any of its outstanding common shares. As previously announced, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2024, under which $50.0 million of Trustmark’s outstanding shares may be acquired through December 31, 2024. At March 31, 2024, Trustmark’s tangible equity to tangible assets ratio was 7.20%, while the total risk-based capital ratio was 12.42%. Tangible book value per share was $21.18 at March 31, 2024, an increase of 1.5% from the prior quarter and 10.1% from the prior year.

Credit Quality

• Net charge-offs totaled $4.1 million, representing 0.12% of average loans in the first quarter

• Provision for credit losses for loans HFI was $7.7 million in the first quarter

• Allowance for credit losses (ACL) represented 1.10% of loans HFI and 235.29% of nonaccrual loans, excluding individually analyzed loans at March 31, 2024

Nonaccrual loans totaled $98.4 million at March 31, 2024, down $1.7 million from the prior quarter and an increase of $26.0 million year-over-year. Other real estate totaled $7.6 million, reflecting increases of $753 thousand and $5.9 million from the prior quarter and prior year, respectively. Collectively, nonperforming assets totaled $106.0 million, representing 0.80% of loans HFI and held for sale (HFS) at March 31, 2024.

The provision for credit losses for loans HFI was $7.7 million in the first quarter and was primarily attributable to loan growth, changes in the macroeconomic forecast, and net adjustments to the qualitative factors. The provision for credit losses for off-balance sheet credit exposures was a negative $192 thousand in the first quarter. Collectively, the provision for credit losses totaled $7.5 million in the first quarter compared to $6.7 million in the prior quarter and $1.0 million in the first quarter of 2023.

Allocation of Trustmark’s $143.0 million ACL on loans HFI represented 0.93% of commercial loans and 1.63% of consumer and home mortgage loans, resulting in an ACL to total loans HFI of 1.10% at March 31, 2024. Management believes the level of the ACL is commensurate with the credit losses currently expected in the loan portfolio.

Revenue Generation

• Net interest income (FTE) totaled $136.2 million in the first quarter, down 2.8% linked-quarter

• Net interest margin totaled 3.21% in the first quarter, down 4 basis points from the prior quarter

• Noninterest income increased 11.1% linked-quarter to total $55.3 million, reflecting growth in mortgage banking, insurance, other income, and wealth management revenue

Revenue in the first quarter totaled $188.2 million, an increase of 0.9% from the prior quarter and a decrease of 0.4% from the same quarter in the prior year. The linked-quarter increase primarily reflects higher noninterest income offset in part by lower net interest income while the year-over-year decrease is attributed to lower net interest income offset in part by growth in noninterest income.

Net interest income (FTE) in the first quarter totaled $136.2 million, resulting in a net interest margin of 3.21%, down 4 basis points from the prior quarter. The decrease in the net interest margin was primarily due to increased costs of interest-bearing liabilities.

Noninterest income in the first quarter totaled $55.3 million, an increase of $5.5 million, or 11.1%, from the prior quarter and $4.0 million, or 7.7%, year-over-year. The linked-quarter increases in mortgage banking, insurance, other income, and wealth management revenue were offset in part by declines in bank card and other fees and service charges on deposit accounts. The increase in noninterest income year-over-year is broad-based, reflecting increases in mortgage banking, insurance, other income, service charges of deposit accounts and wealth management revenue which were offset in part by declines in bank card and other fees.

Mortgage loan production in the first quarter totaled $274.0 million, up 0.8% from the prior quarter and down 24.1% year-over-year. Mortgage banking revenue totaled $8.9 million in the first quarter, an increase of $3.4 million linked-quarter and $1.3 million year-over-year. The linked-quarter increase was principally attributable to increased gain on sales of mortgage loans, improvement in net negative hedge ineffectiveness, and reduced servicing asset amortization. The year-over-year increase was principally due to increased gain on sales of mortgage loans.

Insurance revenue totaled $15.5 million in the first quarter, up $2.3 million, or 17.2%, from the prior quarter and $1.2 million, or 8.1%, year-over-year. The linked-quarter and year-over-year increases primarily reflected growth in commercial property and casualty commissions. Wealth management revenue in the first quarter totaled $9.0 million, an increase of $295 thousand, or 3.4%, from the prior quarter and $172 thousand, or 2.0%, year-over-year. The linked-quarter growth reflected higher trust management revenue while the year-over-year growth reflected increased brokerage revenue.

Other income, net totaled $3.6 million in the first quarter, up $1.1 million from both the prior quarter and year-over-year. Service charges on deposit accounts totaled $11.0 million in the first quarter, reflecting a seasonal decrease of $353 thousand, or 3.1%, from the prior quarter and an increase of $622 thousand, or 6.0%, year-over-year. Bank card and other fees totaled $7.4 million in the first quarter, down $1.1 million from the prior quarter due principally to lower customer derivative revenue. Year-over-year, bank card and other fees declined $375 thousand.

Noninterest Expense

• Total noninterest expense declined $5.3 million, or 3.9%, linked-quarter

• Salary and employee benefit expense declined $2.5 million, or 3.3%, linked-quarter

• Total services and fees declined $3.1 million, or 11.0%, linked-quarter

Noninterest expense in the first quarter totaled $131.1 million, a decrease of $5.3 million, or 3.9%, from the prior quarter and an increase of $2.8 million, or 2.2%, year-over-year. Salary and employee benefit expense totaled $75.5 million in the first quarter, a decline of $2.5 million, or 3.3%, linked-quarter and an increase of $1.4 million, or 1.9%, year-over-year. The linked-quarter decline reflected reductions in incentives, severance, medical insurance, and salary expense, which were offset in part by a seasonal increase in payroll taxes and restricted stock compensation expense. Services and fees in the first quarter totaled $24.8 million, a decrease of $3.1 million, or 11.0%, from the prior quarter and $587 thousand, or 2.3%, year-over-year. The linked-quarter decline is attributable principally to lower professional fees and data processing software expense.

Additional Information

As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, April 24, 2024, 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, May 8, 2024, in archived format at the same web address or by calling (877)344-7529, passcode 4820621.

Trustmark is a financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, 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.

