Equibles

8-K

TRUSTMARK CORP (TRMK)

8-K 2026-01-27 For: 2026-01-27
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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 27, 2026

Date of Report (Date of earliest event reported)

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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 January 27, 2026, Trustmark Corporation issued a press release announcing its financial results for the period ended December 31, 2025. 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, 2025
99.2 Investor slide presentation for the period ended December 31, 2025
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 27, 2026

EX-99.1

Exhibit 99.1

News Release

Trustmark Corporation Announces Fourth Quarter and Fiscal Year 2025 Financial Results

Performance Reflects Continued Loan and Deposit Growth,

Solid Credit Quality, Expanded Revenue, and Strong Profitability Metrics

JACKSON, Miss. – January 27, 2026 – Trustmark Corporation (NASDAQGS:TRMK) reported net income of $57.9 million in the fourth quarter of 2025, representing diluted earnings per share of $0.97. For the full year, Trustmark’s net income totaled $224.1 million, representing diluted earnings per share of $3.70. Trustmark’s net income in 2025 produced a return on average tangible equity of 12.97% and a return on average assets of 1.21%.

Trustmark’s Board of Directors announced a 4.2% increase in its regular quarterly dividend to $0.25 per share from $0.24 per share. The Board declared the dividend payable March 15, 2026, to shareholders of record on March 1, 2026. This action, which reflects Trustmark’s profitability and financial strength, raises the indicated annual dividend rate to $1.00 per share from $0.96 per share.

2025 Highlights

  • Net interest income (FTE) totaled $647.2 million, up 8.4% in 2025, to produce a net interest margin of 3.80%, up 29 basis points from the prior year
  • Wealth management revenue totaled $40.1 million, up 7.7% in 2025
  • Mortgage banking revenue totaled $33.1 million in 2025, up 24.2% from the prior year
  • Total revenue reached a record level of $799.8 million in 2025
  • Noninterest expense totaled $512.2 million in 2025, an increase of 5.5% from the prior year
  • Loans held for investment (HFI) increased $584.3 million, or 4.5%, in 2025
  • Net charge-offs represented 0.13% of average loans in 2025
  • Deposits increased $391.6 million, or 2.6%, in 2025
  • Capital ratios remained strong during 2025
  • Repurchased 2.2 million shares of common stock, or 3.5% of shares outstanding at December 31, 2024
  • Returned approximately 61.8% of net income in 2025 to shareholders through dividends and share repurchase activity
  • Continued technology and infrastructure investments to enhance efficiency and productivity

Duane A. Dewey, President and CEO, commented, “Trustmark achieved record earnings in 2025, reflecting significant achievement across our diverse financial services businesses. Our traditional banking business drove continued loan and deposit growth, a strong net interest margin and solid credit quality. Mortgage banking achieved increased production and significant improvement in profitability while revenue in our wealth management business reached an all-time high.

“We have a tremendous team of associates focused on expanding customer relationships and demonstrating the value Trustmark can provide as their trusted financial partner. Looking forward, we will continue to build upon this momentum and pursue opportunities to leverage investments in technology that will broaden our reach, enhance customer experience, and improve efficiency. Trustmark is well-positioned to meet the needs of our customers and build long-term value for our shareholders.”

Balance Sheet Management

  • Loans HFI totaled $13.7 billion at December 31, 2025, up 0.9% from the prior quarter and 4.5% year- over-year
  • Deposits totaled $15.5 billion at December 31, 2025, down 0.8% from the previous quarter and up 2.6% year-over-year
  • Maintained strong capital position with CET1 ratio of 11.72% and total risk-based capital ratio of 14.41%
  • Enhanced capital base with issuance of $175.0 million of subordinated debt; proceeds used to repay $125.0 million of existing subordinated debt and for general corporate purposes
  • Repurchased $80.0 million, or approximately 2.2 million shares, of common stock during the year, including $43.0 million, or 1.1 million shares, in the fourth quarter of 2025

Loans HFI totaled $13.7 billion at December 31, 2025, reflecting an increase of $126.1 million, or 0.9%, linked-quarter and an increase of $584.3 million, or 4.5%, year-over-year. Trustmark’s loan portfolio remains well-diversified by loan type and geography.

Deposits totaled $15.5 billion at December 31, 2025, down $131.2 million, or 0.8%, from the prior quarter driven in part by a decrease in public fund deposits of $219.1 million. Year-over-year, deposits increased $391.6 million, or 2.6%, driven by growth in commercial and personal balances of $567.8 million, or 4.4%. Trustmark continues to maintain a strong liquidity position as loans HFI represented 88.2% of total deposits at year-end 2025. Noninterest-bearing deposits represented 19.6% of total deposits at December 31, 2025. Interest-bearing deposit costs totaled 2.16% for the fourth quarter, a decrease of 16 basis points linked-quarter, while the cost of total deposits was 1.72%, a decrease of 12 basis points from the prior quarter.

Trustmark’s capital position remained strong, reflecting the strength and diversity of its financial services businesses. During the fourth quarter of 2025, Trustmark Corporation issued $175.0 million of 6.00% fixed-to-floating rate subordinated notes due in 2035, the proceeds of which were used to repay $125.0 million of existing subordinated debt and for general corporate purposes, further strengthening its regulatory capital position. At December 31, 2025, Trustmark’s tangible equity to tangible assets ratio was 9.61%, while the total risk-based capital ratio was 14.41%.

During the fourth quarter, Trustmark repurchased $43.0 million, or approximately 1.1 million of its common shares. During the twelve months ended December 31, 2025, Trustmark repurchased $80.0 million, or approximately 2.2 million of its common shares. As previously announced, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2026, under which $100.0 million of Trustmark’s outstanding shares may be acquired through December 31, 2026. 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. Tangible book value per share was $30.28 at December 31, 2025, an increase of 2.3% from the prior quarter and 13.5% from the prior year.

Credit Quality

  • Net charge-offs (NCOs) totaled $7.6 million in the fourth quarter, including one charge-off on an individually analyzed loan totaling $5.9 million, which was reserved for in prior periods; NCOs represented 0.22% of average loans in the fourth quarter and 0.13% of average loans for the year
  • Total provision for credit losses totaled $1.2 million in the fourth quarter
  • Allowance for credit losses (ACL) represented 1.15% of loans HFI and 209.18% of nonaccrual loans, excluding individually analyzed loans at year-end

Nonaccrual loans totaled $84.4 million at December 31, 2025, an increase of $436 thousand from the prior quarter and $4.3 million year-over-year. Other real estate totaled $7.0 million, reflecting a decrease of $1.4 million from the prior quarter and an increase of $1.0 million from the prior year. Collectively, nonperforming assets totaled $91.3 million, representing 0.65% of loans HFI and held for sale at December 31, 2025.

The total provision for credit losses (loans HFI and off-balance sheet credit exposures) was $1.2 million in the fourth quarter compared to $1.7 million in the third quarter and $7.5 million in the fourth quarter of 2024. The provision for credit losses for loans HFI was a negative $550 thousand in the fourth quarter and was primarily attributable to positive credit migration partially offset by loan growth and changes in the macroeconomic forecast. The provision for credit losses for off-balance sheet credit exposures was $1.8 million in the fourth quarter, primarily driven by changes in the macroeconomic forecast and an increase in unfunded commitments partially offset by positive credit migration.

Allocation of Trustmark’s $157.1 million ACL on loans HFI represented 0.91% of commercial loans and 1.94% of consumer and home mortgage loans, resulting in an ACL to total loans HFI of 1.15% at December 31, 2025. Management believes the level of the ACL is commensurate with the credit losses currently expected in the loan portfolio.

Revenue Generation

  • Revenue totaled $204.1 million, up 0.9% linked-quarter
  • Net interest income (FTE) totaled $165.8 million in the fourth quarter, up 0.4% linked-quarter
  • Net interest margin totaled 3.81% in the fourth quarter, down 2 basis points from the prior quarter
  • Noninterest income totaled $41.2 million, up 3.3% from the prior quarter, representing 20.2% of total revenue in the fourth quarter

Revenue in the fourth quarter totaled $204.1 million, an increase of $1.7 million, or 0.9%, from the prior quarter, reflecting growth in net interest income and noninterest income. In 2025, total revenue was $799.8 million, an increase of $238.8 million, or 42.6%, compared to revenue from continuing operations in 2024 and $59.2 million, or 8.0%, relative to revenue from adjusted continuing operations(1) in the prior year.

Net interest income (FTE) in the fourth quarter totaled $165.8 million, resulting in a net interest margin of 3.81%, down 2 basis points from the prior quarter reflecting the accelerated amortization of capitalized costs related to the 2020 subordinated debt issue refinanced during the quarter. Noninterest income in the fourth quarter totaled $41.2 million, an increase of $1.3 million, or 3.3%, from the prior quarter. The linked-quarter change reflected growth in wealth management, bank card and other fees, and other, net, offset in part by declines in mortgage banking and service charges on deposit accounts revenue.

