[10-K] TRUSTMARK CORP Files Annual Report

Rhea-AI Filing Summary

Trustmark Corporation files its annual report describing a regional banking and wealth management franchise centered on Trustmark Bank with total assets of $18.9 billion as of December 31, 2025. The bank operates across Mississippi, Alabama, Florida, Georgia, Tennessee and Texas with 2,543 full-time equivalent associates.

Loans held for investment reached $13.7 billion, deposits were $15.5 billion, and revenue was $799.8 million, up 42.6% year over year. Equity increased to $2.1 billion, and both the holding company and bank reported strong regulatory capital ratios, with common equity Tier 1 of 11.72% and 12.33%, respectively.

The filing details diversified lending lines, wealth management and New Markets Tax Credit activities, alongside extensive discussion of interest rate, credit, liquidity, competitive and regulatory risks in a mixed economic environment marked by Federal Reserve rate cuts, persistent inflation pressures and tighter industry scrutiny.

Insights

Banking sector analyst

Trustmark shows solid growth, strong capital and detailed risk disclosure.

Trustmark reports a sizeable balance sheet with assets of $18.9 billion and a traditional regional bank model spanning six Southeastern and Texas markets. Revenue of $799.8 million grew 42.6%, while loans and deposits both expanded modestly, indicating healthy core banking activity.

Capital ratios are comfortably above regulatory minimums, with holding company common equity Tier 1 at 11.72% and bank-level at 12.33%, plus leverage ratios above 10%. This provides a buffer against credit losses and interest rate volatility described extensively in the report’s risk factors and interest rate sensitivity modeling.

The filing emphasizes exposure to macro conditions, including Federal Reserve rate cuts to a 3.50–3.75% funds target range in late 2025, competitive pressure on deposit costs and net interest margin, and evolving regulatory and compliance demands. Future results will depend on managing credit quality, funding mix and fee-based businesses within this environment, as discussed in the broader management analysis sections.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the fiscal year ended December 31, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 000-3683

TRUSTMARK CORPORATION

(Exact name of Registrant as specified in its charter)

Mississippi		64-0471500
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification Number)
248 East Capitol Street, Jackson, Mississippi		39201
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code:		(601) 208-5111
	Securities registered pursuant to Section 12(b) of the Act:
Common Stock, no par value	TRMK	Nasdaq Global Select Market
(Title of Class)	(Trading Symbol)	(Name of Exchange on Which Registered)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑		Accelerated filer	☐
Non-accelerated filer	☐		Smaller reporting company	☐
			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.) Yes ☐ No ☑

Based on the closing sales price at June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the shares of common stock held by nonaffiliates of the registrant was approximately $961.6 million.

As of January 30, 2026, there were issued and outstanding 58,849,788 shares of the registrant’s Common Stock.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement for Trustmark’s 2026 Annual Meeting of Shareholders to be held April 28, 2026 are incorporated by reference into Part III of the Form 10-K report.

TRUSTMARK CORPORATION

ANNUAL REPORT ON FORM 10-K

TABLE OF CONTENTS

PART I		PAGE
Item 1.	Business	3
Item 1A.	Risk Factors	16
Item 1B.	Unresolved Staff Comments	27
Item 1C.	Cybersecurity	27
Item 2.	Properties	28
Item 3.	Legal Proceedings	28
Item 4.	Mine Safety Disclosures	29
PART II
Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	29
Item 6.	Selected Financial Data	30
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	68
Item 8.	Financial Statements and Supplementary Data	70
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	149
Item 9A.	Controls and Procedures	149
Item 9B.	Other Information	149
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	149
PART III
Item 10.	Directors, Executive Officers of the Registrant and Corporate Governance	150
Item 11.	Executive Compensation	150
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	150
Item 13.	Certain Relationships and Related Transactions, and Director Independence	150
Item 14.	Principal Accounting Fees and Services	150
PART IV
Item 15.	Exhibits, Financial Statement Schedules	150
Item 16.	Summary	150
SIGNATURES		154

2

Forward-Looking Statements

Certain statements contained in this Annual Report on Form 10-K 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 Item 1A. Risk Factors in this report 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 Securities and Exchange Commission (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.

PART I

ITEM 1. BUSINESS

The Corporation

Description of Business

Trustmark Corporation (Trustmark), a Mississippi business corporation incorporated in 1968, is a bank holding company headquartered in Jackson, Mississippi. As previously disclosed, on August 4, 2025, Trustmark’s principal subsidiary, Trustmark National Bank, initially chartered by the State of Mississippi in 1889, converted from a national banking association to a Mississippi-chartered banking corporation and changed its name to Trustmark Bank (TB). TB is a member bank of the Federal Reserve System and is supervised by the Federal Reserve Bank of Atlanta (FRBA) and the Mississippi Department of Banking and Consumer Finance (MDBCF). At December 31, 2025, TB had total assets of $18.923 billion, which represented approximately 99.99% of the consolidated assets of Trustmark.

Through TB and its subsidiaries, Trustmark operates as a financial services organization providing banking and other financial solutions through offices and 2,543 full-time equivalent associates (measured at December 31, 2025) located in the states of Alabama, Florida (primarily in the northwest or “Panhandle” region of that state, which is referred to herein as Trustmark’s Florida market), Georgia (primarily in Atlanta, which is referred to herein as Trustmark's Georgia market), Mississippi, Tennessee (in the Memphis and Northern Mississippi regions, which are collectively referred to herein as Trustmark’s Tennessee market), and Texas (primarily in Houston, which is referred to herein as Trustmark’s Texas market). Trustmark’s operations are managed along two operating segments: General Banking

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Segment and Wealth Management Segment. The principal products produced and services rendered by TB and Trustmark’s other subsidiaries are as follows:

Trustmark Bank

Commercial Banking – TB provides a full range of commercial banking services to corporations and other business customers. Loans are provided for a variety of general corporate purposes, including financing for commercial and industrial projects, income producing commercial real estate, owner-occupied real estate and construction and land development. TB also provides deposit services, including checking, savings and money market accounts and certificates of deposit as well as treasury management services.

Consumer Banking – TB provides banking services to consumers, including checking, savings, and money market accounts as well as certificates of deposit and individual retirement accounts. In addition, TB provides consumer customers with installment and real estate loans and lines of credit.

Mortgage Banking – TB provides mortgage banking services, including construction financing, production of conventional and government insured mortgages, secondary marketing and mortgage servicing.

Wealth Management – TB offers specialized fiduciary services and expertise in the areas of wealth management, trust, investment, brokerage, qualified and non-qualified retirement plan services and custodial services for corporate and individual customers. These services include the administration of personal trusts and estates as well as the management of investment and individual retirement accounts for individuals, employee benefit plans and charitable foundations. TB also provides institutional custody for large governmental entities and foundations, financial and estate planning and retirement plan services.

New Market Tax Credits (NMTC) – TB provides an intermediary vehicle for the provision of loans or investments in Low-Income Communities (LICs) through its subsidiary Southern Community Capital, LLC (SCC). SCC is a Mississippi single member limited liability company, a certified Community Development Entity (CDE) and a wholly-owned subsidiary of TB. The primary mission of SCC is to provide investment capital for LICs, as defined by Section 45D of the Internal Revenue Code, or for Low-Income Persons (LIPs). As a certified CDE, SCC is able to apply to the Community Development Financial Institutions Fund (CDFI Fund) to receive NMTC allocations to offer investors in exchange for equity investments in qualified projects.

Capital Trust

Trustmark Preferred Capital Trust I (the Trust) is a Delaware trust affiliate and a wholly-owned subsidiary of Trustmark formed in 2006 to facilitate a private placement of $60.0 million in trust preferred securities. As defined in applicable accounting standards, the Trust is considered a variable interest entity for which Trustmark is not the primary beneficiary. Accordingly, the accounts of the Trust are not included in Trustmark’s consolidated financial statements.

Strategy

Trustmark seeks to be a premier diversified financial services company in its markets, providing a broad range of banking and wealth management solutions to its customers. Trustmark’s products and services are designed to strengthen and expand customer relationships and enhance the organization’s competitive advantages in its markets as well as to provide cross-selling opportunities that will enable Trustmark to continue to diversify its revenue and earnings streams.

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The following table sets forth summary data regarding Trustmark’s securities, loans, assets, deposits, equity and revenue over the past three years ($ in thousands):

December 31,		2025				2024				2023
Securities		$	3,084,284			$	3,027,919			$	3,189,157
Total securities growth (decline)		$	56,365			$	(161,238	)		$	(329,439	)
Total securities growth (decline)			1.9	%			-5.1	%			-9.4	%
Loans held for investment (LHFI)		$	13,674,233			$	13,089,942			$	12,950,524
Total loans growth (decline)		$	584,291			$	139,418			$	746,485
Total loans growth (decline)			4.5	%			1.1	%			6.1	%
Assets		$	18,925,211			$	18,152,422			$	18,722,189
Total assets growth (decline)		$	772,789			$	(569,767	)		$	706,711
Total assets growth (decline)			4.3	%			-3.0	%			3.9	%
Deposits		$	15,499,784			$	15,108,175			$	15,569,763
Total deposits growth (decline)		$	391,609			$	(461,588	)		$	1,132,115
Total deposits growth (decline)			2.6	%			-3.0	%			7.8	%
Equity		$	2,121,677			$	1,962,327			$	1,661,847
Total equity growth (decline)		$	159,350			$	300,480			$	169,579
Total equity growth (decline)			8.1	%			18.1	%			11.4	%
Years Ended December 31,
Revenue (1)		$	799,778			$	561,002			$	701,311
Total revenue growth (decline)		$	238,776			$	(140,309	)		$	55,181
Total revenue growth (decline)			42.6	%			-20.0	%			8.5	%

(1) Revenue is defined as net interest income plus noninterest income (loss).

For additional information regarding the general development of Trustmark’s business, see Part II. Item 6. – Selected Financial Data and Item 7. – Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report.

Overview of Lending Business

Trustmark categorizes loans on its balance sheet into two categories. These categories are described in more detail in Note 1 – Significant Accounting Policies included in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

•Loans Held for Investment (LHFI) – Loans originally underwritten by Trustmark that do not constitute loans held for sale or acquired loans.

•Loans Held for Sale (LHFS) – Mortgage loans purchased from wholesale customers or originated in Trustmark’s General Banking Segment, other than mortgage loans that are retained in the LHFI portfolio based on banking relationships or certain investment strategies.

Trustmark reports LHFI by its six geographic market regions based on the location of the loan origination with the exception of loans secured by 1-4 family residential properties (representing traditional mortgages) and credit cards. Loans secured by 1-4 family residential properties and credit cards are reported in the Mississippi market region because they are centrally analyzed and approved as part of a specific line of business located at Trustmark’s headquarters in Jackson, Mississippi. The related construction project, property or collateral may be located outside of Trustmark's six geographic market regions but are primarily within its defined trade area. Equipment finance loans and leases are primarily reported in the Georgia market region because they are centrally analyzed and approved as part of the Equipment Finance line of business which is a nationwide line of business located in Atlanta, Georgia.

The following discussion briefly summarizes Trustmark’s lending business by focusing on LHFI and LHFS and includes a discussion of the risks inherent in these loans, Trustmark’s underwriting policies for its loans and the characteristics of the real estate loan component of these loans.

As a general matter, extending credit to businesses and consumers exposes Trustmark to credit risk, which is the risk that the principal balance and any related interest may not be collected according to the original terms due to the inability or unwillingness of the borrower

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to repay the loan. Trustmark mitigates credit risk through a set of internal controls, which includes adherence to conservative lending practices and underwriting guidelines, collateral monitoring, and oversight of its borrower’s financial performance and collateral. The risks inherent in specific subsets of lending are discussed below.

LHFI Secured by Construction, Land Development, and Other Land – Construction and land development loans include loans for both commercial and residential properties to builders/developers, other commercial borrowers and consumers. This category also includes loans secured by vacant land, except land known to be used or usable for agricultural purposes, such as crop and livestock production. Repayment is normally derived from the sale of the underlying property or from permanent financing, which refinances Trustmark’s initial loan. Trustmark’s engagement in this type of lending is generally extended to those builders and developers exhibiting the highest credit quality with significant equity invested in the projects which are primarily located within Trustmark’s defined trade area. The underwriting process for these loans includes analysis of the financial position and strength of both the borrower and guarantor, experience with similar projects in the past, market demand and prospects for successful completion of the proposed project within the established budget and schedule, values of underlying collateral and availability of permanent financing. Risk within this portfolio is mitigated through adherence to policies and lending limits, periodic target credit reviews of the different segments of this portfolio, inspection of projects throughout the life of the loan and routine monitoring of financial information and collateral values as they are updated.

Inherent in real estate construction lending is the risk that the full value of the collateral does not exist at the time the loan is granted. Construction lending also inherently includes the risk associated with a borrower’s ability to successfully complete a proposed project on time and within budget. Further, adverse changes in the market occurring between the start of construction and completion of the projects can result in slower sales or rental rates and lower sales prices than originally anticipated, which could impact the underlying real estate collateral values and timely and full repayment of these loans. Rising interest rates can adversely affect the cost of construction and the financial viability of real estate projects. Higher interest rates may also result in higher capitalization rates, thereby reducing a property’s value. As a result of this risk profile, LHFI secured by construction, land development and other land are considered to be higher risks than other real estate loans.

LHFI and LHFS Secured by Residential Properties – Residential real estate loans consist of first and junior liens on residential properties that are primarily extended in the defined trade area in which Trustmark operates as well as mortgage products, originated and purchased, that are underwritten to secondary market standards. Credit underwriting standards include evaluation of the borrower’s credit history and repayment capacity, including verification of income and valuation of collateral. Portfolio performance is continuously evaluated through monitoring of repayment performance.

Credit performance of consumer residential real estate loans is highly dependent on housing values and household income which, in turn are highly dependent on national, regional and local economic factors. Rising interest rates, rising unemployment rates and other adverse changes in these economies may have a negative effect on the ability of Trustmark’s borrowers to repay these loans and negatively affect value of the underlying residential real estate collateral.

LHFI Secured by Nonfarm, Nonresidential Properties (NFNR LHFI) – Trustmark provides financing for both owner-occupied commercial real estate as well as income-producing commercial real estate. Trustmark seeks to maintain a balance of owner-occupied and income-producing real estate loans that moderates its risk to the specific risks of each type of loan. Commercial real estate term loans are typically collateralized by liens on real property. Both types of commercial real estate loans are underwritten to lending policies that include maximum loan-to-value ratios, minimum equity requirements, acceptable amortization periods and minimum debt service coverage requirements, based on property type. Income-producing commercial real estate loans also generally require substantial equity and are subject to exposure limits for a single project. All exceptions to established guidelines are subject to stringent internal review and require specific approval. As with commercial loans, the borrower’s financial strength and capacity to repay their obligations remain the primary focus of underwriting. Financial strength is evaluated based upon analytical tools that consider historical and projected cash flows and performance in addition to analysis of the proposed project for income-producing properties. Additional support offered by guarantors is also considered.

Risk for owner-occupied commercial real estate is driven by the creditworthiness of the underlying borrowers, particularly cash flow from the borrowers’ business operations as well as the risk of a shortfall in collateral. Credit performance of loans secured by commercial income-producing real estate can be negatively affected by national, regional and local economic conditions, which may result in deteriorating tenant credit profiles, tenant losses, reduced rental/lease rates and higher than anticipated vacancy rates, all contributing to declines in value or liquidity of the underlying real estate collateral. Other factors, such as increasing interest rates, may result in higher capitalization rates, thereby reducing a property’s value.

Commercial and Industrial LHFI – Commercial loans (other than commercial loans related to real estate assets, which are summarized above) are made to many types of businesses for various purposes, such as short-term working capital loans that are usually secured by accounts receivable and inventory, equipment and fixed asset purchases that are secured by those assets and term financing for those

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within Trustmark’s defined trade area. Trustmark’s credit underwriting process for commercial loans includes analysis of historical and projected cash flows and performance, evaluation of financial strength of both borrowers and guarantors as reflected in current and detailed financial information and evaluation of underlying collateral to support the credit. Credit risk within the commercial loan portfolio is managed through adherence to specific commercial lending policies and internally established lending authorities, diversification within the portfolio and monitoring of the portfolio on a continuing basis.

Credit risk in commercial and industrial loans can arise due to fluctuations in borrowers’ financial condition, deterioration in collateral values and changes in market conditions. The credit risk inherent in these loans depends on, to a significant degree, the general economic conditions of these areas. Further, credit risk can increase if Trustmark’s loans are concentrated to borrowers engaged in the same or similar activities, or to groups of borrowers who may be uniquely or disproportionately affected by market or economic conditions.

Consumer LHFI – Consumer credit includes loans to individuals for household and personal items, automobile purchases, unsecured loans, personal lines of credit and credit cards. All consumer loans are subject to a standardized underwriting process through Trustmark’s consumer loan center, with emphasis placed upon the borrower’s credit evaluation and historical performance, income evaluation and valuation of collateral (where applicable).

Similar to residential real estate loan portfolios, an inherent risk factor in consumer loans is that they are dependent on national, regional and local economic factors that affect employment in the markets where these loans are originated. Generally, consumer loan portfolios consist of a large number of relatively small-balance loans, some of which are originated as unsecured credit (credit cards and some personal lines of credit), and as such, do not have collateral as a secondary source of repayment. Consumer loans generally pose heightened risks of collectability and loss when compared to other loan types.

Other Commercial LHFI – Other loans include loans to non-depository financial institutions, such as mortgage companies, finance companies and other financial intermediaries, loans to state and political subdivisions, and loans to non-profit and charitable organizations. These loans are underwritten based on the specific nature or purpose of the loan and underlying collateral with special consideration given to the specific source of repayment for the loan. Other commercial LHFI also include leases of machinery and equipment to commercial customers. These leases are underwritten based on the specific nature or purpose of the lease and underlying collateral with special consideration given to the specific source of repayment for the lease.

Similar to commercial and industrial loans, inherent risk in other commercial loans and leases can arise due to fluctuations in the borrower's or lessee's financial condition, deterioration in collateral values and changes in market and economic conditions. Loans to state and political subdivisions have the added inherent risk of being somewhat dependent on the ability and capacity of those entities to generate tax and other revenue to repay the loans. Loans to non-profit and charitable organizations are dependent on those organizations’ ability to generate revenue through their fundraising efforts and other forms of financial support, which can be susceptible to economic downturns.

Recent Economic and Industry Developments

Economic activity improved slightly during 2025, but was characterized by mixed signals, notably, strong equity market performance, continued consumer spending and FRB rate cuts, but also a softening labor market and persistent inflationary pressures, driven partly by new tariffs. United States stocks performed strongly during the second half of 2025, supported by optimistic sentiment around lower interest rates, better-than-expected corporate earnings and strong performance in the technology and artificial intelligence (AI) sectors. However, economic concerns remain as a result of the cumulative weight of uncertainty regarding the potential economic impact of geopolitical developments, such as conflicts in Ukraine and the Middle East, the current United States presidential administration's policies, inflationary and broader pricing pressures and other economic and industry volatility. Concerns surrounding the direction of global markets and the potential impact on the United States economy are expected to persist for the near term. While Trustmark's customer base is wholly domestic, international economic conditions affect domestic economic conditions, and thus may have an impact upon Trustmark's financial condition or results of operations.

For most of 2025, the FRB left the target federal funds rate unchanged at a range of 4.25% to 4.50% and maintained the rate it pays on reserves at 4.40%. However, beginning with the September 2025 meeting of the FRB's Federal Open Market Committee, the FRB noted increases in unemployment and inflation shifting the balance of risks to achieving its goals. As a result, the FRB decreased the target federal funds rate and the rate it pays on reserves multiple times during the fourth quarter of 2025, lowering the target federal funds rate to a range of 3.50% to 3.75% and the rate it pays on reserves to 3.65% as of December 2025. At the most recent meeting of the FRB's Federal Open Market Committee (in January 2026), the FRB determined to leave the target federal funds rate and the rate it pays on reserves unchanged. Prior period rate increases increased the competitive pressures on the deposit cost of funds. While rate cuts potentially reduced those competitive pressures, they increased pressure on Trustmark's net interest margin, a key component to its financial results. It is not possible to predict the direction, pace or magnitude of further changes, if any, in interest rates, or the impact any such rate changes will have on Trustmark's results of operations.

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In the November 2025 and January 2026 “Summary of Commentary on Current Economic Conditions by Federal Reserve District,” the twelve Federal Reserve Districts’ reports suggested that during the reporting periods (covering the period from October 6, 2025 through November 17, 2025 and November 18, 2025 through January 5, 2026) economic activity increased at a slight to modest pace. Reports by the twelve Federal Reserve Districts (Districts) noted the following during the reporting periods:

•Most Districts reported slight to modest growth in consumer spending, largely attributed to the holiday shopping season. Several Districts also noted that spending was stronger among higher-income consumers, while low to moderate income consumers were increasingly price sensitive and hesitant to spend on nonessential goods and services. Auto sales were little changed to down across most Districts.

•Manufacturing activity varied with approximately half the Districts reporting growth and approximately half reporting contraction. Nonfinancial services demand was generally seen as steady to increasing somewhat. Agriculture conditions were largely unchanged with only Federal Reserve’s Sixth District, Atlanta, reporting a modest decline due to weaker demand for exported commodities. Energy demand and production was flat to down slightly, with some contacts citing challenges from the low-price environment for oil. Community organizations saw increased demand for food assistance, due in part to disruptions in SNAP benefits during the government shutdown.

•Banking conditions were generally reported as stable or improving, with some increased demand coming from credit cards, home equity loans and commercial lending. Residential real estate sales, construction and lending activity softened in the majority of Districts that report on the sector.

•Outlooks for future activity were mildly optimistic with most expecting slight to modest growth in the short term.

•Districts reported that employment declined slightly in the November 2025 report and was mostly unchanged in the January 2026 report. Despite an uptick in layoff announcements, more Districts reported contacts limiting headcounts using hiring freezes, replacement-only hiring and attrition than through layoffs. Several employers adjusted hours worked to accommodate higher or lower than expected business volume instead of adjusting the number of employees. Multiple Districts reported an increase in the usage of temporary workers. Firms continued to report challenges finding skilled labor, particularly in engineering, health care and other trades. Multiple contacts reported exploring AI implementation primarily for productivity enhancement and potential future workforce management. AI's current impact on employment was limited, with more significant effects anticipated in the coming years rather than immediately. Wages grew at a moderate pace, though rising health insurance premiums continued to put upward pressure on labor costs.

•Prices grew at a moderate rate. Cost pressures due to tariffs were a consistent theme across all Districts. Several contacts that had initially absorbed tariff-related costs were beginning to pass them on to customers as pre-tariff inventories became depleted or as pressures to preserve margins grew more acute. Contacts in some industries, such as retail and restaurants, were reluctant to pass costs along to price-sensitive customers. Rising costs for energy, insurance, technology and health care continued to be a significant strain on margins. Firms expect some moderation in price growth, but anticipate prices to remain elevated as they work through increased costs.

Reports by the Federal Reserve’s Sixth District, Atlanta (which includes Trustmark’s Alabama, Florida, Georgia and Mississippi market regions), Eighth District, St. Louis (which includes Trustmark’s Tennessee market region), and Eleventh District, Dallas (which includes Trustmark’s Texas market region), noted similar findings for the reporting periods as those discussed above. The Federal Reserve’s Sixth District also noted modest loan growth, with the largest increases in the credit card segment, and declines in auto and other consumer loans reflecting consumer uncertainty. The Federal Reserve’s Sixth District reported that delinquencies continued to fall in aggregate, though several financial institutions reported a marginal uptick, and cash to total assets ratios increased moderately on balance, allowing for ample liquidity to meet customers' needs. The Federal Reserve’s Eighth District also reported banking activity increased modestly with overall loan activity much stronger than one year ago, particularly among real estate loans and home-equity lines of credit, and modest growth in commercial and industrial loans, while consumer lending was slightly lower than one year ago. The Federal Reserve’s Eighth District also noted that contacts reported meaningfully tighter lending standards on business loans and overall deposits ended the year modestly higher than one year ago. The Federal Reserve’s Eleventh District also reported loan volume and demand increased in December 2025 after decreasing in November 2025, driven by increases in commercial real estate loans, credit standards and terms tightened, though loan pricing continued to decline, loan performance deteriorated at a slower pace overall and bankers reported increasing general business activity. The Federal Reserve’s Eleventh District noted that outlooks leaned optimistic, with contacts expecting growth in loan demand and business activity in the next six months but a slight deterioration in loan performance.

Trustmark is intently monitoring the impact of tariffs and other administrative policies on its customer base, interest rates and credit-related issues. Economic uncertainty or disruptions in the marketplace as a result of such policies could reduce loan demand or increase

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loan nonperformance. It is not possible to predict the timing or magnitude of changes to policies by the current United States presidential administration, if any, or the impact any such policy changes could have on Trustmark's customer base, credit quality or results of operations.

For additional discussion of the impact of the current economic environment on the financial condition and results of operations of Trustmark and its subsidiaries, see Part II. Item 7. – Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report.

Competition

There is significant competition within the banking and financial services industry in the markets in which Trustmark operates. Changes in regulation, technology and product delivery systems have resulted in an increasingly competitive environment. Trustmark expects to continue to face increasing competition from online and traditional financial institutions seeking to attract customers by providing access to similar services and products.

Trustmark and its subsidiaries compete with national and state-chartered banking institutions of comparable or larger size and resources and with smaller community banking organizations. Trustmark has numerous local, regional and national nonbank competitors, including savings and loan associations, credit unions, mortgage companies, finance companies, financial service operations of major retailers, investment brokerage and financial advisory firms and mutual fund companies. Because nonbank financial institutions are not subject to the same regulatory restrictions as banks and bank holding companies, they can often operate with greater flexibility and lower cost structures. Currently, Trustmark does not face meaningful competition from international banks in its markets, although that could change in the future.

At June 30, 2025, Trustmark’s deposit market share ranked within the top three positions in 52.0% of the 56 counties served and within the top five positions in 68.0% of the counties served. The following table presents Federal Deposit Insurance Corporation (FDIC) deposit data regarding TB’s deposit market share by state as of June 30, 2025. The FDIC deposit market share data presented below does not align with Trustmark’s reported geographic market regions, which in some instances cross state lines, and Trustmark’s geographic coverage within certain states presented below is not statewide (see the section captioned “Description of Business” above).

State		Deposit Market Share
Alabama			1.87	%
Florida			0.17	%
Mississippi			12.17	%
Tennessee			0.30	%
Texas			0.04	%

Services provided by the Wealth Management Segment face competition from many national, regional and local financial institutions. Companies that offer broad services similar to those provided by Trustmark, such as other banks, trust companies and full-service brokerage firms, as well as companies that specialize in particular services offered by Trustmark, such as investment advisors and mutual fund providers, all compete with Trustmark’s Wealth Management Segment.

Trustmark’s ability to compete effectively is a result of providing customers with desired products and services in a convenient and cost-effective manner. Customers for commercial, consumer and mortgage banking as well as wealth management services are influenced by convenience, quality of service, personal contacts, availability of products and services and competitive pricing. Trustmark continually reviews its products, locations, alternative delivery channels, and pricing strategies to maintain and enhance its competitive position. While Trustmark’s position varies by market, Management believes it can compete effectively as a result of the quality of Trustmark’s products and services, local market knowledge and awareness of customer needs.

Supervision and Regulation

The following discussion sets forth material elements of the regulatory framework applicable to bank holding companies and their subsidiaries and provides specific information relevant to Trustmark. The discussion is a summary of detailed statutes, regulations and policies. The descriptions are not intended to be complete summaries of the statutes, regulations and policies referenced therein. Such statutes, regulations and policies are continually under the review of the United States Congress and state legislatures as well as federal and state regulatory agencies. A change in statutes, regulations or policies could have a material impact on the business of Trustmark and its subsidiaries.

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Regulation of Trustmark

Trustmark is a registered bank holding company under the Bank Holding Company Act of 1956 (BHC Act). Trustmark and its nonbank subsidiaries are therefore subject to the supervision, examination, enforcement and reporting requirements of the BHC Act, the Federal Deposit Insurance Act (FDI Act), the regulations of the FRB and certain of the requirements imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), as amended by the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA).

Federal Oversight Over Mergers and Acquisitions, Investments and Branching

The BHC Act requires every bank holding company to obtain the prior approval of the FRB before: (i) it may acquire direct or indirect ownership or control of any voting shares of any bank if, after such acquisition, the bank holding company will directly or indirectly own or control 5.0% or more of the voting shares of the bank; (ii) it or any of its subsidiaries, other than a bank, may acquire all or substantially all of the assets of any bank; or (iii) it may merge or consolidate with any other bank holding company. The BHC Act further requires the FRB to consider the competitive impact of the transaction, the financial and managerial resources and future prospects of the bank holding companies and banks concerned and the convenience and needs of the community to be served, including the applicant’s record of performance under the Community Reinvestment Act (CRA). The FRB is also required to take into account in evaluating such a transaction the effectiveness of the parties in combating money laundering activities. Provisions of the FDI Act known as the Bank Merger Act impose similar approval standards for an insured depository institution to merge with another insured depository institution.

In September 2024, the U.S. Department of Justice (DOJ) withdrew from its 1995 Bank Merger Guidelines and announced that it will instead evaluate the competitive impact of bank mergers using its 2023 Merger Guidelines that apply across all industries. Compared to the 1995 Bank Merger Guidelines, the 2023 Merger Guidelines set forth more stringent concentration limits and add several largely qualitative bases on which the DOJ may challenge a merger. This change in the DOJ’s bank merger antitrust policy creates uncertainty regarding the types of transactions that the DOJ may challenge as anticompetitive.

The BHC Act, as amended by the interstate banking provisions of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (Riegle-Neal Act), permits a bank holding company, such as Trustmark, to acquire a bank located in any other state, regardless of state law to the contrary, subject to certain deposit-percentage, aging requirements, and other restrictions, if the company is well-capitalized. The Riegle-Neal Act also generally permits national and state-chartered banks to branch interstate through acquisitions of banks in other states, if the resulting institution would be well-capitalized and well-managed.

In addition, the FRB has the authority to approve applications by state member banks to establish de novo branches, including, under the Riegle-Neal Act, in states other than the bank’s home state if the law of the state in which the branch is located, or is to be located, would permit establishment of the branch if the bank were a state bank chartered by such state.

The BHC Act also generally requires FRB approval for a bank holding company’s acquisition of a company that is not an insured depository institution. Bank holding companies generally may engage, directly or indirectly, only in banking and such other activities as are determined by the FRB to be closely related to banking. Additionally, a provision of the BHC Act known as the Volcker Rule places limits on the ability of Trustmark and TB to acquire or retain ownership interests in, or act as sponsor to, certain investment funds, including hedge funds and private equity funds, or to engage in proprietary trading (i.e., engaging as principal in any purchase or sale of one or more financial instruments for a trading account).

Certain acquisitions of Trustmark’s voting stock may be subject to regulatory approval or notice under federal law. Under the Change in Bank Control Act and BHC Act, a person or company that directly or indirectly acquires control of a bank holding company or bank must obtain the non-objection or approval of the institution’s appropriate federal banking agency in advance of the acquisition. For a publicly-traded bank holding company such as Trustmark, control for purposes of the Change in Bank Control Act is presumed to exist if the acquirer will have 10% or more of any class of the company’s voting securities.

Source of Strength

Under the FDI Act, Trustmark is expected to act as a source of financial and managerial strength to TB. Under this policy, a bank holding company is expected to commit resources to support its bank subsidiary, including at times when the holding company may not be inclined or in a financial position to provide it.

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Capital Adequacy

Bank holding companies and banks are subject to various regulatory capital requirements administered by state and federal bank regulatory agencies. Capital adequacy regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting and other factors. The FRB has established substantially similar minimum risk-based capital ratio and leverage ratio requirements for bank holding companies and banks.

Under capital requirements applicable to Trustmark and TB, Trustmark and TB are required to meet a common equity Tier 1 capital to risk-weighted assets ratio of at least 7.0% (a minimum of 4.5% plus a capital conservation buffer of 2.5%), a Tier 1 capital to risk-weighted assets ratio of at least 8.5% (a minimum of 6.0% plus a capital conservation buffer of 2.5%), a total capital to risk-weighted assets ratio of at least 10.5% (a minimum of 8.0% plus a capital conservation buffer of 2.5%), and a leverage ratio of Tier 1 capital to total consolidated assets of at least 4.0%.

For purposes of calculating the denominator of the risk-based capital ratios, a banking institution’s assets and some of its specified off-balance sheet commitments and obligations are assigned to various risk categories. For purposes of calculating the numerator of the capital ratios, capital, at both the holding company and bank level, is classified in one of three tiers depending on the “quality” and loss-absorbing features of the capital instrument. Common equity Tier 1 capital is predominantly comprised of common stock instruments (including related surplus) and retained earnings, net of treasury stock, and after making necessary capital deductions and adjustments. Tier 1 capital is comprised of common equity Tier 1 capital and additional Tier 1 capital, which includes non-cumulative perpetual preferred stock and similar instruments meeting specified eligibility criteria (including related surplus). Newly issued trust preferred securities and cumulative perpetual preferred stock may not be included in Tier 1 capital. Smaller depository institution holding companies (those with assets of less than $15 billion as of year-end 2009, including Trustmark) and most mutual holding companies are generally allowed to continue to count as Tier 1 capital most outstanding trust preferred securities and other non-qualifying securities that were issued prior to May 19, 2010 (up to a limit of 25% of Tier 1 capital, excluding non-qualifying capital instruments) rather than phasing such securities out of regulatory capital. However, a smaller depository institution holding company that has $15 billion or more in assets following an acquisition of another depository institution holding company generally is no longer allowed to count outstanding non-qualifying capital instruments toward its Tier 1 capital. Trustmark currently has outstanding trust preferred securities that are permitted to continue to count as Tier 1 capital up to the regulatory limit. Total capital is comprised of Tier 1 capital and Tier 2 capital, which includes certain subordinated debt with a minimum original maturity of five years (including related surplus) and a limited amount of allowance for loan losses. Newly issued trust preferred securities and cumulative perpetual preferred stock generally may be included in Tier 2 capital, provided they do not include features that are disallowed by the capital rules, such as the acceleration of principal other than in the event of a bankruptcy, insolvency, or receivership of the issuer.

Failure to meet minimum capital requirements could subject a bank to a variety of enforcement remedies, including issuance of a capital directive, the termination of deposit insurance by the FDIC and certain other restrictions on its business. An institution’s failure to exceed the capital conservation buffer with common equity Tier 1 capital would result in limitations on an institution’s ability to make capital distributions and discretionary bonus payments.

In addition, the FDI Act’s “prompt corrective action” framework identifies five capital categories for insured depository institutions: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. For an insured depository institution to be “well-capitalized,” it must have a common equity Tier 1 capital ratio of at least 6.5%, a Tier 1 capital ratio of at least 8.0%, a total capital ratio of at least 10.0% and a leverage ratio of at least 5.0%, and must not be subject to any written agreement, order or capital directive or prompt corrective action directive issued by its primary federal regulator to meet and maintain a specific capital level for any capital measure. An insured depository institution is subject to differential regulation corresponding to the capital category within which the institution falls. For example, an insured depository institution is generally prohibited from making capital distributions, including paying dividends, or paying management fees to a holding company, if the institution would thereafter be undercapitalized.

At December 31, 2025, Trustmark exceeded its minimum capital requirements with common equity Tier 1 capital, Tier 1 capital and total capital equal to 11.72%, 12.11% and 14.41% of its total risk-weighted assets, respectively. At December 31, 2025, TB also exceeded these requirements with common equity Tier 1 capital, Tier 1 capital and total capital equal to 12.33%, 12.33% and 13.52% of its total risk-weighted assets, respectively. At December 31, 2025, the leverage ratios for Trustmark and TB were 10.18% and 10.37%, respectively. At December 31, 2025, TB was well-capitalized based on the ratios and guidelines described above.

In December 2018, the federal banking agencies issued a final rule that allowed institutions to elect to phase in the regulatory capital effects of the Current Expected Credit Losses (CECL) accounting standard over three years. In addition, as a result of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) enacted on March 27, 2020 in response to the COVID-19 pandemic, the federal bank regulatory agencies issued rules that allowed banking organizations that implemented CECL in 2020 to elect to mitigate

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the effects of the CECL accounting standard on their regulatory capital for two years. This two-year delay was in addition to the three-year transition period that the agencies had already made available. Trustmark elected to defer the regulatory capital effects of CECL in accordance with these rules, which largely delayed the effects of the adoption of CECL on its regulatory capital through December 31, 2021. The effects were phased-in over a three-year period from January 1, 2022 through December 31, 2024.

Payment of Dividends and Stock Repurchases

Trustmark is limited in its ability to pay dividends or repurchase its stock by the FRB, including if doing so would be an unsafe or unsound banking practice. In addition, the FRB has adopted the policy that a bank holding company should pay cash dividends only to the extent that the company’s net income for the past year is sufficient to cover the cash dividends, and that the company’s rate of earning retention is consistent with the company’s capital needs, asset quality and overall financial condition. In addition, a bank holding company is required to consult with or notify the FRB prior to purchasing or redeeming its outstanding equity securities in certain circumstances, including if the gross consideration for the purchase or redemption, when aggregated with the net consideration paid by the company for all such purchases or redemptions during the preceding twelve months, is equal to 10% or more of the company’s consolidated net worth. A bank holding company that is well-capitalized, well-managed and not the subject of any unresolved supervisory issues is exempt from this notice requirement.

Anti-Money Laundering (AML) Initiatives and Sanctions Compliance

Trustmark and TB are subject to extensive laws and regulations aimed at combating money laundering and terrorist financing, including the USA Patriot Act of 2001 (USA Patriot Act) and the Bank Secrecy Act. Regulations implementing these statutes impose obligations on financial institutions to maintain appropriate policies, procedures and controls to detect, prevent and report money laundering and terrorist financing and to verify the identity of their customers and of beneficial owners of their legal entity customers. Failure of a financial institution to maintain and implement adequate programs to combat money laundering and terrorist financing, or to comply with all of the relevant laws or regulations, could have serious legal and financial consequences for the institution. The federal Financial Crimes Enforcement Network of the Department of the Treasury, in addition to federal bank regulatory agencies, is authorized to impose significant civil money penalties for violations of these requirements, and has recently engaged in coordinated enforcement efforts with state and federal banking regulators, the DOJ, the Consumer Financial Protection Bureau (CFPB), the Drug Enforcement Administration and the Internal Revenue Service. Violations of AML requirements can also lead to criminal penalties. In addition, the federal banking agencies are required to consider the effectiveness of a financial institution’s AML activities when reviewing proposed bank mergers and bank holding company acquisitions.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is responsible for helping to ensure that U.S. entities do not engage in transactions with certain prohibited parties, as defined by various Executive Orders and Acts of Congress. OFAC administers and enforces economic and trade sanctions programs, including publishing lists of persons, organizations, and countries suspected of aiding, harboring or engaging in terrorist acts, known as Specially Designated Nationals and Blocked Persons. OFAC regulations generally require either the blocking of accounts or other property of specified entities or individuals, but they may also require the rejection of certain transactions involving specified entities or individuals. Trustmark maintains policies, procedures and other internal controls designed to comply with these sanctions programs.

Other Federal Regulation of Trustmark

In addition to being regulated as a bank holding company, Trustmark is subject to regulation by the State of Mississippi under its general business corporation laws. Trustmark is also subject to the disclosure and other regulatory requirements of the Securities Act of 1933 and the Securities Exchange Act of 1934, as administered by the SEC.

Regulation of TB

TB is a Mississippi state-chartered bank and a member of the Federal Reserve System and its deposits are insured by the FDIC. As such, TB is subject to extensive regulation by the FRB, the MDBCF and, to a lesser extent, by the FDIC. In addition, as a large provider of consumer financial services, TB is subject to regulation, supervision, enforcement and examination by the CFPB. Almost every area of the operations and financial condition of TB is subject to extensive regulation and supervision and to various requirements and restrictions under federal and state law including loans, reserves, investments, issuance of securities, establishment of branches, capital adequacy, liquidity, earnings, dividends, management practices and the provision of services. TB is subject to supervision, examination, enforcement and reporting requirements under the Federal Reserve Act, the FDI Act, regulations of the FRB and certain of the requirements imposed by the Dodd-Frank Act. Trustmark and TB are also subject to a wide range of consumer protection laws and regulations.

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Restrictions on Lending, Insider Transactions and Affiliate Transactions

TB is limited by state and/or federal law in the amounts it may lend to one borrower, to insiders and to affiliates. In addition, the FDI Act imposes restrictions on TB's purchases of assets from insiders.

Mississippi law generally limits a Mississippi state-chartered bank’s total extensions of credit to any one person or company to 20% of the bank’s aggregate unimpaired capital and surplus, and limits total extensions of credit to a single director or executive officer to 15% of unimpaired capital and surplus, or 20% when secured. Section 22 of the Federal Reserve Act, as implemented by the FRB’s Regulation O, similarly limits extensions of credit by a bank to its executive officers, directors, principal shareholders and their related interests, and to similar individuals at the holding company or affiliates. In general, such extensions of credit (i) may not exceed certain dollar limitations, (ii) must be made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with third parties and (iii) must not involve more than the normal risk of repayment or present other unfavorable features.

Sections 23A and 23B of the Federal Reserve Act establish parameters for an insured bank to conduct “covered transactions” with its affiliates, generally (i) limiting the extent to which the bank or its subsidiaries may engage in “covered transactions” with any one affiliate to an amount equal to 10% of the bank’s capital stock and surplus, and limiting the aggregate of all such transactions with all affiliates to an amount equal to 20% of the bank’s capital stock and surplus, and (ii) requiring that all such transactions be on terms substantially the same, or at least as favorable, to the bank or subsidiary as those that would be provided to a non-affiliate. In addition, an insured bank’s loans to affiliates must be fully collateralized. The term “covered transaction” includes the making of loans to the affiliate, purchase of assets from the affiliate, issuance of a guarantee on behalf of the affiliate and several other types of transactions.

Payment of Dividends

The principal source of Trustmark’s cash revenue is dividends from TB. As a Mississippi state-chartered banking corporation, TB must obtain the approval of the MDBCF prior to declaring or paying a dividend on its common stock.

Community Reinvestment Act

The CRA requires an insured depository institution’s appropriate federal banking regulator to evaluate the institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, and to consider this record in its evaluation of certain applications to banking regulators, such as an application for approval of a merger or the establishment of a branch. A rating of less than “Satisfactory” may provide a basis for denial of such an application. TB received a rating of “Outstanding” in its most recent CRA performance evaluation, which covered activities in the period from January 1, 2022 through December 31, 2023.

On October 24, 2023, the federal banking agencies released a final rule revising their framework for evaluating banks’ records of community reinvestment under the CRA. On July 16, 2025, the agencies issued a notice of proposed rulemaking to rescind the October 2023 final rule and restore the CRA framework that existed prior to the October 2023 final rule. TB's most recent performance evaluation was conducted using the CRA framework that existed prior to the October 2023 final rule.

Consumer Protection Laws

TB is subject to a number of federal and state laws designed to protect customers and promote lending to various sectors of the economy and population. These consumer protection laws apply to a broad range of TB’s activities and to various aspects of its business, and include laws relating to interest rates, fair lending, disclosures of credit terms and estimated transaction costs to consumer borrowers, debt collection practices, the use of and the provision of information to consumer reporting agencies and the prohibition of unfair, deceptive or abusive acts or practices in connection with the offer, sale or provision of consumer financial products and services. These laws include the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Truth in Lending Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, the Fair Debt Collection Practices Act and their state law counterparts. At the federal level, most consumer financial protection laws are administered by the CFPB, which supervises TB. The CFPB also has authority to issue regulations and has proposed several rules that would restrict various fees that financial institutions can charge consumers, including credit card late fees, overdraft fees and certain insufficient funds (NSF) fees.

Violations of applicable consumer protection laws can result in significant potential liability, including actual damages, restitution and injunctive relief, from litigation brought by customers, state attorneys general and other plaintiffs, as well as enforcement actions by banking regulators and reputational harm.

Many states and local jurisdictions have consumer protection laws analogous, and in addition to, those listed above. While TB’s activities are governed primarily by federal law, states may adopt their own consumer protection laws that exceed the requirements of

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federal law. In addition, under the Dodd-Frank Act, state attorneys general are authorized to bring civil actions to enforce regulations prescribed by the CFPB or to secure other remedies.

Financial Privacy Laws and Cybersecurity

The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 (GLB Act) imposed requirements related to the privacy of customer financial information. In accordance with the GLB Act, federal bank regulators adopted rules that limit the ability of banks and other financial institutions to disclose nonpublic information about consumers to nonaffiliated third parties. The GLB Act also requires disclosure of privacy policies to consumers and, in some circumstances, allows consumers to prevent disclosure of certain personal information to a nonaffiliated third party. The privacy provisions of the GLB Act affect how consumer information is transmitted through diversified financial companies and conveyed to outside vendors. Trustmark recognizes the need to comply with legal and regulatory requirements that affect its customers’ privacy.

In addition, the federal banking agencies pay close attention to the cybersecurity practices of banks, and the agencies include review of an institution’s information technology and its ability to thwart cyberattacks in their examinations. An institution’s failure to have adequate cybersecurity safeguards in place can result in supervisory criticism, monetary penalties and/or reputational harm. Additionally, banking organizations are required to notify their primary federal regulator of significant computer security incidents within 36 hours of determining that such an incident has occurred.

On October 22, 2024, the CFPB released a final rule to implement Section 1033 of the Dodd-Frank Act. Under the final rule, a financial institution would be required, upon request, to make available to a consumer or third party authorized by the consumer certain information the institution has concerning a consumer financial product or service covered by the rule, such as a credit card or a deposit account. Industry organizations challenged the final rule in court. On July 29, 2025, the district court granted a motion by the CFPB to stay the proceedings while the CFPB conducts a rulemaking to revise the final rule substantially. On August 22, 2025, the CFPB issued an advance notice of proposed rulemaking to solicit comments and data on several issues as part of a reconsideration of the final rule. On October 29, 2025, the district court issued a preliminary injunction preventing the CFPB from enforcing the final rule until the CFPB has completed its reconsideration of the rule. Management is monitoring the status of the litigation and evaluating the impact of this rule.

Debit Interchange Regulation

The FRB has issued rules under the Electronic Fund Transfer Act (EFTA), as amended by the Dodd-Frank Act, to limit interchange fees that an issuer with $10.0 billion or more in assets, such as TB, may receive or charge for an electronic debit card transaction. Under the FRB’s rules, the maximum permissible interchange fee that an issuer may receive for an electronic debit transaction is the sum of 21 cents per transaction and five basis points multiplied by the value of the transaction. In addition, the FRB’s rules allow for an upward adjustment of no more than one cent to an issuer’s debit card interchange fee if the issuer develops and implements policies and procedures reasonably designed to achieve the fraud-prevention standards set out in the rule.

In October 2023, the FRB proposed changes to its EFTA rules that would decrease the maximum interchange fees that an issuer may receive for an electronic debit transaction to the sum of 14.4 cents and four basis points multiplied by the value of the transaction and increase the fraud prevention adjustment to 1.3 cents. If finalized as proposed, the proposal could reduce interchange revenue for banks with $10 billion or more in assets, such as TB.

The FRB also has established rules governing routing and exclusivity that require debt card issuers to offer two unaffiliated networks for routing transactions on each debit or prepaid product.

FDIC Deposit Insurance Assessments

The deposits of TB are insured by the Deposit Insurance Fund (DIF), as administered by the FDIC, and, accordingly, are subject to deposit insurance assessments to maintain the DIF at minimum levels required by statute.

The FDIC uses a risk-based assessment system that imposes insurance premiums as determined by multiplying an insured bank’s assessment base by its assessment rate. A bank’s deposit insurance assessment base is generally equal to the bank’s total assets minus its average tangible equity during the assessment period.

The FDIC determines a bank’s assessment rate within a range of base assessment rates using a risk scorecard that takes into account the bank’s financial ratios and supervisory rating (the CAMELS composite rating), among other factors. The CAMELS rating system is a supervisory rating system developed to classify a bank’s overall condition by taking into account capital adequacy, assets, management capability, earnings, liquidity and sensitivity to market and interest rate risk. The methodology that the FDIC uses to calculate

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assessment amounts is also based on the FDIC’s designated reserve ratio, which is currently 2.0%. During the COVID-19 pandemic, the amount of total estimated insured deposits grew rapidly while the funds in the DIF grew at a normal rate, causing the DIF reserve ratio to fall below the statutory minimum of 1.35%. The FDIC adopted a restoration plan in September 2020, which it amended in June 2022, to restore the DIF reserve ratio to at least 1.35% by September 30, 2028. On October 18, 2022, the FDIC adopted a final rule to increase initial base deposit insurance assessment rates for insured depository institutions by 2 basis points, which began with the first quarterly assessment period of 2023 and will remain in effect unless and until the DIF reserve ratio meets or exceeds 2.00%.

In November 2023, the FDIC adopted a final rule to implement a special deposit insurance assessment for eight quarters starting with the first quarter of 2024, to recover losses to the DIF arising from the bank failures of Spring 2023. In December 2025, the FDIC updated its estimate of the DIF’s losses and reduced the final assessment rate for the eighth collection quarter. The special assessment was not material to Trustmark's financial condition or results of operations.

The FDIC may terminate the deposit insurance of any insured depository institution, including the TB, if the FDIC determines after a hearing that the institution has engaged or is engaging in unsafe or unsound banking practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, order or any condition imposed by an agreement with the FDIC. The FDIC also may suspend deposit insurance temporarily during the hearing process for the permanent termination of insurance if the institution has no tangible capital.

In 2025, TB’s expenses related to deposit insurance premiums totaled $15.7 million.

TB Subsidiaries

TB’s nonbanking subsidiaries are subject to a variety of state and federal laws and regulations. SCC is subject to the supervision and regulation of the CDFI Fund and the State of Mississippi.

Available Information

Trustmark’s internet address is www.trustmark.com. Information contained on this website is not a part of this report. Trustmark makes available through this address, free of charge, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after such material is electronically filed, or furnished to, the SEC.

Employees

At December 31, 2025, Trustmark employed 2,543 full-time equivalent associates, none of which are represented by a collective bargaining agreement. Trustmark believes its employee relations to be satisfactory.

Information about Executive Officers of Trustmark

As of the filing date, the executive officers of Trustmark and its primary bank subsidiary, TB, including their ages, positions and principal occupations for the last five years are as follows:

Duane A. Dewey, 67

Trustmark Corporation

President and Chief Executive Officer since January 2021

Trustmark Bank

Chief Executive Officer since January 2021

President since January 2020

George T. Chambers, Jr., 66

Trustmark Corporation

Principal Accounting Officer since March 2021

Trustmark Bank

Executive Vice President and Chief Accounting Officer since March 2021

Senior Vice President and Controller from March 2009 to February 2021

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Monica A. Day, 65

Trustmark Bank

President – Institutional Banking since April 2019

Robert Barry Harvey, 66

Trustmark Bank

Chief Credit and Operations Officer since June 2021

Chief Credit Officer from March 2010 to May 2021

Executive Vice President since March 2010

Thomas C. Owens, 61

Trustmark Corporation

Treasurer and Principal Financial Officer since March 2021

Trustmark Bank

Chief Financial Officer since March 2021

Bank Treasurer from September 2013 to February 2021

Executive Vice President since 2013

W. Arthur Stevens, 61

Trustmark Bank

President – Retail Banking since September 2011

Maria Luisa "Ria" Sugay, 44

Trustmark Bank

Bank Treasurer since March 2021

Bank Co-Treasurer from July 2020 to February 2021

Executive Vice President since July 2020

Granville Tate, Jr., 69

Trustmark Corporation

Secretary since December 2015

Trustmark Bank

Chief Administrative Officer since January 2021

Chief Risk Officer from June 2016 to November 2021

General Counsel from December 2015 to November 2021

Executive Vice President and Secretary since December 2015

ITEM 1A. RISK FACTORS

Trustmark and its subsidiaries could be adversely impacted by various risks and uncertainties, which are difficult to predict. As a financial institution, Trustmark has significant exposure to market risks, including interest rate risk, liquidity risk and credit risk. This section includes a description of the risks, uncertainties and assumptions identified by Management that could, individually or in combination, materially affect Trustmark’s financial condition and results of operations, as well as the value of Trustmark’s financial instruments in general, and Trustmark common stock, in particular. Additional risks and uncertainties that Management currently deems immaterial or is unaware of may also impair Trustmark’s financial condition and results of operations. This report is qualified in its entirety by the risk factors that are identified below.

Risks Related to Trustmark’s Business

Interest Rate Risks

Trustmark’s largest source of revenue (net interest income) is subject to interest rate risk.

Trustmark’s profitability depends to a large extent on net interest income, which is the difference between income on interest-earning assets, such as loans and investment securities, and expense on interest-bearing liabilities, such as deposits and borrowings. Trustmark is exposed to interest rate risk in its core banking activities of lending and deposit taking, since assets and liabilities reprice at different times and by different amounts as interest rates change. Trustmark is unable to predict changes in market interest rates, which are affected by many factors beyond Trustmark’s control, including inflation, recession, unemployment, money supply, domestic and international events and changes in the United States and other financial markets. For most of 2025, the FRB left the target federal funds rate unchanged at a range of 4.25% to 4.50% and maintained the rate it pays on reserves at 4.40%. However, beginning with the

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September 2025 meeting of the FRB's Federal Open Market Committee, the FRB noted increases in unemployment and inflation shifting the balance of risks to achieving its goals. As a result, the FRB decreased the target federal funds rate and the rate it pays on reserves multiple times during the fourth quarter of 2025, lowering the target federal funds rate to a range of 3.50% to 3.75% and the rate it pays on reserves to 3.65% as of December 2025. Prior period rate increases increased the competitive pressures on the deposit cost of funds. While rate cuts potentially reduced those competitive pressures, they increased pressure on Trustmark's net interest margin, a key component to its financial results. It is not possible to predict the direction, pace or magnitude of further changes, if any, in interest rates, or the impact any such rate changes will have on Trustmark's results of operations.

Financial simulation models are the primary tools used by Trustmark to measure interest rate exposure. Using a wide range of scenarios, Management is provided with extensive information on the potential impact to net interest income caused by changes in interest rates. Models are structured to simulate cash flows and accrual characteristics of Trustmark’s balance sheet. Assumptions are made about the direction and volatility of interest rates, the slope of the yield curve and the changing composition of Trustmark’s balance sheet, resulting from both strategic plans and customer behavior. In addition, the model incorporates Management’s assumptions and expectations regarding such factors as loan and deposit growth, pricing, prepayment speeds and spreads between interest rates. Trustmark’s simulation model using static balances at December 31, 2025 estimated that in the event of a hypothetical 200 basis point increase in interest rates, net interest income may increase 3.1%, while a hypothetical 100 basis point increase in interest rates may increase net interest income 1.5%. In the event of a hypothetical 100 basis point decrease in interest rates using static balances at December 31, 2025, it is estimated net interest income may decrease 2.1%, while a hypothetical 200 basis point decrease in interest rates may decrease net interest income 4.8%.

Net interest income is Trustmark’s largest revenue source, and it is important to discuss how Trustmark’s interest rate risk may be influenced by the various factors shown below:

•In general, for a given change in interest rates, the amount of the change in value (positive or negative) is larger for assets and liabilities with longer remaining maturities. The shape of the yield curve may affect new loan yields, funding costs and investment income differently.

•The remaining maturity of various assets or liabilities may shorten or lengthen as payment behavior changes in response to changes in interest rates. For example, if interest rates decline sharply, fixed-rate loans may pre-pay, or pay down, faster than anticipated, thus reducing future cash flows and interest income. Conversely, if interest rates increase, depositors may cash in their certificates of deposit prior to term (notwithstanding any applicable early withdrawal penalties) or otherwise reduce their deposits to pursue higher yielding investment alternatives. Repricing frequencies and maturity profiles for assets and liabilities may occur at different times. For example, in a falling rate environment, if assets reprice faster than liabilities, there will be an initial decline in earnings. Moreover, if assets and liabilities reprice at the same time, they may not be by the same increment. For instance, if the federal funds rate increased 50 basis points, rates on demand deposits may rise by 10 basis points, whereas rates on prime-based loans will instantly rise 50 basis points.

Financial instruments do not respond in a parallel fashion to rising or falling interest rates. This causes asymmetry in the magnitude of changes in net interest income, net economic value and investment income resulting from the hypothetical increases and decreases in interest rates. Therefore, Management monitors interest rate risk and adjusts Trustmark’s investment, funding and hedging strategies to mitigate adverse effects of interest rate shifts on Trustmark’s balance sheet.

Trustmark utilizes derivative contracts to hedge the mortgage servicing rights (MSR) in order to offset changes in fair value resulting from changes in interest rate environments. In spite of Trustmark’s due diligence in regard to these hedging strategies, significant risks are involved that, if realized, may prove such strategies to be ineffective, which could adversely affect Trustmark’s financial condition or results of operations. Risks associated with these strategies include the risk that counterparties in any such derivative and other hedging transactions may not perform; the risk that these hedging strategies rely on Management’s assumptions and projections regarding these assets and general market factors, including prepayment risk, basis risk, market volatility and changes in the shape of the yield curve, and that these assumptions and projections may prove to be incorrect; the risk that these hedging strategies do not adequately mitigate the impact of changes in interest rates, prepayment speeds or other forecasted inputs to the hedging model; and the risk that the models used to forecast the effectiveness of hedging instruments may project expectations that differ from actual results. In addition, increased regulation of the derivative markets may increase the cost to Trustmark to implement and maintain an effective hedging strategy.

Trustmark closely monitors the sensitivity of net interest income and investment income to changes in interest rates and attempts to limit the variability of net interest income as interest rates change. Trustmark makes use of both on- and off-balance sheet financial instruments to mitigate exposure to interest rate risk.

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Credit and Lending Risks

Trustmark is subject to lending risk, which could impact the adequacy of the allowance for credit losses and results of operations.

There are inherent risks associated with Trustmark’s lending activities. If trends in the housing and real estate markets were to decline appreciably, Trustmark may experience higher than normal delinquencies and credit losses. Moreover, if the United States economy were to enter into a recession, Management expects that this scenario could severely affect economic conditions in Trustmark’s market areas and that Trustmark could experience significantly higher delinquencies and credit losses.

In addition, bank regulatory agencies periodically review Trustmark’s allowance for credit losses and may require an increase in the provision for credit losses or the recognition of further charge-offs, based on judgments different from those of Management. As a result, Trustmark may elect, or be required, to make further increases in its provision for credit losses in the future, particularly if economic conditions deteriorate.

Trustmark may also rely on information furnished by or on behalf of customers and counterparties in deciding whether to extend credit or enter into other transactions. This information could include financial statements, credit reports, business plans, and other information. Trustmark may also rely on representations of those customers, counterparties or other third parties, such as independent auditors, as to the accuracy and completeness of that information. Reliance on inaccurate or misleading financial statements, credit reports or other information could have a material adverse impact on Trustmark’s business, financial condition and results of operations.

Trustmark is subject to environmental liability risk associated with lending activities.

A significant portion of Trustmark’s loan portfolio is secured by real property. During the ordinary course of business, Trustmark forecloses on and takes title to properties securing certain loans. In doing so, there is a risk that hazardous or toxic substances could be found on these properties. If hazardous or toxic substances are found, Trustmark may be liable for remediation costs, as well as for personal injury and property damage, civil fines and criminal penalties regardless of when the hazardous conditions or toxic substances first affected any particular property. Environmental laws may require Trustmark to incur substantial expenses and may materially reduce the affected property’s value or limit Trustmark’s ability to use or ability to sell the affected property or to repay the indebtedness secured by the property. In addition, future laws or more stringent interpretations or enforcement policies with respect to existing laws may increase Trustmark’s exposure to environmental liability. Environmental reviews of nonresidential real estate before initiating foreclosure actions may not be sufficient to detect all potential environmental hazards. The remediation costs and any other financial liabilities associated with an environmental hazard could have a material adverse effect on Trustmark’s business, financial condition and results of operations.

