Trustmark Corporation Announces Third Quarter 2025 Financial Results

Performance Reflects Continued Loan and Deposit Growth, Stable Credit Quality, Expanded Revenue and Strong Profitability Metrics

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

Printer friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/20251028256695/en

Third Quarter Highlights

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

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

Balance Sheet Management

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

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

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

During the third quarter, Trustmark repurchased $11.0 million, or approximately 280 thousand of its common shares. During the first nine months of 2025, Trustmark repurchased $37.1 million, or approximately 1.0 million common shares. As previously announced, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2025, under which $100.0 million of Trustmark’s outstanding shares may be acquired through December 31, 2025. The repurchase program, which is subject to market conditions and management discretion, will continue to be implemented through open market repurchases or privately negotiated transactions. At September 30, 2025, Trustmark’s tangible equity to tangible assets ratio was 9.64%, while the total risk-based capital ratio was 14.33%. Tangible book value per share was $29.60 at September 30, 2025, an increase of 3.0% from the prior quarter and 10.1% from the prior year.

Credit Quality

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

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

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

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

Revenue Generation

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

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

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

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

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

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

Noninterest Expense

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

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

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

Additional Information

As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, October 29, 2025, at 8:30 a.m. Central Time to discuss the Corporation’s financial results. Interested parties may listen to the conference call by dialing (877) 317-3051 or by clicking on the link provided under the Investor Relations section of our website at www.trustmark.com. A replay of the conference call will also be available through Wednesday, November 12, 2025, in archived format at the same web address or by calling (877) 344-7529, passcode 5434793.

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

Forward-Looking Statements

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

Risks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, actions by the Board of Governors of the Federal Reserve System (FRB) that impact the level of market interest rates, local, state, national and international economic and market conditions, conditions in the housing and real estate markets in the regions in which Trustmark operates and the extent and duration of the current volatility in the credit and financial markets, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels, a slowdown in economic growth, changes in our ability to measure the fair value of assets in our portfolio, changes in the level and/or volatility of market interest rates, the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements, the demand for the products and services we offer, potential unexpected adverse outcomes in pending litigation matters, our ability to attract and retain noninterest-bearing deposits and other low-cost funds, competition in loan and deposit pricing, as well as the entry of new competitors into our markets through de novo expansion and acquisitions, economic conditions, changes in accounting standards and practices, including changes in the interpretation of existing standards, that affect our consolidated financial statements, changes in consumer spending, borrowings and savings habits, technological changes, changes in the financial performance or condition of our borrowers, greater than expected costs or difficulties related to the integration of acquisitions or new products and lines of business, cyber-attacks and other breaches which could affect our information system security, natural disasters, environmental disasters, pandemics or other health crises, acts of war or terrorism, potential market or regulatory effects of the current United States presidential administration’s policies, changes to the credit rating of U.S. Government securities and other risks described in our filings with the SEC.

