Equibles

8-K

TRUSTMARK CORP (TRMK)

8-K 2025-10-28 For: 2025-10-28
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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

October 28, 2025

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 October 28, 2025, Trustmark Corporation issued a press release announcing its financial results for the period ended September 30, 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 September 30, 2025
99.2 Investor slide presentation for the period ended September 30, 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: October 28, 2025

EX-99.1

Exhibit 99.1

News Release

Trustmark Corporation Announces Third Quarter 2025 Financial Results

Performance Reflects Continued Loan and Deposit Growth, Stable Credit Quality,

Expanded Revenue and Strong Profitability Metrics

JACKSON, Miss. – October 28, 2025 – Trustmark Corporation (NASDAQGS:TRMK) reported net income of $56.8 million in the third quarter of 2025, representing diluted earnings per share of $0.94. Trustmark’s performance during the third quarter produced a return on average tangible equity of 12.84% and a return on average assets of 1.21%. The Board of Directors declared a quarterly cash dividend of $0.24 per share payable December 15, 2025, to shareholders of record on December 1, 2025.

Third Quarter Highlights

  • Loans held for investment (HFI) expanded to $13.5 billion, reflecting diversified growth of 0.6% linked-quarter and 3.4% year-over-year
  • Deposits expanded to $15.6 billion, up 3.4% linked-quarter and 2.6% year-over-year; noninterest-bearing deposits increased 5.9% linked-quarter and 5.7% year-over-year
  • Total revenue grew to $202.4 million, an increase of 1.9% linked-quarter and 5.3% year-over-year
  • Net interest income (FTE) expanded to $165.2 million, up 2.4% linked-quarter and 4.6% year-over-year; net interest margin rose to 3.83% in the third quarter
  • Noninterest expense totaled $130.9 million, an increase of 4.7% linked-quarter and 6.2% year-over-year
  • Provision for credit losses totaled $1.7 million, a decrease of $3.0 million linked-quarter

Duane A. Dewey, President and CEO, stated, “Our momentum continues to build as reflected in Trustmark’s solid financial performance in the third quarter. Diversified loan growth and stable credit quality continued along with cost-effective core deposit growth. Our wealth management business performed well while our mortgage business continued to execute well in a challenging operating environment. We continued to implement organic growth initiatives and make investments to capitalize on opportunities in our marketplace. During the quarter, we added established relationship managers and production talent to accelerate profitable growth in key markets across our franchise. We will continue to add seasoned professionals with proven performance records to supplement our teams and expand and deepen customer relationships. These investments are designed to further enhance our financial performance and create long-term value for our shareholders.”

Balance Sheet Management

  • Loans HFI increased $83.4 million, or 0.6%, during the quarter and $448.0 million, or 3.4%, year-over-year
  • Deposits increased $515.1 million, or 3.4%, during the quarter and $390.0 million, or 2.6%, year-over-year
  • Maintained strong capital position with CET1 ratio of 11.88% and total risk-based capital ratio of 14.33%
  • Repurchased $37.1 million, or approximately 1.0 million shares, of common stock during first nine months of 2025

Loans HFI totaled $13.5 billion at September 30, 2025, reflecting an increase of $83.4 million, or 0.6%, linked-quarter and $448.0 million, or 3.4%, year-over-year. The linked-quarter growth was driven by other real estate secured loans, other loans and leases, commercial and industrial loans, and state and other political subdivision loans, which were offset in part by declines in nonfarm, nonresidential loans and construction, land development and other land loans. Trustmark’s loan portfolio remains well-diversified by loan type and geography.

Deposits totaled $15.6 billion at September 30, 2025, up $515.1 million, or 3.4%, from the prior quarter and $390.0 million, or 2.6%, year-over-year. The linked-quarter increase reflected interest-bearing deposit growth of $329.4 million, or 2.7%, and noninterest-bearing deposit growth of $185.7 million, or 5.9%. Noninterest-bearing deposits represented 21.2% of total deposits at September 30, 2025. Trustmark continued to maintain a strong liquidity position as loans HFI represented 86.7% of total deposits at the end of the third quarter. Interest-bearing deposit costs totaled 2.32% for the third quarter, an increase of 4 basis points linked-quarter while the cost of total deposits was 1.84%, an increase of 4 basis points from the prior quarter.

During the third quarter, Trustmark repurchased $11.0 million, or approximately 280 thousand of its common shares. During the first nine months of 2025, Trustmark repurchased $37.1 million, or approximately 1.0 million common shares. As previously announced, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2025, under which $100.0 million of Trustmark’s outstanding shares may be acquired through December 31, 2025. The repurchase program, which is subject to market

conditions and management discretion, will continue to be implemented through open market repurchases or privately negotiated transactions. At September 30, 2025, Trustmark’s tangible equity to tangible assets ratio was 9.64%, while the total risk-based capital ratio was 14.33%. Tangible book value per share was $29.60 at September 30, 2025, an increase of 3.0% from the prior quarter and 10.1% from the prior year.

Credit Quality

  • Net charge-offs totaled $4.4 million in the third quarter, including one charge-off on an individually analyzed loan totaling $3.1 million that was reserved for in prior periods; NCOs represented 0.13% of average loans
  • Provision for credit losses was $1.7 million in the third quarter
  • Allowance for credit losses (ACL) represented 1.22% of loans HFI and 239.69% of nonaccrual loans, excluding individually analyzed loans, at September 30, 2025

Nonaccrual loans totaled $84.0 million at September 30, 2025, reflecting an increase of $3.0 million from the prior quarter. Other real estate totaled $8.3 million, reflecting a decrease of $647 thousand from the prior quarter. Collectively, nonperforming assets totaled $92.3 million at September 30, 2025, up $2.3 million from the prior quarter. Nonperforming assets represented 0.67% of loans HFI and loans held for sale (HFS) at September 30, 2025.

The provision for credit losses for loans HFI was $1.4 million in the third quarter and was primarily attributable to loan and lease growth and changes in the macroeconomic forecast partially offset by net changes in the qualitative factors. The provision for credit losses for off-balance sheet credit exposures was $295 thousand in the third quarter, primarily driven by changes in the macroeconomic forecast and an increase in unfunded commitments partially offset by net changes in the qualitative factors. Collectively, the provision for credit losses totaled $1.7 million in the third quarter compared to $4.7 million in the prior quarter and $6.5 million in the third quarter of 2024.

Allocation of Trustmark’s $165.2 million ACL on loans HFI represented 1.00% of commercial loans and 1.95% of consumer and home mortgage loans, resulting in an ACL to total loans HFI of 1.22% at September 30, 2025. Management believes the level of the ACL is commensurate with the credit losses currently expected in the loan portfolio.

Revenue Generation

  • Total revenue expanded to $202.4 million in the third quarter, an increase of 1.9% linked-quarter and 5.3% year-over-year
  • Net interest income (FTE) totaled $165.2 million in the third quarter, up 2.4% linked-quarter and 4.6% year-over-year
  • Noninterest income totaled $39.9 million in the third quarter, up 0.1% from the prior quarter and 6.3% year-over-year

Revenue in the third quarter totaled $202.4 million, an increase of 1.9% from the prior quarter and 5.3% year-over-year. The linked-quarter increase reflects growth in net interest income while noninterest income remained stable. The year-over-year increase reflects higher net interest income and noninterest income. Net interest income (FTE) in the third quarter totaled $165.2 million, resulting in a net interest margin of 3.83%, up 2 basis points from the prior quarter. The increase in the net interest margin was primarily due to increases in the yields for the loans HFI and HFS and the securities portfolios partially offset by the increase in the cost of interest-bearing deposits.

Noninterest income in the third quarter totaled $39.9 million, an increase of 0.1%, from the prior quarter and 6.3% year-over-year. Excluding a $272 thousand net loss on sale of bank facilities in the second quarter, noninterest income declined $231 thousand linked-quarter. Linked-quarter increases in service charges on deposit accounts and wealth management were offset in part by declines in bank card and other fees and mortgage banking, net. The year-over-year increase was principally attributable to growth in mortgage banking, wealth management and bank card revenue offset in part by lower other, net and service charges on deposit accounts revenue.

