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Trustmark Corporation Announces First Quarter 2026 Financial ResultsApril 28, 2026 4:30 PM
Business Wire
Performance reflects Continued Loan and Deposit Growth, Stable Credit Quality, Expanded Fee Income, and Disciplined Noninterest Expense Management
Trustmark Corporation (NASDAQGS:TRMK) reported net income of $56.1 million in the first quarter of 2026, representing diluted earnings per share of $0.95. Trustmark’s performance during the first quarter produced a return on average tangible equity of 12.58% and a return on average assets of 1.20%. The Board of Directors declared a quarterly cash dividend of $0.25 per share payable June 15, 2026, to shareholders of record on June 1, 2026.
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First Quarter Highlights
Loans held for investment (HFI) increased 1.5% linked-quarter and represented 88.3% of total deposits at March 31, 2026
Credit quality remained stable, net charge-offs represented 0.04% of average loans
Deposits expanded to $15.7 billion while the cost of total deposits declined 9 basis points linked-quarter to 1.63%
Noninterest income increased 2.7% linked-quarter, reflecting in part growth in mortgage banking revenue
Noninterest expense was unchanged linked-quarter, reflecting on-going expense management priorities
Duane A. Dewey, President and CEO, stated, “We continued to build upon the strong momentum from our record earnings in 2025 and are pleased with our strong performance in the first quarter of 2026. Our results reflect continued loan growth, stable credit quality, and an attractive core deposit base. In addition, we experienced continued growth in noninterest income while noninterest expense remained unchanged, reflecting our continued focus on expense management. Our associates have done a tremendous job of serving customers, building relationships, and demonstrating the value Trustmark can provide as a trusted financial partner.”
Balance Sheet Management
Loans HFI increased $203.7 million, or 1.5%, during the quarter and $636.5 million, or 4.8%, year-over-year
Deposits expanded $212.7 million, or 1.4%, linked-quarter and $631.8 million, or 4.2%, year-over-year
Maintained strong capital position with CET1 ratio of 11.70% and total risk-based capital ratio of 14.37%
Repurchased $19.8 million, or approximately 477 thousand shares, of common stock during the first quarter of 2026
Loans HFI totaled $13.9 billion at March 31, 2026, reflecting an increase of $203.7 million, or 1.5%, linked-quarter and $636.5 million, or 4.8%, year-over-year. The linked-quarter growth primarily reflected increases in commercial and industrial loans, construction, land development and other land loans, and other loans and leases offset in part by declines in other real estate secured loans and nonfarm, nonresidential loans. Trustmark’s loan portfolio remains well-diversified by loan type and geography.
Deposits totaled $15.7 billion at March 31, 2026, an increase of $212.7 million, or 1.4%, from the prior quarter, driven by seasonal increases in public deposits. Year-over-year, deposits expanded $631.8 million, or 4.2%, driven by growth in personal and commercial deposits. Trustmark continues to maintain a strong liquidity position as loans HFI represented 88.3% of total deposits at the end of the first quarter. Noninterest-bearing deposits represented 19.7% of total deposits at March 31, 2026. Interest-bearing deposit costs totaled 2.02% for the first quarter, a decrease of 14 basis points linked-quarter, while the cost of total deposits was 1.63%, a decrease of 9 basis points from the prior quarter.
During the first quarter, Trustmark repurchased $19.8 million, or approximately 477 thousand common shares, which represented 0.8% of shares outstanding at year end 2025. 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. At March 31, 2026, Trustmark’s tangible equity to tangible assets ratio was 9.62%, while the total risk-based capital ratio was 14.37%. Tangible book value per share was $30.58 at March 31, 2026, an increase of 1.0% from the prior quarter and 10.1% from the prior year.
Credit Quality
Net charge-offs totaled $1.3 million, representing 0.04% of average loans in the first quarter
Net provision for credit losses was $2.7 million in the first quarter
Allowance for credit losses (ACL) represented 1.16% of loans HFI and 200.69% of nonaccrual loans, excluding individually analyzed loans at March 31, 2026
Nonaccrual loans totaled $96.7 million at March 31, 2026, up $12.3 million from the prior quarter primarily attributable to one commercial credit and $10.1 million year-over-year. Other real estate totaled $7.3 million, reflecting an increase of $359 thousand from the prior quarter and a decline of $1.0 million from the prior year. Collectively, nonperforming assets totaled $104.0 million, representing 0.73% of loans HFI and held for sale (HFS) at March 31, 2026.
The provision for credit losses for loans HFI was $4.7 million in the first quarter and was primarily attributable to loan growth, credit migration, and adjustments to the qualitative factors partially offset by changes in the macroeconomic forecast. The provision for credit losses for off-balance sheet credit exposures was a negative $1.9 million in the first quarter, primarily driven by a decrease in unfunded commitments and changes in the macroeconomic forecast partially offset by credit migration. Collectively, the provision for credit losses totaled $2.7 million in the first quarter compared to $1.2 million in the prior quarter and $5.3 million in the first quarter of 2025.
Allocation of Trustmark’s $160.4 million ACL on loans HFI represented 0.88% of commercial loans and 2.09% of consumer and home mortgage loans, resulting in an ACL to total loans HFI of 1.16% at March 31, 2026. Management believes the level of the ACL is commensurate with the credit losses currently expected in the loan portfolio.
Revenue Generation
Net interest income (FTE) totaled $163.5 million in the first quarter, down 1.4% linked-quarter
Net interest margin totaled 3.81% in the first quarter, unchanged from the prior quarter
Noninterest income totaled $42.3 million, up 2.7% from the prior quarter, representing 20.9% of total revenue in the first quarter
Revenue in the first quarter totaled $202.9 million, a seasonal decrease of 0.6% from the prior quarter and an increase of 4.2% from the same quarter in the prior year. The linked-quarter decrease primarily reflects lower net interest income offset in part by higher noninterest income while the year-over-year increase is attributed to higher net interest income.
Net interest income (FTE) in the first quarter totaled $163.5 million, resulting in a net interest margin of 3.81%, unchanged from the prior quarter. The stable net interest margin reflected the linked-quarter decrease in the yield for the loans HFI and HFS portfolio which was offset by the increase in the yield on the securities portfolio and the decrease in the costs of interest-bearing liabilities.
Noninterest income in the first quarter totaled $42.3 million, an increase of $1.1 million, or 2.7%, from the prior quarter and a decrease of $239 thousand, or 0.6%, year-over-year. The linked-quarter increases in other, net and mortgage banking, net were offset in part by lower wealth management revenue and seasonal declines in bank card and other fees and service charges on deposit accounts.
Wealth management revenue in the first quarter totaled $10.4 million, a decrease of $740 thousand, or 6.6%, from the prior quarter and an increase of $850 thousand, or 8.9%, year-over-year. The linked-quarter decline reflected reduced brokerage revenue offset in part by increased trust and investment management revenue. The year-over-year growth reflected increased trust management revenue and brokerage revenue.
Mortgage loan production in the first quarter totaled $375.1 million, down 4.6% from the prior quarter and up 17.7% year-over-year. Mortgage banking revenue totaled $8.9 million in the first quarter, an increase of $1.4 million, or 18.7%, linked-quarter and $163 thousand, or 1.9%, year-over-year. The linked-quarter increase was principally attributable to reduced servicing asset amortization and improvement in net hedge ineffectiveness.
Service charges on deposit accounts totaled $10.7 million in the first quarter, reflecting a seasonal decrease of $530 thousand, or 4.7%, from the prior quarter. Bank card and other fees totaled $8.0 million in the first quarter, down $658 thousand from the prior quarter due principally to a seasonal decline in interchange income as well as a decline in miscellaneous other bank fees. Year-over-year, bank card and other fees increased $324 thousand, reflecting increased customer derivative revenue offset in part by lower miscellaneous other bank fees.
Other, net totaled $4.4 million in the first quarter, an increase of $1.6 million from the prior quarter primarily attributable to higher partnership investment revenue. Year-over-year other, net declined $1.6 million due to a gain on the sale of a bank office facility of $2.4 million in the first quarter of 2025 offset in part by increased partnership investment revenue.
Noninterest Expense
Noninterest expense totaled $132.2 million, unchanged from the prior quarter
Salaries and employee benefits expense declined $837 thousand, or 1.1%, linked-quarter
Total services and fees increased $575 thousand, or 2.1%, linked-quarter
Noninterest expense in the first quarter totaled $132.2 million, unchanged from the prior quarter and an increase of $8.1 million, or 6.6%, year-over-year. Salaries and employee benefits expense totaled $74.2 million in the first quarter, a decline of $837 thousand, or 1.1%, linked-quarter and an increase of $5.8 million, or 8.4%, year-over-year. The linked-quarter decline reflected reductions in incentives and commissions which were offset in part by increased employee benefits expense and a seasonal increase in payroll taxes.