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

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
September 30, 2025
($ in thousands)
(unaudited)
													Linked Quarter							Year over Year
QUARTERLY AVERAGE BALANCES	9/30/2025				6/30/2025				9/30/2024				$ Change				% Change			$ Change				% Change
Securities AFS-taxable	$	1,740,647			$	1,745,924			$	1,658,999			$	(5,277	)		-0.3	%		$	81,648			4.9	%
Securities HTM-taxable		1,279,020				1,303,195				1,368,943				(24,175	)		-1.9	%			(89,923	)		-6.6	%
Securities HTM-nontaxable		—				—				—				—			n/m				—			n/m
Total securities		3,019,667				3,049,119				3,027,942				(29,452	)		-1.0	%			(8,275	)		-0.3	%
Loans (includes loans held for sale)		13,702,038				13,543,505				13,379,658				158,533			1.2	%			322,380			2.4	%
Other earning assets		389,021				414,733				607,928				(25,712	)		-6.2	%			(218,907	)		-36.0	%
Total earning assets		17,110,726				17,007,357				17,015,528				103,369			0.6	%			95,198			0.6	%
Allowance for credit losses (ACL), loans held
for investment (LHFI)		(167,775	)			(166,430	)			(154,476	)			(1,345	)		-0.8	%			(13,299	)		-8.6	%
Other assets		1,627,362				1,605,786				1,646,241				21,576			1.3	%			(18,879	)		-1.1	%
Total assets	$	18,570,313			$	18,446,713			$	18,507,293			$	123,600			0.7	%		$	63,020			0.3	%
Interest-bearing demand deposits (1)	$	7,747,480			$	7,682,684			$	7,787,639			$	64,796			0.8	%		$	(40,159	)		-0.5	%
Savings deposits (1)		976,664				989,689				1,006,668				(13,025	)		-1.3	%			(30,004	)		-3.0	%
Time deposits		3,439,180				3,313,420				3,393,216				125,760			3.8	%			45,964			1.4	%
Total interest-bearing deposits		12,163,324				11,985,793				12,187,523				177,531			1.5	%			(24,199	)		-0.2	%
Fed funds purchased and repurchases		419,802				416,104				375,559				3,698			0.9	%			44,243			11.8	%
Other borrowings		283,629				431,861				339,417				(148,232	)		-34.3	%			(55,788	)		-16.4	%
Subordinated notes		123,831				123,779				123,611				52			0.0	%			220			0.2	%
Junior subordinated debt securities		61,856				61,856				61,856				—			0.0	%			—			0.0	%
Total interest-bearing liabilities		13,052,442				13,019,393				13,087,966				33,049			0.3	%			(35,524	)		-0.3	%
Noninterest-bearing deposits		3,194,587				3,171,796				3,221,516				22,791			0.7	%			(26,929	)		-0.8	%
Other liabilities		232,911				214,315				274,563				18,596			8.7	%			(41,652	)		-15.2	%
Total liabilities		16,479,940				16,405,504				16,584,045				74,436			0.5	%			(104,105	)		-0.6	%
Shareholders' equity		2,090,373				2,041,209				1,923,248				49,164			2.4	%			167,125			8.7	%
Total liabilities and equity	$	18,570,313			$	18,446,713			$	18,507,293			$	123,600			0.7	%		$	63,020			0.3	%
(1) During the first quarter of 2025, Trustmark ceased the daily sweep from low transaction interest-bearing demand deposits to savings deposits. Prior periods have been reclassified accordingly.
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
September 30, 2025
($ in thousands)
(unaudited)
													Linked Quarter							Year over Year
PERIOD END BALANCES	9/30/2025				6/30/2025				9/30/2024				$ Change				% Change			$ Change				% Change
Cash and due from banks	$	732,826			$	634,402			$	805,436			$	98,424			15.5	%		$	(72,610	)		-9.0	%
Fed funds sold and reverse repurchases		—				—				10,000				—			n/m				(10,000	)		n/m
Securities available for sale		1,814,245				1,782,092				1,725,795				32,153			1.8	%			88,450			5.1	%
Securities held to maturity		1,268,459				1,290,572				1,358,358				(22,113	)		-1.7	%			(89,899	)		-6.6	%
Loans held for sale (LHFS)		228,141				219,649				216,454				8,492			3.9	%			11,687			5.4	%
Loans held for investment (LHFI)		13,548,156				13,464,780				13,100,111				83,376			0.6	%			448,045			3.4	%
ACL LHFI		(165,242	)			(168,237	)			(157,929	)			2,995			1.8	%			(7,313	)		-4.6	%
Net LHFI		13,382,914				13,296,543				12,942,182				86,371			0.6	%			440,732			3.4	%
Premises and equipment, net		227,805				228,964				236,151				(1,159	)		-0.5	%			(8,346	)		-3.5	%
Mortgage servicing rights		131,676				132,702				125,853				(1,026	)		-0.8	%			5,823			4.6	%
Goodwill		334,605				334,605				334,605				—			0.0	%			—			0.0	%
Other real estate		8,325				8,972				3,920				(647	)		-7.2	%			4,405			n/m
Operating lease right-of-use assets		33,012				34,016				36,034				(1,004	)		-3.0	%			(3,022	)		-8.4	%
Other assets (1)		639,502				653,142				685,584				(13,640	)		-2.1	%			(46,082	)		-6.7	%
Total assets	$	18,801,510			$	18,615,659			$	18,480,372			$	185,851			1.0	%		$	321,138			1.7	%
Deposits:
Noninterest-bearing	$	3,321,132			$	3,135,435			$	3,142,792			$	185,697			5.9	%		$	178,340			5.7	%
Interest-bearing		12,309,842				11,980,426				12,098,143				329,416			2.7	%			211,699			1.7	%
Total deposits		15,630,974				15,115,861				15,240,935				515,113			3.4	%			390,039			2.6	%
Fed funds purchased and repurchases		420,000				456,326				365,643				(36,326	)		-8.0	%			54,357			14.9	%
Other borrowings		208,366				558,654				443,458				(350,288	)		-62.7	%			(235,092	)		-53.0	%
Subordinated notes		123,867				123,812				123,647				55			0.0	%			220			0.2	%
Junior subordinated debt securities		61,856				61,856				61,856				—			0.0	%			—			0.0	%
ACL on off-balance sheet credit exposures		26,186				25,891				28,890				295			1.1	%			(2,704	)		-9.4	%
Operating lease liabilities		37,100				38,091				39,689				(991	)		-2.6	%			(2,589	)		-6.5	%
Other liabilities		178,893				164,379				196,158				14,514			8.8	%			(17,265	)		-8.8	%
Total liabilities		16,687,242				16,544,870				16,500,276				142,372			0.9	%			186,966			1.1	%
Common stock		12,528				12,585				12,753				(57	)		-0.5	%			(225	)		-1.8	%
Capital surplus		123,435				133,195				163,156				(9,760	)		-7.3	%			(39,721	)		-24.3	%
Retained earnings		1,997,685				1,955,498				1,833,232				42,187			2.2	%			164,453			9.0	%
Accumulated other comprehensive
income (loss), net of tax		(19,380	)			(30,489	)			(29,045	)			11,109			36.4	%			9,665			33.3	%
Total shareholders' equity		2,114,268				2,070,789				1,980,096				43,479			2.1	%			134,172			6.8	%
Total liabilities and equity	$	18,801,510			$	18,615,659			$	18,480,372			$	185,851			1.0	%		$	321,138			1.7	%
(1) Trustmark reclassified its identifiable intangible assets, net to other assets. The prior periods has been reclassified accordingly.
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
September 30, 2025
($ in thousands except per share data)
(unaudited)
	Quarter Ended											Linked Quarter							Year over Year
INCOME STATEMENTS	9/30/2025			6/30/2025				9/30/2024				$ Change				% Change			$ Change				% Change
Interest and fees on LHFS & LHFI-FTE	$	214,636		$	209,077			$	220,433			$	5,559			2.7	%		$	(5,797	)		-2.6	%
Interest on securities-taxable		26,625			26,269				26,162				356			1.4	%			463			1.8	%
Interest on securities-tax exempt-FTE		—			—				—				—			n/m				—			n/m
Other interest income		4,233			4,734				8,302				(501	)		-10.6	%			(4,069	)		-49.0	%
Total interest income-FTE		245,494			240,080				254,897				5,414			2.3	%			(9,403	)		-3.7	%
Interest on deposits		71,065			68,177				86,043				2,888			4.2	%			(14,978	)		-17.4	%
Interest on fed funds purchased and repurchases		4,626			4,513				4,864				113			2.5	%			(238	)		-4.9	%
Other interest expense		4,585			5,982				5,971				(1,397	)		-23.4	%			(1,386	)		-23.2	%
Total interest expense		80,276			78,672				96,878				1,604			2.0	%			(16,602	)		-17.1	%
Net interest income-FTE		165,218			161,408				158,019				3,810			2.4	%			7,199			4.6	%
Provision for credit losses (PCL), LHFI		1,390			5,346				7,923				(3,956	)		-74.0	%			(6,533	)		-82.5	%
PCL, off-balance sheet credit exposures		295			(670	)			(1,375	)			965			n/m				1,670			n/m
PCL, LHFI sale of 1-4 family mortgage loans		—			—				—				—			n/m				—			n/m
Net interest income after provision-FTE		163,533			156,732				151,471				6,801			4.3	%			12,062			8.0	%
Service charges on deposit accounts		11,251			10,585				11,272				666			6.3	%			(21	)		-0.2	%
Bank card and other fees		8,318			8,754				7,931				(436	)		-5.0	%			387			4.9	%
Mortgage banking, net		8,182			8,602				6,119				(420	)		-4.9	%			2,063			33.7	%
Wealth management		9,798			9,638				9,288				160			1.7	%			510			5.5	%
Other, net		2,382			2,311				2,952				71			3.1	%			(570	)		-19.3	%
Securities gains (losses), net		—			—				—				—			n/m				—			n/m
Total noninterest income (loss)		39,931			39,890				37,562				41			0.1	%			2,369			6.3	%
Salaries and employee benefits		71,508			68,298				66,691				3,210			4.7	%			4,817			7.2	%
Services and fees		28,777			26,998				25,724				1,779			6.6	%			3,053			11.9	%
Net occupancy-premises		7,774			7,507				7,398				267			3.6	%			376			5.1	%
Equipment expense		6,410			6,206				6,141				204			3.3	%			269			4.4	%
Other expense		16,464			16,105				17,316				359			2.2	%			(852	)		-4.9	%
Total noninterest expense		130,933			125,114				123,270				5,819			4.7	%			7,663			6.2	%
Income (loss) from continuing operations