Risks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, actions by the Board of Governors of the Federal Reserve System (FRB) that impact the level of market interest rates, local, state, national and international 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, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels and slowdowns in economic growth, 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 impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements, the demand for the products and services we offer, potential unexpected adverse outcomes in pending litigation matters, our ability to attract and retain 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, 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, 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
March 31, 2024
($ in thousands)
(unaudited)
										Linked Quarter					Year over Year
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
QUARTERLY AVERAGE BALANCES	3/31/2024			12/31/2023			3/31/2023			Change		% Change			Change		% Change
Securities AFS-taxable	$	1,927,619		$	1,986,825		$	2,187,121			)		-3.0	%		)		-11.9	%
Securities AFS-nontaxable		—			4,246			4,812			)		-100.0	%		)		-100.0	%
Securities HTM-taxable		1,418,476			1,430,169			1,479,283			)		-0.8	%		)		-4.1	%
Securities HTM-nontaxable		340			340			4,509					0.0	%		)		-92.5	%
Total securities		3,346,435			3,421,580			3,675,725			)		-2.2	%		)		-9.0	%
Loans (includes loans held for sale)		13,169,805			13,010,028			12,530,449					1.2	%				5.1	%
Fed funds sold and reverse repurchases		114			121			2,379			)		-5.8	%		)		-95.2	%
Other earning assets		571,215			670,477			647,760			)		-14.8	%		)		-11.8	%
Total earning assets		17,087,569			17,102,206			16,856,313			)		-0.1	%				1.4	%
Allowance for credit losses (ACL), loans held <br> for investment (LHFI)		(138,711	)		(133,742	)		(119,978	)		)		-3.7	%		)		-15.6	%
Other assets		1,730,521			1,749,069			1,762,449			)		-1.1	%		)		-1.8	%
Total assets	$	18,679,379		$	18,717,533		$	18,498,784			)		-0.2	%				1.0	%
Interest-bearing demand deposits	$	5,291,779		$	5,053,935		$	4,751,154					4.7	%				11.4	%
Savings deposits		3,686,027			3,526,600			4,193,764					4.5	%		)		-12.1	%
Time deposits		3,321,601			3,427,384			1,907,449			)		-3.1	%				74.1	%
Total interest-bearing deposits		12,299,407			12,007,919			10,852,367					2.4	%				13.3	%
Fed funds purchased and repurchases		428,127			403,041			436,535					6.2	%		)		-1.9	%
Other borrowings		463,459			590,765			1,110,843			)		-21.5	%		)		-58.3	%
Subordinated notes		123,501			123,446			123,281					0.0	%				0.2	%
Junior subordinated debt securities		61,856			61,856			61,856					0.0	%				0.0	%
Total interest-bearing liabilities		13,376,350			13,187,027			12,584,882					1.4	%				6.3	%
Noninterest-bearing deposits		3,120,566			3,296,351			3,813,248			)		-5.3	%		)		-18.2	%
Other liabilities		505,942			641,662			576,826			)		-21.2	%		)		-12.3	%
Total liabilities		17,002,858			17,125,040			16,974,956			)		-0.7	%				0.2	%
Shareholders' equity		1,676,521			1,592,493			1,523,828					5.3	%				10.0	%
Total liabilities and equity	$	18,679,379		$	18,717,533		$	18,498,784			)		-0.2	%				1.0	%
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
March 31, 2024
($ in thousands)
(unaudited)
										Linked Quarter					Year over Year
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
PERIOD END BALANCES	3/31/2024			12/31/2023			3/31/2023			Change		% Change			Change		% Change
Cash and due from banks	$	606,261		$	975,543		$	1,297,144			)		-37.9	%		)		-53.3	%
Securities available for sale		1,702,299			1,762,878			1,984,162			)		-3.4	%		)		-14.2	%
Securities held to maturity		1,415,025			1,426,279			1,474,338			)		-0.8	%		)		-4.0	%
Loans held for sale (LHFS)		172,937			184,812			175,926			)		-6.4	%		)		-1.7	%
Loans held for investment (LHFI)		13,057,943			12,950,524			12,497,195					0.8	%				4.5	%
ACL LHFI		(142,998	)		(139,367	)		(122,239	)		)		-2.6	%		)		-17.0	%
Net LHFI		12,914,945			12,811,157			12,374,956					0.8	%				4.4	%
Premises and equipment, net		232,924			232,537			223,975					0.2	%				4.0	%
Mortgage servicing rights		138,044			131,870			127,206					4.7	%				8.5	%
Goodwill		384,237			384,237			384,237					0.0	%				0.0	%
Identifiable intangible assets		2,845			2,965			3,352			)		-4.0	%		)		-15.1	%
Other real estate		7,620			6,867			1,684					11.0	%			n/m
Operating lease right-of-use assets		36,659			38,142			35,315			)		-3.9	%				3.8	%
Other assets		762,816			764,902			794,883			)		-0.3	%		)		-4.0	%
Total assets	$	18,376,612		$	18,722,189		$	18,877,178			)		-1.8	%		)		-2.7	%
Deposits:
Noninterest-bearing	$	3,039,652		$	3,197,620		$	3,797,055			)		-4.9	%		)		-19.9	%
Interest-bearing		12,298,905			12,372,143			10,986,606			)		-0.6	%				11.9	%
Total deposits		15,338,557			15,569,763			14,783,661			)		-1.5	%				3.8	%
Fed funds purchased and repurchases		393,215			405,745			477,980			)		-3.1	%		)		-17.7	%
Other borrowings		482,027			483,230			1,485,181			)		-0.2	%		)		-67.5	%
Subordinated notes		123,537			123,482			123,317					0.0	%				0.2	%
Junior subordinated debt securities		61,856			61,856			61,856					0.0	%				0.0	%
ACL on off-balance sheet credit exposures		33,865			34,057			34,596			)		-0.6	%		)		-2.1	%
Operating lease liabilities		40,185			41,584			37,988			)		-3.4	%				5.8	%
Other liabilities		220,771			340,625			310,500			)		-35.2	%		)		-28.9	%
Total liabilities		16,694,013			17,060,342			17,315,079			)		-2.1	%		)		-3.6	%
Common stock		12,747			12,725			12,720					0.2	%				0.2	%
Capital surplus		160,521			159,688			155,297					0.5	%				3.4	%
Retained earnings		1,736,485			1,709,157			1,636,463					1.6	%				6.1	%
Accumulated other comprehensive <br> income (loss), net of tax		(227,154	)		(219,723	)		(242,381	)		)		-3.4	%				6.3	%
Total shareholders' equity		1,682,599			1,661,847			1,562,099					1.2	%				7.7	%
Total liabilities and equity	$	18,376,612		$	18,722,189		$	18,877,178			)		-1.8	%		)		-2.7	%
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
March 31, 2024
($ in thousands except per share data)
(unaudited)
	Quarter Ended									Linked Quarter					Year over Year
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
INCOME STATEMENTS	3/31/2024			12/31/2023			3/31/2023			Change		% Change			Change		% Change
Interest and fees on LHFS & LHFI-FTE	$	209,456		$	210,288		$	178,967			)		-0.4	%				17.0	%
Interest on securities-taxable		15,634			15,936			16,761			)		-1.9	%		)		-6.7	%
Interest on securities-tax exempt-FTE		4			44			92			)		-90.9	%		)		-95.7	%
Interest on fed funds sold and reverse<br> repurchases		1			2			30			)		-50.0	%		)		-96.7	%
Other interest income		8,110			9,918			6,527			)		-18.2	%				24.3	%
Total interest income-FTE		233,205			236,188			202,377			)		-1.3	%				15.2	%
Interest on deposits		83,716			80,847			40,898					3.5	%			n/m
Interest on fed funds purchased and repurchases		5,591			5,347			4,832					4.6	%				15.7	%
Other interest expense		7,703			9,946			15,575			)		-22.6	%		)		-50.5	%
Total interest expense		97,010			96,140			61,305					0.9	%				58.2	%
Net interest income-FTE		136,195			140,048			141,072			)		-2.8	%		)		-3.5	%
Provision for credit losses, LHFI		7,708			7,585			3,244					1.6	%			n/m
Provision for credit losses, off-balance sheet <br> credit exposures		(192	)		(888	)		(2,242	)				78.4	%				91.4	%
Net interest income after provision-FTE		128,679			133,351			140,070			)		-3.5	%		)		-8.1	%
Service charges on deposit accounts		10,958			11,311			10,336			)		-3.1	%				6.0	%
Bank card and other fees		7,428			8,502			7,803			)		-12.6	%		)		-4.8	%
Mortgage banking, net		8,915			5,519			7,639					61.5	%				16.7	%
Insurance commissions		15,464			13,197			14,305					17.2	%				8.1	%
Wealth management		8,952			8,657			8,780					3.4	%				2.0	%
Other, net		3,632			2,579			2,514					40.8	%				44.5	%
Securities gains (losses), net		—			39			—			)		-100.0	%			n/m
Total noninterest income		55,349			49,804			51,377					11.1	%				7.7	%
Salaries and employee benefits		75,458			78,003			74,056			)		-3.3	%				1.9	%
Services and fees		24,839			27,906			25,426			)		-11.0	%		)		-2.3	%
Net occupancy-premises		7,496			7,362			7,629					1.8	%		)		-1.7	%
Equipment expense		6,385			6,517			6,405			)		-2.0	%		)		-0.3	%
Other expense		16,968			16,641			14,811					2.0	%				14.6	%
Total noninterest expense		131,146			136,429			128,327			)		-3.9	%				2.2	%
Income before income taxes and tax eq adj		52,882			46,726			63,120					13.2	%		)		-16.2	%
Tax equivalent adjustment		3,365			3,306			3,477					1.8	%		)		-3.2	%
Income before income taxes		49,517			43,420			59,643					14.0	%		)		-17.0	%
Income taxes		7,982			7,297			9,343					9.4	%		)		-14.6	%
Net income	$	41,535		$	36,123		$	50,300					15.0	%		)		-17.4	%
Per share data
Earnings per share - basic	$	0.68		$	0.59		$	0.82					15.3	%		)		-17.1	%
Earnings per share - diluted	$	0.68		$	0.59		$	0.82					15.3	%		)		-17.1	%
Dividends per share	$	0.23		$	0.23		$	0.23					0.0	%				0.0	%
Weighted average shares outstanding
Basic		61,128,425			61,070,481			61,011,059
Diluted		61,348,364			61,296,840			61,193,275
Period end shares outstanding		61,178,366			61,071,173			61,048,516
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
March 31, 2024
($ in thousands)
(unaudited)
	Quarter Ended									Linked Quarter					Year over Year
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NONPERFORMING ASSETS	3/31/2024			12/31/2023			3/31/2023			Change		% Change			Change		% Change
Nonaccrual LHFI
Alabama (1)	$	23,261		$	23,271		$	10,919			)		0.0	%			n/m
Florida		585			170			256				n/m					n/m
Mississippi (2)		59,059			54,615			32,560					8.1	%				81.4	%
Tennessee (3)		1,800			1,802			5,416			)		-0.1	%		)		-66.8	%
Texas		13,646			20,150			23,224			)		-32.3	%		)		-41.2	%
Total nonaccrual LHFI		98,351			100,008			72,375			)		-1.7	%				35.9	%
Other real estate
Alabama (1)		1,050			1,397			—			)		-24.8	%			n/m
Florida		71			—			—				n/m					n/m
Mississippi (2)		2,870			1,242			1,495				n/m						92.0	%
Tennessee (3)		86			—			189				n/m				)		-54.5	%
Texas		3,543			4,228			—			)		-16.2	%			n/m
Total other real estate		7,620			6,867			1,684					11.0	%			n/m
Total nonperforming assets	$	105,971		$	106,875		$	74,059			)		-0.8	%				43.1	%
LOANS PAST DUE OVER 90 DAYS
LHFI	$	5,243		$	5,790		$	2,255			)		-9.4	%			n/m
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase)	$	56,530		$	51,243		$	41,468					10.3	%				36.3	%
	Quarter Ended									Linked Quarter					Year over Year
ACL LHFI	3/31/2024			12/31/2023			3/31/2023			Change		% Change			Change		% Change
Beginning Balance	$	139,367		$	134,031		$	120,214					4.0	%				15.9	%
Provision for credit losses, LHFI		7,708			7,585			3,244					1.6	%			n/m
Charge-offs		(6,324	)		(4,250	)		(2,996	)		)		-48.8	%		)	n/m
Recoveries		2,247			2,001			1,777					12.3	%				26.4	%
Net (charge-offs) recoveries		(4,077	)		(2,249	)		(1,219	)		)		-81.3	%		)	n/m
Ending Balance	$	142,998		$	139,367		$	122,239					2.6	%				17.0	%
NET (CHARGE-OFFS) RECOVERIES
Alabama (1)	$	(341	)	$	(299	)	$	(268	)		)		-14.0	%		)		-27.2	%
Florida		277			180			(36	)				53.9	%			n/m
Mississippi (2)		(1,489	)		(1,943	)		(775	)				23.4	%		)		-92.1	%
Tennessee (3)		(179	)		(193	)		(124	)				7.3	%		)		-44.4	%
Texas		(2,345	)		6			(16	)		)	n/m				)	n/m
Total net (charge-offs) recoveries	$	(4,077	)	$	(2,249	)	$	(1,219	)		)		-81.3	%		)	n/m
(1) Alabama includes the Georgia Loan Production Office.
(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
March 31, 2024
($ in thousands)
(unaudited)
	Quarter Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
AVERAGE BALANCES	3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
Securities AFS-taxable	$	1,927,619		$	1,986,825		$	2,049,006		$	2,140,505		$	2,187,121
Securities AFS-nontaxable		—			4,246			4,779			4,796			4,812
Securities HTM-taxable		1,418,476			1,430,169			1,445,895			1,463,086			1,479,283
Securities HTM-nontaxable		340			340			907			1,718			4,509
Total securities		3,346,435			3,421,580			3,500,587			3,610,105			3,675,725
Loans (includes loans held for sale)		13,169,805			13,010,028			12,926,942			12,732,057			12,530,449
Fed funds sold and reverse repurchases		114			121			230			3,275			2,379
Other earning assets		571,215			670,477			682,644			903,027			647,760
Total earning assets		17,087,569			17,102,206			17,110,403			17,248,464			16,856,313
ACL LHFI		(138,711	)		(133,742	)		(127,915	)		(121,960	)		(119,978	)
Other assets		1,730,521			1,749,069			1,721,310			1,648,583			1,762,449
Total assets	$	18,679,379		$	18,717,533		$	18,703,798		$	18,775,087		$	18,498,784
Interest-bearing demand deposits	$	5,291,779		$	5,053,935		$	4,875,714		$	4,803,737		$	4,751,154
Savings deposits		3,686,027			3,526,600			3,642,158			4,002,134			4,193,764
Time deposits		3,321,601			3,427,384			3,075,224			2,335,752			1,907,449
Total interest-bearing deposits		12,299,407			12,007,919			11,593,096			11,141,623			10,852,367
Fed funds purchased and repurchases		428,127			403,041			414,696			389,834			436,535
Other borrowings		463,459			590,765			912,151			1,330,010			1,110,843
Subordinated notes		123,501			123,446			123,391			123,337			123,281
Junior subordinated debt securities		61,856			61,856			61,856			61,856			61,856
Total interest-bearing liabilities		13,376,350			13,187,027			13,105,190			13,046,660			12,584,882
Noninterest-bearing deposits		3,120,566			3,296,351			3,429,815			3,595,927			3,813,248
Other liabilities		505,942			641,662			585,908			552,209			576,826
Total liabilities		17,002,858			17,125,040			17,120,913			17,194,796			16,974,956
Shareholders' equity		1,676,521			1,592,493			1,582,885			1,580,291			1,523,828
Total liabilities and equity	$	18,679,379		$	18,717,533		$	18,703,798		$	18,775,087		$	18,498,784

