Trustmark Corporation Announces Fourth Quarter and Fiscal Year 2025 Financial Results

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

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

Printer friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/20260127663647/en

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

2025 Highlights

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

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

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

Balance Sheet Management

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

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

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

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

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

Credit Quality

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

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

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

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

Revenue Generation

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

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

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

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

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

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

Noninterest Expense

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

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

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

Additional Information

As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, January 28, 2026, at 8:30 a.m. Central Time to discuss the Corporation’s financial results. Interested parties may listen to the conference call by dialing [phone] or by clicking on the link provided under the Investor Relations section of our website at www.trustmark.com. A replay of the conference call will also be available through Wednesday, February 11, 2026, in archived format at the same web address or by calling [phone], passcode 6669479.

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

Forward-Looking Statements

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

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

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

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2025
($ in thousands)
(unaudited)
										Linked Quarter					Year over Year
QUARTERLY AVERAGE BALANCES	12/31/2025			9/30/2025			12/31/2024			$ Change			% Change		$ Change			% Change
Securities AFS-taxable	$	1,815,943		$	1,740,647		$	1,708,226		$	75,296		4.3	%	$	107,717		6.3	%
Securities HTM-taxable		1,236,827			1,279,020			1,346,141			(42,193	)	-3.3	%		(109,314	)	-8.1	%
Securities HTM-nontaxable		—			—			—			—		n/m			—		n/m
Total securities		3,052,770			3,019,667			3,054,367			33,103		1.1	%		(1,597	)	-0.1	%
Loans (includes loans held for sale)		13,861,953			13,702,038			13,275,762			159,915		1.2	%		586,191		4.4	%
Other earning assets		369,748			389,021			422,083			(19,273	)	-5.0	%		(52,335	)	-12.4	%
Total earning assets		17,284,471			17,110,726			16,752,212			173,745		1.0	%		532,259		3.2	%
Allowance for credit losses (ACL), loans held
for investment (LHFI)		(161,147	)		(167,775	)		(157,659	)		6,628		4.0	%		(3,488	)	-2.2	%
Other assets		1,609,123			1,627,362			1,627,890			(18,239	)	-1.1	%		(18,767	)	-1.2	%
Total assets	$	18,732,447		$	18,570,313		$	18,222,443		$	162,134		0.9	%	$	510,004		2.8	%
Interest-bearing demand deposits (1)	$	8,000,614		$	7,747,480		$	7,789,318		$	253,134		3.3	%	$	211,296		2.7	%
Savings deposits (1)		963,759			976,664			983,292			(12,905	)	-1.3	%		(19,533	)	-2.0	%
Time deposits		3,447,188			3,439,180			3,265,358			8,008		0.2	%		181,830		5.6	%
Total interest-bearing deposits		12,411,561			12,163,324			12,037,968			248,237		2.0	%		373,593		3.1	%
Fed funds purchased and repurchases		402,772			419,802			357,798			(17,030	)	-4.1	%		44,974		12.6	%
Other borrowings		178,487			283,629			218,244			(105,142	)	-37.1	%		(39,757	)	-18.2	%
Subordinated notes		160,786			123,831			123,666			36,955		29.8	%		37,120		30.0	%
Junior subordinated debt securities		61,856			61,856			61,856			—		0.0	%		—		0.0	%
Total interest-bearing liabilities		13,215,462			13,052,442			12,799,532			163,020		1.2	%		415,930		3.2	%
Noninterest-bearing deposits		3,185,575			3,194,587			3,192,358			(9,012	)	-0.3	%		(6,783	)	-0.2	%
Other liabilities		204,636			232,911			257,990			(28,275	)	-12.1	%		(53,354	)	-20.7	%
Total liabilities		16,605,673			16,479,940			16,249,880			125,733		0.8	%		355,793		2.2	%
Shareholders' equity		2,126,774			2,090,373			1,972,563			36,401		1.7	%		154,211		7.8	%
Total liabilities and equity	$	18,732,447		$	18,570,313		$	18,222,443		$	162,134		0.9	%	$	510,004		2.8	%