Services and fees in the first quarter totaled $27.9 million, an increase of $575 thousand, or 2.1%, from the prior quarter and $1.7 million, or 6.5%, year-over-year. The linked-quarter increase is attributable principally to data processing, communications, and advertising expense offset in part by reduced outsourcing and professional fees. Total other expense was $15.1 million, an increase of $138 thousand, or 0.9%, linked-quarter and a decrease of $430 thousand, or 2.8%, year-over-year. The linked-quarter increase is attributable to other miscellaneous expense offset in part by lower other real estate expense, net and loan expense.
Additional Information
As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, April 29, 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, May 13, 2026, in archived format at the same web address or by calling (855) 669-9658, passcode 8841534.
Trustmark is a financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.
Forward-Looking Statements
Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “seek,” “continue,” “could,” “would,” “future” or the negative of those terms or other words of similar meaning. You should read statements that contain these words carefully because they discuss our future expectations or state other “forward-looking” information. These forward-looking statements include, but are not limited to, statements relating to anticipated future operating and financial performance measures, including net interest margin, credit quality, business initiatives, growth opportunities and growth rates, among other things, and encompass any estimate, prediction, expectation, projection, opinion, anticipation, outlook or statement of belief included therein as well as the management assumptions underlying these forward-looking statements. You should be aware that the occurrence of the events described under the caption “Risk Factors” in Trustmark’s filings with the Securities and Exchange Commission (SEC) could have an adverse effect on our business, results of operations and financial condition. Should one or more of these risks materialize, or should any such underlying assumptions prove to be significantly different, actual results may vary significantly from those anticipated, estimated, projected or expected.
Risks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, actions by the Board of Governors of the Federal Reserve System (FRB) that impact the level of market interest rates, local, state, national and international economic and market conditions, conditions in the housing and real estate markets in the regions in which Trustmark operates, 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 CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
March 31, 2026
($ in thousands)
(unaudited)
Linked Quarter
Year over Year
QUARTERLY AVERAGE BALANCES
3/31/2026
12/31/2025
3/31/2025
$ Change
% Change
$ Change
% Change
Securities available for sale
$
1,853,316
$
1,815,943
$
1,726,291
$
37,373
2.1
%
$
127,025
7.4
%
Securities held to maturity
1,185,975
1,236,827
1,325,185
(50,852
)
-4.1
%
(139,210
)
-10.5
%
Total securities
3,039,291
3,052,770
3,051,476
(13,479
)
-0.4
%
(12,185
)
-0.4
%
Loans held for sale (LHFS) (1)
279,444
229,697
183,001
49,747
21.7
%
96,443
52.7
%
Loans held for investment (LHFI) (1)
13,739,423
13,632,256
13,137,275
107,167
0.8
%
602,148
4.6
%
Other earning assets
369,002
369,748
365,505
(746
)
-0.2
%
3,497
1.0
%
Total earning assets
17,427,160
17,284,471
16,737,257
142,689
0.8
%
689,903
4.1
%
Allowance for credit losses (ACL), LHFI
(156,485
)
(161,147
)
(159,893
)
4,662
2.9
%
3,408
2.1
%
Other assets
1,648,249
1,609,123
1,624,581
39,126
2.4
%
23,668
1.5
%
Total assets
$
18,918,924
$
18,732,447
$
18,201,945
$
186,477
1.0
%
$
716,979
3.9
%
Interest-bearing demand deposits
$
8,088,668
$
8,000,614
$
7,789,239
$
88,054
1.1
%
$
299,429
3.8
%
Savings deposits
976,267
963,759
993,232
12,508
1.3
%
(16,965
)
-1.7
%
Time deposits
3,498,295
3,447,188
3,160,134
51,107
1.5
%
338,161
10.7
%
Total interest-bearing deposits
12,563,230
12,411,561
11,942,605
151,669
1.2
%
620,625
5.2
%
Fed funds purchased and repurchases
429,778
402,772
405,189
27,006
6.7
%
24,589
6.1
%
Other borrowings
280,608
178,487
344,040
102,121
57.2
%
(63,432
)
-18.4
%
Subordinated notes
171,998
160,786
123,721
11,212
7.0
%
48,277
39.0
%
Junior subordinated debt securities
61,856
61,856
61,856
—
0.0
%
—
0.0
%
Total interest-bearing liabilities
13,507,470
13,215,462
12,877,411
292,008
2.2
%
630,059
4.9
%
Noninterest-bearing deposits
3,032,730
3,185,575
3,055,333
(152,845
)
-4.8
%
(22,603
)
-0.7
%
Other liabilities
235,292
204,636
277,647
30,656
15.0
%
(42,355
)
-15.3
%
Total liabilities
16,775,492
16,605,673
16,210,391
169,819
1.0
%
565,101
3.5
%
Shareholders' equity
2,143,432
2,126,774
1,991,554
16,658
0.8
%
151,878
7.6
%
Total liabilities and equity
$
18,918,924
$
18,732,447
$
18,201,945
$
186,477
1.0
%
$
716,979
3.9
%
(1) During the first quarter of 2026, Trustmark reported the averages for LHFS and LHFI separately. Prior periods have been reclassified accordingly.
See Notes to Consolidated Financials
TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
March 31, 2026
($ in thousands)
(unaudited)
Linked Quarter
Year over Year
PERIOD END BALANCES
3/31/2026
12/31/2025
3/31/2025
$ Change
% Change
$ Change
% Change
Cash and due from banks
$
526,593
$
668,007
$
587,362
$
(141,414
)
-21.2
%
$
(60,769
)
-10.3
%
Securities available for sale
1,913,835
1,876,830
1,737,462
37,005
2.0
%
176,373
10.2
%
Securities held to maturity
1,159,676
1,207,454
1,315,053
(47,778
)
-4.0
%
(155,377
)
-11.8
%
LHFS
291,122
278,789
188,689
12,333
4.4
%
102,433
54.3
%
LHFI
13,877,971
13,674,233
13,241,469
203,738
1.5
%
636,502
4.8
%
ACL LHFI
(160,431
)
(157,071
)
(167,010
)
(3,360
)
-2.1
%
6,579
3.9
%
Net LHFI
13,717,540
13,517,162
13,074,459
200,378
1.5
%
643,081
4.9
%
Premises and equipment, net
227,134
225,658
231,202
1,476
0.7
%
(4,068
)
-1.8
%
Mortgage servicing rights
136,796
131,289
134,395
5,507
4.2
%
2,401
1.8
%
Goodwill
334,605
334,605
334,605
—
0.0
%
—
0.0
%
Other real estate
7,316
6,957
8,348
359
5.2
%
(1,032
)
-12.4
%
Operating lease right-of-use assets
32,702
32,152
33,861
550
1.7
%
(1,159
)
-3.4
%
Other assets
640,005
646,308
650,767
(6,303
)
-1.0
%
(10,762
)
-1.7
%
Total assets
$
18,987,324
$
18,925,211
$
18,296,203
$
62,113
0.3
%
$
691,121
3.8
%
Deposits:
Noninterest-bearing
$
3,095,696
$
3,036,504
$
3,069,929
$
59,192
1.9
%
$
25,767
0.8
%
Interest-bearing
12,616,812
12,463,280
12,010,775
153,532
1.2
%
606,037
5.0
%
Total deposits
15,712,508
15,499,784
15,080,704
212,724
1.4
%
631,804
4.2
%
Fed funds purchased and repurchases
385,000
445,000
360,080
(60,000
)
-13.5
%
24,920
6.9
%
Other borrowings
292,532
364,762
404,815
(72,230
)
-19.8
%
(112,283
)
-27.7
%
Subordinated notes
172,042
171,966
123,757
76
0.0
%
48,285
39.0
%
Junior subordinated debt securities
61,856
61,856
61,856
—
0.0
%
—
0.0
%
ACL on off-balance sheet credit exposures
26,003
27,951
26,561
(1,948
)
-7.0
%
(558
)
-2.1
%
Operating lease liabilities
36,819
36,250
37,917
569
1.6
%
(1,098
)
-2.9
%
Other liabilities
171,419
195,965
179,286
(24,546
)
-12.5
%
(7,867
)
-4.4
%
Total liabilities
16,858,179
16,803,534
16,274,976
54,645
0.3
%
583,203
3.6
%
Common stock
12,226
12,296
12,651
(70
)
-0.6
%
(425
)
-3.4
%
Capital surplus
62,051
81,951
143,001
(19,900
)
-24.3
%
(80,950
)
-56.6
%
Retained earnings
2,082,304
2,041,055
1,914,277
41,249