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
March 31, 2024
($ in thousands)
(unaudited)
PERIOD END BALANCES	3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Cash and due from banks	$	606,261		$	975,543		$	750,492		$	832,052		$	1,297,144
Securities available for sale		1,702,299			1,762,878			1,766,174			1,871,883			1,984,162
Securities held to maturity		1,415,025			1,426,279			1,438,287			1,458,665			1,474,338
LHFS		172,937			184,812			169,244			181,094			175,926
LHFI		13,057,943			12,950,524			12,810,259			12,613,967			12,497,195
ACL LHFI		(142,998	)		(139,367	)		(134,031	)		(129,298	)		(122,239	)
Net LHFI		12,914,945			12,811,157			12,676,228			12,484,669			12,374,956
Premises and equipment, net		232,924			232,537			230,718			227,630			223,975
Mortgage servicing rights		138,044			131,870			142,379			134,350			127,206
Goodwill		384,237			384,237			384,237			384,237			384,237
Identifiable intangible assets		2,845			2,965			3,093			3,222			3,352
Other real estate		7,620			6,867			5,485			1,137			1,684
Operating lease right-of-use assets		36,659			38,142			39,639			38,179			35,315
Other assets		762,816			764,902			784,863			805,508			794,883
Total assets	$	18,376,612		$	18,722,189		$	18,390,839		$	18,422,626		$	18,877,178
Deposits:
Noninterest-bearing	$	3,039,652		$	3,197,620		$	3,320,124		$	3,461,073		$	3,797,055
Interest-bearing		12,298,905			12,372,143			11,781,799			11,452,827			10,986,606
Total deposits		15,338,557			15,569,763			15,101,923			14,913,900			14,783,661
Fed funds purchased and repurchases		393,215			405,745			321,799			311,179			477,980
Other borrowings		482,027			483,230			793,193			1,056,714			1,485,181
Subordinated notes		123,537			123,482			123,427			123,372			123,317
Junior subordinated debt securities		61,856			61,856			61,856			61,856			61,856
ACL on off-balance sheet credit exposures		33,865			34,057			34,945			34,841			34,596
Operating lease liabilities		40,185			41,584			42,730			40,845			37,988
Other liabilities		220,771			340,625			340,615			308,726			310,500
Total liabilities		16,694,013			17,060,342			16,820,488			16,851,433			17,315,079
Common stock		12,747			12,725			12,724			12,724			12,720
Capital surplus		160,521			159,688			158,316			156,834			155,297
Retained earnings		1,736,485			1,709,157			1,687,199			1,667,339			1,636,463
Accumulated other comprehensive income (loss), <br> net of tax		(227,154	)		(219,723	)		(287,888	)		(265,704	)		(242,381	)
Total shareholders' equity		1,682,599			1,661,847			1,570,351			1,571,193			1,562,099
Total liabilities and equity	$	18,376,612		$	18,722,189		$	18,390,839		$	18,422,626		$	18,877,178