(cont. ops) before income taxes and tax eq adj		72,531			71,508				65,763				1,023			1.4	%			6,768			10.3	%
Tax equivalent adjustment		2,777			2,652				3,305				125			4.7	%			(528	)		-16.0	%
Income (loss) from cont. ops before income taxes		69,754			68,856				62,458				898			1.3	%			7,296			11.7	%
Income taxes from cont. ops		12,967			13,015				11,128				(48	)		-0.4	%			1,839			16.5	%
Income (loss) from cont. ops		56,787			55,841				51,330				946			1.7	%			5,457			10.6	%
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	$	56,787		$	55,841			$	51,330			$	946			1.7	%		$	5,457			10.6	%
Per share data (1)
Basic earnings (loss) per share from cont. ops	$	0.94		$	0.92			$	0.84			$	0.02			2.2	%		$	0.10			11.9	%
Basic earnings per share from discont. ops	$	—		$	—			$	—			$	—			n/m			$	—			n/m
Basic earnings per share - total	$	0.94		$	0.92			$	0.84			$	0.02			2.2	%		$	0.10			11.9	%
Diluted earnings (loss) per share from cont. ops	$	0.94		$	0.92			$	0.84			$	0.02			2.2	%		$	0.10			11.9	%
Diluted earnings per share from discont. ops	$	—		$	—			$	—			$	—			n/m			$	—			n/m
Diluted earnings per share - total	$	0.94		$	0.92			$	0.84			$	0.02			2.2	%		$	0.10			11.9	%
Dividends per share	$	0.24		$	0.24			$	0.23			$	—			0.0	%		$	0.01			4.3	%
Weighted average shares outstanding
Basic		60,299,193			60,462,578				61,206,599
Diluted		60,540,158			60,693,515				61,448,410
Period end shares outstanding		60,126,376			60,401,684				61,206,606
(1) Due to rounding, earnings (loss) per share from continuing operations and discontinued operations may not sum to earnings per share from net income.
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
September 30, 2025
($ in thousands)
(unaudited)
	Quarter Ended												Linked Quarter							Year over Year
NONPERFORMING ASSETS	9/30/2025				6/30/2025				9/30/2024				$ Change				% Change			$ Change				% Change
Nonaccrual LHFI
Alabama	$	3,475			$	8,422			$	25,835			$	(4,947	)		-58.7	%		$	(22,360	)		-86.5	%
Florida		460				437				111				23			5.3	%			349			n/m
Mississippi (1)		62,502				54,015				31,536				8,487			15.7	%			30,966			98.2	%
Tennessee (2)		2,293				2,232				3,180				61			2.7	%			(887	)		-27.9	%
Texas		15,225				15,894				13,163				(669	)		-4.2	%			2,062			15.7	%
Total nonaccrual LHFI		83,955				81,000				73,825				2,955			3.6	%			10,130			13.7	%
Other real estate
Alabama		656				772				170				(116	)		-15.0	%			486			n/m
Mississippi (1)		5,843				4,860				1,772				983			20.2	%			4,071			n/m
Tennessee (2)		927				1,079				—				(152	)		-14.1	%			927			n/m
Texas		899				2,261				1,978				(1,362	)		-60.2	%			(1,079	)		-54.6	%
Total other real estate		8,325				8,972				3,920				(647	)		-7.2	%			4,405			n/m
Total nonperforming assets	$	92,280			$	89,972			$	77,745			$	2,308			2.6	%		$	14,535			18.7	%
LOANS PAST DUE OVER 90 DAYS
LHFI	$	4,853			$	3,854			$	5,352			$	999			25.9	%		$	(499	)		-9.3	%
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase)	$	77,859			$	75,564			$	63,703			$	2,295			3.0	%		$	14,156			22.2	%
	Quarter Ended												Linked Quarter							Year over Year
ACL LHFI	9/30/2025				6/30/2025				9/30/2024				$ Change				% Change			$ Change				% Change
Beginning Balance	$	168,237			$	167,010			$	154,685			$	1,227			0.7	%		$	13,552			8.8	%
PCL, LHFI		1,390				5,346				7,923				(3,956	)		-74.0	%			(6,533	)		-82.5	%
PCL, LHFI sale of 1-4 family mortgage loans		—				—				—				—			n/m				—			n/m
Charge-offs, sale of 1-4 family mortgage loans		—				—				—				—			n/m				—			n/m
Charge-offs		(6,775	)			(6,380	)			(7,142	)			(395	)		-6.2	%			367			5.1	%
Recoveries		2,390				2,261				2,463				129			5.7	%			(73	)		-3.0	%
Net (charge-offs) recoveries		(4,385	)			(4,119	)			(4,679	)			(266	)		-6.5	%			294			6.3	%
Ending Balance	$	165,242			$	168,237			$	157,929			$	(2,995	)		-1.8	%		$	7,313			4.6	%
NET (CHARGE-OFFS) RECOVERIES
Alabama	$	(3,069	)		$	(2,331	)		$	(3,098	)		$	(738	)		-31.7	%		$	29			0.9	%
Florida		2				151				595				(149	)		-98.7	%			(593	)		-99.7	%
Mississippi (1)		(1,520	)			(1,647	)			(1,881	)			127			7.7	%			361			19.2	%
Tennessee (2)		(182	)			(258	)			(296	)			76			29.5	%			114			38.5	%
Texas		384				(34	)			1				418			n/m				383			n/m
Total net (charge-offs) recoveries	$	(4,385	)		$	(4,119	)		$	(4,679	)		$	(266	)		-6.5	%		$	294			6.3	%
(1) Mississippi includes Central and Southern Mississippi Regions.
(2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
September 30, 2025
($ in thousands)
(unaudited)
		Quarter Ended																				Nine Months Ended
AVERAGE BALANCES		9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				9/30/2025				9/30/2024
Securities AFS-taxable		$	1,740,647			$	1,745,924			$	1,726,291			$	1,708,226			$	1,658,999			$	1,737,673			$	1,817,036
Securities HTM-taxable			1,279,020				1,303,195				1,325,185				1,346,141				1,368,943				1,302,298				1,402,764
Securities HTM-nontaxable			—				—				—				—				—				—				150
Total securities			3,019,667				3,049,119				3,051,476				3,054,367				3,027,942				3,039,971				3,219,950
Loans (includes loans held for sale)			13,702,038				13,543,505				13,320,276				13,275,762				13,379,658				13,523,338				13,286,538
Other earning assets			389,021				414,733				365,505				422,083				607,928				389,839				590,727
Total earning assets			17,110,726				17,007,357				16,737,257				16,752,212				17,015,528				16,953,148				17,097,215
ACL LHFI			(167,775	)			(166,430	)			(159,893	)			(157,659	)			(154,476	)			(164,728	)			(145,510	)
Other assets			1,627,362				1,605,786				1,624,581				1,627,890				1,646,241				1,619,253				1,705,473
Total assets		$	18,570,313			$	18,446,713			$	18,201,945			$	18,222,443			$	18,507,293			$	18,407,673			$	18,657,178
Interest-bearing demand deposits (1)		$	7,747,480			$	7,682,684			$	7,789,239			$	7,789,318			$	7,787,639			$	7,739,648			$	7,855,012
Savings deposits (1)			976,664				989,689				993,232				983,292				1,006,668				986,468				1,027,481
Time deposits			3,439,180				3,313,420				3,160,134				3,265,358				3,393,216				3,305,267				3,353,766
Total interest-bearing deposits			12,163,324				11,985,793				11,942,605				12,037,968				12,187,523				12,031,383				12,236,259
Fed funds purchased and repurchases			419,802				416,104				405,189				357,798				375,559				413,752				412,679
Other borrowings			283,629				431,861				344,040				218,244				339,417				352,955				445,354
Subordinated notes			123,831				123,779				123,721				123,666				123,611				123,777				123,556
Junior subordinated debt securities			61,856				61,856				61,856				61,856				61,856				61,856				61,856
Total interest-bearing liabilities			13,052,442				13,019,393				12,877,411				12,799,532				13,087,966				12,983,723				13,279,704
Noninterest-bearing deposits			3,194,587				3,171,796				3,055,333				3,192,358				3,221,516				3,141,082				3,175,371
Other liabilities			232,911				214,315				277,647				257,990				274,563				241,461				425,812
Total liabilities			16,479,940				16,405,504				16,210,391				16,249,880				16,584,045				16,366,266				16,880,887
Shareholders' equity			2,090,373				2,041,209				1,991,554				1,972,563				1,923,248				2,041,407				1,776,291
Total liabilities and equity		$	18,570,313			$	18,446,713			$	18,201,945			$	18,222,443			$	18,507,293			$	18,407,673			$	18,657,178
(1) During the first quarter of 2025, Trustmark ceased the daily sweep from low transaction interest-bearing demand deposits to savings deposits. Prior periods have been reclassified accordingly.
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
September 30, 2025
($ in thousands)
(unaudited)
PERIOD END BALANCES		9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024
Cash and due from banks		$	732,826			$	634,402			$	587,362			$	567,251			$	805,436
Fed funds sold and reverse repurchases			—				—				—				—				10,000
Securities available for sale			1,814,245				1,782,092				1,737,462				1,692,534				1,725,795
Securities held to maturity			1,268,459				1,290,572				1,315,053				1,335,385				1,358,358
LHFS			228,141				219,649				188,689				200,307				216,454
LHFI			13,548,156				13,464,780				13,241,469				13,089,942				13,100,111
ACL LHFI			(165,242	)			(168,237	)			(167,010	)			(160,270	)			(157,929	)
Net LHFI			13,382,914				13,296,543				13,074,459				12,929,672				12,942,182
Premises and equipment, net			227,805				228,964				231,202				235,410				236,151
Mortgage servicing rights			131,676				132,702				134,395				139,317				125,853
Goodwill			334,605				334,605				334,605				334,605				334,605
Other real estate			8,325				8,972				8,348				5,917				3,920
Operating lease right-of-use assets			33,012				34,016				33,861				34,668				36,034
Other assets (1)			639,502				653,142				650,767				677,356				685,584
Total assets		$	18,801,510			$	18,615,659			$	18,296,203			$	18,152,422			$	18,480,372
Deposits:
Noninterest-bearing		$	3,321,132			$	3,135,435			$	3,069,929			$	3,073,565			$	3,142,792