2.0
%
168,027
8.8
%
Accumulated other comprehensive
income (loss), net of tax
(27,436
)
(13,625
)
(48,702
)
(13,811
)
n/m
21,266
43.7
%
Total shareholders' equity
2,129,145
2,121,677
2,021,227
7,468
0.4
%
107,918
5.3
%
Total liabilities and equity
$
18,987,324
$
18,925,211
$
18,296,203
$
62,113
0.3
%
$
691,121
3.8
%
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials
TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
March 31, 2026
($ in thousands except per share data)
(unaudited)
Quarter Ended
Linked Quarter
Year over Year
INCOME STATEMENTS
3/31/2026
12/31/2025
3/31/2025
$ Change
% Change
$ Change
% Change
Interest and fees on LHFS & LHFI-fully taxable
equivalent (FTE)
$
205,117
$
211,716
$
201,929
$
(6,599
)
-3.1
%
$
3,188
1.6
%
Interest on securities
26,781
26,587
26,056
194
0.7
%
725
2.8
%
Other interest income
3,147
3,967
3,846
(820
)
-20.7
%
(699
)
-18.2
%
Total interest income-FTE
235,045
242,270
231,831
(7,225
)
-3.0
%
3,214
1.4
%
Interest on deposits
62,719
67,696
67,718
(4,977
)
-7.4
%
(4,999
)
-7.4
%
Interest on fed funds purchased and repurchases
3,975
4,089
4,298
(114
)
-2.8
%
(323
)
-7.5
%
Other interest expense
4,817
4,659
5,076
158
3.4
%
(259
)
-5.1
%
Total interest expense
71,511
76,444
77,092
(4,933
)
-6.5
%
(5,581
)
-7.2
%
Net interest income-FTE
163,534
165,826
154,739
(2,292
)
-1.4
%
8,795
5.7
%
Provision for credit losses (PCL), LHFI
4,688
(550
)
8,125
5,238
n/m
(3,437
)
-42.3
%
PCL, off-balance sheet credit exposures
(1,948
)
1,765
(2,831
)
(3,713
)
n/m
883
-31.2
%
Net interest income after provision-FTE
160,794
164,611
149,445
(3,817
)
-2.3
%
11,349
7.6
%
Service charges on deposit accounts
10,654
11,184
10,636
(530
)
-4.7
%
18
0.2
%
Bank card and other fees
7,988
8,646
7,664
(658
)
-7.6
%
324
4.2
%
Mortgage banking, net
8,934
7,527
8,771
1,407
18.7
%
163
1.9
%
Wealth management
10,393
11,133
9,543
(740
)
-6.6
%
850
8.9
%
Other, net
4,376
2,745
5,970
1,631
59.4
%
(1,594
)
-26.7
%
Total noninterest income
42,345
41,235
42,584
1,110
2.7
%
(239
)
-0.6
%
Salaries and employee benefits
74,242
75,079
68,492
(837
)
-1.1
%
5,750
8.4
%
Services and fees
27,944
27,369
26,247
575
2.1
%
1,697
6.5
%
Net occupancy-premises
7,826
7,835
7,385
(9
)
-0.1
%
441
6.0
%
Equipment expense
6,998
6,878
6,308
120
1.7
%
690
10.9
%
Other expense
15,149
15,011
15,579
138
0.9
%
(430
)
-2.8
%
Total noninterest expense
132,159
132,172
124,011
(13
)
0.0
%
8,148
6.6
%
Income before income taxes and FTE adjustment
70,980
73,674
68,018
(2,694
)
-3.7
%
2,962
4.4
%
FTE adjustment
2,975
2,940
2,684
35
1.2
%
291
10.8
%
Income before income taxes
68,005
70,734
65,334
(2,729
)
-3.9
%
2,671
4.1
%
Income taxes
11,890
12,860
11,701
(970
)
-7.5
%
189
1.6
%
Net income
$
56,115
$
57,874
$
53,633
$
(1,759
)
-3.0
%
$
2,482
4.6
%
Per share data
Basic earnings per share
$
0.95
$
0.97
$
0.88
$
(0.02
)
-2.1
%
$
0.07
8.0
%
Diluted earnings per share
$
0.95
$
0.97
$
0.88
$
(0.02
)
-2.1
%
$
0.07
8.0
%
Dividends per share
$
0.25
$
0.24
$
0.24
$
0.01
4.2
%
$
0.01
4.2
%
Weighted average shares outstanding
Basic
58,832,130
59,691,343
60,799,984
Diluted
59,067,767
59,950,488
61,049,120
Period end shares outstanding
58,679,730
59,012,423
60,718,411
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials
TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
March 31, 2026
($ in thousands)
(unaudited)
Quarter Ended
Linked Quarter
Year over Year
NONPERFORMING ASSETS
3/31/2026
12/31/2025
3/31/2025
$ Change
% Change
$ Change
% Change
Nonaccrual LHFI
Alabama
$
11,151
$
4,638
$
18,633
$
6,513
n/m
$
(7,482
)
-40.2
%
Florida
553
442
391
111
25.1
%
162
41.4
%
Mississippi (1)
76,671
73,045
49,107
3,626
5.0
%
27,564
56.1
%
Tennessee (2)
2,542
2,396
2,339
146
6.1
%
203
8.7
%
Texas
5,802
3,870
16,150
1,932
49.9
%
(10,348
)
-64.1
%
Total nonaccrual LHFI
96,719
84,391
86,620
12,328
14.6
%
10,099
11.7
%
Other real estate
Alabama
1,356
409
271
947
n/m
1,085
n/m
Mississippi (1)
5,033
5,621
4,837
(588
)
-10.5
%
196
4.1
%
Tennessee (2)
927
927
979
—
0.0
%
(52
)
-5.3
%
Texas
—
—
2,261
—
n/m
(2,261
)
-100.0
%
Total other real estate
7,316
6,957
8,348
359
5.2
%
(1,032
)
-12.4
%
Total nonperforming assets
$
104,035
$
91,348
$
94,968
$
12,687
13.9
%
$
9,067
9.5
%
LOANS PAST DUE OVER 90 DAYS
LHFI
$
3,745
$
5,097
$
4,355
$
(1,352
)
-26.5
%
$
(610
)
-14.0
%
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase)
$
116,395
$
98,939
$
71,720
$
17,456
17.6
%
$
44,675
62.3
%
Quarter Ended
Linked Quarter
Year over Year
ACL LHFI
3/31/2026
12/31/2025
3/31/2025
$ Change
% Change
$ Change
% Change
Beginning Balance
$
157,071
$
165,242
$
160,270
$
(8,171
)
-4.9
%
$
(3,199
)
-2.0
%
PCL, LHFI
4,688
(550
)
8,125
5,238
n/m
(3,437
)
-42.3
%
Charge-offs
(3,686
)
(9,892
)
(3,701
)
6,206
62.7
%
15
0.4
%
Recoveries
2,358
2,271
2,316
87
3.8
%
42
1.8
%
Net (charge-offs) recoveries
(1,328
)
(7,621
)
(1,385
)
6,293
82.6
%
57
4.1
%
Ending Balance
$
160,431
$
157,071
$
167,010
$
3,360
2.1
%
$
(6,579
)
-3.9
%
NET (CHARGE-OFFS) RECOVERIES
Alabama
$
(104
)
$
(426
)
$
(207
)
$
322
75.6
%
$
103
49.8
%
Florida
(35
)
204
(17
)
(239
)
n/m
(18
)
n/m
Mississippi (1)
(626
)
(1,468
)
(755
)
842
57.4
%
129
17.1
%
Tennessee (2)
7
(82
)
(301
)
89
n/m
308
n/m
Texas
(570
)
(5,849
)
(105
)
5,279
n/m
(465
)
n/m
Total net (charge-offs) recoveries
$
(1,328
)
$
(7,621
)
$
(1,385
)
$
6,293
82.6
%
$
57
4.1
%
(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
See Notes to Consolidated Financials
TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
March 31, 2026
($ in thousands)
(unaudited)
Quarter Ended
AVERAGE BALANCES
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Securities available for sale
$
1,853,316
$
1,815,943
$
1,740,647
$
1,745,924
$
1,726,291
Securities held to maturity
1,185,975
1,236,827
1,279,020
1,303,195
1,325,185
Total securities
3,039,291
3,052,770
3,019,667
3,049,119
3,051,476
LHFS (1)
279,444
229,697
216,704
204,973
183,001
LHFI (1)
13,739,423
13,632,256
13,485,334
13,338,532
13,137,275
Other earning assets
369,002
369,748
389,021
414,733
365,505
Total earning assets
17,427,160
17,284,471
17,110,726
17,007,357
16,737,257
ACL LHFI
(156,485
)
(161,147
)
(167,775
)
(166,430
)
(159,893
)
Other assets
1,648,249
1,609,123
1,627,362
1,605,786
1,624,581
Total assets
$
18,918,924
$
18,732,447
$
18,570,313
$
18,446,713
$
18,201,945
Interest-bearing demand deposits
$
8,088,668
$
8,000,614
$
7,747,480
$
7,682,684
$
7,789,239
Savings deposits
976,267
963,759
976,664
989,689
993,232
Time deposits
3,498,295
3,447,188
3,439,180
3,313,420
3,160,134
Total interest-bearing deposits
12,563,230
12,411,561
12,163,324
11,985,793
11,942,605
Fed funds purchased and repurchases
429,778
402,772
419,802
416,104
405,189
Other borrowings
280,608
178,487
283,629
431,861
344,040
Subordinated notes
171,998
160,786
123,831
123,779
123,721
Junior subordinated debt securities
61,856
61,856
61,856
61,856
61,856
Total interest-bearing liabilities
13,507,470
13,215,462
13,052,442
13,019,393
12,877,411
Noninterest-bearing deposits
3,032,730
3,185,575
3,194,587
3,171,796
3,055,333
Other liabilities
235,292
204,636
232,911
214,315
277,647
Total liabilities
16,775,492
16,605,673
16,479,940
16,405,504
16,210,391
Shareholders' equity
2,143,432
2,126,774
2,090,373
2,041,209
1,991,554
Total liabilities and equity
$
18,918,924
$
18,732,447
$
18,570,313
$
18,446,713
$
18,201,945
(1) During the first quarter of 2026, Trustmark reported the averages for LHFS and LHFI separately. Prior periods have been reclassified accordingly.