Mortgage loan production in the third quarter totaled $389.4 million, down 8.7% from the prior quarter and 0.7% year-over-year. Mortgage banking revenue totaled $8.2 million in the third quarter, a decrease of $420 thousand, or 4.9%, linked-quarter and an increase of $2.1 million, or 33.7%, year-over-year. The linked-quarter decrease was principally due to lower gain on sales of loans, net and increased net negative hedge ineffectiveness, which was offset in part by increased mortgage servicing income, net. The year-over-year increase was principally attributable to increased gain on sales of loans, net, mortgage servicing revenue and improved net hedge ineffectiveness.

Wealth management revenue in the third quarter totaled $9.8 million, an increase of $160 thousand, or 1.7%, from the prior quarter and $510 thousand, or 5.5%, year-over-year. The linked-quarter growth reflected increased investment services revenue offset in part by lower trust management revenue. The year-over-year growth reflected increased trust management and investment services revenue.

Service charges on deposit accounts totaled $11.3 million in the third quarter, a seasonal increase of $666 thousand, or 6.3%, from the prior quarter and relatively unchanged year-over-year. Bank card and other fees totaled $8.3 million in the third quarter, down $436 thousand, or 5.0%, from the prior quarter and up $387 thousand, or 4.9%, year-over-year. The linked-quarter change is principally due

to a seasonal reduction in miscellaneous other fees and along with a decline in customer derivative revenue while the year-over-year increase reflects increased customer derivative revenue.

Noninterest Expense

  • Total noninterest expense increased $5.8 million, or 4.7%, linked-quarter, including approximately $2.3 million in nonroutine items
  • Salaries and employee benefits expense increased $3.2 million, or 4.7%, linked-quarter principally due to annual merit increases and annual incentive accruals
  • Other real estate expense, net increased $1.8 million, which reflects the establishment of a $1.4 million reserve for a single property

Noninterest expense totaled $130.9 million in the third quarter, an increase of $5.8 million, or 4.7%, from the prior quarter and $7.7 million, or 6.2%, year-over-year. Salaries and employee benefits expense totaled $71.5 million in the third quarter, an increase of $3.2 million, or 4.7%, linked-quarter and $4.8 million, or 7.2%, year-over-year. The linked-quarter change is principally due to annual salary merit increases effective as of July 1, increased annual incentive accruals, and the cost of additional customer relationship managers and production talent in key markets associated with corporate strategic initiatives.

Services and fees totaled $28.8 million in the third quarter, an increase of $1.8 million, or 6.6%, linked-quarter and $3.1 million, or 11.9%, year-over-year. Services and fees in the third quarter include approximately $900 thousand in nonroutine items including professional fees related to the conversion to a state banking charter and other corporate strategic initiatives. Net occupancy expense totaled $7.8 million, up $267 thousand, or 3.6%, linked-quarter and $376 thousand, or 5.1%, year-over-year. Total other expense in the third quarter was $16.5 million, an increase of $359 thousand, or 2.2%, linked-quarter and a decrease of $852 thousand, or 4.9%, year-over-year. The linked-quarter change is attributable to increased other real estate expense, net offset in part by lower other miscellaneous expense, FDIC assessment expense and loan expense. The year-over-year decline is attributable to lower FDIC assessment expense and other real estate expense, net offset in part by higher loan expense and other miscellaneous expense.

Additional Information

As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, October 29, 2025, 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, November 12, 2025, in archived format at the same web address or by calling (877) 344-7529, passcode 5434793.