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
March 31, 2024
($ in thousands except per share data)
(unaudited)
	Quarter Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---
INCOME STATEMENTS	3/31/2024			12/31/2023			9/30/2023		6/30/2023		3/31/2023
Interest and fees on LHFS & LHFI-FTE	$	209,456		$	210,288		$	206,523	$	192,941	$	178,967
Interest on securities-taxable		15,634			15,936			16,624		16,779		16,761
Interest on securities-tax exempt-FTE		4			44			58		69		92
Interest on fed funds sold and reverse repurchases		1			2			3		45		30
Other interest income		8,110			9,918			8,613		12,077		6,527
Total interest income-FTE		233,205			236,188			231,821		221,911		202,377
Interest on deposits		83,716			80,847			69,797		54,409		40,898
Interest on fed funds purchased and repurchases		5,591			5,347			5,375		4,865		4,832
Other interest expense		7,703			9,946			14,713		19,350		15,575
Total interest expense		97,010			96,140			89,885		78,624		61,305
Net interest income-FTE		136,195			140,048			141,936		143,287		141,072
Provision for credit losses, LHFI		7,708			7,585			8,322		8,211		3,244
Provision for credit losses, off-balance sheet <br> credit exposures		(192	)		(888	)		104		245		(2,242	)
Net interest income after provision-FTE		128,679			133,351			133,510		134,831		140,070
Service charges on deposit accounts		10,958			11,311			11,074		10,695		10,336
Bank card and other fees		7,428			8,502			8,217		8,917		7,803
Mortgage banking, net		8,915			5,519			6,458		6,600		7,639
Insurance commissions		15,464			13,197			15,303		14,764		14,305
Wealth management		8,952			8,657			8,773		8,882		8,780
Other, net		3,632			2,579			2,399		3,695		2,514
Securities gains (losses), net		—			39			—		—		—
Total noninterest income		55,349			49,804			52,224		53,553		51,377
Salaries and employee benefits		75,458			78,003			76,666		75,940		74,056
Services and fees		24,839			27,906			27,882		28,264		25,426
Net occupancy-premises		7,496			7,362			7,383		7,108		7,629
Equipment expense		6,385			6,517			6,816		6,404		6,405
Litigation settlement expense		—			—			6,500		—		—
Other expense		16,968			16,641			15,698		14,502		14,811
Total noninterest expense		131,146			136,429			140,945		132,218		128,327
Income before income taxes and tax eq adj		52,882			46,726			44,789		56,166		63,120
Tax equivalent adjustment		3,365			3,306			3,299		3,383		3,477
Income before income taxes		49,517			43,420			41,490		52,783		59,643
Income taxes		7,982			7,297			7,461		7,746		9,343
Net income	$	41,535		$	36,123		$	34,029	$	45,037	$	50,300
Per share data
Earnings per share - basic	$	0.68		$	0.59		$	0.56	$	0.74	$	0.82
Earnings per share - diluted	$	0.68		$	0.59		$	0.56	$	0.74	$	0.82
Dividends per share	$	0.23		$	0.23		$	0.23	$	0.23	$	0.23
Weighted average shares outstanding
Basic		61,128,425			61,070,481			61,069,750		61,063,277		61,011,059
Diluted		61,348,364			61,296,840			61,263,032		61,230,031		61,193,275
Period end shares outstanding		61,178,366			61,071,173			61,070,095		61,069,036		61,048,516