Interest-bearing			12,309,842				11,980,426				12,010,775				12,034,610				12,098,143
Total deposits			15,630,974				15,115,861				15,080,704				15,108,175				15,240,935
Fed funds purchased and repurchases			420,000				456,326				360,080				324,008				365,643
Other borrowings			208,366				558,654				404,815				301,541				443,458
Subordinated notes			123,867				123,812				123,757				123,702				123,647
Junior subordinated debt securities			61,856				61,856				61,856				61,856				61,856
ACL on off-balance sheet credit exposures			26,186				25,891				26,561				29,392				28,890
Operating lease liabilities			37,100				38,091				37,917				38,698				39,689
Other liabilities			178,893				164,379				179,286				202,723				196,158
Total liabilities			16,687,242				16,544,870				16,274,976				16,190,095				16,500,276
Common stock			12,528				12,585				12,651				12,711				12,753
Capital surplus			123,435				133,195				143,001				157,899				163,156
Retained earnings			1,997,685				1,955,498				1,914,277				1,875,376				1,833,232
Accumulated other comprehensive income (loss),
net of tax			(19,380	)			(30,489	)			(48,702	)			(83,659	)			(29,045	)
Total shareholders' equity			2,114,268				2,070,789				2,021,227				1,962,327				1,980,096
Total liabilities and equity		$	18,801,510			$	18,615,659			$	18,296,203			$	18,152,422			$	18,480,372
(1) Trustmark reclassified its identifiable intangible assets, net to other assets. The prior periods has been reclassified accordingly.
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
September 30, 2025
($ in thousands except per share data)
(unaudited)
		Quarter Ended																		Nine Months Ended
INCOME STATEMENTS		9/30/2025			6/30/2025				3/31/2025				12/31/2024			9/30/2024				9/30/2025				9/30/2024
Interest and fees on LHFS & LHFI-FTE		$	214,636		$	209,077			$	201,929			$	211,019		$	220,433			$	625,642			$	646,288
Interest on securities-taxable			26,625			26,269				26,056				26,196			26,162				78,950				59,725
Interest on securities-tax exempt-FTE			—			—				—				—			—				—				5
Other interest income			4,233			4,734				3,846				5,128			8,302				12,813				24,539
Total interest income-FTE			245,494			240,080				231,831				242,343			254,897				717,405				730,557
Interest on deposits			71,065			68,177				67,718				75,941			86,043				206,960				253,440
Interest on fed funds purchased and repurchases			4,626			4,513				4,298				4,036			4,864				13,437				16,118
Other interest expense			4,585			5,982				5,076				3,922			5,971				15,643				22,452
Total interest expense			80,276			78,672				77,092				83,899			96,878				236,040				292,010
Net interest income-FTE			165,218			161,408				154,739				158,444			158,019				481,365				438,547
PCL, LHFI			1,390			5,346				8,125				6,960			7,923				14,861				30,327
PCL, off-balance sheet credit exposures			295			(670	)			(2,831	)			502			(1,375	)			(3,206	)			(5,167	)
PCL, LHFI sale of 1-4 family mortgage loans			—			—				—				—			—				—				8,633
Net interest income after provision-FTE			163,533			156,732				149,445				150,982			151,471				469,710				404,754
Service charges on deposit accounts			11,251			10,585				10,636				11,228			11,272				32,472				33,154
Bank card and other fees			8,318			8,754				7,664				8,717			7,931				24,736				24,584
Mortgage banking, net			8,182			8,602				8,771				7,388			6,119				25,555				19,238
Wealth management			9,798			9,638				9,543				9,319			9,288				28,979				27,932
Other, net			2,382			2,311				5,970				4,298			2,952				10,663				13,515
Securities gains (losses), net			—			—				—				—			—				—				(182,792	)
Total noninterest income (loss)			39,931			39,890				42,584				40,950			37,562				122,405				(64,369	)
Salaries and employee benefits			71,508			68,298				68,492				69,223			66,691				208,298				197,016
Services and fees			28,777			26,998				26,247				26,692			25,724				82,022				74,898
Net occupancy-premises			7,774			7,507				7,385				7,195			7,398				22,666				21,933
Equipment expense			6,410			6,206				6,308				6,208			6,141				18,924				18,707
Other expense			16,464			16,105				15,579				15,112			17,316				48,148				48,706
Total noninterest expense			130,933			125,114				124,011				124,430			123,270				380,058				361,260
Income (loss) from continuing operations
(cont. ops) before income taxes and tax eq adj			72,531			71,508				68,018				67,502			65,763				212,057				(20,875	)
Tax equivalent adjustment			2,777			2,652				2,684				2,596			3,305				8,113				9,974
Income (loss) from cont. ops before
income taxes			69,754			68,856				65,334				64,906			62,458				203,944				(30,849	)
Income taxes from cont. ops			12,967			13,015				11,701				8,594			11,128				37,683				(19,747	)
Income (loss) from cont. ops			56,787			55,841				53,633				56,312			51,330				166,261				(11,102	)
Income from discontinued operations
(discont. ops) before income taxes			—			—				—				—			—				—				237,152
Income taxes from discont. ops			—			—				—				—			—				—				59,353
Income from discont. ops			—			—				—				—			—				—				177,799
Net income		$	56,787		$	55,841			$	53,633			$	56,312		$	51,330			$	166,261			$	166,697
Per share data (1)
Basic earnings (loss) per share from cont. ops		$	0.94		$	0.92			$	0.88			$	0.92		$	0.84			$	2.75			$	(0.18	)
Basic earnings per share from discont. ops		$	—		$	—			$	—			$	—		$	—			$	—			$	2.91
Basic earnings per share - total		$	0.94		$	0.92			$	0.88			$	0.92		$	0.84			$	2.75			$	2.72
Diluted earnings (loss) per share from cont. ops		$	0.94		$	0.92			$	0.88			$	0.92		$	0.84			$	2.74			$	(0.18	)
Diluted earnings per share from discont. ops		$	—		$	—			$	—			$	—		$	—			$	—			$	2.90
Diluted earnings per share - total		$	0.94		$	0.92			$	0.88			$	0.92		$	0.84			$	2.74			$	2.72
Dividends per share		$	0.24		$	0.24			$	0.24			$	0.23		$	0.23			$	0.72			$	0.69
Weighted average shares outstanding
Basic			60,299,193			60,462,578				60,799,984				61,101,954			61,206,599				60,518,751				61,177,388
Diluted			60,540,158			60,693,515				61,049,120				61,367,825			61,448,410				60,747,974				61,393,179
Period end shares outstanding			60,126,376			60,401,684				60,718,411				61,008,023			61,206,606				60,126,376				61,206,606
(1) Due to rounding, earnings (loss) per share from continuing operations and discontinued operations may not sum to earnings per share from net income.
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
September 30, 2025
($ in thousands)
(unaudited)
		Quarter Ended
NONPERFORMING ASSETS		9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024
Nonaccrual LHFI
Alabama		$	3,475			$	8,422			$	18,633			$	18,601			$	25,835
Florida			460				437				391				305				111
Mississippi (1)			62,502				54,015				49,107				42,203				31,536
Tennessee (2)			2,293				2,232				2,339				2,431				3,180
Texas			15,225				15,894				16,150				16,569				13,163
Total nonaccrual LHFI			83,955				81,000				86,620				80,109				73,825
Other real estate
Alabama			656				772				271				170				170
Mississippi (1)			5,843				4,860				4,837				2,407				1,772
Tennessee (2)			927				1,079				979				1,079				—
Texas			899				2,261				2,261				2,261				1,978
Total other real estate			8,325				8,972				8,348				5,917				3,920
Total nonperforming assets		$	92,280			$	89,972			$	94,968			$	86,026			$	77,745
LOANS PAST DUE OVER 90 DAYS
LHFI		$	4,853			$	3,854			$	4,355			$	4,092			$	5,352
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase)		$	77,859			$	75,564			$	71,720			$	71,255			$	63,703
		Quarter Ended																				Nine Months Ended
ACL LHFI		9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				9/30/2025				9/30/2024
Beginning Balance		$	168,237			$	167,010			$	160,270			$	157,929			$	154,685			$	160,270			$	139,367
PCL, LHFI			1,390				5,346				8,125				6,960				7,923				14,861				30,327
PCL, LHFI sale of 1-4 family mortgage loans			—				—				—				—				—				—				8,633
Charge-offs, sale of 1-4 family mortgage loans			—				—				—				—				—				—				(8,633	)
Charge-offs			(6,775	)			(6,380	)			(3,701	)			(7,730	)			(7,142	)			(16,856	)			(18,586	)
Recoveries			2,390				2,261				2,316				3,111				2,463				6,967				6,821
Net (charge-offs) recoveries			(4,385	)			(4,119	)			(1,385	)			(4,619	)			(4,679	)			(9,889	)			(20,398	)
Ending Balance		$	165,242			$	168,237			$	167,010			$	160,270			$	157,929			$	165,242			$	157,929
NET (CHARGE-OFFS) RECOVERIES
Alabama		$	(3,069	)		$	(2,331	)		$	(207	)		$	(3,608	)		$	(3,098	)		$	(5,607	)		$	(3,380	)
Florida			2				151				(17	)			8				595				136				876
Mississippi (1)			(1,520	)			(1,647	)			(755	)			(1,319	)			(1,881	)			(3,922	)			(12,482	)
Tennessee (2)			(182	)			(258	)			(301	)			(208	)			(296	)			(741	)			(597	)
Texas			384				(34	)			(105	)			508				1				245				(4,815	)
Total net (charge-offs) recoveries		$	(4,385	)		$	(4,119	)		$	(1,385	)		$	(4,619	)		$	(4,679	)		$	(9,889	)		$	(20,398	)
(1) Mississippi includes Central and Southern Mississippi Regions.
(2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
September 30, 2025