Wealth management revenue totaled $11.1 million in the fourth quarter, up 13.6% from the prior quarter and 19.5% from the prior year. The linked-quarter change is attributable to increased trust and investment management and brokerage revenue. In 2025, wealth management revenue totaled $40.1 million, up $2.9 million, or 7.7%, from the prior year, reflecting expanded brokerage and trust and investment management revenue.

Mortgage loan production in the fourth quarter totaled $393.3 million, an increase of 1.0% linked-quarter and 5.7% year-over-year. Mortgage banking revenue totaled $7.5 million in the fourth quarter, a decrease of $655 thousand from the prior quarter and an increase of $139 thousand year-over-year. The linked-quarter decrease is primarily attributable to mortgage servicing asset valuation. In 2025, mortgage loan production totaled $1.5 billion, an increase of 7.8% from the prior year. Mortgage banking revenue totaled $33.1 million in 2025, up $6.5 million, or 24.2% from the prior year.

Service charges on deposit accounts totaled $11.2 million in the fourth quarter, relatively unchanged from the prior quarter and year-over-year. In 2025, service charges on deposit accounts totaled $43.7 million, down $726 thousand, or 1.6%, from the prior year. Bank card and other fees totaled $8.6 million in the fourth quarter, an increase of $328 thousand, or 3.9%, from the prior quarter and a decrease of $71 thousand, or 0.8%, year-over-year. The linked-quarter change is principally due to increased customer derivative revenue. In 2025, bank card and other fees totaled $33.4 million and were relatively unchanged from the prior year.

Noninterest Expense

  • Noninterest expense increased $1.2 million, or 0.9%, linked-quarter
  • Salaries and employee benefits expense increased $3.6 million, or 5.0%, linked-quarter
  • Services and fees decreased $1.4 million, or 4.9%, linked-quarter
  • Other expense decreased $1.5 million, or 8.8%, linked-quarter

Noninterest expense totaled $132.2 million in the fourth quarter, an increase of $1.2 million, or 0.9%, from the prior quarter and $7.7 million, or 6.2%, year-over-year. Salaries and employee benefits expense in the fourth quarter totaled $75.1 million, an increase of $3.6 million, or 5.0%, from the prior quarter and $5.9 million, or 8.5%, year-over-year. The linked-quarter increase was driven principally by year-end incentives and brokerage commissions. Services and fees in the fourth quarter totaled $27.4 million, down $1.4 million, or 4.9%, from the prior quarter reflecting lower business process outsourcing costs and professional fees. Year-over-year, services and fees increased $677 thousand, or 2.5%. Other expense decreased $1.5 million, or 8.8%, linked-quarter to $15.0 million principally due to reduced other real estate expense, net. Year-over-year, other expense decreased $101 thousand, or 0.7%.

(1) Please refer to Consolidated Financial Information, Note 1 – Significant Non-Routine Transactions and Note 8 – Non-GAAP Financial Measures.

Additional Information

As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, January 28, 2026, 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 11, 2026, in archived format at the same web address or by calling (877) 344-7529, passcode 6669479.

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 or 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, conditions and changes, including volatility, in the credit and financial markets, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels, a slowdown in economic growth, changes in our ability to measure the fair value of assets in our portfolio, 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, 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, potential market or regulatory effects of the current United States presidential administration’s policies, changes to the credit rating of U.S. Government securities 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 Executive Vice President
Principal Financial Officer 601-208-2979
601-208-7853