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
March 31, 2024
($ in thousands)
(unaudited)
	Quarter Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NONPERFORMING ASSETS	3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
Nonaccrual LHFI
Alabama (1)	$	23,261		$	23,271		$	23,530		$	11,058		$	10,919
Florida		585			170			151			334			256
Mississippi (2)		59,059			54,615			45,050			36,288			32,560
Tennessee (3)		1,800			1,802			1,841			5,088			5,416
Texas		13,646			20,150			20,327			22,259			23,224
Total nonaccrual LHFI		98,351			100,008			90,899			75,027			72,375
Other real estate
Alabama (1)		1,050			1,397			315			—			—
Florida		71			—			—			—			—
Mississippi (2)		2,870			1,242			942			1,137			1,495
Tennessee (3)		86			—			—			—			189
Texas		3,543			4,228			4,228			—			—
Total other real estate		7,620			6,867			5,485			1,137			1,684
Total nonperforming assets	$	105,971		$	106,875		$	96,384		$	76,164		$	74,059
LOANS PAST DUE OVER 90 DAYS
LHFI	$	5,243		$	5,790		$	3,804		$	3,911		$	2,255
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase)	$	56,530		$	51,243		$	42,532		$	35,766		$	41,468
	Quarter Ended
ACL LHFI	3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
Beginning Balance	$	139,367		$	134,031		$	129,298		$	122,239		$	120,214
Provision for credit losses, LHFI		7,708			7,585			8,322			8,211			3,244
Charge-offs		(6,324	)		(4,250	)		(7,496	)		(2,773	)		(2,996	)
Recoveries		2,247			2,001			3,907			1,621			1,777
Net (charge-offs) recoveries		(4,077	)		(2,249	)		(3,589	)		(1,152	)		(1,219	)
Ending Balance	$	142,998		$	139,367		$	134,031		$	129,298		$	122,239
NET (CHARGE-OFFS) RECOVERIES
Alabama (1)	$	(341	)	$	(299	)	$	(165	)	$	(141	)	$	(268	)
Florida		277			180			21			(35	)		(36	)
Mississippi (2)		(1,489	)		(1,943	)		(1,867	)		(762	)		(775	)
Tennessee (3)		(179	)		(193	)		2,127			(166	)		(124	)
Texas		(2,345	)		6			(3,705	)		(48	)		(16	)
Total net (charge-offs) recoveries	$	(4,077	)	$	(2,249	)	$	(3,589	)	$	(1,152	)	$	(1,219	)
(1) Alabama includes the Georgia Loan Production Office.
(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
March 31, 2024
(unaudited)
	Quarter Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
FINANCIAL RATIOS AND OTHER DATA	3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
Return on average equity		9.96	%		9.00	%		8.53	%		11.43	%		13.39	%
Return on average tangible equity		12.98	%		11.92	%		11.32	%		15.18	%		18.03	%
Return on average assets		0.89	%		0.77	%		0.72	%		0.96	%		1.10	%
Interest margin - Yield - FTE		5.49	%		5.48	%		5.38	%		5.16	%		4.87	%
Interest margin - Cost		2.28	%		2.23	%		2.08	%		1.83	%		1.47	%
Net interest margin - FTE		3.21	%		3.25	%		3.29	%		3.33	%		3.39	%
Efficiency ratio (1)		67.25	%		70.25	%		68.33	%		66.17	%		65.60	%
Full-time equivalent employees		2,712			2,757			2,756			2,761			2,758
CREDIT QUALITY RATIOS
Net (recoveries) charge-offs / average loans		0.12	%		0.07	%		0.11	%		0.04	%		0.04	%
Provision for credit losses, LHFI / average loans		0.24	%		0.23	%		0.26	%		0.26	%		0.10	%
Nonaccrual LHFI / (LHFI + LHFS)		0.74	%		0.76	%		0.70	%		0.59	%		0.57	%
Nonperforming assets / (LHFI + LHFS)		0.80	%		0.81	%		0.74	%		0.60	%		0.58	%
Nonperforming assets / (LHFI + LHFS <br> + other real estate)		0.80	%		0.81	%		0.74	%		0.60	%		0.58	%
ACL LHFI / LHFI		1.10	%		1.08	%		1.05	%		1.03	%		0.98	%
ACL LHFI-commercial / commercial LHFI		0.93	%		0.85	%		0.86	%		0.84	%		0.80	%
ACL LHFI-consumer / consumer and <br> home mortgage LHFI		1.63	%		1.81	%		1.66	%		1.60	%		1.54	%
ACL LHFI / nonaccrual LHFI		145.39	%		139.36	%		147.45	%		172.34	%		168.90	%
ACL LHFI / nonaccrual LHFI <br> (excl individually analyzed loans)		235.29	%		249.31	%		273.60	%		301.44	%		320.80	%
CAPITAL RATIOS
Total equity / total assets		9.16	%		8.88	%		8.54	%		8.53	%		8.28	%
Tangible equity / tangible assets		7.20	%		6.95	%		6.57	%		6.56	%		6.35	%
Tangible equity / risk-weighted assets		8.49	%		8.41	%		7.81	%		7.91	%		7.94	%
Tier 1 leverage ratio		8.76	%		8.62	%		8.49	%		8.35	%		8.29	%
Common equity tier 1 capital ratio		10.12	%		10.04	%		9.89	%		9.87	%		9.76	%
Tier 1 risk-based capital ratio		10.51	%		10.44	%		10.29	%		10.27	%		10.17	%
Total risk-based capital ratio		12.42	%		12.29	%		12.11	%		12.08	%		11.95	%
STOCK PERFORMANCE
Market value-Close	$	28.11		$	27.88		$	21.73		$	21.12		$	24.70
Book value	$	27.50		$	27.21		$	25.71		$	25.73		$	25.59
Tangible book value	$	21.18		$	20.87		$	19.37		$	19.38		$	19.24
(1) See Note 6 – Non-GAAP Financial Measures in the Notes to Consolidated Financials for Trustmark’s efficiency ratio calculation.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2024
($ in thousands)
(unaudited)

Note 1 - 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:

	3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities	$	372,424	$	372,368	$	363,476	$	362,966	$	386,903
U.S. Government agency obligations		5,594		5,792		6,780		6,999		7,254
Obligations of states and political subdivisions		—		—		4,642		4,813		4,907
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		22,232		23,135		22,881		25,336		26,851
Issued by FNMA and FHLMC		1,129,521		1,176,798		1,171,521		1,250,435		1,317,848
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		79,099		86,074		90,402		98,388		108,192
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		93,429		98,711		106,472		122,946		132,207
Total securities available for sale	$	1,702,299	$	1,762,878	$	1,766,174	$	1,871,883	$	1,984,162
SECURITIES HELD TO MATURITY
U.S. Treasury securities	$	29,261	$	29,068	$	28,872	$	28,679	$	28,486
Obligations of states and political subdivisions		340		340		341		1,180		4,507
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		18,387		13,005		13,090		13,235		4,336
Issued by FNMA and FHLMC		461,457		469,593		474,003		484,679		497,854
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		146,447		154,466		162,031		171,002		179,334
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		759,133		759,807		759,950		759,890		759,821
Total securities held to maturity	$	1,415,025	$	1,426,279	$	1,438,287	$	1,458,665	$	1,474,338

At March 31, 2024, the net unamortized, unrealized loss included in accumulated other comprehensive income (loss) in the accompanying balance sheet for securities held to maturity transferred from securities available for sale totaled $54.8 million.

Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of 99.99% 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.

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2024
($ in thousands)
(unaudited)

Note 2 – Loan Composition

LHFI consisted of the following during the periods presented:

LHFI BY TYPE	3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
Loans secured by real estate:
Construction, land development and other land loans	$	1,539,461		$	1,510,679		$	1,609,326		$	1,722,657		$	1,723,772
Secured by 1-4 family residential properties		2,891,481			2,904,715			2,893,606			2,854,182			2,822,048
Secured by nonfarm, nonresidential properties		3,543,235			3,489,434			3,569,671			3,471,728			3,375,579
Other real estate secured		1,384,610			1,312,551			1,218,499			954,410			847,527
Commercial and industrial loans		1,922,711			1,922,910			1,828,924			1,883,480			1,882,360
Consumer loans		156,430			161,725			161,940			163,788			162,911
State and other political subdivision loans		1,052,844			1,088,466			1,056,569			1,111,710			1,193,727
Other loans and leases		567,171			560,044			471,724			452,012			489,271
LHFI		13,057,943			12,950,524			12,810,259			12,613,967			12,497,195
ACL LHFI		(142,998	)		(139,367	)		(134,031	)		(129,298	)		(122,239	)
Net LHFI	$	12,914,945		$	12,811,157		$	12,676,228		$	12,484,669		$	12,374,956

The following table presents the LHFI composition based upon the region where the loan was originated and reflects each region’s diversified mix of loans:

	March 31, 2024
LHFI - COMPOSITION BY REGION	Total		Alabama (1)		Florida		Mississippi <br>(Central and <br>Southern <br>Regions)		Tennessee <br>(Memphis, TN and <br>Northern MS<br>Regions)		Texas
Loans secured by real estate:
Construction, land development and other land loans	$	1,539,461	$	753,918	$	38,790	$	391,843	$	40,988	$	313,922
Secured by 1-4 family residential properties		2,891,481		154,303		54,099		2,565,424		83,292		34,363
Secured by nonfarm, nonresidential properties		3,543,235		981,921		233,109		1,485,304		150,017		692,884
Other real estate secured		1,384,610		561,115		1,728		417,757		6,965		397,045
Commercial and industrial loans		1,922,711		657,294		23,941		841,797		150,313		249,366
Consumer loans		156,430		21,302		7,399		95,951		18,178		13,600
State and other political subdivision loans		1,052,844		70,161		52,069		782,985		23,700		123,929
Other loans and leases		567,171		236,775		8,202		200,957		57,098		64,139
Loans	$	13,057,943	$	3,436,789	$	419,337	$	6,782,018	$	530,551	$	1,889,248
CONSTRUCTION, LAND DEVELOPMENT AND OTHER LAND LOANS BY REGION
Lots	$	70,445	$	28,830	$	8,196	$	17,829	$	4,587	$	11,003
Development		122,788		56,825		1,260		28,668		12,576		23,459
Unimproved land		110,272		20,907		13,404		29,759		8,006		38,196
1-4 family construction		313,503		162,760		13,501		91,453		15,693		30,096
Other construction		922,453		484,596		2,429		224,134		126		211,168
Construction, land development and other land loans	$	1,539,461	$	753,918	$	38,790	$	391,843	$	40,988	$	313,922
(1) Includes Georgia Loan Production Office.
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2024
($ in thousands)
(unaudited)

Note 2 – Loan Composition (continued)

	March 31, 2024
	Total		Alabama (1)		Florida		Mississippi <br>(Central and <br>Southern <br>Regions)		Tennessee <br>(Memphis, TN and <br>Northern MS<br>Regions)		Texas
LOANS SECURED BY NONFARM, NONRESIDENTIAL PROPERTIES BY REGION
Non-owner occupied:
Retail	$	367,575	$	139,444	$	24,147	$	106,123	$	17,381	$	80,480
Office		261,984		101,364		19,605		73,689		1,617		65,709
Hotel/motel		255,925		128,356		48,992		53,054		25,523		—
Mini-storage		165,962		40,724		1,864		103,323		745		19,306
Industrial		438,626		83,304		19,377		147,199		8,143		180,603
Health care		97,837		69,786		684		24,707		331		2,329
Convenience stores		25,572		3,214		419		13,599		239		8,101
Nursing homes/senior living		513,854		227,254		—		186,507		4,724		95,369
Other		109,838		31,790		9,067		51,626		8,211		9,144
Total non-owner occupied loans		2,237,173		825,236		124,155		759,827		66,914		461,041
Owner-occupied:
Office		150,283		41,047		37,629		41,658		11,555		18,394
Churches		56,697		14,208		4,094		32,706		3,215		2,474
Industrial warehouses		156,148		11,553		4,537		39,874		15,766		84,418
Health care		124,330		11,337		8,163		85,172		2,251		17,407
Convenience stores		148,158		12,172		29,156		72,715		—		34,115
Retail		88,445		9,457		15,287		35,730		17,087		10,884
Restaurants		48,491		4,008		2,930		21,360		16,367		3,826
Auto dealerships		42,394		5,138		194		21,007		16,055		—
Nursing homes/senior living		353,641		35,216		—		292,264		—		26,161
Other		137,475		12,549		6,964		82,991		807		34,164
Total owner-occupied loans		1,306,062		156,685		108,954		725,477		83,103		231,843
Loans secured by nonfarm, nonresidential properties	$	3,543,235	$	981,921	$	233,109	$	1,485,304	$	150,017	$	692,884
(1) Includes Georgia Loan Production Office.