(unaudited)
		Quarter Ended																				Nine Months Ended
FINANCIAL RATIOS AND OTHER DATA		9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				9/30/2025			9/30/2024
Return on average equity from continuing operations			10.78	%			10.97	%			10.92	%			11.36	%			10.62	%		10.89	%		-0.83	%
Return on average equity from adjusted
continuing operations (1)			n/a				n/a				n/a				n/a				n/a			n/a			9.40	%
Return on average equity - total			10.78	%			10.97	%			10.92	%			11.36	%			10.62	%		10.89	%		12.54	%
Return on average tangible equity from
continuing operations			12.84	%			13.13	%			13.13	%			13.68	%			12.86	%		13.03	%		-1.02	%
Return on average tangible equity from adjusted
continuing operations (1)			n/a				n/a				n/a				n/a				n/a			n/a			11.49	%
Return on average tangible equity - total			12.84	%			13.13	%			13.13	%			13.68	%			12.86	%		13.03	%		15.79	%
Return on average assets from continuing operations			1.21	%			1.21	%			1.19	%			1.23	%			1.10	%		1.21	%		-0.08	%
Return on average assets from adjusted
continuing operations (1)			n/a				n/a				n/a				n/a				n/a			n/a			0.93	%
Return on average assets - total			1.21	%			1.21	%			1.19	%			1.23	%			1.10	%		1.21	%		1.19	%
Interest margin - Yield - FTE			5.69	%			5.66	%			5.62	%			5.76	%			5.96	%		5.66	%		5.71	%
Interest margin - Cost			1.86	%			1.86	%			1.87	%			1.99	%			2.27	%		1.86	%		2.28	%
Net interest margin - FTE			3.83	%			3.81	%			3.75	%			3.76	%			3.69	%		3.80	%		3.43	%
Efficiency ratio (2)			61.98	%			61.24	%			61.77	%			61.77	%			60.99	%		61.67	%		63.79	%
Full-time equivalent employees			2,539				2,510				2,506				2,500				2,500
CREDIT QUALITY RATIOS
Net (recoveries) charge-offs (excl sale of
1-4 family mortgage loans) / average loans			0.13	%			0.12	%			0.04	%			0.14	%			0.14	%		0.10	%		0.12	%
PCL, LHFI (excl PCL, LHFI sale of
1-4 family mortgage loans) / average loans			0.04	%			0.16	%			0.25	%			0.21	%			0.24	%		0.15	%		0.30	%
Nonaccrual LHFI / (LHFI + LHFS)			0.61	%			0.59	%			0.64	%			0.60	%			0.55	%
Nonperforming assets / (LHFI + LHFS)			0.67	%			0.66	%			0.71	%			0.65	%			0.58	%
Nonperforming assets / (LHFI + LHFS
+ other real estate)			0.67	%			0.66	%			0.71	%			0.65	%			0.58	%
ACL LHFI / LHFI			1.22	%			1.25	%			1.26	%			1.22	%			1.21	%
ACL LHFI-commercial / commercial LHFI			1.00	%			1.07	%			1.11	%			1.10	%			1.08	%
ACL LHFI-consumer / consumer and
home mortgage LHFI			1.95	%			1.83	%			1.76	%			1.62	%			1.64	%
ACL LHFI / nonaccrual LHFI			196.82	%			207.70	%			192.81	%			200.06	%			213.92	%
ACL LHFI / nonaccrual LHFI
(excl individually analyzed loans)			239.69	%			272.20	%			296.41	%			341.20	%			497.27	%
CAPITAL RATIOS
Total equity / total assets			11.25	%			11.12	%			11.05	%			10.81	%			10.71	%
Tangible equity / tangible assets			9.64	%			9.50	%			9.39	%			9.13	%			9.07	%
Tangible equity / risk-weighted assets			11.66	%			11.41	%			11.23	%			10.86	%			10.97	%
Tier 1 leverage ratio			10.26	%			10.15	%			10.11	%			9.99	%			9.65	%
Common equity tier 1 capital ratio			11.88	%			11.70	%			11.63	%			11.54	%			11.30	%
Tier 1 risk-based capital ratio			12.27	%			12.09	%			12.03	%			11.94	%			11.70	%
Total risk-based capital ratio			14.33	%			14.15	%			14.10	%			13.97	%			13.71	%
STOCK PERFORMANCE
Market value-Close		$	39.60			$	36.46			$	34.49			$	35.37			$	31.82
Book value		$	35.16			$	34.28			$	33.29			$	32.17			$	32.35
Tangible book value		$	29.60			$	28.74			$	27.78			$	26.68			$	26.88
(1) Adjusted continuing operations excludes significant non-routine transactions. See Note 7 - Non-GAAP Financial Measures in the Notes to the Consolidated Financials.
(2) See Note 7 – Non-GAAP Financial Measures in the Notes to Consolidated Financials for Trustmark’s efficiency ratio calculation.
n/a - not applicable
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands)
(unaudited)
Note 1 - Significant Non-Routine Transactions
Trustmark completed the following significant non-routine transactions during the second quarter of 2024. The gains and losses described below are reflected in the nine months ended September 30, 2024 in the Consolidated Financial Information as well as the relevant tables in the Notes to Consolidated Financials:
On May 31, 2024, Trustmark Bank closed the sale of its wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc., (FBBI) to Marsh & McLennan Agency LLC, consistent with the terms as previously announced on April 23, 2024. Trustmark Bank is a wholly owned subsidiary of Trustmark Corporation. Trustmark recognized a gain on the sale of $228.3 million ($171.2 million, net of taxes) in income from discontinued operations. The operations of FBBI are also included in discontinued operations for the applicable periods presented. Trustmark restructured its investment securities portfolio by selling $1.561 billion of available for sale securities with an average yield of 1.36%, which generated a loss of $182.8 million ($137.1 million, net of taxes) and was recorded to noninterest income in securities gains (losses), net. Trustmark purchased $1.378 billion of available for sale securities with an average yield of 4.85%. Trustmark sold a portfolio of 1-4 family mortgage loans that were three payments delinquent and/or nonaccrual at the time of selection totaling $56.2 million, which resulted in a loss of $13.4 million ($10.1 million, net of taxes). The portion of the loss related to credit totaled $8.6 million and was recorded as adjustments to charge-offs and the provision for credit losses. The noncredit-related portion of the loss totaled $4.8 million and was recorded to noninterest income in other, net. On April 8, 2024, Visa commenced an initial exchange offer expiring on May 3, 2024, for any and all outstanding shares of Visa Class B-1 common stock (Visa B-1 shares). Holders participating in the exchange offer would receive a combination of Visa Class B-2 common stock (Visa B-2 shares) and Visa Class C common stock (Visa C shares) in exchange for Visa B-1 shares that are validly tendered and accepted for exchange by Visa. Trustmark Bank tendered its 38.7 thousand Visa B-1 shares, which was accepted by Visa. In exchange for each Visa B-1 share that was validly tendered and accepted for exchange by Visa, Trustmark Bank received 50.0% of a newly issued Visa B-2 share and newly issued Visa C shares equivalent in value to 50.0% of a Visa B-1 share. The Visa C shares that were received by Trustmark Bank were recognized at fair value, which resulted in a gain of $8.1 million ($6.0 million, net of taxes) and recorded to noninterest income in other, net during the second quarter of 2024. During the third quarter of 2024, Trustmark Bank sold all of the Visa C shares for approximately the same carrying value at June 30, 2024. The Visa B-2 shares were recorded at their nominal carrying value.
Note 2 - Securities Available for Sale and Held to Maturity
The following table is a summary of the estimated fair value of securities available for sale and the amortized cost of securities held to maturity:
		9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities		$	208,269			$	215,679			$	212,463			$	202,669			$	202,638
U.S. Government agency obligations			70,535				65,800				49,325				38,807				19,335
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA			35,806				34,070				28,108				28,411				25,798
Issued by FNMA and FHLMC			1,126,931				1,109,203				1,090,137				1,070,538				1,105,310
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA			372,704				357,340				357,429				352,109				372,714
Total securities available for sale		$	1,814,245			$	1,782,092			$	1,737,462			$	1,692,534			$	1,725,795
SECURITIES HELD TO MATURITY
U.S. Treasury securities		$	30,421			$	30,226			$	30,033			$	29,842			$	29,648
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA			14,353				14,750				15,726				16,218				17,773
Issued by FNMA and FHLMC			384,625				398,161				411,454				423,372				436,177
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA			103,041				109,697				116,969				123,685				131,348
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA			736,019				737,738				740,871				742,268				743,412
Total securities held to maturity		$	1,268,459			$	1,290,572			$	1,315,053			$	1,335,385			$	1,358,358
At September 30, 2025, the net unamortized, unrealized loss included in accumulated other comprehensive income (loss) in the accompanying balance sheet for securities held to maturity transferred from securities available for sale totaled $38.9 million.   Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of 100.0% of the portfolio in U.S. Treasury securities, direct obligations of government agencies and GSE-backed obligations. None of the securities owned by Trustmark are collateralized by assets which are considered sub-prime. Furthermore, outside of stock ownership in the Federal Home Loan Bank of Dallas and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE.