F. Joseph Rein, Jr.

Executive Vice President

601-208-6898

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2025
($ in thousands)
(unaudited)
Linked Quarter Year over Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
QUARTERLY AVERAGE BALANCES 12/31/2025 9/30/2025 12/31/2024 Change % Change Change % Change
Securities AFS-taxable $ 1,815,943 $ 1,740,647 $ 1,708,226 4.3 % 6.3 %
Securities HTM-taxable 1,236,827 1,279,020 1,346,141 ) -3.3 % ) -8.1 %
Securities HTM-nontaxable — — — n/m n/m
Total securities 3,052,770 3,019,667 3,054,367 1.1 % ) -0.1 %
Loans (includes loans held for sale) 13,861,953 13,702,038 13,275,762 1.2 % 4.4 %
Other earning assets 369,748 389,021 422,083 ) -5.0 % ) -12.4 %
Total earning assets 17,284,471 17,110,726 16,752,212 1.0 % 3.2 %
Allowance for credit losses (ACL), loans held <br>   for investment (LHFI) (161,147 ) (167,775 ) (157,659 ) 4.0 % ) -2.2 %
Other assets 1,609,123 1,627,362 1,627,890 ) -1.1 % ) -1.2 %
Total assets $ 18,732,447 $ 18,570,313 $ 18,222,443 0.9 % 2.8 %
Interest-bearing demand deposits (1) $ 8,000,614 $ 7,747,480 $ 7,789,318 3.3 % 2.7 %
Savings deposits (1) 963,759 976,664 983,292 ) -1.3 % ) -2.0 %
Time deposits 3,447,188 3,439,180 3,265,358 0.2 % 5.6 %
Total interest-bearing deposits 12,411,561 12,163,324 12,037,968 2.0 % 3.1 %
Fed funds purchased and repurchases 402,772 419,802 357,798 ) -4.1 % 12.6 %
Other borrowings 178,487 283,629 218,244 ) -37.1 % ) -18.2 %
Subordinated notes 160,786 123,831 123,666 29.8 % 30.0 %
Junior subordinated debt securities 61,856 61,856 61,856 0.0 % 0.0 %
Total interest-bearing liabilities 13,215,462 13,052,442 12,799,532 1.2 % 3.2 %
Noninterest-bearing deposits 3,185,575 3,194,587 3,192,358 ) -0.3 % ) -0.2 %
Other liabilities 204,636 232,911 257,990 ) -12.1 % ) -20.7 %
Total liabilities 16,605,673 16,479,940 16,249,880 0.8 % 2.2 %
Shareholders' equity 2,126,774 2,090,373 1,972,563 1.7 % 7.8 %
Total liabilities and equity $ 18,732,447 $ 18,570,313 $ 18,222,443 0.9 % 2.8 %
(1) During the first quarter of 2025, Trustmark ceased the daily sweep from low transaction interest-bearing demand deposits to savings deposits. 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, 2025
($ in thousands)
(unaudited)
Linked Quarter Year over Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
PERIOD END BALANCES 12/31/2025 9/30/2025 12/31/2024 Change % Change Change % Change
Cash and due from banks $ 668,007 $ 732,826 $ 567,251 ) -8.8 % 17.8 %
Securities available for sale 1,876,830 1,814,245 1,692,534 3.4 % 10.9 %
Securities held to maturity 1,207,454 1,268,459 1,335,385 ) -4.8 % ) -9.6 %
Loans held for sale (LHFS) 278,789 228,141 200,307 22.2 % 39.2 %
Loans held for investment (LHFI) 13,674,233 13,548,156 13,089,942 0.9 % 4.5 %
ACL LHFI (157,071 ) (165,242 ) (160,270 ) 4.9 % 2.0 %
Net LHFI 13,517,162 13,382,914 12,929,672 1.0 % 4.5 %
Premises and equipment, net 225,658 227,805 235,410 ) -0.9 % ) -4.1 %
Mortgage servicing rights 131,289 131,676 139,317 ) -0.3 % ) -5.8 %
Goodwill 334,605 334,605 334,605 0.0 % 0.0 %
Other real estate 6,957 8,325 5,917 ) -16.4 % 17.6 %
Operating lease right-of-use assets 32,152 33,012 34,668 ) -2.6 % ) -7.3 %
Other assets (1) 646,308 639,502 677,356 1.1 % ) -4.6 %
Total assets $ 18,925,211 $ 18,801,510 $ 18,152,422 0.7 % 4.3 %
Deposits:
Noninterest-bearing $ 3,036,504 $ 3,321,132 $ 3,073,565 ) -8.6 % ) -1.2 %
Interest-bearing 12,463,280 12,309,842 12,034,610 1.2 % 3.6 %
Total deposits 15,499,784 15,630,974 15,108,175 ) -0.8 % 2.6 %
Fed funds purchased and repurchases 445,000 420,000 324,008 6.0 % 37.3 %
Other borrowings 364,762 208,366 301,541 75.1 % 21.0 %
Subordinated notes 171,966 123,867 123,702 38.8 % 39.0 %
Junior subordinated debt securities 61,856 61,856 61,856 0.0 % 0.0 %
ACL on off-balance sheet credit exposures 27,951 26,186 29,392 6.7 % ) -4.9 %
Operating lease liabilities 36,250 37,100 38,698 ) -2.3 % ) -6.3 %
Other liabilities 195,965 178,893 202,723 9.5 % ) -3.3 %
Total liabilities 16,803,534 16,687,242 16,190,095 0.7 % 3.8 %
Common stock 12,296 12,528 12,711 ) -1.9 % ) -3.3 %
Capital surplus 81,951 123,435 157,899 ) -33.6 % ) -48.1 %
Retained earnings 2,041,055 1,997,685 1,875,376 2.2 % 8.8 %
Accumulated other comprehensive <br>   income (loss), net of tax (13,625 ) (19,380 ) (83,659 ) 29.7 % 83.7 %
Total shareholders' equity 2,121,677 2,114,268 1,962,327 0.4 % 8.1 %
Total liabilities and equity $ 18,925,211 $ 18,801,510 $ 18,152,422 0.7 % 4.3 %
(1) Trustmark reclassified its identifiable intangible assets, net to other assets. The 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, 2025
($ in thousands except per share data)
(unaudited)
Quarter Ended Linked Quarter Year over Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
INCOME STATEMENTS 12/31/2025 9/30/2025 12/31/2024 Change % Change Change % Change
Interest and fees on LHFS & LHFI-FTE $ 211,716 $ 214,636 $ 211,019 ) -1.4 % 0.3 %
Interest on securities-taxable 26,587 26,625 26,196 ) -0.1 % 1.5 %
Interest on securities-tax exempt-FTE — — — n/m n/m
Other interest income 3,967 4,233 5,128 ) -6.3 % ) -22.6 %
Total interest income-FTE 242,270 245,494 242,343 ) -1.3 % ) 0.0 %
Interest on deposits 67,696 71,065 75,941 ) -4.7 % ) -10.9 %
Interest on fed funds purchased and repurchases 4,089 4,626 4,036 ) -11.6 % 1.3 %
Other interest expense 4,659 4,585 3,922 1.6 % 18.8 %
Total interest expense 76,444 80,276 83,899 ) -4.8 % ) -8.9 %
Net interest income-FTE 165,826 165,218 158,444 0.4 % 4.7 %
Provision for credit losses (PCL), LHFI (550 ) 1,390 6,960 ) n/m ) n/m
PCL, off-balance sheet credit exposures 1,765 295 502 n/m n/m
PCL, LHFI sale of 1-4 family mortgage loans — — — n/m n/m
Net interest income after provision-FTE 164,611 163,533 150,982 0.7 % 9.0 %
Service charges on deposit accounts 11,184 11,251 11,228 ) -0.6 % ) -0.4 %
Bank card and other fees 8,646 8,318 8,717 3.9 % ) -0.8 %
Mortgage banking, net 7,527 8,182 7,388 ) -8.0 % 1.9 %
Wealth management 11,133 9,798 9,319 13.6 % 19.5 %
Other, net 2,745 2,382 4,298 15.2 % ) -36.1 %
Securities gains (losses), net — — — n/m n/m
Total noninterest income (loss) 41,235 39,931 40,950 3.3 % 0.7 %
Salaries and employee benefits 75,079 71,508 69,223 5.0 % 8.5 %
Services and fees 27,369 28,777 26,692 ) -4.9 % 2.5 %
Net occupancy-premises 7,835 7,774 7,195 0.8 % 8.9 %
Equipment expense 6,878 6,410 6,208 7.3 % 10.8 %
Other expense 15,011 16,464 15,112 ) -8.8 % ) -0.7 %
Total noninterest expense 132,172 130,933 124,430 0.9 % 6.2 %
Income (loss) from continuing operations <br>   (cont. ops) before income taxes and tax eq adj 73,674 72,531 67,502 1.6 % 9.1 %
Tax equivalent adjustment 2,940 2,777 2,596 5.9 % 13.3 %
Income (loss) from cont. ops before income taxes 70,734 69,754 64,906 1.4 % 9.0 %
Income taxes from cont. ops 12,860 12,967 8,594 ) -0.8 % 49.6 %
Income (loss) from cont. ops 57,874 56,787 56,312 1.9 % 2.8 %
Income from discontinued operations <br>   (discont. ops) before income taxes — — — n/m n/m
Income taxes from discont. ops — — — n/m n/m
Income from discont. ops — — — n/m n/m
Net income $ 57,874 $ 56,787 $ 56,312 1.9 % 2.8 %
Per share data (1)
Basic earnings (loss) per share from cont. ops $ 0.97 $ 0.94 $ 0.92 3.2 % 5.4 %
Basic earnings per share from discont. ops $ — $ — $ — n/m n/m
Basic earnings per share - total $ 0.97 $ 0.94 $ 0.92 3.2 % 5.4 %
Diluted earnings (loss) per share from cont. ops $ 0.97 $ 0.94 $ 0.92 3.2 % 5.4 %
Diluted earnings per share from discont. ops $ — $ — $ — n/m n/m
Diluted earnings per share - total $ 0.97 $ 0.94 $ 0.92 3.2 % 5.4 %
Dividends per share $ 0.24 $ 0.24 $ 0.23 0.0 % 4.3 %
Weighted average shares outstanding
Basic 59,691,343 60,299,193 61,101,954
Diluted 59,950,488 60,540,158 61,367,825
Period end shares outstanding 59,012,423 60,126,376 61,008,023
(1) Due to rounding, earnings (loss) per share from continuing operations and discontinued operations may not sum to earnings per share from net income.
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, 2025
($ in thousands)
(unaudited)
Quarter Ended Linked Quarter Year over Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NONPERFORMING ASSETS 12/31/2025 9/30/2025 12/31/2024 Change % Change Change % Change
Nonaccrual LHFI
Alabama $ 4,638 $ 3,475 $ 18,601 33.5 % ) -75.1 %