Declines in asset values may result in credit losses and adversely affect the value of Trustmark’s investments.

Trustmark maintains an investment portfolio that includes, among other asset classes, obligations of states and municipalities, agency debt securities and agency mortgage-related securities. The market value of investments in Trustmark’s investment portfolio may be affected by factors other than interest rates or the underlying performance of the issuer of the securities, such as ratings downgrades, adverse changes in the business climate and a lack of pricing information or liquidity in the secondary market for certain investment securities. In addition, government involvement or intervention in the financial markets or the lack thereof or market perceptions regarding the existence or absence of such activities could affect the market and the market prices for these securities.

On a quarterly basis, Trustmark evaluates investments and other assets for expected credit losses. At December 31, 2025, gross unrealized losses on securities for which an allowance for credit losses has not been recorded totaled $14.5 million. Trustmark may be required to record credit loss expense if these investments suffer a decline in value that is the result of a credit loss. If Trustmark determines that a credit loss exists, the credit portion of the allowance would be measured using a discounted cash flow (DCF) analysis using the effective interest rate as of the security’s purchase date. The amount of credit loss Trustmark may record is limited to the amount by which the amortized cost exceeds the fair value, which could have a material adverse effect on results of operations in the period in which a credit loss, if any, occurs.

Liquidity Risk

Trustmark is subject to liquidity risk, which could disrupt its ability to meet its financial obligations.

Liquidity refers to Trustmark’s ability to ensure that sufficient cash flow and liquid assets are available to satisfy current and future financial obligations, including demand for loans and deposit withdrawals, funding operating costs and other corporate purposes. Liquidity risk arises whenever the maturities of financial instruments included in assets and liabilities differ or when assets cannot be liquidated at fair market value as needed. Trustmark obtains funding through deposits and various short-term and long-term wholesale borrowings, including federal funds purchased and securities sold under repurchase agreements, the Federal Reserve Discount Window

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(Discount Window) and Federal Home Loan Bank (FHLB) advances. Any significant restriction or disruption of Trustmark’s ability to obtain funding from these or other sources could have a negative effect on Trustmark’s ability to satisfy its current and future financial obligations, which could materially affect Trustmark’s financial condition or results of operations.

In addition to the risk that one or more of the funding sources may become constrained due to market conditions unrelated to Trustmark, there is the risk that Trustmark’s credit profile may decline such that one or more of these funding sources becomes partially or wholly unavailable to Trustmark.

Trustmark attempts to quantify such credit event risk by modeling bank specific and systemic scenarios that estimate the liquidity impact. Trustmark estimates such impact by attempting to measure the effect on available unsecured lines of credit, available capacity from secured borrowing sources and securitizable assets. To mitigate such risk, Trustmark maintains available lines of credit with the FRBA and the FHLB of Dallas that are secured by loans and investment securities. Management continuously monitors Trustmark’s liquidity position for compliance with internal policies.

External and Market-Related Risks

Trustmark’s business may be adversely affected by conditions in the financial markets and economic conditions in general.

Economic activity improved slightly during 2025, but was characterized by mixed signals, notably, strong equity market performance, continued consumer spending and FRB rate cuts, but also a softening labor market and persistent inflationary pressures, driven partly by new tariffs. United States stocks performed strongly during the second half of 2025, supported by optimistic sentiment around lower interest rates, better-than-expected corporate earnings and strong performance in the technology and AI sectors. However, economic concerns remain as a result of the cumulative weight of uncertainty regarding the potential economic impact of geopolitical developments, such as the conflicts in Ukraine and the Middle East, the current United States presidential administration's policies, inflationary and broader pricing pressures and other economic and industry volatility. Concerns surrounding the direction of global markets and the potential impact on the United States economy are expected to persist for the near term. While Trustmark's customer base is wholly domestic, international economic conditions affect domestic economic conditions, and thus may have an impact upon Trustmark's financial condition or results of operations.

Strategic risk, including threats to business models from increasing pressures on net interest margins and modest economic growth, remains high. Management’s ability to plan, prioritize and allocate resources in this environment will be critical to Trustmark’s ability to sustain earnings that will attract capital. Because of the complexities presented by current economic conditions, Management will continue to be challenged in identifying alternative sources of revenue, prudently diversifying assets, liabilities and revenue and effectively managing the costs of compliance.

Trustmark is intently monitoring the impact of tariffs and other administrative policies on its customer base, interest rates and credit-related issues. Economic uncertainty or disruptions in the marketplace as a result of such policies could reduce loan demand or increase loan nonperformance. It is not possible to predict the timing or magnitude of changes to policies by the current United States presidential administration, if any, or the impact any such policy changes could have on Trustmark's customer base, credit quality or results of operations.

Trustmark does not assume that current uncertain conditions in the economy will improve significantly in the near future. A weakened economy could affect Trustmark in a variety of substantial and unpredictable ways. In particular, Trustmark may face the following risks in connection with these events:

•Market developments and the resulting economic pressure on consumers may affect consumer confidence levels and may cause increases in delinquencies and default rates, which, among other effects, could further affect Trustmark’s charge-offs and provision for credit losses.

•Loan performance could experience a significantly extended deterioration or loan default levels could accelerate, foreclosure activity could significantly increase, or Trustmark’s assets (including loans and investment securities) could materially decline in value, any one of which, or any combination of more than one of which, could have a material adverse effect on Trustmark’s financial condition or results of operations.

•Management’s ability to measure the fair value of Trustmark’s assets could be adversely affected by market disruptions that could make valuation of assets more difficult and subjective. If Management determines that a significant portion of its assets have values that are significantly below their recorded carrying value, Trustmark could recognize a material charge

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to earnings in the quarter during which such determination was made, Trustmark’s capital ratios would be adversely affected by any such charge, and a rating agency might downgrade Trustmark’s credit rating or put Trustmark on credit watch.

While the banking industry has stabilized since the disruptions associated with bank failures in Spring 2023, there remains heightened awareness around liquidity, uninsured deposits, deposit composition, unrecognized investment losses and capital among counterparties, customers and regulators. It is difficult to predict the extent to which these conditions will persist or whether recent progress in the economic recovery will instead shift to the potential for further decline. If the economy does weaken in the future, it is uncertain how Trustmark’s business would be affected and whether Trustmark would be able to successfully mitigate any such effects on its business. Accordingly, these factors in the United States (and, indirectly, global) economy could have a material adverse effect on Trustmark’s financial condition and results of operations.

Trustmark operates in a highly competitive financial services industry.

Trustmark faces substantial competition in all areas of its operations from a variety of different competitors, many of which are larger and may have greater financial resources. Such competitors primarily include banks, as well as community banks operating nationwide and regionally within the various markets in which Trustmark operates. Trustmark also faces competition from many other types of financial institutions, including savings and loans, credit unions, finance companies, brokerage firms, factoring companies and other financial intermediaries. Additionally, fintech developments, such as blockchain and other distributed ledger technologies, have the potential to disrupt the financial industry and change the way banks do business. The financial services industry could become even more competitive as a result of legislative, regulatory and technological changes and continued consolidation.

Some of Trustmark’s competitors have fewer regulatory constraints and may have lower cost structures. Additionally, due to their size, many of Trustmark’s larger competitors may be able to achieve economies of scale and, as a result, may offer a broader range of products and services as well as better pricing for those products and services than Trustmark.

Trustmark’s ability to compete successfully depends on a number of factors, including: the ability to develop, maintain and build upon long-term customer relationships based on top quality service, high ethical standards and safe, sound assets; the ability to continue to expand Trustmark’s market position through organic growth and acquisitions; the scope, relevance and pricing of products and services offered to meet customer needs and demands; the rate at which Trustmark introduces new products and services relative to its competitors; and industry and general economic trends. Failure to perform in any of these areas could significantly weaken Trustmark’s competitive position, which could adversely affect Trustmark’s financial condition or results of operations.

The soundness of other financial institutions could adversely affect Trustmark.

Financial services institutions are interrelated as a result of trading, clearing, counterparty or other relationships. As a result, defaults by, or questions or rumors about, one or more financial services institutions or the financial services industry in general, could lead to market-wide liquidity problems, which could, in turn, lead to defaults or losses by Trustmark and by other institutions. Trustmark has exposure to many different industries and counterparties, and routinely executes transactions with counterparties in the financial services industry, including commercial banks, brokers and dealers, investment banks, mutual funds, and other institutional clients. Many of these transactions expose Trustmark to credit risk in the event of default of its counterparty or client. In addition, Trustmark’s credit risk may be exacerbated when the collateral it holds cannot be realized upon or is liquidated at prices not sufficient to recover the full amount of the credit or derivative exposure owed to Trustmark. Losses related to these credit risks could materially and adversely affect Trustmark’s results of operations.

Compliance and Regulatory Risks

Trustmark is subject to extensive government regulation and supervision and possible enforcement and other legal actions.

Trustmark, primarily through TB and certain nonbank subsidiaries, is subject to extensive federal and state regulation and supervision, which vests a significant amount of discretion in the various regulatory authorities. Banking regulations are primarily intended to protect depositors’ funds, federal deposit insurance funds and the banking system as a whole, not security holders. These regulations and supervisory guidance affect Trustmark’s lending practices, capital structure, investment practices, dividend policy and growth, among other things. Congress and federal and state regulatory agencies continually review banking laws, regulations and policies for possible changes. Changes to statutes, regulations or regulatory policies or supervisory guidance, including changes in interpretation or implementation or statutes, regulations, policies and supervisory guidance, could affect Trustmark in substantial and unpredictable ways. Such changes could subject Trustmark to additional costs, limit the types of financial services and products Trustmark may offer and/or increase the ability of nonbanks to offer competing financial services and products, among other things. Failure to comply with laws, regulations, policies or supervisory guidance could result in enforcement and other legal actions by Federal or state authorities, including criminal and civil penalties, the loss of FDIC insurance, the revocation of a banking charter, civil money penalties, other sanctions by

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regulatory agencies and/or reputational damage. In this regard, government authorities, including bank regulatory agencies, have the authority to pursue enforcement agendas with respect to compliance and other legal matters involving financial activities, which heightens the risks associated with actual and perceived compliance failures. Any of the foregoing could have a material adverse effect on Trustmark’s financial condition or results of operations.

Trustmark is subject to numerous laws designed to protect consumers, including fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.

The Equal Credit Opportunity Act, the Fair Housing Act and other fair lending laws and regulations impose nondiscriminatory lending requirements on financial institutions. The DOJ and other federal agencies are responsible for enforcing these laws and regulations. A successful regulatory challenge to an institution’s performance under fair lending laws and regulations could result in a wide variety of direct or indirect negative consequences, including damages and civil money penalties, injunctive relief, restrictions on mergers and acquisitions activity, restrictions on geographic expansion and restrictions on entering new business lines. Private parties may also have the ability to challenge an institution’s performance under fair lending laws in private class action litigation. Such actions could have a material adverse effect on Trustmark’s business, financial condition or results of operations.

In addition, financial institutions face scrutiny on actions and policies that are deemed to adversely impact consumers under the Dodd-Frank Act’s prohibition against unfair, deceptive or abusive acts and practices and Section 5 of the Federal Trade Commission Act’s prohibition against unfair or deceptive acts and practices. Bank regulators and the CFPB are responsible for enforcing these prohibitions against banking organizations. These prohibitions have been applied to prohibit perceived customer abuse in connection with a range of products, services, and practices, including account openings and fees charged where inadequate or no services are rendered for which charges were imposed, as well as other instances where consumers may have been misled through bank disclosures. In addition, the enforcement priorities of the agencies enforcing consumer protection laws have evolved over time and may continue to do so.

Failure by Trustmark to perform satisfactorily on its CRA evaluations could make it more difficult for Trustmark’s business to grow.

The performance of a bank under the CRA in meeting the credit needs of its community is a factor that must be taken into consideration when the federal banking agencies evaluate applications related to mergers and acquisitions, as well as branch opening and relocations. As of its last examination, TB received a CRA rating of “Outstanding,” which represented an improvement from its previous CRA rating of “Needs to Improve.” TB’s failure to maintain at least a “Satisfactory” CRA rating in the future could adversely affect its ability to complete the acquisition of another financial institution or open a new branch. If TB were to receive an overall CRA rating of less than “Satisfactory” in the future, the FRB would not re-evaluate the CRA rating until TB’s next CRA examination, which may not occur for several years. It is possible that a low CRA rating would not improve in the future.

Trustmark is subject to stringent capital requirements.

Under the regulatory capital rules of the FRB, OCC, and FDIC that implement a set of capital requirements issued by the Basel Committee on Banking Supervision known as Basel III, Trustmark and TB are required to maintain a common equity Tier 1 capital to risk-weighted assets ratio of at least 7.0% (a minimum of 4.5% plus a capital conservation buffer of 2.5%), a Tier 1 capital to risk-weighted assets ratio of at least 8.5% (a minimum of 6.0% plus a capital conservation buffer of 2.5%), a total capital to risk-weighted assets ratio of at least 10.5% (a minimum of 8.0% plus a capital conservation buffer of 2.5%) and a leverage ratio of Tier 1 capital to total consolidated assets of at least 4.0%. In addition, for TB to be “well-capitalized” under the banking agencies’ prompt corrective action framework, it must have a common equity Tier 1 capital ratio of at least 6.5%, a Tier 1 capital ratio of at least 8.0%, a total capital ratio of at least 10.0% and a leverage ratio of at least 5.0%, and must not be subject to any written agreement, order or capital directive, or prompt corrective action directive issued by its primary federal regulator to meet and maintain a specific capital level for any capital measure.

The capital rules also include stringent criteria for capital instruments to qualify as Tier 1 or Tier 2 capital. For instance, the rules effectively disallow newly issued trust preferred securities to be a component of a holding company’s Tier 1 capital. Trustmark will continue to count $60.0 million in outstanding trust preferred securities issued by the Trust as Tier 1 capital up to the regulatory limit, as permitted by a grandfather provision in the capital rules, but this grandfather provision may cease to apply if Trustmark consummates an acquisition of a depository institution holding company.

Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 326, “Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments,” requires Trustmark to recognize all expected credit losses over the life of a loan based on historical experience, current conditions and reasonable and supportable forecasts. FASB ASC Topic 326 generally results in earlier recognition of credit losses, which would increase reserves and decrease capital. Additionally, the allowance for credit losses model could be materially impacted by changes in current and forecasted macroeconomic conditions. It is not possible to predict the timing or magnitude of changes in macroeconomic conditions or the impact such changes could have on Trustmark’s

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allowance for credit losses; however, material changes in the allowance for credit losses could have a material impact on Trustmark’s reserves and capital.

The regulatory capital rules applicable to Trustmark and TB may continue to evolve as a result of new requirements established by the Basel Committee on Banking Supervision or legislative, regulatory or accounting changes in the United States. Management cannot predict the effect that any changes to current capital requirements would have on Trustmark and TB.

Trustmark’s use of third-party service providers and Trustmark’s other ongoing third-party business relationships are subject to increasing regulatory requirements and attention.

Trustmark regularly uses third-party service providers and subcontractors as part of its business. Trustmark also has substantial ongoing business relationships with partners and other third-parties and relies on certain third-parties to provide products and services necessary to maintain day-to-day operations. These types of third-party relationships are subject to increasingly demanding regulatory requirements and attention by regulators, including the FRB, OCC, CFPB and FDIC. Under interagency regulatory guidance issued in 2023, Trustmark is required to apply stringent due diligence, conduct ongoing monitoring and maintain effective control over third-party service providers and subcontractors and other ongoing third-party business relationships. These regulatory expectations may continue to evolve and become more rigorous over time. Trustmark expects that the regulators will hold Trustmark responsible for deficiencies in its oversight and control of its third-party relationships and in the performance of the parties with which Trustmark has these relationships. Trustmark maintains a system of policies and procedures designed to ensure adequate due diligence is performed and to monitor vendor risks. While Trustmark believes these policies and procedures effectively mitigate risk, if the regulators conclude that Trustmark has not exercised adequate oversight and control over third-party service providers and subcontractors or other ongoing third-party business relationships or that such third-parties have not performed appropriately, Trustmark could be subject to enforcement actions, including civil monetary penalties or other administrative or judicial penalties or fines as well as requirements for customer remediation.

Trustmark's ability to declare and pay dividends is subject to restriction by various laws and regulations and other factors.

Trustmark is a separate and distinct legal entity from TB, and receives substantially all of its cash stream from dividends from TB. These dividends are the principal source of funds to pay dividends on Trustmark's common stock and interest on its debt. Various federal and state laws and regulations limit the amount of dividends that TB may pay to Trustmark. In the event TB is unable to declare dividends, or is limited in the amount of any dividend it may be able to declare, Trustmark may not be able to declare dividends on its common stock or meet other financial obligations. Any inability to receive dividends from TB could have a material adverse effect on Trustmark's business, financial condition and results of operations. The information under the section captioned “Supervision and Regulation” included in Part I. Item 1. – Business in this report provides further discussion about the restrictions governing TB’s ability to transfer funds to Trustmark.

Operational Risks

There may be risks resulting from the extensive use of models in Trustmark’s business.

Trustmark relies on statistical and quantitative models to measure risks and to estimate certain financial values. Models may be used in such processes as determining the pricing of various products, assessing potential acquisition opportunities, developing presentations made to market analysts and others, creating loans and extending credit, measuring interest rate and other market risks, predicting losses, assessing capital adequacy, calculating regulatory capital levels and estimating the fair value of financial instruments and balance sheet items. These models reflect assumptions that may not be accurate, particularly in times of market stress or other unforeseen circumstances. Even if these assumptions are adequate, the models may prove to be inadequate or inaccurate because of other flaws in their design or their implementation. If models for determining interest rate risk and asset-liability management are inadequate, Trustmark may incur increased or unexpected losses upon changes in market interest rates or other market measures. If models for determining expected credit losses are inadequate, the allowance for credit losses may not be sufficient to support future charge-offs. If models to measure the fair value of financial instruments are inadequate, the fair value of such financial instruments may fluctuate unexpectedly or may not accurately reflect what Trustmark could realize upon sale or settlement of such financial instruments. Any such failure in the analytical or forecasting models could have a material adverse effect on Trustmark’s financial condition or results of operations.

Also, information Trustmark provides to its regulators based on poorly designed or implemented models could be inaccurate or misleading. Certain decisions that the regulators make, including those related to capital distributions and dividends to Trustmark’s shareholders, could be adversely affected due to the regulator’s perception that the quality of Trustmark’s models used to generate the relevant information is insufficient.

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Trustmark could be required to write down goodwill and other intangible assets.

If Trustmark consummates an acquisition, a portion of the purchase price would generally be allocated to goodwill and other identifiable intangible assets. The amount of the purchase price that is allocated to goodwill and other intangible assets is determined by the excess of the purchase price over the net identifiable assets acquired. At December 31, 2025, goodwill was $334.6 million. Trustmark's other identifiable intangible assets, net were fully amortized as of December 31, 2025. Under current accounting standards, if Trustmark determines goodwill or other intangible assets are impaired, Trustmark would be required to write down the carrying value of these assets. Trustmark’s annual goodwill impairment evaluation performed during the fourth quarter of 2025 indicated no impairment of goodwill for any reporting segment. Management cannot provide assurance, however, that Trustmark will not be required to take an impairment charge in the future. Any impairment charge would have an adverse effect on Trustmark’s shareholders’ equity and financial condition and could cause a decline in Trustmark’s stock price.

Trustmark holds other real estate and may acquire and hold significant additional amounts, which could lead to increased operating expenses and vulnerability to additional declines in real property values.

As business necessitates, Trustmark forecloses on and takes title to real estate serving as collateral for loans. At December 31, 2025, Trustmark held $7.0 million of other real estate. The amount of other real estate held by Trustmark may increase in the future as a result of, among other things, business combinations, increased uncertainties in the housing market or increased levels of credit stress in residential real estate loan portfolios. Increased other real estate balances could lead to greater expenses as Trustmark incurs costs to manage, maintain and dispose of real properties as well as to remediate any environmental cleanup costs incurred in connection with any contamination discovered on real property on which Trustmark has foreclosed and to which Trustmark has taken title. As a result, Trustmark’s earnings could be negatively affected by various expenses associated with other real estate owned, including personnel costs, insurance and taxes, completion and repair costs, valuation adjustments and other expenses associated with real property ownership, as well as by the funding costs associated with other real estate assets. The expenses associated with holding a significant amount of other real estate could have a material adverse effect on Trustmark’s financial condition or results of operations.

If Trustmark is required to repurchase a significant number of mortgage loans that it had previously sold, such repurchases could negatively affect earnings.

One of Trustmark’s primary business operations is mortgage banking, under which residential mortgage loans are sold in the secondary market under agreements that contain representations and warranties related to, among other things, the origination and characteristics of the mortgage loans. Trustmark may be required to either repurchase the outstanding principal balance of a loan or make the purchaser whole for the anticipated economic benefits of a loan if it is determined that the loan sold was in violation of representations or warranties made by Trustmark at the time of the sale, herein referred to as mortgage loan servicing putback expenses. Such representations and warranties typically include those made regarding loans that had missing or insufficient file documentation, loans that do not meet investor guidelines, loans in which the appraisal does not support the value and/or loans obtained through fraud by the borrowers or other third parties. Generally, putback requests may be made until the loan is paid in full. However, mortgage loans delivered to the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) on or after January 1, 2013 are subject to the Representations and Warranties Framework, which provides that FNMA and FHLMC will not exercise their remedies, including a putback request, for breaches of certain selling representations and warranties if the mortgage loans satisfy certain criteria, such as payment history or quality control review.

Changes in retail distribution strategies and consumer behavior may adversely impact Trustmark’s investments in premises, equipment, technology and other assets and may lead to increased expenditures to change its retail distribution channel.

Trustmark has significant investments in bank premises and equipment for its branch network. Advances in technology such as ecommerce, telephone, internet and mobile banking, and in-branch self-service technologies including interactive teller machines (ITMs) and other equipment, as well as an increasing customer preference for these other methods of accessing Trustmark’s products and services, could decrease the value of its branch network, technology, or other retail distribution physical assets and may cause Trustmark to change its retail distribution strategy, close and/or sell certain branches or parcels of land held for development and restructure or reduce its remaining branches and work force. These actions could lead to losses on these assets or could adversely impact the carrying value of any long-lived assets and may lead to increased expenditures to renovate, reconfigure or close a number of Trustmark’s remaining branches or to otherwise reform its retail distribution channel.

Trustmark may experience disruptions of its operating systems or breaches in its information system security.

Trustmark is dependent upon communications and information systems to conduct business as such systems are used to manage virtually all aspects of Trustmark’s business. Trustmark’s operations rely on the secure processing, storage and transmission of confidential and other information within its computer systems and networks. Any failure, interruption or breach in security of these systems could result

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in significant disruption to Trustmark's operations. Trustmark has taken protective measures, which are continuously monitored and modified as warranted; however, Trustmark’s computer systems, software and networks may fail to operate properly or become disabled or damaged as a result of a number of factors, including events that are wholly or partially beyond Trustmark’s control. There could be sudden increases in customer transaction volume; electrical, telecommunications or other major physical infrastructure outages; natural disasters; and events arising from local or larger scale political or social matters, including terrorist acts.

Further, Trustmark’s operational and security systems and infrastructure may be vulnerable to breaches and cybersecurity-related incidents including, but not limited to, attempts to access information, including customer and company information, malicious code, computer viruses and denial of service attacks that could result in unauthorized access, theft, misuse, loss, release or destruction of data (including confidential customer information), account takeovers, unavailability of service or other events. These types of threats may derive from human error, fraud or malice on the part of external or internal parties, or may result from accidental technological failure. If one or more of these events were to occur, Trustmark’s or its customers’ confidential and other information would be jeopardized, or such an event could cause interruptions or malfunctions in Trustmark’s or its customers’ or counterparties’ operations. Any failures related to upgrades and maintenance of Trustmark's technology and information systems could further increase its information and system security risk. Trustmark's increased use of cloud and other technologies, such as remote work technologies, also increases its risk of being subject to a cyber-attack. The risk of a security breach or disruption, particularly through cyber-attack or cyber intrusion, has increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Trustmark may be required to expend significant additional resources to modify its protective measures or to investigate and remediate vulnerabilities or other exposures in its computer systems and networks, and Trustmark may be subject to litigation and financial losses that are either not insured against or not fully covered through any insurance maintained by Trustmark. Any such losses, which may be difficult to detect, could adversely affect Trustmark’s financial condition or results of operations. In addition, the occurrence of such a loss could expose Trustmark to reputational risk, the loss of customer business and additional regulatory scrutiny.

Security breaches in Trustmark’s internet and mobile banking activities (myTrustmark®) could further expose Trustmark to possible liability and reputational risk. Any compromise in security could deter customers from using Trustmark’s internet and mobile banking services that involve the transmission of confidential information. Trustmark relies on standard internet security systems to provide the security and authentication necessary to effect secure transmission of data. However, these precautions may not protect Trustmark’s systems from compromise or breaches of security, which could result in significant legal liability and significant damage to Trustmark’s reputation and business.

Trustmark relies upon certain third-party vendors to provide products and services necessary to maintain day-to-day operations. Accordingly, Trustmark’s operations are exposed to the risk that these vendors might not perform in accordance with applicable contractual arrangements or service level agreements or that the security of the third-party vendors’ computer systems, software and networks may be vulnerable to compromises that could impact information system security. Trustmark maintains a system of policies and procedures designed to monitor vendor risks. While Trustmark believes these policies and procedures effectively mitigate risk, the failure of an external vendor to perform in accordance with applicable contractual arrangements or service level agreements or any compromise in the security of an external vendor’s information systems could be disruptive to Trustmark’s operations, which could have a material adverse effect on its financial condition or results of operations.

As of the date of this Annual Report on Form 10-K, Trustmark has seen no material adverse impact on its business or operations from cyber-attacks or events. Trustmark's customers, employees and third parties that it does business with have been, and will continue to be, targeted by parties using fraudulent e-mails and other communications in attempts to misappropriate passwords, bank account information or other personal information or to introduce viruses or other malware programs to its information systems, the information systems of its merchants or third-party service providers and/or its customers' personal devices, which are beyond Trustmark's security control systems. Though Trustmark endeavors to mitigate these threats through product improvements, use of encryption and authentication technology and customer and employee education, such cyber-attacks against Trustmark, its merchants, third-party service providers and customers remain a serious issue and have been successful in the past.

Although Trustmark makes significant efforts to maintain the security and integrity of its information systems and has implemented various measures to manage the risks of a security breach or disruption, there can be no assurance that its security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging. Even well protected information, networks, systems and facilities remain potentially vulnerable to attempted security breaches or disruptions because the techniques used in such attempts are constantly evolving and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected. Accordingly, Trustmark may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is virtually impossible for Trustmark to entirely mitigate this risk. Furthermore, in the event of a cyber-attack, Trustmark may be delayed in identifying or responding to the attack, which could increase the negative impact of the cyber-attack on its business, financial condition and results of operations. A security breach or other significant disruption of Trustmark's information systems or those related to its customers, merchants or third-party vendors, including as a result of cyber-attacks, could (i) disrupt the proper functioning of its networks and systems and therefore

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its operations and/or those of its customers; (ii) result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of confidential, sensitive or otherwise valuable information of Trustmark or its customers; (iii) result in a violation of applicable privacy, data breach and other laws, subjecting Trustmark to additional regulatory scrutiny and exposing it to civil litigation, enforcement actions, governmental fines and possible financial liability; (iv) require significant management attention and resources to remedy the damages that result; or (v) harm Trustmark's reputation or cause a decrease in the number of customers that choose to do business with Trustmark. The occurrence of any of the foregoing could have a material adverse effect on Trustmark's business, financial condition and results of operations.

Trustmark must utilize new technologies to deliver its products and services, which could require significant resources and expose Trustmark to additional risks, including cyber-security risks.

In order to deliver new products and services and to improve the productivity of existing products and services, the banking industry relies on rapidly evolving technologies. Trustmark continues to invest in technology to facilitate the ability of its customers to engage in financial transactions, and otherwise enhance the customer experience with respect to its products and services. Trustmark’s ability to effectively utilize new technologies to address customer needs and create operating efficiencies could materially affect future prospects. Management cannot provide any assurances that Trustmark will be successful in utilizing such new technologies. Incorporation of new products and services, such as internet and mobile banking services, may require significant resources and expose Trustmark to additional risks, including cyber-security risks.

Trustmark’s controls and procedures may fail or be circumvented.

Trustmark’s internal controls, disclosure controls and procedures, and corporate governance policies and procedures are based in part on assumptions, and can provide only reasonable, not absolute, assurances that the objectives of the system are met. Any failure or circumvention of Trustmark’s controls and procedures or failure to comply with regulations related to controls and procedures could have a material adverse effect on Trustmark’s business, financial condition and results of operations.

Trustmark may be subject to increased claims and litigation, which could result in legal liability and reputational damage.

Trustmark has been named from time to time as a defendant in litigation relating to its businesses and activities. Litigation may include claims for substantial compensatory or punitive damages or claims for indeterminate amounts of damages.

In recent years, a number of judicial decisions have upheld the right of borrowers to sue lending institutions on the basis of various evolving legal theories, collectively termed “lender liability.” Generally, lender liability is founded on the premise that a lender has either violated a duty, whether implied or contractual, of good faith and fair dealing owed to the borrower or has assumed a degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Substantial legal liability against Trustmark, including its subsidiaries, could materially adversely affect Trustmark’s business, financial condition or results of operations, or cause significant harm to its reputation.

Damage to Trustmark’s reputation could have a significant negative impact on Trustmark’s business.

Trustmark’s ability to attract and retain customers, clients, investors, and highly-skilled management and employees is affected by its reputation. Significant harm to Trustmark’s reputation can also arise from other sources, including employee misconduct, actual or perceived unethical or illegal behavior, litigation or regulatory outcomes, failing to deliver minimum or required standards of service and quality, compliance failures, disclosure of confidential information, significant or numerous failures, interruptions or breaches of its information systems and the activities of its clients, customers and counterparties, including vendors. Actions by the financial services industry generally or by certain members or individuals in the industry may have a significant adverse effect on Trustmark’s reputation. Trustmark could also suffer significant reputational harm if it fails to properly identify and manage potential conflicts of interest. Management of potential conflicts of interests has become increasingly complex as Trustmark expands its business activities through more numerous transactions, obligations and interests with and among its clients. The actual or perceived failure to adequately address conflicts of interest could affect the willingness of clients to deal with Trustmark, which could adversely affect Trustmark’s businesses.

Risk Related to Acquisition Activity

Potential acquisitions by Trustmark may disrupt Trustmark’s business and dilute shareholder value.

Trustmark continuously monitors the market for merger or acquisition opportunities and, depending upon business and other considerations, may elect to pursue one or more such opportunities in the future. Any such merger or acquisition candidate would need to have a similar culture to Trustmark, have experienced management and possess either significant market presence or have potential for improved profitability through financial management, economies of scale or expanded services. Acquiring other banks, businesses,

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or branches involves various risks commonly associated with acquisitions, including: potential exposure to unknown or contingent liabilities of the target company, exposure to potential asset quality issues of the target company, difficulty and expense of integrating the operations and personnel of the target company, potential disruption to Trustmark’s business, potential diversion of Trustmark’s Management’s time and attention, the possible loss of key employees and customers of the target company, difficulty in estimating the value of the target company and potential changes in banking or tax laws or regulations that may affect the target company. Acquisitions may involve the payment of a premium over book and market values, and, therefore, some dilution of Trustmark’s tangible book value and net income per share of common stock may occur in connection with any future transaction. Furthermore, failure to realize the expected revenue projections, cost savings, increases in geographic or product presence, and/or other projected benefits from an acquisition could have a material adverse effect on Trustmark’s financial condition or results of operations.

General Risk Factors

The stock price of financial institutions, like Trustmark, can be volatile.

The volatility in the stock prices of companies in the financial services industry, such as Trustmark, may make it more difficult for shareholders to resell Trustmark common stock at attractive prices in a timely manner. Trustmark’s stock price can fluctuate significantly in response to a variety of factors, including factors affecting the financial industry as a whole, such as the bank failures in Spring 2023. The factors affecting financial stocks generally and Trustmark’s stock price in particular include:

•actual or anticipated variations in earnings;

•changes in analysts’ recommendations or projections;

•operating and stock performance of other companies deemed to be peers;

•perception in the marketplace regarding Trustmark, its competitors and/or the industry as a whole;

•significant acquisitions or business combinations involving Trustmark or its competitors;

•provisions in Trustmark’s by-laws and articles of incorporation that may discourage takeover attempts, which may make Trustmark less attractive to a potential purchaser;

•changes in government regulation;

•failure to integrate acquisitions or realize anticipated benefits from acquisitions; and

•volatility affecting the financial markets in general.

General market fluctuations, the potential for breakdowns on electronic trading or other platforms for executing securities transactions, industry factors and general economic and political conditions could also cause Trustmark’s stock price to decrease regardless of operating results.

Changes in accounting standards may affect how Trustmark reports its financial condition and results of operations.

Trustmark’s accounting policies and methods are fundamental to how Trustmark records and reports its financial condition and results of operations. From time to time, the FASB changes the financial accounting and reporting standards that govern the preparation of Trustmark’s financial statements. The most recent economic recession resulted in increased scrutiny of accounting standards by regulators and legislators, particularly as they relate to fair value accounting principles. In addition, ongoing efforts to achieve convergence between generally accepted accounting principles (GAAP) and International Financial Reporting Standards may result in changes to GAAP. Any such changes can be difficult to predict and can materially affect how Trustmark records and reports its financial condition or results of operations. For additional details regarding recently adopted and pending accounting pronouncements, see Note 1 – Significant Accounting Policies included in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

Trustmark may not be able to attract or retain key employees.

Trustmark’s success depends substantially on its ability to attract and retain skilled, experienced personnel. Competition for qualified candidates in the activities and markets that Trustmark serves is intense. While Trustmark invests significantly in the training and development of its employees, it is possible that Trustmark may not be able to retain key employees. If Trustmark were unable to retain its most qualified employees, its performance and competitive positioning could be materially adversely affected.

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Natural disasters, such as hurricanes, could have a significant negative impact on Trustmark’s business.

Many of Trustmark’s loans are secured by property or are made to businesses in or near the Gulf Coast regions of Alabama, Florida, Mississippi and Texas, which are often in the path of seasonal hurricanes. Natural disasters, such as hurricanes, could have a significant negative impact on the stability of Trustmark’s deposit base, the ability of borrowers to repay outstanding loans and the value of collateral securing loans, and could cause Trustmark to incur material additional expenses. Although Management has established disaster recovery policies and procedures, the occurrence of a natural disaster, especially if any applicable insurance coverage is not adequate to enable Trustmark’s borrowers to recover from the effects of the event, could have a material adverse effect on Trustmark’s financial condition or results of operations.

Expectations around Environmental, Social and Governance (ESG) practices as well as climate change and related regulatory initiatives could adversely affect Trustmark’s business and results of operations, including indirectly through impact to its customers.

Stakeholders' expectations regarding ESG practices, as well as climate-related legislative and regulatory initiatives, continue to evolve. Institutional investors, and investor advocacy groups, in particular, are increasingly focused on these matters and expectations in many of these areas can vary widely. In addition, increased ESG related compliance costs could result in increases to Trustmark’s overall operational costs. Failure to adapt to or comply with regulatory requirements or investor or stakeholder expectations and standards, and fluctuations in these standards, could negatively impact Trustmark’s reputation, ability to do business with certain partners and its stock price. New government regulations (including at the state level) could also result in new or more stringent forms of ESG oversight and expanding mandatory and voluntary reporting, diligence and disclosure. Consumers and businesses also may change their behavior on their own as a result of these concerns. It is not possible to predict how climate change may impact Trustmark’s financial condition and operations; however, Trustmark operates in areas where its business and the activities of its customers could be impacted by the effects of climate change. The effects of climate change may include increased frequency or severity of weather-related events, such as severe storms, hurricanes, flooding and droughts and rising sea levels. These effects can disrupt business operations, damage property, devalue assets and change customer and business preferences, which may adversely affect borrowers, increase credit risk and reduce demand for Trustmark’s products and services. Trustmark and its customers may need to respond to new laws and regulations as well as consumer and business preferences resulting from climate change concerns. Trustmark and its customers may face cost increases, asset value reductions, operating process changes and the like. The impact to Trustmark’s customers will likely vary depending on their specific attributes, including reliance on or role in carbon intensive activities. In addition, Trustmark could face reductions in creditworthiness on the part of some customers or in the value of assets securing loans. Trustmark’s efforts to take these risks into account may not be effective in protecting it from the negative impact of regulatory initiatives or changes in consumer or business behavior and could have a material adverse effect on Trustmark’s financial condition and results of operations.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Trustmark recognizes the critical importance of identifying, assessing and managing material risks from cybersecurity threats. Trustmark is committed to implementing and maintaining a comprehensive information security program to manage such risks and safeguard its systems and data.

Trustmark’s Board of Directors has ultimate oversight of cybersecurity-related risks and it is assisted in this role by the Enterprise Risk Committee and the Audit Committee. Processes for identifying, assessing and managing cybersecurity-related risks are integrated into Trustmark’s overall enterprise risk management process, which is overseen by the Enterprise Risk Committee. The Enterprise Risk Committee is responsible for monitoring risks that are being taken by Trustmark, understanding the enterprise-wide effect of those risks and reporting such risks to the Board. In fulfilling this role, the Enterprise Risk Committee has primary oversight responsibility over management’s efforts to manage and mitigate cybersecurity-related risk and reviews and approves Trustmark’s cybersecurity strategy for protecting Trustmark’s information assets and technology platforms. The Audit Committee oversees Trustmark’s Internal Audit Department, which conducts reviews and assessments related to information security. Management provides periodic reports to the Enterprise Risk Committee and the Audit Committee, both of which provide reports of their meetings to the full Board. These reports to the Board and its Committees address the threat environment, vulnerability assessments, specific cyber incidents and management’s efforts to monitor, detect and prevent cyber threats.

Trustmark’s information security program is primarily administered at the management level by the Information Security Department, which is led by Trustmark’s Chief Information Security Officer (CISO), and is supported by the Information Technology Department, which is led by Trustmark’s Chief Information Officer (CIO). The CISO reports to the CIO, who in turn reports to Trustmark’s Chief Credit and Operations Officer. Trustmark’s Information Security Department is responsible for day-to-day management of Trustmark’s

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information security program, including data loss prevention, access control, threat monitoring, incident response, insider threat monitoring and employee education and training. The Information Security Department also maintains policies related to cybersecurity and data security that provide the required governance for the information security program. Additionally, Trustmark’s Information Technology Department maintains policies that govern technical aspects of Trustmark’s information security program. Each policy is reviewed and approved by the Enterprise Risk Committee in accordance with Trustmark's Policy Framework and is mapped to applicable regulatory guidance. The Cybersecurity Operations team within the Information Technology Department maintains and runs Trustmark’s security operations center and is responsible for cybersecurity event management and maintaining security tooling. Trustmark also maintains an Information Security / Cybersecurity Management Committee, which is comprised of representatives from the Information Security, Information Technology, Enterprise Risk, Corporate Security, Internal Audit and Legal departments and members of executive management. This committee meets quarterly to discuss and review Trustmark’s information security program and receives qualitative and quantitative update reports from the Information Security Department, Internal Audit Department and Information Technology Department.

Trustmark engages third party assessors, consultants and auditors in connection with its information security program, including to conduct external penetration testing, independent audits and risk assessments. Trustmark also utilizes third party service providers in the ordinary course of business. The Information Security Department performs information security assessments for third party service providers that store or process Trustmark confidential data. These information security assessments include a review of any systems and organization control reports, proof of the vendor’s independent testing of their data protection controls, as well as a review of any exceptions noted and assessment of management responses, results of vulnerability and penetration testing, incident response processes and third party data protection controls (which can include, but is not limited to: access reviews and controls, backups, monitoring, encryption standards and disaster recovery). The review of these areas is taken into account in order to provide an overall information security conclusion and risk rating for the vendor.

As a regulated financial institution, Trustmark is also subject to financial privacy laws and its cybersecurity practices are subject to oversight by the federal banking agencies. For additional information, see “Supervision and Regulation – Financial Privacy Laws and Cybersecurity” included in Part I. Item 1 – Business of this report.

Although Trustmark has not, as of the date of this Annual Report on Form 10-K, experienced a cybersecurity threat or incident that materially affected its business strategy, results of operations or financial condition, there can be no guarantee that Trustmark will not experience such an incident in the future. For additional information regarding the risk Trustmark faces from cybersecurity threats, please see the risk factors titled “Trustmark may experience disruptions of its operating systems or breaches in its information system security” and “Trustmark must utilize new technologies to deliver its products and services, which could require significant resources and expose Trustmark to additional risks, including cyber-security risks” included in Part I. Item 1A. – Risk Factors of this report.

ITEM 2. PROPERTIES

Trustmark’s principal offices are housed in its main office building located in downtown Jackson, Mississippi and owned by TB. Trustmark’s main office building is primarily allocated for bank use with a small portion available for occupancy by tenants on a lease basis, although such incidental leasing activity is not material to Trustmark’s operations. At December 31, 2025, Trustmark, through TB, operated 160 full-service branches, 7 limited-service branches and an automated teller machine (ATM) network, which included 116 ATMs and 138 ITMs at its branches and other locations. In addition, Trustmark operated 8 offices in various locations providing mortgage banking, wealth management and/or corporate lending services. Trustmark leases 28 of its branch and other office locations with the remainder being owned. Trustmark believes its properties are suitable and adequate to operate its financial services business.

ITEM 3. LEGAL PROCEEDINGS

Information required in this section is set forth under the heading “Legal Proceedings” of Note 16 – Commitments and Contingencies in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

In accordance FASB ASC Subtopic 450-20, “Loss Contingencies,” Trustmark will establish an accrued liability for litigation matters when those matters present loss contingencies that are both probable and reasonably estimable. At the present time, Trustmark believes, based on its evaluation and the advice of legal counsel, that a loss in any currently pending legal proceeding is not probable and reasonably estimable. All matters will continue to be monitored for further developments that would make such loss contingency both probable and reasonably estimable. In view of the inherent difficulty of predicting the outcome of legal proceedings, Trustmark cannot predict the eventual outcomes of the currently pending matters or the timing of their ultimate resolution. Management currently believes, however, based upon the advice of legal counsel and Management’s evaluation and after taking into account its current insurance coverage, that the legal proceedings currently pending should not have a material adverse effect on Trustmark’s consolidated financial condition.

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ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Common Stock Prices and Dividends

Trustmark’s common stock is listed on the Nasdaq Stock Market and is traded under the symbol “TRMK.”

Trustmark paid quarterly cash dividends to shareholders of $0.24 per share, or $0.96 per share annually, in 2025. As a component of return to common shareholders, Trustmark intends to pay cash dividends when corporate financial performance and capital strength allow it to do so. All dividend payments must be approved and declared by the Board of Directors of Trustmark and are required to be in compliance with all applicable laws and regulations.

At January 31, 2026, there were approximately 2,767 registered shareholders of record and approximately 30,248 beneficial account holders of shares in nominee name of Trustmark’s common stock. Other information required by this item can be found in Note 17 – Shareholders’ Equity included in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

Stock Repurchase Program

On December 6, 2022, the Board of Directors of Trustmark authorized a stock repurchase program, effective January 1, 2023, under which $50.0 million of Trustmark's outstanding common stock could be acquired through December 31, 2023. No shares were repurchased under this authority.

On December 5, 2023, the Board of Directors of Trustmark authorized a stock repurchase program, effective January 1, 2024, under which $50.0 million of Trustmark's outstanding common stock could be acquired through December 31, 2024. Under this authority, Trustmark repurchased 203 thousand shares of its common stock valued at $7.5 million during the twelve months ended December 31, 2024.

On December 3, 2024, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2025, under which $100.0 million of Trustmark’s outstanding shares could be acquired through December 31, 2025. Under this authority, Trustmark repurchased 2.2 million shares of its common stock valued at $80.0 million during the twelve months ended December 31, 2025.

The following table sets forth information regarding purchases of shares of Trustmark common stock by Trustmark or on Trustmark’s behalf during the three months ended December 31, 2025 (amounts in thousands, except share and per share data):

Period		Total Number of Shares Purchased				Average Price Paid Per Share				Total Number of Shares Purchased as Part of Publicly Announced Plan				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan at the End of the Period
October 1, 2025 to October 31, 2025			168,121			$	38.24				168,121			$	56,513
November 1, 2025 to November 30, 2025			94,703				37.23				94,703				52,987
December 1, 2025 to December 31, 2025			851,129				38.80				851,129				—
Total			1,113,953								1,113,953

On December 2, 2025, 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 be implemented through open market repurchases or privately negotiated transactions. Under this authority, Trustmark repurchased 163 thousand shares of its common stock valued at $6.5 million during January 2026.

Performance Graph

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The following graph compares Trustmark’s annual percentage change in cumulative total return on common shares over the past five years with the cumulative total return of companies comprising the Nasdaq market value index and the S&P 500 – Regional Banks index. The S&P 500 – Regional Banks index is an industry index published by S&P Dow Jones Indices, a division of S&P Global, and is comprised of stock in the S&P Total Market Index that are classified in the Global Industry Classification Standard regional banks sub-industry. This presentation assumes that $100 was invested in shares of the relevant issuers on December 31, 2020, and that dividends received were immediately invested in additional shares. The graph plots the value of the initial $100 investment at one-year intervals for the fiscal years shown.

Company		2020				2021				2022				2023				2024				2025
Trustmark		$	100.00			$	122.37			$	135.43			$	112.40			$	146.80			$	165.82
NASDAQ Composite-Total Return			100.00				122.18				82.43				119.22				154.48				187.14
S&P 500 - Regional Banks			100.00				140.54				104.67				82.05				106.90				126.79

Prepared by Zacks Investment Research, Inc. Used with permission. All rights reserved. Copyright 1980-2026.

Index Data: Copyright NASDAQ OMX, Inc. Used with permission. All rights reserved.

Index Data: Copyright Standard and Poor’s, Inc. Used with permission. All rights reserved.

ITEM 6. SELECTED FINANCIAL DATA

The following unaudited consolidated financial data is derived from Trustmark’s audited financial statements as of and for each year in the three year period ended December 31, 2025 ($ in thousands, except per share data). The data should be read in conjunction with Part II. Item 7. – Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8. – Financial Statements and Supplementary Data.

Trustmark completed the sale of Fisher Brown Bottrell Insurance, Inc., (FBBI), a wholly owned subsidiary of TB, during the second quarter of 2024. As such, financial results presented in the table below for the years ended December 31, 2024 and 2023, consist of both continuing and discontinued operations. The discontinued operations include the financial results of FBBI prior to the sale as well as the net gain on the sale. For additional information regarding discontinued operations, please see Note 2 – Discontinued Operations set forth in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

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Years Ended December 31,		2025				2024				2023
Consolidated Statements of Income (Loss)
Total interest income		$	948,622			$	960,330			$	878,832
Total interest expense			312,484				375,909				325,954
Net interest income			636,138				584,421				552,878
Provision for credit losses (PCL), LHFI			14,311				37,287				27,362
PCL, LHFI sale of 1-4 family mortgage loans			—				8,633				—
PCL, off-balance sheet credit exposures			(1,441	)			(4,665	)			(2,781	)
Noninterest income (loss)			163,640				(23,419	)			148,433
Noninterest expense			512,230				485,690				495,696
Income (loss) from continuing operations before income taxes			274,678				34,057				181,034
Income taxes from continuing operations			50,543				(11,153	)			27,744
Income (loss) from continuing operations			224,135				45,210				153,290
Income from discontinued operations before income taxes			—				237,152				16,302
Income taxes from discontinued operations			—				59,353				4,103
Income from discontinued operations			—				177,799				12,199
Net Income		$	224,135			$	223,009			$	165,489
Revenue (1)		$	799,778			$	561,002			$	701,311
Per Share Data (2)
Basic earnings (loss) per share (EPS) from continuing operations		$	3.72			$	0.74			$	2.51
Basic EPS from discontinued operations		$	—			$	2.91			$	0.20
Basic EPS - total		$	3.72			$	3.65			$	2.71
Diluted EPS from continuing operations		$	3.70			$	0.74			$	2.50
Diluted EPS from discontinued operations		$	—			$	2.90			$	0.20
Diluted EPS - total		$	3.70			$	3.63			$	2.70
Cash dividends per share		$	0.96			$	0.92			$	0.92
Performance Ratios
Return on average equity			10.86	%			12.22	%			10.54	%
Return on average equity from continuing operations			10.86	%			2.48	%			9.76	%
Return on average tangible equity			12.97	%			15.20	%			14.04	%
Return on average tangible equity from continuing operations			12.97	%			3.04	%			12.43	%
Return on average assets			1.21	%			1.20	%			0.89	%
Return on average assets from continuing operations			1.21	%			0.24	%			0.82	%
Average equity / average assets			11.16	%			9.84	%			8.41	%
Net interest margin (fully taxable equivalent)			3.80	%			3.51	%			3.32	%
Dividend payout ratio			25.81	%			25.21	%			33.95	%
Dividend payout ratio from continuing operations			25.81	%			124.32	%			36.65	%
Credit Quality Ratios
Net charge-offs (recoveries) (excl sale of 1-4 family mortgage loans) /    average loans			0.13	%			0.12	%			0.06	%
PCL, LHFI (excl PCL, LHFI sale of 1-4 family mortgage loans) / average loans			0.11	%			0.28	%			0.21	%
Nonaccrual LHFI / (LHFI + LHFS)			0.60	%			0.60	%			0.76	%
Nonperforming assets / (LHFI + LHFS) plus other real estate			0.65	%			0.65	%			0.81	%
Allowance for credit losses (ACL), LHFI / LHFI			1.15	%			1.22	%			1.08	%

(1)Revenue is defined as net interest income plus noninterest income (loss).

(2)Due to rounding, EPS from continuing operations and discontinued operations may not sum to EPS from net income.

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December 31,		2025				2024				2023
Consolidated Balance Sheets
Total assets		$	18,925,211			$	18,152,422			$	18,722,189
Securities			3,084,284				3,027,919				3,189,157
Total loans (LHFI + LHFS)			13,953,022				13,290,249				13,135,336
Deposits			15,499,784				15,108,175				15,569,763
Total shareholders' equity			2,121,677				1,962,327				1,661,847
Stock Performance
Market value - close		$	38.95			$	35.37			$	27.88
Book value			35.95				32.17				27.21
Tangible book value			30.28				26.68				20.87
Capital Ratios
Total equity / total assets			11.21	%			10.81	%			8.88	%
Tangible equity / tangible assets			9.61	%			9.13	%			7.22	%
Tangible equity / risk-weighted assets			11.54	%			10.86	%			8.76	%
Tier 1 leverage ratio			10.18	%			9.99	%			8.62	%
Common equity tier 1 risk-based capital ratio			11.72	%			11.54	%			10.04	%
Tier 1 risk-based capital ratio			12.11	%			11.94	%			10.44	%
Total risk-based capital ratio			14.41	%			13.97	%			12.29	%

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following provides a narrative discussion and analysis of Trustmark’s financial condition and results of operations. This discussion should be read in conjunction with the consolidated financial statements and the supplemental financial data included in Part II. Item 8. – Financial Statements and Supplementary Data of this report. Further discussion and analysis of Trustmark’s financial condition and results of operations for the years ended December 31, 2024 and 2023 are included in the respective sections within Part II. Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of Trustmark’s Annual Report filed on Form 10-K for the year ended December 31, 2024.

Executive Overview

Trustmark has been committed to meeting the banking and financial needs of its customers and communities for over 130 years and remains focused on providing support, advice and solutions to its customers' unique needs. Trustmark achieved record earnings in 2025, reflecting significant achievement across its diverse financial services businesses. During 2025, Trustmark's traditional banking business drove continued loan and deposit growth, a strong net interest margin and solid credit quality. Trustmark's mortgage banking business increased production and achieved significant improvement in profitability during 2025, while revenue from its wealth management business reached an all-time high.

These accomplishments are the result of focused efforts to enhance Trustmark's long-term performance and competitiveness. Trustmark continues to implement technology and streamline processes to enhance its ability to grow and serve customers. Trustmark is well-positioned to compete in changing economic conditions and create long-term value for its shareholders. The Board of Directors of Trustmark announced a 4.2% increase in its regular quarterly cash dividend to $0.25 per share from $0.24 per share, reflecting Trustmark's profitability and financial strength. The dividend is payable March 15, 2026, to shareholders of record on March 1, 2026. Trustmark’s payment of the dividend will be funded fully by a dividend from TB to Trustmark, which the MDBCF approved on January 28, 2026.

Financial Highlights

Quarter Ended December 31, 2025

Trustmark reported net income of $57.9 million, or basic and diluted EPS of $0.97, for the fourth quarter of 2025, compared to net income of $56.3 million, or basic and diluted EPS of $0.92, for the fourth quarter of 2024. Trustmark’s reported performance during the quarter ended December 31, 2025, produced a return on average tangible equity of 12.82%, a return on average assets of 1.23%, an average equity to average assets ratio of 11.35% and a dividend payout ratio of 24.74%, compared to a return on average tangible equity

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of 13.68%, a return on average assets of 1.23%, an average equity to average assets ratio of 10.82% and a dividend payout ratio of 25.00% during the quarter ended December 31, 2024.

The increase in net income when the fourth quarter of 2025 is compared to the fourth quarter of 2024 was principally due to an increase in revenue and a decrease in the PCL, LHFI, partially offset by increases in noninterest expense and income taxes. Revenue totaled $204.1 million for the quarter ended December 31, 2025 compared to $196.8 million for the quarter ended December 31, 2024, an increase of $7.3 million, or 3.7%. The increase in revenue for the fourth quarter of 2025 compared to the same time period in 2024 primarily resulted from an increase in net interest income, principally due to a decline in interest expense on deposits.

Net interest income for the fourth quarter of 2025 totaled $162.9 million, an increase of $7.0 million, or 4.5%, when compared to the fourth quarter of 2024. Interest income totaled $239.3 million for the fourth quarter of 2025, a decrease of $417 thousand, or 0.2%, when compared to the same time period in 2024, principally due to a decline in other interest income primarily due to a decline in the average balance held at the FRBA and the FRB's decision to lower the rate it pays on reserves, partially offset by a slight increase in interest and fees on LHFS and LHFI. Interest expense totaled $76.4 million for the fourth quarter of 2025, a decrease of $7.5 million, or 8.9%, when compared to the same time period in 2024, primarily due to a decline in interest on deposits. Interest expense on deposits totaled $67.7 million for the fourth quarter of 2025, a decline of $8.2 million, or 10.9%, when compared to the fourth quarter of 2024 primarily due to declines in interest expense on brokered and personal certificates of deposit (CDs), all categories of money market demand deposit accounts (MMDA) and commercial interest checking accounts, primarily reflecting a decline in interest rates.

Noninterest income (loss) for the fourth quarter of 2025 totaled $41.2 million, an increase of $285 thousand, or 0.7%, when compared to the fourth quarter of 2024, principally due to an increase in wealth management largely offset by a decline in other, net. Wealth management totaled $11.1 million for the fourth quarter of 2025, an increase of $1.8 million, or 19.5%, when compared to the same time period in 2024, principally due to an increase in income from brokerage and trust management services. Other, net totaled $2.7 million for the fourth quarter of 2025, a decrease of $1.6 million, or 36.1%, when compared to the same time period in 2024, principally due to a decrease in income from other partnership investments and an increase in amortization of tax credit partnerships.

Noninterest expense for the fourth quarter of 2025 totaled $132.2 million, an increase of $7.7 million, or 6.2%, when compared to the fourth quarter of 2024, principally due to an increase in salaries and employee benefits. Salaries and employee benefits totaled $75.1 million for the fourth quarter of 2025, an increase of $5.9 million, or 8.5%, when compared to the fourth quarter of 2024 primarily due to increases in salaries expense, principally due to general merit increases and new associates added during 2025, annual management performance incentive compensation expense and broker commissions expense.

Trustmark’s PCL, LHFI for the three months ended December 31, 2025 totaled a negative $550 thousand compared to $7.0 million for the three months ended December 31, 2024, a decrease of $7.5 million, primarily due to positive credit migration partially offset by loan growth and changes in the macroeconomic forecast. The PCL, off-balance sheet credit exposures totaled $1.8 million for the three months ended December 31, 2025 compared to $502 thousand for the three months ended December 31, 2024, an increase of $1.3 million, primarily due to increases in the total reserve rate and unfunded commitments partially offset by positive credit migration. Please see the section captioned “Provision for Credit Losses,” for additional information regarding the PCL on LHFI and off-balance sheet credit exposures.

Year Ended December 31, 2025

For the year ended December 31, 2025, Trustmark reported net income of $224.1 million, or basic and diluted EPS of $3.72 and $3.70, respectively, compared to $223.0 million, or basic and diluted EPS of $3.65 and $3.63, respectively, for the year ended December 31, 2024 and $165.5 million, or basic and diluted EPS of $2.71 and $2.70, respectively, for the year ended December 31, 2023. Trustmark’s reported performance for the year ended December 31, 2025, produced a return on average tangible equity of 12.97%, a return on average assets of 1.21% and a dividend payout ratio of 25.81%, compared to a return on average tangible equity of 15.20%, a return on average assets of 1.20% and a dividend payout ratio of 25.21% for the year ended December 31, 2024 and a return on average tangible equity of 14.04%, a return on average assets of 0.89% and a dividend payout ratio of 33.95% for the year ended December 31, 2023. Trustmark’s average equity to average assets ratio was 11.16%, 9.84% and 8.41% for the years ended December 31, 2025, 2024 and 2023, respectively.

Trustmark completed the sale of FBBI during the second quarter of 2024. As such, financial results for the years ended December 31, 2024 and 2023, consist of both continuing and discontinued operations. The discontinued operations include the financial results of FBBI prior to the sale as well as the net gain on the sale. Trustmark reported net income from continuing operations of $45.2 million and $153.3 million for the years ended December 31, 2024 and 2023, respectively. Trustmark's reported performance from continuing operations for the year ended December 31, 2024 produced a return on average tangible equity of 3.04%, a return on average assets of 0.24% and a dividend payout ratio of 124.32%, compared to a return on average tangible equity of 12.43%, a return on average assets of 0.82% and a dividend payout ratio of 36.65% for the year ended December 31, 2023. The increase in net income from continuing

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operations when 2025 is compared to 2024 was principally due to an increase in revenue and a decline in PCL, LHFI, partially offset by increases in income taxes and noninterest expense.

Revenue totaled $799.8 million for the year ended December 31, 2025, compared to $561.0 million and $701.3 million for the years ended December 31, 2024 and 2023, respectively, an increase of $238.8 million, or 42.6%, and a decrease of $140.3 million, or 20.0%, respectively. The increase in revenue for 2025 compared to 2024 was principally due to (i) an increase in noninterest income (loss), primarily as a result of the loss on the sale of available for sale securities during the second quarter of 2024 and increases in mortgage banking, net and wealth management, partially offset by a decrease in other, net, and (ii) an increase in net interest income, primarily resulting from a decline in total interest expense and an increase in interest on securities, partially offset by declines in interest and fees from LHFS and LHFI and other interest income.