Note 3 – 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
	3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
Securities – taxable		1.88	%		1.85	%		1.89	%		1.87	%		1.85	%
Securities – nontaxable		4.73	%		3.81	%		4.05	%		4.25	%		4.00	%
Securities – total		1.88	%		1.85	%		1.89	%		1.87	%		1.86	%
LHFI & LHFS		6.40	%		6.41	%		6.34	%		6.08	%		5.79	%
Fed funds sold & reverse repurchases		3.53	%		6.56	%		5.17	%		5.51	%		5.11	%
Other earning assets		5.71	%		5.87	%		5.01	%		5.36	%		4.09	%
Total earning assets		5.49	%		5.48	%		5.38	%		5.16	%		4.87	%
Interest-bearing deposits		2.74	%		2.67	%		2.39	%		1.96	%		1.53	%
Fed funds purchased & repurchases		5.25	%		5.26	%		5.14	%		5.01	%		4.49	%
Other borrowings		4.78	%		5.08	%		5.32	%		5.12	%		4.87	%
Total interest-bearing liabilities		2.92	%		2.89	%		2.72	%		2.42	%		1.98	%
Total Deposits		2.18	%		2.10	%		1.84	%		1.48	%		1.13	%
Net interest margin		3.21	%		3.25	%		3.29	%		3.33	%		3.39	%
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2024
($ in thousands)
(unaudited)

Note 3 – Yields on Earning Assets and Interest-Bearing Liabilities (continued)

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.

The net interest margin decreased four basis points when compared to the fourth quarter of 2023, totaling 3.21% for the first quarter of 2024, primarily due to increased costs of interest-bearing deposits which resulted from the higher interest rate environment.

Note 4 – 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 negative hedge ineffectiveness of $1.1 million during the first quarter of 2024.

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

	Quarter Ended
	3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
Mortgage servicing income, net	$	6,934		$	6,731		$	6,916		$	6,764		$	6,785
Change in fair value-MSR from runoff		(1,926	)		(2,972	)		(3,203	)		(2,710	)		(1,145	)
Gain on sales of loans, net		5,009			3,913			3,748			3,887			3,797
Mortgage banking income before hedge <br> ineffectiveness		10,017			7,672			7,461			7,941			9,437
Change in fair value-MSR from market changes		5,123			(10,224	)		6,809			5,898			(3,972	)
Change in fair value of derivatives		(6,225	)		8,071			(7,812	)		(7,239	)		2,174
Net positive (negative) hedge ineffectiveness		(1,102	)		(2,153	)		(1,003	)		(1,341	)		(1,798	)
Mortgage banking, net	$	8,915		$	5,519		$	6,458		$	6,600		$	7,639
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2024
($ in thousands)
(unaudited)

Note 5 – Other Noninterest Income and Expense

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

	Quarter Ended
	3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
Partnership amortization for tax credit purposes	$	(1,834	)	$	(2,013	)	$	(1,995	)	$	(2,019	)	$	(1,961	)
Increase in life insurance cash surrender value		1,844			1,825			1,784			1,716			1,693
Other miscellaneous income		3,622			2,767			2,610			3,998			2,782
Total other, net	$	3,632		$	2,579		$	2,399		$	3,695		$	2,514

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
	3/31/2024		12/31/2023			9/30/2023			6/30/2023		3/31/2023
Loan expense	$	2,955	$	2,380		$	3,130		$	3,066	$	2,538
Amortization of intangibles		120		128			129			130		288
FDIC assessment expense		4,509		4,844			3,765			2,550		2,370
Other real estate expense, net		671		(184	)		(40	)		171		172
Other miscellaneous expense		8,713		9,473			8,714			8,585		9,443
Total other expense	$	16,968	$	16,641		$	15,698		$	14,502	$	14,811

Note 6 – Non-GAAP Financial Measures

In addition to capital ratios defined by 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’s Common Equity Tier 1 capital includes common stock, capital surplus and retained earnings, and is reduced by goodwill and other intangible assets, net of associated net deferred tax liabilities as well as disallowed deferred tax assets and threshold deductions as applicable.

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 intangible 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 audited consolidated financial statements and the notes related thereto in their entirety and not to rely on any single financial measure.

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2024
($ in thousands except per share data)
(unaudited)

Note 6 – Non-GAAP Financial Measures (continued)

		Quarter Ended
		3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
TANGIBLE EQUITY
AVERAGE BALANCES
Total shareholders' equity		$	1,676,521		$	1,592,493		$	1,582,885		$	1,580,291		$	1,523,828
Less: Goodwill			(384,237	)		(384,237	)		(384,237	)		(384,237	)		(384,237	)
Identifiable intangible assets			(2,920	)		(3,044	)		(3,174	)		(3,301	)		(3,523	)
Total average tangible equity		$	1,289,364		$	1,205,212		$	1,195,474		$	1,192,753		$	1,136,068
PERIOD END BALANCES
Total shareholders' equity		$	1,682,599		$	1,661,847		$	1,570,351		$	1,571,193		$	1,562,099
Less: Goodwill			(384,237	)		(384,237	)		(384,237	)		(384,237	)		(384,237	)
Identifiable intangible assets			(2,845	)		(2,965	)		(3,093	)		(3,222	)		(3,352	)
Total tangible equity	(a)	$	1,295,517		$	1,274,645		$	1,183,021		$	1,183,734		$	1,174,510
TANGIBLE ASSETS
Total assets		$	18,376,612		$	18,722,189		$	18,390,839		$	18,422,626		$	18,877,178
Less: Goodwill			(384,237	)		(384,237	)		(384,237	)		(384,237	)		(384,237	)
Identifiable intangible assets			(2,845	)		(2,965	)		(3,093	)		(3,222	)		(3,352	)
Total tangible assets	(b)	$	17,989,530		$	18,334,987		$	18,003,509		$	18,035,167		$	18,489,589
Risk-weighted assets	(c)	$	15,257,385		$	15,153,263		$	15,143,531		$	14,966,614		$	14,793,893
NET INCOME (LOSS) ADJUSTED FOR INTANGIBLE AMORTIZATION
Net income (loss)		$	41,535		$	36,123		$	34,029		$	45,037		$	50,300
Plus: Intangible amortization net of tax			90			96			96			97			216
Net income (loss) adjusted for intangible amortization		$	41,625		$	36,219		$	34,125		$	45,134		$	50,516
Period end common shares outstanding	(d)		61,178,366			61,071,173			61,070,095			61,069,036			61,048,516
TANGIBLE COMMON EQUITY MEASUREMENTS
Return on average tangible equity (1)			12.98	%		11.92	%		11.32	%		15.18	%		18.03	%
Tangible equity/tangible assets	(a)/(b)		7.20	%		6.95	%		6.57	%		6.56	%		6.35	%
Tangible equity/risk-weighted assets	(a)/(c)		8.49	%		8.41	%		7.81	%		7.91	%		7.94	%
Tangible book value	(a)/(d)*1,000	$	21.18		$	20.87		$	19.37		$	19.38		$	19.24
COMMON EQUITY TIER 1 CAPITAL (CET1)
Total shareholders' equity		$	1,682,599		$	1,661,847		$	1,570,351		$	1,571,193		$	1,562,099
CECL transition adjustment			6,500			13,000			13,000			13,000			13,000
AOCI-related adjustments			227,154			219,723			287,888			265,704			242,381
CET1 adjustments and deductions:
Goodwill net of associated deferred <br> tax liabilities (DTLs)			(370,205	)		(370,212	)		(370,219	)		(370,227	)		(370,234	)
Other adjustments and deductions <br> for CET1 (2)			(2,588	)		(2,693	)		(2,803	)		(2,915	)		(3,275	)
CET1 capital	(e)		1,543,460			1,521,665			1,498,217			1,476,755			1,443,971
Additional tier 1 capital instruments <br> plus related surplus			60,000			60,000			60,000			60,000			60,000
Tier 1 capital		$	1,603,460		$	1,581,665		$	1,558,217		$	1,536,755		$	1,503,971
Common equity tier 1 capital ratio	(e)/(c)		10.12	%		10.04	%		9.89	%		9.87	%		9.76	%