See Notes to Consolidated Financials
TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
March 31, 2026
($ in thousands)
(unaudited)
PERIOD END BALANCES
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Cash and due from banks
$
526,593
$
668,007
$
732,826
$
634,402
$
587,362
Securities available for sale
1,913,835
1,876,830
1,814,245
1,782,092
1,737,462
Securities held to maturity
1,159,676
1,207,454
1,268,459
1,290,572
1,315,053
LHFS
291,122
278,789
228,141
219,649
188,689
LHFI
13,877,971
13,674,233
13,548,156
13,464,780
13,241,469
ACL LHFI
(160,431
)
(157,071
)
(165,242
)
(168,237
)
(167,010
)
Net LHFI
13,717,540
13,517,162
13,382,914
13,296,543
13,074,459
Premises and equipment, net
227,134
225,658
227,805
228,964
231,202
Mortgage servicing rights
136,796
131,289
131,676
132,702
134,395
Goodwill
334,605
334,605
334,605
334,605
334,605
Other real estate
7,316
6,957
8,325
8,972
8,348
Operating lease right-of-use assets
32,702
32,152
33,012
34,016
33,861
Other assets
640,005
646,308
639,502
653,142
650,767
Total assets
$
18,987,324
$
18,925,211
$
18,801,510
$
18,615,659
$
18,296,203
Deposits:
Noninterest-bearing
$
3,095,696
$
3,036,504
$
3,321,132
$
3,135,435
$
3,069,929
Interest-bearing
12,616,812
12,463,280
12,309,842
11,980,426
12,010,775
Total deposits
15,712,508
15,499,784
15,630,974
15,115,861
15,080,704
Fed funds purchased and repurchases
385,000
445,000
420,000
456,326
360,080
Other borrowings
292,532
364,762
208,366
558,654
404,815
Subordinated notes
172,042
171,966
123,867
123,812
123,757
Junior subordinated debt securities
61,856
61,856
61,856
61,856
61,856
ACL on off-balance sheet credit exposures
26,003
27,951
26,186
25,891
26,561
Operating lease liabilities
36,819
36,250
37,100
38,091
37,917
Other liabilities
171,419
195,965
178,893
164,379
179,286
Total liabilities
16,858,179
16,803,534
16,687,242
16,544,870
16,274,976
Common stock
12,226
12,296
12,528
12,585
12,651
Capital surplus
62,051
81,951
123,435
133,195
143,001
Retained earnings
2,082,304
2,041,055
1,997,685
1,955,498
1,914,277
Accumulated other comprehensive income (loss),
net of tax
(27,436
)
(13,625
)
(19,380
)
(30,489
)
(48,702
)
Total shareholders' equity
2,129,145
2,121,677
2,114,268
2,070,789
2,021,227
Total liabilities and equity
$
18,987,324
$
18,925,211
$
18,801,510
$
18,615,659
$
18,296,203
See Notes to Consolidated Financials
TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
March 31, 2026
($ in thousands except per share data)
(unaudited)
Quarter Ended
INCOME STATEMENTS
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Interest and fees on LHFS & LHFI-FTE
$
205,117
$
211,716
$
214,636
$
209,077
$
201,929
Interest on securities
26,781
26,587
26,625
26,269
26,056
Other interest income
3,147
3,967
4,233
4,734
3,846
Total interest income-FTE
235,045
242,270
245,494
240,080
231,831
Interest on deposits
62,719
67,696
71,065
68,177
67,718
Interest on fed funds purchased and repurchases
3,975
4,089
4,626
4,513
4,298
Other interest expense
4,817
4,659
4,585
5,982
5,076
Total interest expense
71,511
76,444
80,276
78,672
77,092
Net interest income-FTE
163,534
165,826
165,218
161,408
154,739
PCL, LHFI
4,688
(550
)
1,390
5,346
8,125
PCL, off-balance sheet credit exposures
(1,948
)
1,765
295
(670
)
(2,831
)
Net interest income after provision-FTE
160,794
164,611
163,533
156,732
149,445
Service charges on deposit accounts
10,654
11,184
11,251
10,585
10,636
Bank card and other fees
7,988
8,646
8,318
8,754
7,664
Mortgage banking, net
8,934
7,527
8,182
8,602
8,771
Wealth management
10,393
11,133
9,798
9,638
9,543
Other, net
4,376
2,745
2,382
2,311
5,970
Total noninterest income
42,345
41,235
39,931
39,890
42,584
Salaries and employee benefits
74,242
75,079
71,508
68,298
68,492
Services and fees
27,944
27,369
28,777
26,998
26,247
Net occupancy-premises
7,826
7,835
7,774
7,507
7,385
Equipment expense
6,998
6,878
6,410
6,206
6,308
Other expense
15,149
15,011
16,464
16,105
15,579
Total noninterest expense
132,159
132,172
130,933
125,114
124,011
Income before income taxes and FTE adjustment
70,980
73,674
72,531
71,508
68,018
FTE adjustment
2,975
2,940
2,777
2,652
2,684
Income before income taxes
68,005
70,734
69,754
68,856
65,334
Income taxes
11,890
12,860
12,967
13,015
11,701
Net income
$
56,115
$
57,874
$
56,787
$
55,841
$
53,633
Per share data
Basic earnings per share - total
$
0.95
$
0.97
$
0.94
$
0.92
$
0.88
Diluted earnings per share - total
$
0.95
$
0.97
$
0.94
$
0.92
$
0.88
Dividends per share
$
0.25
$
0.24
$
0.24
$
0.24
$
0.24
Weighted average shares outstanding
Basic
58,832,130
59,691,343
60,299,193
60,462,578
60,799,984
Diluted
59,067,767
59,950,488
60,540,158
60,693,515
61,049,120
Period end shares outstanding
58,679,730
59,012,423
60,126,376
60,401,684
60,718,411
See Notes to Consolidated Financials
TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
March 31, 2026
($ in thousands)
(unaudited)
Quarter Ended
NONPERFORMING ASSETS
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Nonaccrual LHFI
Alabama
$
11,151
$
4,638
$
3,475
$
8,422
$
18,633
Florida
553
442
460
437
391
Mississippi (1)
76,671
73,045
62,502
54,015
49,107
Tennessee (2)
2,542
2,396
2,293
2,232
2,339
Texas
5,802
3,870
15,225
15,894
16,150
Total nonaccrual LHFI
96,719
84,391
83,955
81,000
86,620
Other real estate
Alabama
1,356
409
656
772
271
Mississippi (1)
5,033
5,621
5,843
4,860
4,837
Tennessee (2)
927
927
927
1,079
979
Texas
—
—
899
2,261
2,261
Total other real estate
7,316
6,957
8,325
8,972
8,348
Total nonperforming assets
$
104,035
$
91,348
$
92,280
$
89,972
$
94,968
LOANS PAST DUE OVER 90 DAYS
LHFI
$
3,745
$
5,097
$
4,853
$
3,854
$
4,355
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase)
$
116,395
$
98,939
$
77,859
$
75,564
$
71,720
Quarter Ended
ACL LHFI
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Beginning Balance
$
157,071
$
165,242
$
168,237
$
167,010
$
160,270
PCL, LHFI
4,688
(550
)
1,390
5,346
8,125
Charge-offs
(3,686
)
(9,892
)
(6,775
)
(6,380
)
(3,701
)
Recoveries
2,358
2,271
2,390
2,261
2,316
Net (charge-offs) recoveries
(1,328
)
(7,621
)
(4,385
)
(4,119
)
(1,385
)
Ending Balance
$
160,431
$
157,071
$
165,242
$
168,237
$
167,010
NET (CHARGE-OFFS) RECOVERIES
Alabama
$
(104
)
$
(426
)
$
(3,069
)
$
(2,331
)
$
(207
)
Florida
(35
)
204
2
151
(17
)
Mississippi (1)
(626
)
(1,468
)
(1,520
)
(1,647
)
(755
)
Tennessee (2)
7
(82
)
(182
)
(258
)
(301
)
Texas
(570
)
(5,849
)
384
(34
)
(105
)
Total net (charge-offs) recoveries
$
(1,328
)
$
(7,621
)
$
(4,385
)
$
(4,119
)
$
(1,385
)
(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
March 31, 2026
(unaudited)
Quarter Ended
FINANCIAL RATIOS AND OTHER DATA
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Return on average equity
10.62%
10.80%
10.78%
10.97%
10.92%
Return on average tangible equity
12.58%
12.82%
12.84%
13.13%
13.13%
Return on average assets
1.20%
1.23%
1.21%
1.21%
1.19%
Interest margin - Yield - FTE
5.47%
5.56%
5.69%
5.66%
5.62%
Interest margin - Cost
1.66%
1.75%
1.86%
1.86%
1.87%
Net interest margin - FTE
3.81%
3.81%
3.83%
3.81%
3.75%
Efficiency ratio (1)
63.25%
62.69%
61.98%
61.24%
61.77%
Full-time equivalent employees
2,530
2,543
2,539
2,510
2,506
CREDIT QUALITY RATIOS