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 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, 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, 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, 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
September 30, 2025
($ in thousands)
(unaudited)
Linked Quarter Year over Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
QUARTERLY AVERAGE BALANCES 9/30/2025 6/30/2025 9/30/2024 Change % Change Change % Change
Securities AFS-taxable $ 1,740,647 $ 1,745,924 $ 1,658,999 ) -0.3 % 4.9 %
Securities HTM-taxable 1,279,020 1,303,195 1,368,943 ) -1.9 % ) -6.6 %
Securities HTM-nontaxable — — — n/m n/m
Total securities 3,019,667 3,049,119 3,027,942 ) -1.0 % ) -0.3 %
Loans (includes loans held for sale) 13,702,038 13,543,505 13,379,658 1.2 % 2.4 %
Other earning assets 389,021 414,733 607,928 ) -6.2 % ) -36.0 %
Total earning assets 17,110,726 17,007,357 17,015,528 0.6 % 0.6 %
Allowance for credit losses (ACL), loans held <br>   for investment (LHFI) (167,775 ) (166,430 ) (154,476 ) ) -0.8 % ) -8.6 %
Other assets 1,627,362 1,605,786 1,646,241 1.3 % ) -1.1 %
Total assets $ 18,570,313 $ 18,446,713 $ 18,507,293 0.7 % 0.3 %
Interest-bearing demand deposits (1) $ 7,747,480 $ 7,682,684 $ 7,787,639 0.8 % ) -0.5 %
Savings deposits (1) 976,664 989,689 1,006,668 ) -1.3 % ) -3.0 %
Time deposits 3,439,180 3,313,420 3,393,216 3.8 % 1.4 %
Total interest-bearing deposits 12,163,324 11,985,793 12,187,523 1.5 % ) -0.2 %
Fed funds purchased and repurchases 419,802 416,104 375,559 0.9 % 11.8 %
Other borrowings 283,629 431,861 339,417 ) -34.3 % ) -16.4 %
Subordinated notes 123,831 123,779 123,611 0.0 % 0.2 %
Junior subordinated debt securities 61,856 61,856 61,856 0.0 % 0.0 %
Total interest-bearing liabilities 13,052,442 13,019,393 13,087,966 0.3 % ) -0.3 %
Noninterest-bearing deposits 3,194,587 3,171,796 3,221,516 0.7 % ) -0.8 %
Other liabilities 232,911 214,315 274,563 8.7 % ) -15.2 %
Total liabilities 16,479,940 16,405,504 16,584,045 0.5 % ) -0.6 %
Shareholders' equity 2,090,373 2,041,209 1,923,248 2.4 % 8.7 %
Total liabilities and equity $ 18,570,313 $ 18,446,713 $ 18,507,293 0.7 % 0.3 %
(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
September 30, 2025
($ in thousands)
(unaudited)
Linked Quarter Year over Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
PERIOD END BALANCES 9/30/2025 6/30/2025 9/30/2024 Change % Change Change % Change
Cash and due from banks $ 732,826 $ 634,402 $ 805,436 15.5 % ) -9.0 %
Fed funds sold and reverse repurchases — — 10,000 n/m ) n/m
Securities available for sale 1,814,245 1,782,092 1,725,795 1.8 % 5.1 %
Securities held to maturity 1,268,459 1,290,572 1,358,358 ) -1.7 % ) -6.6 %
Loans held for sale (LHFS) 228,141 219,649 216,454 3.9 % 5.4 %
Loans held for investment (LHFI) 13,548,156 13,464,780 13,100,111 0.6 % 3.4 %
ACL LHFI (165,242 ) (168,237 ) (157,929 ) 1.8 % ) -4.6 %
Net LHFI 13,382,914 13,296,543 12,942,182 0.6 % 3.4 %
Premises and equipment, net 227,805 228,964 236,151 ) -0.5 % ) -3.5 %
Mortgage servicing rights 131,676 132,702 125,853 ) -0.8 % 4.6 %
Goodwill 334,605 334,605 334,605 0.0 % 0.0 %
Other real estate 8,325 8,972 3,920 ) -7.2 % n/m
Operating lease right-of-use assets 33,012 34,016 36,034 ) -3.0 % ) -8.4 %
Other assets (1) 639,502 653,142 685,584 ) -2.1 % ) -6.7 %
Total assets $ 18,801,510 $ 18,615,659 $ 18,480,372 1.0 % 1.7 %
Deposits:
Noninterest-bearing $ 3,321,132 $ 3,135,435 $ 3,142,792 5.9 % 5.7 %
Interest-bearing 12,309,842 11,980,426 12,098,143 2.7 % 1.7 %
Total deposits 15,630,974 15,115,861 15,240,935 3.4 % 2.6 %
Fed funds purchased and repurchases 420,000 456,326 365,643 ) -8.0 % 14.9 %
Other borrowings 208,366 558,654 443,458 ) -62.7 % ) -53.0 %
Subordinated notes 123,867 123,812 123,647 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 26,186 25,891 28,890 1.1 % ) -9.4 %
Operating lease liabilities 37,100 38,091 39,689 ) -2.6 % ) -6.5 %
Other liabilities 178,893 164,379 196,158 8.8 % ) -8.8 %
Total liabilities 16,687,242 16,544,870 16,500,276 0.9 % 1.1 %
Common stock 12,528 12,585 12,753 ) -0.5 % ) -1.8 %
Capital surplus 123,435 133,195 163,156 ) -7.3 % ) -24.3 %
Retained earnings 1,997,685 1,955,498 1,833,232 2.2 % 9.0 %
Accumulated other comprehensive <br>   income (loss), net of tax (19,380 ) (30,489 ) (29,045 ) 36.4 % 33.3 %
Total shareholders' equity 2,114,268 2,070,789 1,980,096 2.1 % 6.8 %
Total liabilities and equity $ 18,801,510 $ 18,615,659 $ 18,480,372 1.0 % 1.7 %
(1) Trustmark reclassified its identifiable intangible assets, net to other assets. The prior periods has 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
September 30, 2025
($ in thousands except per share data)
(unaudited)
Quarter Ended Linked Quarter Year over Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
INCOME STATEMENTS 9/30/2025 6/30/2025 9/30/2024 Change % Change Change % Change
Interest and fees on LHFS & LHFI-FTE $ 214,636 $ 209,077 $ 220,433 2.7 % ) -2.6 %
Interest on securities-taxable 26,625 26,269 26,162 1.4 % 1.8 %
Interest on securities-tax exempt-FTE — — — n/m n/m
Other interest income 4,233 4,734 8,302 ) -10.6 % ) -49.0 %
Total interest income-FTE 245,494 240,080 254,897 2.3 % ) -3.7 %
Interest on deposits 71,065 68,177 86,043 4.2 % ) -17.4 %
Interest on fed funds purchased and repurchases 4,626 4,513 4,864 2.5 % ) -4.9 %
Other interest expense 4,585 5,982 5,971 ) -23.4 % ) -23.2 %
Total interest expense 80,276 78,672 96,878 2.0 % ) -17.1 %
Net interest income-FTE 165,218 161,408 158,019 2.4 % 4.6 %
Provision for credit losses (PCL), LHFI 1,390 5,346 7,923 ) -74.0 % ) -82.5 %
PCL, off-balance sheet credit exposures 295 (670 ) (1,375 ) n/m n/m
PCL, LHFI sale of 1-4 family mortgage loans — — — n/m n/m
Net interest income after provision-FTE 163,533 156,732 151,471 4.3 % 8.0 %
Service charges on deposit accounts 11,251 10,585 11,272 6.3 % ) -0.2 %
Bank card and other fees 8,318 8,754 7,931 ) -5.0 % 4.9 %
Mortgage banking, net 8,182 8,602 6,119 ) -4.9 % 33.7 %
Wealth management 9,798 9,638 9,288 1.7 % 5.5 %
Other, net 2,382 2,311 2,952 3.1 % ) -19.3 %
Securities gains (losses), net — — — n/m n/m
Total noninterest income (loss) 39,931 39,890 37,562 0.1 % 6.3 %
Salaries and employee benefits 71,508 68,298 66,691 4.7 % 7.2 %
Services and fees 28,777 26,998 25,724 6.6 % 11.9 %
Net occupancy-premises 7,774 7,507 7,398 3.6 % 5.1 %
Equipment expense 6,410 6,206 6,141 3.3 % 4.4 %
Other expense 16,464 16,105 17,316 2.2 % ) -4.9 %
Total noninterest expense 130,933 125,114 123,270 4.7 % 6.2 %
Income (loss) from continuing operations <br>   (cont. ops) before income taxes and tax eq adj 72,531 71,508 65,763 1.4 % 10.3 %
Tax equivalent adjustment 2,777 2,652 3,305 4.7 % ) -16.0 %
Income (loss) from cont. ops before income taxes 69,754 68,856 62,458 1.3 % 11.7 %
Income taxes from cont. ops 12,967 13,015 11,128 ) -0.4 % 16.5 %
Income (loss) from cont. ops 56,787 55,841 51,330 1.7 % 10.6 %
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 $ 56,787 $ 55,841 $ 51,330 1.7 % 10.6 %
Per share data (1)
Basic earnings (loss) per share from cont. ops $ 0.94 $ 0.92 $ 0.84 2.2 % 11.9 %
Basic earnings per share from discont. ops $ — $ — $ — n/m n/m
Basic earnings per share - total $ 0.94 $ 0.92 $ 0.84 2.2 % 11.9 %