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

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

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands)
(unaudited)
Note 3 – Loan Composition (continued)
		September 30, 2025
		Total				Alabama				Florida				Georgia				Mississippi (Central and Southern Regions)				Tennessee (Memphis, TN and Northern MS Regions)				Texas
LOANS SECURED BY NONFARM, NONRESIDENTIAL PROPERTIES BY REGION
Non-owner occupied:
Retail		$	262,194			$	89,046			$	13,612			$	—			$	74,590			$	19,438			$	65,508
Office			228,449				81,832				17,712				—				88,232				2,753				37,920
Hotel/motel			251,904				124,303				36,998				—				68,057				22,546				—
Mini-storage			166,633				38,708				1,347				39,316				86,224				581				457
Industrial			464,272				88,495				16,616				21,562				208,035				2,463				127,101
Health care			147,697				122,393				660				—				22,284				316				2,044
Convenience stores			20,326				2,076				379				—				11,758				172				5,941
Nursing homes/senior living			282,668				42,880				—				—				144,164				3,638				91,986
Other			93,765				25,378				7,491				—				44,736				7,117				9,043
Total non-owner occupied loans			1,917,908				615,111				94,815				60,878				748,080				59,024				340,000
Owner-occupied:
Office			146,481				47,026				30,979				—				42,355				7,839				18,282
Churches			47,981				10,425				4,016				—				25,940				2,783				4,817
Industrial warehouses			216,119				14,724				7,098				—				65,780				10,885				117,632
Health care			120,961				10,911				8,877				—				91,786				2,135				7,252
Convenience stores			111,386				7,945				2,022				—				57,987				—				43,432
Retail			75,275				7,541				13,021				—				41,246				6,686				6,781
Restaurants			64,616				2,567				2,301				—				29,317				24,266				6,165
Auto dealerships			37,196				3,143				152				—				19,918				13,983				—
Nursing homes/senior living			452,696				93,829				—				—				333,028				—				25,839
Other			109,200				16,454				6,890				—				53,512				251				32,093
Total owner-occupied loans			1,381,911				214,565				75,356				—				760,869				68,828				262,293
Loans secured by nonfarm, nonresidential properties		$	3,299,819			$	829,676			$	170,171			$	60,878			$	1,508,949			$	127,852			$	602,293

Note 4 – Yields on Earning Assets and Costs of Interest-Bearing Liabilities
The following table illustrates the yields on earning assets by category as well as the costs of interest-bearing liabilities on a tax equivalent basis. The cost of total deposits includes both interest-bearing deposits and noninterest-bearing deposits. The net interest margin, which equals reported net interest income-FTE, annualized, as a percent of average earning assets, is also presented in the table below.
		Quarter Ended																				Nine Months Ended
		9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				9/30/2025				9/30/2024
Securities – taxable			3.50	%			3.46	%			3.46	%			3.41	%			3.44	%			3.47	%			2.48	%
Securities – nontaxable			—				—				—				—				—				—				4.45	%
Securities – total			3.50	%			3.46	%			3.46	%			3.41	%			3.44	%			3.47	%			2.48	%
LHFI & LHFS			6.21	%			6.19	%			6.15	%			6.32	%			6.55	%			6.19	%			6.50	%
Other earning assets			4.32	%			4.58	%			4.27	%			4.83	%			5.43	%			4.39	%			5.55	%
Total earning assets			5.69	%			5.66	%			5.62	%			5.76	%			5.96	%			5.66	%			5.71	%
Interest-bearing deposits			2.32	%			2.28	%			2.30	%			2.51	%			2.81	%			2.30	%			2.77	%
Fed funds purchased & repurchases			4.37	%			4.35	%			4.30	%			4.49	%			5.15	%			4.34	%			5.22	%
Other borrowings			3.88	%			3.89	%			3.89	%			3.86	%			4.53	%			3.88	%			4.75	%
Total interest-bearing liabilities			2.44	%			2.42	%			2.43	%			2.61	%			2.94	%			2.43	%			2.94	%
Total Deposits			1.84	%			1.80	%			1.83	%			1.98	%			2.22	%			1.82	%			2.20	%
Net interest margin			3.83	%			3.81	%			3.75	%			3.76	%			3.69	%			3.80	%			3.43	%