Net (recoveries) charge-offs / average loans (LHFS + LHFI)
0.04%
0.22%
0.13%
0.12%
0.04%
PCL, LHFI / average loans (LHFS + LHFI)
0.14%
-0.02%
0.04%
0.16%
0.25%
Nonaccrual LHFI / (LHFI + LHFS)
0.68%
0.60%
0.61%
0.59%
0.64%
Nonperforming assets / (LHFI + LHFS)
0.73%
0.65%
0.67%
0.66%
0.71%
Nonperforming assets / (LHFI + LHFS
+ other real estate)
0.73%
0.65%
0.67%
0.66%
0.71%
ACL LHFI / LHFI
1.16%
1.15%
1.22%
1.25%
1.26%
ACL LHFI-commercial / commercial LHFI
0.88%
0.91%
1.00%
1.07%
1.11%
ACL LHFI-consumer / consumer and
home mortgage LHFI
2.09%
1.94%
1.95%
1.83%
1.76%
ACL LHFI / nonaccrual LHFI
165.87%
186.12%
196.82%
207.70%
192.81%
ACL LHFI / nonaccrual LHFI
(excl individually analyzed loans)
200.69%
209.18%
239.69%
272.20%
296.41%
CAPITAL RATIOS
Total equity / total assets
11.21%
11.21%
11.25%
11.12%
11.05%
Tangible equity / tangible assets
9.62%
9.61%
9.64%
9.50%
9.39%
Tangible equity / risk-weighted assets
11.44%
11.54%
11.66%
11.41%
11.23%
Tier 1 leverage ratio
10.19%
10.18%
10.26%
10.15%
10.11%
Common equity tier 1 capital ratio
11.70%
11.72%
11.88%
11.70%
11.63%
Tier 1 risk-based capital ratio
12.09%
12.11%
12.27%
12.09%
12.03%
Total risk-based capital ratio
14.37%
14.41%
14.33%
14.15%
14.10%
STOCK PERFORMANCE
Market value-Close
$ 42.14
$ 38.95
$ 39.60
$ 36.46
$ 34.49
Book value
$ 36.28
$ 35.95
$ 35.16
$ 34.28
$ 33.29
Tangible book value
$ 30.58
$ 30.28
$ 29.60
$ 28.74
$ 27.78
(1) See Note 7 - Non-GAAP Financial Measures in the Notes to Consolidated Financials for Trustmark’s efficiency ratio calculation.
See Notes to Consolidated Financials
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2026
($ in thousands)
(unaudited)
Note 1 – 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 March 31, 2026, the carrying amount of the Notes was $172.0 million.
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:
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities
$
221,733
$
208,948
$
208,269
$
215,679
$
212,463
U.S. Government agency obligations
70,255
70,849
70,535
65,800
49,325
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA
40,197
38,535
35,806
34,070
28,108
Issued by FNMA and FHLMC
1,214,980
1,187,759
1,126,931
1,109,203
1,090,137
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA
366,670
370,739
372,704
357,340
357,429
Total securities available for sale
$
1,913,835
$
1,876,830
$
1,814,245
$
1,782,092
$
1,737,462
SECURITIES HELD TO MATURITY
U.S. Treasury securities
$
30,804
$
30,615
$
30,421
$
30,226
$
30,033
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA
12,733
13,154
14,353
14,750
15,726
Issued by FNMA and FHLMC
359,768
372,311
384,625
398,161
411,454
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA
90,748
96,667
103,041
109,697
116,969
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA
665,623
694,707
736,019
737,738
740,871
Total securities held to maturity
$
1,159,676
$
1,207,454
$
1,268,459
$
1,290,572
$
1,315,053
At March 31, 2026, 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 $34.1 million.
Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of 100.0% of the portfolio in U.S. Treasury securities, direct obligations of government agencies and GSE-backed obligations. None of the securities owned by Trustmark are collateralized by assets which are considered sub-prime. Furthermore, outside of stock ownership in the Federal Home Loan Bank of Dallas and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE.
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2026
($ in thousands)
(unaudited)
Note 3 – Loan Composition
LHFI consisted of the following during the periods presented:
LHFI BY TYPE
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Loans secured by real estate:
Construction, land development and
other land loans
$
1,205,698
$
1,144,591
$
1,241,827
$
1,355,223
$
1,321,631
Secured by 1-4 family residential properties
3,059,727
3,056,189
3,054,869
3,057,362
2,973,978
Secured by nonfarm, nonresidential properties
3,289,115
3,304,523
3,299,819
3,478,932
3,532,842
Other real estate secured
2,079,222
2,124,272
2,055,712
1,918,341
1,876,459
Commercial and industrial loans
2,166,425
1,999,464
1,903,606
1,832,295
1,765,893
Consumer loans
154,787
159,158
151,287
149,395
154,623
State and other political subdivision loans
1,059,624
1,061,584
1,028,396
961,251
974,300
Other loans and leases
863,373
824,452
812,640
711,981
641,743
LHFI
13,877,971
13,674,233
13,548,156
13,464,780
13,241,469
ACL LHFI
(160,431
)
(157,071
)
(165,242
)
(168,237
)
(167,010
)
Net LHFI
$
13,717,540
$
13,517,162
$
13,382,914
$
13,296,543
$
13,074,459
The following table presents the LHFI composition based upon the region where the loan was originated and reflects each region’s diversified mix of loans:
March 31, 2026
LHFI - COMPOSITION BY REGION
Total
Alabama
Florida
Georgia
Mississippi
(Central and
Southern
Regions)
Tennessee
(Memphis,
TN and
Northern MS
Regions)
Texas
Loans secured by real estate:
Construction, land development and
other land loans
$
1,205,698
$
432,221
$
24,466
$
190,492
$
284,460
$
44,329
$
229,730
Secured by 1-4 family residential properties
3,059,727
170,843
65,304
—
2,689,304
90,737
43,539
Secured by nonfarm, nonresidential properties
3,289,115
796,976
171,421
93,547
1,478,698
121,168
627,305
Other real estate secured
2,079,222
878,523
1,597
253,465
577,625
7,197
360,815
Commercial and industrial loans
2,166,425
620,026
25,474
366,067
761,833
122,146
270,879
Consumer loans
154,787
19,854
8,308
—
88,778
10,979
26,868
State and other political subdivision loans
1,059,624
53,719
56,720
4,690
826,262
24,172
94,061
Other loans and leases
863,373
26,726
5,551
481,676
251,052
53,458
44,910
Loans
$
13,877,971
$
2,998,888
$
358,841
$
1,389,937
$
6,958,012
$
474,186
$
1,698,107
CONSTRUCTION, LAND DEVELOPMENT AND OTHER LAND LOANS BY REGION
Lots
$
79,938
$
34,874
$
7,814
$
—
$
17,577
$
5,427
$
14,246
Development
76,513
43,136
—
—
17,087
12,806
3,484
Unimproved land
84,606
18,883
8,543
—
20,936
5,099
31,145
1-4 family construction
319,086
150,642
8,109
18,761
74,445
20,583
46,546
Other construction
645,555
184,686
—
171,731
154,415
414
134,309
Construction, land development
and other land loans
$
1,205,698
$
432,221
$
24,466
$
190,492
$
284,460
$
44,329
$
229,730
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2026
($ in thousands)
(unaudited)
Note 3 – Loan Composition (continued)
March 31, 2026
Total
Alabama
Florida
Georgia
Mississippi
(Central and
Southern
Regions)
Tennessee
(Memphis,
TN and
Northern MS
Regions)
Texas
LOANS SECURED BY NONFARM, NONRESIDENTIAL PROPERTIES BY REGION
Non-owner occupied:
Retail
$
267,009
$
94,998
$
12,768
$
19,175
$
60,120
$
17,395
$
62,553
Office
189,305
45,547
17,312
—
84,458
2,668
39,320
Hotel/motel
233,168
124,179
35,644
—
51,837
21,508
—
Mini-storage
198,603
54,524
1,495
33,254
87,583
491
21,256
Industrial & warehouses
540,909
99,311
17,598
41,118
261,223
2,420
119,239
Health care
123,046
104,210
650
—
15,895
305
1,986
Convenience stores
17,595
1,370
365
—
9,895
147
5,818
Nursing homes/senior living
207,248
13,948
—
—
117,068
3,264
72,968
Other
117,528
24,643
8,099
—
51,310
4,305
29,171
Total non-owner occupied loans
1,894,411