Diluted earnings (loss) per share from cont. ops $ 0.94 $ 0.92 $ 0.84 2.2 % 11.9 %
Diluted earnings per share from discont. ops $ — $ — $ — n/m n/m
Diluted earnings per share - total $ 0.94 $ 0.92 $ 0.84 2.2 % 11.9 %
Dividends per share $ 0.24 $ 0.24 $ 0.23 0.0 % 4.3 %
Weighted average shares outstanding
Basic 60,299,193 60,462,578 61,206,599
Diluted 60,540,158 60,693,515 61,448,410
Period end shares outstanding 60,126,376 60,401,684 61,206,606
(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
September 30, 2025
($ in thousands)
(unaudited)
Quarter Ended Linked Quarter Year over Year
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NONPERFORMING ASSETS 9/30/2025 6/30/2025 9/30/2024 Change % Change Change % Change
Nonaccrual LHFI
Alabama $ 3,475 $ 8,422 $ 25,835 ) -58.7 % ) -86.5 %
Florida 460 437 111 5.3 % n/m
Mississippi (1) 62,502 54,015 31,536 15.7 % 98.2 %
Tennessee (2) 2,293 2,232 3,180 2.7 % ) -27.9 %
Texas 15,225 15,894 13,163 ) -4.2 % 15.7 %
Total nonaccrual LHFI 83,955 81,000 73,825 3.6 % 13.7 %
Other real estate
Alabama 656 772 170 ) -15.0 % n/m
Mississippi (1) 5,843 4,860 1,772 20.2 % n/m
Tennessee (2) 927 1,079 — ) -14.1 % n/m
Texas 899 2,261 1,978 ) -60.2 % ) -54.6 %
Total other real estate 8,325 8,972 3,920 ) -7.2 % n/m
Total nonperforming assets $ 92,280 $ 89,972 $ 77,745 2.6 % 18.7 %
LOANS PAST DUE OVER 90 DAYS
LHFI $ 4,853 $ 3,854 $ 5,352 25.9 % ) -9.3 %
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase) $ 77,859 $ 75,564 $ 63,703 3.0 % 22.2 %
Quarter Ended Linked Quarter Year over Year
ACL LHFI 9/30/2025 6/30/2025 9/30/2024 Change % Change Change % Change
Beginning Balance $ 168,237 $ 167,010 $ 154,685 0.7 % 8.8 %
PCL, LHFI 1,390 5,346 7,923 ) -74.0 % ) -82.5 %
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 (6,775 ) (6,380 ) (7,142 ) ) -6.2 % 5.1 %
Recoveries 2,390 2,261 2,463 5.7 % ) -3.0 %
Net (charge-offs) recoveries (4,385 ) (4,119 ) (4,679 ) ) -6.5 % 6.3 %
Ending Balance $ 165,242 $ 168,237 $ 157,929 ) -1.8 % 4.6 %
NET (CHARGE-OFFS) RECOVERIES
Alabama $ (3,069 ) $ (2,331 ) $ (3,098 ) ) -31.7 % 0.9 %
Florida 2 151 595 ) -98.7 % ) -99.7 %
Mississippi (1) (1,520 ) (1,647 ) (1,881 ) 7.7 % 19.2 %
Tennessee (2) (182 ) (258 ) (296 ) 29.5 % 38.5 %
Texas 384 (34 ) 1 n/m n/m
Total net (charge-offs) recoveries $ (4,385 ) $ (4,119 ) $ (4,679 ) ) -6.5 % 6.3 %
(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
September 30, 2025
($ in thousands)
(unaudited)
Quarter Ended Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
AVERAGE BALANCES 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
Securities AFS-taxable $ 1,740,647 $ 1,745,924 $ 1,726,291 $ 1,708,226 $ 1,658,999 $ 1,737,673 $ 1,817,036
Securities HTM-taxable 1,279,020 1,303,195 1,325,185 1,346,141 1,368,943 1,302,298 1,402,764
Securities HTM-nontaxable — — — — — — 150
Total securities 3,019,667 3,049,119 3,051,476 3,054,367 3,027,942 3,039,971 3,219,950
Loans (includes loans held for sale) 13,702,038 13,543,505 13,320,276 13,275,762 13,379,658 13,523,338 13,286,538
Other earning assets 389,021 414,733 365,505 422,083 607,928 389,839 590,727
Total earning assets 17,110,726 17,007,357 16,737,257 16,752,212 17,015,528 16,953,148 17,097,215
ACL LHFI (167,775 ) (166,430 ) (159,893 ) (157,659 ) (154,476 ) (164,728 ) (145,510 )
Other assets 1,627,362 1,605,786 1,624,581 1,627,890 1,646,241 1,619,253 1,705,473
Total assets $ 18,570,313 $ 18,446,713 $ 18,201,945 $ 18,222,443 $ 18,507,293 $ 18,407,673 $ 18,657,178
Interest-bearing demand deposits (1) $ 7,747,480 $ 7,682,684 $ 7,789,239 $ 7,789,318 $ 7,787,639 $ 7,739,648 $ 7,855,012
Savings deposits (1) 976,664 989,689 993,232 983,292 1,006,668 986,468 1,027,481
Time deposits 3,439,180 3,313,420 3,160,134 3,265,358 3,393,216 3,305,267 3,353,766
Total interest-bearing deposits 12,163,324 11,985,793 11,942,605 12,037,968 12,187,523 12,031,383 12,236,259
Fed funds purchased and repurchases 419,802 416,104 405,189 357,798 375,559 413,752 412,679
Other borrowings 283,629 431,861 344,040 218,244 339,417 352,955 445,354
Subordinated notes 123,831 123,779 123,721 123,666 123,611 123,777 123,556
Junior subordinated debt securities 61,856 61,856 61,856 61,856 61,856 61,856 61,856
Total interest-bearing liabilities 13,052,442 13,019,393 12,877,411 12,799,532 13,087,966 12,983,723 13,279,704
Noninterest-bearing deposits 3,194,587 3,171,796 3,055,333 3,192,358 3,221,516 3,141,082 3,175,371
Other liabilities 232,911 214,315 277,647 257,990 274,563 241,461 425,812
Total liabilities 16,479,940 16,405,504 16,210,391 16,249,880 16,584,045 16,366,266 16,880,887
Shareholders' equity 2,090,373 2,041,209 1,991,554 1,972,563 1,923,248 2,041,407 1,776,291
Total liabilities and equity $ 18,570,313 $ 18,446,713 $ 18,201,945 $ 18,222,443 $ 18,507,293 $ 18,407,673 $ 18,657,178
(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
September 30, 2025
($ in thousands)
(unaudited)
PERIOD END BALANCES 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Cash and due from banks $ 732,826 $ 634,402 $ 587,362 $ 567,251 $ 805,436
Fed funds sold and reverse repurchases — — — — 10,000
Securities available for sale 1,814,245 1,782,092 1,737,462 1,692,534 1,725,795
Securities held to maturity 1,268,459 1,290,572 1,315,053 1,335,385 1,358,358
LHFS 228,141 219,649 188,689 200,307 216,454
LHFI 13,548,156 13,464,780 13,241,469 13,089,942 13,100,111
ACL LHFI (165,242 ) (168,237 ) (167,010 ) (160,270 ) (157,929 )
Net LHFI 13,382,914 13,296,543 13,074,459 12,929,672 12,942,182
Premises and equipment, net 227,805 228,964 231,202 235,410 236,151
Mortgage servicing rights 131,676 132,702 134,395 139,317 125,853
Goodwill 334,605 334,605 334,605 334,605 334,605
Other real estate 8,325 8,972 8,348 5,917 3,920
Operating lease right-of-use assets 33,012 34,016 33,861 34,668 36,034
Other assets (1) 639,502 653,142 650,767 677,356 685,584
Total assets $ 18,801,510 $ 18,615,659 $ 18,296,203 $ 18,152,422 $ 18,480,372
Deposits:
Noninterest-bearing $ 3,321,132 $ 3,135,435 $ 3,069,929 $ 3,073,565 $ 3,142,792
Interest-bearing 12,309,842 11,980,426 12,010,775 12,034,610 12,098,143
Total deposits 15,630,974 15,115,861 15,080,704 15,108,175 15,240,935
Fed funds purchased and repurchases 420,000 456,326 360,080 324,008 365,643
Other borrowings 208,366 558,654 404,815 301,541 443,458
Subordinated notes 123,867 123,812 123,757 123,702 123,647
Junior subordinated debt securities 61,856 61,856 61,856 61,856 61,856
ACL on off-balance sheet credit exposures 26,186 25,891 26,561 29,392 28,890
Operating lease liabilities 37,100 38,091 37,917 38,698 39,689
Other liabilities 178,893 164,379 179,286 202,723 196,158
Total liabilities 16,687,242 16,544,870 16,274,976 16,190,095 16,500,276
Common stock 12,528 12,585 12,651 12,711 12,753
Capital surplus 123,435 133,195 143,001 157,899 163,156
Retained earnings 1,997,685 1,955,498 1,914,277 1,875,376 1,833,232
Accumulated other comprehensive income (loss), <br>   net of tax (19,380 ) (30,489 ) (48,702 ) (83,659 ) (29,045 )
Total shareholders' equity 2,114,268 2,070,789 2,021,227 1,962,327 1,980,096
Total liabilities and equity $ 18,801,510 $ 18,615,659 $ 18,296,203 $ 18,152,422 $ 18,480,372
(1) Trustmark reclassified its identifiable intangible assets, net to other assets. The prior periods has been reclassified accordingly.