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands)
(unaudited)
Note 4 – Yields on Earning Assets and Costs of Interest-Bearing Liabilities (continued)
The net interest margin increased two basis points when compared to the second quarter of 2025, totaling 3.83% for the third quarter of 2025, primarily due to increases in the yields for the loans held for investment and held for sale and the securities portfolios partially offset by the increase in the cost of interest-bearing deposits.
Note 5 – Mortgage Banking
Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that offsets the changes in fair value of mortgage servicing rights (MSR) attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting under generally accepted accounting principles (GAAP). Changes in the fair value of these exchange-traded derivative instruments, including administrative costs, are recorded in noninterest income in mortgage banking, net and are offset by the changes in the fair value of the MSR. The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates. Ineffectiveness of hedging the MSR fair value is measured by comparing the change in value of hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions. The impact of this strategy resulted in a net negative hedge ineffectiveness of $858 thousand during the third quarter of 2025.
The following table illustrates the components of mortgage banking revenues included in noninterest income in the accompanying income statements:
		Quarter Ended																				Nine Months Ended
		9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				9/30/2025				9/30/2024
Mortgage servicing income, net		$	7,251			$	7,142			$	7,161			$	7,161			$	7,127			$	21,554			$	21,054
Change in fair value-MSR from runoff			(3,441	)			(3,596	)			(2,062	)			(3,118	)			(3,154	)			(9,099	)			(8,527	)
Gain on sales of loans, net			5,230				5,597				4,253				4,470				4,648				15,080				14,808
Mortgage banking income before hedge
ineffectiveness			9,040				9,143				9,352				8,513				8,621				27,535				27,335
Change in fair value-MSR from market changes			(1,521	)			(1,946	)			(5,928	)			12,710				(10,406	)			(9,395	)			(6,909	)
Change in fair value of derivatives			663				1,405				5,347				(13,835	)			7,904				7,415				(1,188	)
Net positive (negative) hedge ineffectiveness			(858	)			(541	)			(581	)			(1,125	)			(2,502	)			(1,980	)			(8,097	)
Mortgage banking, net		$	8,182			$	8,602			$	8,771			$	7,388			$	6,119			$	25,555			$	19,238

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands)
(unaudited)
Note 6 – Other Noninterest Income and Expense
Other noninterest income consisted of the following for the periods presented:
		Quarter Ended																				Nine Months Ended
		9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				9/30/2025				9/30/2024
Partnership amortization for tax credit purposes		$	(2,385	)		$	(2,137	)		$	(2,124	)		$	(1,992	)		$	(1,977	)		$	(6,646	)		$	(5,635	)
Increase in life insurance cash surrender value			1,945				1,911				1,867				1,891				1,883				5,723				5,587
Loss on sale of 1-4 family mortgage loans			—				—				—				—				—				—				(4,798	)
Visa C shares fair value adjustment			—				—				—				—				—				—				8,056
Other miscellaneous income			2,822				2,537				6,227				4,399				3,046				11,586				10,305
Total other, net		$	2,382			$	2,311			$	5,970			$	4,298			$	2,952			$	10,663			$	13,515

Trustmark invests in partnerships that provide income tax credits on a Federal and/or State basis (i.e., new market tax credits, low-income housing tax credits and historical tax credits). The income tax credits related to these partnerships are utilized as specifically allowed by income tax law and are recorded as a reduction in income tax expense.
Other noninterest expense consisted of the following for the periods presented:
		Quarter Ended																				Nine Months Ended
		9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				9/30/2025				9/30/2024
Loan expense		$	3,287			$	3,377			$	2,792			$	2,921			$	2,824			$	9,456			$	8,659
Amortization of intangibles			31				32				31				27				28				94				83
FDIC assessment expense			3,935				4,064				4,160				4,815				5,071				12,159				14,396
Other real estate expense, net			1,932				159				452				(286	)			2,452				2,543				3,450
Other miscellaneous expense			7,279				8,473				8,144				7,635				6,941				23,896				22,118
Total other expense		$	16,464			$	16,105			$	15,579			$	15,112			$	17,316			$	48,148			$	48,706

Note 7 – Non-GAAP Financial Measures
In addition to capital ratios defined by GAAP and banking regulators, Trustmark utilizes various tangible common equity measures when evaluating capital utilization and adequacy. Tangible common equity, as defined by Trustmark, represents common equity less goodwill and identifiable intangible assets. Trustmark’s Common Equity Tier 1 capital includes common stock, capital surplus and retained earnings, and is reduced by goodwill and other intangible assets, net of associated net deferred tax liabilities as well as disallowed deferred tax assets and threshold deductions as applicable.
Trustmark believes these measures are important because they reflect the level of capital available to withstand unexpected market conditions. Additionally, presentation of these measures allows readers to compare certain aspects of Trustmark’s capitalization to other organizations. These ratios differ from capital measures defined by banking regulators principally in that the numerator excludes shareholders’ equity associated with preferred securities, the nature and extent of which varies across organizations. In Management’s experience, many stock analysts use tangible common equity measures in conjunction with more traditional bank capital ratios to compare capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method in accounting for mergers and acquisitions.
These calculations are intended to complement the capital ratios defined by GAAP and banking regulators. Because GAAP does not include these capital ratio measures, Trustmark believes there are no comparable GAAP financial measures to these tangible common equity ratios. Despite the importance of these measures to Trustmark, there are no standardized definitions for them and, as a result, Trustmark’s calculations may not be comparable with other organizations. Also, there may be limits in the usefulness of these measures to investors. As a result, Trustmark encourages readers to consider its audited consolidated financial statements and the notes related thereto in their entirety and not to rely on any single financial measure.
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands except per share data)
(unaudited)
Note 7 – Non-GAAP Financial Measures (continued)
				Quarter Ended																				Nine Months Ended
				9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				9/30/2025				9/30/2024
TANGIBLE EQUITY
AVERAGE BALANCES
Total shareholders' equity				$	2,090,373			$	2,041,209			$	1,991,554			$	1,972,563			$	1,923,248			$	2,041,407			$	1,776,291
Less: Goodwill					(334,605	)			(334,605	)			(334,605	)			(334,605	)			(334,605	)			(334,605	)			(334,605	)
Identifiable intangible assets					(49	)			(80	)			(113	)			(141	)			(168	)			(80	)			(196	)
Total average tangible equity				$	1,755,719			$	1,706,524			$	1,656,836			$	1,637,817			$	1,588,475			$	1,706,722			$	1,441,490
PERIOD END BALANCES
Total shareholders' equity				$	2,114,268			$	2,070,789			$	2,021,227			$	1,962,327			$	1,980,096
Less: Goodwill					(334,605	)			(334,605	)			(334,605	)			(334,605	)			(334,605	)
Identifiable intangible assets					(32	)			(63	)			(95	)			(126	)			(153	)
Total tangible equity		(a)		$	1,779,631			$	1,736,121			$	1,686,527			$	1,627,596			$	1,645,338
TANGIBLE ASSETS
Total assets				$	18,801,510			$	18,615,659			$	18,296,203			$	18,152,422			$	18,480,372
Less: Goodwill					(334,605	)			(334,605	)			(334,605	)			(334,605	)			(334,605	)
Identifiable intangible assets					(32	)			(63	)			(95	)			(126	)			(153	)
Total tangible assets		(b)		$	18,466,873			$	18,280,991			$	17,961,503			$	17,817,691			$	18,145,614
Risk-weighted assets		(c)		$	15,262,807			$	15,215,021			$	15,024,476			$	14,990,258			$	15,004,024
NET INCOME (LOSS) ADJUSTED FOR INTANGIBLE AMORTIZATION
Net income (loss) from continuing operations				$	56,787			$	55,841			$	53,633			$	56,312			$	51,330			$	166,261			$	(11,102	)
Plus: Intangible amortization net of tax
from continuing operations					24				24				24				20				21				72				61
Net income (loss) adjusted for
intangible amortization				$	56,811			$	55,865			$	53,657			$	56,332			$	51,351			$	166,333			$	(11,041	)
Period end common shares outstanding		(d)			60,126,376				60,401,684				60,718,411				61,008,023				61,206,606
TANGIBLE COMMON EQUITY MEASUREMENTS
Return on average tangible equity from
continuing operations (1)					12.84	%			13.13	%			13.13	%			13.68	%			12.86	%			13.03	%			-1.02	%
Tangible equity/tangible assets		(a)/(b)			9.64	%			9.50	%			9.39	%			9.13	%			9.07	%
Tangible equity/risk-weighted assets		(a)/(c)			11.66	%			11.41	%			11.23	%			10.86	%			10.97	%
Tangible book value		(a)/(d)*1,000		$	29.60			$	28.74			$	27.78			$	26.68			$	26.88
COMMON EQUITY TIER 1 CAPITAL (CET1)
Total shareholders' equity				$	2,114,268			$	2,070,789			$	2,021,227			$	1,962,327			$	1,980,096
CECL transition adjustment					—				—				—				6,500				6,500
AOCI-related adjustments					19,380				30,489				48,702				83,659				29,045
CET1 adjustments and deductions:
Goodwill net of associated deferred
tax liabilities (DTLs)					(320,754	)			(320,755	)			(320,756	)			(320,756	)			(320,757	)
Other adjustments and deductions
for CET1 (2)					(111	)			(955	)			(2,175	)			(2,058	)			(115	)
CET1 capital		(e)			1,812,783				1,779,568				1,746,998				1,729,672				1,694,769
Additional tier 1 capital instruments
plus related surplus					60,000				60,000				60,000				60,000				60,000
Tier 1 capital				$	1,872,783			$	1,839,568			$	1,806,998			$	1,789,672			$	1,754,769
Common equity tier 1 capital ratio		(e)/(c)			11.88	%			11.70	%			11.63	%			11.54	%			11.30	%
(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
September 30, 2025
($ in thousands)
(unaudited)
Note 7 – Non-GAAP Financial Measures (continued)
Trustmark discloses certain non-GAAP financial measures because Management uses these measures for business planning purposes, including to manage Trustmark’s business against internal projected results of operations and to measure Trustmark’s performance. Trustmark views these as measures of our core operating business, which exclude the impact of the items detailed below, as these items are generally not operational in nature. These non-GAAP financial measures also provide another basis for comparing period-to-period results as presented in the accompanying selected financial data table and the audited consolidated financial statements by excluding potential differences caused by non-operational and unusual or non-recurring items. Readers are cautioned that these adjustments are not permitted under GAAP. Trustmark encourages readers to consider its consolidated financial statements and the notes related thereto in their entirety, and not to rely on any single financial measure.
The following table presents pre-provision net revenue (PPNR) during the periods presented:
			Quarter Ended																				Nine Months Ended
			9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				9/30/2025				9/30/2024
Net interest income (GAAP)		(a)	$	162,441			$	158,756			$	152,055			$	155,848			$	154,714			$	473,252			$	428,573
Noninterest income (loss) (GAAP)				39,931				39,890				42,584				40,950				37,562				122,405				(64,369	)
Add:	Loss on sale of 1-4 family mortgage loans (incl in
	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)	$	39,931			$	39,890			$	42,584			$	40,950			$	37,562			$	122,405			$	115,165
Adjusted pre-provision revenue		(a)+(b)=(c)	$	202,372			$	198,646			$	194,639			$	196,798			$	192,276			$	595,657			$	543,738
Noninterest expense (GAAP)		(d)		130,933				125,114				124,011				124,430				123,270				380,058				361,260
PPNR (Non-GAAP)		(c)-(d)	$	71,439			$	73,532			$	70,628			$	72,368			$	69,006			$	215,599			$	182,478