(1) Calculation = ((net income (loss) 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
March 31, 2024
($ in thousands except per share data)
(unaudited)

Note 6 – 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
			3/31/2024		12/31/2023			9/30/2023			6/30/2023		3/31/2023
Net interest income (GAAP)			$	132,830	$	136,742		$	138,637		$	139,904	$	137,595
Noninterest income (GAAP)				55,349		49,804			52,224			53,553		51,377
Pre-provision revenue		(a)	$	188,179	$	186,546		$	190,861		$	193,457	$	188,972
Noninterest expense (GAAP)			$	131,146	$	136,429		$	140,945		$	132,218	$	128,327
Less:	Reduction in force expense			—		(1,406	)		—			—		—
	Litigation settlement expense			—		—			(6,500	)		—		—
Adjusted noninterest expense - PPNR (Non-GAAP)		(b)	$	131,146	$	135,023		$	134,445		$	132,218	$	128,327
PPNR (Non-GAAP)		(a)-(b)	$	57,033	$	51,523		$	56,416		$	61,239	$	60,645

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

			Quarter Ended
			3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
Total noninterest expense (GAAP)			$	131,146		$	136,429		$	140,945		$	132,218		$	128,327
Less:	Other real estate expense, net			(671	)		184			40			(171	)		(172	)
	Amortization of intangibles			(120	)		(128	)		(129	)		(130	)		(288	)
	Charitable contributions resulting in <br> state tax credits			(300	)		(325	)		(325	)		(325	)		(325	)
	Reduction in force expense			—			(1,406	)		—			—			—
	Litigation settlement expense			—			—			(6,500	)		—			—
Adjusted noninterest expense (Non-GAAP)		(c)	$	130,055		$	134,754		$	134,031		$	131,592		$	127,542
Net interest income (GAAP)			$	132,830		$	136,742		$	138,637		$	139,904		$	137,595
Add:	Tax equivalent adjustment			3,365			3,306			3,299			3,383			3,477
Net interest income-FTE (Non-GAAP)		(a)	$	136,195		$	140,048		$	141,936		$	143,287		$	141,072
Noninterest income (GAAP)			$	55,349		$	49,804		$	52,224		$	53,553		$	51,377
Add:	Partnership amortization for tax credit purposes			1,834			2,013			1,995			2,019			1,961
Less:	Securities (gains) losses, net			—			(39	)		—			—			—
Adjusted noninterest income (Non-GAAP)		(b)	$	57,183		$	51,778		$	54,219		$	55,572		$	53,338
Adjusted revenue (Non-GAAP)		(a)+(b)	$	193,378		$	191,826		$	196,155		$	198,859		$	194,410
Efficiency ratio (Non-GAAP)		(c)/((a)+(b))		67.25	%		70.25	%		68.33	%		66.17	%		65.60	%

EX-99.3

Exhibit 99.3

News Release

Trustmark Announces Agreement to Sell Fisher Brown Bottrell Insurance, Inc.

to Marsh & McLennan Agency LLC

JACKSON, Miss. – April 23, 2024 – Trustmark National Bank today announced that it has entered into a definitive agreement to sell its wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc., (“FBBINSURANCE”) to Marsh & McLennan Agency LLC for $345 million in cash. Trustmark National Bank is a wholly owned subsidiary of Trustmark Corporation (NASDAQGS: TRMK).

Transaction Highlights

• The sale of FBBINSURANCE, among the five largest bank-affiliated insurance brokerages in the nation and one of the largest agencies in the Southeast, is expected to allow Trustmark to capitalize on the strong valuation premiums in the insurance brokerage sector. The $345 million transaction value represents approximately 5.9 times FBBINSURANCE’s 2023 revenue and 28.0 times net income.

• Estimated after-tax proceeds of $228 million are expected to be used to reposition Trustmark’s balance sheet to increase earnings, elevate profitability, and enhance capital.

Duane A. Dewey, President and CEO of Trustmark, stated, “Trustmark entered the insurance brokerage business 25 years ago. Since then, the agency has grown from a single office in Jackson to ten offices across Mississippi, Alabama, and Florida to become one of the largest bank-affiliated insurance brokerages in the country, and one of the largest in the Southeast. The FBBINSURANCE team has done a tremendous job of building a premier agency through their dedication to providing risk management solutions and unparalleled service to their clients. With the quality of our team and the strength Marsh McLennan Agency brings to bear, we look forward to working with them in a new capacity.”

Scott Woods, President of FBBINSURANCE, commented, “Trustmark has been an outstanding partner, supporting our growth and development. This next chapter in the life of the agency will serve as a catalyst for greater benefits for our clients and new opportunities for our associates as we gain enhanced access to MMA’s global resources. They are a world-class agency that is committed to their culture, customers, communities, and associates, and we look forward to joining their team.”

Peter Krause, President and CEO of Marsh McLennan Agency’s Southeast region, commented, “FBBINSURANCE’s strong regional presence, client-focused approach, and terrific leadership were very attractive as we looked for a high-quality agency to expand our presence in the Southeast. I look forward to working with Scott and the entire FBBINSURANCE team in delivering best-in-class solutions that address the growing risk management and benefit needs of businesses and individuals in the region.”

FBBINSURANCE anticipates that the transaction, which is subject to standard closing conditions and regulatory approval, will close by the end of the second quarter of 2024. In connection with the sale, current leadership and employees of FBBINSURANCE are expected to join Marsh McLennan Agency.

Morgan Stanley & Co. LLC and KPMG served as financial advisors and Covington & Burling LLP and Brunini, Grantham, Grower & Hewes PLLC served as legal counsel to Trustmark.

About Trustmark

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

About FBBINSURANCE

FBBINSURANCE is among the five largest bank-affiliated insurance agencies in the U.S. and one of the largest agencies in the southeast, focusing on commercial, personal, and employee benefits insurance and surety. Headquartered in Jackson, Mississippi, FBBINSURANCE has 10 offices across Mississippi, Florida and Alabama and is licensed and doing business in all 50 states.

Forward-Looking Statements

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