562,730
93,931
93,547
739,389
52,503
352,311
Owner-occupied:
Office
149,050
48,029
27,825
—
40,408
10,162
22,626
Churches
42,453
9,506
3,345
—
23,785
2,586
3,231
Industrial & warehouses
236,278
16,402
7,058
—
70,500
9,668
132,650
Health care
118,612
4,633
14,248
—
90,002
2,093
7,636
Convenience stores
96,171
5,369
2,721
—
55,399
—
32,682
Retail
76,286
11,220
13,078
—
38,374
6,865
6,749
Restaurants
69,185
2,399
2,395
—
34,569
23,879
5,943
Auto dealerships
29,426
1,455
137
—
14,544
13,290
—
Nursing homes/senior living
450,762
119,421
—
—
305,562
—
25,779
Other
126,481
15,812
6,683
—
66,166
122
37,698
Total owner-occupied loans
1,394,704
234,246
77,490
—
739,309
68,665
274,994
Loans secured by nonfarm, nonresidential properties
$
3,289,115
$
796,976
$
171,421
$
93,547
$
1,478,698
$
121,168
$
627,305
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
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Securities – total
3.57
%
3.46
%
3.50
%
3.46
%
3.46
%
LHFI & LHFS
5.93
%
6.06
%
6.21
%
6.19
%
6.15
%
Other earning assets
3.46
%
4.26
%
4.32
%
4.58
%
4.27
%
Total earning assets
5.47
%
5.56
%
5.69
%
5.66
%
5.62
%
Interest-bearing deposits
2.02
%
2.16
%
2.32
%
2.28
%
2.30
%
Fed funds purchased & repurchases
3.75
%
4.03
%
4.37
%
4.35
%
4.30
%
Other borrowings
3.80
%
4.61
%
3.88
%
3.89
%
3.89
%
Total interest-bearing liabilities
2.15
%
2.29
%
2.44
%
2.42
%
2.43
%
Total Deposits
1.63
%
1.72
%
1.84
%
1.80
%
1.83
%
Net interest margin
3.81
%
3.81
%
3.83
%
3.81
%
3.75
%
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2026
($ in thousands)
(unaudited)
Note 4 – Yields on Earning Assets and Costs of Interest-Bearing Liabilities (continued)
The net interest margin remained flat when compared to the fourth quarter of 2025, totaling 3.81% for the first quarter of 2026, as the decrease in the yield for the loans held for investment and held for sale portfolio was offset by the increase in the yield on the securities portfolio and the decrease in the costs of interest-bearing liabilities.
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 $96 thousand during the first quarter of 2026.
The following table illustrates the components of mortgage banking revenues included in noninterest income in the accompanying income statements:
Quarter Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Mortgage servicing income, net
$
7,349
$
7,342
$
7,251
$
7,142
$
7,161
Change in fair value-MSR from runoff
(3,105
)
(4,141
)
(3,441
)
(3,596
)
(2,062
)
Gain on sales of loans, net
4,786
4,908
5,230
5,597
4,253
Mortgage banking income before hedge
ineffectiveness
9,030
8,109
9,040
9,143
9,352
Change in fair value-MSR from market changes
3,962
(445
)
(1,521
)
(1,946
)
(5,928
)
Change in fair value of derivatives
(4,058
)
(137
)
663
1,405
5,347
Net positive (negative) hedge ineffectiveness
(96
)
(582
)
(858
)
(541
)
(581
)
Mortgage banking, net
$
8,934
$
7,527
$
8,182
$
8,602
$
8,771
Note 6 – Other Noninterest Income and Expense
Other noninterest income consisted of the following for the periods presented:
Quarter Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Partnership amortization for tax credit purposes
$
(2,193
)
$
(2,380
)
$
(2,385
)
$
(2,137
)
$
(2,124
)
Increase in life insurance cash surrender value
1,872
1,940
1,945
1,911
1,867
Other miscellaneous income
4,697
3,185
2,822
2,537
6,227
Total other, net
$
4,376
$
2,745
$
2,382
$
2,311
$
5,970
Trustmark invests in partnerships that provide income tax credits on a Federal and/or State basis (i.e., new market tax credits, low-income housing tax credits and historical tax credits). The income tax credits related to these partnerships are utilized as specifically allowed by income tax law and are recorded as a reduction in income tax expense.
Other noninterest expense consisted of the following for the periods presented:
Quarter Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Loan expense
$
3,230
$
3,425
$
3,287
$
3,377
$
2,792
Amortization of intangibles
—
32
31
32
31
FDIC assessment expense
3,607
3,546
3,935
4,064
4,160
Other real estate expense, net
183
501
1,932
159
452
Other miscellaneous expense
8,129
7,507
7,279
8,473
8,144
Total other expense
$
15,149
$
15,011
$
16,464
$
16,105
$
15,579
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2026
($ in thousands)
(unaudited)
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
March 31, 2026
($ in thousands except per share data)
(unaudited)
Note 7 – Non-GAAP Financial Measures (continued)
Quarter Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
TANGIBLE EQUITY
AVERAGE BALANCES
Total shareholders' equity
$
2,143,432
$
2,126,774
$
2,090,373
$
2,041,209
$
1,991,554
Less: Goodwill
(334,605
)
(334,605
)
(334,605
)
(334,605
)
(334,605
)
Identifiable intangible assets
—
(9
)
(49
)
(80
)
(113
)
Total average tangible equity
$
1,808,827
$
1,792,160
$
1,755,719
$
1,706,524
$
1,656,836
PERIOD END BALANCES
Total shareholders' equity
$
2,129,145
$
2,121,677
$
2,114,268
$
2,070,789
$
2,021,227
Less: Goodwill
(334,605
)
(334,605
)
(334,605
)
(334,605
)
(334,605
)
Identifiable intangible assets
—
—
(32
)
(63
)
(95
)
Total tangible equity
(a)
$
1,794,540
$
1,787,072
$
1,779,631
$
1,736,121
$
1,686,527
TANGIBLE ASSETS
Total assets
$
18,987,324
$
18,925,211
$
18,801,510
$
18,615,659
$
18,296,203
Less: Goodwill
(334,605
)
(334,605
)
(334,605
)
(334,605
)
(334,605
)
Identifiable intangible assets
—
—
(32
)
(63
)
(95
)
Total tangible assets
(b)
$
18,652,719
$
18,590,606
$
18,466,873
$
18,280,991
$
17,961,503
Risk-weighted assets
(c)
$
15,680,449
$
15,483,472
$
15,262,807
$
15,215,021
$
15,024,476
NET INCOME ADJUSTED FOR INTANGIBLE AMORTIZATION
Net income
$
56,115
$
57,874
$
56,787
$
55,841
$
53,633
Plus: Intangible amortization net of tax
—
24
24
24
24
Net income adjusted for intangible amortization
$
56,115
$
57,898
$
56,811
$
55,865
$
53,657
Period end common shares outstanding
(d)
58,679,730
59,012,423
60,126,376
60,401,684
60,718,411
TANGIBLE COMMON EQUITY MEASUREMENTS
Return on average tangible equity (1)
12.58
%
12.82
%
12.84
%
13.13
%
13.13
%
Tangible equity/tangible assets
(a)/(b)
9.62
%
9.61
%
9.64
%
9.50
%
9.39
%
Tangible equity/risk-weighted assets
(a)/(c)
11.44
%
11.54
%
11.66
%
11.41
%
11.23
%
Tangible book value
(a)/(d)*1,000
$
30.58
$
30.28
$
29.60
$
28.74
$
27.78
COMMON EQUITY TIER 1 CAPITAL (CET1)
Total shareholders' equity
$
2,129,145
$
2,121,677
$
2,114,268
$
2,070,789
$
2,021,227
AOCI-related adjustments
27,436
13,625
19,380
30,489
48,702
CET1 adjustments and deductions:
Goodwill net of associated deferred
tax liabilities (DTLs)
(320,753
)
(320,754
)
(320,754
)
(320,755
)
(320,756
)
Other adjustments and deductions
for CET1 (2)
(710
)
(253
)
(111
)
(955
)
(2,175
)
CET1 capital
(e)
1,835,118
1,814,295
1,812,783
1,779,568
1,746,998
Additional tier 1 capital instruments
plus related surplus
60,000
60,000
60,000
60,000
60,000
Tier 1 capital
$
1,895,118
$
1,874,295
$
1,872,783
$
1,839,568
$
1,806,998
Common equity tier 1 capital ratio
(e)/(c)
11.70
%
11.72
%
11.88
%
11.70
%
11.63
%
(1) Calculation = ((net income adjusted for intangible amortization/number of days in period)*number of days in year)/total average tangible equity.