Florida 442 460 305 ) -3.9 % 44.9 %
Mississippi (1) 73,045 62,502 42,203 16.9 % 73.1 %
Tennessee (2) 2,396 2,293 2,431 4.5 % ) -1.4 %
Texas 3,870 15,225 16,569 ) -74.6 % ) -76.6 %
Total nonaccrual LHFI 84,391 83,955 80,109 0.5 % 5.3 %
Other real estate
Alabama 409 656 170 ) -37.7 % n/m
Mississippi (1) 5,621 5,843 2,407 ) -3.8 % n/m
Tennessee (2) 927 927 1,079 0.0 % ) -14.1 %
Texas — 899 2,261 ) -100.0 % ) -100.0 %
Total other real estate 6,957 8,325 5,917 ) -16.4 % 17.6 %
Total nonperforming assets $ 91,348 $ 92,280 $ 86,026 ) -1.0 % 6.2 %
LOANS PAST DUE OVER 90 DAYS
LHFI $ 5,097 $ 4,853 $ 4,092 5.0 % 24.6 %
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase) $ 98,939 $ 77,859 $ 71,255 27.1 % 38.9 %
Quarter Ended Linked Quarter Year over Year
ACL LHFI 12/31/2025 9/30/2025 12/31/2024 Change % Change Change % Change
Beginning Balance $ 165,242 $ 168,237 $ 157,929 ) -1.8 % 4.6 %
PCL, LHFI (550 ) 1,390 6,960 ) n/m ) n/m
PCL, LHFI sale of 1-4 family mortgage loans — — — n/m n/m
Charge-offs, sale of 1-4 family mortgage loans — — — n/m n/m
Charge-offs (9,892 ) (6,775 ) (7,730 ) ) -46.0 % ) -28.0 %
Recoveries 2,271 2,390 3,111 ) -5.0 % ) -27.0 %
Net (charge-offs) recoveries (7,621 ) (4,385 ) (4,619 ) ) -73.8 % ) -65.0 %
Ending Balance $ 157,071 $ 165,242 $ 160,270 ) -4.9 % ) -2.0 %
NET (CHARGE-OFFS) RECOVERIES
Alabama $ (426 ) $ (3,069 ) $ (3,608 ) 86.1 % 88.2 %
Florida 204 2 8 n/m n/m
Mississippi (1) (1,468 ) (1,520 ) (1,319 ) 3.4 % ) -11.3 %
Tennessee (2) (82 ) (182 ) (208 ) 54.9 % 60.6 %
Texas (5,849 ) 384 508 ) n/m ) n/m
Total net (charge-offs) recoveries $ (7,621 ) $ (4,385 ) $ (4,619 ) ) -73.8 % ) -65.0 %
(1) Mississippi includes Central and Southern Mississippi Regions.
(2) 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, 2025
($ in thousands)
(unaudited)
Quarter Ended Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
AVERAGE BALANCES 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
Securities AFS-taxable $ 1,815,943 $ 1,740,647 $ 1,745,924 $ 1,726,291 $ 1,708,226 $ 1,757,402 $ 1,789,685
Securities HTM-taxable 1,236,827 1,279,020 1,303,195 1,325,185 1,346,141 1,285,795 1,388,531
Securities HTM-nontaxable — — — — — — 112
Total securities 3,052,770 3,019,667 3,049,119 3,051,476 3,054,367 3,043,197 3,178,328
Loans (includes loans held for sale) 13,861,953 13,702,038 13,543,505 13,320,276 13,275,762 13,608,688 13,283,829
Other earning assets 369,748 389,021 414,733 365,505 422,083 384,775 548,336
Total earning assets 17,284,471 17,110,726 17,007,357 16,737,257 16,752,212 17,036,660 17,010,493
ACL LHFI (161,147 ) (167,775 ) (166,430 ) (159,893 ) (157,659 ) (163,826 ) (148,564 )
Other assets 1,609,123 1,627,362 1,605,786 1,624,581 1,627,890 1,616,700 1,685,971
Total assets $ 18,732,447 $ 18,570,313 $ 18,446,713 $ 18,201,945 $ 18,222,443 $ 18,489,534 $ 18,547,900
Interest-bearing demand deposits (1) $ 8,000,614 $ 7,747,480 $ 7,682,684 $ 7,789,239 $ 7,789,318 $ 7,805,426 $ 7,838,499
Savings deposits (1) 963,759 976,664 989,689 993,232 983,292 980,744 1,016,373
Time deposits 3,447,188 3,439,180 3,313,420 3,160,134 3,265,358 3,341,039 3,331,543
Total interest-bearing deposits 12,411,561 12,163,324 11,985,793 11,942,605 12,037,968 12,127,209 12,186,415
Fed funds purchased and repurchases 402,772 419,802 416,104 405,189 357,798 410,984 398,884
Other borrowings 178,487 283,629 431,861 344,040 218,244 308,980 388,266
Subordinated notes 160,786 123,831 123,779 123,721 123,666 133,106 123,584
Junior subordinated debt securities 61,856 61,856 61,856 61,856 61,856 61,856 61,856
Total interest-bearing liabilities 13,215,462 13,052,442 13,019,393 12,877,411 12,799,532 13,042,135 13,159,005
Noninterest-bearing deposits 3,185,575 3,194,587 3,171,796 3,055,333 3,192,358 3,152,297 3,179,641
Other liabilities 204,636 232,911 214,315 277,647 257,990 232,178 383,627
Total liabilities 16,605,673 16,479,940 16,405,504 16,210,391 16,249,880 16,426,610 16,722,273
Shareholders' equity 2,126,774 2,090,373 2,041,209 1,991,554 1,972,563 2,062,924 1,825,627
Total liabilities and equity $ 18,732,447 $ 18,570,313 $ 18,446,713 $ 18,201,945 $ 18,222,443 $ 18,489,534 $ 18,547,900
(1) During the first quarter of 2025, Trustmark ceased the daily sweep from low transaction interest-bearing demand deposits to savings deposits. Prior periods have been reclassified accordingly.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2025
($ in thousands)
(unaudited)
PERIOD END BALANCES 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Cash and due from banks $ 668,007 $ 732,826 $ 634,402 $ 587,362 $ 567,251
Securities available for sale 1,876,830 1,814,245 1,782,092 1,737,462 1,692,534
Securities held to maturity 1,207,454 1,268,459 1,290,572 1,315,053 1,335,385
LHFS 278,789 228,141 219,649 188,689 200,307
LHFI 13,674,233 13,548,156 13,464,780 13,241,469 13,089,942
ACL LHFI (157,071 ) (165,242 ) (168,237 ) (167,010 ) (160,270 )
Net LHFI 13,517,162 13,382,914 13,296,543 13,074,459 12,929,672
Premises and equipment, net 225,658 227,805 228,964 231,202 235,410
Mortgage servicing rights 131,289 131,676 132,702 134,395 139,317
Goodwill 334,605 334,605 334,605 334,605 334,605
Other real estate 6,957 8,325 8,972 8,348 5,917
Operating lease right-of-use assets 32,152 33,012 34,016 33,861 34,668
Other assets (1) 646,308 639,502 653,142 650,767 677,356
Total assets $ 18,925,211 $ 18,801,510 $ 18,615,659 $ 18,296,203 $ 18,152,422
Deposits:
Noninterest-bearing $ 3,036,504 $ 3,321,132 $ 3,135,435 $ 3,069,929 $ 3,073,565
Interest-bearing 12,463,280 12,309,842 11,980,426 12,010,775 12,034,610
Total deposits 15,499,784 15,630,974 15,115,861 15,080,704 15,108,175
Fed funds purchased and repurchases 445,000 420,000 456,326 360,080 324,008
Other borrowings 364,762 208,366 558,654 404,815 301,541
Subordinated notes 171,966 123,867 123,812 123,757 123,702
Junior subordinated debt securities 61,856 61,856 61,856 61,856 61,856
ACL on off-balance sheet credit exposures 27,951 26,186 25,891 26,561 29,392
Operating lease liabilities 36,250 37,100 38,091 37,917 38,698
Other liabilities 195,965 178,893 164,379 179,286 202,723
Total liabilities 16,803,534 16,687,242 16,544,870 16,274,976 16,190,095
Common stock 12,296 12,528 12,585 12,651 12,711
Capital surplus 81,951 123,435 133,195 143,001 157,899
Retained earnings 2,041,055 1,997,685 1,955,498 1,914,277 1,875,376
Accumulated other comprehensive income (loss), <br>   net of tax (13,625 ) (19,380 ) (30,489 ) (48,702 ) (83,659 )
Total shareholders' equity 2,121,677 2,114,268 2,070,789 2,021,227 1,962,327
Total liabilities and equity $ 18,925,211 $ 18,801,510 $ 18,615,659 $ 18,296,203 $ 18,152,422
(1) Trustmark reclassified its identifiable intangible assets, net to other assets. The prior periods have been reclassified accordingly.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2025
($ in thousands except per share data)
(unaudited)
Quarter Ended Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
INCOME STATEMENTS 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
Interest and fees on LHFS & LHFI-FTE $ 211,716 $ 214,636 $ 209,077 $ 201,929 $ 211,019 $ 837,358 $ 857,307
Interest on securities-taxable 26,587 26,625 26,269 26,056 26,196 105,537 85,921
Interest on securities-tax exempt-FTE — — — — — — 5
Other interest income 3,967 4,233 4,734 3,846 5,128 16,780 29,667
Total interest income-FTE 242,270 245,494 240,080 231,831 242,343 959,675 972,900
Interest on deposits 67,696 71,065 68,177 67,718 75,941 274,656 329,381
Interest on fed funds purchased and repurchases 4,089 4,626 4,513 4,298 4,036 17,526 20,154
Other interest expense 4,659 4,585 5,982 5,076 3,922 20,302 26,374
Total interest expense 76,444 80,276 78,672 77,092 83,899 312,484 375,909
Net interest income-FTE 165,826 165,218 161,408 154,739 158,444 647,191 596,991
PCL, LHFI (550 ) 1,390 5,346 8,125 6,960 14,311 37,287
PCL, off-balance sheet credit exposures 1,765 295 (670 ) (2,831 ) 502 (1,441 ) (4,665 )
PCL, LHFI sale of 1-4 family mortgage loans — — — — — — 8,633
Net interest income after provision-FTE 164,611 163,533 156,732 149,445 150,982 634,321 555,736
Service charges on deposit accounts 11,184 11,251 10,585 10,636 11,228 43,656 44,382
Bank card and other fees 8,646 8,318 8,754 7,664 8,717 33,382 33,301