Net interest income for the year ended December 31, 2025 totaled $636.1 million, an increase of $51.7 million, or 8.8%, when compared to the year ended December 31, 2024. Interest income totaled $948.6 million for the year ended December 31, 2025, a decrease of $11.7 million, or 1.2%, when compared to the year ended December 31, 2024, reflecting declines in interest and fees on LHFS and LHFI, primarily due to a decrease in interest rates, and other interest income, primarily due to a decline in the average balance held at the FRBA and the FRB's decision to lower the rate it pays on reserves, partially offset by an increase in interest on securities, primarily as a result of higher yielding securities purchased during 2025 and the restructuring of the available for sale securities portfolio during the second quarter of 2024. Interest expense totaled $312.5 million for the year ended December 31, 2025, a decrease of $63.4 million, or 16.9%, when compared to the year ended December 31, 2024, reflecting declines in all categories of interest expense. Interest on deposits totaled $274.7 million for 2025, a decrease of $54.7 million, or 16.6%, when compared to 2024, primarily reflecting declines in interest on brokered and personal CDs, personal and commercial MMDA and public and commercial interest checking accounts, principally due to declines in interest rates. Other interest expense for 2025 totaled $20.3 million, a decrease of $6.1 million, or 23.0%, when compared to 2024, primarily due to a decline in interest expense on FHLB advances, principally due to a decline in rates on short-term FHLB advances, partially offset by an increase in subordinated debt issuance cost as a result of the $175.0 million of subordinated notes issued during the fourth quarter of 2025. Interest on federal funds purchased and securities purchased under repurchase agreements totaled $17.5 million for 2025, a decrease of $2.6 million, or 13.0%, when compared to 2024, primarily reflecting declines in the target federal funds rate by the FRB.

Noninterest income (loss) for 2025 totaled $163.6 million, an increase of $187.1 million when compared to 2024, principally due to the $182.8 million loss on the sale of available for sale securities during the second quarter of 2024, and increases in mortgage banking, net and wealth management, partially offset by a decrease in other, net. Mortgage banking, net totaled $33.1 million for 2025, an increase of $6.5 million, or 24.2%, when compared to 2024, primarily reflecting a decrease in the net negative hedge ineffectiveness and increases in the gain on sales of loans, net and mortgage servicing income, net, partially offset by an increase in the run-off of the MSR. Wealth management totaled $40.1 million for 2025, an increase of $2.9 million, or 7.7%, when compared to 2024, primarily due to increases in income from brokerage and trust management services. Other, net totaled $13.4 million for 2025, a decrease of $4.4 million, or 24.7%, when compared to 2024, principally due to the $8.1 million Visa C shares fair value adjustment during the second quarter of 2024 as well as an increase in amortization of tax credit partnerships, partially offset by the $4.8 million noncredit-related loss on the sale of 1-4 family mortgage loans recorded during the second quarter of 2024.

Noninterest expense totaled $512.2 million for 2025, an increase of $26.5 million, or 5.5%, when compared to 2024, principally due to increases in salaries and employee benefits and services and fees. Salaries and employee benefits totaled $283.4 million for the year ended December 31, 2025, an increase of $17.1 million, or 6.4%, when compared to the year ended December 31, 2024, principally due to increases in salaries expense, primarily due to general merit increases and new associates added during 2025, annual management performance incentives, medical insurance expense, commission expense due to the increase in mortgage originations and other salaries expense. Services and fees totaled $109.4 million for 2025, an increase of $7.8 million, or 7.7%, when compared to 2024, principally due to increases in data processing charges related to software, business process outsourcing fees, advertising expense and legal expense.

The PCL, LHFI for 2025 totaled $14.3 million compared to a total PCL, LHFI of $45.9 million for 2024. The PCL, LHFI for 2024 included an $8.6 million PCL, LHFI sale of 1-4 family mortgage loans for the credit-related portion of the loss on the sale of the 1-4 family mortgage loans. The PCL, LHFI, excluding the PCL, LHFI sale of 1-4 family mortgage loans, for 2024 totaled $37.3 million. The PCL, LHFI, excluding the PCL, LHFI sale of 1-4 family mortgage loans, decreased $23.0 million, or 61.6%, when 2025 is compared to 2024, primarily due to positive credit migration, the resolution of the External Factor – Credit Quality Review qualitative reserve factor and changes to specific reserves associated with individually analyzed credits, partially offset by increases in required reserves related to loan growth, changes in macroeconomic forecasts and updates to other qualitative reserve factors. The PCL, off-balance sheet credit exposures totaled a negative $1.4 million for 2025 compared to a negative $4.7 million for 2024, a decrease in the negative provision of $3.2 million, or 69.1%, primarily due to increases in the total reserve rate and unfunded commitments, partially offset by positive credit migration and the resolution of the External Factor – Credit Quality Review qualitative reserve factor. Please see the section captioned “Provision for Credit Losses” for additional information regarding the PCL on LHFI and off-balance sheet credit exposures.

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LHFI totaled $13.674 billion at December 31, 2025, an increase of $584.3 million, or 4.5%, compared to December 31, 2024. The increase in LHFI during 2025 was primarily due to net growth in other commercial loans and leases, commercial and industrial LHFI, LHFI secured by real estate and state and other political subdivision LHFI. For additional information regarding changes in LHFI and comparative balances by loan category, see the section captioned “LHFI.”

At December 31, 2025, nonperforming assets totaled $91.3 million, an increase of $5.3 million, or 6.2%, compared to December 31, 2024, reflecting increases in both nonaccrual LHFI and other real estate. Total nonaccrual LHFI were $84.4 million at December 31, 2025, an increase of $4.3 million, or 5.3%, relative to December 31, 2024, primarily as a result of mortgage loans placed on nonaccrual in the Mississippi market region, largely offset by the resolution of three large nonaccrual commercial credits in the Alabama and Texas market regions which were reserved for in a prior period. Trustmark's mortgage loans are primarily included in the Mississippi market region because these loans are centrally analyzed and approved as part of the mortgage line of business, which is located in Jackson, Mississippi. The percentage of total loans (LHFS and LHFI) that are 30 days or more past due or classified as nonaccrual increased in 2025 to 1.85% compared to 1.62% in 2024. Other real estate totaled $7.0 million at December 31, 2025, an increase of $1.0 million, or 17.6%, when compared to December 31, 2024, primarily reflecting property foreclosed in the Mississippi and Alabama market regions, largely offset by foreclosed properties sold in the Mississippi, Texas and Alabama market regions.

Management has continued its practice of maintaining excess funding capacity to provide Trustmark with adequate liquidity for its ongoing operations. In this regard, Trustmark benefits from its strong deposit base, its investment portfolio and its access to funding from a variety of external funding sources such as upstream federal funds lines, FHLB advances and brokered deposits. See the section captioned “Capital Resources and Liquidity” for further discussion of the components of Trustmark’s excess funding capacity.

Total deposits were $15.500 billion at December 31, 2025, an increase of $391.6 million, or 2.6%, compared to December 31, 2024. During 2025, noninterest-bearing deposits decreased $37.1 million, or 1.2%, primarily due to a decline in public demand deposit accounts partially offset by increases in commercial and personal demand deposit accounts. Interest-bearing deposits increased $428.7 million, or 3.6%, during 2025, primarily due to growth in all categories of CDs and MMDA as well as commercial interest checking accounts, partially offset by declines in public and consumer interest checking accounts.

Federal funds purchased and securities sold under repurchase agreements totaled $445.0 million at December 31, 2025 compared to $324.0 million at December 31, 2024, an increase of $121.0 million, or 37.3%, principally due to an increase in upstream federal funds purchased. Trustmark had $445.0 million of upstream federal funds purchased at December 31, 2025, compared to $285.0 million at December 31, 2024. Other borrowings totaled $364.8 million at December 31, 2025, an increase of $63.2 million, or 21.0%, when compared with $301.5 million at December 31, 2024, principally due to increases in Government National Mortgage Association (GNMA) loans eligible for repurchase and outstanding short-term FHLB advances obtained from the FHLB of Dallas.

Subordinated notes totaled $172.0 million at December 31, 2025, compared to $123.7 million at December 31, 2024, an increase of $48.3 million, or 39.0%, as a result of the issuance of $175.0 million of new subordinated notes and the pay-off of $125.0 million of outstanding subordinated notes. During the fourth quarter of 2025, Trustmark issued and sold $175.0 million aggregate principal amount of its 6.00% Fixed-to-Floating Rate Subordinated Notes (the 2025 Notes) due December 1, 2035. The 2025 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 outstanding $125.0 million of aggregate principal amount of the subordinated notes issued in 2020 plus accrued interest and for general corporate purposes. See the section captioned "Subordinated Notes" for additional information regarding Trustmark's subordinated debt.

Critical Accounting Policies and Accounting Estimates

Trustmark’s consolidated financial statements are prepared in accordance with GAAP and follow general practices within the financial services industry. Application of these accounting principles requires Management to make estimates, assumptions and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions and judgments are based on historical experience, current information and other factors deemed relevant as of the date of the consolidated financial statements; accordingly, as this information changes, actual financial results could differ from those estimates.

Certain policies inherently have a greater reliance on the use of estimates, assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported. An accounting estimate is considered critical if the accounting estimate requires Management to make assumptions about matters with a significant level of uncertainty and if the accounting estimate, or changes to the accounting estimate that are reasonably likely to occur from period to period, have had or are reasonable likely to have a material impact to the consolidated financial statements.

For additional information regarding the accounting policies discussed below, please see Note 1 – Significant Accounting Policies set forth in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

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ACL on LHFI and Off-Balance Sheet Credit Exposures

LHFI

The ACL, LHFI is a valuation account, calculated in accordance with FASB ASC Topic 326, that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The ACL, LHFI represents Management’s best estimate of current expected credit losses on Trustmark’s existing LHFI portfolio considering available information, from internal and external sources, relevant to assessing exposure to credit loss over the contractual term of the instrument. The ACL, LHFI is adjusted through the PCL, LHFI and reduced by the charge off of loan amounts, net of recoveries.

The credit loss estimation process involves procedures to appropriately consider the unique characteristics of Trustmark’s LHFI portfolio segments. These segments are further disaggregated into loan classes, the level at which credit risk is estimated. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Trustmark’s overall ACL methodology incorporates various qualitative factors, including economic conditions and concentrations of credit, nature and volume of the portfolio, performance trends and external factors. The economic conditions and concentrations of credit qualitative factor was created for the loans secured by NFNR properties and the loans secured by other real estate loan class, two of Trustmark’s largest loan classes, to address changes in the economic conditions of metropolitan areas and apply additional pool level reserves based on third-party market data and forecast trends. The performance trend qualitative reserve factor is utilized to incorporate changes in credit quality and is based on migration analyses that allocate additional ACL to non-pass/delinquent loans within each loan pool. The nature and volume of the portfolio qualitative factor applies to a sub-pool of the LHFI secured by 1-4 family residential properties and utilizes a weighted average remaining maturity (WARM) methodology that uses industry data for the PD and LGD assumptions to support the qualitative adjustment. During the first quarter of 2025, Management elected to utilize Trustmark's historical data to develop a PD based on the credit score ranges initially established as well as the same LGD value from the mortgage sale that occurred in the second quarter of 2024 along with the same weighted average life assumption utilized to determine the credit mark on this portfolio. The external factors qualitative factor is Management’s best judgment on the loan or pool level impact of all factors that affect the portfolio that are not accounted for using any other part of the ACL methodology. During the third quarter of 2024, Trustmark activated the External Factor – Credit Quality Review qualitative factor. This qualitative factor ensures reserve adequacy for collectively evaluated commercial loans that may not have been identified and downgraded timely for various reasons. This qualitative factor population is all commercial loans risk rated 1-5. These loans are then applied to the historical average of the Watch/Special Mention rated percentage. Then the balance of these loans are applied additional reserves based on the same reserve rates utilized in the performance trends qualitative factor for Watch/Special Mention rated loans. During the third quarter of 2025, Management determined that the risk related to delayed identification and downgrading of commercial loans had sufficiently diminished and, as a result, resolved the External Factor – Credit Quality Review qualitative factor and released the associated reserves.

Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the ACL, LHFI is complex and requires judgment by Management about the effect of matters that are inherently uncertain. While Management utilizes its best judgment and information available, the ultimate adequacy of Trustmark’s ACL, LHFI is dependent upon a variety of factors beyond its controls, including the performance of the portfolios, the economy, changes in interest rates and the view of regulatory authorities toward classification of assets. In future periods, evaluations of the overall LHFI portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the ACL and PCL for LHFI. Given the nature of many of the factors, forecasts and assumptions in the ACL methodology for LHFI, it is not possible to provide meaningful estimates of the impact of any such potential change.

For a complete description of Trustmark’s ACL methodology for the LHFI portfolio, please see Note 4 – LHFI and ACL, LHFI included in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

Off-Balance Sheet Credit Exposures

Trustmark maintains a separate ACL on off-balance sheet credit exposures, including unfunded loan commitments and letters of credit, which are not unconditionally cancellable. The ACL on off-balance sheet credit exposures is a liability account calculated in accordance with FASB ASC Topic 326 and presented in the accompanying consolidated balance sheets. Adjustments to the ACL on off-balance sheet credit exposures are recorded to PCL, off-balance sheet credit exposures.

Expected credit losses for off-balance sheet credit exposures are estimated by calculating a commitment usage factor over the contractual period for exposures that are not unconditionally cancellable by Trustmark. Trustmark calculates a loan pool level unfunded amount for the period. In addition to the unfunded balances, Trustmark uses a funding rate for loan pools that are considered open-ended. In order to mitigate volatility and incorporate historical experience in the funding rate, Trustmark uses a twelve-quarter moving average. For the closed-ended loan pools, Trustmark takes a conservative approach and uses a 100% funding rate. The expected funding rate is applied to each pool’s unfunded commitment balances to ensure that reserves will be applied to each pool based upon balances expected

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to be funded based upon historical levels. In addition to the funding rate being applied to the unfunded commitment balance, a reserve rate is applied that is loan pool specific and is applied to the unfunded amount, which includes both quantitative and a majority of the qualitative aspects of the current period's expected credit loss rate. During 2024, Management implemented a performance trends qualitative factor for unfunded commitments and an External Factor – Credit Quality Review qualitative factor for unfunded commitments. For both qualitative factors, the same assumptions are applied in the unfunded commitment calculation that are used in the funded balance calculation with the only difference being the unfunded commitment calculation includes the funding rates for the unfunded commitments. The reserves for these two qualitative factors are added to the other calculated reserve to get a total reserve for off-balance sheet credit exposures. During the third quarter of 2025, Management determined that the risk related to delayed identification and downgrading of commercial loans had sufficiently diminished and, as a result, resolved the External Factor – Credit Quality Review qualitative factor and released the associated reserves.

Evaluations of the unfunded commitments are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the ACL on off-balance sheet credit exposures is complex and requires judgment by Management about the effect of matters that are inherently uncertain. While Management utilizes its best judgment and information available, the ultimate adequacy of Trustmark’s ACL on off-balance sheet credit exposures is dependent upon a variety of factors beyond its control, including the performance of the portfolios, the economy, changes in interest rates and the view of regulatory authorities toward classification of assets. In future periods, evaluations of off-balance sheet credit exposures, in light of the factors and forecasts then prevailing, may result in significant changes in the ACL and PCL on off-balance sheet credit exposures. Given the nature of many of the factors, forecasts and assumptions in the ACL methodology for off-balance sheet credit exposures, it is not possible to provide meaningful estimates of the impact of any such potential change.

For a complete description of Trustmark’s ACL methodology for off-balance sheet credit exposures, please see the section captioned “ACL on Off-Balance Sheet Credit Exposures” in Note 16 – Commitments and Contingencies included in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

MSR

Trustmark recognizes as assets the rights to service mortgage loans based on the estimated fair value of the MSR when loans are sold and the associated servicing rights are retained. Trustmark has elected to account for the MSR at fair value.

The fair value of the MSR is determined using a valuation model administered by a third party that calculates the present value of estimated future net servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds, discount rate, escrow account earnings and contractual servicing fee income and costs. Management reviews all significant assumptions at least quarterly. Mortgage loan prepayment speeds, a key assumption in the model, is the annual rate at which borrowers are forecasted to repay their mortgage loan principal. The discount rate used to determine the present value of estimated future net servicing income, another key assumption in the model, is an estimate of the required rate of return investors in the market would require for an asset with similar risk. Both assumptions can, and generally will, change as market conditions and interest rates change.

By way of example, an increase in either the prepayment speed or discount rate assumption may result in a decrease in the fair value of the MSR, while a decrease in either assumption may result in an increase in the fair value of the MSR. In recent years, there have been significant market-driven fluctuations in loan prepayment speeds and discount rates. These fluctuations can be rapid and may continue to be significant. Therefore, estimating prepayment speeds and/or discount rates within ranges that market participants would use in determining the fair value of the MSR requires significant management judgment.

At December 31, 2025, the MSR fair value was $131.3 million. The impact on the MSR fair value of either a 10% adverse change in prepayment speeds or a 100 basis point increase in discount rates at December 31, 2025, would be a decline in fair value of approximately $5.1 million and $5.2 million, respectively. Changes of equal magnitude in the opposite direction would produce similar increases in fair value in the respective amounts. See the section captioned “MSR” in Note 6 – Mortgage Banking included in Part II. Item 8. – Financial Statements and Supplementary Data of this report for additional information regarding the valuation of the MSR.

Recent Legislative and Regulatory Developments

For information regarding legislation and regulation applicable to Trustmark, see the section captioned “Supervision and Regulation” included in Part I. Item 1. – Business of this report.

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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.

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The following table reconciles Trustmark’s calculation of these measures to amounts reported under GAAP for the periods presented ($ in thousands, except per share data):

			Years Ended December 31,
			2025				2024				2023
TANGIBLE EQUITY
AVERAGE BALANCES
Total shareholders' equity			$	2,062,924			$	1,825,627			$	1,570,098
Less: Goodwill				(334,605	)			(334,605	)			(334,605	)
Identifiable intangible assets				(62	)			(182	)			(325	)
Total average tangible equity			$	1,728,257			$	1,490,840			$	1,235,168
PERIOD END BALANCES
Total shareholders' equity			$	2,121,677			$	1,962,327			$	1,661,847
Less: Goodwill				(334,605	)			(334,605	)			(334,605	)
Identifiable intangible assets				—				(126	)			(236	)
Total tangible equity	(a)		$	1,787,072			$	1,627,596			$	1,327,006
TANGIBLE ASSETS
Total assets			$	18,925,211			$	18,152,422			$	18,722,189
Less: Goodwill				(334,605	)			(334,605	)			(334,605	)
Identifiable intangible assets				—				(126	)			(236	)
Total tangible assets	(b)		$	18,590,606			$	17,817,691			$	18,387,348
Risk-weighted assets	(c)		$	15,483,472			$	14,990,258			$	15,153,263
NET INCOME ADJUSTED FOR INTANGIBLE AMORTIZATION
Net income (loss) from continuing operations			$	224,135			$	45,210			$	153,290
Plus: Intangible amortization net of tax from continuing operations				96				81				217
Net income (loss) from continuing operations adjusted for    intangible amortization			$	224,231			$	45,291			$	153,507
Period end shares outstanding	(d)			59,012,423				61,008,023				61,071,173
TANGIBLE EQUITY MEASUREMENTS
Return on average tangible equity from continuing operations (1)				12.97	%			3.04	%			12.43	%
Tangible equity/tangible assets	(a)/(b)			9.61	%			9.13	%			7.22	%
Tangible equity/risk-weighted assets	(a)/(c)			11.54	%			10.86	%			8.76	%
Tangible book value	(a)/(d)*1,000		$	30.28			$	26.68			$	21.73
COMMON EQUITY TIER 1 CAPITAL (CET1)
Total shareholders' equity			$	2,121,677			$	1,962,327			$	1,661,847
CECL transition adjustment				—				6,500				13,000
AOCI-related adjustments				13,625				83,659				219,723
CET1 adjustments and deductions:
Goodwill net of associated deferred tax liabilities (DTLs)				(320,754	)			(320,756	)			(370,212	)
Other adjustments and deductions for CET1 (2)				(253	)			(2,058	)			(2,693	)
CET1 capital	(e)			1,814,295				1,729,672				1,521,665
Additional Tier 1 capital instruments plus related surplus				60,000				60,000				60,000
Tier 1 capital			$	1,874,295			$	1,789,672			$	1,581,665
CET1 risk-based capital ratio	(e)/(c)			11.72	%			11.54	%			10.04	%

(1)Calculated using net income from continuing operations adjusted for intangible amortization divided by total average tangible equity.

(2)Includes other intangible assets, net of DTLs, disallowed deferred tax assets and threshold deductions, as applicable.

Significant Non-routine Transactions

Trustmark discloses certain non-GAAP financial measures, including net income adjusted for significant non-routine transactions, 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 net income adjusted for significant non-routine transactions as a measure of its core operating business, which excludes the impact of the items detailed below, as these items are generally not operational in nature. This non-GAAP measure also provides 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 audited consolidated financial statements and the notes related

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thereto, included in Part II. Item 8. – Financial Statements and Supplementary Data of this report, in their entirety, and not to rely on any single financial measure.

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 ($ in thousands, except per share data):

		Years Ended December 31,
		2025				2024				2023
Net income (loss) from continuing operations (GAAP)		$	224,135			$	45,210			$	153,290
Significant non-routine transactions (net of taxes):
PCL, LHFI sale of 1-4 family mortgage loans			—				6,475				—
Loss on sale of 1-4 family mortgage loans			—				3,598				—
Visa C shares fair value adjustment			—				(6,042	)			—
Securities losses from portfolio restructuring			—				137,094				—
Reduction in force expense			—				—				1,055
Litigation settlement expense			—				—				4,875
Net income from continuing operations adjusted    for significant non-routine transactions (Non-GAAP)		$	224,135			$	186,335			$	159,220
Diluted EPS from adjusted continuing operations		$	3.70			$	3.04			$	2.60
Financial Ratios - Reported (GAAP)
Return on average equity from continuing operations			10.86	%			2.48	%			9.76	%
Return on average tangible equity from continuing operations			12.97	%			3.04	%			12.43	%
Return on average assets from continuing operations			1.21	%			0.24	%			0.82	%
Financial Ratios - Adjusted (Non-GAAP)
Return on average equity from adjusted continuing operations		n/a					10.34	%			10.17	%
Return on average tangible equity from adjusted continuing operations		n/a					12.71	%			12.95	%
Return on average assets from adjusted continuing operations		n/a					1.01	%			0.86	%

n/a - Not applicable.

Sale of 1-4 Family Mortgage Loans

During the second quarter of 2024, Trustmark sold a portfolio of 1-4 family mortgage loans that were at least 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 ($6.5 million, net of taxes) and was recorded as adjustments to charge-offs and the PCL, LHFI. The noncredit-related portion of the loss totaled $4.8 million ($3.6 million, net of taxes) and was recorded to noninterest income (loss) in other, net.

Visa Shares Conversion

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 were validly tendered and accepted for exchange by Visa. TB tendered its 38.7 thousand Visa B-1 shares, which were accepted by Visa. In exchange for each Visa B-1 share that was validly tendered and accepted for exchange by Visa, TB 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 TB were recognized at fair value, which resulted in a gain of $8.1 million ($6.0 million, net of taxes) and was recorded to noninterest income (loss) 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 as of June 30, 2024. The Visa B-2 shares were recorded at their nominal carrying value.

Securities Portfolio Restructuring

During the second quarter of 2024, 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 (loss) in securities gains (losses), net. Trustmark also purchased $1.378 billion of available for sale securities with an average yield of 4.85%.

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Reduction in Force Expense

During the fourth quarter 2023, Trustmark incurred reduction in force expenses of $1.4 million related to various restructuring initiatives.

Litigation Settlement Expense

On October 9, 2023, Trustmark entered into a settlement agreement that resolved all current and potential future claims relating to litigation involving Adams/Madison Timber. As a result of this settlement, Trustmark recognized a one-time charge of $6.5 million of litigation settlement expense during the third quarter of 2023.

On January 13, 2023, TB entered into a settlement agreement relating to the litigation involving the Stanford Financial Group. As a result of this settlement, Trustmark recognized a one-time charge of $100.0 million of litigation settlement expense as well as an additional $750 thousand of legal fees during the fourth quarter of 2022.

Results of Operations

Net Interest Income

Net interest income is the principal component of Trustmark’s income stream and represents the difference, or spread, between interest and fee income generated from earning assets and the interest expense paid on deposits and borrowed funds. Fluctuations in interest rates, as well as volume and mix changes in earning assets and interest-bearing liabilities, can materially impact net interest income. The net interest margin is computed by dividing fully taxable equivalent (FTE) net interest income by average interest-earning assets and measures how effectively Trustmark utilizes its interest-earning assets in relationship to the interest cost of funding them. The accompanying Yield/Rate Analysis Table shows the average balances for all assets and liabilities of Trustmark and the interest income or expense associated with earning assets and interest-bearing liabilities. The yields and rates have been computed based upon interest income and expense adjusted to a FTE basis using the federal statutory corporate tax rate in effect for each of the periods shown. Loans on nonaccrual have been included in the average loan balances, and interest collected prior to these loans having been placed on nonaccrual has been included in interest income. Loan fees included in interest associated with the average LHFS and LHFI balances are immaterial.

Net interest income-FTE for the year ended December 31, 2025 increased $50.2 million, or 8.4%, when compared with the year ended December 31, 2024. The increase in net interest income-FTE when 2025 is compared to 2024 was attributable to declines in all categories of interest expense, with the exception of interest on subordinated notes, and an increase in interest on securities available for sale-taxable partially offset by declines in interest and fees on LHFS and LHFI-FTE and other interest income. The net interest margin-FTE for 2025 increased 29 basis points to 3.80% when compared to 2024. The increase in the net interest margin-FTE for 2025 was principally due to declines in the costs of interest-bearing deposits and other short-term borrowings as well as an increase in the yield on securities available for sale, partially offset by declines in yields on LHFS and LHFI and other earning assets.

Average interest-earning assets for 2025 were $17.037 billion compared to $17.010 billion for 2024, an increase of $26.2 million, or 0.2%, reflecting growth in average loans (LHFS and LHFI) partially offset by declines in average securities and average other earning assets. Average loans (LHFS and LHFI) increased $324.9 million, or 2.4%, when 2025 is compared to 2024, primarily attributable to an increase in the average balance of the LHFI portfolio of $302.9 million, or 2.3%. The increase in the average LHFI portfolio when the balances at December 31, 2025 are compared to December 31, 2024 was principally due to net growth in average LHFI secured by real estate and average other commercial loans and leases. See the sections captioned "LHFS" and "LHFI" for additional information regarding changes in the LHFS and LHFI portfolios. Average total securities declined $135.1 million, or 4.3%, when 2025 is compared to 2024, principally due to calls, maturities and pay-downs of the loans underlying GSE guaranteed securities partially offset by purchases of available for sale securities. Average other earning assets decreased $163.6 million, or 29.8%, when 2025 is compared to 2024, primarily due to a decrease in the average balance held at the FRBA.

Interest income-FTE totaled $959.7 million for 2025, a decrease of $13.2 million, or 1.4%, while the yield on total earning assets decreased 9 basis points to 5.63% when compared to 2024. The decrease in interest income-FTE in 2025 primarily reflected declines in interest and fees on LHFS and LHFI-FTE and other interest income, partially offset by an increase in interest on securities available for sale-taxable. During 2025, interest and fees on LHFS and LHFI-FTE decreased $19.9 million, or 2.3%, when compared to 2024, while the yield on loans (LHFS and LHFI) decreased to 6.15% compared to 6.45% reflecting lower interest rates partially offset by the increase in the average balance of the LHFI portfolio. During 2025, other interest income decreased $12.9 million, or 43.4%, when compared to 2024, while the yield on other earning assets decreased to 4.36% compared to 5.41%, primarily due to a decline in the average balance held at the FRBA as well as the FRB's decision to lower the rate it pays on reserves. During 2025, interest on securities available for sale-taxable increased $22.1 million, or 39.5%, when compared to 2024, while the yield on taxable securities available for sale increased to 4.44% compared to 3.13% principally due to higher yielding securities purchased in 2025 as well as the restructuring of the available for sale securities portfolio during the second quarter of 2024.

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Average interest-bearing liabilities for 2025 totaled $13.042 billion compared to $13.159 billion for 2024, a decrease of $116.9 million, or 0.9%. The decrease in average interest-bearing liabilities was primarily the result of declines in average interest-bearing deposits and average other borrowings. Average interest-bearing deposits for 2025 decreased $59.2 million, or 0.5%, when compared to 2024, reflecting declines in average interest-bearing demand deposits and average savings deposits partially offset by growth in average time deposits. Average other borrowings for 2025 decreased $79.3 million, or 20.4%, when compared to 2024, principally due to a decrease in average short-term FHLB advances outstanding during the year partially offset by an increase in average GNMA loans eligible for repurchase.

Interest expense for 2025 totaled $312.5 million, a decrease of $63.4 million, or 16.9%, when compared with 2024, while the rate on total interest-bearing liabilities decreased to 2.40% compared to 2.86%. The decrease in interest expense for 2025 was principally due to decreases in interest on deposits, interest on other borrowings and interest on federal funds purchased and securities sold under repurchase agreements, partially offset by an increase in interest on subordinated notes. Interest on deposits decreased $54.7 million, or 16.6%, while the rate on interest-bearing deposits decreased to 2.26% compared to 2.70% when 2025 is compared to 2024, primarily due to declines in interest on brokered and personal CDs, personal and commercial MMDA and public and commercial interest checking accounts, principally due to declines in interest rates. Interest on other borrowings decreased $7.4 million, or 43.1%, while the rate on other borrowings decreased to 3.16% compared to 4.42%, when 2025 is compared to 2024, principally due to a decrease in interest expense on FHLB advances, principally due to a decline in rates on short-term FHLB advances. Interest on federal funds purchased and securities sold under repurchase agreements decreased $2.6 million, or 13.0%, while the rate on federal funds purchased and securities sold under repurchase agreements decreased to 4.26% compared to 5.05%, when 2025 is compared to 2024, principally due to a decline in interest expense on upstream federal funds purchased, reflecting declines in the federal funds target rate by the FRB. Interest on subordinated notes increased $1.9 million, or 39.9%, while the rate on subordinated notes increased to 4.99% from 3.84% when 2025 is compared to 2024, primarily due to the accelerated amortization of capitalized costs related to the subordinated notes issued in 2020 which were repaid fully during the fourth quarter of 2025. See the section captioned "Subordinated Notes" for additional information regarding changes in the subordinated notes.

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The following table provides the tax equivalent basis yield or rate for each component of the tax equivalent net interest margin for the periods presented ($ in thousands):

		Years Ended December 31,
		2025												2024												2023
		Average								Yield/				Average								Yield/				Average								Yield/
		Balance				Interest				Rate				Balance				Interest				Rate				Balance				Interest				Rate
Assets
Interest-earning assets:
Securities available for sale:
Taxable		$	1,757,402			$	78,004				4.44	%		$	1,789,685			$	55,932				3.13	%		$	2,090,201			$	35,359				1.69	%
Nontaxable			—				—				—				—				—				—				4,657				182				3.91	%
Securities held to maturity:
Taxable			1,285,795				27,533				2.14	%			1,388,531				29,989				2.16	%			1,454,450				30,741				2.11	%
Nontaxable			—				—				—				112				5				4.46	%			1,854				81				4.37	%
Loans (LHFS and LHFI)			13,608,688				837,358				6.15	%			13,283,829				857,307				6.45	%			12,801,531				788,719				6.16	%
Other earning assets			384,775				16,780				4.36	%			548,336				29,667				5.41	%			729,673				37,215				5.10	%
Total interest-earning assets			17,036,660				959,675				5.63	%			17,010,493				972,900				5.72	%			17,082,366				892,297				5.22	%
Other assets			1,616,700												1,685,971												1,718,058
Allowance for credit losses			(163,826	)											(148,564	)											(125,942	)
Total Assets		$	18,489,534											$	18,547,900											$	18,674,482
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (1)		$	7,805,426				146,053				1.87	%		$	7,838,499				178,470				2.28	%		$	7,565,894				149,142				1.97	%
Savings deposits (1)			980,744				512				0.05	%			1,016,373				539				0.05	%			1,144,874				601				0.05	%
Time deposits			3,341,039				128,091				3.83	%			3,331,543				150,372				4.51	%			2,691,682				96,208				3.57	%
Federal funds purchased and    securities sold under    repurchase agreements			410,984				17,526				4.26	%			398,884				20,154				5.05	%			410,945				20,419				4.97	%
Other borrowings			308,980				9,760				3.16	%			388,266				17,146				4.42	%			984,315				50,441				5.12	%
Subordinated notes			133,106				6,647				4.99	%			123,584				4,751				3.84	%			123,364				4,751				3.85	%
Junior subordinated debt securities			61,856				3,895				6.30	%			61,856				4,477				7.24	%			61,856				4,392				7.10	%
Total interest-bearing liabilities			13,042,135				312,484				2.40	%			13,159,005				375,909				2.86	%			12,982,930				325,954				2.51	%
Noninterest-bearing demand deposits			3,152,297												3,179,641												3,532,134
Other liabilities			232,178												383,627												589,320
Shareholders' equity			2,062,924												1,825,627												1,570,098
Total Liabilities and    Shareholders' Equity		$	18,489,534											$	18,547,900											$	18,674,482
Net Interest Margin							647,191				3.80	%							596,991				3.51	%							566,343				3.32	%
Less tax equivalent adjustments:
Investments							—												1												55
Loans							11,053												12,569												13,410
Net Interest Margin per    Consolidated Statements    of Income						$	636,138											$	584,421											$	552,878

(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.

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The table below shows the change from year to year for each component of the tax equivalent net interest margin in the amount generated by volume changes and the amount generated by changes in the yield or rate (tax equivalent basis) for the periods presented ($ in thousands):

		2025 Compared to 2024												2024 Compared to 2023
		Increase (Decrease) Due To:												Increase (Decrease) Due To:
						Yield/												Yield/
		Volume				Rate				Net				Volume				Rate				Net
Interest earned on:
Securities available for sale:
Taxable		$	(1,025	)		$	23,097			$	22,072			$	(5,721	)		$	26,294			$	20,573
Nontaxable			—				—				—				(91	)			(91	)			(182	)
Securities held to maturity:
Taxable			(2,183	)			(273	)			(2,456	)			(1,449	)			697				(752	)
Nontaxable			(2	)			(3	)			(5	)			(78	)			2				(76	)
Loans, net of unearned income (LHFS and LHFI)			20,591				(40,540	)			(19,949	)			30,490				38,098				68,588
Other earning assets			(7,807	)			(5,080	)			(12,887	)			(9,700	)			2,152				(7,548	)
Total interest-earning assets			9,574				(22,799	)			(13,225	)			13,451				67,152				80,603
Interest paid on:
Interest-bearing demand deposits (1)			(743	)			(31,674	)			(32,417	)			5,464				23,864				29,328
Savings deposits (1)			(27	)			—				(27	)			(62	)			—				(62	)
Time deposits			427				(22,708	)			(22,281	)			25,699				28,465				54,164
Federal funds purchased and securities sold under    repurchase agreements			597				(3,225	)			(2,628	)			(596	)			331				(265	)
Other borrowings			(3,082	)			(4,304	)			(7,386	)			(27,163	)			(6,132	)			(33,295	)
Subordinated notes			388				1,508				1,896				10				(10	)			—
Junior subordinated debt securities			—				(582	)			(582	)			—				85				85
Total interest-bearing liabilities			(2,440	)			(60,985	)			(63,425	)			3,352				46,603				49,955
Change in net interest income on a tax    equivalent basis		$	12,014			$	38,186			$	50,200			$	10,099			$	20,549			$	30,648

(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.

The change in interest due to both volume and yield or rate has been allocated to change due to volume and change due to yield or rate in proportion to the absolute value of the change in each. Tax-exempt income has been adjusted to a tax equivalent basis using the federal statutory corporate tax rate in effect for each of the three years presented. The balances of nonaccrual loans and the related income recognized have been included for purposes of these computations.

Provision for Credit Losses

The PCL, LHFI is the amount necessary to maintain the ACL, LHFI at the amount of expected credit losses inherent within the LHFI portfolio. The amount of PCL and the related ACL for LHFI are based on Trustmark’s ACL methodology. The PCL, LHFI totaled $14.3 million for 2025, compared to a PCL, LHFI, excluding the PCL, LHFI sale of 1-4 family mortgage loans, of $37.3 million for 2024 and a PCL, LHFI of $27.4 million for 2023. The PCL, LHFI for 2025 primarily reflected an increase in required reserves as a result of loan growth, changes in the macroeconomic forecast and updates to various qualitative reserve factors, partially offset by a decrease in specific reserves for individually analyzed credits, positive credit migration and reserves released associated with the resolution of the External Factor – Credit Quality Review qualitative factor.

FASB ASC Topic 326 requires Trustmark to estimate expected credit losses for off-balance sheet credit exposures which are not unconditionally cancellable by Trustmark. Trustmark maintains a separate ACL for off-balance sheet credit exposures, including unfunded commitments and letters of credit. Adjustments to the ACL on off-balance sheet credit exposures are recorded to the PCL, off-balance sheet credit exposures. The PCL, off-balance sheet credit exposures totaled a negative $1.4 million for 2025 compared to a negative $4.7 million for 2024, and a negative $2.8 million for 2023. The release in PCL on off-balance sheet credit exposures for 2025 primarily reflected a decrease in required reserves as a result of positive credit migration and reserves released associated with the resolution of the External Factor – Credit Quality Review qualitative factor, partially offset by an increase in required reserves as a result of changes in the total reserve rate.

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See the section captioned “Allowance for Credit Losses” for information regarding Trustmark’s ACL methodology as well as further analysis of the PCL.

Noninterest Income (Loss)

The following table provides the comparative components of noninterest income (loss) for the periods presented ($ in thousands):

		Years Ended December 31,
		2025								2024								2023
		Amount				% Change				Amount				% Change				Amount				% Change
Service charges on deposit accounts		$	43,656				-1.6	%		$	44,382				2.2	%		$	43,416				3.0	%
Bank card and other fees			33,382				0.2	%			33,301				-0.4	%			33,439				-7.4	%
Mortgage banking, net			33,082				24.2	%			26,626				1.6	%			26,216				-7.4	%
Wealth management			40,112				7.7	%			37,251				6.2	%			35,092				0.2	%
Other, net			13,408				-24.7	%			17,813				74.1	%			10,231				4.0	%
Securities gains (losses), net			—				100.0	%			(182,792	)		n/m					39			n/m
Total noninterest income (loss)		$	163,640			n/m				$	(23,419	)		n/m				$	148,433				-2.0	%

n/m - percentage changes greater than +/- 100% are not considered meaningful

Changes in various components of noninterest income (loss) for the year ended December 31, 2025 are discussed in further detail below. For analysis of Trustmark’s wealth management income, please see the section captioned “Results of Segment Operations.”

Mortgage Banking, Net

The following table illustrates the components of mortgage banking, net included in noninterest income (loss) for the periods presented ($ in thousands):

		Years Ended December 31,
		2025								2024								2023
		Amount				% Change				Amount				% Change				Amount				% Change
Mortgage servicing income, net		$	28,896				2.4	%		$	28,215				3.7	%		$	27,196				3.4	%
Change in fair value-MSR from runoff			(13,240	)			-13.7	%			(11,645	)			-16.1	%			(10,030	)			28.5	%
Gain on sales of loans, net			19,988				3.7	%			19,278				25.6	%			15,345				-24.0	%
Mortgage banking income before net hedge    ineffectiveness			35,644				-0.6	%			35,848				10.3	%			32,511				0.2	%
Change in fair value-MSR from market changes			(9,840	)		n/m					5,801			n/m					(1,489	)		n/m
Change in fair value of derivatives			7,278			n/m					(15,023	)		n/m					(4,806	)			88.6	%
Net hedge ineffectiveness			(2,562	)			72.2	%			(9,222	)			-46.5	%			(6,295	)			-52.5	%
Mortgage banking, net		$	33,082				24.2	%		$	26,626				1.6	%		$	26,216				-7.4	%

n/m - percentage changes greater than +/- 100% are not considered meaningful

The increase in mortgage banking, net when 2025 is compared to 2024 was principally due to a decrease in the net negative hedge ineffectiveness and increases in the gain on sales of loans, net and mortgage servicing income, net, partially offset by an increase in the run-off of the MSR. Mortgage loan production totaled $1.528 billion for 2025, an increase of $109.9 million, or 7.8%, when compared to 2024. Loans serviced for others totaled $8.956 billion at December 31, 2025, compared with $8.763 billion at December 31, 2024, and $8.477 billion at December 31, 2023.

Representing a significant component of mortgage banking income is gain on sales of loans, net. The increase in the gain on sales of loans, net when 2025 is compared to 2024 was primarily the result of an increase in the mortgage valuation adjustment. Loan sales increased $16.2 million, or 1.4%, during 2025 to total $1.158 billion compared to an increase of $5.3 million, or 0.5%, during 2024 to total $1.141 billion.

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Other, Net

The following table illustrates the components of other, net included in noninterest income (loss) for the periods presented ($ in thousands):

		Years Ended December 31,
		2025								2024								2023
		Amount				% Change				Amount				% Change				Amount				% Change
Partnership amortization for tax credit purposes		$	(9,026	)			-18.3	%		$	(7,627	)			4.5	%		$	(7,988	)			-28.6	%
Increase in life insurance cash surrender value			7,663				2.5	%			7,478				6.6	%			7,018				5.2	%
Loss on sale of 1-4 family mortgage loans			—				100.0	%			(4,798	)		n/m					—				—
Visa C shares fair value adjustment			—				-100.0	%			8,056			n/m					—				—
Other miscellaneous income			14,771				0.5	%			14,704				31.3	%			11,201				19.4	%
Total other, net		$	13,408				-24.7	%		$	17,813				74.1	%		$	10,231				4.0	%

n/m - percentage changes greater than +/- 100% are not considered meaningful

The decrease in other, net when 2025 is compared to 2024 was principally due to the $8.1 million Visa C shares fair value adjustment during the second quarter of 2024 as well as an increase in amortization of tax credit partnerships, partially offset by the $4.8 million noncredit-related loss on the sale of 1-4 family mortgage loans recorded during the second quarter of 2024.

Noninterest Expense

The following table illustrates the comparative components of noninterest expense for the periods presented ($ in thousands):

		Years Ended December 31,
		2025								2024								2023
		Amount				% Change				Amount				% Change				Amount				% Change
Salaries and employee benefits		$	283,377				6.4	%		$	266,239				-0.8	%		$	268,270				5.5	%
Services and fees			109,391				7.7	%			101,590				-5.8	%			107,805				3.8	%
Net occupancy-premises			30,501				4.7	%			29,128				2.2	%			28,507				1.9	%
Equipment expense			25,802				3.6	%			24,915				-3.6	%			25,844				7.0	%
Litigation settlement expense			—				—				—				-100.0	%			6,500				-93.5	%
Other expense			63,159				-1.0	%			63,818				8.6	%			58,770				10.7	%
Total noninterest expense		$	512,230				5.5	%		$	485,690				-2.0	%		$	495,696				-12.1	%

Changes in the various components of noninterest expense for the year ended December 31, 2025 are discussed in further detail below. Management considers disciplined expense management a key area of focus in the support of improving shareholder value.

Salaries and Employee Benefits

The increase in salaries and employee benefits when 2025 is compared to 2024 was principally due to increases in salaries expense, primarily due to general merit increases and new associates added during 2025, annual management performance incentives, medical insurance expense, commission expense due to the increase in mortgage originations and other salaries expense.

Services and Fees

The increase in services and fees when 2025 is compared to 2024 was principally due to increases in data processing charges related to software, business process outsourcing fees, advertising expense and legal expense.

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Other Expense

The following table illustrates the comparative components of other noninterest expense for the periods presented ($ in thousands):

		Years Ended December 31,
		2025								2024								2023
		Amount				% Change				Amount				% Change				Amount				% Change
Loan expense		$	12,881				11.2	%		$	11,580				4.2	%		$	11,114				-9.3	%
Amortization of intangibles			126				14.5	%			110				-62.1	%			290				-70.6	%
FDIC assessment expense			15,705				-18.2	%			19,211				42.0	%			13,529				83.2	%
Other real estate expense, net			3,044				-3.8	%			3,164			n/m					119				-89.9	%
Other miscellaneous expense			31,403				5.5	%			29,753				-11.8	%			33,718				7.7	%
Total other expense		$	63,159				-1.0	%		$	63,818				8.6	%		$	58,770				10.7	%

n/m - percentage changes greater than +/- 100% are not considered meaningful

The decrease in other expense when 2025 is compared to 2024 was principally due to a decrease in FDIC assessment expense, primarily due to a decrease in the assessment rate, which was largely offset by increases in loan expense and other miscellaneous expenses.

Results of Segment Operations

Trustmark’s operations are managed along two operating segments: General Banking and Wealth Management. A description of each segment and the methodologies used to measure financial performance and financial information by reportable segment are included in Note 20 – Segment Information located in Part II. Item 8. – Financial Statements and Supplementary Data of this report. The Insurance Segment is included in discontinued operations for all periods presented in the accompanying consolidated balance sheets and the consolidated statements of income (loss). For additional information about discontinued operations, please see Note 2 – Discontinued Operations included in Part I. Item 1. – Financial Statements of this report.

The following table provides the net income by reportable segment for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
General banking		$	212,206			$	37,409			$	145,332
Wealth management			11,929				7,801				7,958
Consolidated net income from continuing operations		$	224,135			$	45,210			$	153,290

General Banking

Net interest income for the General Banking Segment for 2025 increased $47.9 million, or 8.3%, when compared with 2024, primarily resulting from declines in all categories of interest expense as well as an increase in interest on securities, partially offset by decreases in interest and fees from LHFS and LHFI and other interest income. The PCL (LHFI and off-balance sheet credit exposures) for the General Banking Segment for 2025 totaled $12.9 million compared to a PCL of $41.1 million during 2024 and a PCL of $26.7 million during 2023. For more information on these net interest income items, please see the sections captioned “Financial Highlights” and “Results of Operations.”

Noninterest income (loss) for the General Banking Segment increased $183.9 million during 2025, primarily due to the net loss on the sale of available for sale securities and the noncredit-related loss on the sale of 1-4 family mortgage loans during the second quarter of 2024, as well as increases in mortgage banking, net and gain on sale on premises and equipment, partially offset by the gain on the conversion of Visa Class B-1 shares to Visa Class C shares during the second quarter of 2024 and a decrease in cash management service fees and an increase in the amortization of tax credit partnerships. Noninterest income (loss) for the General Banking Segment represented 16.4% of total revenue for 2025, a negative 11.7% for 2024 and 17.2% for 2023. Noninterest income (loss) for the General Banking Segment includes service charges on deposit accounts; wealth management; bank card and other fees; mortgage banking, net; other, net and securities gains (losses), net. For more information on these noninterest income (loss) items, please see the analysis included in the section captioned “Noninterest Income (Loss).”

Noninterest expense for the General Banking Segment increased $25.0 million, or 5.5%, during 2025, principally due to increases in salaries and employee benefits, data processing expenses related to software, outside services and fees, business process outsourcing expense, net occupancy-premise expenses, loan expenses and advertising expense, partially offset by a decrease in FDIC assessment

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expense. For more information on these noninterest expense items, please see the analysis included in the section captioned “Noninterest Expense.”

Wealth Management

During 2025, net income for the Wealth Management Segment increased $4.1 million, or 52.9%, principally due to increases in net interest income and noninterest income partially offset by an increase in noninterest expense. Net interest income for the Wealth Management Segment increased $3.8 million, or 63.4%, when 2025 is compared to 2024. The increase in net interest income for the Wealth Management Segment when 2025 is compared to 2024 was principally due to an increase in earnings credit on liabilities net of cost of funds on assets as well as an increase in interest on loans partially offset by an increase in interest on deposits generated by the Private Banking Group. The PCL for the Wealth Management Segment for 2025 totaled a negative $26 thousand compared to a PCL of $154 thousand during 2024 and a negative PCL of $2.1 million during 2023. Noninterest income for the Wealth Management Segment, which includes income related to investment management, trust and brokerage services, increased $3.1 million, or 8.4%, during 2025, principally due to increases in income from brokerage and trust management services. Noninterest expense increased $1.6 million, or 4.8%, when 2025 is compared to 2024, principally due to an increase in salaries and employee benefits, primarily related to broker commissions, other salaries expense, general merit increases and annual portfolio manager incentives partially offset by a decline in trust commissions.

At December 31, 2025 and 2024, Trustmark held assets under management and administration of $10.931 billion and $9.423 billion and brokerage assets of $2.582 billion and $2.638 billion, respectively.

Income Taxes

For the year ended December 31, 2025, Trustmark’s combined effective tax rate from continuing operations was 18.4% compared to a negative 32.7% in 2024 and 15.3% in 2023. The negative effective tax rate from continuing operations for the year ended December 31, 2024 was principally due to the significant non-routine transactions that occurred during the second quarter of 2024. Excluding the significant non-routine transactions, Trustmark’s combined effective tax rate from continuing operations for 2024 was 16.1%. Trustmark’s effective tax rate continues to be less than the statutory rate primarily due to various tax-exempt income items and its utilization of income tax credit programs. 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 or 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.

Financial Condition

Earning assets serve as the primary revenue streams for Trustmark and are comprised of securities, loans and other earning assets. Average earning assets totaled $17.037 billion, or 92.1% of total average assets, at December 31, 2025, compared with $17.010 billion, or 91.7% of total average assets, at December 31, 2024, an increase of $26.2 million, or 0.2%.

Securities

The securities portfolio is utilized by Management to manage interest rate risk, generate interest income, provide liquidity and use as collateral for public and wholesale funding. Risk and return can be adjusted by altering duration, composition and/or balance of the portfolio. The weighted-average life of the portfolio at December 31, 2025 and 2024 was 4.3 and 4.8 years, respectively.

When compared with December 31, 2024, total investment securities increased by $56.4 million, or 1.9%, during 2025. This increase resulted primarily from purchases of available for sale securities and an increase in the fair market value of the available for sale securities, partially offset by calls, maturities and pay-downs of the loans underlying GSE guaranteed securities. Trustmark sold no securities during 2025, compared to $1.561 billion of available for sale securities sold during 2024, generating a loss of $182.8 million.

During 2022, Trustmark reclassified approximately $766.0 million of securities available for sale to securities held to maturity to mitigate the potential adverse impact of a rising interest rate environment on the fair value of the available for sale securities and the related impact on tangible common equity. At the date of these transfers, the net unrealized holding loss on the available for sale securities totaled approximately $91.9 million ($68.9 million net of tax). The resulting net unrealized holding losses are being amortized over the remaining life of the securities as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security.

At December 31, 2025, the net unamortized, unrealized loss on all transferred securities included in accumulated other comprehensive income (loss) (AOCI) in the accompanying consolidated balance sheets totaled $36.3 million compared to $46.6 million at December 31, 2024.

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Available for sale securities are carried at their estimated fair value with unrealized gains or losses recognized, net of taxes, in AOCI, a separate component of shareholders’ equity. At December 31, 2025, available for sale securities totaled $1.877 billion, which represented 60.9% of the securities portfolio, compared to $1.693 billion, or 55.9%, at December 31, 2024. At December 31, 2025, unrealized gains, net on available for sale securities totaled $34.4 million compared to unrealized losses, net of $27.0 million at December 31, 2024. At December 31, 2025, available for sale securities consisted of U.S. Treasury securities, direct obligations of government agencies and GSE guaranteed mortgage-related securities.

Held to maturity securities are carried at amortized cost and represent those securities that Trustmark both intends and has the ability to hold to maturity. At December 31, 2025, held to maturity securities totaled $1.207 billion and represented 39.1% of the total securities portfolio, compared with $1.335 billion, or 44.1%, at December 31, 2024.

The following table details the weighted-average yield for each range of maturities of securities available for sale and held to maturity using the amortized cost at December 31, 2025 (tax equivalent basis):

		Maturing
		Within One Year				After One, But Within Five Years				After Five, But Within Ten Years				After Ten Years				Total
Securities Available for Sale
U.S. Treasury securities			4.64	%			4.47	%			4.22	%			—				4.33	%
U.S. Government agency obligations			—				—				4.07	%			—				4.07	%
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA			0.87	%			3.07	%			—				4.30	%			4.29	%
Issued by FNMA and FHLMC			2.72	%			1.68	%			2.33	%			4.55	%			4.37	%
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC,    or GNMA			—				4.79	%			5.26	%			5.34	%			5.19	%
Total securities available for sale			4.64	%			4.54	%			4.45	%			4.54	%			4.51	%
Securities Held to Maturity
U.S. Treasury securities			—				1.04	%			—				—				1.04	%
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA			—				—				—				4.40	%			4.40	%
Issued by FNMA and FHLMC			—				1.84	%			1.59	%			1.70	%			1.70	%
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC,    or GNMA			—				—				1.93	%			1.94	%			1.93	%
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC,    or GNMA			0.11	%			2.04	%			2.41	%			2.41	%			2.09	%
Total securities held to maturity			0.11	%			1.98	%			2.31	%			1.81	%			1.95	%

Mortgage-backed securities and collateralized mortgage obligations are included in maturity categories based on their stated maturity date. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

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, GSE-backed obligations and other Aaa-rated securities as determined by Moody’s Investors Services (Moody’s). None of the securities owned by Trustmark are collateralized by assets which are considered sub-prime. Furthermore, outside of stock ownership in the FHLB of Dallas and FRBA, Trustmark does not hold any other equity investment in a GSE.

At December 31, 2025, Trustmark did not hold securities of any one issuer with a carrying value exceeding 10% of total shareholders’ equity, other than certain GSEs which are exempt from inclusion. Management continues to closely monitor the credit quality as well as the ratings of the debt and mortgage-backed securities issued by the GSEs and held in Trustmark’s securities portfolio.

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The following tables present Trustmark’s securities portfolio by amortized cost and estimated fair value and by credit rating, as determined by Moody’s, at December 31, 2025 and 2024 ($ in thousands):

		December 31, 2025
		Amortized Cost								Estimated Fair Value
		Amount				%				Amount				%
Securities Available for Sale
Aaa		$	39,647				2.2	%		$	41,029				2.2	%
Aa1 to Aa3		$	1,802,797				97.8	%		$	1,835,801				97.8	%
Total securities available for sale		$	1,842,444				100.0	%		$	1,876,830				100.0	%
Securities Held to Maturity
Aaa		$	52,405				4.3	%		$	50,363				4.3	%
Aa1 to Aa3		$	1,155,049				95.7	%		$	1,130,206				95.7	%
Total securities held to maturity		$	1,207,454				100.0	%		$	1,180,569				100.0	%

		December 31, 2024
		Amortized Cost								Estimated Fair Value
		Amount				%				Amount				%
Securities Available for Sale
Aaa		$	1,719,537				100.0	%		$	1,692,534				100.0	%
Total securities available for sale		$	1,719,537				100.0	%		$	1,692,534				100.0	%
Securities Held to Maturity
Aaa		$	1,335,385				100.0	%		$	1,259,107				100.0	%
Total securities held to maturity		$	1,335,385				100.0	%		$	1,259,107				100.0	%

The table above presenting the credit rating of Trustmark’s securities is formatted to show the securities according to the credit rating category, and not by category of the underlying security. As noted in the tables above, a significant portion of Trustmark's investment portfolio moved from the Aaa credit rating to the Aa1 to Aa3 credit rating as of December 31, 2025. The change in the credit rating of Trustmark's investment portfolio was the result of Moody's downgrade of the United States' credit rating from Aaa to Aa1 during the second quarter of 2025. The downgrade was primarily due to concerns about the rising federal debt, increasing interest costs and a perceived weakening of the government's ability to respond to future economic shocks.

LHFS

At December 31, 2025, LHFS totaled $278.8 million, consisting of $142.5 million of residential real estate mortgage loans in the process of being sold to third parties and $136.3 million of GNMA optional repurchase loans. At December 31, 2024, LHFS totaled $200.3 million, consisting of $102.7 million of residential real estate mortgage loans in the process of being sold to third parties and $97.6 million of GNMA optional repurchase loans. Please refer to the nonperforming assets table that follows for information on GNMA loans eligible for repurchase which are past due 90 days or more.

Trustmark did not exercise its buy-back option on any delinquent loans serviced for GNMA during 2025 or 2024.

For additional information regarding the GNMA optional repurchase loans, please see the section captioned “Past Due LHFS” included in Note 4 – LHFI and ACL, LHFI of Part II. Item 8. – Financial Statements and Supplementary Data of this report.

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LHFI

The table below provides the carrying value of the LHFI portfolio by loan class for the years ended December 31, 2025 and 2024 ($ in thousands):

		December 31,
		2025								2024
		Amount				%				Amount				%
Loans secured by real estate:
Construction, land development and other land		$	549,353				4.0	%		$	587,244				4.5	%
Other secured by 1-4 family residential properties			704,514				5.1	%			650,550				5.0	%
Secured by nonfarm, nonresidential properties			3,304,523				24.2	%			3,533,282				27.0	%
Other real estate secured			2,124,272				15.5	%			1,633,830				12.5	%
Other loans secured by real estate:
Other construction			595,238				4.4	%			829,904				6.3	%
Secured by 1-4 family residential properties			2,351,675				17.2	%			2,298,993				17.6	%
Commercial and industrial loans			1,999,464				14.6	%			1,840,722				14.0	%
Consumer loans			163,754				1.2	%			156,569				1.2	%
State and other political subdivision loans			1,061,584				7.8	%			969,836				7.4	%
Other commercial loans and leases			819,856				6.0	%			589,012				4.5	%
LHFI		$	13,674,233				100.0	%		$	13,089,942				100.0	%

LHFI at December 31, 2025 increased $584.3 million, or 4.5%, compared to December 31, 2024. The increase in LHFI during 2025 was primarily due to net growth in other commercial loans and leases, commercial and industrial LHFI, LHFI secured by real estate and state and other political subdivision LHFI.

LHFI secured by real estate (loans secured by real estate and other loans secured by real estate) increased $95.8 million, or 1.0%, during 2025, reflecting net growth in other real estate secured LHFI, other LHFI secured by 1-4 family residential properties and LHFI secured by 1-4 family residential properties, partially offset by net declines in other construction LHFI, LHFI secured by nonfarm, nonresidential properties (NFNR LHFI) and construction, land development and other land LHFI. Other real estate secured LHFI increased $490.4 million, or 30.0%, during 2025, primarily due to other construction loans that moved to LHFI secured by multi-family residential properties in the Alabama, Texas, Mississippi and Georgia market regions. Excluding other construction loan reclassifications, other real estate secured LHFI declined by $516.6 million, or 31.6%, during 2025, primarily due to declines in LHFI secured by multi-family residential properties in the Alabama and Texas market regions partially offset by growth in LHFI secured by multi-family residential properties in the Georgia and Mississippi market regions. Other LHFI secured by 1-4 family residential properties, which primarily consists of revolving home equity lines of credit, increased $54.0 million, or 8.3%, during 2025 reflecting growth in the Mississippi, Alabama, Florida, Tennessee and Texas market regions. LHFI secured by 1-4 family residential properties increased $52.7 million, or 2.3%, during 2025 primarily due to an increase in mortgage loan originations in the Mississippi market region. LHFI secured by 1-4 family residential properties are primarily included in the Mississippi market region because they are centrally analyzed and approved as part of a specific line of business located at Trustmark's headquarters in Jackson, Mississippi. Other construction loans decreased $234.7 million, or 28.3%, during 2025 primarily due to other construction loans moved to other loan categories upon the completion of the related construction project partially offset by new construction loans in the Alabama, Georgia, Mississippi, Texas and Florida market regions. During 2025, $1.165 billion loans were moved from other construction to other loan categories, including $1.007 billion to multi-family residential loans, $107.6 million to nonowner-occupied loans and $50.5 million to owner-occupied loans. Excluding all reclassifications between loan categories, growth in other construction loans totaled $928.8 million during 2025. NFNR LHFI decreased $228.8 million, or 6.5%, during 2025, principally due to declines in nonowner-occupied loans in all six market regions as well as owner-occupied loans in the Alabama and Florida market region, partially offset by other construction loans that moved to NFNR LHFI in the Mississippi, Alabama, Georgia, Texas and Florida market regions as well as growth in owner-occupied loans in the Mississippi, Texas and Tennessee market regions. Excluding other construction loan reclassifications, the NFNR LHFI portfolio decreased $386.9 million, or 11.0%, during 2025. LHFI secured by construction, land development and other land decreased $37.9 million, or 6.5%, during 2025 principally due to declines in land development loans in Trustmark's Alabama and Texas market regions, unimproved land loans in the Texas, Mississippi, Florida and Tennessee market regions, and 1-4 family construction loans in the Mississippi and Texas market regions.