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
September 30, 2025
($ in thousands except per share data)
(unaudited)
Quarter Ended Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
INCOME STATEMENTS 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
Interest and fees on LHFS & LHFI-FTE $ 214,636 $ 209,077 $ 201,929 $ 211,019 $ 220,433 $ 625,642 $ 646,288
Interest on securities-taxable 26,625 26,269 26,056 26,196 26,162 78,950 59,725
Interest on securities-tax exempt-FTE — — — — — — 5
Other interest income 4,233 4,734 3,846 5,128 8,302 12,813 24,539
Total interest income-FTE 245,494 240,080 231,831 242,343 254,897 717,405 730,557
Interest on deposits 71,065 68,177 67,718 75,941 86,043 206,960 253,440
Interest on fed funds purchased and repurchases 4,626 4,513 4,298 4,036 4,864 13,437 16,118
Other interest expense 4,585 5,982 5,076 3,922 5,971 15,643 22,452
Total interest expense 80,276 78,672 77,092 83,899 96,878 236,040 292,010
Net interest income-FTE 165,218 161,408 154,739 158,444 158,019 481,365 438,547
PCL, LHFI 1,390 5,346 8,125 6,960 7,923 14,861 30,327
PCL, off-balance sheet credit exposures 295 (670 ) (2,831 ) 502 (1,375 ) (3,206 ) (5,167 )
PCL, LHFI sale of 1-4 family mortgage loans — — — — — — 8,633
Net interest income after provision-FTE 163,533 156,732 149,445 150,982 151,471 469,710 404,754
Service charges on deposit accounts 11,251 10,585 10,636 11,228 11,272 32,472 33,154
Bank card and other fees 8,318 8,754 7,664 8,717 7,931 24,736 24,584
Mortgage banking, net 8,182 8,602 8,771 7,388 6,119 25,555 19,238
Wealth management 9,798 9,638 9,543 9,319 9,288 28,979 27,932
Other, net 2,382 2,311 5,970 4,298 2,952 10,663 13,515
Securities gains (losses), net — — — — — — (182,792 )
Total noninterest income (loss) 39,931 39,890 42,584 40,950 37,562 122,405 (64,369 )
Salaries and employee benefits 71,508 68,298 68,492 69,223 66,691 208,298 197,016
Services and fees 28,777 26,998 26,247 26,692 25,724 82,022 74,898
Net occupancy-premises 7,774 7,507 7,385 7,195 7,398 22,666 21,933
Equipment expense 6,410 6,206 6,308 6,208 6,141 18,924 18,707
Other expense 16,464 16,105 15,579 15,112 17,316 48,148 48,706
Total noninterest expense 130,933 125,114 124,011 124,430 123,270 380,058 361,260
Income (loss) from continuing operations <br>   (cont. ops) before income taxes and tax eq adj 72,531 71,508 68,018 67,502 65,763 212,057 (20,875 )
Tax equivalent adjustment 2,777 2,652 2,684 2,596 3,305 8,113 9,974
Income (loss) from cont. ops before <br>   income taxes 69,754 68,856 65,334 64,906 62,458 203,944 (30,849 )
Income taxes from cont. ops 12,967 13,015 11,701 8,594 11,128 37,683 (19,747 )
Income (loss) from cont. ops 56,787 55,841 53,633 56,312 51,330 166,261 (11,102 )
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 $ 56,787 $ 55,841 $ 53,633 $ 56,312 $ 51,330 $ 166,261 $ 166,697
Per share data (1)
Basic earnings (loss) per share from cont. ops $ 0.94 $ 0.92 $ 0.88 $ 0.92 $ 0.84 $ 2.75 $ (0.18 )
Basic earnings per share from discont. ops $ — $ — $ — $ — $ — $ — $ 2.91
Basic earnings per share - total $ 0.94 $ 0.92 $ 0.88 $ 0.92 $ 0.84 $ 2.75 $ 2.72
Diluted earnings (loss) per share from cont. ops $ 0.94 $ 0.92 $ 0.88 $ 0.92 $ 0.84 $ 2.74 $ (0.18 )
Diluted earnings per share from discont. ops $ — $ — $ — $ — $ — $ — $ 2.90
Diluted earnings per share - total $ 0.94 $ 0.92 $ 0.88 $ 0.92 $ 0.84 $ 2.74 $ 2.72
Dividends per share $ 0.24 $ 0.24 $ 0.24 $ 0.23 $ 0.23 $ 0.72 $ 0.69
Weighted average shares outstanding
Basic 60,299,193 60,462,578 60,799,984 61,101,954 61,206,599 60,518,751 61,177,388
Diluted 60,540,158 60,693,515 61,049,120 61,367,825 61,448,410 60,747,974 61,393,179
Period end shares outstanding 60,126,376 60,401,684 60,718,411 61,008,023 61,206,606 60,126,376 61,206,606
(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
September 30, 2025
($ in thousands)
(unaudited)
Quarter Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NONPERFORMING ASSETS 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024
Nonaccrual LHFI
Alabama $ 3,475 $ 8,422 $ 18,633 $ 18,601 $ 25,835
Florida 460 437 391 305 111
Mississippi (1) 62,502 54,015 49,107 42,203 31,536
Tennessee (2) 2,293 2,232 2,339 2,431 3,180
Texas 15,225 15,894 16,150 16,569 13,163
Total nonaccrual LHFI 83,955 81,000 86,620 80,109 73,825
Other real estate
Alabama 656 772 271 170 170
Mississippi (1) 5,843 4,860 4,837 2,407 1,772
Tennessee (2) 927 1,079 979 1,079 —
Texas 899 2,261 2,261 2,261 1,978
Total other real estate 8,325 8,972 8,348 5,917 3,920
Total nonperforming assets $ 92,280 $ 89,972 $ 94,968 $ 86,026 $ 77,745
LOANS PAST DUE OVER 90 DAYS
LHFI $ 4,853 $ 3,854 $ 4,355 $ 4,092 $ 5,352
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase) $ 77,859 $ 75,564 $ 71,720 $ 71,255 $ 63,703
Quarter Ended Nine Months Ended
ACL LHFI 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
Beginning Balance $ 168,237 $ 167,010 $ 160,270 $ 157,929 $ 154,685 $ 160,270 $ 139,367
PCL, LHFI 1,390 5,346 8,125 6,960 7,923 14,861 30,327
PCL, LHFI sale of 1-4 family mortgage loans — — — — — — 8,633
Charge-offs, sale of 1-4 family mortgage loans — — — — — — (8,633 )
Charge-offs (6,775 ) (6,380 ) (3,701 ) (7,730 ) (7,142 ) (16,856 ) (18,586 )
Recoveries 2,390 2,261 2,316 3,111 2,463 6,967 6,821
Net (charge-offs) recoveries (4,385 ) (4,119 ) (1,385 ) (4,619 ) (4,679 ) (9,889 ) (20,398 )
Ending Balance $ 165,242 $ 168,237 $ 167,010 $ 160,270 $ 157,929 $ 165,242 $ 157,929
NET (CHARGE-OFFS) RECOVERIES
Alabama $ (3,069 ) $ (2,331 ) $ (207 ) $ (3,608 ) $ (3,098 ) $ (5,607 ) $ (3,380 )
Florida 2 151 (17 ) 8 595 136 876
Mississippi (1) (1,520 ) (1,647 ) (755 ) (1,319 ) (1,881 ) (3,922 ) (12,482 )
Tennessee (2) (182 ) (258 ) (301 ) (208 ) (296 ) (741 ) (597 )
Texas 384 (34 ) (105 ) 508 1 245 (4,815 )
Total net (charge-offs) recoveries $ (4,385 ) $ (4,119 ) $ (1,385 ) $ (4,619 ) $ (4,679 ) $ (9,889 ) $ (20,398 )
(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
September 30, 2025
(unaudited)
Quarter Ended Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
FINANCIAL RATIOS AND OTHER DATA 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
Return on average equity from continuing operations 10.78 % 10.97 % 10.92 % 11.36 % 10.62 % 10.89 % -0.83 %
Return on average equity from adjusted <br>   continuing operations (1) n/a n/a n/a n/a n/a n/a 9.40 %
Return on average equity - total 10.78 % 10.97 % 10.92 % 11.36 % 10.62 % 10.89 % 12.54 %
Return on average tangible equity from <br>   continuing operations 12.84 % 13.13 % 13.13 % 13.68 % 12.86 % 13.03 % -1.02 %
Return on average tangible equity from adjusted <br>   continuing operations (1) n/a n/a n/a n/a n/a n/a 11.49 %
Return on average tangible equity - total 12.84 % 13.13 % 13.13 % 13.68 % 12.86 % 13.03 % 15.79 %
Return on average assets from continuing operations 1.21 % 1.21 % 1.19 % 1.23 % 1.10 % 1.21 % -0.08 %
Return on average assets from adjusted <br>   continuing operations (1) n/a n/a n/a n/a n/a n/a 0.93 %
Return on average assets - total 1.21 % 1.21 % 1.19 % 1.23 % 1.10 % 1.21 % 1.19 %
Interest margin - Yield - FTE 5.69 % 5.66 % 5.62 % 5.76 % 5.96 % 5.66 % 5.71 %
Interest margin - Cost 1.86 % 1.86 % 1.87 % 1.99 % 2.27 % 1.86 % 2.28 %
Net interest margin - FTE 3.83 % 3.81 % 3.75 % 3.76 % 3.69 % 3.80 % 3.43 %
Efficiency ratio (2) 61.98 % 61.24 % 61.77 % 61.77 % 60.99 % 61.67 % 63.79 %
Full-time equivalent employees 2,539 2,510 2,506 2,500 2,500
CREDIT QUALITY RATIOS
Net (recoveries) charge-offs (excl sale of <br>   1-4 family mortgage loans) / average loans 0.13 % 0.12 % 0.04 % 0.14 % 0.14 % 0.10 % 0.12 %
PCL, LHFI (excl PCL, LHFI sale of <br>    1-4 family mortgage loans) / average loans 0.04 % 0.16 % 0.25 % 0.21 % 0.24 % 0.15 % 0.30 %
Nonaccrual LHFI / (LHFI + LHFS) 0.61 % 0.59 % 0.64 % 0.60 % 0.55 %
Nonperforming assets / (LHFI + LHFS) 0.67 % 0.66 % 0.71 % 0.65 % 0.58 %
Nonperforming assets / (LHFI + LHFS <br>   + other real estate) 0.67 % 0.66 % 0.71 % 0.65 % 0.58 %
ACL LHFI / LHFI 1.22 % 1.25 % 1.26 % 1.22 % 1.21 %
ACL LHFI-commercial / commercial LHFI 1.00 % 1.07 % 1.11 % 1.10 % 1.08 %
ACL LHFI-consumer / consumer and <br>   home mortgage LHFI 1.95 % 1.83 % 1.76 % 1.62 % 1.64 %
ACL LHFI / nonaccrual LHFI 196.82 % 207.70 % 192.81 % 200.06 % 213.92 %
ACL LHFI / nonaccrual LHFI <br>   (excl individually analyzed loans) 239.69 % 272.20 % 296.41 % 341.20 % 497.27 %
CAPITAL RATIOS
Total equity / total assets 11.25 % 11.12 % 11.05 % 10.81 % 10.71 %
Tangible equity / tangible assets 9.64 % 9.50 % 9.39 % 9.13 % 9.07 %
Tangible equity / risk-weighted assets 11.66 % 11.41 % 11.23 % 10.86 % 10.97 %
Tier 1 leverage ratio 10.26 % 10.15 % 10.11 % 9.99 % 9.65 %
Common equity tier 1 capital ratio 11.88 % 11.70 % 11.63 % 11.54 % 11.30 %
Tier 1 risk-based capital ratio 12.27 % 12.09 % 12.03 % 11.94 % 11.70 %
Total risk-based capital ratio 14.33 % 14.15 % 14.10 % 13.97 % 13.71 %
STOCK PERFORMANCE
Market value-Close $ 39.60 $ 36.46 $ 34.49 $ 35.37 $ 31.82
Book value $ 35.16 $ 34.28 $ 33.29 $ 32.17 $ 32.35
Tangible book value $ 29.60 $ 28.74 $ 27.78 $ 26.68 $ 26.88
(1) Adjusted continuing operations excludes significant non-routine transactions. See Note 7 - Non-GAAP Financial Measures
in the Notes to the Consolidated Financials.
(2) See Note 7 – 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
September 30, 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 nine months ended September 30, 2024 in the Consolidated Financial Information as well as the relevant tables in the Notes to Consolidated Financials:

  • On May 31, 2024, Trustmark Bank 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. Trustmark Bank is a wholly owned subsidiary of Trustmark Corporation. 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.
  • On April 8, 2024, Visa commenced an initial exchange offer expiring on May 3, 2024, for any and all outstanding shares of Visa Class B-1 common stock (Visa B-1 shares). Holders participating in the exchange offer would receive a combination of Visa Class B-2 common stock (Visa B-2 shares) and Visa Class C common stock (Visa C shares) in exchange for Visa B-1 shares that are validly tendered and accepted for exchange by Visa. Trustmark Bank tendered its 38.7 thousand Visa B-1 shares, which was accepted by Visa. In exchange for each Visa B-1 share that was validly tendered and accepted for exchange by Visa, Trustmark Bank received 50.0% of a newly issued Visa B-2 share and newly issued Visa C shares equivalent in value to 50.0% of a Visa B-1 share. The Visa C shares that were received by Trustmark Bank 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, Trustmark Bank 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 - 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:

9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities $ 208,269 $ 215,679 $ 212,463 $ 202,669 $ 202,638
U.S. Government agency obligations 70,535 65,800 49,325 38,807 19,335
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA 35,806 34,070 28,108 28,411 25,798
Issued by FNMA and FHLMC 1,126,931 1,109,203 1,090,137 1,070,538 1,105,310
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA 372,704 357,340 357,429 352,109 372,714
Total securities available for sale $ 1,814,245 $ 1,782,092 $ 1,737,462 $ 1,692,534 $ 1,725,795
SECURITIES HELD TO MATURITY
U.S. Treasury securities $ 30,421 $ 30,226 $ 30,033 $ 29,842 $ 29,648
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA 14,353 14,750 15,726 16,218 17,773
Issued by FNMA and FHLMC 384,625 398,161 411,454 423,372 436,177
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA 103,041 109,697 116,969 123,685 131,348
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA 736,019 737,738 740,871 742,268 743,412
Total securities held to maturity $ 1,268,459 $ 1,290,572 $ 1,315,053 $ 1,335,385 $ 1,358,358

At September 30, 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 $38.9 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
September 30, 2025
($ in thousands)
(unaudited)

Note 3 – Loan Composition

LHFI consisted of the following during the periods presented:

LHFI BY TYPE 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024
Loans secured by real estate:
Construction, land development and <br>   other land loans $ 1,241,827 $ 1,355,223 $ 1,321,631 $ 1,417,148 $ 1,588,256
Secured by 1-4 family residential properties 3,054,869 3,057,362 2,973,978 2,949,543 2,895,006
Secured by nonfarm, nonresidential properties 3,299,819 3,478,932 3,532,842 3,533,282 3,582,552
Other real estate secured 2,055,712 1,918,341 1,876,459 1,633,830 1,475,798
Commercial and industrial loans 1,903,606 1,832,295 1,765,893 1,840,722 1,767,079
Consumer loans 151,287 149,395 154,623 151,443 149,436
State and other political subdivision loans 1,028,396 961,251 974,300 969,836 996,002
Other loans and leases 812,640 711,981 641,743 594,138 645,982
LHFI 13,548,156 13,464,780 13,241,469 13,089,942 13,100,111
ACL LHFI (165,242 ) (168,237 ) (167,010 ) (160,270 ) (157,929 )
Net LHFI $ 13,382,914 $ 13,296,543 $ 13,074,459 $ 12,929,672 $ 12,942,182

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:

September 30, 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 $ 1,241,827 $ 467,996 $ 33,374 $ 176,412 $ 267,580 $ 43,797 $ 252,668
Secured by 1-4 family residential properties 3,054,869 161,973 63,336 — 2,694,293 91,077 44,190
Secured by nonfarm, nonresidential properties 3,299,819 829,676 170,171 60,878 1,508,949 127,852 602,293
Other real estate secured 2,055,712 907,895 1,652 171,482 617,269 5,388 352,026
Commercial and industrial loans 1,903,606 457,368 18,234 327,697 699,709 131,245 269,353
Consumer loans 151,287 21,926 7,161 — 90,165 14,749 17,286
State and other political subdivision loans 1,028,396 48,096 65,965 9,135 785,311 24,232 95,657
Other loans and leases 812,640 24,849 3,559 403,541 270,581 64,151 45,959
Loans $ 13,548,156 $ 2,919,779 $ 363,452 $ 1,149,145 $ 6,933,857 $ 502,491 $ 1,679,432
CONSTRUCTION, LAND DEVELOPMENT AND OTHER LAND LOANS BY REGION
Lots $ 65,262 24,678 $ 7,167 $ — $ 14,822 $ 1,937 $ 16,658
Development 96,504 44,542 264 — 17,716 13,177 20,805
Unimproved land 92,054 17,593 6,647 — 31,100 9,007 27,707
1-4 family construction 309,681 162,118 8,710 15,666 66,320 19,338 37,529
Other construction 678,326 219,065 10,586 160,746 137,622 338 149,969
Construction, land development <br>   and other land loans $ 1,241,827 $ 467,996 $ 33,374 $ 176,412 $ 267,580 $ 43,797 $ 252,668
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands)
(unaudited)