Mortgage banking, net 7,527 8,182 8,602 8,771 7,388 33,082 26,626
Wealth management 11,133 9,798 9,638 9,543 9,319 40,112 37,251
Other, net 2,745 2,382 2,311 5,970 4,298 13,408 17,813
Securities gains (losses), net — — — — — — (182,792 )
Total noninterest income (loss) 41,235 39,931 39,890 42,584 40,950 163,640 (23,419 )
Salaries and employee benefits 75,079 71,508 68,298 68,492 69,223 283,377 266,239
Services and fees 27,369 28,777 26,998 26,247 26,692 109,391 101,590
Net occupancy-premises 7,835 7,774 7,507 7,385 7,195 30,501 29,128
Equipment expense 6,878 6,410 6,206 6,308 6,208 25,802 24,915
Other expense 15,011 16,464 16,105 15,579 15,112 63,159 63,818
Total noninterest expense 132,172 130,933 125,114 124,011 124,430 512,230 485,690
Income (loss) from continuing operations <br>   (cont. ops) before income taxes and tax eq adj 73,674 72,531 71,508 68,018 67,502 285,731 46,627
Tax equivalent adjustment 2,940 2,777 2,652 2,684 2,596 11,053 12,570
Income (loss) from cont. ops before <br>   income taxes 70,734 69,754 68,856 65,334 64,906 274,678 34,057
Income taxes from cont. ops 12,860 12,967 13,015 11,701 8,594 50,543 (11,153 )
Income (loss) from cont. ops 57,874 56,787 55,841 53,633 56,312 224,135 45,210
Income from discontinued operations <br>   (discont. ops) before income taxes — — — — — — 237,152
Income taxes from discont. ops — — — — — — 59,353
Income from discont. ops — — — — — — 177,799
Net income $ 57,874 $ 56,787 $ 55,841 $ 53,633 $ 56,312 $ 224,135 $ 223,009
Per share data (1)
Basic earnings (loss) per share from cont. ops $ 0.97 $ 0.94 $ 0.92 $ 0.88 $ 0.92 $ 3.72 $ 0.74
Basic earnings per share from discont. ops $ — $ — $ — $ — $ — $ — $ 2.91
Basic earnings per share - total $ 0.97 $ 0.94 $ 0.92 $ 0.88 $ 0.92 $ 3.72 $ 3.65
Diluted earnings (loss) per share from cont. ops $ 0.97 $ 0.94 $ 0.92 $ 0.88 $ 0.92 $ 3.70 $ 0.74
Diluted earnings per share from discont. ops $ — $ — $ — $ — $ — $ — $ 2.90
Diluted earnings per share - total $ 0.97 $ 0.94 $ 0.92 $ 0.88 $ 0.92 $ 3.70 $ 3.63
Dividends per share $ 0.24 $ 0.24 $ 0.24 $ 0.24 $ 0.23 $ 0.96 $ 0.92
Weighted average shares outstanding
Basic 59,691,343 60,299,193 60,462,578 60,799,984 61,101,954 60,310,198 61,158,427
Diluted 59,950,488 60,540,158 60,693,515 61,049,120 61,367,825 60,542,187 61,384,221
Period end shares outstanding 59,012,423 60,126,376 60,401,684 60,718,411 61,008,023 59,012,423 61,008,023
(1) Due to rounding, earnings (loss) per share from continuing operations and discontinued operations may not sum to earnings per share from net income.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2025
($ in thousands)
(unaudited)
Quarter Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NONPERFORMING ASSETS 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024
Nonaccrual LHFI
Alabama $ 4,638 $ 3,475 $ 8,422 $ 18,633 $ 18,601
Florida 442 460 437 391 305
Mississippi (1) 73,045 62,502 54,015 49,107 42,203
Tennessee (2) 2,396 2,293 2,232 2,339 2,431
Texas 3,870 15,225 15,894 16,150 16,569
Total nonaccrual LHFI 84,391 83,955 81,000 86,620 80,109
Other real estate
Alabama 409 656 772 271 170
Mississippi (1) 5,621 5,843 4,860 4,837 2,407
Tennessee (2) 927 927 1,079 979 1,079
Texas — 899 2,261 2,261 2,261
Total other real estate 6,957 8,325 8,972 8,348 5,917
Total nonperforming assets $ 91,348 $ 92,280 $ 89,972 $ 94,968 $ 86,026
LOANS PAST DUE OVER 90 DAYS
LHFI $ 5,097 $ 4,853 $ 3,854 $ 4,355 $ 4,092
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase) $ 98,939 $ 77,859 $ 75,564 $ 71,720 $ 71,255
Quarter Ended Year Ended
ACL LHFI 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
Beginning Balance $ 165,242 $ 168,237 $ 167,010 $ 160,270 $ 157,929 $ 160,270 $ 139,367
PCL, LHFI (550 ) 1,390 5,346 8,125 6,960 14,311 37,287
PCL, LHFI sale of 1-4 family mortgage loans — — — — — — 8,633
Charge-offs, sale of 1-4 family mortgage loans — — — — — — (8,633 )
Charge-offs (9,892 ) (6,775 ) (6,380 ) (3,701 ) (7,730 ) (26,748 ) (26,316 )
Recoveries 2,271 2,390 2,261 2,316 3,111 9,238 9,932
Net (charge-offs) recoveries (7,621 ) (4,385 ) (4,119 ) (1,385 ) (4,619 ) (17,510 ) (25,017 )
Ending Balance $ 157,071 $ 165,242 $ 168,237 $ 167,010 $ 160,270 $ 157,071 $ 160,270
NET (CHARGE-OFFS) RECOVERIES
Alabama $ (426 ) $ (3,069 ) $ (2,331 ) $ (207 ) $ (3,608 ) $ (6,033 ) $ (6,988 )
Florida 204 2 151 (17 ) 8 340 884
Mississippi (1) (1,468 ) (1,520 ) (1,647 ) (755 ) (1,319 ) (5,390 ) (13,801 )
Tennessee (2) (82 ) (182 ) (258 ) (301 ) (208 ) (823 ) (805 )
Texas (5,849 ) 384 (34 ) (105 ) 508 (5,604 ) (4,307 )
Total net (charge-offs) recoveries $ (7,621 ) $ (4,385 ) $ (4,119 ) $ (1,385 ) $ (4,619 ) $ (17,510 ) $ (25,017 )
(1) Mississippi includes Central and Southern Mississippi Regions.
(2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2025
(unaudited)
Quarter Ended Year Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL RATIOS AND OTHER DATA 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
Return on average equity from continuing operations 10.80 % 10.78 % 10.97 % 10.92 % 11.36 % 10.86 % 2.48 %
Return on average equity from adjusted <br>   continuing operations (1) n/a n/a n/a n/a n/a n/a 10.34 %
Return on average equity - total 10.80 % 10.78 % 10.97 % 10.92 % 11.36 % 10.86 % 12.22 %
Return on average tangible equity from <br>   continuing operations 12.82 % 12.84 % 13.13 % 13.13 % 13.68 % 12.97 % 3.04 %
Return on average tangible equity from adjusted <br>   continuing operations (1) n/a n/a n/a n/a n/a n/a 12.71 %
Return on average tangible equity - total 12.82 % 12.84 % 13.13 % 13.13 % 13.68 % 12.97 % 15.20 %
Return on average assets from continuing operations 1.23 % 1.21 % 1.21 % 1.19 % 1.23 % 1.21 % 0.24 %
Return on average assets from adjusted <br>   continuing operations (1) n/a n/a n/a n/a n/a n/a 1.01 %
Return on average assets - total 1.23 % 1.21 % 1.21 % 1.19 % 1.23 % 1.21 % 1.20 %
Interest margin - Yield - FTE 5.56 % 5.69 % 5.66 % 5.62 % 5.76 % 5.63 % 5.72 %
Interest margin - Cost 1.75 % 1.86 % 1.86 % 1.87 % 1.99 % 1.83 % 2.21 %
Net interest margin - FTE 3.81 % 3.83 % 3.81 % 3.75 % 3.76 % 3.80 % 3.51 %
Efficiency ratio (2) 62.69 % 61.98 % 61.24 % 61.77 % 61.77 % 61.93 % 63.26 %
Full-time equivalent employees 2,543 2,539 2,510 2,506 2,500
CREDIT QUALITY RATIOS
Net (recoveries) charge-offs (excl sale of <br>   1-4 family mortgage loans) / average loans 0.22 % 0.13 % 0.12 % 0.04 % 0.14 % 0.13 % 0.12 %
PCL, LHFI (excl PCL, LHFI sale of <br>    1-4 family mortgage loans) / average loans -0.02 % 0.04 % 0.16 % 0.25 % 0.21 % 0.11 % 0.28 %
Nonaccrual LHFI / (LHFI + LHFS) 0.60 % 0.61 % 0.59 % 0.64 % 0.60 %
Nonperforming assets / (LHFI + LHFS) 0.65 % 0.67 % 0.66 % 0.71 % 0.65 %
Nonperforming assets / (LHFI + LHFS <br>   + other real estate) 0.65 % 0.67 % 0.66 % 0.71 % 0.65 %
ACL LHFI / LHFI 1.15 % 1.22 % 1.25 % 1.26 % 1.22 %
ACL LHFI-commercial / commercial LHFI 0.91 % 1.00 % 1.07 % 1.11 % 1.10 %
ACL LHFI-consumer / consumer and <br>   home mortgage LHFI 1.94 % 1.95 % 1.83 % 1.76 % 1.62 %
ACL LHFI / nonaccrual LHFI 186.12 % 196.82 % 207.70 % 192.81 % 200.06 %
ACL LHFI / nonaccrual LHFI <br>   (excl individually analyzed loans) 209.18 % 239.69 % 272.20 % 296.41 % 341.20 %
CAPITAL RATIOS
Total equity / total assets 11.21 % 11.25 % 11.12 % 11.05 % 10.81 %
Tangible equity / tangible assets 9.61 % 9.64 % 9.50 % 9.39 % 9.13 %
Tangible equity / risk-weighted assets 11.54 % 11.66 % 11.41 % 11.23 % 10.86 %
Tier 1 leverage ratio 10.18 % 10.26 % 10.15 % 10.11 % 9.99 %
Common equity tier 1 capital ratio 11.72 % 11.88 % 11.70 % 11.63 % 11.54 %
Tier 1 risk-based capital ratio 12.11 % 12.27 % 12.09 % 12.03 % 11.94 %
Total risk-based capital ratio 14.41 % 14.33 % 14.15 % 14.10 % 13.97 %
STOCK PERFORMANCE
Market value-Close $ 38.95 $ 39.60 $ 36.46 $ 34.49 $ 35.37
Book value $ 35.95 $ 35.16 $ 34.28 $ 33.29 $ 32.17
Tangible book value $ 30.28 $ 29.60 $ 28.74 $ 27.78 $ 26.68
(1) Adjusted continuing operations excludes significant non-routine transactions. See Note 8 - Non-GAAP Financial Measures
in the Notes to the Consolidated Financials.
(2) See Note 8 - Non-GAAP Financial Measures in the Notes to Consolidated Financials for Trustmark’s efficiency ratio calculation.
n/a - not applicable