Other commercial loans and leases increased $230.8 million, or 39.2%, during 2025, principally due to increases in equipment finance leases in the Georgia market region and other commercial loans in the Mississippi, Georgia and Texas market regions, partially offset by declines in other commercial loans in the Alabama and Tennessee market regions. Trustmark's equipment finance leases are primarily reported in the Georgia market region because these leases are centrally analyzed and approved as part of the Equipment Finance line of business which is located in Atlanta, Georgia. Commercial and industrial LHFI increased $158.7 million, or 8.6%, during 2025, primarily due to growth in the Georgia, Alabama and Tennessee market regions, partially offset by a decline in the Mississippi market

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region. State and other political subdivision LHFI increased $91.7 million, or 9.5%, during 2025, reflecting growth in the Mississippi, Texas, Georgia and Tennessee market regions, partially offset by declines in the Alabama and Florida market regions. For additional information regarding the equipment finance leases, please see the sections captioned “Lessor Arrangements” included in Note 1 – Significant Accounting Policies and Note 9 – Leases of Part II. Item 8. – Financial Statements and Supplementary Data of this report.

The following table provides information regarding Trustmark’s home equity loans and home equity lines of credit which are included in the LHFI secured by 1-4 family residential properties at December 31, 2025 and 2024 ($ in thousands):

		December 31,
		2025				2024
Home equity loans		$	72,895			$	72,183
Home equity lines of credit			497,937				458,327
Percentage of loans and lines for which Trustmark holds first lien			44.5	%			46.7	%
Percentage of loans and lines for which Trustmark does not hold first lien			55.5	%			53.3	%

Due to the increased risk associated with second liens, loan terms and underwriting guidelines differ from those used for products secured by first liens. Loan amounts and loan-to-value ratios are limited and are lower for second liens than first liens. Also, interest rates and maximum amortization periods are adjusted accordingly. In addition, regardless of lien position, the passing credit score for approval of all home equity lines of credit is higher than that of term loans. The ACL on LHFI is also reflective of the increased risk related to second liens through application of a greater loss factor to this portion of the portfolio.

In the following tables, LHFI reported by region (along with related nonperforming assets and net charge-offs) are associated with location of origination except for loans secured by 1-4 family residential properties (representing traditional mortgages) credit cards and equipment finance loans and leases. Loans secured by 1-4 family residential properties and credit cards are included in the Mississippi region because they are centrally analyzed and approved as part of a specific line of business located at Trustmark’s headquarters in Jackson, Mississippi. The equipment finance loans and leases are primarily reported in the Georgia market region because they are centrally analyzed and approved as part of the Equipment Finance line of business which is located in Atlanta, Georgia.

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The following table presents the LHFI composition by region at December 31, 2025 and reflects a diversified mix of loans by region ($ in thousands):

		December 31, 2025
		Total				Alabama				Florida				Georgia				Mississippi				Tennessee				Texas
LHFI Composition by Region
Loans secured by real estate:
Construction, land development and    other land		$	549,353			$	252,689			$	25,280			$	17,360			$	120,572			$	36,231			$	97,221
Other secured by 1-4 family    residential properties			704,514				167,686				66,790				—				338,997				88,620				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
Other loans secured by real estate:
Other construction			595,238				185,108				—				158,284				130,483				338				121,025
Secured by 1-4 family residential    properties			2,351,675				—				—				—				2,349,721				1,954				—
Commercial and industrial loans			1,999,464				545,831				21,092				352,448				697,450				139,002				243,641
Consumer loans			163,754				20,999				7,248				—				95,871				13,412				26,224
State and other political subdivision    loans			1,061,584				48,938				56,720				4,690				826,565				26,563				98,108
Other commercial loans and leases			819,856				22,596				4,334				440,254				244,990				50,819				56,863
LHFI		$	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
Construction, land development and    other land loans		$	549,353			$	252,689			$	25,280			$	17,360			$	120,572			$	36,231			$	97,221
Loans Secured by NFNR Properties by Region
Nonowner-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 and 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 nonowner-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 and 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 NFNR properties		$	3,304,523			$	800,973			$	179,726			$	58,886			$	1,527,022			$	127,681			$	610,235

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Trustmark’s variable rate LHFI are based primarily on various prime and SOFR interest rate bases. The following table provides information regarding Trustmark’s LHFI maturities by loan class and interest rate terms at December 31, 2025 ($ in thousands):

		Maturing
						One Year				Five Years
		Within				Through				Through				After
		One Year				Five				Fifteen				Fifteen
		or Less				Years				Years				Years				Total
Loans secured by real estate:
Construction, land development and other land		$	358,976			$	161,873			$	14,036			$	14,468			$	549,353
Other secured by 1-4 family residential properties			63,915				244,223				376,773				19,603				704,514
Secured by nonfarm, nonresidential properties			975,303				1,999,259				320,946				9,015				3,304,523
Other real estate secured			1,239,490				866,298				18,469				15				2,124,272
Other loans secured by real estate:
Other construction			91,417				482,505				19,477				1,839				595,238
Secured by 1-4 family residential properties			40,424				257,026				1,168,669				885,556				2,351,675
Commercial and industrial loans			261,842				1,532,136				205,486				—				1,999,464
Consumer loans			51,041				107,901				4,812				—				163,754
State and other political subdivision loans			148,924				455,261				433,921				23,478				1,061,584
Other commercial loans and leases			113,890				481,946				223,609				411				819,856
LHFI		$	3,345,222			$	6,588,428			$	2,786,198			$	954,385			$	13,674,233
Loans with Fixed Interest Rates
Loans secured by real estate:
Construction, land development and other land		$	48,895			$	28,200			$	13,441			$	14,468			$	105,004
Other secured by 1-4 family residential properties			37,428				120,726				46,326				861				205,341
Secured by nonfarm, nonresidential properties			348,131				803,252				72,103				2,758				1,226,244
Other real estate secured			130,339				63,979				7,564				15				201,897
Other loans secured by real estate:
Other construction			4,421				4,841				14,157				—				23,419
Secured by 1-4 family residential properties			2,461				37,313				189,769				877,613				1,107,156
Commercial and industrial loans			34,503				620,515				149,472				—				804,490
Consumer loans			32,392				100,900				4,812				—				138,104
State and other political subdivision loans			147,605				432,914				417,627				12,814				1,010,960
Other commercial loans and leases			54,951				244,051				222,738				115				521,855
LHFI		$	841,126			$	2,456,691			$	1,138,009			$	908,644			$	5,344,470
Loans with Variable Interest Rates
Loans secured by real estate:
Construction, land development and other land		$	310,081			$	133,673			$	595			$	—			$	444,349
Other secured by 1-4 family residential properties			26,487				123,497				330,447				18,742				499,173
Secured by nonfarm, nonresidential properties			627,172				1,196,007				248,843				6,257				2,078,279
Other real estate secured			1,109,151				802,319				10,905				—				1,922,375
Other loans secured by real estate:
Other construction			86,996				477,664				5,320				1,839				571,819
Secured by 1-4 family residential properties			37,963				219,713				978,900				7,943				1,244,519
Commercial and industrial loans			227,339				911,621				56,014				—				1,194,974
Consumer loans			18,649				7,001				—				—				25,650
State and other political subdivision loans			1,319				22,347				16,294				10,664				50,624
Other commercial loans and leases			58,939				237,895				871				296				298,001
LHFI		$	2,504,096			$	4,131,737			$	1,648,189			$	45,741			$	8,329,763

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ACL on LHFI and Off-Balance Sheet Credit Exposures

LHFI

Trustmark’s ACL methodology for LHFI is based upon guidance within FASB ASC Subtopic 326-20, “Financial Instruments – Credit Losses – Measured at Amortized Cost,” as well as regulatory guidance from its primary regulator. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Credit quality within the LHFI portfolio is continuously monitored by Management and is reflected within the ACL for loans. The ACL is an estimate of expected losses inherent within Trustmark’s existing LHFI portfolio. The ACL on LHFI is adjusted through the PCL, LHFI and reduced by the charge off of loan amounts, net of recoveries.

The loan loss estimation process involves procedures to appropriately consider the unique characteristics of Trustmark’s LHFI portfolio segments. These segments are further disaggregated into loan classes, the level at which credit risk is estimated. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations.

During the second quarter of 2024, Trustmark executed a sale on a portfolio of 1-4 family mortgage loans that were at least three payments delinquent and/or nonaccrual at the time of selection. As a result of this sale, a credit mark was established for a sub-pool of the loans in the sale. Due to the lack of historical experience and the use of industry data for this sub-pool, management elected to use the credit mark for reserving purposes on a go forward basis for this sub-pool that meet the same credit criteria of being three payments delinquent and/or nonaccrual. All loans of the sub-pool that meet the above credit criteria will be removed from the 1-4 family residential properties pool and placed into a separate pool with the credit mark reserve applied to the total balance.

The econometric models currently in production reflect segment or pool level sensitivities of probability of default (PD) to changes in macroeconomic variables. By measuring the relationship between defaults and changes in the economy, the quantitative reserve incorporates reasonable and supportable forecasts of future conditions that will affect the value of its assets, as required by FASB ASC Topic 326. Under stable forecasts, these linear regressions will reasonably predict a pool’s PD. However, due to the COVID-19 pandemic, the macroeconomic variables used for reasonable and supportable forecasting changed rapidly. At the macroeconomic levels experienced during the COVID-19 pandemic, it was not clear that the models in production would produce reasonably representative results since the models were originally estimated using data beginning in 2004 through 2019. During this period, a traditional, albeit severe, economic recession occurred. Thus, econometric models are sensitive to similar future levels of PD.

In order to prevent the econometric models from extrapolating beyond reasonable boundaries of their input variables, Trustmark chose to establish an upper and lower limit process when applying the periodic forecasts. In this way, Management will not rely upon unobserved and untested relationships in the setting of the quantitative reserve. This approach applies to all input variables, including: Southern Unemployment, National Unemployment, National Gross Domestic Product (GDP), National Home Price Index (HPI), National Commercial Real Estate (CRE) Price Index and the BBB 7-10 Year US Corporate Bond Index. The upper and lower limits are based on the distribution of the macroeconomic variable by selecting extreme percentiles at the upper and lower limits of the distribution, the 1st and 99th percentiles, respectively. These upper and lower limits are then used to calculate the PD for the forecast time period in which the forecasted values are outside of the upper and lower limit range. Additionally, for periods having a PD or loss given default (LGD) at or near zero as a result of the improving macroeconomic forecasts, Management implemented PD and LGD floors to account for the risk associated with each portfolio. The PD and LGD floors are based on Trustmark's historical loss experience and applied at a portfolio level.

The external factors qualitative factor is Management’s best judgment on the loan or pool level impact of all factors that affect the portfolio that are not accounted for using any other part of the ACL methodology (i.e., natural disasters, changes in legislation, impacts due to technology and pandemics). During the third quarter of 2024, Trustmark activated the External Factor – Credit Quality Review qualitative factor. This qualitative factor ensures reserve adequacy for collectively evaluated commercial loans that may not have been identified and downgraded timely for various reasons. This qualitative factor population is all commercial loans risk rated 1-5. These loans are then applied to the historical average of the Watch/Special Mention rated percentage. Then the balance of these loans are applied additional reserves based on the same reserve rates utilized in the performance trends qualitative factor for Watch/Special Mention rated loans. Then the Watch/Special Mention population is applied the historical Substandard rated percentage and then subsequently applied the Substandard reserve rate utilized in the performance trends qualitative factor as well. The historical Watch/Special Mention and Substandard rated percentage averages captures the weighted-average life of the commercial loan portfolio. Thus, Trustmark will allocate additional reserves to capture the proportion of potential Watch/Special Mention and Substandard rated credits that may not have been categorized as such at any given point in time through the life of the commercial loan portfolio. During the third quarter of 2025, Management determined that the risk related to delayed identification and downgrading of commercial loans

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had sufficiently diminished and, as a result, resolved the External Factor – Credit Quality Review qualitative factor and released the associated reserves.

The nature and volume of the portfolio qualitative factor is utilized for a sub-pool of the secured by 1-4 family residential properties due to its significant size as well as the underlying nature being different. The nature and volume of the portfolio qualitative factor utilizes a WARM methodology that uses industry data for the assumptions to support the qualitative adjustment. The industry data is used to compile a PD based on credit score ranges along with using the industry data to compile an LGD. The sub-pools of credits are then aggregated into the appropriate credit score bands in which a weighted-average loss rate is calculated based on the PD and LGD for each credit score range. This weighted-average loss rate is then applied to the expected balance for the sub-segment of credits. This total is then used as the qualitative reserve adjustment. During the first quarter of 2025, Management elected to utilize Trustmark’s historical data to develop a PD based on the credit score ranges initially set up. Additionally, Management elected to use the same LGD value from the mortgage sale that occurred in the second quarter of 2024 along with the same weighted average life assumption utilized to determine the credit mark on this portfolio.

Trustmark's current quantitative methodologies do not completely incorporate changes in credit quality. As a result, Trustmark utilizes the performance trends qualitative factor. This factor is based on migration analyses, that allocates additional ACL to non-pass/delinquent loans within each pool. In this way, Management believes the ACL will directly reflect changes in risk, based on the performance of the loans with a pool, whether declining or improving.

The performance trends qualitative factor is estimated by properly segmenting loan pools into risk levels by risk rating for commercial credits and delinquency status for consumer credits. A migration analysis is then performed quarterly using a third-party software and the results for each risk level are compiled to calculate the historical PD average for each loan portfolio based on risk levels. This average historical PD rate is updated annually. For the mortgage portfolio, Trustmark uses an internal report to incorporate a roll rate method for the calculation of the PD rate. In addition to the PD rate for each portfolio, Management incorporates the quantitative rate and the k value derived from the Frye-Jacobs method to calculate a loss estimate that includes both PD and LGD. The quantitative rate is used to eliminate any additional reserve that the quantitative reserve already includes. Finally, the loss estimate rate is then applied to the total balances for each risk level for each portfolio to calculate a qualitative reserve.

Determining the appropriateness of the allowance is complex and requires judgment by Management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall LHFI portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense.

For a complete description of Trustmark’s ACL methodology and the quantitative and qualitative factors included in the calculation, please see Note 4 – LHFI and ACL, LHFI included in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

At December 31, 2025, the ACL, LHFI was $157.1 million, a decrease of $3.2 million, or 2.0%, when compared with December 31, 2024. The decrease in the ACL, LHFI during 2025 was principally due to a decrease in specific reserves for individually analyzed credits, positive credit migration and reserves released associated with the resolution of the External Factor – Credit Quality Review qualitative factor, partially offset by an increase in required reserves as a result of loan growth, changes in the macroeconomic forecast and updates to various qualitative reserve factors. Allocation of Trustmark’s ACL, LHFI represented 0.91% of commercial LHFI and 1.94% of consumer and home mortgage LHFI, resulting in an ACL to total LHFI of 1.15% at December 31, 2025. This compares with an ACL to total LHFI of 1.22% at December 31, 2024, which was allocated to commercial LHFI at 1.10% and to consumer and home mortgage LHFI at 1.62%.

The table below illustrates the changes in Trustmark’s ACL on LHFI as well as Trustmark’s loan loss experience for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
Balance at beginning of period		$	160,270			$	139,367			$	120,214
LHFI charged off			(26,748	)			(26,316	)			(17,515	)
LHFI charged off, sale of 1-4 family mortgage loans			—				(8,633	)			—
Recoveries			9,238				9,932				9,306
Net (charge-offs) recoveries			(17,510	)			(25,017	)			(8,209	)
PCL, LHFI			14,311				37,287				27,362
PCL, LHFI sale of 1-4 family mortgage loans			—				8,633				—
Balance at end of period		$	157,071			$	160,270			$	139,367

The PCL, LHFI, excluding the PCL, LHFI 1-4 family mortgage loans, for 2025 totaled 0.11% of average loans (LHFS and LHFI), compared to 0.28% of average loans (LHFS and LHFI) in 2024 and 0.21% of average loans (LHFS and LHFI) in 2023. The PCL, LHFI,

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for 2025 primarily reflected an increase in required reserves as a result of loan growth, changes in the macroeconomic forecast and updates to various qualitative reserve factors, partially offset by a decrease in specific reserves for individually analyzed credits, positive credit migration and reserves released associated with the resolution of the External Factor – Credit Quality Review qualitative factor.

The following table presents the net (charge-offs) recoveries by geographic market region for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
Alabama		$	(6,033	)		$	(6,988	)		$	(873	)
Florida			340				884				130
Mississippi			(5,390	)			(13,801	)			(5,347	)
Tennessee			(823	)			(805	)			1,644
Texas			(5,604	)			(4,307	)			(3,763	)
Total net (charge-offs) recoveries		$	(17,510	)		$	(25,017	)		$	(8,209	)

Charge-offs exceeded recoveries for 2025, resulting in net charge-offs of $17.5 million, or 0.13% of average loans (LHFS and LHFI), compared to net charge-offs of $25.0 million, or 0.19% of average loans (LHFS and LHFI), in 2024, and net charge-offs of $8.2 million, or 0.06% of average loans (LHFS and LHFI), in 2023. Net charge-offs during 2024 included $8.6 million of charge-offs related to the sale of 1-4 family mortgage loans during the second quarter of 2024. Excluding the charge-offs related to the sale of 1-4 family mortgage loans, net charge-offs totaled $16.4 million, or 0.12% of average loans (LHFS and LHFI), in 2024. The increase in net charge-offs, excluding the charge-offs related to the sale of 1-4 family mortgage loans, when 2025 is compared to 2024, was principally due to the increases in charge-offs in the Mississippi and Texas market regions and decreases in recoveries in the Texas and Florida market regions, partially offset by a decline in charge-offs in the Alabama market region and an increase in recoveries in the Mississippi market region.

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The following table presents selected credit ratios for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
ACL, LHFI to Total LHFI			1.15	%			1.22	%			1.08	%
ACL, LHFI		$	157,071			$	160,270			$	139,367
LHFI			13,674,233				13,089,942				12,950,524
Nonaccrual LHFI to Total LHFI			0.62	%			0.61	%			0.77	%
Nonaccrual LHFI		$	84,391			$	80,109			$	100,008
LHFI			13,674,233				13,089,942				12,950,524
ACL, LHFI to Nonaccrual LHFI			186.12	%			200.06	%			139.36	%
ACL, LHFI		$	157,071			$	160,270			$	139,367
Nonaccrual LHFI			84,391				80,109				100,008
Net (Charge-offs) Recoveries to Average LHFI
Construction, land development and other land loans			0.04	%			0.16	%			-0.02	%
Net (charge-offs) recoveries		$	225			$	992			$	(100	)
Average LHFI			564,340				608,671				652,922
Other loans secured by 1-4 family residential properties			-0.09	%			0.02	%			0.02	%
Net (charge-offs) recoveries		$	(611	)		$	160			$	119
Average LHFI			653,890				641,498				599,723
Loans secured by nonfarm, nonresidential properties			-0.06	%			-0.07	%			0.06	%
Net (charge-offs) recoveries		$	(1,867	)		$	(2,391	)		$	2,050
Average LHFI			3,380,819				3,563,373				3,455,308
Other loans secured by real estate			—				-0.01	%			—
Net (charge-offs) recoveries		$	74			$	(88	)		$	28
Average LHFI			1,982,700				1,459,922				1,079,402
Other construction loans			0.01	%			-0.19	%			-0.35	%
Net (charge-offs) recoveries		$	35			$	(1,793	)		$	(3,380	)
Average LHFI			692,585				936,608				976,849
Loans secured by 1-4 family residential properties			-0.07	%			-0.45	%			-0.06	%
Net (charge-offs) recoveries		$	(1,600	)		$	(10,152	)		$	(1,419	)
Average LHFI			2,363,216				2,261,353				2,250,931
Commercial and industrial loans			-0.61	%			-0.44	%			-0.06	%
Net (charge-offs) recoveries		$	(11,298	)		$	(8,085	)		$	(1,095	)
Average LHFI			1,864,885				1,851,959				1,867,199
Consumer loans			-1.50	%			-2.32	%			-2.48	%
Net (charge-offs) recoveries		$	(2,361	)		$	(3,630	)		$	(4,098	)
Average LHFI			157,283				156,252				165,241
State and other political subdivision loans			—				—				—
Net (charge-offs) recoveries		$	—			$	—			$	—
Average LHFI			1,000,532				1,017,430				1,104,444
Other commercial loans and leases			-0.01	%			-0.01	%			-0.06	%
Net (charge-offs) recoveries		$	(107	)		$	(30	)		$	(314	)
Average LHFI			739,694				599,995				486,518
Total LHFI			-0.13	%			-0.19	%			-0.06	%
Net (charge-offs) recoveries		$	(17,510	)		$	(25,017	)		$	(8,209	)
Average LHFI			13,399,944				13,097,061				12,638,537

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Off-Balance Sheet Credit Exposures

Trustmark maintains a separate ACL on off-balance sheet credit exposures, including unfunded loan commitments and letters of credit, which is included on the accompanying consolidated balance sheets. Expected credit losses for off-balance sheet credit exposures are estimated by calculating a commitment usage factor over the contractual period for exposures that are not unconditionally cancellable by Trustmark. Trustmark calculates a loan pool level unfunded amount for the period. Trustmark calculates an expected funding rate each period which is applied to each pool’s unfunded commitment balances to ensure that reserves will be applied to each pool based upon balances expected to be funded based upon historical levels. Additionally, a reserve rate is applied to the unfunded commitment balance, which includes both quantitative and a majority of the qualitative aspects of the current period's expected credit loss rate. During 2024, Management implemented a performance trends qualitative factor for unfunded commitments and an External Factor – Credit Quality Review qualitative factor for unfunded commitments. For both qualitative factors, the same assumptions are applied in the unfunded commitment calculation that are used in the funded balance calculation with the only difference being the unfunded commitment calculation includes the funding rates for the unfunded commitments. The reserves for these two qualitative factors are added to the other calculated reserve to get a total reserve for off-balance sheet credit exposures. During the third quarter of 2025, Management determined that the risk related to delayed identification and downgrading of commercial loans had sufficiently diminished and, as a result, resolved the External Factor – Credit Quality Review qualitative factor and released the associated reserves. See the section captioned “ACL on Off-Balance Sheet Credit Exposures” in Note 16 – Commitments and Contingencies included in Part II. Item 8. – Financial Statements and Supplementary Data of this report for complete description of Trustmark’s ACL methodology on off-balance sheet credit exposures.

Adjustments to the ACL on off-balance sheet credit exposures are recorded to PCL, off-balance sheet credit exposures. At December 31, 2025, the ACL on off-balance sheet credit exposures totaled $28.0 million compared to $29.4 million at December 31, 2024, a decrease of $1.4 million, or 4.9%. The PCL, off-balance sheet credit exposures totaled a negative $1.4 million for 2025, compared to a negative PCL, off-balance sheet credit exposures of $4.7 million for 2024 and a negative PCL, off-balance sheet credit exposures of $2.8 million for 2023. The release in PCL, off-balance sheet credit exposures for 2025 primarily reflected a decrease in required reserves as a result of positive credit migration and reserves released associated with the resolution of the External Factor – Credit Quality Review qualitative factor, partially offset by an increase in required reserves as a result of changes in the total reserve rate.

Nonperforming Assets

The table below provides the components of the nonperforming assets by geographic market region at December 31, 2025 and 2024 ($ in thousands):

		December 31,
		2025				2024
Nonaccrual LHFI
Alabama		$	4,638			$	18,601
Florida			442				305
Mississippi			73,045				42,203
Tennessee			2,396				2,431
Texas			3,870				16,569
Total nonaccrual LHFI			84,391				80,109
Other real estate
Alabama			409				170
Mississippi			5,621				2,407
Tennessee			927				1,079
Texas			—				2,261
Total other real estate			6,957				5,917
Total nonperforming assets		$	91,348			$	86,026
Nonperforming assets/total loans (LHFS and LHFI)    and other real estate			0.65	%			0.65	%
Loans Past Due 90 Days or More
LHFI		$	5,097			$	4,092
LHFS - Guaranteed GNMA services loans (1)		$	98,939			$	71,255

(1)No obligation to repurchase.

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For additional information regarding the Trustmark’s serviced GNMA loans eligible for repurchase, please see the section captioned “Loans Held for Sale (LHFS)” included in Note 1 – Significant Accounting Policies of Part II. Item 8. – Financial Statements and Supplementary Data of this report.

Nonaccrual LHFI

At December 31, 2025, nonaccrual LHFI totaled $84.4 million, or 0.60% of total LHFS and LHFI, reflecting an increase of $4.3 million, or 5.3%, relative to December 31, 2024, primarily as a result of mortgage loans placed on nonaccrual in the Mississippi market region, largely offset by the resolution of three large nonaccrual commercial credits in the Alabama and Texas market regions which were reserved for in a prior period. Trustmark's mortgage loans are primarily included in the Mississippi market region because these loans are centrally analyzed and approved as part of the mortgage line of business, which is located in Jackson, Mississippi.

For additional information regarding nonaccrual LHFI, see the section captioned “Nonaccrual and Past Due LHFI” in Note 4 – LHFI and ACL, LHFI included in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

Other Real Estate

Other real estate at December 31, 2025 increased $1.0 million, or 17.6%, when compared with December 31, 2024, primarily reflecting property foreclosed in the Mississippi and Alabama market regions largely offset by foreclosed properties sold in the Mississippi, Texas and Alabama market regions.

The following tables illustrate changes in other real estate by geographic market region for the periods presented ($ in thousands):

		Year Ended December 31, 2025
		Total				Alabama				Florida				Mississippi				Tennessee				Texas
Balance at beginning of period		$	5,917			$	170			$	—			$	2,407			$	1,079			$	2,261
Additions			8,471				699				—				7,713				59				—
Disposals			(6,739	)			(496	)			—				(3,923	)			(59	)			(2,261	)
Net (write-downs) recoveries			(692	)			36				—				(576	)			(152	)			—
Balance at end of period		$	6,957			$	409			$	—			$	5,621			$	927			$	—

		Year Ended December 31, 2024
		Total				Alabama				Florida				Mississippi				Tennessee				Texas
Balance at beginning of period		$	6,867			$	1,397			$	—			$	1,242			$	—			$	4,228
Additions			6,782				92				—				5,716				974				—
Disposals			(6,084	)			(1,475	)			(71	)			(4,452	)			(86	)			—
Net (write-downs) recoveries			(1,648	)			156				—				(28	)			191				(1,967	)
Adjustments			—				—				71				(71	)			—				—
Balance at end of period		$	5,917			$	170			$	—			$	2,407			$	1,079			$	2,261

		Year Ended December 31, 2023
		Total				Alabama				Florida				Mississippi				Tennessee				Texas
Balance at beginning of period		$	1,986			$	194			$	—			$	1,769			$	23			$	—
Additions			7,237				1,073				—				1,706				230				4,228
Disposals			(2,555	)			(194	)			—				(2,108	)			(253	)			—
Net (write-downs) recoveries			199				324				—				(125	)			—				—
Balance at end of period		$	6,867			$	1,397			$	—			$	1,242			$	—			$	4,228

Net write-downs of other real estate decreased $956 thousand, or 58.0%, when 2025 is compared to 2024. The decrease in net write-downs of other real estate during 2025 was primarily due to a write-down on a large commercial foreclosed property in the Texas market region during 2024, partially offset by an increase in write-downs of other real estate in the Mississippi and Tennessee market regions and a decrease in recoveries of other real estate in the Alabama market region.

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The following table illustrates other real estate by type of property at December 31, 2025 and 2024 ($ in thousands):

		December 31,
		2025				2024
Construction, land development and other land properties		$	63			$	46
1-4 family residential properties			3,871				2,260
Nonfarm, nonresidential properties			1,273				3,611
Other real estate properties			1,750				—
Total other real estate		$	6,957			$	5,917

For additional information regarding other real estate, please see Note 8 – Other Real Estate included in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

Deposits

Trustmark’s deposits are its primary source of funding and consist primarily of core deposits from the communities Trustmark serves. Deposits include interest-bearing and noninterest-bearing demand accounts, savings, MMDA, CDs and individual retirement accounts. Total deposits were $15.500 billion at December 31, 2025 compared to $15.108 billion at December 31, 2024, an increase of $391.6 million, or 2.6%, reflecting an increase in interest-bearing deposits accounts and a decline in noninterest-bearing accounts. During 2025, noninterest-bearing deposits decreased $37.1 million, or 1.2%, primarily due to a decline in public demand deposit accounts partially offset by increases in commercial and personal demand deposit accounts. Interest-bearing deposits increased $428.7 million, or 3.6%, during 2025, primarily due to growth in all categories of CDs and MMDA as well as commercial interest checking accounts, partially offset by declines in public and consumer interest checking accounts.

At December 31, 2025, Trustmark's total uninsured deposits were $5.478 billion, or 35.3% of total deposits, compared to $5.359 billion, or 35.5% of total deposits, at December 31, 2024.

The maturities of time deposits that exceed the FDIC insurance limit of $250 thousand at December 31, 2025 are as follows ($ in thousands):

Three months or less		$	332,632
Over three months through six months			444,845
Over six months through twelve months			267,916
Over twelve months			4,247
Total time deposits in excess of FDIC insurance limit		$	1,049,640

Borrowings

Trustmark uses short-term borrowings, such as federal funds purchased, securities sold under repurchase agreements and short-term FHLB advances, to fund growth of earning assets in excess of deposit growth. See the section captioned “Liquidity” for further discussion of the components of Trustmark’s excess funding capacity.

Federal funds purchased and securities sold under repurchase agreements totaled $445.0 million at December 31, 2025 compared to $324.0 million at December 31, 2024, an increase of $121.0 million, or 37.3%, principally due to an increase in upstream federal funds purchased. At December 31, 2025, none of this balance represented customer related transactions, such as commercial sweep repurchase balances, compared to $39.0 million at December 31, 2024. Trustmark discontinued the customer sweep product during the third quarter of 2025. Trustmark had $445.0 million of upstream federal funds purchased at December 31, 2025, compared to $285.0 million at December 31, 2024.

Other borrowings totaled $364.8 million at December 31, 2025, an increase of $63.2 million, or 21.0%, when compared with $301.5 million at December 31, 2024, principally due to increases in GNMA loans eligible for repurchase and outstanding short-term FHLB advances obtained from the FHLB of Dallas.

Subordinated Notes

During 2020, Trustmark issued and sold $125.0 million aggregate principal amount of its 3.625% Fixed-to-Floating Rate Subordinated Notes (the 2020 Notes) due December 1, 2030. The 2020 Notes were sold at an underwriting discount of 1.2%, resulting in net proceeds

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to Trustmark of $123.5 million before deducting offering expenses. At December 31, 2024, the carrying amount of the 2020 Notes was $123.7 million. The 2020 Notes qualified as Tier 2 capital for Trustmark.

During the fourth quarter of 2025, Trustmark issued and sold $175.0 million aggregate principal amount of its 6.00% Fixed-to-Floating Rate Subordinated Notes (the 2025 Notes) due December 1, 2035. The 2025 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 $125.0 million of aggregate principal amount of the 2020 Notes plus accrued interest and for general corporate purposes.

The 2025 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 2025 Notes are obligations of Trustmark only and are not obligations of, and are not guaranteed by, any of its subsidiaries, including TB. The 2025 Notes qualify as Tier 2 capital for Trustmark. The 2025 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 2025 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 2025 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 2025 Notes was $172.0 million.

Benefit Plans

Defined Benefit Plans

As disclosed in Note 14 – Defined Benefit and Other Postretirement Benefits included in Part II. Item 8. – Financial Statements and Supplementary Data of this report, Trustmark maintains a noncontributory tax-qualified defined benefit pension plan titled the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions (the Continuing Plan) to satisfy commitments made by Trustmark to associates covered through plans obtained in acquisitions.

At December 31, 2025, the fair value of the Continuing Plan’s assets totaled $1.6 million and was exceeded by the projected benefit obligation of $4.3 million by $2.7 million. Net periodic benefit cost equaled $100 thousand in 2025, compared to $177 thousand in 2024 and $262 thousand in 2023.

The fair value of plan assets is determined utilizing current market quotes, while the benefit obligation and periodic benefit costs are determined utilizing actuarial methodology with certain weighted-average assumptions. For 2025, 2024 and 2023, the process used to select the discount rate assumption under FASB ASC Topic 715, "Compensation-Retirement Benefits," takes into account the benefit cash flow and the segmented yields on high-quality corporate bonds that would be available to provide for the payment of the benefit cash flow. Assumptions, which have been chosen to represent the estimate of a particular event as required by GAAP, have been reviewed and approved by Management based on recommendations from its actuaries.

The range of potential contributions to the Continuing Plan is determined annually by the Continuing Plan’s actuary in accordance with applicable IRS rules and regulations. Trustmark’s policy is to fund amounts that are sufficient to satisfy the annual minimum funding requirements and do not exceed the maximum that is deductible for federal income tax purposes. The actual amount of the contribution is determined annually based on the Continuing Plan’s funded status and return on plan assets as of the measurement date, which is December 31. For the plan year ending December 31, 2025, Trustmark’s minimum required contribution to the Continuing Plan was $98 thousand; however, Trustmark contributed $109 thousand, $11 thousand in excess of the minimum required. For the plan year ending December 31, 2026, Trustmark’s minimum required contribution to the Continuing Plan is expected to be $91 thousand; however, Management and the Board of Directors of Trustmark will monitor the Continuing Plan throughout 2026 to determine any additional funding requirements by the plan’s measurement date.

Supplemental Retirement Plans

As disclosed in Note 14 – Defined Benefit and Other Postretirement Benefits included in Part II. Item 8. – Financial Statements and Supplementary Data of this report, Trustmark maintains a nonqualified supplemental retirement plan covering key executive officers and senior officers as well as directors who have elected to defer fees. The plan provides for retirement and/or death benefits based on a participant’s covered salary or deferred fees. Although plan benefits may be paid from Trustmark’s general assets, Trustmark has purchased life insurance contracts on the participants covered under the plan, which may be used to fund future benefit payments under

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the plan. The annual measurement date for the plan is December 31. As a result of mergers prior to 2014, Trustmark became the administrator of nonqualified supplemental retirement plans, for which the plan benefits were frozen prior to the merger dates.

At December 31, 2025, the accrued benefit obligation for the supplemental retirement plans equaled $37.1 million, while the net periodic benefit cost equaled $2.2 million in 2025, $2.4 million in 2024 and $2.5 million in 2023. The net periodic benefit cost and projected benefit obligation are determined using actuarial assumptions as of the plans’ measurement date. The process used to select the discount rate assumption under FASB ASC Topic 715 takes into account the benefit cash flow and the segmented yields on high-quality corporate bonds that would be available to provide for the payment of the benefit cash flow. At December 31, 2025, unrecognized actuarial losses and unrecognized prior service costs continue to be amortized over future service periods.

Legal Environment

Information required in this section is set forth under the heading “Legal Proceedings” of Note 16 – Commitments and Contingencies in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

Off-Balance Sheet Arrangements

Information required in this section is set forth under the heading “Lending Related” of Note 16 – Commitments and Contingencies in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

Capital Resources and Liquidity

Trustmark places a significant emphasis on the maintenance of a strong capital position, which promotes investor confidence, provides access to funding sources under favorable terms and enhances Trustmark’s ability to capitalize on business growth and acquisition opportunities. Higher levels of liquidity, however, bear corresponding costs, measured in terms of lower yields on short-term, more liquid earning assets and higher expenses for extended liability maturities. Trustmark manages capital based upon risks and growth opportunities as well as regulatory requirements. Trustmark utilizes a capital model in order to provide Management with a monthly tool for analyzing changes in its strategic capital ratios. This allows Management to hold sufficient capital to provide for growth opportunities and protect the balance sheet against sudden adverse market conditions, while maintaining an attractive return on equity to shareholders.

At December 31, 2025, Trustmark’s total shareholders’ equity was $2.122 billion, an increase of $159.4 million, or 8.1%, when compared to December 31, 2024. The increase in shareholders’ equity during 2025 was primarily as a result of net income of $224.1 million, a positive net change in the fair market value of available for sale securities, net of tax, of $46.0 million, a $14.1 million positive net change in the fair market value of cash flow hedges, net of tax, and a decrease in the unrealized net holding losses on securities transferred from available for sale to held to maturity, net of tax, of $10.3 million, partially offset by common stock repurchases of $80.0 million and common stock dividends of $58.5 million.

Regulatory Capital

Trustmark and TB are subject to minimum risk-based capital and leverage capital requirements, as described in the section captioned “Capital Adequacy” included in Part I. Item 1. – Business of this report, which are administered by the federal bank regulatory agencies. These capital requirements, as defined by federal regulations, involve quantitative and qualitative measures of assets, liabilities and certain off-balance sheet instruments. Trustmark’s and TB’s minimum risk-based capital requirements include a capital conservation buffer of 2.5%. AOCI is not included in computing regulatory capital. Trustmark elected the five-year phase-in transition period (through December 31, 2024) related to adopting FASB ASU 2016-13 for regulatory capital purposes. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements of Trustmark and TB and limit Trustmark’s and TB’s ability to pay dividends. At December 31, 2025, Trustmark and TB exceeded all applicable minimum capital standards. In addition, Trustmark and TB met applicable regulatory guidelines to be considered well-capitalized at December 31, 2025. To be categorized in this manner, Trustmark and TB maintained minimum common equity Tier 1 risk-based capital, Tier 1 risk-based capital, total risk-based capital and Tier 1 leverage ratios, and were not subject to any written agreement, order or capital directive, or prompt corrective action directive issued by their primary federal regulators to meet and maintain a specific capital level for any capital measures. There are no significant conditions or events that have occurred since December 31, 2025, which Management believes have affected Trustmark’s or TB’s present classification.

In 2020, Trustmark enhanced its capital structure with the issuance of $125.0 million of the 2020 Notes. At December 31, 2024, the carrying amount of the 2020 Notes was $123.7 million. For regulatory capital purposes, the 2020 Notes qualified as Tier 2 capital for Trustmark at December 31, 2024.

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During the fourth quarter of 2025, Trustmark further enhanced its capital structure with the issuance of $175.0 million of the 2025 Notes. The 2025 Notes mature on December 1, 2035 and are redeemable at Trustmark’s option under certain circumstances. Trustmark used the net proceeds from the offering, after the payment of offering expenses, to repay the $125.0 million of aggregate principal amount of the 2020 Notes plus accrued interest and for general corporate purposes. At December 31, 2025, the carrying amount of the 2025 Notes was $172.0 million. The 2025 Notes qualified as Tier 2 capital for Trustmark at December 31, 2025. Trustmark may utilize the full carrying value of the 2025 Notes as Tier 2 capital until December 1, 2030 (five years prior to maturity). Beginning December 1, 2030, the 2025 Notes will phase out of Tier 2 capital 20.0% each year until maturity.

In 2006, Trustmark enhanced its capital structure with the issuance of trust preferred securities. For regulatory capital purposes, the trust preferred securities qualified as Tier 1 capital at December 31, 2025 and 2024. Trustmark intends to continue to utilize $60.0 million in trust preferred securities issued by the Trust as Tier 1 capital up to the regulatory limit, as permitted by the grandfather provision in the Dodd-Frank Act and the Basel III Final Rule.

Refer to the section captioned “Regulatory Capital” included in Note 17 – Shareholders’ Equity in Part II. Item 8. – Financial Statements and Supplementary Data of this report for an illustration of Trustmark’s and TB’s actual regulatory capital amounts and ratios under regulatory capital standards in effect at December 31, 2025 and 2024.

Dividends on Common Stock

Dividends per common share for the year ended December 31, 2025, were $0.96 compared to $0.92 for each of the years ended December 31, 2024 and 2023. Trustmark’s dividend payout ratio for 2025, 2024 and 2023 was 25.81%, 25.21%, and 33.95%, respectively. Since Trustmark is a holding company and does not conduct operations, its primary source of liquidity are dividends paid from TB and borrowings from outside sources. As a Mississippi state-chartered banking corporation, TB must obtain the approval of the MDBCF prior to declaring or paying a dividend on its common stock. Approval by TB's regulators is required if the total of all dividends declared by TB in any calendar year exceeds the total of its net income for that year combined with its retained net income of the preceding two years. In 2026, TB will have available approximately $227.4 million plus its net income for that year to pay as dividends to Trustmark. The actual amount of any dividends declared in 2026 by Trustmark will be determined by Trustmark’s Board of Directors. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.25 per share payable of March 15, 2026, to shareholders of record on March 1, 2026. Trustmark's payment of the dividend will be funded fully by a dividend from TB to Trustmark, which the MDBCF approved on January 28, 2026.

Stock Repurchase Plan

From time to time, Trustmark’s Board of Directors has authorized stock repurchase plans. In general, stock repurchase plans allow Trustmark to proactively manage its capital position and return excess capital to shareholders. Shares purchased also provide Trustmark with shares of common stock necessary to satisfy obligations related to stock compensation awards. Under the stock repurchase plan effective January 1, 2023 through December 31, 2023, Trustmark did not repurchase any of its outstanding common stock. Under the stock repurchase plan effective January 1, 2024 through December 31, 2024, Trustmark repurchased 203 thousand shares of its common stock valued at $7.5 million. Under the stock repurchase plan effective January 1, 2025 through December 31, 2025, Trustmark repurchased 2.2 million shares of its common stock valued at $80.0 million. On December 2, 2025, 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 be implemented through open market repurchases or privately negotiated transactions. Under this authority, Trustmark repurchased 163 thousand shares of its common stock valued at $6.5 million during January 2026.

Liquidity

Liquidity is the ability to ensure that sufficient cash flow and liquid assets are available to satisfy current and future financial obligations, including demand for loans and deposit withdrawals, funding operating costs and other corporate purposes. Consistent cash flows from operations and adequate capital provide internally generated liquidity. Furthermore, Management maintains funding capacity from a variety of external sources to meet daily funding needs, such as those required to meet deposit withdrawals, loan disbursements and security settlements. Liquidity strategy also includes the use of wholesale funding sources to provide for the seasonal fluctuations of deposit and loan demand and the cyclical fluctuations of the economy that impact the availability of funds. Management keeps excess funding capacity available to meet potential demands associated with adverse circumstances.

The asset side of the balance sheet provides liquidity primarily through maturities and cash flows from loans and securities as well as the ability to pledge or sell certain loans and securities. The liability portion of the balance sheet provides liquidity primarily through noninterest and interest-bearing deposits. Trustmark utilizes federal funds purchased, FHLB advances, securities sold under repurchase

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agreements, the Discount Window and brokered deposits to provide additional liquidity. Access to these additional sources represents Trustmark’s incremental borrowing capacity.

Trustmark’s liquidity position is continuously monitored and adjustments are made to manage the balance as deemed appropriate. Liquidity risk management is an important element to Trustmark’s asset/liability management process. Trustmark regularly models liquidity stress scenarios to assess potential liquidity outflows or funding problems resulting from economic disruptions or other significant occurrences as deemed appropriate by Management. These scenarios are incorporated into Trustmark’s contingency funding plan, which provides the basis for the identification of its liquidity needs.

Deposit accounts represent Trustmark’s largest funding source. Average deposits totaled to $15.280 billion for 2025 and represented approximately 82.6% of average liabilities and shareholders’ equity, compared to average deposits of $15.366 billion, which represented 82.8% of average liabilities and shareholders’ equity for 2024.

Trustmark had $408.4 million held in an interest-bearing account at the FRBA at December 31, 2025, compared to $297.3 million at December 31, 2024.

Trustmark utilizes brokered deposits to supplement other wholesale funding sources. At December 31, 2025 and 2024, brokered sweep MMDA deposits totaled $9.6 million and $10.6 million, respectively. In addition, Trustmark had $299.9 million of brokered CDs at December 31, 2025 compared to $250.0 million at December 31, 2024.

At December 31, 2025, Trustmark had $445.0 million of upstream federal funds purchased compared to $285.0 million of upstream federal funds purchased at December 31, 2024. Trustmark maintains adequate federal funds lines to provide sufficient short-term liquidity.

Trustmark maintains a relationship with the FHLB of Dallas, which provided $225.0 million of outstanding short-term advances and no long-term advances at December 31, 2025, compared to $200.0 million of outstanding short-term advances and no long-term advances at December 31, 2024. Under the existing borrowing agreement, Trustmark had sufficient qualifying collateral to increase FHLB advances with the FHLB of Dallas by $1.962 billion at December 31, 2025.

Additionally, Trustmark has the ability to leverage its unencumbered investment securities as collateral. At December 31, 2025, Trustmark had approximately $1.371 billion available in unencumbered Treasury and agency securities compared to $1.107 billion at December 31, 2024.

Another borrowing source is the Discount Window. At December 31, 2025, Trustmark had approximately $7.771 billion available in collateral capacity at the Discount Window primarily from pledges of commercial and consumer LHFI, compared with $1.187 billion at December 31, 2024.

During 2020, Trustmark issued and sold $125.0 million aggregate principal amount of the 2020 Notes. At December 31, 2024, the carrying amount of the 2020 Notes was $123.7 million. During the fourth quarter of 2025, Trustmark issued and sold $175.0 million aggregate principal amount of the 2025 Notes. 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 the 2020 Notes plus accrued interest and for general corporate purposes. At December 31, 2025, the carrying amount of the 2025 Notes was $172.0 million. The 2025 Notes mature December 1, 2035 and are redeemable at Trustmark’s option under certain circumstances. The 2025 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 2025 Notes are obligations of Trustmark only and are not obligations of, and are not guaranteed by, any of its subsidiaries, including TB.

During 2006, Trustmark completed a private placement of $60.0 million of trust preferred securities through a newly formed Delaware trust affiliate, the Trust. The trust preferred securities mature September 30, 2036 and are redeemable at Trustmark’s option. The proceeds from the sale of the trust preferred securities were used by the Trust to purchase $61.9 million in aggregate principal amount of Trustmark’s junior subordinated debentures.

The Board of Directors of Trustmark currently has the authority to issue up to 20.0 million preferred shares with no par value. The ability to issue preferred shares in the future will provide Trustmark with additional financial and management flexibility for general corporate and acquisition purposes. At December 31, 2025, Trustmark had no shares of preferred stock issued and outstanding.

Management believes that Trustmark has sufficient liquidity and capital resources to meet presently known cash flow requirements arising from ongoing business transactions. As of December 31, 2025, Management is not aware of any events that are reasonably

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likely to have a material adverse effect on our liquidity, capital resources or operations. In addition, Management is not aware of any regulatory recommendations regarding liquidity that would have a material adverse effect on Trustmark.

In the ordinary course of business, Trustmark has entered into contractual obligations and has made other commitments to make future payments. Please refer to the accompanying notes to the consolidated financial statements included in Part II. Item 8. – Financial Statements and Supplementary Data of this report for the expected timing of such payments as of December 31, 2025. These include payments related to (i) short-term and long-term borrowings (Note 11 – Borrowings), (ii) operating and finance leases (Note 9 – Leases), (iii) time deposits with stated maturity dates (Note 10 – Deposits) and (iv) commitments to extend credit and standby letters of credit (Note 16 – Commitments and Contingencies).

Asset/Liability Management

Overview

Market risk reflects the potential risk of loss arising from adverse changes in interest rates and market prices. Trustmark has risk management policies to monitor and limit exposure to market risk. Trustmark’s primary market risk is interest rate risk created by core banking activities. Interest rate risk is the potential variability of the income generated by Trustmark’s financial products or services, which results from changes in various market interest rates. Market rate changes may take the form of absolute shifts, variances in the relationships between different rates and changes in the shape or slope of the interest rate term structure.

Management continually develops and applies cost-effective strategies to manage these risks. Management’s Asset/Liability Committee sets the day-to-day operating guidelines, approves strategies affecting net interest income and coordinates activities within policy limits established by the Board of Directors of Trustmark. A key objective of the asset/liability management program is to quantify, monitor and manage interest rate risk and to assist Management in maintaining stability in the net interest margin under varying interest rate environments.

Derivatives

Trustmark uses financial derivatives for management of interest rate risk. Management’s Asset/Liability Committee, in its oversight role for the management of interest rate risk, approves the use of derivatives in balance sheet hedging strategies. The most common derivatives employed by Trustmark are interest rate lock commitments, forward contracts (both futures contracts and options on futures contracts), interest rate swaps, interest rate caps and interest rate floors. As a general matter, the values of these instruments are designed to be inversely related to the values of the assets that they hedge (i.e., if the value of the hedged asset falls, the value of the related hedge rises). In addition, Trustmark has entered into derivatives contracts as counterparty to one or more customers in connection with loans extended to those customers. These transactions are designed to hedge interest rate, currency or other exposures of the customers and are not entered into by Trustmark for speculative purposes. Increased federal regulation of the derivatives markets may increase the cost to Trustmark to administer derivatives programs.

Derivatives Designated as Hedging Instruments

Trustmark engages in a cash flow hedging program to add stability to interest income and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for Trustmark making variable-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate floor spreads designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates fall below the purchased floor strike rate on the contract and payments of variable rate amounts if interest rates fall below the sold floor strike rate on the contract. Trustmark uses such derivatives to hedge the variable cash flows associated with existing and anticipated variable-rate loan assets. At December 31, 2025, the aggregate notional value of Trustmark's interest rate swaps and floor spreads designated as cash flow hedges totaled $1.630 billion compared to $1.500 billion at December 31, 2024.

Trustmark records any gains or losses on these cash flow hedges in AOCI. Gains and losses on derivatives representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with Trustmark’s accounting policy election. The earnings recognition of excluded components included in interest and fees on LHFS and LHFI totaled $526 thousand, $474 thousand and $57 thousand of amortization expense for the years ended December 31, 2025, 2024 and 2023, respectively. As interest payments are received on Trustmark's variable-rate assets, amounts reported in AOCI are reclassified into interest and fees on LHFS and LHFI in the accompanying consolidated statements of income during the same period. For the years ended December 31, 2025, 2024 and 2023, Trustmark reclassified a loss, net of tax, of $7.1 million, $13.6 million and $12.3 million, respectively, into interest and fees on LHFS and LHFI. During the next twelve months, Trustmark estimates that $704 thousand will be reclassified as a reduction to interest and fees on LHFS and LHFI. This amount could differ due to changes in interest rates, hedge de-designations or the addition of other hedges.

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Derivatives Not Designated as Hedging Instruments

As part of Trustmark’s risk management strategy in the mortgage banking business, various derivative instruments such as interest rate lock commitments and forward sales contracts are utilized. Interest rate lock commitments are residential mortgage loan commitments with customers, which guarantee a specified interest rate for a specified period of time. Changes in the fair value of these derivative instruments are recorded as noninterest income (loss) in mortgage banking, net and are offset by the changes in the fair value of forward sales contracts. The gross notional amount of Trustmark’s off-balance sheet obligations under these derivative instruments totaled $74.5 million at December 31, 2025, with a positive valuation adjustment of $998 thousand, compared to $52.1 million, with a positive valuation adjustment of $229 thousand at December 31, 2024. Trustmark’s obligations under forward sales contracts consist of commitments to deliver mortgage loans, originated and/or purchased, in the secondary market at a future date. Changes in the fair value of these derivative instruments are recorded as noninterest income (loss) in mortgage banking, net and are offset by changes in the fair value of LHFS. The gross notional amount of Trustmark’s off-balance sheet obligations under these derivative instruments totaled $152.0 million at December 31, 2025, with a negative valuation adjustment of $287 thousand, compared to $110.0 million, with a positive valuation adjustment of $679 thousand at December 31, 2024.

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 economically hedges changes in the fair value of the MSR attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting under GAAP. The total notional amount of these derivative instruments was $345.5 million at December 31, 2025 compared to $311.5 million at December 31, 2024. These exchange-traded derivative instruments are accounted for at fair value with changes in the fair value recorded as noninterest income (loss) 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 ineffectiveness of $2.6 million for the year ended December 31, 2025, compared to a net negative ineffectiveness of $9.2 million and $6.3 million for the years ended December 31, 2024 and 2023, respectively.

Trustmark offers certain interest rate derivatives products directly to qualified commercial lending clients seeking to manage their interest rate risk under loans they have entered into with TB. Trustmark economically hedges interest rate swap transactions executed with commercial lending clients by entering into offsetting interest rate swap transactions with institutional derivatives market participants. Derivatives transactions executed as part of this program are not designated as qualifying hedging relationships under GAAP and are, therefore, carried on Trustmark’s financial statements at fair value with the change in fair value recorded as noninterest income (loss) in bank card and other fees. Because these derivatives have mirror-image contractual terms, in addition to collateral provisions which mitigate the impact of non-performance risk, the changes in fair value are expected to substantially offset. The offsetting interest rate swap transactions are either cleared through the Chicago Mercantile Exchange for clearable transactions or booked directly with institutional derivatives market participants for non-clearable transactions. The Chicago Mercantile Exchange rules legally characterize variation margin collateral payments made or received for centrally cleared interest rate swaps as settlements rather than collateral. As a result, centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets. At December 31, 2025, Trustmark had interest rate swaps with an aggregate notional amount of $1.991 billion related to this program, compared to $1.819 billion at December 31, 2024.

Credit-Risk-Related Contingent Features

Trustmark has agreements with its financial institution counterparties that contain provisions where if Trustmark defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Trustmark could also be deemed to be in default on its derivatives obligations.

At December 31, 2025, the termination value of interest rate swaps in a liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $117 thousand compared to $568 thousand at December 31, 2024. At December 31, 2025 and 2024, Trustmark had posted collateral of $2.2 million and $1.5 million, respectively, against its obligations because of negotiated thresholds and minimum transfer amounts under these agreements. If Trustmark had breached any of these triggering provisions at December 31, 2025, it could have been required to settle its obligations under the agreements at the termination value (which is expected to approximate fair market value).

Credit risk participation agreements arise when Trustmark contracts with other financial institutions, as a guarantor or beneficiary, to share credit risk associated with certain interest rate swaps. These agreements provide for reimbursement of losses resulting from a third-party default on the underlying swap. At December 31, 2025, Trustmark had entered into ten risk participation agreements as a beneficiary with and aggregate notional amount of $113.7 million compared to eleven risk participation agreements as a beneficiary with and aggregate notional amount of $83.9 million at December 31, 2024. At December 31, 2025, Trustmark had entered into

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twenty-seven risk participation agreements as a guarantor with an aggregate notional amount of $267.9 million, compared to twenty-eight risk participation agreements as a guarantor with an aggregate notional amount of $229.1 million at December 31, 2024. The aggregate fair values of these risk participation agreements were immaterial at December 31, 2025 and 2024.

Trustmark’s participation in the derivatives markets is subject to increased federal regulation of these markets. Trustmark believes that it may continue to use financial derivatives to manage interest rate risk and also to offer derivatives products to certain qualified commercial lending clients in compliance with the Volcker Rule. However, the increased federal regulation of the derivatives markets has increased the cost to Trustmark of administering its derivatives programs. Some of these costs (particularly compliance costs related to the Volcker Rule and other federal regulations) are expected to recur in the future.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market/Interest Rate Risk Management

The primary purpose in managing interest rate risk is to invest capital effectively and preserve the value created by the core banking business. This is accomplished through the development and implementation of lending, funding, pricing and hedging strategies designed to maximize net interest income performance under varying interest rate environments subject to specific liquidity and interest rate risk guidelines.

Financial simulation models are the primary tools used by Management’s Asset/Liability Committee to measure interest rate exposure. The significant increase in short-term market interest rates and the overall interest rate environment is likely to affect the balance sheet composition and rates. The simulation incorporates assumptions regarding the effects of such changes based on a combination of historical analysis and expected behavior. Using a wide range of scenarios, Management is provided with extensive information on the potential impact on net interest income caused by changes in interest rates. Models are structured to simulate cash flows and accrual characteristics of Trustmark’s balance sheet. Assumptions are made about the direction and volatility of interest rates, the slope of the yield curve and the changing composition of Trustmark’s balance sheet, resulting from both strategic plans and customer behavior. In addition, the model incorporates Management’s assumptions and expectations regarding such factors as loan and deposit growth, pricing, prepayment speeds and spreads between interest rates.

Based on the results of the simulation models using static balances, the table below summarizes the effect various one-year interest rate shift scenarios would have on net interest income compared to a base case, flat scenario at December 31, 2025 and 2024.

		Estimated % Change
		in Net Interest Income
Change in Interest Rates		2025				2024
+200 basis points			3.1	%			0.8	%
+100 basis points			1.5	%			0.4	%
-100 basis points			-2.1	%			-1.2	%
-200 basis points			-4.8	%			-3.0	%

Management cannot provide any assurance about the actual effect of changes in interest rates on net interest income. The estimates provided do not include the effects of possible strategic changes in the balances of various assets and liabilities throughout 2025 or additional actions Trustmark could undertake in response to changes in interest rates. Management will continue to prudently manage the balance sheet in an effort to control interest rate risk and maintain profitability over the long term.

Another component of interest rate risk management is measuring the economic value-at-risk for a given change in market interest rates. The economic value-at-risk may indicate risks associated with longer-term balance sheet items that may not affect net interest income at risk over shorter time periods. Trustmark uses computer-modeling techniques to determine the present value of all asset and liability cash flows (both on- and off-balance sheet), adjusted for prepayment expectations, using a market discount rate. The economic value of equity (EVE), also known as net portfolio value, is defined as the difference between the present value of asset cash flows and the present value of liability cash flows. The resulting change in EVE in different market rate environments, from the base case scenario, is the amount of EVE at risk from those rate environments.

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The following table summarizes the effect that various interest rate shifts would have on net portfolio value at December 31, 2025 and 2024.

		Estimated % Change
		in Net Portfolio Value
Change in Interest Rates		2025				2024
+200 basis points			-0.3	%			-1.3	%
+100 basis points			0.1	%			-0.4	%

Trustmark determines the fair value of the MSR using a valuation model administered by a third party that calculates the present value of estimated future net servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds, discount rate, default rates, cost to service (including delinquency and foreclosure costs), escrow account earnings, contractual servicing fee income and other ancillary income such as late fees. Management reviews all significant assumptions quarterly. Mortgage loan prepayment speeds, a key assumption in the model, is the annual rate at which borrowers are forecasted to repay their mortgage loan principal. The discount rate used to determine the present value of estimated future net servicing income, another key assumption in the model, is an estimate of the required rate of return investors in the market would require for an asset with similar risk. Both assumptions can, and generally will, change as market conditions and interest rates change.