Note 3 – Loan Composition (continued)

September 30, 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 $ 262,194 $ 89,046 $ 13,612 $ — $ 74,590 $ 19,438 $ 65,508
Office 228,449 81,832 17,712 — 88,232 2,753 37,920
Hotel/motel 251,904 124,303 36,998 — 68,057 22,546 —
Mini-storage 166,633 38,708 1,347 39,316 86,224 581 457
Industrial 464,272 88,495 16,616 21,562 208,035 2,463 127,101
Health care 147,697 122,393 660 — 22,284 316 2,044
Convenience stores 20,326 2,076 379 — 11,758 172 5,941
Nursing homes/senior living 282,668 42,880 — — 144,164 3,638 91,986
Other 93,765 25,378 7,491 — 44,736 7,117 9,043
Total non-owner occupied loans 1,917,908 615,111 94,815 60,878 748,080 59,024 340,000
Owner-occupied:
Office 146,481 47,026 30,979 — 42,355 7,839 18,282
Churches 47,981 10,425 4,016 — 25,940 2,783 4,817
Industrial warehouses 216,119 14,724 7,098 — 65,780 10,885 117,632
Health care 120,961 10,911 8,877 — 91,786 2,135 7,252
Convenience stores 111,386 7,945 2,022 — 57,987 — 43,432
Retail 75,275 7,541 13,021 — 41,246 6,686 6,781
Restaurants 64,616 2,567 2,301 — 29,317 24,266 6,165
Auto dealerships 37,196 3,143 152 — 19,918 13,983 —
Nursing homes/senior living 452,696 93,829 — — 333,028 — 25,839
Other 109,200 16,454 6,890 — 53,512 251 32,093
Total owner-occupied loans 1,381,911 214,565 75,356 — 760,869 68,828 262,293
Loans secured by nonfarm, nonresidential properties $ 3,299,819 $ 829,676 $ 170,171 $ 60,878 $ 1,508,949 $ 127,852 $ 602,293

Note 4 – 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 Nine Months Ended
9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
Securities – taxable 3.50 % 3.46 % 3.46 % 3.41 % 3.44 % 3.47 % 2.48 %
Securities – nontaxable — — — — — — 4.45 %
Securities – total 3.50 % 3.46 % 3.46 % 3.41 % 3.44 % 3.47 % 2.48 %
LHFI & LHFS 6.21 % 6.19 % 6.15 % 6.32 % 6.55 % 6.19 % 6.50 %
Other earning assets 4.32 % 4.58 % 4.27 % 4.83 % 5.43 % 4.39 % 5.55 %
Total earning assets 5.69 % 5.66 % 5.62 % 5.76 % 5.96 % 5.66 % 5.71 %
Interest-bearing deposits 2.32 % 2.28 % 2.30 % 2.51 % 2.81 % 2.30 % 2.77 %
Fed funds purchased & repurchases 4.37 % 4.35 % 4.30 % 4.49 % 5.15 % 4.34 % 5.22 %
Other borrowings 3.88 % 3.89 % 3.89 % 3.86 % 4.53 % 3.88 % 4.75 %
Total interest-bearing liabilities 2.44 % 2.42 % 2.43 % 2.61 % 2.94 % 2.43 % 2.94 %
Total Deposits 1.84 % 1.80 % 1.83 % 1.98 % 2.22 % 1.82 % 2.20 %
Net interest margin 3.83 % 3.81 % 3.75 % 3.76 % 3.69 % 3.80 % 3.43 %
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands)
(unaudited)

Note 4 – Yields on Earning Assets and Costs of Interest-Bearing Liabilities (continued)

The net interest margin increased two basis points when compared to the second quarter of 2025, totaling 3.83% for the third quarter of 2025, primarily due to increases in the yields for the loans held for investment and held for sale and the securities portfolios partially offset by the increase in the cost of interest-bearing deposits.

Note 5 – 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 $858 thousand during the third quarter of 2025.

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

Quarter Ended Nine Months Ended
9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
Mortgage servicing income, net $ 7,251 $ 7,142 $ 7,161 $ 7,161 $ 7,127 $ 21,554 $ 21,054
Change in fair value-MSR from runoff (3,441 ) (3,596 ) (2,062 ) (3,118 ) (3,154 ) (9,099 ) (8,527 )
Gain on sales of loans, net 5,230 5,597 4,253 4,470 4,648 15,080 14,808
Mortgage banking income before hedge <br>   ineffectiveness 9,040 9,143 9,352 8,513 8,621 27,535 27,335
Change in fair value-MSR from market changes (1,521 ) (1,946 ) (5,928 ) 12,710 (10,406 ) (9,395 ) (6,909 )
Change in fair value of derivatives 663 1,405 5,347 (13,835 ) 7,904 7,415 (1,188 )
Net positive (negative) hedge ineffectiveness (858 ) (541 ) (581 ) (1,125 ) (2,502 ) (1,980 ) (8,097 )
Mortgage banking, net $ 8,182 $ 8,602 $ 8,771 $ 7,388 $ 6,119 $ 25,555 $ 19,238
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands)
(unaudited)

Note 6 – Other Noninterest Income and Expense

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

Quarter Ended Nine Months Ended
9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
Partnership amortization for tax credit purposes $ (2,385 ) $ (2,137 ) $ (2,124 ) $ (1,992 ) $ (1,977 ) $ (6,646 ) $ (5,635 )
Increase in life insurance cash surrender value 1,945 1,911 1,867 1,891 1,883 5,723 5,587
Loss on sale of 1-4 family mortgage loans — — — — — — (4,798 )
Visa C shares fair value adjustment — — — — — — 8,056
Other miscellaneous income 2,822 2,537 6,227 4,399 3,046 11,586 10,305
Total other, net $ 2,382 $ 2,311 $ 5,970 $ 4,298 $ 2,952 $ 10,663 $ 13,515

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 Nine Months Ended
9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
Loan expense $ 3,287 $ 3,377 $ 2,792 $ 2,921 $ 2,824 $ 9,456 $ 8,659
Amortization of intangibles 31 32 31 27 28 94 83
FDIC assessment expense 3,935 4,064 4,160 4,815 5,071 12,159 14,396
Other real estate expense, net 1,932 159 452 (286 ) 2,452 2,543 3,450
Other miscellaneous expense 7,279 8,473 8,144 7,635 6,941 23,896 22,118
Total other expense $ 16,464 $ 16,105 $ 15,579 $ 15,112 $ 17,316 $ 48,148 $ 48,706

Note 7 – 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
September 30, 2025
($ in thousands except per share data)
(unaudited)

Note 7 – Non-GAAP Financial Measures (continued)