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2025
($ in thousands)
(unaudited)

Note 1 - Significant Non-Routine Transactions

Trustmark completed the following significant non-routine transactions during the second quarter of 2024. The gains and losses described below are reflected in the year ended December 31, 2024 in the Consolidated Financial Information as well as the relevant tables in the Notes to Consolidated Financials:

  • On May 31, 2024, Trustmark Bank (TB) closed the sale of its wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc., (FBBI) to Marsh & McLennan Agency LLC, consistent with the terms as previously announced on April 23, 2024. TB is a wholly owned subsidiary of Trustmark Corporation (Trustmark). Trustmark recognized a gain on the sale of $228.3 million ($171.2 million, net of taxes) in income from discontinued operations. The operations of FBBI are also included in discontinued operations for the applicable periods presented.
  • Trustmark restructured its investment securities portfolio by selling $1.561 billion of available for sale securities with an average yield of 1.36%, which generated a loss of $182.8 million ($137.1 million, net of taxes) and was recorded to noninterest income in securities gains (losses), net. Trustmark purchased $1.378 billion of available for sale securities with an average yield of 4.85%.
  • Trustmark sold a portfolio of 1-4 family mortgage loans that were three payments delinquent and/or nonaccrual at the time of selection totaling $56.2 million, which resulted in a loss of $13.4 million ($10.1 million, net of taxes). The portion of the loss related to credit totaled $8.6 million and was recorded as adjustments to charge-offs and the provision for credit losses. The noncredit-related portion of the loss totaled $4.8 million and was recorded to noninterest income in other, net.
  • In the second quarter of 2024, Visa and TB completed an exchange, offered by Visa, in which TB received Visa B-2 shares and Visa C shares for its Visa B-1 shares. The Visa C shares that were received by TB were recognized at fair value, which resulted in a gain of $8.1 million ($6.0 million, net of taxes) and recorded to noninterest income in other, net during the second quarter of 2024. During the third quarter of 2024, TB sold all of the Visa C shares for approximately the same carrying value at June 30, 2024. The Visa B-2 shares were recorded at their nominal carrying value.

Note 2 – Subordinated Notes Payable

During the fourth quarter of 2025, Trustmark agreed to issue and sell $175.0 million aggregate principal amount of its 6.00% Fixed-to-Floating Rate Subordinated Notes (the Notes) due December 1, 2035. The Notes were sold at an underwriting discount of 1.1%, resulting in net proceeds to Trustmark of $173.1 million before deducting offering expenses. Trustmark used the net proceeds from the offering, after the payment of offering expenses, to repay the existing $125.0 million of aggregate principal amount of its outstanding 3.625% Fixed-to-Floating Rate Subordinated Notes due December 1, 2030 plus accrued interest, and for general corporate purposes.

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 TB. The Notes qualify as Tier 2 capital for Trustmark. The Notes may be redeemed at Trustmark’s option under certain circumstances.

From and including the date of issuance to, but excluding, December 1, 2030 (unless redeemed prior to such date), the Notes bear interest at a rate of 6.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, commencing on June 1, 2026. From and including December 1, 2030 to, but excluding, the maturity date (unless redeemed prior to such date), the Notes will bear interest at a floating rate per year equal to the Three-Month Term Secured Overnight Financing Rate (SOFR), plus 260 basis points, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on March 1, 2031.

At December 31, 2025, the carrying amount of the Notes was $172.0 million.

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2025
($ in thousands)
(unaudited)

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:

12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities $ 208,948 $ 208,269 $ 215,679 $ 212,463 $ 202,669
U.S. Government agency obligations 70,849 70,535 65,800 49,325 38,807
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA 38,535 35,806 34,070 28,108 28,411
Issued by FNMA and FHLMC 1,187,759 1,126,931 1,109,203 1,090,137 1,070,538
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA 370,739 372,704 357,340 357,429 352,109
Total securities available for sale $ 1,876,830 $ 1,814,245 $ 1,782,092 $ 1,737,462 $ 1,692,534
SECURITIES HELD TO MATURITY
U.S. Treasury securities $ 30,615 $ 30,421 $ 30,226 $ 30,033 $ 29,842
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA 13,154 14,353 14,750 15,726 16,218
Issued by FNMA and FHLMC 372,311 384,625 398,161 411,454 423,372
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA 96,667 103,041 109,697 116,969 123,685
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA 694,707 736,019 737,738 740,871 742,268
Total securities held to maturity $ 1,207,454 $ 1,268,459 $ 1,290,572 $ 1,315,053 $ 1,335,385

At December 31, 2025, 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 $36.3 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 100.0% of the portfolio in U.S. Treasury securities, direct obligations of government agencies and GSE-backed obligations. 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 and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE.

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2025
($ in thousands)
(unaudited)

Note 4 – Loan Composition

LHFI consisted of the following during the periods presented:

LHFI BY TYPE 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024
Loans secured by real estate:
Construction, land development and <br>   other land loans $ 1,144,591 $ 1,241,827 $ 1,355,223 $ 1,321,631 $ 1,417,148
Secured by 1-4 family residential properties 3,056,189 3,054,869 3,057,362 2,973,978 2,949,543
Secured by nonfarm, nonresidential properties 3,304,523 3,299,819 3,478,932 3,532,842 3,533,282
Other real estate secured 2,124,272 2,055,712 1,918,341 1,876,459 1,633,830
Commercial and industrial loans 1,999,464 1,903,606 1,832,295 1,765,893 1,840,722
Consumer loans 159,158 151,287 149,395 154,623 151,443
State and other political subdivision loans 1,061,584 1,028,396 961,251 974,300 969,836
Other loans and leases 824,452 812,640 711,981 641,743 594,138
LHFI 13,674,233 13,548,156 13,464,780 13,241,469 13,089,942
ACL LHFI (157,071 ) (165,242 ) (168,237 ) (167,010 ) (160,270 )
Net LHFI $ 13,517,162 $ 13,382,914 $ 13,296,543 $ 13,074,459 $ 12,929,672

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:

December 31, 2025
LHFI - COMPOSITION BY REGION Total Alabama Florida Georgia 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 <br>   other land loans $ 1,144,591 $ 437,797 $ 25,280 $ 175,644 $ 251,055 $ 36,569 $ 218,246
Secured by 1-4 family residential properties 3,056,189 167,686 66,790 — 2,688,718 90,574 42,421
Secured by nonfarm, nonresidential properties 3,304,523 800,973 179,726 58,886 1,527,022 127,681 610,235
Other real estate secured 2,124,272 861,247 1,621 222,998 613,766 7,231 417,409
Commercial and industrial loans 1,999,464 545,831 21,092 352,448 697,450 139,002 243,641
Consumer loans 159,158 21,085 7,262 — 91,170 13,418 26,223
State and other political subdivision loans 1,061,584 48,938 56,720 4,690 826,565 26,563 98,108
Other loans and leases 824,452 22,510 4,320 440,254 249,691 50,813 56,864
Loans $ 13,674,233 $ 2,906,067 $ 362,811 $ 1,254,920 $ 6,945,437 $ 491,851 $ 1,713,147
CONSTRUCTION, LAND DEVELOPMENT AND OTHER LAND LOANS BY REGION
Lots $ 74,904 33,841 $ 7,462 $ — $ 14,027 $ 2,437 $ 17,137
Development 84,030 37,633 264 — 18,518 11,600 16,015
Unimproved land 82,353 20,122 7,654 — 19,775 5,770 29,032
1-4 family construction 308,066 161,093 9,900 17,360 68,252 16,424 35,037
Other construction 595,238 185,108 — 158,284 130,483 338 121,025
Construction, land development <br>   and other land loans $ 1,144,591 $ 437,797 $ 25,280 $ 175,644 $ 251,055 $ 36,569 $ 218,246
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2025
($ in thousands)
(unaudited)