By way of example, an increase in either the prepayment speed or discount rate assumption will result in a decrease in the fair value of the MSR, while a decrease in either assumption will result in an increase in the fair value of the MSR. In recent years, there have been significant market-driven fluctuations in loan prepayment speeds and discount rates. These fluctuations can be rapid and may continue to be significant. Therefore, estimating prepayment speed and/or discount rates within ranges that market participants would use in determining the fair value of the MSR requires significant management judgment.

At December 31, 2025, the MSR fair value was $131.3 million, compared to $139.3 million at December 31, 2024. The impact on the MSR fair value of a 10% adverse change in prepayment speeds or a 100-basis point increase in discount rates at December 31, 2025 would be a decline in fair value of approximately $5.1 million and $5.2 million, respectively, compared to a decline in fair value of approximately $4.9 million and $5.6 million, respectively, at December 31, 2024. Changes of equal magnitude in the opposite direction would produce similar increases in fair value in the respective amounts.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Report of Independent Registered Public Accounting Firm

Shareholders and the Board of Directors of Trustmark Corporation

Jackson, Mississippi

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Trustmark Corporation and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by COSO.

Basis for Opinions

The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

70

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Allowance for Credit Losses, LHFI Reasonable and Supportable Forecasts

As described in Note 1 - Significant Accounting Policies and Note 4 – LHFI and ACL, LFHI to the consolidated financial statements, the Company uses a third-party software application to calculate the quantitative portion of the allowance for credit losses, which employs a discounted cash flow (DCF) or weighted average remaining maturity (WARM) method by loan pool. A reasonable and supportable forecast is developed through a Loss Driver Analysis (LDA) by loan class. The LDA uses charge off data from Trustmark Bank’s Federal Financial Institutions Examination Council (FFIEC) reports to construct a periodic default rate (PDR). The PDR is decomposed into a probability of default (PD). Regressions are run using the data for various macroeconomic variables in order to determine which correlate to the Company’s losses. These variables are then incorporated into the application to calculate a quarterly PD using a third-party baseline forecast. Loss given default (LGD) is derived from a method that traces the relationship between LGD and PD over a period of time and projects LGD based on the PD forecast. This model approach is applicable to all pools within the construction, land development and other land, other secured by 1-4 family residential properties, secured by nonfarm, nonresidential properties and other real estate secured loan classes, as well as all other consumer and other loans pools. For commercial and industrial loan pools, the Company uses its own PD and LGD data. The Company utilizes a third-party bond default study to derive the PD and LGD for the obligations of state and political subdivisions pool.

The Company determined that reasonable and supportable forecasts could be made for a twelve-month period for all of its loan pools in which models were developed through the LDA. To the extent the lives of the loans in the LHFI portfolio extend beyond this forecast period, Trustmark uses a reversion period of four quarters and reverts to the historical mean on a straight-line basis over the remaining life of the loans.

Estimating reasonable and supportable forecasts requires significant judgment and could have a material effect on the Company’s financial statements. Management leverages economic projections from an independent third party for its forecasts over the forecast period. We identified auditing the reasonableness of forecasts, including the LDA, as a critical audit matter as it involves especially subjective auditor judgment and increased audit effort, including the involvement of specialists.

The primary audit procedures we performed to address this critical audit matter included the following:

Tested the effectiveness of controls over the LDA and reasonable and supportable forecast including:

•Relevance and reliability of the underlying data including FFIEC data.

•Model validation performed by a third-party specialist.

•Reasonableness of significant assumptions and judgments applied in the forecast and results of the calculation.

Performed substantive testing over the LDA and reasonable and supportable forecast including:

•Tested relevance and reliability of underlying data including FFIEC data.

•Utilized the work of internal specialists to assist in evaluating the appropriateness and mathematical accuracy of the LDA, methodologies applied, and the relevance and reliability of data used in the development of the forecast models.

•Evaluated the reasonableness of significant assumptions and judgments.

/s/ Crowe LLP

We have served as the Company’s auditor since 2015, which is the year the engagement letter was signed for the audit of the 2016 financial statements.

Fort Lauderdale, Florida

February 23, 2026

71

Trustmark Corporation and Subsidiaries

Consolidated Balance Sheets

($ in thousands)

		December 31,
		2025				2024
Assets
Cash and due from banks		$	668,007			$	567,251
Securities available for sale, at fair value (amortized cost: $1,842,444-2025;    $1,719,537-2024; allowance for credit losses (ACL): $0)			1,876,830				1,692,534
Securities held to maturity, net of ACL of $0    (fair value: $1,180,569-2025; $1,259,107-2024)			1,207,454				1,335,385
Loans held for sale (LHFS)			278,789				200,307
Loans held for investment (LHFI)			13,674,233				13,089,942
Less ACL, LHFI			157,071				160,270
Net LHFI			13,517,162				12,929,672
Premises and equipment, net			225,658				235,410
Mortgage servicing rights (MSR)			131,289				139,317
Goodwill			334,605				334,605
Other real estate, net			6,957				5,917
Operating lease right-of-use assets			32,152				34,668
Other assets (1)			646,308				677,356
Total Assets		$	18,925,211			$	18,152,422
Liabilities
Deposits:
Noninterest-bearing		$	3,036,504			$	3,073,565
Interest-bearing			12,463,280				12,034,610
Total deposits			15,499,784				15,108,175
Federal funds purchased and securities sold under repurchase agreements			445,000				324,008
Other borrowings			364,762				301,541
Subordinated notes			171,966				123,702
Junior subordinated debt securities			61,856				61,856
ACL on off-balance sheet credit exposures			27,951				29,392
Operating lease liabilities			36,250				38,698
Other liabilities			195,965				202,723
Total Liabilities			16,803,534				16,190,095
Shareholders' Equity
Common stock, no par value:
Authorized: 250,000,000 shares
Issued and outstanding: 59,012,423 shares - 2025; 61,008,023 shares - 2024			12,296				12,711
Capital surplus			81,951				157,899
Retained earnings			2,041,055				1,875,376
Accumulated other comprehensive income (loss), net of tax			(13,625	)			(83,659	)
Total Shareholders' Equity			2,121,677				1,962,327
Total Liabilities and Shareholders' Equity		$	18,925,211			$	18,152,422

(1) Trustmark reclassified its identifiable intangible assets, net to other assets for the prior period.

See notes to consolidated financial statements.

72

Trustmark Corporation and Subsidiaries

Consolidated Statements of Income

($ in thousands, except per share data)

		Years Ended December 31,
		2025				2024				2023
Interest Income
Interest and fees on LHFS & LHFI		$	826,305			$	844,738			$	775,309
Interest on securities:
Taxable			105,537				85,921				66,100
Tax exempt			—				4				208
Other interest income			16,780				29,667				37,215
Total Interest Income			948,622				960,330				878,832
Interest Expense
Interest on deposits			274,656				329,381				245,951
Interest on federal funds purchased and securities sold under    repurchase agreements			17,526				20,154				20,419
Other interest expense			20,302				26,374				59,584
Total Interest Expense			312,484				375,909				325,954
Net Interest Income			636,138				584,421				552,878
Provision for credit losses (PCL), LHFI			14,311				37,287				27,362
PCL, LHFI sale of 1-4 family mortgage loans			—				8,633				—
PCL, off-balance sheet credit exposures			(1,441	)			(4,665	)			(2,781	)
Net Interest Income After PCL			623,268				543,166				528,297
Noninterest Income
Service charges on deposit accounts			43,656				44,382				43,416
Bank card and other fees			33,382				33,301				33,439
Mortgage banking, net			33,082				26,626				26,216
Wealth management			40,112				37,251				35,092
Other, net			13,408				17,813				10,231
Securities gains (losses), net			—				(182,792	)			39
Total Noninterest Income (Loss)			163,640				(23,419	)			148,433
Noninterest Expense
Salaries and employee benefits			283,377				266,239				268,270
Services and fees			109,391				101,590				107,805
Net occupancy - premises			30,501				29,128				28,507
Equipment expense			25,802				24,915				25,844
Litigation settlement expense			—				—				6,500
Other expense			63,159				63,818				58,770
Total Noninterest Expense			512,230				485,690				495,696
Income from continuing operations before income taxes			274,678				34,057				181,034
Income taxes from continuing operations			50,543				(11,153	)			27,744
Income From Continuing Operations			224,135				45,210				153,290
Income from discontinued operations before income taxes			—				237,152				16,302
Income taxes from discontinued operations			—				59,353				4,103
Income From Discontinued Operations			—				177,799				12,199
Net Income		$	224,135			$	223,009			$	165,489
Earnings Per Share (EPS)
Basic EPS from continuing operations		$	3.72			$	0.74			$	2.51
Basic EPS from discontinued operations			—				2.91				0.20
Basic EPS (1)			3.72				3.65				2.71
Diluted EPS from continuing operations		$	3.70			$	0.74			$	2.50
Diluted EPS from discontinued operations			—				2.90				0.20
Diluted EPS (1)			3.70				3.63				2.70

(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 financial statements.

73

Trustmark Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income

($ in thousands)

		Years Ended December 31,
		2025				2024				2023
Net income per consolidated statements of income		$	224,135			$	223,009			$	165,489
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on available for sale securities and    transferred securities:
Net unrealized holding gains (losses) arising during the period			46,043				(10,249	)			38,133
Reclassification adjustment for net (gains) losses realized in    net income			—				137,094				(29	)
Change in net unrealized holding loss on securities transferred to    held to maturity			10,324				10,940				11,668
Pension and other postretirement benefit plans:
Change in the actuarial loss of pension and other postretirement    benefit plans			(495	)			1,095				(518	)
Reclassification adjustments for changes realized in net income:
Net change in prior service costs			11				83				83
Recognized net (gain) loss due to lump sum settlements			(59	)			(10	)			19
Change in net actuarial loss			95				186				133
Derivatives:
Change in the accumulated gain (loss) on effective cash flow    hedge derivatives			6,974				(16,674	)			(6,098	)
Reclassification adjustment for (gain) loss realized in net income			7,141				13,599				12,289
Other comprehensive income (loss), net of tax			70,034				136,064				55,680
Comprehensive income (loss)		$	294,169			$	359,073			$	221,169

See notes to consolidated financial statements.

74

Trustmark Corporation and Subsidiaries

Consolidated Statements of Changes in Shareholders' Equity

($ in thousands, except per share data)

																		Accumulated
																		Other
		Common Stock																Comprehensive
		Shares								Capital				Retained				Income
		Outstanding				Amount				Surplus				Earnings				(Loss)				Total
Balance, January 1, 2023			60,977,686			$	12,705			$	154,645			$	1,600,321			$	(275,403	)		$	1,492,268
Net income per consolidated statements of    income			—				—				—				165,489				—				165,489
Other comprehensive income (loss), net of    tax			—				—				—				—				55,680				55,680
Cash dividends paid on common stock    ($0.92 per share)			—				—				—				(56,653	)			—				(56,653	)
Shares withheld to pay taxes, long-term    incentive plan			93,487				20				(1,112	)			—				—				(1,092	)
Compensation expense, long-term    incentive plan			—				—				6,155				—				—				6,155
Balance, December 31, 2023			61,071,173				12,725				159,688				1,709,157				(219,723	)			1,661,847
Net income per consolidated statements of    income			—				—				—				223,009				—				223,009
Other comprehensive income (loss), net of    tax			—				—				—				—				136,064				136,064
Cash dividends paid on common stock    ($0.92 per share)			—				—				—				(56,790	)			—				(56,790	)
Shares withheld to pay taxes, long-term    incentive plan			140,003				29				(1,548	)			—				—				(1,519	)
Repurchase and retirement of common    stock			(203,153	)			(43	)			(7,456	)			—				—				(7,499	)
Compensation expense, long-term    incentive plan			—				—				7,215				—				—				7,215
Balance, December 31, 2024			61,008,023				12,711				157,899				1,875,376				(83,659	)			1,962,327
Net income per consolidated statements of    income			—				—				—				224,135				—				224,135
Other comprehensive income (loss), net of    tax			—				—				—				—				70,034				70,034
Cash dividends paid on common stock    ($0.96 per share)			—				—				—				(58,456	)			—				(58,456	)
Shares withheld to pay taxes, long-term    incentive plan			162,745				35				(2,575	)			—				—				(2,540	)
Repurchase and retirement of common    stock			(2,158,345	)			(450	)			(79,586	)			—				—				(80,036	)
Compensation expense, long-term    incentive plan			—				—				6,213				—				—				6,213
Balance, December 31, 2025			59,012,423			$	12,296			$	81,951			$	2,041,055			$	(13,625	)		$	2,121,677

See notes to consolidated financial statements.

75

Trustmark Corporation and Subsidiaries

Consolidated Statements of Cash Flows

($ in thousands)

		Years Ended December 31,
		2025				2024				2023
Operating Activities
Net income per consolidated statements of income		$	224,135			$	223,009			$	165,489
Adjustments to reconcile net income to net cash provided by operating activities:
PCL			12,870				41,255				24,581
Depreciation and amortization			39,997				38,067				35,756
Net (accretion) amortization of securities			(24,578	)			(10,571	)			6,140
Securities (gains) losses, net			—				182,792				(39	)
Gains on sales of loans, net			(19,988	)			(19,279	)			(13,599	)
Gain on disposition of business			—				(228,272	)			—
Compensation expense, long-term incentive plan			6,213				7,215				6,155
Deferred income tax provision			23,000				23,800				(4,800	)
Proceeds from sales of LHFS			1,176,762				1,161,563				1,149,609
Purchases and originations of LHFS			(1,197,318	)			(1,137,962	)			(1,177,563	)
Originations of MSR			(15,052	)			(13,291	)			(13,712	)
Earnings on bank-owned life insurance			(7,658	)			(4,078	)			(5,244	)
Net change in other assets			233				(6,225	)			(11,454	)
Net change in other liabilities			15,437				(108,545	)			34,376
Other operating activities, net			9,849				(32,549	)			1,192
Net cash from operating activities			243,902				116,929				196,887
Investing Activities
Proceeds from maturities, prepayments and calls of securities held to maturity			141,770				116,186				103,051
Proceeds from maturities, prepayments and calls of securities available for sale			219,282				243,981				301,344
Proceeds from sales of securities available for sale			—				1,378,272				4,796
Purchases of securities held to maturity			—				(10,644	)			(19,491	)
Purchases of securities available for sale			(317,685	)			(1,555,065	)			—
Net proceeds from bank-owned life insurance			2,556				(46	)			(46	)
Net change in federal funds sold and securities purchased under reverse    repurchase agreements			—				—				4,000
Net change in member bank stock			2,884				9,496				17,830
Net change in LHFI			(609,536	)			(220,974	)			(761,931	)
Proceeds from sales of 1-4 family mortgage loans			—				43,935				—
Purchases of premises and equipment			(11,949	)			(23,493	)			(40,082	)
Proceeds from sales of premises and equipment			4,185				2,219				1,863
Proceeds from sales of other real estate			4,979				4,980				2,410
Purchases of software			(8,262	)			(5,092	)			(8,575	)
Investments in tax credit and other partnerships			(14,423	)			(20,706	)			(16,343	)
Proceeds from disposition of business, net			—				321,345				—
Other, net			—				200				—
Net cash from investing activities			(586,199	)			284,594				(411,174	)
Financing Activities
Net change in deposits			391,609				(461,588	)			1,132,115
Net change in federal funds purchased and securities sold under    repurchase agreements			120,992				(81,737	)			(43,586	)
Net change in other borrowings			25,000				(200,058	)			(575,020	)
Payments under finance lease obligations			(452	)			(424	)			(721	)
Net proceeds from subordinated notes			171,936				—				—
Payment of subordinated notes			(125,000	)			—				—
Common stock dividends			(58,456	)			(56,790	)			(56,653	)
Repurchase and retirement of common stock			(80,036	)			(7,499	)			—
Shares withheld to pay taxes, long-term incentive plan			(2,540	)			(1,519	)			(1,092	)
Net cash from financing activities			443,053				(809,615	)			455,043
Net change in cash and cash equivalents			100,756				(408,092	)			240,756
Cash and cash equivalents at beginning of year			567,251				975,343				734,587
Cash and cash equivalents at end of year		$	668,007			$	567,251			$	975,343

See notes to consolidated financial statements.

76

Note 1 – Significant Accounting Policies

Business

Trustmark Corporation (Trustmark) is a bank holding company headquartered in Jackson, Mississippi. Through its subsidiaries, Trustmark operates as a financial services organization providing banking and financial solutions to corporate institutions and individual customers through offices in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. As previously disclosed, on August 4, 2025, Trustmark’s principal subsidiary, Trustmark National Bank, converted from a national banking association to a Mississippi-chartered banking corporation and changed its name to Trustmark Bank (TB). TB is a member bank of the Federal Reserve System and is supervised by the Federal Reserve Bank of Atlanta (FRBA) and the Mississippi Department of Banking and Consumer Finance (MDBCF).

Basis of Financial Statement Presentation

The consolidated financial statements include the accounts of Trustmark and all other entities in which Trustmark has a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP). The preparation of financial statements in conformity with these accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and income and expense during the reporting periods and the related disclosures. Although Management’s estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that in 2026 actual conditions could vary from those anticipated, which could affect Trustmark’s financial condition and results of operations. Actual results could differ from those estimates.

Securities

Securities are classified as either held to maturity or available for sale. Securities are classified as held to maturity and carried at amortized cost when Management has the positive intent and the ability to hold them until maturity. Securities to be held for indefinite periods of time are classified as available for sale and carried at fair value, with the unrealized holding gains and losses reported as a component of other comprehensive income (loss), net of tax. Securities available for sale are used as part of Trustmark’s interest rate risk management strategy and may be sold in response to changes in interest rates, changes in prepayment rates and other factors. Management determines the appropriate classification of securities at the time of purchase.

The amortized cost of debt securities classified as securities held to maturity or securities available for sale is adjusted for amortization of premiums and accretion of discounts to maturity of the security using the interest method. Such amortization or accretion is included in interest on securities. Realized gains and losses are determined using the specific identification method and are included in noninterest income as securities gains (losses), net.

Securities transferred from the available for sale category to the held to maturity category are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with the transfer of securities from available for sale to held to maturity are included in the balance of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets. These unrealized holding gains or losses are amortized over the remaining life of the security as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security.

ACL on Securities

Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 326, "Financial Instruments-Credit Losses," requires a current expected credit losses methodology for estimating allowances for credit losses and applies to all financial instruments carried at amortized cost, including securities held to maturity, and makes targeted improvements to the accounting for credit losses on securities available for sale.

Under FASB ASC Topic 326, the ACL is an estimate measured using relevant information about past events, including historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets.

Trustmark adopted a zero-credit loss assumption for certain classes of securities. This zero-credit loss assumption applies to debt issuances of the U.S. Treasury and agencies and instrumentalities of the United States government. The reasons behind the adoption of the zero-credit loss assumption were as follows:

77

•High credit rating

•Long history with no credit losses

•Guaranteed by a sovereign entity

•Widely recognized as “risk-free rate”

•Ability and authority to print its own currency

•Currency is routinely held by central banks, used in international commerce, and commonly viewed as reserve currency

•Currently under the U.S. Government conservatorship or receivership

Trustmark continuously monitors any changes in economic conditions, credit downgrades, changes to explicit or implicit guarantees granted to certain debt issuers, and any other relevant information that would indicate potential credit deterioration and prompt Trustmark to reconsider its zero-credit loss assumption.

Securities Available for Sale

FASB ASC Subtopic 326-30, “Financial Instruments-Credit Losses-Available-for-Sale Debt Securities,” replaced the concept of other-than-temporarily impaired with the ACL. Unlike securities held to maturity, securities available for sale are evaluated on an individual level and pooling of securities is not allowed.

Quarterly, Trustmark evaluates if any security has a fair value less than its amortized cost. Once these securities are identified, in order to determine whether a decline in fair value resulted from a credit loss or other factors, Trustmark performs further analysis as outlined below:

•Review the extent to which the fair value is less than the amortized cost and observe the security’s lowest credit rating as reported by third-party credit ratings companies.

•The securities that violate the credit loss triggers above would be subjected to additional analysis that may include, but is not limited to: changes in market interest rates, changes in securities credit ratings, security type, service area economic factors, financial performance of the issuer/or obligor of the underlying issue and third-party guarantee.

•If Trustmark determines that a credit loss exists, the credit portion of the allowance will be measured using a discounted cash flow (DCF) analysis using the effective interest rate as of the security’s purchase date. The amount of credit loss Trustmark records will be limited to the amount by which the amortized cost exceeds the fair value.

The DCF analysis utilizes contractual maturities, as well as third-party credit ratings and cumulative default rates published annually by Moody’s Investor Service (Moody’s).

Accrued interest receivable is excluded from the estimate of credit losses for securities available for sale and reported in other assets on the consolidated balance sheets.

Securities Held to Maturity

FASB ASC Subtopic 326-20, “Financial Instruments-Credit Losses-Measured at Amortized Cost,” requires institutions to measure expected credit losses on financial assets carried at amortized cost on a collective or pool basis when similar risks exist. Trustmark uses several levels of segmentation to measure expected credit losses for its held to maturity securities:

•The portfolio is segmented into agency and non-agency securities.

•The non-agency securities are separated into municipal, mortgage, and corporate securities.

•Each individual segment is categorized by third-party credit ratings.

As discussed above, Trustmark has determined that for certain classes of securities it would be appropriate to assume the expected credit loss to be zero, which include debt issuances of the U.S. Treasury and agencies and instrumentalities of the United States government. This assumption is reviewed and attested to quarterly. Trustmark uses an internally built model to verify the accuracy of third-party provided calculations.

Accrued interest receivable is excluded from the estimate of credit losses for securities held to maturity and included in other assets on the consolidated balance sheets.

Trustmark monitors the credit quality of securities held to maturity on a monthly basis through credit ratings.

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LHFS

Trustmark's LHFS portfolio consists of mortgage loans purchased from wholesale customers or originated in Trustmark’s General Banking Segment. Trustmark has elected to account for its LHFS under the fair value option permitted by FASB ASC Subtopic 825-10, “Financial Instruments-Overall,” with interest income on the LHFS reported in interest and fees on LHFS and LHFI. Trustmark reports unrealized gains and losses resulting from changes in the fair value of the LHFS accounted for under the fair value option as noninterest income in mortgage banking, net. LHFS are actively managed and monitored and certain market risks of the loans may be mitigated through the use of derivatives. These derivative instruments are carried at fair value with changes in the fair value reported as noninterest income in mortgage banking, net. Changes in the fair value of the LHFS are largely offset by changes in the fair value of the derivative instruments. Election of the fair value option allows Trustmark to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for its LHFS at the lower of cost or fair value and the derivative instruments at fair value. Realized gains and losses upon ultimate sale of the loans are reported as noninterest income in mortgage banking, net.

Government National Mortgage Association (GNMA) optional repurchase programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the institution provides servicing. At the servicer’s option and without GNMA’s prior authorization, the servicer may repurchase such a delinquent loan for an amount equal to 100 percent of the remaining principal balance of the loan. Under FASB ASC Topic 860, “Transfers and Servicing,” this buy-back option is considered a conditional option until the delinquency criteria are met, at which time the option becomes unconditional. When Trustmark is deemed to have regained effective control over these loans under the unconditional buy-back option, the loans can no longer be reported as sold and must be brought back onto the balance sheet as LHFS, regardless of whether Trustmark intends to exercise the buy-back option. These loans are reported as LHFS with the offsetting liability being reported as short-term borrowings. The fair value option election does not apply to the GNMA optional repurchase loans which do not meet the requirements under FASB ASC Subtopic 825-10 to be accounted for under the fair value option.

Trustmark defers the upfront loan fees and costs related to the LHFS. In general, the LHFS are only retained on Trustmark’s consolidated balance sheets for 30 to 45 days before they are pooled and sold in the secondary market. The difference between deferring these loan fees and costs until the loans are sold and recognizing them in earnings as incurred as required by FASB ASC Subtopic 825-10 is considered immaterial. Deferred loan fees and costs are reflected in the basis of the LHFS and, as such, impact the resulting gain or loss when the loans are sold.

LHFI

LHFI are loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off and are reported at amortized cost net of the ACL. Amortized cost is the amount of unpaid principal, adjusted for the net amount of direct costs and nonrefundable loan fees associated with lending. The net amount of nonrefundable loan origination fees and direct costs associated with the lending process, including commitment fees, is deferred and accreted to interest income over the lives of the loans using a method that approximates the interest method. Interest on LHFI is accrued and recorded as interest income based on the outstanding principal balance.

Past due LHFI are loans contractually past due 30 days or more as to principal or interest payments. A LHFI is classified as nonaccrual, and the accrual of interest on such loan is discontinued, when the contractual payment of principal or interest becomes 90 days past due on commercial credits and 120 days past due on non-business purpose credits. In addition, a credit may be placed on nonaccrual at any other time Management has serious doubts about further collectability of principal or interest according to the contractual terms, even though the loan is currently performing. A LHFI may remain in accrual status if it is in the process of collection and well-secured. When a LHFI is placed in nonaccrual status, interest accrued but not received is reversed against interest income. Interest payments received on nonaccrual LHFI are applied against principal under the cost-recovery method, until qualifying for return to accrual status. Under the cost-recovery method, interest income is not recognized until the principal balance is reduced to zero. LHFI are restored to accrual status when the ultimate collectability of the total contractual principal and interest is no longer in doubt and the obligation has either been brought current or has performed in accordance with the contractual terms for a reasonable period of time.

Purchased Credit Deteriorated (PCD) Loans

Purchased loans which have experienced more than insignificant credit deterioration since origination are considered PCD loans. An initial ACL for PCD loans is determined at acquisition using the same ACL methodology as the LHFI. The initial ACL determined on a collective basis is allocated to individual loans. PCD loans are reported at the amortized cost, which equals the loan purchased price plus the initial ACL. The difference between the amortized cost basis of the PCD loan and the par value of the loan is the noncredit premium or discount, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through the PCL, LHFI.

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Upon adoption of FASB ASC Topic 326, Trustmark elected to maintain pools of loans that were previously accounted for under FASB ASC Subtopic 310-30, “Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality,” and will continue to account for these pools as a unit of account. Loans are only removed from the existing loan pools if they are written off, paid off or sold. Upon adoption of FASB ASC Topic 326, the ACL was determined for each pool and added to the pool’s carrying value to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the noncredit premium or discount which will be amortized into interest income over the remaining life of the pool. Changes to the ACL after adoption of FASB ASC Topic 326 are recorded through the PCL, LHFI.

ACL on LHFI and Off-Balance Sheet Credit Exposures

LHFI

Trustmark’s ACL methodology for LHFI is based upon guidance within FASB ASC Subtopic 326-20 as well as applicable regulatory guidance. The ACL on LHFI is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Credit quality within the LHFI portfolio is continuously monitored by Management and is reflected within the ACL on LHFI. The ACL on LHFI is an estimate of expected losses inherent within Trustmark’s existing LHFI portfolio. The ACL on LHFI is adjusted through the PCL, LHFI and reduced by the charge off of loan amounts, net of recoveries.

The loan loss estimation process involves procedures to appropriately consider the unique characteristics of Trustmark’s LHFI portfolio segments. These segments are further disaggregated into loan classes, the level at which credit risk is estimated. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Evaluations of the portfolio and individual credits are inherently subjective, as they require estimates, assumptions and judgments as to the facts and circumstances of particular situations. Determining the appropriateness of the allowance is complex and requires judgment by Management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall LHFI portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense.

Trustmark estimates the ACL on LHFI using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Trustmark uses a third-party software application to calculate the quantitative portion of the ACL on LHFI using a methodology and assumptions specific to each loan pool. The qualitative portion of the allowance is based on general economic conditions and other internal and external factors affecting Trustmark as a whole as well as specific LHFI. Factors considered include the following: lending policies and procedures, economic conditions and concentrations of credit, nature and volume of the portfolio, performance trends, and external factors. The quantitative and qualitative portions of the allowance are added together to determine the total ACL on LHFI, which reflects Management’s expectations of future conditions based on reasonable and supportable forecasts.

The methodology for estimating the amount of expected credit losses reported in the ACL on LHFI has two basic components: a collective, or pooled, component for estimated expected credit losses for pools of loans that share similar risk characteristics, and an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans. In estimating the ACL for the collective component, loans are segregated into loan pools based on loan product types and similar risk characteristics.

Trustmark determined that reasonable and supportable forecasts could be made for a twelve-month period for all of its loan pools. To the extent the lives of the loans in the LHFI portfolio extend beyond this forecast period, Trustmark uses a reversion period of four quarters and reverts to the historical mean on a straight-line basis over the remaining life of the loans.

The ACL for individual loans that do not share risk characteristics with other loans is measured as the difference between the discounted value of expected future cash flows, based on the effective interest rate at origination, and the amortized cost basis of the loan, or the net realizable value. The ACL is the difference between the loan’s net realizable value and its amortized cost basis (net of previous charge-offs and deferred loan fees and costs), except for collateral-dependent loans. A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the sale of the collateral. The expected credit loss for collateral-dependent loans is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, adjusted for the estimated cost to sell. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or the ‘as is’ value of the collateral, normally from recently received and reviewed appraisals. Current appraisals are ordered on an annual basis based on the inspection date or more often if market conditions necessitate. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by Trustmark’s Appraisal Review Department to ensure they are acceptable, and values are adjusted down for costs associated with asset disposal. If the calculated expected credit loss is determined to be permanent or not recoverable, the amount of the expected credit loss is charged off.

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Accrued interest receivable is not included in the amortized cost basis of Trustmark’s LHFI and, therefore, excluded from the estimate of credit losses for LHFI.

LHFI are charged off against the ACL on LHFI, with any subsequent recoveries credited back to the ACL on LHFI account. Recoveries may not exceed the aggregate of amounts previously charged off. Trustmark’s Loan Policy Manual dictates the guidelines to be followed in determining when a loan is charged off. Commercial purpose LHFI are charged off when a determination is made that the loan is uncollectible and continuance as a bankable asset is not warranted. Consumer LHFI secured by 1-4 family residential real estate are generally charged off or written down to the fair value of the collateral less cost to sell at no later than 180 days of delinquency. Non-real estate consumer purpose LHFI, including both secured and unsecured loans, are generally charged off by 120 days of delinquency. Consumer revolving lines of credit and credit card debt are generally charged off on or prior to 180 days of delinquency.

ACL on Off-Balance Sheet Credit Exposures

Under FASB ASC Subtopic 326-20, Trustmark is required to estimate expected credit losses for off-balance sheet credit exposures which are not unconditionally cancellable. Trustmark maintains a separate ACL on off-balance sheet credit exposures, including unfunded loan commitments and letters of credit.

Expected credit losses for off-balance sheet credit exposures are estimated by calculating a commitment usage factor over the contractual period for exposures that are not unconditionally cancellable by Trustmark. Trustmark calculates a loan pool level unfunded amount for the period. Trustmark views the loan pools as either closed-ended or open-ended. Closed-ended loan pools are those that typically fund up to 100% such as other construction and nonowner-occupied. Open-ended loan pools are those that behave similar to a revolver such as the commercial and industrial, letters of credit and home equity line of credit loan pools. In addition to the unfunded balances, Trustmark uses a funding rate for loan pools that are considered open-ended. Trustmark calculates the funding rate of the open-ended loan pools each period. In order to mitigate volatility and incorporate historical experience in the funding rate, Trustmark uses a twelve-quarter moving average. For the closed-ended loan pools, Trustmark takes a conservative approach and uses a 100% funding rate. The expected funding rate is applied to each pool’s unfunded commitment balances to ensure that reserves will be applied to each pool based on balances expected to be funded based upon historical levels. In addition to the funding rate being applied to the unfunded commitment balance, a reserve rate is applied, which includes both quantitative and a majority of the qualitative aspects of the current period's expected credit loss rate. During 2024, Management implemented a performance trends qualitative factor for unfunded commitments and an External Factor – Credit Quality Review qualitative factor for unfunded commitments. For both qualitative factors, the same assumptions are applied in the unfunded commitment calculation that are used in the funded balance calculation with the only difference being the unfunded commitment calculation includes the funding rates for the unfunded commitments. The reserves for these two qualitative factors are added to the other calculated reserve to get a total reserve for off-balance sheet credit exposures. During the third quarter of 2025, Management determined that the risk related to delayed identification and downgrading of commercial loans had sufficiently diminished and, as a result, resolved the External Factor – Credit Quality Review qualitative factor and released the associated reserves. Adjustments to the ACL on off-balance sheet credit exposures are recorded to the PCL, off-balance sheet credit exposures.

No credit loss estimate is reported for off-balance sheet credit exposures that are unconditionally cancellable by Trustmark or for undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement.

Premises and Equipment, Net

Premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is charged to expense over the estimated useful lives of the assets, which are up to thirty-nine years for buildings and three to ten years for furniture and equipment. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. In cases where Trustmark has the right to renew the lease for additional periods, the lease term for the purpose of calculating amortization of the capitalized cost of the leasehold improvements is extended when Trustmark is “reasonably assured” that it will renew the lease. Depreciation and amortization expenses are computed using the straight-line method. Trustmark continually evaluates whether events and circumstances have occurred that indicate that such long-lived assets have become impaired. Measurement of any impairment of such long-lived assets is based on the fair values of those assets.

Branch closures and purchased land held for future branch expansion for more than five years are evaluated to determine if the related land, buildings and building improvements should be transferred to assets held for sale in accordance with FASB ASC Topic 360, “Property, Plant and Equipment.” The property is transferred to assets held for sale at the lower of its carrying value or fair value less cost to sell. An impairment loss is recorded at the time of transfer if the carrying value of the assets exceeds the fair value. Impairment losses are recorded as noninterest expense in other expense.

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MSR

Trustmark recognizes as assets the rights to service mortgage loans based on the estimated fair value of the MSR when loans are sold and the associated servicing rights are retained. Trustmark has elected to account for the MSR at fair value.

The fair value of the MSR is determined using a valuation model administered by a third party that calculates the present value of estimated future net servicing income. Estimates of fair value involve several assumptions, including the key valuation assumptions about market expectations of future prepayment rates, interest rates and discount rates which are provided by a third-party firm. Prepayment rates are projected using an industry standard prepayment model. The model considers other key factors, such as a wide range of standard industry assumptions tied to specific portfolio characteristics such as remittance cycles, escrow payment requirements, geographic factors, foreclosure loss exposure, VA no-bid exposure, delinquency rates and cost of servicing, including base cost and cost to service delinquent mortgages. Prevailing market conditions at the time of analysis are factored into the accumulation of assumptions and determination of servicing value.

Trustmark economically hedges changes in the fair value of the MSR attributable to interest rates. See the section titled “Derivative Financial Instruments – Derivatives Not Designated as Hedging Instruments” of this note for information regarding these derivative instruments.

Trustmark receives annual servicing fee income for loans serviced, which is recorded as noninterest income in mortgage banking, net. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Late fees and ancillary fees related to loan servicing are not considered material.

Goodwill and Identifiable Intangible Assets

Trustmark accounts for goodwill and other intangible assets in accordance with FASB ASC Topic 350, “Intangibles – Goodwill and Other.” Goodwill, which represents the excess of cost over the fair value of the net assets of an acquired business, is not amortized but tested for impairment on an annual basis, which is October 1 for Trustmark, or more often if events or circumstances indicate that there may be impairment.

Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with a related contract, asset or liability. Trustmark’s identifiable intangible assets primarily relate to core deposits and borrower relationships. These intangibles, which have definite useful lives, are amortized on an accelerated basis over their estimated useful lives. In addition, these intangibles are evaluated for impairment whenever events and changes in circumstances indicate that the carrying amount should be reevaluated. Trustmark also purchased banking charters in order to facilitate its entry into the states of Florida and Texas. These identifiable intangible assets were amortized on a straight-line method over 20 years.

Other Real Estate

Other real estate includes assets that have been acquired in satisfaction of debt through foreclosure and is recorded at the fair value less cost to sell (estimated fair value) at the time of foreclosure. Fair value is based on independent appraisals and other relevant factors. When foreclosed real estate is received in full satisfaction of a loan, the amount, if any, by which the recorded amount of the loan exceeds the estimated fair value of the property is a loss charged against the ACL at the time of foreclosure. If the recorded amount of the loan is less than the estimated fair value of the property, a credit is recorded to write-downs of other real estate at the time of foreclosure.

Other real estate is revalued on an annual basis or more often if market conditions necessitate. An other real estate specific reserve may be recorded through other real estate expense for declines in fair value subsequent to foreclosure based on recent appraisals or changes in market conditions. Subsequent to foreclosure, losses on the periodic revaluation of the property are charged against an existing other real estate specific reserve or as noninterest expense in other real estate expense if a reserve does not exist. Costs of operating and maintaining the properties as well as gains or losses on their disposition are also included in other real estate expense as incurred. Improvements made to properties are capitalized if the expenditures are expected to be recovered upon the sale of the properties.

Leases

Lessor Arrangements

Trustmark leases certain types of machinery and equipment to its commercial customers through sales-type and direct financing leases as part of its equipment financing portfolio. Sales-type and direct financing leases are similar to other forms of installment lending in that lessors generally do not retain benefits and risks incidental to ownership of the property subject to the leases. Such arrangements

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are essentially financing transactions that permit lessees to acquire and use property. Trustmark does not have any significant operating leases in which it is the lessor.

As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in LHFI on the consolidated balance sheets. Trustmark has made an accounting policy election to exclude from consideration in the contract and from variable payments not included in the consideration in the contract the taxes assessed and collected from the lessee in accordance with FASB ASC Subtopic 842-10-15-39A. Interest income is accrued as earned over the term of the lease based on the net investment in the leases and is recognized in interest and fees on LHFS and LHFI on the consolidated statements of income. Certain fees or costs associated with lease originations are deferred and accreted or amortized to interest income over the life of the lease using the effective interest method.

Trustmark’s portfolio of sales-type and direct financing leases generally have remaining lease terms of three to ten years, some of which include renewal options and/or options for the lessee to purchase the leased property near or at the end of the lease term at either the residual value or a specified price. Trustmark expects to sell or release the equipment at the end of the lease term. Due to the structure of these leases, there is no selling profit or loss on these transactions.

Lessee Arrangements

Trustmark has certain contracts that it has identified as leases according to FASB ASC Topic 842, "Leases". Trustmark classifies these leases as either operating or finance leases and recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability represents the present value of the lease payments that remain unpaid as of the commencement date and the right-of-use asset is the initial lease liability recognized for the lease plus any lease payments made to the lessor at or before the commencement date as well as any initial direct costs less any lease incentives received. Trustmark accounts for the lease and nonlease components separately as such amounts are readily determinable.

Trustmark’s finance leases consist of building leases. Trustmark recognizes interest expense based on the discount rate of the lease as interest expense in other interest expense and recognizes depreciation expense on a straight-line basis over the lease term as noninterest expense in net occupancy – premises for building leases and in equipment expense for equipment leases. Trustmark amortizes the right-of-use asset over the life of the lease term on a straight-line basis. Trustmark’s lease liabilities are measured as the present value of the remaining lease payments throughout the lease term. Trustmark records its finance lease right-of-use assets in premises and equipment, net and its finance lease liabilities in other borrowings.

Trustmark’s operating leases primarily consist of building and land leases. Trustmark recognizes lease rent expense on a straight-line basis over the term of the lease contract and records it as noninterest expense in net occupancy – premises for building and land leases and in equipment expense for equipment leases. Trustmark’s amortization of the right-of-use asset is the difference between the straight-line lease expense and the interest expense recognized on the lease liability during the period. Trustmark’s lease liabilities are measured as the present value of the remaining lease payments throughout the lease term.

Trustmark’s leases typically have one or more renewal options included in the lease contract. Due to the nature of Trustmark’s leases, for leases with renewal options available, Trustmark considers the first renewal option as reasonably certain to renew and is therefore included in the measurement of the right-of-use assets and lease liabilities.

In order to calculate its right-of-use assets and lease liabilities, FASB ASC Topic 842 requires Trustmark to use the rate of interest implicit in the lease when readily determinable. If the rate implicit in the lease is not readily determinable, Trustmark is required to use its incremental borrowing rate, which is the rate of interest Trustmark would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. Trustmark was able to determine the implicit interest rate for its equipment leases and used that rate as its discount rate. Since the implicit interest rate for most of its building and land leases were not readily determinable, Trustmark used its incremental borrowing rate.

Trustmark made an accounting policy election to not recognize short-term leases (12 months or less) on the consolidated balance sheets. Trustmark’s short-term leases primarily include automated teller machines. For short-term leases, Trustmark recognizes lease expense on a straight-line basis over the lease term.

Federal Home Loan Bank (FHLB) and FRBA Stock

Trustmark accounts for its investments in FHLB and FRBA stock in accordance with FASB ASC Subtopic 942-325, “Financial Services-Depository and Lending-Investments-Other.” FHLB and FRBA stock are equity securities that do not have a readily determinable fair value because its ownership is restricted and it lacks a market. FHLB and FRBA stock are carried at cost and evaluated for impairment. Trustmark’s investment in member bank stock is included in other assets in the accompanying consolidated balance sheets. At December

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31, 2025 and 2024, Trustmark’s investment in member bank stock totaled $42.0 million and $44.9 million, respectively. The carrying value of Trustmark’s member bank stock gave rise to no other-than-temporary impairment for the years ended December 31, 2025, 2024 and 2023.

Revenue from Contracts with Customers

Trustmark accounts for revenue from contracts with customers in accordance with FASB ASC Topic 606, “Revenue from Contracts with Customers,” which provides that revenue be recognized in a manner that depicts the transfer of goods or services to a customer in an amount that reflects the consideration Trustmark expects to be entitled to in exchange for those goods or services. Revenue from contracts with customers is recognized either over time in a manner that depicts Trustmark’s performance, or at a point in time when control of the goods or services are transferred to the customer. Trustmark’s noninterest income, excluding all of mortgage banking, net and securities gains (losses), net and portions of bank card and other fees and other, net, are considered within the scope of FASB ASC Topic 606. Gains or losses on the sale of other real estate, which are included in Trustmark’s noninterest expense as other expense, are also within the scope of FASB ASC Topic 606.

General Banking Segment

Service Charges on Deposit Accounts

In general, deposit accounts represent contracts with customers with no fixed duration and can be terminated or modified by either party at any time without compensation to the other party. According to FASB ASC Topic 606, a contract that can be terminated by either party without compensation does not exist for periods beyond the then-current period. Therefore, deposit contracts are considered to renew day-to-day if not minute-to-minute.

Deposit contracts have a single continuous or stand-ready service obligation whereby Trustmark makes customer funds available for use by the customer as and when the customer chooses as well as other services such as statement rendering and online banking. The specific services provided vary based on the type of deposit account. These services are not individually distinct, but are distinct as a group, and therefore, constitute a single performance obligation which is satisfied over time and qualifies as a series of distinct service periods.

Trustmark receives a fixed service charge amount as consideration monthly for services rendered. The service charge amount varies based on the type of deposit account. Some of the service charge revenue is subject to refund provisions, which is variable consideration under the guidelines of FASB ASC Topic 606. Trustmark has elected the ‘as-invoiced’ practical expedient permitted under FASB ASC Topic 606 for recognition of service charge revenue. Therefore, revenue is recognized at the time and in the amount the customer is charged. The service charge revenue is presented net of refunded amounts on Trustmark’s consolidated statements of income.

Services related to non-sufficient funds, overdrafts, excess account activity, stop payments, dormant accounts, etc. are considered optional purchases for a deposit contract because there is no performance obligation for Trustmark until the service is requested by the customer or the occurrence of a triggering event. Fees for these services are fixed amounts and are charged to the customer when the service is performed. Revenue is recognized at the time the customer is charged.

Bank Card and Other Fees

Revenue from contracts with customers in bank card and other fees includes income related to interchange fees and various other contracts which primarily consists of contracts with a single performance obligation that is satisfied at a point in time. Trustmark receives a fixed consideration amount once the performance obligation is completed for these contracts. Trustmark reports revenue from these contracts net of amounts refunded or due to a third party.

As both a debit and credit card issuer, Trustmark receives an interchange fee for every card transaction completed by its customers with a merchant. Trustmark receives two types of interchange fees: point-of-sale transactions in which the customer must enter the PIN associated with the card to complete the transaction (a debit card transaction), and signature transactions in which the signature (physical or electronic) of the customer is required to complete the transaction or the transaction is completed using Near Field Communication (NFC) or EMV chip technology (a credit card transaction).

Trustmark, as the card issuing or settlement bank, has a contract (implied based on customary business practices) with the payment network in which Trustmark has a single continuous service obligation to make funds available for settlement of the card transaction. Trustmark’s service obligation is satisfied over time and qualifies as a series of distinct service periods. Trustmark receives interchange fees as consideration for services rendered in the amount established by the respective payment network. The interchange fees are

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established by the payment network based on the type of transaction and is posted on their website. Trustmark receives and records interchange fee revenue from the payment networks daily net of all fees and amounts due to the payment network.

Other Income

Revenue from contracts with customers in other income includes income related to cash management services and other contracts with a single performance obligation that is satisfied at a point in time. Trustmark receives a fixed consideration amount once the performance obligation is completed for these contracts. Trustmark reports revenue from these contracts net of amounts refunded or due to a third party.

Trustmark provides cash management services through the delivery of various products and services offered to its business and municipal customers including various departments of state, city and local governments, universities and other non-profit entities. Similar to the deposit account contracts, the cash management contracts primarily represent contracts with customers with no fixed duration and can be terminated or modified by either party at any time without compensation to the other party. Therefore, cash management contracts are generally considered to renew day-to-day if not minute-to-minute.

Cash management contracts have a single continuous or stand-ready service obligation whereby Trustmark makes a specific service or group of services available for use by the customer as and when the customer chooses. The specific services provided vary based on the type of account or product. These services are not individually distinct, but are distinct as a group, and therefore, constitute a single performance obligation which is satisfied over time and qualifies as a series of distinct service periods.

Trustmark receives a set service charge or maintenance fee amount as consideration monthly for services rendered. However, some of the fees are based on the number of transactions that occur (i.e., flat fee for a set number of transactions per month then an additional charge for each transaction after that) or the average daily account balance maintained by the customer during the month and a small amount of the cash management fee revenue is subject to refund provisions. These fees represent variable consideration under the guidelines of FASB ASC Topic 606. Trustmark has elected the ‘as-invoiced’ practical expedient permitted under FASB ASC Topic 606 for recognition of cash management fee revenue. The cash management revenue is presented net of any refunded amounts on Trustmark’s consolidated statements of income.

Trustmark’s merchant services provider contracts directly with Trustmark business customers and provides Trustmark’s merchant customers card processing equipment and transaction processing services. Trustmark’s contract with the merchant services provider has a single-continuous service obligation to provide customer referrals for potential new accounts which is satisfied over time and qualifies as a series of distinct service periods. Trustmark receives a flat fee for each new account established and a percentage of the residual income related to transactions processed for Trustmark’s merchant customers each month as provided in the contract. Under the guidelines of FASB ASC Topic 606, the fee received for each new account and the profit sharing represent variable consideration. Revenue from merchant card services contracts is recognized monthly using a time-elapsed measure of progress. Trustmark has elected the ‘as-invoiced’ practical expedient permitted under FASB ASC Topic 606 for recognition of the merchant card services revenue.

Other Real Estate

Trustmark records a gain or loss from the sale of other real estate when control of the property transfers to the buyer. Trustmark records the gain or loss from the sale of other real estate in noninterest expense as other expense. Other real estate sales for the year ended December 31, 2025 resulted in a net loss of $1.8 million compared to a net loss of $1.1 million for the year ended December 31, 2024 and a net loss of $145 thousand for the year ended December 31, 2023.

In general, purchases of Trustmark’s other real estate property are not financed by Trustmark. Financing the purchase of other real estate is evaluated based upon the same lending policies and procedures as all other types of loans. Under FASB ASC Subtopic 610-20, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets,” when Trustmark finances the sale of its other real estate to a buyer, Trustmark is required to assess whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these two criteria are met, Trustmark derecognizes the other real estate asset and records a gain or loss on the sale once control of the property is transferred to the buyer.

Wealth Management Segment

Trust Management

There are four categories of revenue included in trust management: personal trust and investments, retirement plan services, institutional custody and other. Each of these categories includes multiple types of contracts, service obligations and fee income. However, the majority of these contracts include a single service obligation that is satisfied over time, the customer is charged in arrears for services

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rendered and revenue is recognized when payment is received. In general, the time period between when the service obligation is completed and when payment from the customer is received is less than 30 days. Revenue from trust management contracts is primarily related to monthly service periods and based on the prior month-end’s market value. Some trust management revenue is mandated by a court order, while other revenue consists of flat fees. Trust management revenue based on an account’s market value represents variable consideration under the guidelines of FASB ASC Topic 606. Trustmark has elected the ‘as-invoiced’ practical expedient allowed under FASB ASC Topic 606 to account for the trust management revenue.

Assets under administration held by Trustmark in a fiduciary or agency capacity for customers are not included in Trustmark’s consolidated balance sheets.

Investment Services

Investment services includes both brokerage and annuity income. Trustmark has a contract with a third-party investment services company which contains a single continuous service obligation, to provide broker-dealer and advisory services to customers on behalf of the third-party, which is satisfied over time and qualifies as a series of distinct service periods. Trustmark serves as the agent between the third-party investment services company, the principle, and the customer. In accordance with the contract, Trustmark receives a monthly payment from the investment services company for commissions and advisory fees (asset management fees) earned on transactions completed in the prior month net of all charges and fees due to the investment services company. Trustmark recognizes revenue from the investment services company, net of the revenue sharing expense due to the investment services company, when the payments are received. Commissions vary from month-to-month based on the specific products and transactions completed. The advisory fees vary based on the average daily balance of the managed assets for the period. The commissions and advisory fees represent variable consideration under FASB ASC Topic 606. Trustmark has elected the ‘as-invoiced’ practical expedient allowed under FASB ASC Topic 606 to recognize revenue from the investment services company.

Derivative Financial Instruments

Trustmark maintains an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. Trustmark’s interest rate risk management strategy involves modifying the repricing characteristics of certain assets and liabilities so that changes in interest rates do not adversely affect the net interest margin and cash flows. Under the guidelines of FASB ASC Topic 815, “Derivatives and Hedging,” all derivative instruments are required to be recognized as either assets or liabilities and carried at fair value on the consolidated balance sheets. The fair value of derivative positions outstanding is included in other assets and/or other liabilities in the accompanying consolidated balance sheets and in the net change in these financial statement line items in the accompanying consolidated statements of cash flows as well as included in noninterest income in the accompanying consolidated statements of income and other comprehensive income (loss), net of tax in the accompanying consolidated statements of comprehensive income. Trustmark’s interest rate derivative instruments are subject to master netting agreements, and therefore, eligible for offsetting in the consolidated balance sheets. Trustmark has elected to not offset any derivative instruments in its consolidated balance sheets.

Derivatives Designated as Hedging Instruments

FASB ASC Topic 815 provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge.

When entering into a hedge transaction, Trustmark formally documents the relationship between the hedging instrument and the hedged item, as well as the risk management objective and strategy for undertaking the hedge transaction, which includes designating the derivative instrument as a fair value or cash flow hedge to a specific asset or liability on the consolidated balance sheets or to specific forecasted transactions and the risk being hedged, along with a formal assessment at the inception of the hedge as to the effectiveness

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of the derivative instrument in offsetting changes in fair values or cash flows of the hedged item. Trustmark continues to assess hedge effectiveness on an ongoing basis using either a qualitative or a quantitative assessment (regression analysis).

As required by FASB ASC Topic 815, Trustmark records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether Trustmark has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. For cash flow hedges, changes in the fair value of the derivative instrument are recorded in accumulated other comprehensive income (loss) and subsequently reclassified to net income in the same period that the hedged transaction impacts net income. Upon discontinuation of hedge accounting for cash flow hedges, any amounts in accumulated other comprehensive income (loss) related to that relationship affects earnings at the same time and in the same manner in which the hedged transaction affects earnings. If it becomes probable that the forecasted transaction will not occur, any related amounts in accumulated other comprehensive income (loss) are reclassified to earnings immediately.

Derivatives Not Designated as Hedging Instruments

As part of Trustmark’s risk management strategy in the mortgage banking area, derivative instruments such as forward sales contracts are utilized. Trustmark’s obligations under forward contracts consist of commitments to deliver mortgage loans, originated and/or purchased, in the secondary market at a future date. Changes in the fair value of these derivative instruments are recorded as noninterest income in mortgage banking, net and are offset by changes in the fair value of LHFS. See Note 1 – Significant Accounting Policies, “LHFS” for information regarding the fair value option election.

Trustmark also utilizes derivative instruments such as interest rate lock commitments in its mortgage banking area. Rate lock commitments are residential mortgage loan commitments with customers, which guarantee a specified interest rate for a specified time period. Changes in the fair value of these derivative instruments are recorded as noninterest income in mortgage banking, net and are offset by the changes in the fair value of forward sales contracts.

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 economically hedges changes in the fair value of the MSR attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting. These exchange-traded derivative instruments are accounted for at fair value with changes in the fair value recorded as noninterest income in mortgage banking, net and are offset by 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 the fair value of the 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.

Trustmark offers certain derivatives products directly to qualified commercial lending clients seeking to manage their interest rate risk. Trustmark economically hedges interest rate swap transactions executed with commercial lending clients by entering into offsetting interest rate swap transactions with institutional derivatives market participants. Derivative transactions executed as part of this program are not designated as qualifying hedging relationships and are, therefore, carried at fair value with the change in fair value recorded as noninterest income in bank card and other fees. Because these derivatives have mirror-image contractual terms, in addition to collateral provisions which mitigate the impact of non-performance risk, the changes in fair value are expected to substantially offset. The offsetting interest rate swap transactions are either cleared through the Chicago Mercantile Exchange for clearable transactions or booked directly with institutional derivatives market participants for non-clearable transactions. The Chicago Mercantile Exchange rules legally characterize variation margin collateral payments made or received for centrally cleared interest rate swaps as settlements rather than collateral. As a result, centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets.

Income Taxes

Trustmark accounts for uncertain tax positions in accordance with FASB ASC Topic 740, “Income Taxes,” which clarifies the accounting and disclosure for uncertainty in tax positions. Under the guidance of FASB ASC Topic 740, Trustmark accounts for deferred income taxes using the liability method. Deferred tax assets and liabilities are based on temporary differences between the financial statement carrying amounts and the tax basis of Trustmark’s assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled and are presented net in the accompanying consolidated balance sheets in other assets.

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Stock-Based Compensation

Trustmark accounts for the stock and incentive compensation under the provisions of FASB ASC Topic 718, “Compensation – Stock Compensation.” Under this accounting guidance, fair value is established as the measurement objective in accounting for stock awards and requires the application of a fair value based measurement method in accounting for compensation cost, which is recognized over the requisite service period. Trustmark has elected to account for forfeitures of stock awards as they occur.

Statements of Cash Flows

For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks. The following table reflects specific transaction amounts for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
Income taxes paid		$	52,165			$	21,472			$	38,803
Interest paid on deposits and borrowings			314,753				385,779				306,568
Noncash transfers from loans to other real estate			8,471				6,782				7,237
Investment in tax credit partnership not funded			—				4,839				3,202
Operating right-of-use assets resulting from lease liabilities			1,745				1,831				7,303

Per Share Data

Trustmark accounts for per share data in accordance with FASB ASC Topic 260, “Earnings Per Share,” which provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of EPS pursuant to the two-class method. Trustmark has determined that its outstanding unvested stock awards are not participating securities and as a result are not included in the computation of basic EPS. Based on this determination, no change has been made to Trustmark’s current computation for basic and diluted EPS.

Basic EPS is computed by dividing net income by the weighted-average shares of common stock outstanding. Diluted EPS is computed by dividing net income by the weighted-average shares of common stock outstanding, adjusted for the effect of potentially dilutive stock awards outstanding during the period.

The following table reflects weighted-average shares used to calculate basic and diluted EPS for the periods presented (in thousands):

		Years Ended December 31,
		2025				2024				2023
Basic shares			60,310				61,158				61,054
Dilutive shares			232				226				177
Diluted shares			60,542				61,384				61,231

Weighted-average antidilutive stock awards were excluded in determining diluted EPS. The following table reflects weighted-average antidilutive stock awards for the periods presented (in thousands):

		Years Ended December 31,
		2025				2024				2023
Weighted-average antidilutive stock awards			—				2				23

Fair Value Measurements

FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value in GAAP, and requires certain disclosures about fair value measurements. The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. Depending on the nature of the asset or liability, Trustmark uses various valuation techniques and assumptions when estimating fair value. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. FASB ASC Topic 820 establishes a fair value hierarchy

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for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

Level 1 Inputs – Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that Trustmark has the ability to access at the measurement date.

Level 2 Inputs – Valuation is based upon quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability such as interest rates, yield curves, volatilities and default rates and inputs that are derived principally from or corroborated by observable market data.

Level 3 Inputs – Unobservable inputs reflecting the reporting entity’s own determination about the assumptions that market participants would use in pricing the asset or liability based on the best information available.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety is classified is based on the lowest level input that is significant to the fair value measurement in its entirety. Trustmark’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer.

Accounting Policies Recently Adopted

Except for the changes detailed below, Trustmark has consistently applied its accounting policies to all periods presented in the accompanying consolidated financial statements.

ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” Issued in December 2023, ASU 2023-09 is intended to improve the disclosures for income taxes to address requests from investors, lenders, creditors and other allocators of capital (collectively, "investors") that use the financial statements to make capital allocation decisions. During the FASB's 2021 agenda consultation process and other stakeholder outreach, investors highlighted that the current system of income tax disclosures does not provide enough information to understand the tax provision for an entity that operates in multiple jurisdictions. Investors currently rely on the rate reconciliation table and other disclosures, including total income taxes paid in the statement of cash flows, to evaluate income tax risks and opportunities. The amendments in ASU 2023-09 require consistent categories and greater disaggregation of information in the rate reconciliation disclosure as well as disclosure of income taxes paid disaggregated by jurisdiction. Trustmark adopted the amendments of ASU 2023-09 on a prospective basis effective January 1, 2025, and the newly required disclosures are included in Note 13 – Income Taxes of this report. Adoption of ASU 2023-09 did not have a material impact to Trustmark’s consolidated financial statements or results of operations.

Pending Accounting Pronouncements

ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” Issued in November 2024, ASU 2024-03 with the objective of providing investors with more decision-useful information regarding a public business entity's expenses by enhancing disclosures on income statement expenses. Investor feedback indicated a strong preference for the disclosure of disaggregated financial reporting information as a top priority for the FASB. Detailed knowledge of an entity's expenses is crucial for understanding its prospects for future cash flows and for making performance comparisons over time and with other entities. Investors emphasized that information regarding cost of sales, selling, general, and administrative expenses, employee compensation costs, depreciation and amortization, and research and development expenditure would enhance their comprehension of an entity's cost structure and ability to forecast future cash flows. The ASU applies exclusively to public business entities and mandates additional disclosures about specific expense categories on both annual and interim bases in the notes to financial statements that are not currently required. The amendments do not alter or eliminate existing expense disclosure requirements nor change requirements for presenting expenses on the face of the income statement. However, they do specify that certain existing disclosures must now appear in the same tabular format as the new disaggregation requirements. The FASB issued ASU 2025-01 in January 2025, clarifying that the amendments in ASU 2024-03 are effective for public business entities for annual reporting periods beginning after December 15, 2026, and for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Trustmark intends to adopt the amendments of ASU 2024-03 effective January 1, 2027, and will include the required annual disclosures in its Annual Report on Form 10-K for the year ending December 31, 2027, and required interim disclosures in its Quarterly Report on Form 10-Q for the period ending March 31, 2028. Trustmark is currently evaluating the changes to disclosures required by ASU 2024-03; however, adoption of ASU 2024-03 is not expected to have a material impact to Trustmark’s consolidated financial statements or results of operations.