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands except per share data)
(unaudited)
Note 7 – Non-GAAP Financial Measures (continued)
The following table presents adjustments to net income (loss) from continuing operations and select financial ratios as reported in accordance with GAAP resulting from significant non-routine items occurring during the periods presented:
	Quarter Ended																				Nine Months Ended
	9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				9/30/2025				9/30/2024
Net income (loss) (GAAP) from continuing operations	$	56,787			$	55,841			$	53,633			$	56,312			$	51,330			$	166,261			$	(11,102	)
Significant non-routine transactions (net of taxes):
PCL, LHFI sale of nonperforming 1-4 family		—				—				—				—				—				—				6,475
Loss on sale of 1-4 family mortgage loans		—				—				—				—				—				—				3,598
Visa C shares fair value adjustment		—				—				—				—				—				—				(6,042	)
Securities gains (losses), net		—				—				—				—				—				—				137,094
Net income adjusted for significant non-routine
transactions (Non-GAAP)	$	56,787			$	55,841			$	53,633			$	56,312			$	51,330			$	166,261			$	130,023
Diluted EPS from adjusted continuing operations	$	0.94			$	0.92			$	0.88			$	0.92			$	0.84			$	2.74			$	2.12
FINANCIAL RATIOS - REPORTED (GAAP)
Return on average equity from continuing operations		10.78	%			10.97	%			10.92	%			11.36	%			10.62	%			10.89	%			-0.83	%
Return on average tangible equity from
continuing operations		12.84	%			13.13	%			13.13	%			13.68	%			12.86	%			13.03	%			-1.02	%
Return on average assets from continuing operations		1.21	%			1.21	%			1.19	%			1.23	%			1.10	%			1.21	%			-0.08	%
FINANCIAL RATIOS - ADJUSTED (NON-GAAP)
Return on average equity from adjusted
continuing operations	n/a				n/a				n/a				n/a				n/a				n/a					9.40	%
Return on average tangible equity from adjusted
continuing operations	n/a				n/a				n/a				n/a				n/a				n/a					11.49	%
Return on average assets from adjusted
continuing operations	n/a				n/a				n/a				n/a				n/a				n/a					0.93	%
n/a - not applicable

TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
September 30, 2025
($ in thousands)
(unaudited)
Note 7 – Non-GAAP Financial Measures (continued)
The following table presents Trustmark’s calculation of its efficiency ratio for the periods presented:
			Quarter Ended																				Nine Months Ended
			9/30/2025				6/30/2025				3/31/2025				12/31/2024				9/30/2024				9/30/2025				9/30/2024
Total noninterest expense (GAAP)			$	130,933			$	125,114			$	124,011			$	124,430			$	123,270			$	380,058			$	361,260
Less:	Other real estate expense, net			(1,932	)			(159	)			(452	)			286				(2,452	)			(2,543	)			(3,450	)
	Amortization of intangibles			(31	)			(32	)			(31	)			(27	)			(28	)			(94	)			(83	)
	Charitable contributions resulting in
	state tax credits			(334	)			(334	)			(334	)			(300	)			(300	)			(1,002	)			(900	)
Adjusted noninterest expense (Non-GAAP)		(a)	$	128,636			$	124,589			$	123,194			$	124,389			$	120,490			$	376,419			$	356,827
Net interest income (GAAP)			$	162,441			$	158,756			$	152,055			$	155,848			$	154,714			$	473,252			$	428,573
Add:	Tax equivalent adjustment			2,777				2,652				2,684				2,596				3,305				8,113				9,974
Net interest income-FTE (Non-GAAP)		(b)	$	165,218			$	161,408			$	154,739			$	158,444			$	158,019			$	481,365			$	438,547
Noninterest income (loss) (GAAP)			$	39,931			$	39,890			$	42,584			$	40,950			$	37,562			$	122,405			$	(64,369	)
Add:	Partnership amortization for tax
	credit purposes			2,385				2,137				2,124				1,992				1,977				6,646				5,635
	Loss on sale of 1-4 family mortgage loans			—				—				—				—				—				—				4,798
	Securities (gains) losses, net			—				—				—				—				—				—				182,792
Less:	Visa C shares fair value adjustment			—				—				—				—				—				—				(8,056	)
Adjusted noninterest income (Non-GAAP)		(c)	$	42,316			$	42,027			$	44,708			$	42,942			$	39,539			$	129,051			$	120,800
Adjusted revenue (Non-GAAP)		(b)+(c)	$	207,534			$	203,435			$	199,447			$	201,386			$	197,558			$	610,416			$	559,347
Efficiency ratio (Non-GAAP)		(a)/((b)+(c))		61.98	%			61.24	%			61.77	%			61.77	%			60.99	%			61.67	%			63.79	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251028256695/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

Source: Trustmark Corporation