Note 4 – Loan Composition (continued)

December 31, 2025
Total Alabama Florida Georgia 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 $ 243,503 $ 88,620 $ 12,965 $ — $ 58,166 $ 19,036 $ 64,716
Office 225,849 82,704 17,475 — 85,278 2,704 37,688
Hotel/motel 234,897 120,008 40,827 — 52,033 22,029 —
Mini-storage 176,575 46,991 1,325 40,886 86,352 569 452
Industrial & warehouses 508,016 88,654 17,670 18,000 246,846 2,442 134,404
Health care 122,128 97,895 655 — 21,249 311 2,018
Convenience stores 19,803 2,012 372 — 11,378 160 5,881
Nursing homes/senior living 233,004 13,948 — — 142,465 3,452 73,139
Other 107,145 25,212 8,111 — 57,375 6,899 9,548
Total non-owner occupied loans 1,870,920 566,044 99,400 58,886 761,142 57,602 327,846
Owner-occupied:
Office 149,500 46,947 29,863 — 37,653 10,382 24,655
Churches 47,039 9,824 3,661 — 25,619 2,676 5,259
Industrial & warehouses 239,567 16,480 7,044 — 70,279 10,079 135,685
Health care 118,783 4,732 14,528 — 90,210 2,114 7,199
Convenience stores 101,177 7,107 2,748 — 55,207 — 36,115
Retail 77,138 10,424 13,318 — 39,525 7,070 6,801
Restaurants 66,834 2,482 2,254 — 32,102 24,011 5,985
Auto dealerships 30,680 2,614 145 — 14,239 13,682 —
Nursing homes/senior living 482,783 118,407 — — 338,597 — 25,779
Other 120,102 15,912 6,765 — 62,449 65 34,911
Total owner-occupied loans 1,433,603 234,929 80,326 — 765,880 70,079 282,389
Loans secured by nonfarm, nonresidential properties $ 3,304,523 $ 800,973 $ 179,726 $ 58,886 $ 1,527,022 $ 127,681 $ 610,235

Note 5 – Yields on Earning Assets and Costs of Interest-Bearing Liabilities

The following table illustrates the yields on earning assets by category as well as the costs of interest-bearing liabilities on a tax equivalent basis. The cost of total deposits includes both interest-bearing deposits and noninterest-bearing deposits. The net interest margin, which equals reported net interest income-FTE, annualized, as a percent of average earning assets, is also presented in the table below.

Quarter Ended Year Ended
12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
Securities – taxable 3.46 % 3.50 % 3.46 % 3.46 % 3.41 % 3.47 % 2.70 %
Securities – nontaxable — — — — — — 4.46 %
Securities – total 3.46 % 3.50 % 3.46 % 3.46 % 3.41 % 3.47 % 2.70 %
LHFI & LHFS 6.06 % 6.21 % 6.19 % 6.15 % 6.32 % 6.15 % 6.45 %
Other earning assets 4.26 % 4.32 % 4.58 % 4.27 % 4.83 % 4.36 % 5.41 %
Total earning assets 5.56 % 5.69 % 5.66 % 5.62 % 5.76 % 5.63 % 5.72 %
Interest-bearing deposits 2.16 % 2.32 % 2.28 % 2.30 % 2.51 % 2.26 % 2.70 %
Fed funds purchased & repurchases 4.03 % 4.37 % 4.35 % 4.30 % 4.49 % 4.26 % 5.05 %
Other borrowings 4.61 % 3.88 % 3.89 % 3.89 % 3.86 % 4.03 % 4.60 %
Total interest-bearing liabilities 2.29 % 2.44 % 2.42 % 2.43 % 2.61 % 2.40 % 2.86 %
Total Deposits 1.72 % 1.84 % 1.80 % 1.83 % 1.98 % 1.80 % 2.14 %
Net interest margin 3.81 % 3.83 % 3.81 % 3.75 % 3.76 % 3.80 % 3.51 %
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2025
($ in thousands)
(unaudited)

Note 5 – Yields on Earning Assets and Costs of Interest-Bearing Liabilities (continued)

The net interest margin decreased two basis points when compared to the third quarter of 2025, totaling 3.81% for the fourth quarter of 2025, primarily due to the accelerated amortization of capitalized costs related to the 2020 subordinated debt issue refinanced during the quarter while decreases in the yields for the loans held for investment and held for sale and the securities portfolios were largely offset by the decrease in the costs of interest-bearing deposits.

Note 6 – 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 $582 thousand during the fourth quarter of 2025.

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

Quarter Ended Year Ended
12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
Mortgage servicing income, net $ 7,342 $ 7,251 $ 7,142 $ 7,161 $ 7,161 $ 28,896 $ 28,215
Change in fair value-MSR from runoff (4,141 ) (3,441 ) (3,596 ) (2,062 ) (3,118 ) (13,240 ) (11,645 )
Gain on sales of loans, net 4,908 5,230 5,597 4,253 4,470 19,988 19,278
Mortgage banking income before hedge <br>   ineffectiveness 8,109 9,040 9,143 9,352 8,513 35,644 35,848
Change in fair value-MSR from market changes (445 ) (1,521 ) (1,946 ) (5,928 ) 12,710 (9,840 ) 5,801
Change in fair value of derivatives (137 ) 663 1,405 5,347 (13,835 ) 7,278 (15,023 )
Net positive (negative) hedge ineffectiveness (582 ) (858 ) (541 ) (581 ) (1,125 ) (2,562 ) (9,222 )
Mortgage banking, net $ 7,527 $ 8,182 $ 8,602 $ 8,771 $ 7,388 $ 33,082 $ 26,626
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2025
($ in thousands)
(unaudited)

Note 7 – Other Noninterest Income and Expense

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

Quarter Ended Year Ended
12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
Partnership amortization for tax credit purposes $ (2,380 ) $ (2,385 ) $ (2,137 ) $ (2,124 ) $ (1,992 ) $ (9,026 ) $ (7,627 )
Increase in life insurance cash surrender value 1,940 1,945 1,911 1,867 1,891 7,663 7,478
Loss on sale of 1-4 family mortgage loans — — — — — — (4,798 )
Visa C shares fair value adjustment — — — — — — 8,056
Other miscellaneous income 3,185 2,822 2,537 6,227 4,399 14,771 14,704
Total other, net $ 2,745 $ 2,382 $ 2,311 $ 5,970 $ 4,298 $ 13,408 $ 17,813

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
12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
Loan expense $ 3,425 $ 3,287 $ 3,377 $ 2,792 $ 2,921 $ 12,881 $ 11,580
Amortization of intangibles 32 31 32 31 27 126 110
FDIC assessment expense 3,546 3,935 4,064 4,160 4,815 15,705 19,211
Other real estate expense, net 501 1,932 159 452 (286 ) 3,044 3,164
Other miscellaneous expense 7,507 7,279 8,473 8,144 7,635 31,403 29,753
Total other expense $ 15,011 $ 16,464 $ 16,105 $ 15,579 $ 15,112 $ 63,159 $ 63,818

Note 8 – 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
December 31, 2025
($ in thousands except per share data)
(unaudited)

Note 8 – Non-GAAP Financial Measures (continued)