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ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” Issued in September 2025, ASU 2025-06 seeks to update the guidance on accounting for software due to changes in how software is generally developed. When software accounting guidance was first issued, companies developing software generally followed a prescriptive and sequential development method (e.g., waterfall). Since then, many companies have adopted a more incremental and iterative development method (i.e., agile). As a result, many stakeholders noted the challenges of applying current internal-use software accounting requirements that do not specifically address software developed using an incremental and iterative method, which has led to diversity in practice in determining when to begin capitalizing software costs. The amendments of ASU 2025-06 remove all references to a prescriptive and sequential software development method (referred to as "project stages") throughout FASB ASC Subtopic 350-40, and require an entity to start capitalizing software costs when both of the following occur: (1) Management has authorized and committed to funding the software project; and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the "probable-to-complete recognition threshold"). In evaluating the probable-to-complete recognition threshold, a company is required to consider whether there is significant uncertainty associated with the development activities of the software. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027, and for interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Trustmark intends to adopt the amendments of ASU 2025-06 effective January 1, 2028. Trustmark is currently evaluating the impact the amendments of ASU 2025-06 will have in regards to its internal-use software; however, adoption of ASU 2025-06 is not expected to have a material impact to Trustmark’s consolidated financial statements or results of operations.

ASU 2025-08, “Financial Instruments—Credit Losses (Topic 326): Purchased Loans.” Issued in November 2025, ASU 2025-08 expands the gross-up approach for accounting for credit losses on acquired financial assets, addressing complexity and comparability issues caused by previous distinctions between purchased financial assets with credit deterioration (PCD assets) and non-PCD assets. ASU 2025-08 requires loans (excluding credit cards) acquired without significant credit deterioration and deemed "seasoned" to be accounted for using the gross-up approach. For these purchased seasoned loans (loans, excluding credit cards, debt securities and trade receivables, acquired through a business combination accounted for using the acquisition method or other loans acquired through transfers not accounted for as business combinations purchased at least 90 days after origination and not originated by the acquirer), the initial ACL is added to the purchase price to determine the amortized cost basis. Entities can elect to measure this ACL using the amortized cost basis if not employing a discounted cash flow method, with elections being irrevocable. ASU 2025-08 clarifies that purchased seasoned loans are subject to the same accrual policies as originated assets and are not subject to the guidance that permits interest income accrual on PCD assets when there is a reasonable expectation for amounts to be collected or recovery limitations. ASU 2025-08 also amends disclosure requirements for the rollforward of the ACL to present the initial allowance recognized on such loans separately. ASU 2025-08 is effective for annual periods after December 15, 2026, and for interim reporting periods within those annual reporting periods, with early adoption allowed and prospective application required. Trustmark intends to adopt the amendments of ASU 2025-08 on January 1, 2027; however, as the amendments of this ASU must be applied on a prospective basis, adoption of this ASU will have no impact to Trustmark's consolidated financial statements or results of operations until an acquisition occurs.

ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements.” Issued in November 2025, ASU 2025-09 updates hedge accounting guidance to address global reference rate reform and better align hedge accounting with entities' risk management practices. Key changes include broadening eligible hedged risks for cash flow hedges via a "similar risk exposure" test, introducing an optional operable model for hedge accounting on choose-your-rate debt instruments, permitting hedge accounting for forecasted spot and forward transactions in nonfinancial assets if price components are clearly related and removing the net written option test for certain derivatives. The amendments of ASU 2025-09 also resolve recognition mismatches in dual hedge strategies involving foreign-currency-denominated debt. The amendments of ASU 2025-09 are effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods within those annual reporting periods, and should be applied on a prospective basis for all hedging relationships. Early adoption is permitted. Entities may also modify certain critical terms of existing hedging relationships without de-designating the hedge upon adoption. Trustmark intends to adopt the amendments of ASU 2025-09 effective January 1, 2027. Trustmark is currently evaluating the impact the amendments of ASU 2025-09 will have in regard to its derivative and hedging instruments; however, adoption of ASU 2025-09 is not expected to have a material impact to Trustmark’s consolidated financial statements or results of operations.

Note 2 - Discontinued Operations

On May 31, 2024, TB completed the sale of its wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc. (FBBI), to Marsh & McLennan Agency LLC for $336.9 million in cash. The transaction resulted in a pre-tax net gain of $228.3 million. The gain, along with FBBI's historical financial results for the periods prior to the sale, is reflected in Trustmark's consolidated financial statements as discontinued operations. FBBI's operating results prior to the sale have been presented as "Income from Discontinued Operations" within the accompanying consolidated statements of income for the years ended December 31, 2024 and 2023. Cash flows from both continuing and discontinued operations are included in the accompanying consolidated statements of cash flows for the years ended December 31, 2024 and 2023.

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The following table summarizes financial information related to FBBI which has been segregated from continuing operations and reported as discontinued operations for the periods presented ($ in thousands):

		Years Ended December 31,
		2024				2023
Noninterest income:
Insurance commissions		$	27,728			$	57,569
Gain on sale of discontinued operations, net			228,272				—
Other, net			527				956
Total noninterest income			256,527				58,525
Noninterest expense:
Salaries and employee benefits			16,263				36,395
Services and fees			704				1,673
Net occupancy - premises			269				975
Equipment expense			93				298
Other expense			2,046				2,882
Total noninterest expense			19,375				42,223
Income from discontinued operations before income taxes			237,152				16,302
Income taxes from discontinued operations			59,353				4,103
Income from discontinued operations		$	177,799			$	12,199

Note 3 – Securities Available for Sale and Held to Maturity

The following tables are a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity at December 31, 2025 and 2024 ($ in thousands):

		Securities Available for Sale																Securities Held to Maturity
						Gross				Gross				Estimated								Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair				Amortized				Unrealized				Unrealized				Fair
December 31, 2025		Cost				Gains				Losses				Value				Cost				Gains				Losses				Value
U.S. Treasury securities		$	205,282			$	3,666			$	—			$	208,948			$	30,615			$	185			$	—			$	30,800
U.S. Government agency obligations			70,924				609				(684	)			70,849				—				—				—				—
Mortgage-backed securities
Residential mortgage pass-through    securities
Guaranteed by GNMA			40,425				106				(1,996	)			38,535				13,154				22				(393	)			12,783
Issued by FNMA and FHLMC			1,165,292				33,836				(11,369	)			1,187,759				372,311				2,070				(7,812	)			366,569
Other residential mortgage-backed    securities
Issued or guaranteed by FNMA,    FHLMC or GNMA			—				—				—				—				96,667				—				(4,233	)			92,434
Commercial mortgage-backed securities
Issued or guaranteed by FNMA,    FHLMC or GNMA			360,521				10,698				(480	)			370,739				694,707				73				(16,797	)			677,983
Total		$	1,842,444			$	48,915			$	(14,529	)		$	1,876,830			$	1,207,454			$	2,350			$	(29,235	)		$	1,180,569
December 31, 2024
U.S. Treasury securities		$	203,524			$	548			$	(1,403	)		$	202,669			$	29,842			$	1			$	(522	)		$	29,321
U.S. Government agency obligations			41,194				—				(2,387	)			38,807				—				—				—				—
Mortgage-backed securities
Residential mortgage pass-through    securities
Guaranteed by GNMA			31,365				3				(2,957	)			28,411				16,218				—				(844	)			15,374
Issued by FNMA and FHLMC			1,091,122				1,610				(22,194	)			1,070,538				423,372				94				(23,853	)			399,613
Other residential mortgage-backed    securities
Issued or guaranteed by FNMA,    FHLMC or GNMA			—				—				—				—				123,685				—				(8,004	)			115,681
Commercial mortgage-backed securities
Issued or guaranteed by FNMA,    FHLMC or GNMA			352,332				827				(1,050	)			352,109				742,268				3				(43,153	)			699,118
Total		$	1,719,537			$	2,988			$	(29,991	)		$	1,692,534			$	1,335,385			$	98			$	(76,376	)		$	1,259,107

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During 2022, Trustmark reclassified a total of $766.0 million of securities available for sale to securities held to maturity. On the date of these transfers, the net unrealized holding loss on the available for sale securities totaled approximately $91.9 million ($68.9 million, net of tax).

The securities were transferred at fair value, which became the cost basis for the securities held to maturity. The net unrealized holding loss will be amortized over the remaining life of the securities as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. There were no gains or losses recognized as a result of these transfers. At December 31, 2025, the net unamortized, unrealized loss on transferred securities included in accumulated other comprehensive income (loss) in the accompanying consolidated balance sheets totaled $36.3 million compared to $46.6 million at December 31, 2024.

ACL on Securities

Securities Available for Sale

Quarterly, Trustmark evaluates if any security has a fair value less than its amortized cost. Once these securities are identified, in order to determine whether a decline in fair value resulted from a credit loss or other factors, Trustmark performs further analysis. If Trustmark determines that a credit loss exists, the credit portion of the allowance is measured using a discounted cash flow (DCF) analysis using the effective interest rate as of the security’s purchase date. The amount of credit loss recorded by Trustmark is limited to the amount by which the amortized cost exceeds the fair value. The DCF analysis utilizes contractual maturities, as well as third-party credit ratings and cumulative default rates published annually by Moody's Investor Service (Moody’s).

At both December 31, 2025 and 2024, the results of the loss analysis performed did not identify any securities that warranted DCF analysis and no credit loss was recognized on any of the securities available for sale.

Accrued interest receivable is excluded from the estimate of credit losses for securities available for sale. At December 31, 2025 and 2024, accrued interest receivable totaled $5.9 million and $5.0 million, respectively, for securities available for sale and was reported in other assets on the accompanying consolidated balance sheets.

Securities Held to Maturity

At both December 31, 2025 and 2024, Trustmark identified no securities held to maturity with the potential for credit loss exposure. After applying appropriate probability of default (PD) and loss given default (LGD) assumptions, the total amount of current expected credit losses was zero at both December 31, 2025 and 2024. Therefore, no reserve was recorded at either December 31, 2025 or December 31, 2024.

Accrued interest receivable is excluded from the estimate of credit losses for securities held to maturity. At December 31, 2025 and 2024, accrued interest receivable totaled $2.1 million and $2.4 million, respectively, for securities held to maturity and was reported in other assets on the accompanying consolidated balance sheets.

At both December 31, 2025 and 2024, Trustmark had no securities held to maturity that were past due 30 days or more as to principal or interest payments. Trustmark had no securities held to maturity classified as nonaccrual at December 31, 2025 and 2024.

Trustmark monitors the credit quality of securities held to maturity on a monthly basis through credit ratings. The following table presents the amortized cost of Trustmark’s securities held to maturity by credit rating, as determined by Moody’s, at December 31, 2025 and 2024 ($ in thousands):

		December 31,
		2025				2024
Aaa		$	52,405			$	1,335,385
Aa1 to Aa3			1,155,049				—
Total		$	1,207,454			$	1,335,385

During 2025, a significant portion of Trustmark's investment portfolio moved from the Aaa credit rating to the Aa1 to Aa3 credit rating. The change in the credit rating of Trustmark's investment portfolio was the result of Moody's downgrade of the United States' credit rating from Aaa to Aa1 during the second quarter of 2025. The downgrade was primarily due to concerns about the rising federal debt, increasing interest costs and a perceived weakening of the government's ability to respond to future economic shocks.

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The tables below include securities with gross unrealized losses for which an ACL has not been recorded and segregated by length of impairment at December 31, 2025 and 2024 ($ in thousands):

		Less than 12 Months								12 Months or More								Total
						Gross								Gross								Gross
		Estimated				Unrealized				Estimated				Unrealized				Estimated				Unrealized
December 31, 2025		Fair Value				Losses				Fair Value				Losses				Fair Value				Losses
U.S. Government agency obligations		$	3,905			$	(14	)		$	40,952			$	(670	)		$	44,857			$	(684	)
Mortgage-backed securities
Residential mortgage pass-through    securities
Guaranteed by GNMA			5,925				(18	)			26,946				(2,371	)			32,871				(2,389	)
Issued by FNMA and FHLMC			91,230				(234	)			205,163				(18,947	)			296,393				(19,181	)
Other residential mortgage-backed    securities
Issued or guaranteed by FNMA,    FHLMC or GNMA			—				—				92,434				(4,233	)			92,434				(4,233	)
Commercial mortgage-backed    securities
Issued or guaranteed by FNMA,    FHLMC or GNMA			—				—				739,436				(17,277	)			739,436				(17,277	)
Total		$	101,060			$	(266	)		$	1,104,931			$	(43,498	)		$	1,205,991			$	(43,764	)
December 31, 2024
U.S. Treasury securities		$	123,277			$	(1,925	)		$	—			$	—			$	123,277			$	(1,925	)
U.S. Government agency obligations			38,807				(2,387	)			—				—				38,807				(2,387	)
Mortgage-backed securities
Residential mortgage pass-through    securities
Guaranteed by GNMA			15,802				(293	)			27,803				(3,508	)			43,605				(3,801	)
Issued by FNMA and FHLMC			981,747				(13,848	)			237,487				(32,199	)			1,219,234				(46,047	)
Other residential mortgage-backed    securities
Issued or guaranteed by FNMA,    FHLMC or GNMA			—				—				115,681				(8,004	)			115,681				(8,004	)
Commercial mortgage-backed    securities
Issued or guaranteed by FNMA,    FHLMC or GNMA			164,971				(536	)			767,566				(43,667	)			932,537				(44,203	)
Total		$	1,324,604			$	(18,989	)		$	1,148,537			$	(87,378	)		$	2,473,141			$	(106,367	)

The unrealized losses shown above were due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. Trustmark does not intend to sell these securities and it is more likely than not that Trustmark will not be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

Securities Gains and Losses

Realized gains and losses are determined using the specific identification method and are included in noninterest income (loss) as securities gains (losses), net. For the periods presented, gross realized gains or losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows ($ in thousands):

		Years Ended December 31,
Available for Sale		2025				2024				2023
Proceeds from calls and sales of securities		$	—			$	1,378,272			$	4,796
Gross realized gains			—				—				47
Gross realized losses			—				(182,792	)			(8	)

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During the second quarter of 2024, 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 (loss) in securities gains (losses), net. Proceeds from the sale were used to purchase $1.378 billion of available for sale securities with an average yield of 4.85%.

Securities Pledged

Securities with a carrying value of $1.709 billion and $1.910 billion at December 31, 2025 and 2024, respectively, were pledged to collateralize public deposits and securities sold under repurchase agreements and for other purposes as permitted by law. At both December 31, 2025 and 2024, none of these securities were pledged under the Federal Reserve Discount Window program to provide additional contingency funding capacity.

Contractual Maturities

The amortized cost and estimated fair value of securities available for sale and held to maturity at December 31, 2025, by contractual maturity, are shown below ($ in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

		Securities								Securities
		Available for Sale								Held to Maturity
		Amortized				Estimated				Amortized				Estimated
		Cost				Fair Value				Cost				Fair Value
Due in one year or less		$	34,943			$	35,204			$	—			$	—
Due after one year through five years			27,717				28,119				30,615				30,800
Due after five years through ten years			213,546				216,474				—				—
			276,206				279,797				30,615				30,800
Mortgage-backed securities			1,566,238				1,597,033				1,176,839				1,149,769
Total		$	1,842,444			$	1,876,830			$	1,207,454			$	1,180,569

Note 4 – LHFI and ACL, LHFI

At December 31, 2025 and 2024, LHFI consisted of the following ($ in thousands):

		December 31,
		2025				2024
Loans secured by real estate:
Construction, land development and other land		$	549,353			$	587,244
Other secured by 1-4 family residential properties			704,514				650,550
Secured by nonfarm, nonresidential properties			3,304,523				3,533,282
Other real estate secured			2,124,272				1,633,830
Other loans secured by real estate:
Other construction			595,238				829,904
Secured by 1-4 family residential properties			2,351,675				2,298,993
Commercial and industrial loans			1,999,464				1,840,722
Consumer loans			163,754				156,569
State and other political subdivision loans			1,061,584				969,836
Other commercial loans and leases			819,856				589,012
LHFI			13,674,233				13,089,942
Less ACL			157,071				160,270
Net LHFI		$	13,517,162			$	12,929,672

Accrued interest receivable is not included in the amortized cost basis of Trustmark’s LHFI. At December 31, 2025 and 2024, accrued interest receivable for LHFI totaled $64.1 million and $64.7 million, respectively, with no related ACL and was reported in other assets on the accompanying consolidated balance sheets.

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Loan Concentrations

Trustmark does not have any loan concentrations other than those reflected in the preceding table, which exceed 10% of total LHFI. At December 31, 2025, Trustmark’s geographic loan distribution was concentrated primarily in its six key market regions: Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Accordingly, the ultimate collectability of a substantial portion of these loans is susceptible to changes in market conditions in these areas.

Related Party Loans

At December 31, 2025 and 2024, loans to certain executive officers and directors, including their immediate families and companies in which they are principal owners, totaled $31.4 million and $33.1 million, respectively. During 2025, $310.0 million of new loan advances were made, while repayments were $307.7 million. In addition, decreases in loans due to changes in executive officers and directors totaled $4.1 million during 2025.

Nonaccrual and Past Due LHFI

No material interest income was recognized in the income statement on nonaccrual LHFI for each of the years in the three-year period ended December 31, 2025.

The following tables provide the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more still accruing interest at December 31, 2025 and 2024 ($ in thousands):

		December 31, 2025
		Nonaccrual With No ACL				Total Nonaccrual				Loans Past Due 90 Days or More Still Accruing
Loans secured by real estate:
Construction, land development and other land		$	156			$	355			$	—
Other secured by 1-4 family residential properties			715				8,991				520
Secured by nonfarm, nonresidential properties			2,105				5,579				—
Other real estate secured			234				399				—
Other loans secured by real estate:
Secured by 1-4 family residential properties			3,414				64,293				3,133
Commercial and industrial loans			145				3,615				—
Consumer loans			—				385				449
State and other political subdivision loans			—				—				995
Other commercial loans and leases			764				774				—
Total		$	7,533			$	84,391			$	5,097

		December 31, 2024
		Nonaccrual With No ACL				Total Nonaccrual				Loans Past Due 90 Days or More Still Accruing
Loans secured by real estate:
Construction, land development and other land		$	—			$	366			$	159
Other secured by 1-4 family residential properties			521				7,275				266
Secured by nonfarm, nonresidential properties			426				13,061				—
Other real estate secured			1,904				1,984				—
Other loans secured by real estate:
Secured by 1-4 family residential properties			1,533				31,583				3,253
Commercial and industrial loans			16				24,525				—
Consumer loans			—				236				414
Other commercial loans and leases			—				1,079				—
Total		$	4,400			$	80,109			$	4,092

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The following tables provide an aging analysis of the amortized cost basis of past due LHFI (including nonaccrual LHFI) at December 31, 2025 and 2024 ($ in thousands):

		December 31, 2025
		Past Due
										90 Days				Total				Current
		30-59 Days				60-89 Days				or More				Past Due				Loans				Total LHFI
Loans secured by real estate:
Construction, land development and other land		$	786			$	139			$	—			$	925			$	548,428			$	549,353
Other secured by 1-4 family residential properties			6,118				1,238				3,868				11,224				693,290				704,514
Secured by nonfarm, nonresidential properties			1,798				185				3,829				5,812				3,298,711				3,304,523
Other real estate secured			1				—				316				317				2,123,955				2,124,272
Other loans secured by real estate:
Other construction			—				—				—				—				595,238				595,238
Secured by 1-4 family residential properties			19,838				8,340				34,838				63,016				2,288,659				2,351,675
Commercial and industrial loans			2,828				352				1,014				4,194				1,995,270				1,999,464
Consumer loans			2,109				402				453				2,964				160,790				163,754
State and other political subdivision loans			8				—				995				1,003				1,060,581				1,061,584
Other commercial loans and leases			4				15				—				19				819,837				819,856
Total		$	33,490			$	10,671			$	45,313			$	89,474			$	13,584,759			$	13,674,233

		December 31, 2024
		Past Due
										90 Days				Total				Current
		30-59 Days				60-89 Days				or More				Past Due				Loans				Total LHFI
Loans secured by real estate:
Construction, land development and other land		$	199			$	—			$	324			$	523			$	586,721			$	587,244
Other secured by 1-4 family residential properties			5,656				1,821				3,223				10,700				639,850				650,550
Secured by nonfarm, nonresidential properties			1,488				380				3,111				4,979				3,528,303				3,533,282
Other real estate secured			1,979				—				28				2,007				1,631,823				1,633,830
Other loans secured by real estate:
Other construction			—				—				—				—				829,904				829,904
Secured by 1-4 family residential properties			17,898				7,111				21,524				46,533				2,252,460				2,298,993
Commercial and industrial loans			1,114				13,300				8,835				23,249				1,817,473				1,840,722
Consumer loans			1,930				600				414				2,944				153,625				156,569
State and other political subdivision loans			24				—				—				24				969,812				969,836
Other commercial loans and leases			168				67				69				304				588,708				589,012
Total		$	30,456			$	23,279			$	37,528			$	91,263			$	12,998,679			$	13,089,942

Modified LHFI

Occasionally, Trustmark modifies loans for borrowers experiencing financial difficulty by providing payment delays, interest-only payments for an extended period of time, maturity extensions or interest rate reductions. Other concessions may arise from court proceedings or may be imposed by law. In some cases, Trustmark provides multiple types of concessions on one loan.

The following tables present the amortized cost of LHFI of loans modified to borrowers experiencing financial difficulty disaggregated by class of loan and type of modification at the end of each of the periods presented ($ in thousands). The percentage of the amortized cost basis of LHFI that were modified to borrowers experiencing financial difficulty as compared to the amortized cost basis of each class of LHFI is also presented below:

		Year Ended December 31, 2025
		Payment Delay				Term Extension				Total				% of Total Class of Loan
Loans secured by real estate:
Other secured by 1-4 family residential properties		$	—			$	2,708			$	2,708				0.38	%
Other real estate secured			—				15,000				15,000				0.71	%
Other loans secured by real estate:
Secured by 1-4 family residential properties			—				11,974				11,974				0.51	%
Commercial and industrial loans			578				—				578				0.03	%
Total		$	578			$	29,682			$	30,260				0.22	%

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		Year Ended December 31, 2024
		Payment Delay				Term Extension				Total				% of Total Class of Loan
Loans secured by real estate:
Other secured by 1-4 family residential properties		$	—			$	3,456			$	3,456				0.53	%
Other loans secured by real estate:
Secured by 1-4 family residential properties			—				129				129				0.01	%
Commercial and industrial loans			6,207				—				6,207				0.34	%
Total		$	6,207			$	3,585			$	9,792				0.07	%

		Year Ended December 31, 2023
		Payment Delay				Term Extension				Total				% of Total Class of Loan
Loans secured by real estate:
Other secured by 1-4 family residential properties		$	—			$	805			$	805				0.13	%
Secured by nonfarm, nonresidential properties			—				359				359				0.01	%
Other loans secured by real estate:
Secured by 1-4 family residential properties			—				1,148				1,148				0.05	%
Commercial and industrial loans			242				—				242				0.01	%
Consumer loans			—				36				36				0.02	%
Other commercial loans and leases			116				31				147				0.03	%
Total		$	358			$	2,379			$	2,737				0.02	%

The following tables detail the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the periods presented:

		Year Ended December 31, 2025
		Financial Effect
		Payment Delay		Term Extension
Loans secured by real estate:
Other secured by 1-4 family residential properties				Modified five loans and forty-four lines of credit to amortize over 24 month terms
Other real estate secured				Extended maturity of one loan by 12 months
Other loans secured by real estate:
Secured by 1-4 family residential properties				Re-amortized seventy-two loans with term adjusted by a weighted-average of 37 months
Commercial and industrial loans		One loan with eight monthly interest payments deferred and four loans with three interest-only monthly payments

		Year Ended December 31, 2024
		Financial Effect
		Payment Delay		Term Extension
Loans secured by real estate:
Other secured by 1-4 family residential properties				Modified five loans and twenty-five lines of credit to amortize over 24 month terms
Other loans secured by real estate:
Secured by 1-4 family residential properties				Modified nine loans to amortize over weighted average 35 months
Commercial and industrial loans		Thirty-four month principal payment deferral

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		Year Ended December 31, 2023
		Financial Effect
		Payment Delay		Term Extension
Loans secured by real estate:
Other secured by 1-4 family residential properties				Modified lines of credit to amortize over 12 month and 24 month terms
Secured by nonfarm, nonresidential properties				One loan renewed and extended maturity by six months
Other loans secured by real estate:
Secured by 1-4 family residential properties				Extended amortization with term adjusted by weighted-average 3.4 years
Commercial and industrial loans		Six month payment deferrals
Consumer loans				Bankruptcies extended amortization with term adjusted by weighted average 1.3 years reducing borrower payment
Other commercial loans and leases		Six month payment deferrals		One loan renewed and extended maturity by seven months

Trustmark had no unused commitments on modified loans to borrowers experiencing financial difficulty at December 31, 2025 or December 31,2024.

For all loans modified in the previous twelve months to borrowers experiencing financial difficulty, Trustmark had payment defaults during the year ended December 31, 2025 on $578 thousand of loans in the commercial and industrial loans portfolio that had received payment delay modifications and $78 thousand of loans in the other secured by 1-4 family residential properties portfolio and $2.1 million of loans in the secured by 1-4 family residential properties portfolio that had received term extension modifications. During the year ended December 31, 2024, Trustmark had $6.2 million of loans in the commercial and industrial loans portfolio that had received payment delay modifications and $70 thousand of loans in the other secured by 1-4 family residential properties portfolio that had received term extension modifications. During the year ended December 31, 2023, Trustmark had $116 thousand of loans in the other commercial loans and leases portfolio that had received payment delay modifications.

Trustmark has utilized loans 90 days or more past due to define payment default in determining modified loans that have subsequently defaulted. If Trustmark determines that a modified loan (or a portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off against the ACL, LHFI.

Trustmark closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables provide details of the performance of such LHFI that have been modified in the preceding twelve months as of December 31, 2025, 2024 and 2023 ($ in thousands):

		December 31, 2025
		Past Due
										90 Days				Total				Current
		30-59 Days				60-89 Days				or More				Past Due				Loans				Total
Loans secured by real estate:
Other secured by 1-4 family residential properties		$	58			$	—			$	75			$	133			$	2,575			$	2,708
Other real estate secured			—				—				—				—				15,000				15,000
Other loans secured by real estate:
Secured by 1-4 family residential properties			1,700				619				1,620				3,939				8,035				11,974
Commercial and industrial loans			—				—				578				578				—				578
Total		$	1,758			$	619			$	2,273			$	4,650			$	25,610			$	30,260

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		December 31, 2024
		Past Due
										90 Days				Total				Current
		30-59 Days				60-89 Days				or More				Past Due				Loans				Total
Loans secured by real estate:
Other secured by 1-4 family residential properties		$	739			$	128			$	50			$	917			$	2,539			$	3,456
Other loans secured by real estate:
Secured by 1-4 family residential properties			—				—				—				—				129				129
Commercial and industrial loans			—				—				6,207				6,207				—				6,207
Total		$	739			$	128			$	6,257			$	7,124			$	2,668			$	9,792

		December 31, 2023
		Past Due
										90 Days				Total				Current
		30-59 Days				60-89 Days				or More				Past Due				Loans				Total
Loans secured by real estate:
Other secured by 1-4 family residential properties		$	290			$	17			$	—			$	307			$	498			$	805
Secured by nonfarm, nonresidential properties			—				—				—				—				359				359
Other loans secured by real estate:
Secured by 1-4 family residential properties			64				—				—				64				1,084				1,148
Commercial and industrial loans			—				—				—				—				242				242
Consumer loans			17				—				—				17				19				36
Other commercial loans and leases			—				—				—				—				147				147
Total		$	371			$	17			$	—			$	388			$	2,349			$	2,737

Collateral-Dependent Loans

The following tables present the amortized cost basis of collateral-dependent loans by class of loans and collateral type at December 31, 2025 and 2024 ($ in thousands):

		December 31, 2025
		Real Estate				Vehicles				Miscellaneous				Total
Loans secured by real estate:
Construction, land development and other land		$	156			$	—			$	—			$	156
Other secured by 1-4 family residential properties			848				—				—				848
Secured by nonfarm, nonresidential properties			2,531				—				—				2,531
Other real estate secured			15,234				—				—				15,234
Other loans secured by real estate:
Secured by 1-4 family residential properties			3,414				—				—				3,414
Commercial and industrial loans			—				1,554				250				1,804
Consumer loans			—				—				103				103
Other commercial loans and leases			—				—				764				764
Total		$	22,183			$	1,554			$	1,117			$	24,854

		December 31, 2024
		Real Estate				Vehicles				Miscellaneous				Total
Loans secured by real estate:
Other secured by 1-4 family residential properties		$	521			$	—			$	—			$	521
Secured by nonfarm, nonresidential properties			9,783				—				—				9,783
Other real estate secured			1,904				—				—				1,904
Other loans secured by real estate:
Secured by 1-4 family residential properties			1,533				—				—				1,533
Commercial and industrial loans			—				1,818				20,685				22,503
Other commercial loans and leases			—				—				896				896
Total		$	13,741			$	1,818			$	21,581			$	37,140

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A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the sale of the collateral. The following provides a qualitative description by class of loan of the collateral that secures Trustmark’s collateral-dependent LHFI:

•Loans secured by real estate – Loans within these loan classes are secured by liens on real estate properties. There have been no significant changes to the collateral that secures these financial assets during the period.

•Other loans secured by real estate – Loans within these loan classes are secured by liens on real estate properties. There have been no significant changes to the collateral that secures these financial assets during the period.

•Commercial and industrial loans – Loans within this loan class are primarily secured by inventory, accounts receivables, equipment and other non-real estate collateral. There have been no significant changes to the collateral that secures these financial assets during the period.

•Consumer loans – Loans within this loan class are secured by liens on real estate properties or other non-real estate collateral. There was one credit that had deterioration in real estate collateral during the quarter. There were no other significant changes to the collateral that secures these financial assets during the period.

•State and other political subdivision loans – Loans within this loan class are secured by liens on real estate properties or other non-real estate collateral. There have been no significant changes to the collateral that secures these financial assets during the period.

•Other commercial loans and leases – Loans and leases within this loan class are secured by non-real estate collateral. There have been no significant changes to the collateral that secures these financial assets during the period.

Credit Quality Indicators

Trustmark’s LHFI portfolio credit quality indicators focus on six key quality ratios that are compared against bank tolerances. The loan indicators are total classified outstanding, total criticized outstanding, nonperforming loans, nonperforming assets, delinquencies and net loan losses. Due to the homogeneous nature of consumer loans, Trustmark does not assign a formal internal risk rating to each credit and therefore the criticized and classified measures are primarily composed of commercial loans.

In addition to monitoring portfolio credit quality indicators, Trustmark also measures how effectively the lending process is being managed and risks are being identified. As part of an ongoing monitoring process, Trustmark grades the commercial portfolio segment as it relates to credit file completion and financial statement exceptions, underwriting, collateral documentation and compliance with law as shown below:

•Credit File Completeness and Financial Statement Exceptions – evaluates the quality and condition of credit files in terms of content and completeness and focuses on efforts to obtain and document sufficient information to determine the quality and status of credits. Also included is an evaluation of the systems/procedures used to ensure compliance with policy.

•Underwriting – evaluates whether credits are adequately analyzed, appropriately structured and properly approved within loan policy requirements. A properly approved credit is approved by an adequate authority in a timely manner with all conditions of approval fulfilled. Total policy exceptions measure the level of underwriting and other policy exceptions within a portfolio segment.

•Collateral Documentation – focuses on the adequacy of documentation to perfect Trustmark’s collateral position and substantiate collateral value. Collateral exceptions measure the level of documentation exceptions within a portfolio segment. Collateral exceptions occur when certain collateral documentation is either not present or not current.

•Compliance with Law – focuses on underwriting, documentation, approval and reporting in compliance with banking laws and regulations. Primary emphasis is directed to the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), Regulation O requirements and regulations governing appraisals.

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Commercial Credits

Trustmark has established a loan grading system that consists of ten individual credit risk grades (risk ratings) that encompass a range from loans where the expectation of loss is negligible to loans where loss has been established. The model is based on the risk of default for an individual credit and establishes certain criteria to delineate the level of risk across the ten unique credit risk grades. Credit risk grade definitions are as follows:

•Risk Rate (RR) 1 through RR 6 – Grades one through six represent groups of loans that are not subject to criticism as defined in regulatory guidance. Loans in these groups exhibit characteristics that represent low to moderate risk measured by using a variety of credit risk criteria such as cash flow coverage, debt service coverage, balance sheet leverage, liquidity, management experience, industry position, prevailing economic conditions, support from secondary sources of repayment and other credit factors that may be relevant to a specific loan. In general, these loans are supported by properly margined collateral and guarantees of principal parties.

•Other Assets Especially Mentioned (Special Mention) (RR 7) – a loan that has a potential weakness that if not corrected will lead to a more severe rating. This rating is for credits that are currently protected but potentially weak because of an adverse feature or condition that if not corrected will lead to a further downgrade.

•Substandard (RR 8) – a loan that has at least one identified weakness that is well defined. This rating is for credits where the primary sources of repayment are not viable at the time of evaluation or where either the capital or collateral is not adequate to support the loan and the secondary means of repayment do not provide a sufficient level of support to offset the identified weakness. Loss potential exists in the aggregate amount of substandard loans but does not necessarily exist in individual loans.

•Doubtful (RR 9) – a loan with an identified weakness that does not have a valid secondary source of repayment. Generally, these credits have an impaired primary source of repayment and secondary sources are not sufficient to prevent a loss in the credit. The exact amount of the loss has not been determined at this time.

•Loss (RR 10) – a loan or a portion of a loan that is deemed to be uncollectible.

By definition, credit risk grades special mention (RR 7), substandard (RR 8), doubtful (RR 9) and loss (RR 10) are criticized loans while substandard (RR 8), doubtful (RR 9) and loss (RR 10) are classified loans. These definitions are standardized by all bank regulatory agencies and are generally equally applied to each individual lending institution. The remaining credit risk grades are considered pass credits and are solely defined by Trustmark.

To enhance this process, Trustmark has determined that certain loans will be individually assessed, and a formal analysis will be performed and based upon the analysis the loan will be written down to the net realizable value. Trustmark will individually assess and remove loans from the pool in the following circumstances:

•Commercial nonaccrual loans with total exposure of $500 thousand (excluding those portions of the debt that are government guaranteed or are secured by Trustmark deposits or marketable securities) or more.

•Any loan that is believed to not share similar risk characteristics with the rest of the pool will be individually assessed. Otherwise, the loan will be left within the pool based on the results of the assessment.

•Commercial accruing loans deemed to be a modified loan to a borrower experiencing financial difficulty with total exposure of $500 thousand (excluding those portions of the debt that are government guaranteed or are secured by Trustmark deposits or marketable securities) or more. If the loan is believed to not share similar risk characteristics with the rest of the loan pool, the loan will be individually assessed. Otherwise, the loan will be left within the pool and monitored on an ongoing basis.

Each loan officer assesses the appropriateness of the internal risk rating assigned to their credits on an ongoing basis. Trustmark’s Asset Review area conducts independent credit quality reviews of the majority of Trustmark’s commercial loan portfolio both on the underlying credit quality of each individual loan class as well as the adherence to Trustmark’s loan policy and the loan administration process.

In addition to the ongoing internal risk rate monitoring described above, Trustmark’s Credit Quality Review Committee meets monthly and performs a review of all loans of $100 thousand or more that are either delinquent 30 days or more or on nonaccrual. This review includes recommendations regarding risk ratings, accrual status, charge-offs and appropriate servicing officer as well as evaluation of

101

problem credits for determination of modified status. Quarterly, the Credit Quality Review Committee reviews and modifies continuous action plans for all credits risk rated seven or worse for relationships of $250 thousand or more.

In addition, periodic reviews of significant development, construction, multi-family, nonowner-occupied and other commercial credits are performed. These reviews assess each particular project with respect to location, project valuations, progress of completion, leasing status, current financial information, rents, operating expenses, cash flow, adherence to budget and projections and other information that is pertinent to the particular type of credit as applicable. Summary results are reviewed by Senior and Regional Credit Officers in addition to the Chief Credit and Operations Officer with a determination made as to the appropriateness of existing risk ratings and accrual status.

Consumer Credits

The Retail Credit Review Committee, Management Credit Policy Committee and the Enterprise Risk Committee review the volume and percentage of consumer loan delinquencies and losses to monitor the overall quality of the consumer portfolio.

Trustmark monitors the levels and severity of past due consumer LHFI on a daily basis through its collection activities. A detailed assessment of consumer LHFI delinquencies is performed monthly at both a product and market level.

The tables below present the amortized cost basis of loans by credit quality indicator, class of loans and year of origination, renewal or major modification based on analyses performed at December 31, 2025 and 2024 ($ in thousands):

		Term Loans by Origination Year
		2025				2024				2023				2022				2021				Prior				Revolving Loans				Total
As of December 31, 2025		Commercial LHFI
Loans secured by real estate:
Construction, land development    and other land:
Pass - RR 1 through RR 6		$	326,423			$	70,948			$	16,432			$	17,197			$	7,610			$	1,664			$	47,981			$	488,255
Special Mention - RR 7			—				—				—				—				—				—				—				—
Substandard - RR 8			3,308				1,409				—				602				85				—				—				5,404
Doubtful - RR 9			—				—				—				—				—				—				—				—
Total			329,731				72,357				16,432				17,799				7,695				1,664				47,981				493,659
Current period gross    charge-offs			—				—				—				—				—				—				—				—
Other secured by 1-4 family residential    properties:
Pass - RR 1 through RR 6		$	42,929			$	22,620			$	18,353			$	18,748			$	19,248			$	3,294			$	7,497			$	132,689
Special Mention - RR 7			—				25				—				349				85				—				—				459
Substandard - RR 8			299				272				319				747				546				296				16				2,495
Doubtful - RR 9			—				—				—				—				—				—				—				—
Total			43,228				22,917				18,672				19,844				19,879				3,590				7,513				135,643
Current period gross    charge-offs			—				—				—				(3	)			(122	)			—				—				(125	)
Secured by nonfarm, nonresidential    properties:
Pass - RR 1 through RR 6		$	817,790			$	434,506			$	348,386			$	614,738			$	334,813			$	427,591			$	145,497			$	3,123,321
Special Mention - RR 7			—				1,298				23,975				284				—				1,124				—				26,681
Substandard - RR 8			38,224				9,304				2,537				39,015				29,540				33,821				1,979				154,420
Doubtful - RR 9			—				—				—				—				—				1				—				1
Total			856,014				445,108				374,898				654,037				364,353				462,537				147,476				3,304,423
Current period gross    charge-offs			—				—				—				—				—				(2,026	)			—				(2,026	)
Other real estate secured:
Pass - RR 1 through RR 6		$	290,854			$	139,454			$	613,122			$	678,691			$	115,394			$	80,235			$	61,191			$	1,978,941
Special Mention - RR 7			—				—				—				25,376				—				—				—				25,376
Substandard - RR 8			—				—				22,392				69,577				332				26,843				163				119,307
Doubtful - RR 9			—				—				—				—				—				—				—				—
Total			290,854				139,454				635,514				773,644				115,726				107,078				61,354				2,123,624
Current period gross    charge-offs			—				(4	)			—				—				—				—				—				(4	)

102

		Term Loans by Origination Year
		2025				2024				2023				2022				2021				Prior				Revolving Loans				Total
As of December 31, 2025		Commercial LHFI
Other loans secured by real estate:
Other construction
Pass - RR 1 through RR 6		$	122,237			$	275,146			$	173,752			$	23,284			$	—			$	—			$	819			$	595,238
Special Mention - RR 7			—				—				—				—				—				—				—				—
Substandard - RR 8			—				—				—				—				—				—				—				—
Doubtful - RR 9			—				—				—				—				—				—				—				—
Total			122,237				275,146				173,752				23,284				—				—				819				595,238
Current period gross    charge-offs			—				—				—				—				—				—				—				—
Commercial and industrial loans:
Pass - RR 1 through RR 6		$	803,487			$	303,777			$	172,506			$	88,388			$	39,304			$	20,251			$	523,797			$	1,951,510
Special Mention - RR 7			4,522				602				14,230				119				49				77				15,816				35,415
Substandard - RR 8			2,059				377				470				3,245				683				434				5,173				12,441
Doubtful - RR 9			7				42				16				6				—				1				26				98
Total			810,075				304,798				187,222				91,758				40,036				20,763				544,812				1,999,464
Current period gross    charge-offs			—				(708	)			(982	)			(4,016	)			(432	)			(6,389	)			(486	)			(13,013	)
State and other political subdivision    loans:
Pass - RR 1 through RR 6		$	300,564			$	109,516			$	64,228			$	180,530			$	97,517			$	286,979			$	22,250			$	1,061,584
Special Mention - RR 7			—				—				—				—				—				—				—				—
Substandard - RR 8			—				—				—				—				—				—				—				—
Doubtful - RR 9			—				—				—				—				—				—				—				—
Total			300,564				109,516				64,228				180,530				97,517				286,979				22,250				1,061,584
Current period gross    charge-offs			—				—				—				—				—				—				—				—
Other commercial loans and leases:
Pass - RR 1 through RR 6		$	311,342			$	125,090			$	113,861			$	4,356			$	4,352			$	55,946			$	198,576			$	813,523
Special Mention - RR 7			—				414				362				—				—				—				—				776
Substandard - RR 8			14				1,725				1,917				369				462				29				1,038				5,554
Doubtful - RR 9			—				3				—				—				—				—				—				3
Total			311,356				127,232				116,140				4,725				4,814				55,975				199,614				819,856
Current period gross    charge-offs			—				(54	)			—				(116	)			—				(50	)			—				(220	)
Total commercial LHFI		$	3,064,059			$	1,496,528			$	1,586,858			$	1,765,621			$	650,020			$	938,586			$	1,031,819			$	10,533,491
Total commercial LHFI    gross charge-offs		$	—			$	(766	)		$	(982	)		$	(4,135	)		$	(554	)		$	(8,465	)		$	(486	)		$	(15,388	)

103

		Term Loans by Origination Year
		2025				2024				2023				2022				2021				Prior				Revolving Loans				Total
As of December 31, 2025		Consumer LHFI
Loans secured by real estate:
Construction, land development and    other land:
Current		$	30,069			$	9,491			$	10,191			$	2,500			$	1,198			$	1,638			$	—			$	55,087
Past due 30-89 days			—				222				321				—				—				1				—				544
Past due 90 days or more			—				—				—				—				—				—				—				—
Nonaccrual			—				—				9				—				54				—				—				63
Total			30,069				9,713				10,521				2,500				1,252				1,639				—				55,694
Current period gross    charge-offs			—				—				—				—				—				—				—				—
Other secured by 1-4 family residential    properties:
Current		$	22,785			$	18,105			$	13,944			$	5,352			$	4,352			$	8,656			$	481,812			$	555,006
Past due 30-89 days			321				189				643				36				1				509				3,632				5,331
Past due 90 days or more			—				—				—				—				2				—				518				520
Nonaccrual			26				39				124				49				145				192				7,439				8,014
Total			23,132				18,333				14,711				5,437				4,500				9,357				493,401				568,871
Current period gross    charge-offs			—				(10	)			—				(56	)			—				(31	)			(714	)			(811	)
Secured by nonfarm, nonresidential    properties:
Current		$	100			$	—			$	—			$	—			$	—			$	—			$	—			$	100
Past due 30-89 days			—				—				—				—				—				—				—				—
Past due 90 days or more			—				—				—				—				—				—				—				—
Nonaccrual			—				—				—				—				—				—				—				—
Total			100				—				—				—				—				—				—				100
Current period gross    charge-offs			—				—				—				—				—				—				—				—
Other real estate secured:
Current		$	466			$	141			$	—			$	—			$	—			$	41			$	—			$	648
Past due 30-89 days			—				—				—				—				—				—				—				—
Past due 90 days or more			—				—				—				—				—				—				—				—
Nonaccrual			—				—				—				—				—				—				—				—
Total			466				141				—				—				—				41				—				648
Current period gross    charge-offs			—				—				—				—				—				—				—				—
Other loans secured by real estate:
Secured by 1-4 family residential properties
Current		$	325,999			$	227,009			$	193,722			$	712,091			$	408,534			$	395,901			$	—			$	2,263,256
Past due 30-89 days			—				167				3,670				9,108				4,949				3,100				—				20,994
Past due 90 days or more			—				—				866				1,598				134				534				—				3,132
Nonaccrual			505				901				13,238				31,622				10,713				7,314				—				64,293
Total			326,504				228,077				211,496				754,419				424,330				406,849				—				2,351,675
Current period gross    charge-offs			—				—				(619	)			(1,276	)			(142	)			(74	)			—				(2,111	)

104

		Term Loans by Origination Year
		2025				2024				2023				2022				2021				Prior				Revolving Loans				Total
As of December 31, 2025		Consumer LHFI
Consumer loans:
Current		$	54,959			$	27,573			$	7,898			$	7,587			$	6,892			$	239			$	55,321			$	160,469
Past due 30-89 days			597				228				143				31				13				—				1,440				2,452
Past due 90 days or more			28				32				17				1				—				—				370				448
Nonaccrual			117				43				155				36				23				2				9				385
Total			55,701				27,876				8,213				7,655				6,928				241				57,140				163,754
Current period gross    charge-offs			(4,847	)			(494	)			(474	)			(114	)			(24	)			(26	)			(2,459	)			(8,438	)
Total consumer LHFI		$	435,972			$	284,140			$	244,941			$	770,011			$	437,010			$	418,127			$	550,541			$	3,140,742
Total consumer LHFI    gross charge-offs		$	(4,847	)		$	(504	)		$	(1,093	)		$	(1,446	)		$	(166	)		$	(131	)		$	(3,173	)		$	(11,360	)
Total LHFI		$	3,500,031			$	1,780,668			$	1,831,799			$	2,535,632			$	1,087,030			$	1,356,713			$	1,582,360			$	13,674,233
Total current period    gross charge-offs		$	(4,847	)		$	(1,270	)		$	(2,075	)		$	(5,581	)		$	(720	)		$	(8,596	)		$	(3,659	)		$	(26,748	)

105

		Term Loans by Origination Year
		2024				2023				2022				2021				2020				Prior				Revolving Loans				Total
As of December 31, 2024		Commercial LHFI
Loans secured by real estate:
Construction, land development    and other land:
Pass - RR 1 through RR 6		$	324,775			$	83,503			$	33,580			$	23,124			$	8,145			$	1,587			$	42,469			$	517,183
Special Mention - RR 7			2,165				—				—				—				—				—				2,002				4,167
Substandard - RR 8			17				62				226				983				—				—				176				1,464
Doubtful - RR 9			—				—				—				—				—				—				—				—
Total			326,957				83,565				33,806				24,107				8,145				1,587				44,647				522,814
Current period gross    charge-offs			—				—				—				—				—				(24	)			—				(24	)
Other secured by 1-4 family residential    properties:
Pass - RR 1 through RR 6		$	31,013			$	24,339			$	22,693			$	24,090			$	11,635			$	2,106			$	7,742			$	123,618
Special Mention - RR 7			27				—				—				32				—				—				—				59
Substandard - RR 8			125				375				555				328				—				191				27				1,601
Doubtful - RR 9			—				—				—				—				—				—				—				—
Total			31,165				24,714				23,248				24,450				11,635				2,297				7,769				125,278
Current period gross    charge-offs			—				—				—				—				—				(16	)			—				(16	)
Secured by nonfarm, nonresidential    properties:
Pass - RR 1 through RR 6		$	542,747			$	441,159			$	880,511			$	429,929			$	464,504			$	392,802			$	127,812			$	3,279,464
Special Mention - RR 7			16,266				—				52,093				—				17,978				3,335				—				89,672
Substandard - RR 8			10,007				7,321				41,686				37,915				25,601				41,598				—				164,128
Doubtful - RR 9			11				—				—				—				—				7				—				18
Total			569,031				448,480				974,290				467,844				508,083				437,742				127,812				3,533,282
Current period gross    charge-offs			—				—				—				(2,529	)			—				(16	)			—				(2,545	)
Other real estate secured:
Pass - RR 1 through RR 6		$	152,314			$	157,827			$	726,814			$	233,861			$	137,786			$	43,478			$	7,434			$	1,459,514
Special Mention - RR 7			—				7,450				15,481				41,019				—				—				263				64,213
Substandard - RR 8			14,610				—				26,685				42,636				252				25,419				244				109,846
Doubtful - RR 9			—				—				—				—				—				—				—				—
Total			166,924				165,277				768,980				317,516				138,038				68,897				7,941				1,633,573
Current period gross    charge-offs			—				—				(89	)			—				—				—				—				(89	)

106

		Term Loans by Origination Year
		2024				2023				2022				2021				2020				Prior				Revolving Loans				Total
As of December 31, 2024		Commercial LHFI
Other loans secured by real estate:
Other construction
Pass - RR 1 through RR 6		$	115,221			$	410,064			$	201,526			$	20,647			$	—			$	—			$	18,400			$	765,858
Special Mention - RR 7			—				2,250				24,557				—				—				—				—				26,807
Substandard - RR 8			—				—				17,820				—				19,419				—				—				37,239
Doubtful - RR 9			—				—				—				—				—				—				—				—
Total			115,221				412,314				243,903				20,647				19,419				—				18,400				829,904
Current period gross    charge-offs			—				(14	)			(2,493	)			—				—				—				—				(2,507	)
Commercial and industrial loans:
Pass - RR 1 through RR 6		$	505,557			$	365,724			$	231,875			$	98,318			$	45,551			$	27,456			$	462,740			$	1,737,221
Special Mention - RR 7			—				564				14,066				15				—				—				13,836				28,481
Substandard - RR 8			7,204				1,113				39,698				5,091				891				12,905				7,598				74,500
Doubtful - RR 9			227				—				35				145				1				2				110				520
Total			512,988				367,401				285,674				103,569				46,443				40,363				484,284				1,840,722
Current period gross    charge-offs			(341	)			(1,211	)			(640	)			(3,251	)			(158	)			(3,132	)			(315	)			(9,048	)
State and other political subdivision    loans:
Pass - RR 1 through RR 6		$	156,130			$	82,532			$	212,528			$	135,251			$	78,543			$	302,709			$	2,143			$	969,836
Special Mention - RR 7			—				—				—				—				—				—				—				—
Substandard - RR 8			—				—				—				—				—				—				—				—
Doubtful - RR 9			—				—				—				—				—				—				—				—
Total			156,130				82,532				212,528				135,251				78,543				302,709				2,143				969,836
Current period gross    charge-offs			—				—				—				—				—				—				—				—
Other commercial loans and leases:
Pass - RR 1 through RR 6		$	157,619			$	148,099			$	7,371			$	9,800			$	15,606			$	45,227			$	203,345			$	587,067
Special Mention - RR 7			—				—				116				48				—				—				—				164
Substandard - RR 8			55				682				116				12				—				—				901				1,766
Doubtful - RR 9			9				—				6				—				—				—				—				15
Total			157,683				148,781				7,609				9,860				15,606				45,227				204,246				589,012
Current period gross    charge-offs			(25	)			—				(38	)			—				—				(32	)			—				(95	)
Total commercial LHFI		$	2,036,099			$	1,733,064			$	2,550,038			$	1,103,244			$	825,912			$	898,822			$	897,242			$	10,044,421
Total commercial LHFI    gross charge-offs		$	(366	)		$	(1,225	)		$	(3,260	)		$	(5,780	)		$	(158	)		$	(3,220	)		$	(315	)		$	(14,324	)

107

		Term Loans by Origination Year
		2024				2023				2022				2021				2020				Prior				Revolving Loans				Total
As of December 31, 2024		Consumer LHFI
Loans secured by real estate:
Construction, land development    and other land:
Current		$	31,478			$	22,752			$	4,302			$	2,762			$	930			$	1,804			$	—			$	64,028
Past due 30-89 days			—				47				11				—				—				106				—				164
Past due 90 days or more			91				—				—				68				—				—				—				159
Nonaccrual			—				31				21				4				—				23				—				79
Total			31,569				22,830				4,334				2,834				930				1,933				—				64,430
Current period gross    charge-offs			—				—				—				—				—				(8	)			—				(8	)
Other secured by 1-4 family    residential properties:
Current		$	24,756			$	17,202			$	6,733			$	5,260			$	3,651			$	9,563			$	445,598			$	512,763
Past due 30-89 days			569				38				67				66				3				579				4,524				5,846
Past due 90 days or more			21				—				8				—				—				17				219				265
Nonaccrual			71				5				69				44				103				593				5,513				6,398
Total			25,417				17,245				6,877				5,370				3,757				10,752				455,854				525,272
Current period gross    charge-offs			(29	)			(87	)			(233	)			(40	)			(31	)			(76	)			—				(496	)
Other real estate secured:
Current		$	161			$	—			$	—			$	—			$	68			$	28			$	—			$	257
Past due 30-89 days			—				—				—				—				—				—				—				—
Past due 90 days or more			—				—				—				—				—				—				—				—
Nonaccrual			—				—				—				—				—				—				—				—
Total			161				—				—				—				68				28				—				257
Current period gross    charge-offs			—				—				—				—				—				—				—				—
Other loans secured by real estate:
Secured by 1-4 family residential    properties
Current		$	274,500			$	224,266			$	808,527			$	459,191			$	161,856			$	314,906			$	—			$	2,243,246
Past due 30-89 days			169				4,405				9,883				4,082				814				1,558				—				20,911
Past due 90 days or more			4				1,263				1,098				461				170				257				—				3,253
Nonaccrual			568				3,744				17,306				5,009				1,394				3,562				—				31,583
Total			275,241				233,678				836,814				468,743				164,234				320,283				—				2,298,993
Current period gross    charge-offs			—				(228	)			(9,910	)			(143	)			(6	)			(17	)			—				(10,304	)
Consumer loans:
Current		$	55,908			$	22,226			$	12,922			$	4,654			$	1,188			$	105			$	56,423			$	153,426
Past due 30-89 days			844				396				323				4				—				13				913				2,493
Past due 90 days or more			38				67				17				4				—				—				288				414
Nonaccrual			25				49				63				61				19				—				19				236
Total			56,815				22,738				13,325				4,723				1,207				118				57,643				156,569
Current period gross    charge-offs			(5,929	)			(785	)			(470	)			(131	)			(100	)			(337	)			(2,065	)			(9,817	)
Total consumer LHFI		$	389,203			$	296,491			$	861,350			$	481,670			$	170,196			$	333,114			$	513,497			$	3,045,521
Total consumer LHFI    gross charge-offs		$	(5,958	)		$	(1,100	)		$	(10,613	)		$	(314	)		$	(137	)		$	(438	)		$	(2,065	)		$	(20,625	)
Total LHFI		$	2,425,302			$	2,029,555			$	3,411,388			$	1,584,914			$	996,108			$	1,231,936			$	1,410,739			$	13,089,942
Total current period    gross charge-offs		$	(6,324	)		$	(2,325	)		$	(13,873	)		$	(6,094	)		$	(295	)		$	(3,658	)		$	(2,380	)		$	(34,949	)

Past Due LHFS

LHFS past due 90 days or more totaled $98.9 million and $71.3 million at December 31, 2025 and 2024, respectively.

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Trustmark did not exercise its buy-back option on any delinquent loans serviced for GNMA during 2025 or 2024.

ACL on LHFI

Trustmark’s ACL methodology for LHFI is based upon guidance within FASB ASC Subtopic 326-20 as well as applicable regulatory guidance. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Credit quality within the LHFI portfolio is continuously monitored by Management and is reflected within the ACL for LHFI. The ACL is an estimate of expected losses inherent within Trustmark’s existing LHFI portfolio. The ACL for LHFI is adjusted through the PCL, LHFI and reduced by the charge off of loan amounts, net of recoveries.

The methodology for estimating the amount of expected credit losses reported in the ACL has two basic components: a collective, or pooled, component for estimated expected credit losses for pools of loans that share similar risk characteristics, and an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans. In estimating the ACL for the collective component, loans are segregated into loan pools based on loan product types and similar risk characteristics.

The loans secured by real estate and other loans secured by real estate portfolio segments include loans for both commercial and residential properties. The underwriting process for these loans includes analysis of the financial position and strength of both the borrower and guarantor, experience with similar projects in the past, market demand and prospects for successful completion of the proposed project within the established budget and schedule, values of underlying collateral, availability of permanent financing, maximum loan-to-value ratios, minimum equity requirements, acceptable amortization periods and minimum debt service coverage requirements, based on property type. The borrower’s financial strength and capacity to repay their obligations remain the primary focus of underwriting. Financial strength is evaluated based upon analytical tools that consider historical and projected cash flows and performance in addition to analysis of the proposed project for income-producing properties. Additional support offered by guarantors is also considered. Ultimate repayment of these loans is sensitive to interest rate changes, general economic conditions, liquidity and availability of long-term financing.

The commercial and industrial loans portfolio segment includes loans made to many types of businesses for various purposes, such as short-term working capital loans that are usually secured by accounts receivable and inventory and term financing for equipment and fixed asset purchases that are secured by those assets. Trustmark’s credit underwriting process for commercial and industrial loans includes analysis of historical and projected cash flows and performance, evaluation of financial strength of both borrowers and guarantors as reflected in current and detailed financial information and evaluation of underlying collateral to support the credit.

The consumer loans portfolio segment is comprised of loans that are centrally underwritten based on the borrower's credit bureau score as well as an evaluation of the borrower’s repayment capacity, credit, and collateral. Property appraisals are obtained to assist in evaluating collateral. Loan-to-value and debt-to-income ratios, loan amount, and lien position are also considered in assessing whether to originate a loan. These borrowers are particularly susceptible to downturns in economic trends such as conditions that negatively affect housing prices and demand and levels of unemployment.

The state and other political subdivision loans and the other commercial loans portfolio segments primarily consist of loans to non-depository financial institutions, such as mortgage companies, finance companies and other financial intermediaries, loans to state and political subdivisions, and loans to non-profit and charitable organizations. These loans are underwritten based on the specific nature or purpose of the loan and underlying collateral with special consideration given to the specific source of repayment for the loan. The commercial leases portfolio segment primarily consists of commercial equipment finance leases. Trustmark’s credit underwriting process for equipment finance leases includes analysis of historical and projected cash flows and performance, evaluation of financial strength of both borrowers and guarantors as reflected in current and detailed financial information and evaluation of underlying collateral to support the credit.

During the first quarter of 2025, as part of Trustmark's ongoing model monitoring procedures, the annual loss driver analysis was performed. The analysis resulted in changes in the loss drivers for four discounted cash flow models. These changes were a result of incorporating data through 2024 which led to more intuitive loss drivers. All models were validated by a third-party before implementation.

During the first quarter of 2024, as part of Trustmark's ongoing model monitoring procedures, the annual loss driver analysis was performed. The analysis resulted in changes in the loss drivers for all discounted cash-flow models along with changes in the loss drivers for the equipment and finance loans and leases model. These changes were a result of updating Trustmark's peer group and incorporating data through 2022 which led to more intuitive loss drivers. All models were validated by a third party before implementation.