Quarter Ended Nine Months Ended
9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
TANGIBLE EQUITY
AVERAGE BALANCES
Total shareholders' equity $ 2,090,373 $ 2,041,209 $ 1,991,554 $ 1,972,563 $ 1,923,248 $ 2,041,407 $ 1,776,291
Less: Goodwill (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 )
Identifiable intangible assets (49 ) (80 ) (113 ) (141 ) (168 ) (80 ) (196 )
Total average tangible equity $ 1,755,719 $ 1,706,524 $ 1,656,836 $ 1,637,817 $ 1,588,475 $ 1,706,722 $ 1,441,490
PERIOD END BALANCES
Total shareholders' equity $ 2,114,268 $ 2,070,789 $ 2,021,227 $ 1,962,327 $ 1,980,096
Less: Goodwill (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 )
Identifiable intangible assets (32 ) (63 ) (95 ) (126 ) (153 )
Total tangible equity (a) $ 1,779,631 $ 1,736,121 $ 1,686,527 $ 1,627,596 $ 1,645,338
TANGIBLE ASSETS
Total assets $ 18,801,510 $ 18,615,659 $ 18,296,203 $ 18,152,422 $ 18,480,372
Less: Goodwill (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 )
Identifiable intangible assets (32 ) (63 ) (95 ) (126 ) (153 )
Total tangible assets (b) $ 18,466,873 $ 18,280,991 $ 17,961,503 $ 17,817,691 $ 18,145,614
Risk-weighted assets (c) $ 15,262,807 $ 15,215,021 $ 15,024,476 $ 14,990,258 $ 15,004,024
NET INCOME (LOSS) ADJUSTED FOR INTANGIBLE AMORTIZATION
Net income (loss) from continuing operations $ 56,787 $ 55,841 $ 53,633 $ 56,312 $ 51,330 $ 166,261 $ (11,102 )
Plus: Intangible amortization net of tax <br>   from continuing operations 24 24 24 20 21 72 61
Net income (loss) adjusted for <br>     intangible amortization $ 56,811 $ 55,865 $ 53,657 $ 56,332 $ 51,351 $ 166,333 $ (11,041 )
Period end common shares outstanding (d) 60,126,376 60,401,684 60,718,411 61,008,023 61,206,606
TANGIBLE COMMON EQUITY MEASUREMENTS
Return on average tangible equity from <br>   continuing operations (1) 12.84 % 13.13 % 13.13 % 13.68 % 12.86 % 13.03 % -1.02 %
Tangible equity/tangible assets (a)/(b) 9.64 % 9.50 % 9.39 % 9.13 % 9.07 %
Tangible equity/risk-weighted assets (a)/(c) 11.66 % 11.41 % 11.23 % 10.86 % 10.97 %
Tangible book value (a)/(d)*1,000 $ 29.60 $ 28.74 $ 27.78 $ 26.68 $ 26.88
COMMON EQUITY TIER 1 CAPITAL (CET1)
Total shareholders' equity $ 2,114,268 $ 2,070,789 $ 2,021,227 $ 1,962,327 $ 1,980,096
CECL transition adjustment — — — 6,500 6,500
AOCI-related adjustments 19,380 30,489 48,702 83,659 29,045
CET1 adjustments and deductions:
Goodwill net of associated deferred <br>   tax liabilities (DTLs) (320,754 ) (320,755 ) (320,756 ) (320,756 ) (320,757 )
Other adjustments and deductions <br>   for CET1 (2) (111 ) (955 ) (2,175 ) (2,058 ) (115 )
CET1 capital (e) 1,812,783 1,779,568 1,746,998 1,729,672 1,694,769
Additional tier 1 capital instruments <br>   plus related surplus 60,000 60,000 60,000 60,000 60,000
Tier 1 capital $ 1,872,783 $ 1,839,568 $ 1,806,998 $ 1,789,672 $ 1,754,769
Common equity tier 1 capital ratio (e)/(c) 11.88 % 11.70 % 11.63 % 11.54 % 11.30 %
  • 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
September 30, 2025
($ in thousands)
(unaudited)

Note 7 – 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 Nine Months Ended
9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
Net interest income (GAAP) (a) $ 162,441 $ 158,756 $ 152,055 $ 155,848 $ 154,714 $ 473,252 $ 428,573
Noninterest income (loss) (GAAP) 39,931 39,890 42,584 40,950 37,562 122,405 (64,369 )
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) $ 39,931 $ 39,890 $ 42,584 $ 40,950 $ 37,562 $ 122,405 $ 115,165
Adjusted pre-provision revenue (a)+(b)=(c) $ 202,372 $ 198,646 $ 194,639 $ 196,798 $ 192,276 $ 595,657 $ 543,738
Noninterest expense (GAAP) (d) 130,933 125,114 124,011 124,430 123,270 380,058 361,260
PPNR (Non-GAAP) (c)-(d) $ 71,439 $ 73,532 $ 70,628 $ 72,368 $ 69,006 $ 215,599 $ 182,478
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands except per share data)
(unaudited)

Note 7 – 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 Nine Months Ended
9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
Net income (loss) (GAAP) from continuing operations $ 56,787 $ 55,841 $ 53,633 $ 56,312 $ 51,330 $ 166,261 $ (11,102 )
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) $ 56,787 $ 55,841 $ 53,633 $ 56,312 $ 51,330 $ 166,261 $ 130,023
Diluted EPS from adjusted continuing operations $ 0.94 $ 0.92 $ 0.88 $ 0.92 $ 0.84 $ 2.74 $ 2.12
FINANCIAL RATIOS - REPORTED (GAAP)
Return on average equity from continuing operations 10.78 % 10.97 % 10.92 % 11.36 % 10.62 % 10.89 % -0.83 %
Return on average tangible equity from <br>   continuing operations 12.84 % 13.13 % 13.13 % 13.68 % 12.86 % 13.03 % -1.02 %
Return on average assets from continuing operations 1.21 % 1.21 % 1.19 % 1.23 % 1.10 % 1.21 % -0.08 %
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 9.40 %
Return on average tangible equity from adjusted <br>   continuing operations n/a n/a n/a n/a n/a n/a 11.49 %
Return on average assets from adjusted <br>   continuing operations n/a n/a n/a n/a n/a n/a 0.93 %
n/a - not applicable
TRUSTMARK CORPORATION AND SUBSIDIARIES
---
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands)
(unaudited)

Note 7 – Non-GAAP Financial Measures (continued)

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

Quarter Ended Nine Months Ended
9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024
Total noninterest expense (GAAP) $ 130,933 $ 125,114 $ 124,011 $ 124,430 $ 123,270 $ 380,058 $ 361,260
Less: Other real estate expense, net (1,932 ) (159 ) (452 ) 286 (2,452 ) (2,543 ) (3,450 )
Amortization of intangibles (31 ) (32 ) (31 ) (27 ) (28 ) (94 ) (83 )
Charitable contributions resulting in <br>   state tax credits (334 ) (334 ) (334 ) (300 ) (300 ) (1,002 ) (900 )
Adjusted noninterest expense (Non-GAAP) (a) $ 128,636 $ 124,589 $ 123,194 $ 124,389 $ 120,490 $ 376,419 $ 356,827
Net interest income (GAAP) $ 162,441 $ 158,756 $ 152,055 $ 155,848 $ 154,714 $ 473,252 $ 428,573
Add: Tax equivalent adjustment 2,777 2,652 2,684 2,596 3,305 8,113 9,974
Net interest income-FTE (Non-GAAP) (b) $ 165,218 $ 161,408 $ 154,739 $ 158,444 $ 158,019 $ 481,365 $ 438,547
Noninterest income (loss) (GAAP) $ 39,931 $ 39,890 $ 42,584 $ 40,950 $ 37,562 $ 122,405 $ (64,369 )
Add: Partnership amortization for tax <br>   credit purposes 2,385 2,137 2,124 1,992 1,977 6,646 5,635
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) $ 42,316 $ 42,027 $ 44,708 $ 42,942 $ 39,539 $ 129,051 $ 120,800
Adjusted revenue (Non-GAAP) (b)+(c) $ 207,534 $ 203,435 $ 199,447 $ 201,386 $ 197,558 $ 610,416 $ 559,347
Efficiency ratio (Non-GAAP) (a)/((b)+(c)) 61.98 % 61.24 % 61.77 % 61.77 % 60.99 % 61.67 % 63.79 %

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Exhibit 99.2

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(1)

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(1) (2) (2) (2)

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(2)

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