Quarter Ended Year Ended
12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
TANGIBLE EQUITY
AVERAGE BALANCES
Total shareholders' equity $ 2,126,774 $ 2,090,373 $ 2,041,209 $ 1,991,554 $ 1,972,563 $ 2,062,924 $ 1,825,627
Less: Goodwill (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 )
Identifiable intangible assets (9 ) (49 ) (80 ) (113 ) (141 ) (62 ) (182 )
Total average tangible equity $ 1,792,160 $ 1,755,719 $ 1,706,524 $ 1,656,836 $ 1,637,817 $ 1,728,257 $ 1,490,840
PERIOD END BALANCES
Total shareholders' equity $ 2,121,677 $ 2,114,268 $ 2,070,789 $ 2,021,227 $ 1,962,327
Less: Goodwill (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 )
Identifiable intangible assets — (32 ) (63 ) (95 ) (126 )
Total tangible equity (a) $ 1,787,072 $ 1,779,631 $ 1,736,121 $ 1,686,527 $ 1,627,596
TANGIBLE ASSETS
Total assets $ 18,925,211 $ 18,801,510 $ 18,615,659 $ 18,296,203 $ 18,152,422
Less: Goodwill (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 )
Identifiable intangible assets — (32 ) (63 ) (95 ) (126 )
Total tangible assets (b) $ 18,590,606 $ 18,466,873 $ 18,280,991 $ 17,961,503 $ 17,817,691
Risk-weighted assets (c) $ 15,483,472 $ 15,262,807 $ 15,215,021 $ 15,024,476 $ 14,990,258
NET INCOME (LOSS) ADJUSTED FOR INTANGIBLE AMORTIZATION
Net income (loss) from continuing operations $ 57,874 $ 56,787 $ 55,841 $ 53,633 $ 56,312 $ 224,135 $ 45,210
Plus: Intangible amortization net of tax <br>   from continuing operations 24 24 24 24 20 96 81
Net income (loss) adjusted for <br>     intangible amortization $ 57,898 $ 56,811 $ 55,865 $ 53,657 $ 56,332 $ 224,231 $ 45,291
Period end common shares outstanding (d) 59,012,423 60,126,376 60,401,684 60,718,411 61,008,023
TANGIBLE COMMON EQUITY MEASUREMENTS
Return on average tangible equity from <br>   continuing operations (1) 12.82 % 12.84 % 13.13 % 13.13 % 13.68 % 12.97 % 3.04 %
Tangible equity/tangible assets (a)/(b) 9.61 % 9.64 % 9.50 % 9.39 % 9.13 %
Tangible equity/risk-weighted assets (a)/(c) 11.54 % 11.66 % 11.41 % 11.23 % 10.86 %
Tangible book value (a)/(d)*1,000 $ 30.28 $ 29.60 $ 28.74 $ 27.78 $ 26.68
COMMON EQUITY TIER 1 CAPITAL (CET1)
Total shareholders' equity $ 2,121,677 $ 2,114,268 $ 2,070,789 $ 2,021,227 $ 1,962,327
CECL transition adjustment — — — — 6,500
AOCI-related adjustments 13,625 19,380 30,489 48,702 83,659
CET1 adjustments and deductions:
Goodwill net of associated deferred <br>   tax liabilities (DTLs) (320,754 ) (320,754 ) (320,755 ) (320,756 ) (320,756 )
Other adjustments and deductions <br>   for CET1 (2) (253 ) (111 ) (955 ) (2,175 ) (2,058 )
CET1 capital (e) 1,814,295 1,812,783 1,779,568 1,746,998 1,729,672
Additional tier 1 capital instruments <br>   plus related surplus 60,000 60,000 60,000 60,000 60,000
Tier 1 capital $ 1,874,295 $ 1,872,783 $ 1,839,568 $ 1,806,998 $ 1,789,672
Common equity tier 1 capital ratio (e)/(c) 11.72 % 11.88 % 11.70 % 11.63 % 11.54 %
  • Calculation = ((net income (loss) adjusted for intangible amortization/number of days in period)*number of days in year)/total average tangible equity.
  • 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, 2025
($ in thousands)
(unaudited)

Note 8 – 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
12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
Net interest income (GAAP) (a) $ 162,886 $ 162,441 $ 158,756 $ 152,055 $ 155,848 $ 636,138 $ 584,421
Noninterest income (loss) (GAAP) 41,235 39,931 39,890 42,584 40,950 163,640 (23,419 )
Add: Loss on sale of 1-4 family mortgage loans (incl in <br>   Other, net) — — — — — — 4,798
Visa C shares fair value adjustment (incl in Other, net) — — — — — — (8,056 )
Securities (gains) losses, net — — — — — — 182,792
Noninterest income from adjusted continuing<br>   operations (Non-GAAP) (b) $ 41,235 $ 39,931 $ 39,890 $ 42,584 $ 40,950 $ 163,640 $ 156,115
Adjusted pre-provision revenue (a)+(b)=(c) $ 204,121 $ 202,372 $ 198,646 $ 194,639 $ 196,798 $ 799,778 $ 740,536
Noninterest expense (GAAP) (d) 132,172 130,933 125,114 124,011 124,430 512,230 485,690
PPNR (Non-GAAP) (c)-(d) $ 71,949 $ 71,439 $ 73,532 $ 70,628 $ 72,368 $ 287,548 $ 254,846
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2025
($ in thousands except per share data)
(unaudited)

Note 8 – Non-GAAP Financial Measures (continued)

The following table presents adjustments to net income (loss) from continuing operations 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
12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
Net income (loss) (GAAP) from continuing operations $ 57,874 $ 56,787 $ 55,841 $ 53,633 $ 56,312 $ 224,135 $ 45,210
Significant non-routine transactions (net of taxes):
PCL, LHFI sale of nonperforming 1-4 family — — — — — — 6,475
Loss on sale of 1-4 family mortgage loans — — — — — — 3,598
Visa C shares fair value adjustment — — — — — — (6,042 )
Securities gains (losses), net — — — — — — 137,094
Net income adjusted for significant non-routine <br>   transactions (Non-GAAP) $ 57,874 $ 56,787 $ 55,841 $ 53,633 $ 56,312 $ 224,135 $ 186,335
Diluted EPS from adjusted continuing operations $ 0.97 $ 0.94 $ 0.92 $ 0.88 $ 0.92 $ 3.70 $ 3.04
FINANCIAL RATIOS - REPORTED (GAAP)
Return on average equity from continuing operations 10.80 % 10.78 % 10.97 % 10.92 % 11.36 % 10.86 % 2.48 %
Return on average tangible equity from <br>   continuing operations 12.82 % 12.84 % 13.13 % 13.13 % 13.68 % 12.97 % 3.04 %
Return on average assets from continuing operations 1.23 % 1.21 % 1.21 % 1.19 % 1.23 % 1.21 % 0.24 %
FINANCIAL RATIOS - ADJUSTED (NON-GAAP)
Return on average equity from adjusted <br>   continuing operations n/a n/a n/a n/a n/a n/a 10.34 %
Return on average tangible equity from adjusted <br>   continuing operations n/a n/a n/a n/a n/a n/a 12.71 %
Return on average assets from adjusted <br>   continuing operations n/a n/a n/a n/a n/a n/a 1.01 %
n/a - not applicable
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
December 31, 2025
($ in thousands)
(unaudited)

Note 8 – Non-GAAP Financial Measures (continued)

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

Quarter Ended Year Ended
12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024
Total noninterest expense (GAAP) $ 132,172 $ 130,933 $ 125,114 $ 124,011 $ 124,430 $ 512,230 $ 485,690
Less: Other real estate expense, net (501 ) (1,932 ) (159 ) (452 ) 286 (3,044 ) (3,164 )
Amortization of intangibles (32 ) (31 ) (32 ) (31 ) (27 ) (126 ) (110 )
Charitable contributions resulting in <br>   state tax credits (333 ) (334 ) (334 ) (334 ) (300 ) (1,335 ) (1,200 )
Adjusted noninterest expense (Non-GAAP) (a) $ 131,306 $ 128,636 $ 124,589 $ 123,194 $ 124,389 $ 507,725 $ 481,216
Net interest income (GAAP) $ 162,886 $ 162,441 $ 158,756 $ 152,055 $ 155,848 $ 636,138 $ 584,421
Add: Tax equivalent adjustment 2,940 2,777 2,652 2,684 2,596 11,053 12,570
Net interest income-FTE (Non-GAAP) (b) $ 165,826 $ 165,218 $ 161,408 $ 154,739 $ 158,444 $ 647,191 $ 596,991
Noninterest income (loss) (GAAP) $ 41,235 $ 39,931 $ 39,890 $ 42,584 $ 40,950 $ 163,640 $ (23,419 )
Add: Partnership amortization for tax <br>   credit purposes 2,380 2,385 2,137 2,124 1,992 9,026 7,627
Loss on sale of 1-4 family mortgage loans — — — — — — 4,798
Securities (gains) losses, net — — — — — — 182,792
Less: Visa C shares fair value adjustment — — — — — — (8,056 )
Adjusted noninterest income (Non-GAAP) (c) $ 43,615 $ 42,316 $ 42,027 $ 44,708 $ 42,942 $ 172,666 $ 163,742
Adjusted revenue (Non-GAAP) (b)+(c) $ 209,441 $ 207,534 $ 203,435 $ 199,447 $ 201,386 $ 819,857 $ 760,733
Efficiency ratio (Non-GAAP) (a)/((b)+(c)) 62.69 % 61.98 % 61.24 % 61.77 % 61.77 % 61.93 % 63.26 %

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