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The following table provides a description of each of Trustmark’s portfolio segments, loan classes, loan pools and the ACL methodology and loss drivers at December 31, 2025 and 2024:

Portfolio Segment		Loan Class		Loan Pool		Methodology		Loss Drivers
Loans secured by real estate		Construction, land    development and other land		1-4 family residential    construction		DCF		BBB 7-10 US CBI (1), National Unemployment
				Lots and development		DCF		National HPI, National Unemployment
				Unimproved land		DCF		National HPI, National Unemployment
				All other consumer		DCF		National HPI, National Unemployment
		Other secured by 1-4    family residential properties		Consumer 1-4 family - 1st liens		DCF		National HPI, Southern Unemployment (2)
				All other consumer		DCF		National HPI, National Unemployment
				Nonresidential owner-occupied		DCF		Southern Unemployment, National CRE Price Index
		Secured by nonfarm,    nonresidential properties		Nonowner-occupied -    hotel/motel		DCF		National CRE Price Index, Southern Unemployment
				Nonowner-occupied - office		DCF		National CRE Price Index, Southern Unemployment
				Nonowner-occupied- Retail		DCF		National CRE Price Index, Southern Unemployment
				Nonowner-occupied - senior    living/nursing homes		DCF		National CRE Price Index, Southern Unemployment
				Nonowner-occupied -    all other		DCF		National CRE Price Index, Southern Unemployment
				Nonresidential owner-occupied		DCF		Southern Unemployment, National CRE Price Index
		Other real estate secured		Nonresidential nonowner    -occupied - apartments		DCF		National CRE Price Index, Southern Unemployment
				Nonresidential owner-occupied		DCF		Southern Unemployment, National CRE Price Index
				Nonowner-occupied -    all other		DCF		National CRE Price Index, Southern Unemployment
Other loans secured by    real estate		Other construction		Other construction		DCF		National CRE Price Index, National Unemployment, BBB 7-10 US CBI
		Secured by 1-4 family    residential properties		Trustmark mortgage		WARM		Southern Unemployment
Commercial and    industrial loans		Commercial and    industrial loans		Commercial and industrial -    non-working capital		DCF		Trustmark historical data
				Commercial and industrial -    working capital		DCF		Trustmark historical data
				Equipment finance loans		WARM		Southern Unemployment, National GDP
				Credit cards		WARM		Trustmark call report data
Consumer loans		Consumer loans		Credit cards		WARM		Trustmark call report data
				Overdrafts		Loss Rate		Trustmark historical data
				All other consumer		DCF		National HPI, National Unemployment
State and other political    subdivision loans		State and other political    subdivision loans		Obligations of state and    political subdivisions		DCF		Moody's Bond Default Study
Other commercial loans and leases		Other commercial loans and leases		Other loans		DCF		BBB 7-10 US CBI, Southern Unemployment
				Commercial and industrial -    non-working capital		DCF		Trustmark historical data
				Commercial and industrial -    working capital		DCF		Trustmark historical data
				Equipment finance leases		WARM		Southern Unemployment, National GDP

(1) Loss driver was National HPI at December 31, 2024.

(2) Loss driver was National Unemployment at December 31, 2024.

In general, Trustmark utilizes a DCF method to estimate the quantitative portion of the ACL for loan pools. The DCF model consists of two key components, a loss driver analysis (LDA) and a cash flow analysis. For loan pools utilizing the DCF methodology, multiple

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assumptions are in place, depending on the loan pool. A reasonable and supportable forecast is utilized for each loan pool by developing a LDA for each loan class. The LDA uses charge off data from Federal Financial Institutions Examination Council (FFIEC) reports to construct a periodic default rate (PDR). The PDR is decomposed into a PD. Regressions are run using the data for various macroeconomic variables in order to determine which ones correlate to Trustmark’s losses. These variables are then incorporated into the application to calculate a quarterly PD using a third-party baseline forecast. In addition to the PD, a LGD is derived using a method referred to as Frye-Jacobs. The Frye-Jacobs method is a mathematical formula that traces the relationship between LGD and PD over time and projects the LGD based on the levels of PD forecasts. This model approach is applicable to all pools within the construction, land development and other land, other secured by 1-4 family residential properties, secured by nonfarm, nonresidential properties and other real estate secured loan classes as well as consumer loans and other commercial loans.

An alternative LDA is utilized to support the PD and LGD assumptions necessary to apply a DCF methodology to the other construction pool. Fundamentally, this approach utilizes publicly reported default balances and leverages a generalized linear model (GLM) framework to estimate PD. Taken together, these differences allow for results to be scaled to be specific and directly applicable to the other construction segment. LGD is assumed to be a through-the-cycle constant based on the actual performance of Trustmark’s other construction segment. These assumptions are then input into the DCF model and used in conjunction with prepayment data to calculate the cash flows at the individual loan level. Management believes this methodology is commensurate with the level of risk in the pool.

For the commercial and industrial loans related pools, Trustmark uses its own PD and LGD data, instead of the macroeconomic variables and the Frye-Jacobs method described above, to calculate the PD and LGD as there were no defensible macroeconomic variables that correlated to Trustmark’s losses. Trustmark utilizes a third-party Bond Default Study to derive the PD and LGD for the obligations of state and political subdivisions pool. Due to the lack of losses within this pool, no defensible macroeconomic factors were identified to correlate.

The PD and LGD measures are used in conjunction with prepayment data as inputs into the DCF model to calculate the cash flows at the individual loan level. Contractual cash flows based on loan terms are adjusted for PD, LGD and prepayments to derive loss cash flows. These loss cash flows are discounted by the loan’s coupon rate to arrive at the discounted cash flow based quantitative loss. The prepayment studies are updated quarterly by a third-party for each applicable pool.

An alternate method of estimating the ACL is used for certain loan pools due to specific characteristics of these loans. For the non-DCF pools, specifically, those using the weighted average remaining maturity (WARM) method, the remaining life is incorporated into the ACL quantitative calculation.

During the second quarter of 2024, Trustmark executed a sale on a portfolio of 1-4 family mortgage loans that were at least three payments delinquent and/or nonaccrual at the time of selection. As a result of this sale, a credit mark was established for a sub-pool of the loans in the sale. Due to the lack of historical experience and the use of industry data for this sub-pool, management elected to use the credit mark for reserving purposes on a go forward basis for this sub-pool that meets the same credit criteria of being three payments delinquent and/or nonaccrual. All loans of the sub-pool that meet the above credit criteria will be removed from the 1-4 family residential properties pool and placed into a separate pool with the credit mark reserve applied to the total balance.

Trustmark determined that reasonable and supportable forecasts could be made for a twelve-month period for all of its loan pools. To the extent the lives of the loans in the LHFI portfolio extend beyond this forecast period, Trustmark uses a reversion period of four quarters and reverts to the historical mean on a straight-line basis over the remaining life of the loans. The econometric models currently in production reflect segment or pool level sensitivities of PD to changes in macroeconomic variables. By measuring the relationship between defaults and changes in the economy, the quantitative reserve incorporates reasonable and supportable forecasts of future conditions that will affect the value of Trustmark’s assets, as required by FASB ASC Topic 326. Under stable forecasts, these linear regressions will reasonably predict a pool’s PD. However, upon the occurrence of events that generate significant economic instability (such as the COVID-19 pandemic), the macroeconomic variables used for reasonable and supportable forecasting can change rapidly. At the macroeconomic levels experienced during the COVID-19 pandemic, it was not clear that the models in production at that time would produce reasonably representative results since the models at that time were originally estimated using data beginning in 2004 through 2019. During this period, a traditional, albeit severe, economic recession occurred. Thus, econometric models are sensitive to similar future levels of PD.

In order to prevent the econometric models from extrapolating beyond reasonable boundaries of their input variables, Trustmark chose to establish an upper and lower limit process when applying the periodic forecasts. In this way, Management will not rely upon unobserved and untested relationships in the setting of the quantitative reserve. This approach applies to all input variables, including: Southern Unemployment, National Unemployment, National Gross Domestic Product (GDP), National Home Price Index (HPI), National Commercial Real Estate (CRE) Price Index and the BBB 7-10 Year US Corporate Bond Index (CBI). The upper and lower limits are based on the distribution of the macroeconomic variable by selecting extreme percentiles at the upper and lower limits of the distribution, the 1st and 99th percentiles, respectively. These upper and lower limits are then used to calculate the PD for the forecast

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time period in which the forecasted values are outside of the upper and lower limit range. Additionally, when periods have a PD or LGD at or near zero as a result of the improving macroeconomic forecasts, Management implemented PD and LGD floors to account for the risk associated with each portfolio. The PD and LGD floors are based on Trustmark’s historical loss experience and applied at a portfolio level.

Qualitative factors used in the ACL methodology include the following:

•Lending policies and procedures

•Economic conditions and concentrations of credit

•Nature and volume of the portfolio

•Performance trends

•External factors

While all these factors are incorporated into the overall methodology, only three are currently considered active at December 31, 2025: (i) economic conditions and concentrations of credit, (ii) nature and volume of the portfolio and (iii) performance trends.

Two of Trustmark’s largest loan classes are the loans secured by nonfarm, nonresidential properties and the loans secured by other real estate. Trustmark elected to create a qualitative factor specifically for these loan classes which addresses changes in the economic conditions of metropolitan areas and applies additional pool level reserves. This qualitative factor is based on third-party market data and forecast trends and is updated quarterly as information is available, by market and by loan pool.

Trustmark's current quantitative methodologies do not completely incorporate changes in credit quality. As a result, Trustmark utilizes the performance trends qualitative factor. This factor is based on migration analyses, that allocates additional ACL to non-pass/delinquent loans within each pool. In this way, Management believes the ACL will directly reflect changes in risk, based on the performance of the loans within a pool, whether declining or improving.

The performance trends qualitative factor is estimated by properly segmenting loan pools into risk levels by risk rating for commercial credits and delinquency status for consumer credits. A migration analysis is then performed quarterly using a third-party software and the results for each risk level are compiled to calculate the historical PD average for each loan portfolio based on risk levels. This average historical PD rate is updated annually. For the mortgage portfolio, Trustmark uses an internal report to incorporate a roll rate method for the calculation of the PD rate. In addition to the PD rate for each portfolio, Management incorporates the quantitative rate and the k value derived from the Frye-Jacobs method to calculate a loss estimate that includes both PD and LGD. The quantitative rate is used to eliminate any additional reserve that the quantitative reserve already includes. Finally, the loss estimate rate is then applied to the total balances for each risk level for each portfolio to calculate a qualitative reserve.

The nature and volume of the portfolio qualitative factor is utilized for a sub-pool of the secured by 1-4 family residential properties due to its significant size as well as the underlying nature being different. The nature and volume of the portfolio qualitative factor utilizes a WARM methodology that uses industry data for the assumptions to support the qualitative adjustment. The industry data is used to compile a PD based on credit score ranges along with using the industry data to compile an LGD. The sub-pool of credits is then aggregated into the appropriate credit score bands in which a weighted average loss rate is calculated based on the PD and LGD for each credit score range. This weighted average loss rate is then applied to the expected balance for the sub-segment of credits. This total is then used as the qualitative reserve adjustment. During the first quarter of 2025, Management elected to utilize Trustmark’s historical data to develop a PD based on the credit score ranges initially established. Additionally, Management elected to use the same LGD value from the mortgage sale that occurred in the second quarter of 2024 along with the same weighted average life assumption utilized to determine the credit mark on this portfolio.

The external factors qualitative factor is Management’s best judgment on the loan or pool level impact of all factors that affect the portfolio that are not accounted for using any other part of the ACL methodology (e.g., natural disasters, changes in legislation, impacts due to technology and pandemics). During the third quarter of 2024, Trustmark activated the External Factor – Credit Quality Review qualitative factor. This qualitative factor ensures reserve adequacy for collectively evaluated commercial loans that may not have been identified and downgraded timely for various reasons. This qualitative factor population is all commercial loans risk rated 1-5. These loans are then applied to the historical average of the Watch/Special Mention rated percentage. Then the balance of these loans are applied additional reserves based on the same reserve rates utilized in the performance trends qualitative factor for Watch/Special Mention rated loans. Then the Watch/Special Mention population is applied the historical Substandard rated percentage and then subsequently applied the Substandard reserve rate utilized in the performance trends qualitative factor as well. The historical Watch/Special Mention and Substandard rated percentage averages captures the weighted average life of the commercial loan portfolio.

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Thus, Trustmark will allocate additional reserves to capture the proportion of potential Watch/Special Mention and Substandard rated credits that may not have been categorized as such at any given point in time through the life of the commercial loan portfolio.

During the third quarter of 2025, Management determined that the risk related to delayed identification and downgrading of commercial loans had sufficiently diminished and, as a result, resolved the External Factor – Credit Quality Review qualitative factor and released the associated reserves.

The following tables disaggregate the ACL, LHFI and the amortized cost basis of the loans by the measurement methodology used at December 31, 2025 and 2024 ($ in thousands):

		December 31, 2025
		ACL												LHFI
		Individually Evaluated for Credit Loss				Collectively Evaluated for Credit Loss				Total ACL				Individually Evaluated for Credit Loss				Collectively Evaluated for Credit Loss				Total LHFI
Loans secured by real estate:
Construction, land development and other land		$	—			$	6,632			$	6,632			$	156			$	549,197			$	549,353
Other secured by 1-4 family residential properties			99				13,485				13,584				848				703,666				704,514
Secured by nonfarm, nonresidential properties			141				35,042				35,183				2,531				3,301,992				3,304,523
Other real estate secured			—				20,410				20,410				15,234				2,109,038				2,124,272
Other loans secured by real estate:
Other construction			—				4,889				4,889				—				595,238				595,238
Secured by 1-4 family residential properties			—				41,087				41,087				3,414				2,348,261				2,351,675
Commercial and industrial loans			811				19,758				20,569				1,804				1,997,660				1,999,464
Consumer loans			103				5,740				5,843				103				163,651				163,754
State and other political subdivision loans			—				865				865				—				1,061,584				1,061,584
Other commercial loans and leases			—				8,009				8,009				764				819,092				819,856
Total		$	1,154			$	155,917			$	157,071			$	24,854			$	13,649,379			$	13,674,233

		December 31, 2024
		ACL												LHFI
		Individually Evaluated for Credit Loss				Collectively Evaluated for Credit Loss				Total				Individually Evaluated for Credit Loss				Collectively Evaluated for Credit Loss				Total
Loans secured by real estate:
Construction, land development and other land		$	—			$	6,452			$	6,452			$	—			$	587,244			$	587,244
Other secured by 1-4 family residential properties			—				11,347				11,347				521				650,029				650,550
Secured by nonfarm, nonresidential properties			2,251				35,645				37,896				9,783				3,523,499				3,533,282
Other real estate secured			—				19,491				19,491				1,904				1,631,926				1,633,830
Other loans secured by real estate:
Other construction			—				13,297				13,297				—				829,904				829,904
Secured by 1-4 family residential properties			—				32,129				32,129				1,533				2,297,460				2,298,993
Commercial and industrial loans			10,518				16,502				27,020				22,503				1,818,219				1,840,722
Consumer loans			—				5,141				5,141				—				156,569				156,569
State and other political subdivision loans			—				1,250				1,250				—				969,836				969,836
Other commercial loans and leases			892				5,355				6,247				896				588,116				589,012
Total		$	13,661			$	146,609			$	160,270			$	37,140			$	13,052,802			$	13,089,942

Changes in the ACL, LHFI were as follows for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
Balance at beginning of period		$	160,270			$	139,367			$	120,214
Loans charge-off, sale of 1-4 family mortgage loans			—				(8,633	)			—
Loans charged-off			(26,748	)			(26,316	)			(17,515	)
Recoveries			9,238				9,932				9,306
Net (charge-offs) recoveries			(17,510	)			(25,017	)			(8,209	)
PCL, LHFI			14,311				37,287				27,362
PCL, LHFI sale of 1-4 family mortgage loans			—				8,633				—
Balance at end of period		$	157,071			$	160,270			$	139,367

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The following tables detail changes in the ACL, LHFI by loan class for the years ended December 31, 2025 and 2024 ($ in thousands):

		2025
		Balance																Balance
		January 1,				Charge-offs				Recoveries				PCL				December 31,
Loans secured by real estate:
Construction, land development and other land		$	6,452			$	—			$	225			$	(45	)		$	6,632
Other secured by 1-4 family residential properties			11,347				(936	)			325				2,848				13,584
Secured by nonfarm, nonresidential properties			37,896				(2,026	)			159				(846	)			35,183
Other real estate secured			19,491				(4	)			78				845				20,410
Other loans secured by real estate:
Other construction			13,297				—				35				(8,443	)			4,889
Secured by 1-4 family residential properties			32,129				(2,111	)			511				10,558				41,087
Commercial and industrial loans			27,020				(13,013	)			1,715				4,847				20,569
Consumer loans			5,141				(8,438	)			6,077				3,063				5,843
State and other political subdivision loans			1,250				—				—				(385	)			865
Other commercial loans and leases			6,247				(220	)			113				1,869				8,009
Total		$	160,270			$	(26,748	)		$	9,238			$	14,311			$	157,071

The PCL, LHFI for the year ended December 31, 2025 was primarily attributable to loan growth and changes in the macroeconomic forecast.

The negative PCL, LHFI for the other construction and secured by nonfarm, nonresidental properties portfolios for the year ended December 31, 2025 was primarily due to positive credit migration.

		2024
		Balance																Balance
		January 1,				Charge-offs				Recoveries				PCL				December 31,
Loans secured by real estate:
Construction, land development and other land		$	17,192			$	(32	)		$	1,024			$	(11,732	)		$	6,452
Other secured by 1-4 family residential properties			12,942				(512	)			672				(1,755	)			11,347
Secured by nonfarm, nonresidential properties			24,043				(2,545	)			154				16,244				37,896
Other real estate secured			4,488				(89	)			1				15,091				19,491
Other loans secured by real estate:
Other construction			5,758				(2,507	)			714				9,332				13,297
Secured by 1-4 family residential properties			34,794				(10,304	)			152				7,487				32,129
Commercial and industrial loans			26,638				(9,048	)			963				8,467				27,020
Consumer loans			5,794				(9,817	)			6,187				2,977				5,141
State and other political subdivision loans			646				—				—				604				1,250
Other commercial loans and leases			7,072				(95	)			65				(795	)			6,247
Total		$	139,367			$	(34,949	)		$	9,932			$	45,920			$	160,270

The PCL, LHFI for the year ended December 31, 2024 was primarily attributable to loan growth, changes in the macroeconomic forecast, an increase in specific reserves on individually analyzed credits and net adjustments to the qualitative factors.

The negative PCL, LHFI for the construction, land development and other land portfolio and other secured by 1-4 family residential properties portfolio for the year ended December 31, 2024 was primarily due to changes in the macroeconomic forecast associated with these specific loss driver models as a result of the loss driver update for these loan portfolios. The negative PCL, LHFI for the other commercial loans and leases portfolio for the year ended December 31, 2024 was primarily due to a decrease in loan balances.

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Note 5 – Premises and Equipment, Net

At December 31, 2025 and 2024, premises and equipment, net consisted of the following ($ in thousands):

		December 31,
		2025				2024
Land		$	55,787			$	56,610
Buildings and leasehold improvements			249,088				249,405
Furniture and equipment			227,605				227,329
Total cost of premises and equipment			532,480				533,344
Less accumulated depreciation and amortization			309,990				302,201
Premises and equipment, net			222,490				231,143
Finance lease right-of-use assets			2,847				3,299
Assets held for sale			321				968
Total premises and equipment, net		$	225,658			$	235,410

There was one property included in assets held for sale at December 31, 2025 compared to two properties at December 31, 2024. These properties were transferred from premises and equipment, net to assets held for sale due to Trustmark’s intent to sell the properties over the subsequent twelve months as a result of its strategic initiatives. Property valuation adjustments totaling $400 thousand were recognized in other expense for 2025 compared to none for 2024 and $470 thousand for 2023.

Depreciation and amortization of premises and equipment totaled $18.8 million in 2025, $18.7 million in 2024 and $17.4 million in 2023.

Note 6 – Mortgage Banking

MSR

The activity in the MSR is detailed in the table below for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024
Balance at beginning of period		$	139,317			$	131,870
Origination of servicing assets			15,052				13,291
Change in fair value:
Due to market changes			(9,840	)			5,801
Due to runoff			(13,240	)			(11,645	)
Balance at end of period		$	131,289			$	139,317

Trustmark determines the fair value of the MSR using a valuation model administered by a third party that calculates the present value of estimated future net servicing income. Trustmark considers the conditional prepayment rate (CPR), which is an estimated loan prepayment rate that uses historical prepayment rates for previous loans similar to the loans being evaluated, the float rate, which is the interest rate earned on escrow balances, and the discount rate as some of the primary assumptions used in determining the fair value of the MSR. An increase in either the CPR or discount rate assumption will result in a decrease in the fair value of the MSR, while a decrease in either assumption will result in an increase in the fair value of the MSR. An increase in the float rate will result in an increase in the fair value of the MSR, while a decrease in the float rate will result in a decrease in the fair value of the MSR. At December 31, 2025, the fair value of the MSR included an assumed average prepayment speed of 9 CPR and an average discount rate of 10.66% compared to an assumed average prepayment speed of 8 CPR and an average discount rate of 10.65% at December 31, 2024.

Mortgage Loans Sold/Serviced

During 2025, 2024 and 2023, Trustmark sold $1.158 billion, $1.141 billion and $1.136 billion, respectively, of residential mortgage loans. Gain on sales of loans, net totaled $20.0 million in 2025, $19.3 million in 2024 and $15.3 million in 2023. Trustmark receives annual servicing fee income approximating 0.32% of the outstanding balance of the underlying loans, which totaled $28.7 million in 2025, $28.0 million in 2024 and $26.9 million in 2023. The gains on the sale of residential mortgage loans and the annual servicing fee are both recorded to noninterest income in mortgage banking, net in the accompanying consolidated statements of income. The investors and the securitization trusts have no recourse to the assets of Trustmark for failure of debtors to pay when due.

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The table below details the mortgage loans sold and serviced for others at December 31, 2025 and 2024 ($ in thousands):

		December 31,
		2025				2024
Federal National Mortgage Association		$	4,745,556			$	4,821,246
Government National Mortgage Association			3,872,151				3,695,419
Federal Home Loan Mortgage Corporation			314,383				213,358
Other			23,872				32,686
Total mortgage loans sold and serviced for others		$	8,955,962			$	8,762,709

Trustmark is subject to losses in its loan servicing portfolio due to loan foreclosures. Trustmark has obligations to either repurchase the outstanding principal balance of a loan or make the purchaser whole for the economic benefits of a loan if it is determined that the loan sold was in violation of representations or warranties made by Trustmark at the time of the sale, herein referred to as mortgage loan servicing putback expenses. Such representations and warranties typically include those made regarding loans that had missing or insufficient file documentation, loans that do not meet investor guidelines, loans in which the appraisal does not support the value and/or loans obtained through fraud by the borrowers or other third parties. Generally, putback requests may be made until the loan is paid in full. However, mortgage loans delivered to Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) on or after January 1, 2013 are subject to the Representations and Warranties Framework, which provides certain instances in which FNMA and FHLMC will not exercise their remedies, including a putback request, for breaches of certain selling representations and warranties, such as payment history and quality control review.

When a putback request is received, Trustmark evaluates the request and takes appropriate actions based on the nature of the request. Trustmark is required by FNMA and FHLMC to provide a response to putback requests within 60 days of the date of receipt. The total mortgage loan servicing putback expense is included in other expense. Trustmark had no mortgage loan servicing putback expense during 2025, 2024 or 2023. At both December 31, 2025 and 2024, Trustmark had a reserve for mortgage loan servicing putback expenses of $500 thousand.

There is inherent uncertainty in reasonably estimating the requirement for reserves against potential future mortgage loan servicing putback expenses. Future putback expenses are dependent on many subjective factors, including the review procedures of the purchasers and the potential refinance activity on loans sold with servicing released and the subsequent consequences under the representations and warranties. Trustmark believes that it has appropriately reserved for potential mortgage loan servicing putback requests.

Note 7 – Goodwill and Identifiable Intangible Assets

Goodwill

The table below illustrates goodwill by segment for the years ended December 31, 2025 and 2024 ($ in thousands):

		General
		Banking
Balance as of January 1, 2024		$	334,605
Adjustment during 2024			—
Balance as of December 31, 2024			334,605
Adjustment during 2025			—
Balance as of December 31, 2025		$	334,605

Trustmark’s General Banking Segment delivers a full range of banking services to consumer, corporate, small and middle-market businesses through its extensive branch network. Trustmark performed goodwill impairment tests for the General Banking Segment during 2025, 2024 and 2023. Based on these tests, Trustmark concluded that the fair value of the General Banking Segment exceeded the book value and no impairment charge was required.

Identifiable Intangible Assets

At December 31, 2025 and 2024, identifiable intangible assets consisted of the following ($ in thousands):

		December 31, 2025												December 31, 2024
		Gross Carrying				Accumulated				Net Carrying				Gross Carrying				Accumulated				Net Carrying
		Amount				Amortization				Amount				Amount				Amortization				Amount
Core deposit intangibles		$	87,674			$	87,674			$	—			$	87,674			$	87,548			$	126

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Trustmark recorded $126 thousand of amortization of identifiable intangible assets in 2025, $110 thousand in 2024 and $290 thousand in 2023. Trustmark estimates that there will be no amortization expense for identifiable intangible assets in 2026 or the following years. Trustmark continually evaluates whether events and circumstances have occurred that indicate that identifiable intangible assets have become impaired. Measurement of any impairment of such identifiable intangible assets is based on the fair values of those assets. There were no impairment losses on identifiable intangible assets recorded during 2025, 2024 or 2023.

Note 8 – Other Real Estate

At December 31, 2025, Trustmark’s geographic other real estate distribution was primarily concentrated in its Alabama, Mississippi Tennessee and Texas market regions. The ultimate recovery of a substantial portion of the carrying amount of other real estate is susceptible to changes in market conditions in these regions.

For the periods presented, changes and gains (losses), net on other real estate were as follows ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
Balance at beginning of period		$	5,917			$	6,867			$	1,986
Additions			8,471				6,782				7,237
Disposals			(6,739	)			(6,084	)			(2,555	)
(Write-downs) recoveries			(692	)			(1,648	)			199
Balance at end of period		$	6,957			$	5,917			$	6,867
Gains (losses), net on the sale of other real estate    included in other real estate expense		$	(1,759	)		$	(1,104	)		$	(145	)

At December 31, 2025 and 2024, other real estate by type of property consisted of the following ($ in thousands):

		December 31,
		2025				2024
Construction, land development and other land properties		$	63			$	46
1-4 family residential properties			3,871				2,260
Nonfarm, nonresidential properties			1,273				3,611
Other real estate properties			1,750				—
Total other real estate		$	6,957			$	5,917

At December 31, 2025 and 2024, other real estate by geographic location of where the loan was originated consisted of the following ($ in thousands):

		December 31,
		2025				2024
Alabama		$	409			$	170
Mississippi (1)			5,621				2,407
Tennessee (2)			927				1,079
Texas			—				2,261
Total other real estate		$	6,957			$	5,917

(1)Mississippi includes Central and Southern Mississippi Regions.

(2)Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.

At December 31, 2025 and 2024, the balance of other real estate included $3.9 million and $2.3 million, respectively, of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At December 31, 2025 and 2024, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $8.1 million and $7.6 million, respectively.

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Note 9 – Leases

Lessor Arrangements

Trustmark leases certain types of machinery and equipment to its customers through sales-type and direct financing leases as part of its equipment financing portfolio. These leases generally have remaining lease terms of one to nine years, some of which include renewal options and/or options for the lessee to purchase the leased property near or at the end of the lease term. Trustmark recognized interest income from its sales-type and direct financing leases of $18.2 million, $12.7 million and $3.2 million for the years ended December 31, 2025, 2024 and 2023 respectively. Trustmark does not have any significant operating leases in which it is the lessor.

The table below summarizes the components of Trustmark's net investment in its sales-type and direct financing leases at December 31, 2025 and 2024 ($ in thousands):

		December 31,
		2025				2024
Leases receivable		$	442,096			$	282,771
Unearned income			(68,283	)			(45,585	)
Initial direct costs			3,236				2,252
Unguaranteed lease residual			24,360				7,084
Total net investment		$	401,409			$	246,522

The table below details the minimum future lease payments for Trustmark's leases receivable at December 31, 2025 ($ in thousands):

		December 31, 2025
2026		$	83,017
2027			96,450
2028			86,063
2029			70,379
2030			46,492
Thereafter			59,695
Total leases receivable		$	442,096

Lessee Arrangements

For Trustmark's lessee arrangements, the leases of FBBI are included in discontinued operations, and as a result, have been excluded from the amounts below. The following table details the components of net lease cost for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
Finance leases
Amortization of right-of-use assets		$	452			$	452			$	786
Interest on lease liabilities			132				148				163
Operating lease cost			5,370				5,075				4,787
Short-term lease cost			647				230				229
Variable lease cost			906				841				840
Sublease income			(270	)			(122	)			(12	)
Net lease cost		$	7,237			$	6,624			$	6,793

The following table details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
Finance leases
Operating cash flows included in operating activities		$	132			$	148			$	163
Financing cash flows included in payments under finance lease    obligations			452				424				721
Operating leases
Operating cash flows (fixed payments) included in other operating    activities, net			5,302				4,848				3,666
Operating cash flows (liability reduction) included in other operating    activities, net			3,897				3,473				3,204

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The following table details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at December 31, 2025 and 2024 ($ in thousands):

		December 31,
		2025				2024
Finance lease right-of-use assets, net of accumulated depreciation		$	2,847			$	3,299
Finance lease liabilities			3,458				3,910
Operating lease right-of-use assets			32,152				34,668
Operating lease liabilities			36,250				38,698
Weighted-average lease term
Finance leases		6.36 years				7.35 years
Operating leases		8.69 years				9.31 years
Weighted-average discount rate
Finance leases			3.61	%			3.61	%
Operating leases			4.04	%			3.72	%

At December 31, 2025, future minimum rental commitments under finance and operating leases were as follows ($ in thousands):

		Finance Leases				Operating Leases
2026		$	589			$	5,282
2027			594				5,234
2028			599				4,993
2029			633				4,829
2030			644				4,808
Thereafter			810				18,523
Total minimum lease payments			3,869				43,669
Less imputed interest			(411	)			(7,419	)
Lease liabilities		$	3,458			$	36,250

Note 10 – Deposits

At December 31, 2025 and 2024, deposits consisted of the following ($ in thousands):

		December 31,
		2025				2024
Noninterest-bearing demand		$	3,036,504			$	3,073,565
Interest-bearing demand (1)			8,020,354				7,861,268
Savings (1)			970,161				980,424
Time			3,472,765				3,192,918
Total		$	15,499,784			$	15,108,175

(1) During the first quarter of 2025, Trustmark ceased the daily sweep from low transaction interest-bearing demand deposits to savings deposits. The prior period has been reclassified accordingly.

Interest expense on deposits by type consisted of the following for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
Interest-bearing demand (1)		$	146,053			$	178,470			$	149,142
Savings (1)			512				539				601
Time			128,091				150,372				96,208
Total		$	274,656			$	329,381			$	245,951

(1) During the first quarter of 2025, Trustmark ceased the daily sweep from low transaction interest-bearing demand deposits to savings deposits. The prior periods have been reclassified accordingly.

Time deposits that exceed the FDIC insurance limit of $250 thousand totaled $1.050 billion and $935.4 million at December 31, 2025 and 2024, respectively.

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The maturities of interest-bearing deposits at December 31, 2025, are as follows ($ in thousands):

2026		$	3,401,544
2027			50,062
2028			9,813
2029			5,553
2030			5,223
Thereafter			570
Total time deposits			3,472,765
Interest-bearing deposits with no stated maturity			8,990,515
Total interest-bearing deposits		$	12,463,280

Note 11 - Borrowings

Securities Sold Under Repurchase Agreements

Trustmark utilizes securities sold under repurchase agreements as a source of borrowing in connection with overnight repurchase agreements offered to commercial deposit customers by using its unencumbered investment securities as collateral. Trustmark accounts for its securities sold under repurchase agreements as secured borrowings in accordance with FASB ASC Subtopic 860-30, “Transfers and Servicing – Secured Borrowing and Collateral.” Securities sold under repurchase agreements are stated at the amount of cash received in connection with the transaction. Trustmark monitors collateral levels on a continual basis and may be required to provide additional collateral based on the fair value of the underlying securities. Trustmark had no securities sold under repurchase agreements at December 31, 2025. Securities sold under repurchase agreements were secured by securities with a carrying amount of $40.3 million at December 31, 2024. At December 31, 2024, all repurchase agreements were short-term and consisted primarily of sweep repurchase arrangements, under which excess deposits are “swept” into overnight repurchase agreements with Trustmark.

The following table presents the securities sold under repurchase agreements by collateral pledged at December 31, 2024 ($ in thousands):

		December 31, 2024
Mortgage-backed securities
Residential mortgage pass-through securities
Issued by FNMA and FHLMC		$	11,685
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA			7,487
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA			10,169
Total securities sold under repurchase agreements		$	29,341

Other Borrowings

At December 31, 2025 and 2024, other borrowings consisted of the following ($ in thousands):

		December 31,
		2025				2024
FHLB advances		$	225,000			$	200,000
Serviced GNMA loans eligible for repurchase			136,304				97,631
Finance lease liabilities			3,458				3,910
Total other borrowings		$	364,762			$	301,541

FHLB Advances

At December 31, 2025, Trustmark had two outstanding short-term FHLB advances totaling $225.0 million and no long-term FHLB advances with the FHLB of Dallas, compared to two outstanding short-term FHLB advances totaling $200.0 million and no long-term FHLB advances with the FHLB of Dallas at December 31, 2024. The outstanding short-term advances with the FHLB of Dallas at December 31, 2025 had fixed rates of 3.62% and 3.67% with balances of $150.0 million and $75.0 million, respectively. The outstanding short-term FHLB advances had a weighted-average remaining maturity of 2 days with a weighted-average cost of 3.64% at December 31, 2025, compared to a weighted-average remaining maturity of 8 days with a weighted-average cost of 4.60% at December 31, 2024.

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Trustmark incurred $9.5 million of interest expense on short-term FHLB advances in 2025, compared to $16.8 million of interest expense in 2024 and $49.9 million of interest expense in 2023. Trustmark incurred no interest expense on long-term FHLB advances in 2025, 2024 and 2023.

At December 31, 2025 and 2024, Trustmark had $1.962 billion and $4.292 billion, respectively, available in additional borrowing capacity from the FHLB of Dallas.

Subordinated Notes

During 2020, Trustmark issued and sold $125.0 million aggregate principal amount of its 3.625% Fixed-to-Floating Rate Subordinated Notes (the 2020 Notes) due December 1, 2030. The 2020 Notes were sold at an underwriting discount of 1.2%, resulting in net proceeds to Trustmark of $123.5 million before deducting offering expenses. At December 31, 2024, the carrying amount of the 2020 Notes was $123.7 million. The 2020 Notes qualified as Tier 2 capital for Trustmark.

During the fourth quarter of 2025, Trustmark issued and sold $175.0 million aggregate principal amount of its 6.00% Fixed-to-Floating Rate Subordinated Notes (the 2025 Notes) due December 1, 2035. The 2025 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 $125.0 million of aggregate principal amount of the 2020 Notes plus accrued interest and for general corporate purposes.

The 2025 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 2025 Notes are obligations of Trustmark only and are not obligations of, and are not guaranteed by, any of its subsidiaries, including TB. The 2025 Notes qualify as Tier 2 capital for Trustmark. The 2025 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 2025 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 2025 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 2025 Notes was $172.0 million.

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Junior Subordinated Debt Securities

On August 18, 2006, Trustmark completed a private placement of $60.0 million of trust preferred securities through a newly formed Delaware trust affiliate, Trustmark Preferred Capital Trust I (the Trust). The trust preferred securities mature September 30, 2036, are redeemable at Trustmark’s option and bear interest at a variable rate per annum equal to the three-month Chicago Mercantile Exchange, Inc. (CME) SOFR plus a spread adjustment of 0.26% and a margin of 1.72%. Under applicable regulatory guidelines, these trust preferred securities qualify as Tier 1 capital. The proceeds from the sale of the trust preferred securities were used by the Trust to purchase $61.9 million in aggregate principal amount of Trustmark’s junior subordinated debentures.

The debentures were issued pursuant to a Junior Subordinated Indenture, dated August 18, 2006, between Trustmark, as issuer, and Wilmington Trust Company, National Association, as trustee. Like the trust preferred securities, the debentures bear interest at a variable rate per annum equal to the three-month CME SOFR plus a spread adjustment of 0.26% and a margin of 1.72% and mature on September 30, 2036. The debentures may be redeemed at Trustmark’s option at any time. The interest payments by Trustmark will be used to pay the quarterly distributions payable by the Trust to the holder of the trust preferred securities. However, so long as no event of default has occurred under the debentures, Trustmark may defer interest payments on the debentures (in which case the Trust will also defer distributions otherwise due on the trust preferred securities) for up to 20 consecutive quarters.

The debentures are subordinated to the prior payment of any other indebtedness of Trustmark that, by its terms, is not similarly subordinated. The trust preferred securities are recorded as a long-term liability on Trustmark’s consolidated balance sheets; however, for regulatory purposes the trust preferred securities are treated as Tier 1 capital under the rules of the FRB, Trustmark’s primary federal regulatory agency.

Trustmark also entered into a Guarantee Agreement, dated August 18, 2006, pursuant to which it has agreed to guarantee the payment by the Trust of distributions on the trust preferred securities and the payment of principal of the trust preferred securities when due, either at maturity or on redemption, but only if and to the extent that the Trust fails to pay distributions on or principal of the trust preferred securities after having received interest payments or principal payments on the junior subordinated debentures from Trustmark for the purpose of paying those distributions or the principal amount of the trust preferred securities.

As defined in applicable accounting standards, the Trust, a wholly-owned subsidiary of Trustmark, is considered a variable interest entity for which Trustmark is not the primary beneficiary. Accordingly, the accounts of the Trust are not included in Trustmark’s consolidated financial statements.

At both December 31, 2025 and 2024, assets for the Trust totaled $61.9 million, resulting from the investment in junior subordinated debentures issued by Trustmark. Liabilities and shareholders’ equity for the Trust also totaled $61.9 million at both December 31, 2025 and 2024, resulting from the issuance of trust preferred securities in the amount of $60.0 million as well as $1.9 million in common securities issued to Trustmark. During 2025, net income for the Trust equaled $117 thousand resulting from interest income from the junior subordinated debt securities issued by Trustmark to the Trust, compared with net income of $134 thousand during 2024 and $132 thousand during 2023. Dividends issued to Trustmark by the Trust during 2025 totaled $117 thousand, compared to $134 thousand during 2024 and $132 thousand during 2023.

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Note 12 – Revenue from Contracts with Customers

The Insurance Segment is included in discontinued operations for the years ended December 31, 2024 and 2023 in the accompanying consolidated statements of income. See Note 2 – Discontinued Operations for additional information about discontinued operations.

The following table presents noninterest income (loss) disaggregated by reportable operating segment and revenue stream for the periods presented ($ in thousands):

		Year Ended December 31, 2025												Year Ended December 31, 2024												Year Ended December 31, 2023
		Topic 606				Not Topic 606 (1)				Total				Topic 606				Not Topic 606 (1)				Total				Topic 606				Not Topic 606 (1)				Total
General Banking    Segment
Service charges on    deposit accounts		$	43,477			$	—			$	43,477			$	44,295			$	—			$	44,295			$	43,329			$	—			$	43,329
Bank card and other fees			30,690				2,497				33,187				31,010				2,138				33,148				30,387				2,995				33,382
Mortgage banking, net			—				33,082				33,082				—				26,626				26,626				—				26,216				26,216
Wealth management			713				—				713				748				—				748				838				—				838
Other, net			13,120				(382	)			12,738				16,906				337				17,243				11,769				(2,076	)			9,693
Securities gains (losses),    net			—				—				—				—				(182,792	)			(182,792	)			—				39				39
Total noninterest    income (loss)		$	88,000			$	35,197			$	123,197			$	92,959			$	(153,691	)		$	(60,732	)		$	86,323			$	27,174			$	113,497
Wealth Management    Segment
Service charges on    deposit accounts		$	179			$	—			$	179			$	87			$	—			$	87			$	87			$	—			$	87
Bank card and other fees			195				—				195				153				—				153				57				—				57
Wealth management			39,399				—				39,399				36,503				—				36,503				34,254				—				34,254
Other, net			286				384				670				193				377				570				162				376				538
Total noninterest    income		$	40,059			$	384			$	40,443			$	36,936			$	377			$	37,313			$	34,560			$	376			$	34,936
Consolidated
Service charges on    deposit accounts		$	43,656			$	—			$	43,656			$	44,382			$	—			$	44,382			$	43,416			$	—			$	43,416
Bank card and other fees			30,885				2,497				33,382				31,163				2,138				33,301				30,444				2,995				33,439
Mortgage banking, net			—				33,082				33,082				—				26,626				26,626				—				26,216				26,216
Wealth management			40,112				—				40,112				37,251				—				37,251				35,092				—				35,092
Other, net			13,406				2				13,408				17,099				714				17,813				11,931				(1,700	)			10,231
Securities gains (losses),    net			—				—				—				—				(182,792	)			(182,792	)			—				39				39
Total noninterest    income (loss)		$	128,059			$	35,581			$	163,640			$	129,895			$	(153,314	)		$	(23,419	)		$	120,883			$	27,550			$	148,433

(1)Noninterest income (loss) not in scope for FASB ASC Topic 606 includes customer derivatives revenue and miscellaneous credit card fee income within bank card and other fees; mortgage banking, net; amortization of tax credits, cash surrender value on various life insurance policies, earnings on Trustmark’s non-qualified deferred compensation plans, other partnership investments and rental income within other, net; and securities gains (losses), net.

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Note 13 – Income Taxes

The income tax expense (benefit) attributable to continuing operations included in the consolidated statements of income was as follows for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
Current Tax Expense (Benefit)
Federal		$	22,221			$	(28,470	)		$	26,100
State			5,322				(6,563	)			6,392
Total current tax expense (benefit)			27,543				(35,033	)			32,492
Deferred Tax Expense (Benefit)
Federal			18,400				19,104				(3,798	)
State			4,600				4,776				(950	)
Total deferred tax expense (benefit)			23,000				23,880				(4,748	)
Total Income Tax Expense (Benefit)
Federal			40,621				(9,366	)			22,302
State			9,922				(1,787	)			5,442
Total income tax expense (benefit)		$	50,543			$	(11,153	)		$	27,744

For the periods presented, the income tax provision attributable to continuing operations differs from the amount computed by applying the statutory federal income tax rate in effect for each respective period to income before income taxes as a result of the following ($ in thousands):

		Year Ended December 31, 2025
		Amount				%
Income tax computed at statutory tax rate		$	57,682				21.0	%
Nontaxable or nondeductible items:
Tax exempt interest			(5,787	)			-2.1	%
Nontaxable increase in cash surrender value of bank-owned life insurance			(1,609	)			-0.6	%
Nondeductible interest expense			1,687				0.6	%
Nondeductible executive compensation			903				0.3	%
Nondeductible FDIC premiums			693				0.2	%
Income tax credits, net:
Low income housing tax credits			(5,440	)			-2.0	%
New markets tax credits			(3,352	)			-1.2	%
Other tax credits			(2,842	)			-1.0	%
Other			770				0.3	%
State income taxes, net			7,838				2.9	%
Income tax provision		$	50,543				18.4	%

During the year ended December 31, 2025, state taxes in Alabama, Georgia and Mississippi made up the majority of the tax effect in the state income taxes, net category. Trustmark has no foreign operations and does not file income tax returns in foreign jurisdictions.

		Years Ended December 31,
		2024				2023
Income tax computed at statutory tax rate		$	7,152			$	38,018
Tax exempt interest			(5,605	)			(5,521	)
Nondeductible interest expense			2,153				2,104
State income taxes, net			(5,185	)			5,050
Income tax credits, net			(11,483	)			(11,904	)
Death benefit gains			(92	)			(80	)
Other			1,907				77
Income tax provision		$	(11,153	)		$	27,744

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Income taxes paid were as follows for the period presented ($ in thousands):

		Year Ended December 31, 2025
Federal tax payments		$	45,000
State tax payments
Alabama			3,000
Other			4,165
Total state tax payments			7,165
Total tax payments		$	52,165

Temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities gave rise to the following net deferred tax assets at December 31, 2025 and 2024, which are included in other assets on the accompanying consolidated balance sheets ($ in thousands):

		December 31,
		2025				2024
Deferred tax assets:
Other real estate		$	510			$	2,293
Accumulated credit losses			46,256				47,416
Deferred compensation			20,124				19,299
Finance and operating lease liabilities			9,927				10,652
Realized built-in losses			6,928				7,679
Securities			3,506				22,294
Pension and other postretirement benefit plans			1,722				1,574
Interest on nonaccrual loans			1,012				1,173
LHFS			150				236
Stock-based compensation			3,446				3,544
Derivatives			—				4,018
Tax credit carryforward			1,393				3,489
State basis differences			3,068				—
Other			9,519				8,745
Gross deferred tax asset			107,561				132,412
Deferred tax liabilities:
Goodwill and other identifiable intangibles			13,851				13,880
Premises and equipment			12,553				14,218
Finance and operating lease right-of-use assets			8,750				9,492
MSR			28,054				29,206
Securities			5,501				3,789
Equipment financing			30,794				8,803
Derivatives			687				—
Other			2,542				2,874
Gross deferred tax liability			102,732				82,262
Net deferred tax asset		$	4,829			$	50,150

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The following table provides a summary of the changes during the calendar years presented in the amount of unrecognized tax benefits that are included in other liabilities in the consolidated balance sheets ($ in thousands):

		December 31,
		2025				2024				2023
Balance at beginning of period		$	2,878			$	2,864			$	2,316
Change due to tax positions taken during the current year			1,858				1,497				1,333
Change due to tax positions taken during a prior year			(1,302	)			(1,076	)			(426	)
Change due to the lapse of applicable statute of limitations during the    current year			(352	)			(407	)			(359	)
Balance at end of period		$	3,082			$	2,878			$	2,864
Accrued interest, net of federal benefit		$	373			$	415			$	470
Unrecognized tax benefits that would impact the effective    tax rate, if recognized		$	2,816			$	2,579			$	2,518

Interest and penalties related to unrecognized tax benefits, if any, are recorded in income tax expense. With limited exception, Trustmark is no longer subject to U.S. federal, state and local audits by tax authorities for 2019 and earlier tax years. Trustmark does not anticipate a significant change to the total amount of unrecognized tax benefits within the next twelve months.

Note 14 – Defined Benefit and Other Postretirement Benefits

Qualified Pension Plan

Trustmark maintains a noncontributory tax-qualified defined benefit pension plan titled the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions (the Continuing Plan) to satisfy commitments made by Trustmark to associates covered through plans obtained in acquisitions.

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The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for the Continuing Plan for the periods presented ($ in thousands):

		December 31,
		2025				2024
Change in benefit obligation:
Benefit obligation, beginning of year		$	5,531			$	5,923
Service cost			36				40
Interest cost			275				246
Actuarial (gain) loss			(23	)			(214	)
Benefits paid			(1,500	)			(464	)
Benefit obligation, end of year		$	4,319			$	5,531
Change in plan assets:
Fair value of plan assets, beginning of year		$	2,685			$	2,403
Actual return on plan assets			161				233
Employer contributions			299				513
Benefit payments			(1,500	)			(464	)
Fair value of plan assets, end of year		$	1,645			$	2,685
Funded status at end of year - net liability		$	(2,674	)		$	(2,846	)
Amounts recognized in accumulated other comprehensive loss:
Net (gain) loss - amount recognized		$	(574	)		$	(601	)
Actuarial (gain) loss included in benefit obligation:
Change in discount rate		$	120			$	(344	)
Change in mortality table			—				—
Other			(143	)			130
Actuarial (gain) loss		$	(23	)		$	(214	)

		Years Ended December 31,
		2025				2024				2023
Net periodic benefit cost:
Service cost		$	36			$	40			$	52
Interest cost			275				246				292
Expected return on plan assets			(125	)			(96	)			(107	)
Recognized net (gain) loss due to lump sum settlements			(79	)			(13	)			25
Recognized net actuarial loss			(7	)			—				—
Net periodic benefit cost		$	100			$	177			$	262
Other changes in plan assets and benefit obligation recognized in other    comprehensive income (loss), before taxes:
Net loss - Total recognized in other comprehensive income (loss)		$	27			$	(339	)		$	9
Total recognized in net periodic benefit cost and other comprehensive    income (loss)		$	127			$	(162	)		$	271
Weighted-average assumptions as of end of year:
Discount rate for benefit obligation			4.99	%			5.30	%			4.67	%
Discount rate for net periodic benefit cost			5.30	%			4.67	%			4.88	%
Expected long-term return on plan assets			5.00	%			5.00	%			5.00	%

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Plan Assets

The weighted-average asset allocations by asset category are presented below for the Continuing Plan at December 31, 2025 and 2024.

		December 31,
		2025				2024
Money market fund			5.0	%			2.0	%
Exchange traded funds:
Equity securities			30.0	%			33.0	%
Fixed income			55.0	%			59.0	%
International			10.0	%			6.0	%
Total			100.0	%			100.0	%

The strategic objective of the investments of the assets in the Continuing Plan aims to provide both income and potential capital appreciation. The allocation is managed on a total return basis with the average participant age in mind. It is well suited for moderately conservative investors seeking an ample level of income while also participating in equity markets. This investment mix is designed to take advantage of rising stock markets while cushioning the effects of stock market downturns. The portfolio is typically balanced between equity and fixed income. The equity exposure has the potential to earn a return greater than inflation while the fixed income exposure may reduce the risk and volatility of the portfolio to which the equity mutual funds contribute.

Fair Value Measurements

At this time, Trustmark presents no fair values that are derived through internal modeling. Should positions requiring fair valuation arise that are not relevant to existing methodologies, Trustmark will make every reasonable effort to obtain market participant assumptions, or independent evaluation.

The following tables set forth by level, within the fair value hierarchy, the Continuing Plan’s assets measured at fair value at December 31, 2025 and 2024 ($ in thousands):

		December 31, 2025
		Total				Level 1				Level 2				Level 3
Money market fund		$	75			$	75			$	—			$	—
Exchange traded funds:
Equity securities			500				500				—				—
Fixed income			905				905				—				—
International			165				165				—				—
Total assets at fair value		$	1,645			$	1,645			$	—			$	—

		December 31, 2024
		Total				Level 1				Level 2				Level 3
Money market fund		$	55			$	55			$	—			$	—
Exchange traded funds:
Equity securities			874				874				—				—
Fixed income			1,600				1,600				—				—
International			156				156				—				—
Total assets at fair value		$	2,685			$	2,685			$	—			$	—

There have been no changes in the methodologies used in estimating the fair value of plan assets at December 31, 2025. The money market fund approximates fair value due to its immediate maturity.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although Trustmark believes their valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Contributions

The range of potential contributions to the Continuing Plan is determined annually by the Continuing Plan’s actuary in accordance with applicable IRS rules and regulations. Trustmark’s policy is to fund amounts that are sufficient to satisfy the annual minimum funding requirements and do not exceed the maximum that is deductible for federal income tax purposes. The actual amount of the contribution is determined annually based on the Continuing Plan’s funded status and return on plan assets as of the measurement date, which is

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December 31. For the plan year ending December 31, 2025, Trustmark’s minimum required contribution to the Continuing Plan was $98 thousand and Trustmark contributed $109 thousand. For the plan year ending December 31, 2026, Trustmark’s minimum required contribution to the Continuing Plan is expected to be $91 thousand. Management and the Board of Directors of Trustmark will monitor the Continuing Plan throughout 2026 to determine any additional funding requirements by the plan’s measurement date.

Estimated Future Benefit Payments and Other Disclosures

The following table presents the expected benefit payments, which reflect expected future service, for the Continuing Plan ($ in thousands):

Year		Amount
2026		$	624
2027			846
2028			513
2029			374
2030			334
2031 - 2035			1,178

Amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost during 2026 include a gain of $14 thousand.

Supplemental Retirement Plans

Trustmark maintains a nonqualified supplemental retirement plan covering key executive officers and senior officers as well as directors who have elected to defer fees. The plan provides for retirement and/or death benefits based on a participant’s covered salary or deferred fees. Although plan benefits may be paid from Trustmark’s general assets, Trustmark has purchased life insurance contracts on the participants covered under the plan, which may be used to fund future benefit payments under the plan. The annual measurement date for the plan is December 31. As a result of mergers prior to 2014, Trustmark became the administrator of nonqualified supplemental retirement plans, for which the plan benefits were frozen prior to the merger date.

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The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands):

		December 31,
		2025				2024
Change in benefit obligation:
Benefit obligation, beginning of year		$	38,162			$	41,619
Service cost			15				45
Interest cost			1,921				1,851
Actuarial (gain) loss			845				(1,009	)
Benefits paid			(3,868	)			(4,344	)
Benefit obligation, end of year		$	37,075			$	38,162
Change in plan assets:
Fair value of plan assets, beginning of year		$	—			$	—
Employer contributions			3,868				4,344
Benefit payments			(3,868	)			(4,344	)
Fair value of plan assets, end of year		$	—			$	—
Funded status at end of year - net liability		$	(37,075	)		$	(38,162	)
Amounts recognized in accumulated other comprehensive loss:
Net loss		$	7,465			$	6,880
Prior service cost			—				15
Amounts recognized		$	7,465			$	6,895
Actuarial (gain) loss included in benefit obligation:
Change in discount rate		$	788			$	(1,794	)
Change in mortality table			—				—
Other			57				785
Actuarial (gain) loss		$	845			$	(1,009	)

		Years Ended December 31,
		2025				2024				2023
Net periodic benefit cost:
Service cost		$	15			$	45			$	69
Interest cost			1,921				1,851				2,013
Amortization of prior service cost			15				111				111
Recognized net actuarial loss			261				346				284
Net periodic benefit cost		$	2,212			$	2,353			$	2,477
Other changes in plan assets and benefit obligation recognized in other    comprehensive income (loss), before taxes:
Net (gain) loss		$	585			$	(1,355	)		$	479
Amortization of prior service cost			(15	)			(111	)			(111	)
Total recognized in other comprehensive income (loss)		$	570			$	(1,466	)		$	368
Total recognized in net periodic benefit cost and other comprehensive    income (loss)		$	2,782			$	887			$	2,845
Weighted-average assumptions as of end of year:
Discount rate for benefit obligation			4.99	%			5.30	%			4.67	%
Discount rate for net periodic benefit cost			5.30	%			4.67	%			4.88	%

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Estimated Supplemental Retirement Plan Payments and Other Disclosures

The following table presents the expected benefits payments for Trustmark’s supplemental retirement plans ($ in thousands):

Year		Amount
2026		$	3,856
2027			3,687
2028			3,562
2029			3,563
2030			3,465
2031 - 2035			14,656

Amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost during 2026 include a loss of $317 thousand.

Other Benefit Plans

Defined Contribution Plan

Trustmark provides associates with a self-directed 401(k) retirement plan that allows associates to contribute a percentage of eligible compensation, within limits provided by the Internal Revenue Code and accompanying regulations, into the plan. Trustmark matches 100% of associate contributions to the plan based on the amount of each participant’s contributions up to a maximum of 6% of eligible compensation, subject to the IRS maximum eligible compensation. Associates are automatically enrolled in the plan at 3% of eligible compensation unless they opt out within 60 days of employment. Associates may become eligible to make elective deferral contributions the first of the month following one month of employment. Eligible associates that elect to participate vest immediately in Trustmark’s matching contributions, as this is a Safe Harbor 401(k) Plan. Trustmark’s contributions to this plan were $10.4 million in 2025, $10.7 million in 2024 and $10.8 million in 2023.

Note 15 – Stock and Incentive Compensation Plans

Trustmark has granted restricted stock units subject to the provisions of the Stock and Incentive Compensation Plan (the Stock Plan). Current outstanding and future grants of restricted stock units are subject to the provisions of the Stock Plan, which is designed to provide flexibility to Trustmark regarding its ability to motivate, attract and retain the services of key associates and directors. The Stock Plan also allows Trustmark to grant nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and performance units to key associates and directors. At December 31, 2025, the maximum number of shares of Trustmark’s common stock available for issuance under the Stock Plan was 636,021 shares.

Restricted Stock Grants

Performance Units

Trustmark’s performance units vest over three years and are granted to Trustmark’s executive and senior management teams. Performance units granted vest based on performance goals of return on average tangible equity and total shareholder return. Performance units are valued utilizing a Monte Carlo simulation model to estimate fair value of the units at the grant date. The Monte Carlo simulation is performed by an independent valuation consultant and requires the use of subjective modeling assumptions. These units are amortized using the straight-line method over the requisite service period. These units are granted at 100% of target, yet provide for achievement units if performance measures exceed 100%. The restricted stock agreement for these units provides for dividend privileges, but no voting rights.

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The following table summarizes Trustmark’s performance unit activity for the periods presented:

		Years Ended December 31,
		2025								2024								2023
						Weighted-								Weighted-								Weighted-
						Average								Average								Average
						Grant-Date								Grant-Date								Grant-Date
		Shares				Fair Value				Shares				Fair Value				Shares				Fair Value
Nonvested shares, beginning of year			208,045			$	29.39				174,214			$	30.81				148,416			$	31.63
Granted			63,392				37.61				80,580				26.67				70,666				29.78
Adjustment for performance factor			47,415				32.64				9,348				30.02				—				—
Released from restriction			(105,951	)			32.64				(54,973	)			30.02				(39,943	)			31.98
Forfeited			(7,674	)			30.50				(1,124	)			28.32				(4,925	)			31.41
Nonvested shares, end of year			205,227			$	30.96				208,045			$	29.39				174,214			$	30.81

Time-Based Units

Trustmark’s time-based units granted to Trustmark’s executive and senior management teams vest over three years. Trustmark’s time-based units granted to members of Trustmark’s Board of Directors vest over one year. Time-based units are valued utilizing the fair value of Trustmark’s stock at the grant date. These units are amortized on the straight-line method over the earlier of the requisite service period or at age 65. The restricted stock agreement for these units provides for dividend privileges, but no voting rights.

The following table summarizes Trustmark’s time-based unit activity for the periods presented:

		Years Ended December 31,
		2025								2024								2023
						Weighted-								Weighted-								Weighted-
						Average								Average								Average
						Grant-Date								Grant-Date								Grant-Date
		Shares				Fair Value				Shares				Fair Value				Shares				Fair Value
Nonvested shares, beginning of year			372,276			$	29.37				358,252			$	30.04				312,978			$	30.99
Granted			131,224				36.99				167,646				27.27				145,003				28.59
Released from restriction			(123,655	)			31.50				(140,637	)			28.63				(90,587	)			30.90
Forfeited			(17,592	)			30.76				(12,985	)			28.79				(9,142	)			30.72
Nonvested shares, end of year			362,253			$	31.34				372,276			$	29.37				358,252			$	30.04

The following table presents information regarding compensation expense for units under the Stock Plan for the periods presented ($ in thousands):

														At December 31, 2025
		Recognized Compensation Expense												Unrecognized				Weighted Average
		for Years Ended December 31,												Compensation				Life of Unrecognized
		2025				2024				2023				Expense				Compensation Expense
Performance awards		$	2,053			$	2,827			$	1,772			$	2,208				1.69
Time-based awards			4,160				4,388				4,383				2,967				1.69
Total		$	6,213			$	7,215			$	6,155			$	5,175

Note 16 – Commitments and Contingencies

Lending Related

Trustmark makes commitments to extend credit and issues standby and commercial letters of credit (letters of credit) in the normal course of business in order to fulfill the financing needs of its customers. The carrying amount of commitments to extend credit and letters of credit approximates the fair value of such financial instruments.