(2) Includes other intangible assets, net of DTLs, disallowed deferred tax assets (DTAs), threshold deductions and transition adjustments, as applicable.
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2026
($ 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
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Net interest income (GAAP)
$
160,559
$
162,886
$
162,441
$
158,756
$
152,055
Noninterest income (GAAP)
42,345
41,235
39,931
39,890
42,584
Adjusted pre-provision revenue
$
202,904
$
204,121
$
202,372
$
198,646
$
194,639
Noninterest expense (GAAP)
132,159
132,172
130,933
125,114
124,011
PPNR (Non-GAAP)
$
70,745
$
71,949
$
71,439
$
73,532
$
70,628
The following table presents Trustmark’s calculation of its efficiency ratio for the periods presented:
Quarter Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Total noninterest expense (GAAP)
$
132,159
$
132,172
$
130,933
$
125,114
$
124,011
Less:
Other real estate expense, net
(183
)
(501
)
(1,932
)
(159
)
(452
)
Amortization of intangibles
—
(32
)
(31
)
(32
)
(31
)
Charitable contributions resulting in
state tax credits
(375
)
(333
)
(334
)
(334
)
(334
)
Adjusted noninterest expense (Non-GAAP)
(a)
$
131,601
$
131,306
$
128,636
$
124,589
$
123,194
Net interest income (GAAP)
$
160,559
$
162,886
$
162,441
$
158,756
$
152,055
Add:
FTE adjustment
2,975
2,940
2,777
2,652
2,684
Net interest income-FTE (Non-GAAP)
(b)
$
163,534
$
165,826
$
165,218
$
161,408
$
154,739
Noninterest income (GAAP)
$
42,345
$
41,235
$
39,931
$
39,890
$
42,584
Add:
Partnership amortization for tax
credit purposes
2,193
2,380
2,385
2,137
2,124
Adjusted noninterest income (Non-GAAP)
(c)
$
44,538
$
43,615
$
42,316
$
42,027
$
44,708
Adjusted revenue (Non-GAAP)
(b)+(c)
$
208,072
$
209,441
$
207,534
$
203,435
$
199,447
Efficiency ratio (Non-GAAP)
(a)/((b)+(c))
63.25
%
62.69
%
61.98
%
61.24
%
61.77
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260428466056/en/
Trustmark Investor Contacts:
Thomas C. Owens
Treasurer and Principal Financial Officer
601-208-7853
F. Joseph Rein, Jr.
Executive Vice President
601-208-6898
Trustmark Media Contact:
Melanie A. Morgan
Executive Vice President
601-208-2979
Original: Trustmark Corporation Announces First Quarter 2026 Financial Results
US Market News
5月前
Trustmark Corporation Announces Fourth Quarter and Fiscal Year 2025 Financial ResultsJanuary 27, 2026 9:30 PM
Business Wire
Performance Reflects Continued Loan and Deposit Growth,
Solid Credit Quality, Expanded Revenue, and Strong Profitability Metrics
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%.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260127663647/en/
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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 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
$
75,296
4.3
%
$
107,717
6.3
%
Securities HTM-taxable
1,236,827
1,279,020
1,346,141
(42,193
)
-3.3
%
(109,314
)
-8.1
%
Securities HTM-nontaxable
—
—
—
—
n/m
—
n/m
Total securities
3,052,770
3,019,667
3,054,367
33,103
1.1
%
(1,597
)
-0.1
%
Loans (includes loans held for sale)
13,861,953
13,702,038
13,275,762
159,915
1.2
%
586,191
4.4
%
Other earning assets
369,748
389,021
422,083
(19,273
)
-5.0
%
(52,335
)
-12.4
%
Total earning assets
17,284,471
17,110,726
16,752,212
173,745
1.0
%
532,259
3.2
%
Allowance for credit losses (ACL), loans held
for investment (LHFI)
(161,147
)
(167,775
)
(157,659
)
6,628
4.0
%
(3,488
)
-2.2
%
Other assets
1,609,123
1,627,362
1,627,890
(18,239
)
-1.1
%
(18,767
)
-1.2
%
Total assets
$
18,732,447
$
18,570,313
$
18,222,443
$
162,134
0.9
%
$
510,004
2.8
%
Interest-bearing demand deposits (1)
$
8,000,614
$
7,747,480
$
7,789,318
$
253,134
3.3
%
$
211,296
2.7
%
Savings deposits (1)
963,759
976,664
983,292
(12,905
)
-1.3
%
(19,533
)
-2.0
%
Time deposits
3,447,188
3,439,180
3,265,358
8,008
0.2
%
181,830
5.6
%
Total interest-bearing deposits
12,411,561
12,163,324
12,037,968
248,237
2.0
%
373,593
3.1
%
Fed funds purchased and repurchases
402,772
419,802
357,798
(17,030
)
-4.1
%
44,974
12.6
%
Other borrowings
178,487
283,629
218,244
(105,142
)
-37.1
%
(39,757
)
-18.2
%
Subordinated notes
160,786
123,831
123,666
36,955
29.8
%
37,120
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
163,020
1.2
%
415,930
3.2
%
Noninterest-bearing deposits
3,185,575
3,194,587
3,192,358
(9,012
)
-0.3
%
(6,783
)
-0.2
%
Other liabilities
204,636
232,911
257,990
(28,275
)
-12.1
%
(53,354
)
-20.7
%
Total liabilities
16,605,673
16,479,940
16,249,880
125,733
0.8
%
355,793
2.2
%
Shareholders' equity
2,126,774
2,090,373
1,972,563
36,401
1.7
%
154,211
7.8
%
Total liabilities and equity
$
18,732,447
$
18,570,313
$
18,222,443
$
162,134
0.9
%
$
510,004
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
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
$
(64,819
)
-8.8
%
$
100,756
17.8
%
Securities available for sale
1,876,830
1,814,245
1,692,534
62,585
3.4
%
184,296
10.9
%
Securities held to maturity
1,207,454
1,268,459
1,335,385
(61,005
)
-4.8
%
(127,931
)
-9.6
%
Loans held for sale (LHFS)
278,789
228,141
200,307
50,648
22.2
%
78,482
39.2
%
Loans held for investment (LHFI)
13,674,233
13,548,156
13,089,942
126,077
0.9
%
584,291
4.5
%
ACL LHFI
(157,071
)
(165,242
)
(160,270
)
8,171
4.9
%
3,199
2.0
%
Net LHFI
13,517,162
13,382,914
12,929,672
134,248
1.0
%
587,490
4.5
%
Premises and equipment, net
225,658
227,805
235,410
(2,147
)
-0.9
%
(9,752
)
-4.1
%
Mortgage servicing rights
131,289
131,676
139,317
(387
)
-0.3
%
(8,028
)
-5.8
%
Goodwill
334,605
334,605
334,605
—
0.0
%
—
0.0
%
Other real estate
6,957
8,325
5,917
(1,368
)
-16.4
%
1,040
17.6
%
Operating lease right-of-use assets
32,152
33,012
34,668
(860
)
-2.6
%
(2,516
)
-7.3
%
Other assets (1)
646,308
639,502
677,356
6,806
1.1
%
(31,048
)
-4.6
%
Total assets
$
18,925,211
$
18,801,510
$
18,152,422
$
123,701
0.7
%
$
772,789
4.3
%
Deposits:
Noninterest-bearing
$
3,036,504
$
3,321,132
$
3,073,565
$
(284,628
)
-8.6
%
$
(37,061
)
-1.2
%
Interest-bearing
12,463,280
12,309,842
12,034,610
153,438
1.2
%
428,670
3.6
%
Total deposits
15,499,784
15,630,974
15,108,175
(131,190
)
-0.8
%
391,609
2.6
%
Fed funds purchased and repurchases
445,000
420,000
324,008
25,000
6.0
%
120,992
37.3
%
Other borrowings
364,762
208,366
301,541
156,396
75.1
%
63,221
21.0
%
Subordinated notes
171,966
123,867
123,702
48,099
38.8
%
48,264
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
1,765
6.7
%
(1,441
)
-4.9
%
Operating lease liabilities
36,250
37,100
38,698
(850
)
-2.3
%
(2,448
)
-6.3
%
Other liabilities
195,965
178,893
202,723
17,072
9.5
%
(6,758
)
-3.3
%
Total liabilities
16,803,534
16,687,242
16,190,095
116,292
0.7
%
613,439
3.8
%
Common stock
12,296
12,528
12,711
(232
)
-1.9
%
(415
)
-3.3
%
Capital surplus
81,951
123,435
157,899
(41,484
)
-33.6
%
(75,948
)
-48.1
%
Retained earnings
2,041,055
1,997,685
1,875,376
43,370
2.2
%
165,679
8.8
%
Accumulated other comprehensive
income (loss), net of tax
(13,625
)
(19,380
)
(83,659
)
5,755
29.7
%
70,034
83.7
%
Total shareholders' equity
2,121,677
2,114,268
1,962,327
7,409
0.4
%
159,350
8.1
%
Total liabilities and equity
$
18,925,211
$
18,801,510
$
18,152,422
$
123,701
0.7
%
$
772,789
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
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
$
(2,920
)
-1.4
%
$
697
0.3
%
Interest on securities-taxable
26,587
26,625
26,196
(38
)
-0.1
%
391
1.5
%
Interest on securities-tax exempt-FTE
—
—
—
—
n/m
—
n/m
Other interest income
3,967
4,233
5,128
(266
)
-6.3
%
(1,161
)
-22.6
%
Total interest income-FTE
242,270
245,494
242,343
(3,224
)
-1.3
%
(73
)
0.0
%
Interest on deposits
67,696
71,065
75,941
(3,369
)
-4.7
%
(8,245
)
-10.9