Commitments to extend credit are agreements to lend money to customers pursuant to certain specified conditions. Commitments generally have fixed expiration dates or other termination clauses. Because many of these commitments are expected to expire without being fully drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The exposure to credit loss in the event of nonperformance by the other party to the commitments to extend credit is represented by the contract amount of those instruments. Trustmark applies the same credit policies and standards as it does in the lending process when making these

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commitments. The collateral obtained is based upon the nature of the transaction and the assessed creditworthiness of the borrower. At December 31, 2025 and 2024, Trustmark had unused commitments to extend credit of $4.678 billion and $4.575 billion, respectively.

Letters of credit are conditional commitments issued by Trustmark to insure the performance of a customer to a third-party. A financial standby letter of credit irrevocably obligates Trustmark to pay a third-party beneficiary when a customer fails to repay an outstanding loan or debt instrument. A performance standby letter of credit irrevocably obligates Trustmark to pay a third-party beneficiary when a customer fails to perform some contractual, nonfinancial obligation. When issuing letters of credit, Trustmark uses the same policies regarding credit risk and collateral, which are followed in the lending process. At December 31, 2025 and 2024, Trustmark’s maximum exposure to credit loss in the event of nonperformance by the other party for letters of credit was $148.7 million and $110.4 million, respectively. These amounts consist primarily of commitments with maturities of less than three years, which have an immaterial carrying value. Trustmark holds collateral to support standby letters of credit when deemed necessary.

ACL on Off-Balance Sheet Credit Exposures

Trustmark maintains a separate ACL on off-balance sheet credit exposures, including unfunded loan commitments and letters of credit, which is included on the accompanying consolidated balance sheets.

Changes in the ACL on off-balance sheet credit exposures were as follows for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
Balance at beginning of period		$	29,392			$	34,057			$	36,838
PCL, off-balance sheet credit exposures			(1,441	)			(4,665	)			(2,781	)
Balance at end of period		$	27,951			$	29,392			$	34,057

Adjustments to the ACL on off-balance sheet credit exposures are recorded to PCL, off-balance sheet credit exposures. The decrease in the ACL on off-balance sheet credit exposures for the year ended December 31, 2025 was primarily due to the resolution of the Credit Quality Review qualitative factor coupled with positive credit migration. The decrease in the ACL on off-balance sheet credit exposures for the year ended December 31, 2024 was primarily reflected a decrease in required reserves as a result of changes in the total reserve rate coupled with a decrease in unfunded commitments which was partially offset by an increase in required reserves as a result of implementing the Performance Trend and the External Factor – Credit Quality Review qualitative reserve factors.

Legal Proceedings

Trustmark and its subsidiaries are parties to lawsuits and other claims that arise in the ordinary course of business. Some of the lawsuits assert claims related to the lending, collection, servicing, investment, trust and other business activities, and some of the lawsuits allege substantial claims for damages.

In accordance with FASB ASC Subtopic 450-20, “Loss Contingencies,” Trustmark will establish an accrued liability for any litigation matter if and when such matter presents loss contingencies that are both probable and reasonably estimable. At the present time, Trustmark believes, based on its evaluation and the advice of legal counsel, that a loss in any currently pending legal proceeding is not probable and a reasonable estimate cannot reasonably be made.

Note 17 – Shareholders’ Equity

Regulatory Capital

Trustmark and TB are subject to minimum risk-based capital and leverage capital requirements, as described in the section captioned “Capital Adequacy” included in Part I. Item 1. – Business of this report, which are administered by the federal bank regulatory agencies. These capital requirements, as defined by federal regulations, involve quantitative and qualitative measures of assets, liabilities and certain off-balance sheet instruments. Trustmark’s and TB’s minimum risk-based capital requirements include a capital conservation buffer of 2.50%. Accumulated other comprehensive income (loss), net of tax, is not included in computing regulatory capital. Trustmark elected the five-year phase-in transition period (through December 31, 2024) related to adopting FASB ASU 2016-13 for regulatory capital purposes. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements of Trustmark and TB and limit Trustmark’s and TB’s ability to pay dividends. At December 31, 2025, Trustmark and TB exceeded all applicable minimum capital standards. In addition, Trustmark and TB met applicable regulatory guidelines to be considered well-capitalized at December 31, 2025. To be categorized in this manner, Trustmark and TB maintained, as applicable, minimum common equity Tier 1 risk-based capital, Tier 1 risk-based capital, total risk-based capital and Tier 1 leverage ratios as set forth in the accompanying table, and were not subject to

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any written agreement, order or capital directive, or prompt corrective action directive issued by their primary federal regulators to meet and maintain a specific capital level for any capital measures. There are no significant conditions or events that have occurred since December 31, 2025, which Management believes have affected Trustmark’s or TB’s present classification.

The following table provides Trustmark’s and TB’s actual regulatory capital amounts and ratios under regulatory capital standards in effect at December 31, 2025 and 2024 ($ in thousands):

		Actual
		Regulatory Capital								Minimum				To Be Well
		Amount				Ratio				Requirement				Capitalized
At December 31, 2025:
Common Equity Tier 1 Capital (to Risk Weighted Assets)
Trustmark Corporation		$	1,814,295				11.72	%			7.000	%		n/a
Trustmark Bank			1,908,101				12.33	%			7.000	%			6.50	%
Tier 1 Capital (to Risk Weighted Assets)
Trustmark Corporation		$	1,874,295				12.11	%			8.500	%		n/a
Trustmark Bank			1,908,101				12.33	%			8.500	%			8.00	%
Total Capital (to Risk Weighted Assets)
Trustmark Corporation		$	2,231,283				14.41	%			10.500	%		n/a
Trustmark Bank			2,093,123				13.52	%			10.500	%			10.00	%
Tier 1 Leverage (to Average Assets)
Trustmark Corporation		$	1,874,295				10.18	%			4.00	%		n/a
Trustmark Bank			1,908,101				10.37	%			4.00	%			5.00	%
At December 31, 2024:
Common Equity Tier 1 Capital (to Risk Weighted Assets)
Trustmark Corporation		$	1,729,672				11.54	%			7.000	%		n/a
Trustmark Bank			1,828,044				12.20	%			7.000	%			6.50	%
Tier 1 Capital (to Risk Weighted Assets)
Trustmark Corporation		$	1,789,672				11.94	%			8.500	%		n/a
Trustmark Bank			1,828,044				12.20	%			8.500	%			8.00	%
Total Capital (to Risk Weighted Assets)
Trustmark Corporation		$	2,094,874				13.97	%			10.500	%		n/a
Trustmark Bank			2,009,544				13.41	%			10.500	%			10.00	%
Tier 1 Leverage (to Average Assets)
Trustmark Corporation		$	1,789,672				9.99	%			4.00	%		n/a
Trustmark Bank			1,828,044				10.21	%			4.00	%			5.00	%

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Dividends on Common Stock

Dividends paid by Trustmark are substantially funded from dividends received from TB. Prior to declaring or paying a dividend on its common stock, TB must obtain the approval of the MDBCF. In addition, approval by TB’s regulators is required if the total of all dividends declared in any calendar year exceeds the total of its net income for that year combined with its retained net income of the preceding two years. In 2026, TB will have available approximately $227.4 million plus its net income for that year to pay as dividends.

Stock Repurchase Program

On December 6, 2022, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2023, under which $50.0 million of Trustmark’s outstanding shares could be acquired through December 31, 2023. No shares were repurchased under this stock repurchase program.

On December 5, 2023, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2024, under which $50.0 million of Trustmark’s outstanding shares could be acquired through December 31, 2024. Under this authority, Trustmark repurchased 203 thousand shares of its common stock valued at $7.5 million during the twelve months ended December 31, 2024.

On December 3, 2024, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2025, under which $100.0 million of Trustmark’s outstanding shares could be acquired through December 31, 2025. Under this authority, Trustmark repurchased 2.2 million shares of its common stock valued at $80.0 million during the year ended December 31, 2025.

On December 2, 2025, 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 be implemented through open market repurchases or privately negotiated transactions. Under this authority, Trustmark repurchased 163 thousand shares of its common stock valued at $6.5 million during January 2026.

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

The following tables present the net change in the components of accumulated other comprehensive income (loss) and the related tax effects allocated to each component for the years ended December 31, 2025, 2024 and 2023 ($ in thousands). The amortization of prior service cost, recognized net loss due to lump sum settlements and change in net actuarial loss are included in the computation of net periodic benefit cost (see Note 14 – Defined Benefit and Other Postretirement Benefits for additional details). Reclassification adjustments related to pension and other postretirement benefit plans are included in salaries and employee benefits and other expense in the accompanying consolidated statements of income. Reclassification adjustments related to the cash flow hedge derivatives are included in interest and fees on LHFS and LHFI in the accompanying consolidated statements of income.

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		Before Tax				Tax (Expense)				Net of Tax
		Amount				Benefit				Amount
Year Ended December 31, 2025
Securities available for sale and transferred securities:
Net unrealized holding gains (losses) arising during the period		$	61,389			$	(15,346	)		$	46,043
Reclassification adjustment for net (gains) losses realized in net income			—				—				—
Change in net unrealized holding loss on securities transferred to held to maturity			13,765				(3,441	)			10,324
Total securities available for sale and transferred securities			75,154				(18,787	)			56,367
Pension and other postretirement benefit plans:
Change in the actuarial loss of pension and other postretirement    benefit plans			(660	)			165				(495	)
Reclassification adjustments for changes realized in net income:
Net change in prior service costs			15				(4	)			11
Recognized net loss due to lump sum settlements			(79	)			20				(59	)
Change in net actuarial loss			127				(32	)			95
Total pension and other postretirement benefit plans			(597	)			149				(448	)
Cash flow hedge derivatives:
Change in accumulated gain (loss) on effective cash flow hedge derivatives			9,299				(2,325	)			6,974
Reclassification adjustment for (gain) loss realized in net income			9,521				(2,380	)			7,141
Total cash flow hedge derivatives			18,820				(4,705	)			14,115
Total other comprehensive income (loss)		$	93,377			$	(23,343	)		$	70,034
Year Ended December 31, 2024
Securities available for sale and transferred securities:
Net unrealized holding gains (losses) arising during the period		$	(13,666	)		$	3,417			$	(10,249	)
Reclassification adjustment for net (gains) losses realized in net income			182,792				(45,698	)			137,094
Change in net unrealized holding loss on securities transferred to held to maturity			14,587				(3,647	)			10,940
Total securities available for sale and transferred securities			183,713				(45,928	)			137,785
Pension and other postretirement benefit plans:
Change in the actuarial loss of pension and other postretirement    benefit plans			1,460				(365	)			1,095
Reclassification adjustments for changes realized in net income:
Net change in prior service costs			111				(28	)			83
Recognized net loss due to lump sum settlements			(13	)			3				(10	)
Change in net actuarial loss			248				(62	)			186
Total pension and other postretirement benefit plans			1,806				(452	)			1,354
Cash flow hedge derivatives:
Change in accumulated gain (loss) on effective cash flow hedge derivatives			(22,232	)			5,558				(16,674	)
Reclassification adjustment for (gain) loss realized in net income			18,132				(4,533	)			13,599
Total cash flow hedge derivatives			(4,100	)			1,025				(3,075	)
Total other comprehensive income (loss)		$	181,419			$	(45,355	)		$	136,064
Year Ended December 31, 2023
Securities available for sale and transferred securities:
Net unrealized holding gains (losses) arising during the period		$	50,537			$	(12,404	)		$	38,133
Reclassification adjustment for net (gains) losses realized in net income			(39	)			10				(29	)
Change in net unrealized holding loss on securities transferred to held to maturity			15,557				(3,889	)			11,668
Total securities available for sale and transferred securities			66,055				(16,283	)			49,772
Pension and other postretirement benefit plans:
Change in the actuarial loss of pension and other postretirement    benefit plans			(691	)			173				(518	)
Reclassification adjustments for changes realized in net income:
Net change in prior service costs			111				(28	)			83
Recognized net loss due to lump sum settlements			25				(6	)			19
Change in net actuarial loss			177				(44	)			133
Total pension and other postretirement benefit plans			(378	)			95				(283	)
Cash flow hedge derivatives:
Change in accumulated gain (loss) on effective cash flow hedge derivatives			(8,131	)			2,033				(6,098	)
Reclassification adjustment for (gain) loss realized in net income			16,385				(4,096	)			12,289
Total cash flow hedge derivatives			8,254				(2,063	)			6,191
Total other comprehensive income (loss)		$	73,931			$	(18,251	)		$	55,680

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The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) for the periods presented ($ in thousands). All amounts are presented net of tax.

		Securities Available for Sale and Transferred Securities				Defined Benefit Pension Items				Cash Flow Hedge Derivative				Total
Balance, January 1, 2023		$	(254,442	)		$	(5,792	)		$	(15,169	)		$	(275,403	)
Other comprehensive income (loss) before    reclassification			49,801				(518	)			(6,098	)			43,185
Amounts reclassified from accumulated other    comprehensive income (loss)			(29	)			235				12,289				12,495
Net other comprehensive income (loss)			49,772				(283	)			6,191				55,680
Balance, December 31, 2023			(204,670	)			(6,075	)			(8,978	)			(219,723	)
Other comprehensive income (loss) before    reclassification			691				1,095				(16,674	)			(14,888	)
Amounts reclassified from accumulated other    comprehensive income (loss)			137,094				259				13,599				150,952
Net other comprehensive income (loss)			137,785				1,354				(3,075	)			136,064
Balance, December 31, 2024			(66,885	)			(4,721	)			(12,053	)			(83,659	)
Other comprehensive income (loss) before reclassification			56,367				(495	)			6,974				62,846
Amounts reclassified from accumulated other    comprehensive income (loss)			—				47				7,141				7,188
Net other comprehensive income (loss)			56,367				(448	)			14,115				70,034
Balance, December 31, 2025		$	(10,518	)		$	(5,169	)		$	2,062			$	(13,625	)

Note 18 – Fair Value

Financial Instruments Measured at Fair Value

The methodologies Trustmark uses in determining the fair values are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected upon exchange of the position in an orderly transaction between market participants at the measurement date. The predominant portion of assets that are stated at fair value are of a nature that can be valued using prices or inputs that are readily observable through a variety of independent data providers. The providers selected by Trustmark for fair valuation data are widely recognized and accepted vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. Trustmark has documented and evaluated the pricing methodologies used by the vendors and maintains internal processes that regularly test valuations for anomalies.

Trustmark utilizes an independent pricing service to advise it on the carrying value of the securities available for sale portfolio. As part of Trustmark’s procedures, the price provided from the service is evaluated for reasonableness given market changes. When a questionable price exists, Trustmark investigates further to determine if the price is valid. If needed, other market participants may be utilized to determine the correct fair value. Trustmark has also reviewed and confirmed its determinations in thorough discussions with the pricing source regarding their methods of price discovery.

Mortgage loan commitments are valued based on the securities prices of similar collateral, term, rate and delivery for which the loan is eligible to deliver in place of the particular security. Trustmark acquires a broad array of mortgage security prices that are supplied by a market data vendor, which in turn accumulates prices from a broad list of securities dealers. Prices are processed through a mortgage pipeline management system that accumulates and segregates all loan commitment and forward-sale transactions according to the similarity of various characteristics (maturity, term, rate, and collateral). Prices are matched to those positions that are deemed to be an eligible substitute or offset (i.e., “deliverable”) for a corresponding security observed in the marketplace.

Trustmark estimates the fair value of the MSR through the use of prevailing market participant assumptions and market participant valuation processes. This valuation is periodically tested and validated against other third-party firm valuations.

Trustmark obtains the fair value of interest rate swaps from a third-party pricing service that uses an industry standard discounted cash flow methodology. In addition, credit valuation adjustments are incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of its interest rate swap contracts for the effect of nonperformance risk, Trustmark has considered any

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applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the FASB’s fair value measurement guidance, Trustmark made an accounting policy election to measure the credit risk of these derivative financial instruments, which are subject to master netting agreements, on a net basis by counterparty portfolio.

Trustmark has determined that the majority of the inputs used to value its interest rate swaps offered to qualified commercial borrowers fall within Level 2 of the fair value hierarchy, while the credit valuation adjustments associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads. Trustmark has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its interest rate swaps and has determined that the credit valuation adjustment is not significant to the overall valuation of these derivatives. As a result, Trustmark classifies its interest rate swap valuations in Level 2 of the fair value hierarchy.

Trustmark also utilizes 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 the MSR attributable to interest rates. Fair values of these derivative instruments are determined from quoted prices in active markets for identical assets therefore allowing them to be classified within Level 1 of the fair value hierarchy. In addition, Trustmark utilizes derivative instruments such as interest rate lock commitments in its mortgage banking area which lack observable inputs for valuation purposes resulting in their inclusion in Level 3 of the fair value hierarchy.

At this time, Trustmark presents no fair values that are derived through internal modeling. Should positions requiring fair valuation arise that are not relevant to existing methodologies, Trustmark will make every reasonable effort to obtain market participant assumptions, or independent evaluation.

Financial Assets and Liabilities

The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2025 and 2024, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands). There were no transfers between fair value levels for the years ended December 31, 2025 and 2024.

		December 31, 2025
		Total				Level 1				Level 2				Level 3
U.S. Treasury securities		$	208,948			$	208,948			$	—			$	—
U.S. Government agency obligations			70,849				—				70,849				—
Mortgage-backed securities			1,597,033				—				1,597,033				—
Securities available for sale			1,876,830				208,948				1,667,882				—
LHFS			278,789				—				278,789				—
MSR			131,289				—				—				131,289
Other assets - derivatives			16,235				11				15,226				998
Other liabilities - derivatives			22,832				1,708				21,124				—

		December 31, 2024
		Total				Level 1				Level 2				Level 3
U.S. Treasury securities		$	202,669			$	202,669			$	—			$	—
U.S. Government agency obligations			38,807				—				38,807				—
Mortgage-backed securities			1,451,058				—				1,451,058				—
Securities available for sale			1,692,534				202,669				1,489,865				—
LHFS			200,307				—				200,307				—
MSR			139,317				—				—				139,317
Other assets - derivatives			15,397				18				15,150				229
Other liabilities - derivatives			41,355				2,183				39,172				—

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The changes in Level 3 assets measured at fair value on a recurring basis for the years ended December 31, 2025 and 2024 are summarized as follows ($ in thousands):

		MSR				Other Assets - Derivatives
Balance, January 1, 2025		$	139,317			$	229
Total net (loss) gain included in Mortgage banking, net (1)			(23,080	)			4,234
Additions			15,052				—
Sales			—				(3,465	)
Balance, December 31, 2025		$	131,289			$	998
The amount of total gains (losses) for the period included in earnings that are    attributable to the change in unrealized gains or losses still held at    December 31, 2025		$	(9,840	)		$	5,049
Balance, January 1, 2024		$	131,870			$	845
Total net (loss) gain included in Mortgage banking, net (1)			(5,844	)			2,229
Additions			13,291				—
Sales			—				(2,845	)
Balance, December 31, 2024		$	139,317			$	229
The amount of total gains (losses) for the period included in earnings that are    attributable to the change in unrealized gains or losses still held at    December 31, 2024		$	5,801			$	1,681

(1)Total net (loss) gain included in Mortgage banking, net relating to the MSR includes changes in fair value due to market changes and due to run-off.

Trustmark may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. Assets at December 31, 2025, which have been measured at fair value on a nonrecurring basis, include collateral-dependent LHFI. A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the sale of the collateral. The expected credit loss for collateral-dependent loans is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, adjusted for the estimated cost to sell. Fair value estimates for collateral-dependent loans are derived from appraised values based on the current market value or as is value of the collateral, normally from recently received and reviewed appraisals. Current appraisals are ordered on an annual basis based on the inspection date or more often if market conditions necessitate. Appraisals are obtained from state-certified appraisers and are based on certain assumptions, which may include construction or development status and the highest and best use of the property. These appraisals are reviewed by Trustmark’s Appraisal Review Department to ensure they are acceptable, and values are adjusted down for costs associated with asset disposal. At December 31, 2025, Trustmark had outstanding balances of $24.9 million with a related ACL of $1.2 million in collateral-dependent LHFI, compared to outstanding balances of $37.1 million with a related ACL of $13.7 million in collateral-dependent LHFI at December 31, 2024. The collateral-dependent LHFI are classified as Level 3 in the fair value hierarchy.

Nonfinancial Assets and Liabilities

Certain nonfinancial assets measured at fair value on a nonrecurring basis include foreclosed assets (upon initial recognition or subsequent impairment), nonfinancial assets and nonfinancial liabilities measured at fair value in the second step of a goodwill impairment test, and intangible assets and other nonfinancial long-lived assets measured at fair value for impairment assessment.

Other real estate includes assets that have been acquired in satisfaction of debt through foreclosure and is recorded at the fair value less cost to sell (estimated fair value) at the time of foreclosure. Fair value is based on independent appraisals and other relevant factors. In the determination of fair value subsequent to foreclosure, Management also considers other factors or recent developments, such as changes in market conditions from the time of valuation and anticipated sales values considering plans for disposition, which could result in an adjustment to lower the collateral value estimates indicated in the appraisals. Periodic revaluations are classified as Level 3 in the fair value hierarchy since assumptions are used that may not be observable in the market.

Foreclosed assets of $3.4 million were re-measured during 2025, requiring write-downs of $596 thousand to reach their current fair values compared to $5.5 million of foreclosed assets that were re-measured during 2024, requiring write-downs of $2.2 million.

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Fair Value of Financial Instruments

FASB ASC Topic 825 requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis.

The carrying amounts and estimated fair values of financial instruments at December 31, 2025 and 2024 were as follows ($ in thousands):

		December 31, 2025								December 31, 2024
		Carrying  Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial Assets:
Level 2 Inputs:
Cash and short-term investments		$	668,007			$	668,007			$	567,251			$	567,251
Securities held to maturity			1,207,454				1,180,569				1,335,385				1,259,107
Level 3 Inputs:
Net LHFI			13,517,162				13,544,873				12,929,672				12,886,168
Financial Liabilities:
Level 2 Inputs:
Deposits			15,499,784				15,494,681				15,108,175				15,098,854
Federal funds purchased and securities sold under    repurchase agreements			445,000				445,000				324,008				324,008
Other borrowings			364,762				364,762				301,541				301,541
Subordinated notes			171,966				176,750				123,702				120,625
Junior subordinated debt securities			61,856				52,964				61,856				49,794

Fair Value Option

Trustmark has elected to account for its LHFS under the fair value option, with interest income on these LHFS reported in interest and fees on LHFS and LHFI. The fair value of the LHFS is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan. The LHFS are actively managed and monitored and certain market risks of the loans may be mitigated through the use of derivatives. These derivative instruments are carried at fair value with changes in fair value recorded as noninterest income (loss) in mortgage banking, net. The changes in the fair value of the LHFS are largely offset by changes in the fair value of the derivative instruments. For the year ended December 31, 2025, a net gain of $932 thousand was recorded as noninterest income (loss) in mortgage banking, net for changes in the fair value of the LHFS accounted for under the fair value option compared to a net loss of $2.1 million and a net gain of $2.2 million, respectively, for the years ended December 31, 2024 and 2023. Interest and fees on LHFS and LHFI for the year ended December 31, 2025 included $8.9 million of interest earned on the LHFS accounted for under the fair value option compared to $8.6 million and $7.8 million for the years ended December 31, 2024 and 2023, respectively. Election of the fair value option allows Trustmark to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value. The fair value option election does not apply to the GNMA optional repurchase loans which do not meet the requirements under FASB ASC Topic 825 to be accounted for under the fair value option. GNMA optional repurchase loans totaled $136.3 million and $97.6 million at December 31, 2025 and 2024, respectively, and are included in LHFS on the accompanying consolidated balance sheets.

The following table provides information about the fair value and the contractual principal outstanding of the LHFS accounted for under the fair value option at December 31, 2025 and 2024 ($ in thousands):

		December 31,
		2025				2024
Fair value of LHFS		$	142,485			$	102,676
LHFS contractual principal outstanding			143,832				105,322
Fair value less unpaid principal		$	(1,347	)		$	(2,646	)

Note 19 – Derivative Financial Instruments

Derivatives Designated as Hedging Instruments

Trustmark engages in a cash flow hedging program to add stability to interest income and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for Trustmark making variable-rate payments over the life of the agreements without exchange of the underlying notional

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amount. Interest rate floor spreads designated as cash flow hedges involve the receipt of variable-rate amounts if interest rates fall below the purchased floor strike rate on the contract and payments of variable-rate amounts if interest rates fall below the sold floor strike rate on the contract. Trustmark uses such derivatives to hedge the variable cash flows associated with existing and anticipated variable-rate loan assets. At December 31, 2025, the aggregate notional value of Trustmark's interest rate swaps and floor spreads designated as cash flow hedges totaled $1.630 billion compared to $1.500 billion at December 31, 2024.

Trustmark records any gains or losses on these cash flow hedges in accumulated other comprehensive income (loss). Gains and losses on derivatives representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with Trustmark’s accounting policy election. The earnings recognition of excluded components included in interest and fees on LHFS and LHFI totaled $526 thousand, $474 thousand and $57 thousand of amortization expense for the years ended December 31, 2025, 2024 and 2023, respectively. As interest payments are received on Trustmark's variable-rate assets, amounts reported in accumulated other comprehensive income (loss) are reclassified into interest and fees on LHFS and LHFI in the accompanying consolidated statements of income during the same period. During the next twelve months, Trustmark estimates that $704 thousand will be reclassified as a reduction to interest and fees on LHFS and LHFI. This amount could differ due to changes in interest rates, hedge de-designations or the addition of other hedges.

Derivatives not Designated as Hedging Instruments

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 economically hedges changes in the fair value of the MSR attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting. The total notional amount of these derivative instruments was $345.5 million at December 31, 2025 compared to $311.5 million at December 31, 2024. Changes in the fair value of these exchange-traded derivative instruments are recorded as noninterest income (loss) in mortgage banking, net and are offset by changes in the fair value of the MSR. The impact of this strategy resulted in a net negative ineffectiveness of $2.6 million, $9.2 million and $6.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As part of Trustmark’s risk management strategy in the mortgage banking area, derivative instruments such as forward sales contracts are utilized. Trustmark’s obligations under forward sales contracts consist of commitments to deliver mortgage loans, originated and/or purchased, in the secondary market at a future date. Changes in the fair value of these derivative instruments are recorded as noninterest income (loss) in mortgage banking, net and are offset by changes in the fair value of LHFS. Trustmark’s off-balance sheet obligations under these derivative instruments totaled $152.0 million at December 31, 2025, with a negative valuation adjustment of $287 thousand, compared to $110.0 million at December 31, 2024, with a positive valuation adjustment of $679 thousand.

Trustmark also utilizes derivative instruments such as interest rate lock commitments in its mortgage banking area. Interest rate lock commitments are residential mortgage loan commitments with customers, which guarantee a specified interest rate for a specified time period. Changes in the fair value of these derivative instruments are recorded as noninterest income (loss) in mortgage banking, net and are offset by the changes in the fair value of forward sales contracts. Trustmark’s off-balance sheet obligations under these derivative instruments totaled $74.5 million at December 31, 2025, with a positive valuation adjustment of $998 thousand, compared to $52.1 million at December 31, 2024, with a positive valuation adjustment of $229 thousand.

Trustmark offers certain derivatives products directly to qualified commercial lending clients seeking to manage their interest rate risk. Trustmark economically hedges interest rate swap transactions executed with commercial lending clients by entering into offsetting interest rate swap transactions with institutional derivatives market participants. Derivatives transactions executed as part of this program are not designated as qualifying hedging relationships and are, therefore, carried at fair value with the change in fair value recorded as noninterest income (loss) in bank card and other fees. Because these derivatives have mirror-image contractual terms, in addition to collateral provisions which mitigate the impact of non-performance risk, the changes in fair value are expected to substantially offset. The offsetting interest rate swap transactions are either cleared through the Chicago Mercantile Exchange for clearable transactions or booked directly with institutional derivatives market participants for non-clearable transactions. The Chicago Mercantile Exchange rules legally characterize variation margin collateral payments made or received for centrally cleared interest rate swaps as settlements rather than collateral. As a result, centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets. At December 31, 2025, Trustmark had interest rate swaps with an aggregate notional amount of $1.991 billion related to this program, compared to $1.819 billion at December 31, 2024.

Credit-risk-related Contingent Features

Trustmark has agreements with its financial institution counterparties that contain provisions where if Trustmark defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Trustmark could also be declared in default on its derivatives obligations.

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At December 31, 2025, the termination value of interest rate swaps in a liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $117 thousand compared to $568 thousand at December 31, 2024. At December 31, 2025 and 2024, Trustmark had posted collateral of $2.2 million and $1.5 million, respectively, against its obligations because of negotiated thresholds and minimum transfer amounts under these agreements. If Trustmark had breached any of these triggering provisions at December 31, 2025, it could have been required to settle its obligations under the agreements at the termination value.

Credit risk participation agreements arise when Trustmark contracts with other financial institutions, as a guarantor or beneficiary, to share credit risk associated with certain interest rate swaps. These agreements provide for reimbursement of losses resulting from a third-party default on the underlying swap. At December 31, 2025, Trustmark had entered into ten risk participation agreements as a beneficiary with an aggregate notional amount of $113.7 million compared to eleven risk participation agreements as a beneficiary with an aggregate notional amount of $83.9 million at December 31, 2024. At December 31, 2025, Trustmark had entered into twenty-seven risk participation agreements as a guarantor with aggregate notional amounts of $267.9 million compared to twenty-eight risk participation agreements as a guarantor with aggregate notional amounts of $229.1 million at December 31, 2024. The aggregate fair values of these risk participation agreements were immaterial at December 31, 2025 and 2024.

Tabular Disclosures

The following tables disclose the fair value of derivative instruments in Trustmark’s consolidated balance sheets at December 31, 2025 and 2024 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands):

		December 31,
		2025				2024
Derivatives in hedging relationships
Interest rate contracts:
Interest rate swaps included in other assets (1)		$	3,890			$	74
Interest rate floors included in other assets			1,673				1,582
Interest rate swaps included in other liabilities (1)			611				5,958
Derivatives not designated as hedging instruments
Interest rate contracts:
Exchange traded purchased options included in other assets		$	11			$	18
OTC written options (rate locks) included in other assets			998				229
Interest rate swaps included in other assets (1)			9,654				13,478
Credit risk participation agreements included in other assets			9				16
Futures contracts included in other liabilities			1,661				1,972
Forward contracts included in other liabilities			287				(679	)
Exchange traded written options included in other liabilities			47				211
Interest rate swaps included in other liabilities (1)			20,098				33,817
Credit risk participation agreements included in other liabilities			128				76

(1)In accordance with GAAP, the variation margin collateral payments made or received for interest rate swaps that are centrally cleared are legally characterized as settled. As a result, the centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets.

		Years Ended December 31,
		2025				2024				2023
Derivatives in hedging relationships
Amount of gain (loss) reclassified from accumulated other    comprehensive income (loss) and recognized in interest    and fees on LHFS & LHFI		$	(9,521	)		$	(18,132	)		$	(16,385	)
Derivatives not designated as hedging instruments
Amount of gain (loss) recognized in mortgage banking, net		$	7,081			$	(13,965	)		$	(5,281	)
Amount of gain (loss) recognized in bank card and other fees			706				135				271

142

The following table discloses the amount included in other comprehensive income (loss), net of tax, for derivative instruments designated as cash flow hedges for the periods presented ($ in thousands):

		Years Ended December 31,
		2025				2024				2023
Derivatives in cash flow hedging relationship
Amount of gain (loss) recognized in other comprehensive    income (loss), net of tax		$	6,974			$	(16,674	)		$	(6,098	)

Information about financial instruments that are eligible for offset in the consolidated balance sheets at December 31, 2025 and 2024 is presented in the following tables ($ in thousands):

Offsetting of Derivative Assets
As of December 31, 2025
														Gross Amounts Not Offset in the Statement of Financial Position
		Gross Amounts of Recognized Assets				Gross Amounts Offset in the Statement of Financial Position				Net Amounts of Assets presented in the Statement of Financial Position				Financial Instruments				Cash Collateral Received				Net Amount
Derivatives		$	15,217			$	—			$	15,217			$	(6,271	)		$	(1,380	)		$	7,566

Offsetting of Derivative Liabilities
As of December 31, 2025
														Gross Amounts Not Offset in the Statement of Financial Position
		Gross Amounts of Recognized Liabilities				Gross Amounts Offset in the Statement of Financial Position				Net Amounts of Liabilities presented in the Statement of Financial Position				Financial Instruments				Cash Collateral Posted				Net Amount
Derivatives		$	20,709			$	—			$	20,709			$	(6,271	)		$	(2,200	)		$	12,238

Offsetting of Derivative Assets
As of December 31, 2024
														Gross Amounts Not Offset in the Statement of Financial Position
		Gross Amounts of Recognized Assets				Gross Amounts Offset in the Statement of Financial Position				Net Amounts of Assets presented in the Statement of Financial Position				Financial Instruments				Cash Collateral Received				Net Amount
Derivatives		$	15,134			$	—			$	15,134			$	(7,956	)		$	(2,000	)		$	5,178

Offsetting of Derivative Liabilities
As of December 31, 2024
														Gross Amounts Not Offset in the Statement of Financial Position
		Gross Amounts of Recognized Liabilities				Gross Amounts Offset in the Statement of Financial Position				Net Amounts of Liabilities presented in the Statement of Financial Position				Financial Instruments				Cash Collateral Posted				Net Amount
Derivatives		$	39,775			$	—			$	39,775			$	(7,956	)		$	(1,460	)		$	30,359

Note 20 – Segment Information

Trustmark’s management reporting structure includes two segments: General Banking and Wealth Management. The General Banking Segment is responsible for all traditional banking products and services, including loans and deposits. The General Banking Segment also consists of internal operations such as Human Resources, Executive Administration, Treasury (Funds Management), Public Affairs and Corporate Finance. The Wealth Management Segment provides customized solutions for customers by integrating financial services with traditional banking products and services such as money management, full-service brokerage, financial planning, personal and institutional trust and retirement services. Trustmark's reportable segments are determined by the Chief Executive Officer (CEO), who is the designated chief operating decision maker (CODM), based upon information provided about Trustmark's products and services offered. The reportable segments are also distinguished by the level of information provided to the CEO, who uses such information to review performance of various lines of business, which are then aggregated if operating performance, products and services and customers are similar. The CEO evaluates the financial performance of Trustmark's lines of business, such as evaluating revenue

143

streams, significant expenses and budget to actual results, in assessing the performance of Trustmark's reportable segments and in the determination of allocating resources.

The Insurance Segment is included in discontinued operations in the accompanying consolidated statements of income for the years ended December 31, 2024 and 2023. See Note 2 – Discontinued Operations for additional information about discontinued operations.

The accounting policies of each reportable segment are the same as those of Trustmark except for its internal allocations. Noninterest expenses for back-office operations support are allocated to segments based on estimated uses of those services. Trustmark measures the net interest income of its business segments with a process that assigns cost of funds or earnings credit on a matched-term basis. This process, called “funds transfer pricing”, charges an appropriate cost of funds to assets held by a business unit, or credits the business unit for potential earnings for carrying liabilities. The net of these charges and credits flows through to the General Banking Segment, which contains the management team responsible for determining TB’s funding and interest rate risk strategies.

144

The following tables disclose financial information by reportable segment for the periods presented ($ in thousands):

Year Ended December 31, 2025		General Banking				Wealth Management				Consolidated
Interest income		$	936,267			$	12,355			$	948,622
Interest expense			307,455				5,029				312,484
Funds transfer pricing, net			(2,411	)			2,411				—
Net interest income			626,401				9,737				636,138
PCL			12,896				(26	)			12,870
Net interest income after PCL			613,505				9,763				623,268
Service charges on deposit accounts			43,477				179				43,656
Bank card and other fees			33,187				195				33,382
Mortgage banking, net			33,082				—				33,082
Wealth management			713				39,399				40,112
Other, net			13,122				286				13,408
Internal allocations			(384	)			384				—
Noninterest income (loss)			123,197				40,443				163,640
Salaries and employee benefits			259,869				23,508				283,377
Services and fees			106,670				2,721				109,391
Other segment expenses (1)			117,668				1,794				119,462
Internal allocations			(6,303	)			6,303				—
Noninterest expense			477,904				34,326				512,230
Income from continuing operations before income taxes			258,798				15,880				274,678
Income taxes from continuing operations			46,592				3,951				50,543
Consolidated income from continuing operations		$	212,206			$	11,929			$	224,135
Selected Financial Information
Total assets from continuing operations		$	18,711,366			$	213,845			$	18,925,211
Depreciation and amortization from continuing operations		$	39,742			$	255			$	39,997

(1) Other segment expenses for the General Banking Segment include net occupancy-premises, equipment expense, FDIC assessment expense, other real estate expense, net, loan expense and other miscellaneous expense. Other segment expenses for the Wealth Management Segment include net occupancy-premises, equipment expense, FDIC assessment expense, loan expense and other miscellaneous expense.

145

Year Ended December 31, 2024		General Banking				Wealth Management				Consolidated
Interest income		$	949,600			$	10,730			$	960,330
Interest expense			373,369				2,540				375,909
Funds transfer pricing, net			2,231				(2,231	)			—
Net interest income			578,462				5,959				584,421
PCL			41,101				154				41,255
Net interest income after PCL			537,361				5,805				543,166
Service charges on deposit accounts			44,295				87				44,382
Bank card and other fees			33,148				153				33,301
Mortgage banking, net			26,626				—				26,626
Wealth management			748				36,503				37,251
Other, net			17,620				193				17,813
Securities gains (losses), net			(182,792	)			—				(182,792	)
Internal allocations			(377	)			377				—
Noninterest income (loss)			(60,732	)			37,313				(23,419	)
Salaries and employee benefits			243,930				22,309				266,239
Services and fees			98,833				2,757				101,590
Other segment expenses (1)			116,080				1,781				117,861
Internal allocations			(5,897	)			5,897				—
Noninterest expense			452,946				32,744				485,690
Income from continuing operations before income taxes			23,683				10,374				34,057
Income taxes from continuing operations			(13,726	)			2,573				(11,153	)
Consolidated income from continuing operations		$	37,409			$	7,801			$	45,210
Selected Financial Information
Total assets from continuing operations		$	17,938,268			$	214,154			$	18,152,422
Depreciation and amortization from continuing operations		$	37,599			$	250			$	37,849

(1) Other segment expenses for the General Banking Segment include net occupancy-premises, equipment expense, FDIC assessment expense, other real estate expense, net, loan expense and other miscellaneous expense. Other segment expenses for the Wealth Management Segment include net occupancy-premises, equipment expense, FDIC assessment expense, loan expense and other miscellaneous expense.

146

Year Ended December 31, 2023		General Banking				Wealth Management				Consolidated
Interest income		$	869,143			$	9,689			$	878,832
Interest expense			324,470				1,484				325,954
Funds transfer pricing, net			2,326				(2,326	)			—
Net interest income			546,999				5,879				552,878
PCL			26,716				(2,135	)			24,581
Net interest income after PCL			520,283				8,014				528,297
Service charges on deposit accounts			43,329				87				43,416
Bank card and other fees			33,382				57				33,439
Mortgage banking, net			26,216				—				26,216
Wealth management			838				34,254				35,092
Other, net			10,069				162				10,231
Securities gains (losses), net			39				—				39
Internal allocations			(376	)			376				—
Noninterest income (loss)			113,497				34,936				148,433
Salaries and employee benefits			247,014				21,256				268,270
Services and fees			104,432				3,373				107,805
Other segment expenses (1)			117,757				1,864				119,621
Internal allocations			(5,846	)			5,846				—
Noninterest expense			463,357				32,339				495,696
Income from continuing operations before income taxes			170,423				10,611				181,034
Income taxes from continuing operations			25,091				2,653				27,744
Consolidated income from continuing operations		$	145,332			$	7,958			$	153,290
Selected Financial Information
Total assets from continuing operations		$	18,469,213			$	185,342			$	18,654,555
Depreciation and amortization from continuing operations		$	34,924			$	261			$	35,185

(1) Other segment expenses for the General Banking Segment include net occupancy-premises, equipment expense, litigation settlement expense, FDIC assessment expense, other real estate expense, net, loan expense and other miscellaneous expense. Other segment expenses for the Wealth Management Segment include net occupancy-premises, equipment expense, FDIC assessment expense, loan expense and other miscellaneous expense.

Note 21 – Parent Company Only Financial Information

($ in thousands)

Condensed Balance Sheets		December 31,
		2025				2024
Assets:
Investment in banks		$	2,217,339			$	2,062,555
Other assets			141,547				86,907
Total Assets		$	2,358,886			$	2,149,462
Liabilities and Shareholders' Equity:
Accrued expense		$	3,387			$	1,577
Subordinated notes			171,966				123,702
Junior subordinated debt securities			61,856				61,856
Shareholders' equity			2,121,677				1,962,327
Total Liabilities and Shareholders' Equity		$	2,358,886			$	2,149,462

147

Condensed Statements of Income		Years Ended December 31,
		2025				2024				2023
Revenue:
Dividends received from banks		$	155,440			$	82,536			$	67,189
Earnings of subsidiaries over distributions			78,537				148,884				106,388
Other income			156				165				163
Total Revenue			234,133				231,585				173,740
Expense:
Other expense			9,998				8,576				8,251
Total Expense			9,998				8,576				8,251
Net Income		$	224,135			$	223,009			$	165,489

Condensed Statements of Cash Flows		Years Ended December 31,
		2025				2024				2023
Operating Activities:
Net income		$	224,135			$	223,009			$	165,489
Adjustments to reconcile net income to net cash provided    by operating activities:
Net change in investment in subsidiaries			(78,537	)			(148,884	)			(106,388	)
Other			605				(835	)			(797	)
Net cash from operating activities			146,203				73,290				58,304
Financing Activities:
Net proceeds from subordinated notes			171,936				—				—
Payment of subordinated notes			(125,000	)			—				—
Common stock dividends			(58,456	)			(56,790	)			(56,653	)
Repurchase and retirement of common stock			(80,036	)			(7,499	)			—
Net cash from financing activities			(91,556	)			(64,289	)			(56,653	)
Net change in cash and cash equivalents			54,647				9,001				1,651
Cash and cash equivalents at beginning of year			86,512				77,511				75,860
Cash and cash equivalents at end of year		$	141,159			$	86,512			$	77,511

Trustmark paid income taxes of $52.2 million in 2025, $21.5 million in 2024 and $38.8 million in 2023. Trustmark (parent company only) paid interest of $4.5 million in 2025, 2024 and 2023.

148

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

There has been no change of accountants within the two-year period prior to December 31, 2025.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Annual Report on Form 10-K, an evaluation was carried out by Trustmark’s management, with the participation of its Chief Executive Officer and Treasurer and Principal Financial Officer (Principal Financial Officer), of the effectiveness of Trustmark’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, the Chief Executive Officer and Principal Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report.

Management Report on Internal Control over Financial Reporting

The management of Trustmark is responsible for establishing and maintaining adequate internal control over financial reporting. Trustmark’s internal control over financial reporting was designed under the supervision of the Chief Executive Officer and Treasurer (Principal Financial Officer) to provide reasonable assurance regarding the reliability of financial reporting and the preparation of published financial statements in accordance with GAAP.

Management assessed the effectiveness of internal control over financial reporting as of December 31, 2025. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework (2013). Based on our assessment, we believe that, as of December 31, 2025, Trustmark’s internal control over financial reporting was effective based on those criteria.

The effectiveness of Trustmark’s internal control over financial reporting as of December 31, 2025 was audited by Crowe LLP, Fort Lauderdale, Florida, (U.S. PCAOB Auditor Firm I.D.: 173), an independent registered public accounting firm, as stated in their report appearing in the section captioned “Report of Independent Registered Public Accounting Firm” included in Part II. Item 8. – Financial Statements and Supplementary Data of this report.

Changes in Internal Control over Financial Reporting

No changes were made to Trustmark’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, Trustmark’s internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

Securities Trading Plans of Directors and Executive Officers

During the three months ended December 31, 2025, none of Trustmark’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Trustmark’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K).

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

149

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Certain information regarding executive officers is included under the section captioned “Information about Executive Officers of Trustmark” in Part I. Item 1. – Business, elsewhere in this Annual Report on Form 10-K. Other information required by this Item is incorporated herein by reference to Trustmark Corporation’s (Trustmark’s) Proxy Statement (Schedule 14A) for its 2026 Annual Meeting of Shareholders to be filed with the SEC within 120 days of Trustmark’s fiscal year-end.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item is incorporated herein by reference to Trustmark’s Proxy Statement (Schedule 14A) for its 2026 Annual Meeting of Shareholders to be filed with the SEC within 120 days of Trustmark’s fiscal year-end.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by this Item is incorporated herein by reference to Trustmark’s Proxy Statement (Schedule 14A) for its 2026 Annual Meeting of Shareholders to be filed with the SEC within 120 days of Trustmark’s fiscal year-end.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by this Item is incorporated herein by reference to Trustmark’s Proxy Statement (Schedule 14A) for its 2026 Annual Meeting of Shareholders to be filed with the SEC within 120 days of Trustmark’s fiscal year-end.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The information required by this Item is incorporated herein by reference to Trustmark’s Proxy Statement (Schedule 14A) for its 2026 Annual Meeting of Shareholders to be filed with the SEC within 120 days of Trustmark’s fiscal year-end.

PART IV

ITEM. 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

A-1. Financial Statements

The report of Crowe LLP, independent registered public accounting firm, and the following consolidated financial statements of Trustmark Corporation (Trustmark) and subsidiaries are included in the Registrant’s 2025 Annual Report on Form 10-K and are incorporated into Part II. Item 8. – Financial Statements and Supplementary Data herein by reference:

Consolidated Balance Sheets as of December 31, 2025 and 2024

Consolidated Statements of Income for the Years Ended December 31, 2025, 2024 and 2023

Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023

Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2025, 2024 and 2023

Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023

Notes to Consolidated Financial Statements (Notes 1 through 21)

A-2. Financial Statement Schedules

The schedules to the consolidated financial statements set forth by Article 9 of Regulation S-X are not required under the related instructions or are inapplicable and therefore have been omitted.

A-3. Exhibits

The exhibits to this Annual Report on Form 10-K listed below have been included only with the copy of this report filed with the Securities and Exchange Commission. Copies of individual exhibits will be furnished to shareholders upon written request to Trustmark and payment of a reasonable fee.

ITEM. 16. SUMMARY

None.

150

EXHIBIT INDEX

2-a		Agreement and Plan of Reorganization by and between Trustmark Corporation and BancTrust Financial Group, Inc. Filed June 1, 2012, as Exhibit 2.1 to Trustmark’s Form 8-K Current Report, incorporated herein by reference.
2-b		First Amendment to Agreement and Plan of Reorganization by and between Trustmark Corporation and BancTrust Financial Group, Inc. Filed October 9, 2012 as Exhibit 2.1 to Trustmark’s Form 8-K Current Report, incorporated herein by reference.
3-a		Articles of Incorporation of Trustmark, as restated April 25, 2023. Filed May 8, 2023, as Exhibit 3-a to Trustmark’s Form 10-Q Quarterly Report for the quarter ended March 31, 2023, incorporated herein by reference.
3-b		Amended and Restated Bylaws of Trustmark Corporation as of February 15, 2023. Filed February 17, 2023, as Exhibit 3.1 to Trustmark’s Form 8-K Current Report, incorporated herein by reference.
4-a		Amended and Restated Trust Agreement among Trustmark Corporation, Wilmington Trust Company and the Administrative Trustees regarding Trustmark Preferred Capital Trust I. Filed August 21, 2006, as Exhibit 4.1 to Trustmark’s Form 8-K Current Report, incorporated herein by reference.
4-b		Junior Subordinated Indenture between Trustmark Corporation and Wilmington Trust Company. Filed August 21, 2006, as Exhibit 4.2 to Trustmark’s Form 8-K Current Report, incorporated herein by reference.
4-c		Guarantee Agreement between Trustmark Corporation and Wilmington Trust Company. Filed August 21, 2006, as Exhibit 4.3 to Trustmark’s Form 8-K Current Report, incorporated herein by reference.
4-d		Description of Trustmark’s Common Stock. Filed February 20, 2020, as exhibit 4-d to Trustmark’s Form 10-K Annual Report, incorporated herein by reference.
10-a		Deferred Compensation Plan for Executive Officers (Executive Deferral Plan-Group 2) of Trustmark National Bank, as amended. Filed as Exhibit 10-a to Trustmark’s Form 10-K Annual Report for the year ended December 31, 2007, incorporated herein by reference. *
10-b		Deferred Compensation Plan for Directors of First National Financial Corporation acquired October 7, 1994. Filed as Exhibit 10-c to Trustmark’s Form 10-K Annual Report for the year ended December 31, 1994, incorporated herein by reference. *
10-c		Deferred Compensation Plan for Directors (Directors’ Deferred Fee Plan) of Trustmark National Bank, as amended. Filed as Exhibit 10-e to Trustmark’s Form 10-K Annual Report for the year ended December 31, 2007, incorporated herein by reference. *
10-d		Deferred Compensation Plan for Executives (Executive Deferral Plan-Group 1) of Trustmark National Bank, as amended. Filed as Exhibit 10-f to Trustmark’s Form 10-K Annual Report for the year ended December 31, 2007, incorporated herein by reference. *
10-e		Trustmark Corporation Deferred Compensation Plan (Master Plan Document), as amended. Filed as Exhibit 10-g to Trustmark’s Form 10-K Annual Report for the year ended December 31, 2007, incorporated herein by reference. *
10-f		Trustmark Corporation Amended and Restated Stock and Incentive Compensation Plan, as amended and restated April 28, 2015. Filed May 4, 2015, as Exhibit 10-f to Trustmark’s Form 8-K Current Report, incorporated herein by reference. *
10-g		First Amendment to Trustmark Corporation Deferred Compensation Plan (Master Plan Document). Filed November 7, 2008, as Exhibit 10-r to Trustmark’s Form 10-Q Quarterly Report for the quarter ended September 30, 2008, incorporated herein by reference. *

151

10-h		Summary of the Trustmark Corporation Management Incentive Plan. Filed November 7, 2012, as Exhibit 10-ab to Trustmark’s Form 10-Q Quarterly Report for the quarter ended September 30, 2012 and incorporated herein by reference. *
10-i		Form of Change in Control Agreement between Trustmark Corporation and certain executive officers. Filed February 7, 2014, as Exhibit 10-ad to Trustmark’s Form 8-K Current Report, incorporated herein by reference. *
10-j		Second Amendment to Trustmark Corporation Deferred Compensation Plan (Master Plan Document). Filed May 7, 2018, as Exhibit 10-w to Trustmark’s Form 10-Q Quarterly Report, incorporated herein by reference. *
10-k		First Amendment to Deferred Compensation Plan for Directors (Directors’ Deferred Fee Plan) of Trustmark National Bank. Filed May 7, 2018, as Exhibit 10-x to Trustmark’s Form 10-Q Quarterly Report, incorporated herein by reference. *
10-l		First Amendment to Deferred Compensation Plan for Executives (Executive Deferral Plan-Group 1) of Trustmark National Bank. Filed May 7, 2018, as Exhibit 10-y to Trustmark’s Form 10-Q Quarterly Report, incorporated herein by reference. *
10-m		Employment Agreement between Trustmark Corporation and Duane A. Dewey dated October 27, 2020. Filed October 27, 2020 as Exhibit 10.2 to Trustmark’s Form 8-K Current Report, incorporated herein by reference. *
10-n		Amendment No. 2022-1 to the Trustmark Corporation Deferred Compensation Plan. Filed November 3, 2022, as exhibit 10-ag to Trustmark's Form 10-Q Quarterly Report, incorporated herein by reference.*
10-o		Exhibit 1 Company Contribution in Respect of the Year Ending December 31, 2022 to the Trustmark Corporation Deferred Compensation Plan. Filed February 16, 2023, as exhibit 10-ah to Trustmark's Form 10-K Annual Report, incorporated herein by reference. *
10-p		Form of Fully Executed Settlement Agreement. Filed February 16, 2023, as exhibit 10-ai to Trustmark's Form 10-K Annual Report, incorporated herein by reference.
10-q		Exhibit 2 Company Contribution in Respect of the Year Ending December 31, 2023 to the Trustmark Corporation Deferred Compensation Plan. Filed May 8, 2023, as Exhibit 10-aj to Trustmark’s Form 10-Q Quarterly Report for the quarter ended March 31, 2023, incorporated herein by reference. *
10-r		Form of Compensation Clawback Policy, adopted on October 24, 2023 and revised on January 23, 2024. Filed February 15, 2024, as Exhibit 10-ak to Trustmark's Form 10-K Annual Report, incorporated herein by reference. *
10-s		Form of Time-Based Restricted Stock Unit Agreement for Associate (under the Amended and Restated Stock and Incentive Compensation Plan). Filed February 15, 2024, as Exhibit 10-al to Trustmark's Form 10-K Annual Report, incorporated herein by reference. *
10-t		Form of Performance Unit Agreement for Associate (under the Amended and Restated Stock and Incentive Compensation Plan). Filed February 15, 2024, as Exhibit 10-am to Trustmark's Form 10-K Annual Report, incorporated herein by reference. *
10-u		Trustmark Corporation Stock and Incentive Compensation Plan, as amended and restated effective April 23, 2024. Filed March 13, 2024, as Annex A to Trustmark’s Definitive Proxy Statement on Schedule 14A, incorporated herein by reference. *
10-v		Form of Time-Based Restricted Stock Unit Agreement for Director (under the Stock and Incentive Compensation Plan). Filed May 7, 2024, as Exhibit 10-ao to Trustmark’s Form 10-Q Quarterly Report for the quarter ended March 31, 2024, incorporated herein by reference. *
10-w		Form of Time-Based Restricted Stock Unit Agreement for Associate (under the Stock and Incentive Compensation Plan). Filed May 7, 2024, as Exhibit 10-ap to Trustmark’s Form 10-Q Quarterly Report for the quarter ended March 31, 2024, incorporated herein by reference. *
10-x		Form of Performance Unit Agreement for Associate (under the Stock and Incentive Compensation Plan). Filed May 7, 2024, as Exhibit 10-aq to Trustmark’s Form 10-Q Quarterly Report for the quarter ended March 31, 2024, incorporated herein by reference. *
10-y		Amendment to Employment Agreement between Trustmark Corporation and Duane A. Dewey dated April 23, 2024. Filed May 7, 2024, as Exhibit 10-ar to Trustmark’s Form 10-Q Quarterly Report for the quarter ended March 31, 2024, incorporated herein by reference. *
10-z		Exhibit 3 Company Contribution in Respect of the Year Ending December 31, 2024 to the Trustmark Corporation Deferred Compensation Plan. Filed November 5, 2024, as Exhibit 10-as to Trustmark’s Form 10-Q Quarterly Report for the quarter ended September 30, 2024, incorporated herein by reference. *

152

10-aa		Exhibit 4 Company Contribution in Respect of the Year Ending December 31, 2025 to the Trustmark Corporation Deferred Compensation Plan. Filed February 19, 2025, as Exhibit 10-aa to Trustmark's Form 10-K Annual Report, incorporated herein by reference. *
10-ab		Exhibit 5 Company Contribution in Respect of the Year Ending December 31, 2026 to the Trustmark Corporation Deferred Compensation Plan. *
10-ac		Form of Performance Unit Agreement for Associate (under the Stock and Incentive Compensation Plan).*
19		Trustmark Corporation Insider Trading Policy.
21		List of Subsidiaries.
23		Consent of Crowe LLP.
31-a		Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31-b		Certification by Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32-a		Certification by Chief Executive Officer pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32-b		Certification by Principal Financial Officer pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbases Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

* - Denotes management contract.

All other exhibits are omitted, as they are inapplicable or not required by the related instructions.

153

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TRUSTMARK CORPORATION

BY:		/s/ Duane A. Dewey
		Duane A. Dewey
		President and Chief Executive Officer
DATE:		February 23, 2026

154

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

DATE:		February 23, 2026		BY:		/s/ Adolphus B. Baker
						Adolphus B. Baker, Director
DATE:		February 23, 2026		BY:		/s/ Augustus L. Collins
						Augustus L. Collins, Director
DATE:		February 23, 2026		BY:		/s/ George T. Chambers, Jr.
						George T. Chambers, Jr., Principal Accounting Officer
DATE:		February 23, 2026		BY:		/s/ Tracy T. Conerly
						Tracy T. Conerly, Director
DATE:		February 23, 2026		BY:		/s/ Duane A. Dewey
						Duane A. Dewey, President, Chief Executive Officer and Director
DATE:		February 23, 2026		BY:		/s/ Marcelo Eduardo
						Marcelo Eduardo, Director
DATE:		February 23, 2026		BY:		/s/ J. Clay Hays, Jr., M.D.
						J. Clay Hays, Jr., M.D., Director
DATE:		February 23, 2026		BY:		/s/ Gerard R. Host
						Gerard R. Host, Chair and Director
DATE:		February 23, 2026		BY:		/s/ Harris V. Morrissette
						Harris V. Morrissette, Director
DATE:		February 23, 2026		BY:		/s/ Thomas C. Owens
						Thomas C. Owens, Treasurer and Principal Financial Officer
DATE:		February 23, 2026		BY:		/s/ Richard H. Puckett
						Richard H. Puckett, Director
DATE:		February 23, 2026		BY:		/s/ Lea B. Turnipseed
						Lea B. Turnipseed, Director
DATE:		February 23, 2026		BY:		/s/ William G. Yates III
						William G. Yates III, Director

155

FAQ

How large is Trustmark Corporation (TRMK) based on its latest annual report?

Trustmark reported total assets of $18.9 billion at December 31, 2025. The bank also had $13.7 billion of loans held for investment, $15.5 billion of deposits and $2.1 billion of equity, reflecting a sizable regional franchise across several Southeastern and Texas markets.

What revenue did Trustmark Corporation (TRMK) generate in 2025?

Trustmark generated revenue of $799.8 million for 2025. Revenue, defined as net interest income plus noninterest income, increased by $238.8 million, or 42.6%, compared with 2024, highlighting a strong rebound after a prior-year decline noted in the three-year financial summary.

How well-capitalized is Trustmark Corporation (TRMK) and Trustmark Bank?

Both the holding company and bank are well above regulatory capital minimums. At December 31, 2025, Trustmark’s common equity Tier 1 ratio was 11.72%, while Trustmark Bank’s was 12.33%. Leverage ratios stood at 10.18% for Trustmark and 10.37% for the bank, supporting growth and risk absorption capacity.

In which markets does Trustmark Corporation (TRMK) primarily operate?

Trustmark operates through Trustmark Bank across six key market regions. These include Mississippi, Alabama, Florida’s Panhandle, Atlanta-focused Georgia, the Memphis and Northern Mississippi Tennessee market, and Houston-centered Texas. The franchise is supported by 2,543 full-time equivalent associates as of year-end 2025.

What are the main risks highlighted for Trustmark Corporation (TRMK)?

Key risks include interest rate, credit, liquidity, competitive and regulatory risks. The report stresses sensitivity to Federal Reserve rate changes, economic conditions, real estate markets, deposit competition, evolving consumer protection rules and extensive compliance requirements, all of which can affect earnings, credit quality and net interest margin.

How did Trustmark Corporation’s (TRMK) loans and deposits change in 2025?

Loans and deposits both grew modestly in 2025. Loans held for investment rose to $13.7 billion, up 4.5% from 2024, while deposits increased to $15.5 billion, a 2.6% gain. These changes support higher interest-earning asset balances alongside stable funding from customer deposits.