%
Interest on fed funds purchased and repurchases
4,089
4,626
4,036
(537
)
-11.6
%
53
1.3
%
Other interest expense
4,659
4,585
3,922
74
1.6
%
737
18.8
%
Total interest expense
76,444
80,276
83,899
(3,832
)
-4.8
%
(7,455
)
-8.9
%
Net interest income-FTE
165,826
165,218
158,444
608
0.4
%
7,382
4.7
%
Provision for credit losses (PCL), LHFI
(550
)
1,390
6,960
(1,940
)
n/m
(7,510
)
n/m
PCL, off-balance sheet credit exposures
1,765
295
502
1,470
n/m
1,263
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
1,078
0.7
%
13,629
9.0
%
Service charges on deposit accounts
11,184
11,251
11,228
(67
)
-0.6
%
(44
)
-0.4
%
Bank card and other fees
8,646
8,318
8,717
328
3.9
%
(71
)
-0.8
%
Mortgage banking, net
7,527
8,182
7,388
(655
)
-8.0
%
139
1.9
%
Wealth management
11,133
9,798
9,319
1,335
13.6
%
1,814
19.5
%
Other, net
2,745
2,382
4,298
363
15.2
%
(1,553
)
-36.1
%
Securities gains (losses), net
—
—
—
—
n/m
—
n/m
Total noninterest income (loss)
41,235
39,931
40,950
1,304
3.3
%
285
0.7
%
Salaries and employee benefits
75,079
71,508
69,223
3,571
5.0
%
5,856
8.5
%
Services and fees
27,369
28,777
26,692
(1,408
)
-4.9
%
677
2.5
%
Net occupancy-premises
7,835
7,774
7,195
61
0.8
%
640
8.9
%
Equipment expense
6,878
6,410
6,208
468
7.3
%
670
10.8
%
Other expense
15,011
16,464
15,112
(1,453
)
-8.8
%
(101
)
-0.7
%
Total noninterest expense
132,172
130,933
124,430
1,239
0.9
%
7,742
6.2
%
Income (loss) from continuing operations
(cont. ops) before income taxes and tax eq adj
73,674
72,531
67,502
1,143
1.6
%
6,172
9.1
%
Tax equivalent adjustment
2,940
2,777
2,596
163
5.9
%
344
13.3
%
Income (loss) from cont. ops before income taxes
70,734
69,754
64,906
980
1.4
%
5,828
9.0
%
Income taxes from cont. ops
12,860
12,967
8,594
(107
)
-0.8
%
4,266
49.6
%
Income (loss) from cont. ops
57,874
56,787
56,312
1,087
1.9
%
1,562
2.8
%
Income from discontinued operations
(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
$
1,087
1.9
%
$
1,562
2.8
%
Per share data (1)
Basic earnings (loss) per share from cont. ops
$
0.97
$
0.94
$
0.92
$
0.03
3.2
%
$
0.05
5.4
%
Basic earnings per share from discont. ops
$
—
$
—
$
—
$
—
n/m
$
—
n/m
Basic earnings per share - total
$
0.97
$
0.94
$
0.92
$
0.03
3.2
%
$
0.05
5.4
%
Diluted earnings (loss) per share from cont. ops
$
0.97
$
0.94
$
0.92
$
0.03
3.2
%
$
0.05
5.4
%
Diluted earnings per share from discont. ops
$
—
$
—
$
—
$
—
n/m
$
—
n/m
Diluted earnings per share - total
$
0.97
$
0.94
$
0.92
$
0.03
3.2
%
$
0.05
5.4
%
Dividends per share
$
0.24
$
0.24
$
0.23
$
—
0.0
%
$
0.01
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
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
$
1,163
33.5
%
$
(13,963
)
-75.1
%
Florida
442
460
305
(18
)
-3.9
%
137
44.9
%
Mississippi (1)
73,045
62,502
42,203
10,543
16.9
%
30,842
73.1
%
Tennessee (2)
2,396
2,293
2,431
103
4.5
%
(35
)
-1.4
%
Texas
3,870
15,225
16,569
(11,355
)
-74.6
%
(12,699
)
-76.6
%
Total nonaccrual LHFI
84,391
83,955
80,109
436
0.5
%
4,282
5.3
%
Other real estate
Alabama
409
656
170
(247
)
-37.7
%
239
n/m
Mississippi (1)
5,621
5,843
2,407
(222
)
-3.8
%
3,214
n/m
Tennessee (2)
927
927
1,079
—
0.0
%
(152
)
-14.1
%
Texas
—
899
2,261
(899
)
-100.0
%
(2,261
)
-100.0
%
Total other real estate
6,957
8,325
5,917
(1,368
)
-16.4
%
1,040
17.6
%
Total nonperforming assets
$
91,348
$
92,280
$
86,026
$
(932
)
-1.0
%
$
5,322
6.2
%
LOANS PAST DUE OVER 90 DAYS
LHFI
$
5,097
$
4,853
$
4,092
$
244
5.0
%
$
1,005
24.6
%
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase)
$
98,939
$
77,859
$
71,255
$
21,080
27.1
%
$
27,684
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
$
(2,995
)
-1.8
%
$
7,313
4.6
%
PCL, LHFI
(550
)
1,390
6,960
(1,940
)
n/m
(7,510
)
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
)
(3,117
)
-46.0
%
(2,162
)
-28.0
%
Recoveries
2,271
2,390
3,111
(119
)
-5.0
%
(840
)
-27.0
%
Net (charge-offs) recoveries
(7,621
)
(4,385
)
(4,619
)
(3,236
)
-73.8
%
(3,002
)
-65.0
%
Ending Balance
$
157,071
$
165,242
$
160,270
$
(8,171
)
-4.9
%
$
(3,199
)
-2.0
%
NET (CHARGE-OFFS) RECOVERIES
Alabama
$
(426
)
$
(3,069
)
$
(3,608
)
$
2,643
86.1
%
$
3,182
88.2
%
Florida
204
2
8
202
n/m
196
n/m
Mississippi (1)
(1,468
)
(1,520
)
(1,319
)
52
3.4
%
(149
)
-11.3
%
Tennessee (2)
(82
)
(182
)
(208
)
100
54.9
%
126
60.6
%
Texas
(5,849
)
384
508
(6,233
)
n/m
(6,357
)
n/m
Total net (charge-offs) recoveries
$
(7,621
)
$
(4,385
)
$
(4,619
)
$
(3,236
)
-73.8
%
$
(3,002
)
-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
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),
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
(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
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
(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
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
continuing operations
12.82
%
12.84
%
13.13
%
13.13
%
13.68
%
12.97
%
3.04
%
Return on average tangible equity from adjusted
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
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
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
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
+ 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
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
(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
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
(Central and
Southern
Regions)
Tennessee
(Memphis, TN
and
Northern MS
Regions)
Texas
Loans secured by real estate:
Construction, land development and
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
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
(Central and
Southern
Regions)
Tennessee
(Memphis, TN
and
Northern MS
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
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
from continuing operations
24
24
24
24
20
96
81
Net income (loss) adjusted for
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
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
tax liabilities (DTLs)
(320,754
)
(320,754
)
(320,755
)
(320,756
)
(320,756
)
Other adjustments and deductions
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
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
%
(1) Calculation = ((net income (loss) adjusted for intangible amortization/number of days in period)*number of days in year)/total average tangible equity.
(2) Includes other intangible assets, net of DTLs, disallowed deferred tax assets (DTAs), threshold deductions and transition adjustments, as applicable.
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
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
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
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
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
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
continuing operations
n/a
n/a
n/a
n/a
n/a
n/a
10.34
%
Return on average tangible equity from adjusted
continuing operations
n/a
n/a
n/a
n/a
n/a
n/a
12.71
%
Return on average assets from adjusted
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
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
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
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260127663647/en/
Trustmark Investor Contacts:
Thomas C. Owens
Treasurer and Principal Financial Officer
601-208-7853
F. Joseph Rein, Jr.
Executive Vice President
601-208-6898
Trustmark Media Contact:
Melanie A. Morgan
Executive Vice President
601-208-2979
Original: Trustmark Corporation Announces Fourth Quarter and Fiscal Year 2025 Financial Results
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