(1) During the first quarter of 2025, Trustmark ceased the daily sweep from low transaction interest-bearing demand deposits to savings deposits. Prior periods have been reclassified accordingly.
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2025
($ in thousands)
(unaudited)
										Linked Quarter					Year over Year
PERIOD END BALANCES	12/31/2025			9/30/2025			12/31/2024			$ Change			% Change		$ Change			% Change
Cash and due from banks	$	668,007		$	732,826		$	567,251		$	(64,819	)	-8.8	%	$	100,756		17.8	%
Securities available for sale		1,876,830			1,814,245			1,692,534			62,585		3.4	%		184,296		10.9	%
Securities held to maturity		1,207,454			1,268,459			1,335,385			(61,005	)	-4.8	%		(127,931	)	-9.6	%
Loans held for sale (LHFS)		278,789			228,141			200,307			50,648		22.2	%		78,482		39.2	%
Loans held for investment (LHFI)		13,674,233			13,548,156			13,089,942			126,077		0.9	%		584,291		4.5	%
ACL LHFI		(157,071	)		(165,242	)		(160,270	)		8,171		4.9	%		3,199		2.0	%
Net LHFI		13,517,162			13,382,914			12,929,672			134,248		1.0	%		587,490		4.5	%
Premises and equipment, net		225,658			227,805			235,410			(2,147	)	-0.9	%		(9,752	)	-4.1	%
Mortgage servicing rights		131,289			131,676			139,317			(387	)	-0.3	%		(8,028	)	-5.8	%
Goodwill		334,605			334,605			334,605			—		0.0	%		—		0.0	%
Other real estate		6,957			8,325			5,917			(1,368	)	-16.4	%		1,040		17.6	%
Operating lease right-of-use assets		32,152			33,012			34,668			(860	)	-2.6	%		(2,516	)	-7.3	%
Other assets (1)		646,308			639,502			677,356			6,806		1.1	%		(31,048	)	-4.6	%
Total assets	$	18,925,211		$	18,801,510		$	18,152,422		$	123,701		0.7	%	$	772,789		4.3	%
Deposits:
Noninterest-bearing	$	3,036,504		$	3,321,132		$	3,073,565		$	(284,628	)	-8.6	%	$	(37,061	)	-1.2	%
Interest-bearing		12,463,280			12,309,842			12,034,610			153,438		1.2	%		428,670		3.6	%
Total deposits		15,499,784			15,630,974			15,108,175			(131,190	)	-0.8	%		391,609		2.6	%
Fed funds purchased and repurchases		445,000			420,000			324,008			25,000		6.0	%		120,992		37.3	%
Other borrowings		364,762			208,366			301,541			156,396		75.1	%		63,221		21.0	%
Subordinated notes		171,966			123,867			123,702			48,099		38.8	%		48,264		39.0	%
Junior subordinated debt securities		61,856			61,856			61,856			—		0.0	%		—		0.0	%
ACL on off-balance sheet credit exposures		27,951			26,186			29,392			1,765		6.7	%		(1,441	)	-4.9	%
Operating lease liabilities		36,250			37,100			38,698			(850	)	-2.3	%		(2,448	)	-6.3	%
Other liabilities		195,965			178,893			202,723			17,072		9.5	%		(6,758	)	-3.3	%
Total liabilities		16,803,534			16,687,242			16,190,095			116,292		0.7	%		613,439		3.8	%
Common stock		12,296			12,528			12,711			(232	)	-1.9	%		(415	)	-3.3	%
Capital surplus		81,951			123,435			157,899			(41,484	)	-33.6	%		(75,948	)	-48.1	%
Retained earnings		2,041,055			1,997,685			1,875,376			43,370		2.2	%		165,679		8.8	%
Accumulated other comprehensive
income (loss), net of tax		(13,625	)		(19,380	)		(83,659	)		5,755		29.7	%		70,034		83.7	%
Total shareholders' equity		2,121,677			2,114,268			1,962,327			7,409		0.4	%		159,350		8.1	%
Total liabilities and equity	$	18,925,211		$	18,801,510		$	18,152,422		$	123,701		0.7	%	$	772,789		4.3	%
(1) Trustmark reclassified its identifiable intangible assets, net to other assets. The prior periods have been reclassified accordingly.
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2025
($ in thousands except per share data)
(unaudited)
	Quarter Ended							Linked Quarter					Year over Year
INCOME STATEMENTS	12/31/2025			9/30/2025		12/31/2024		$ Change			% Change		$ Change			% Change
Interest and fees on LHFS & LHFI-FTE	$	211,716		$	214,636	$	211,019	$	(2,920	)	-1.4	%	$	697		0.3	%
Interest on securities-taxable		26,587			26,625		26,196		(38	)	-0.1	%		391		1.5	%
Interest on securities-tax exempt-FTE		—			—		—		—		n/m			—		n/m
Other interest income		3,967			4,233		5,128		(266	)	-6.3	%		(1,161	)	-22.6	%
Total interest income-FTE		242,270			245,494		242,343		(3,224	)	-1.3	%		(73	)	0.0	%
Interest on deposits		67,696			71,065		75,941		(3,369	)	-4.7	%		(8,245	)	-10.9	%
Interest on fed funds purchased and repurchases		4,089			4,626		4,036		(537	)	-11.6	%		53		1.3	%
Other interest expense		4,659			4,585		3,922		74		1.6	%		737		18.8	%
Total interest expense		76,444			80,276		83,899		(3,832	)	-4.8	%		(7,455	)	-8.9	%
Net interest income-FTE		165,826			165,218		158,444		608		0.4	%		7,382		4.7	%
Provision for credit losses (PCL), LHFI		(550	)		1,390		6,960		(1,940	)	n/m			(7,510	)	n/m
PCL, off-balance sheet credit exposures		1,765			295		502		1,470		n/m			1,263		n/m
PCL, LHFI sale of 1-4 family mortgage loans		—			—		—		—		n/m			—		n/m
Net interest income after provision-FTE		164,611			163,533		150,982		1,078		0.7	%		13,629		9.0	%
Service charges on deposit accounts		11,184			11,251		11,228		(67	)	-0.6	%		(44	)	-0.4	%
Bank card and other fees		8,646			8,318		8,717		328		3.9	%		(71	)	-0.8	%
Mortgage banking, net		7,527			8,182		7,388		(655	)	-8.0	%		139		1.9	%
Wealth management		11,133			9,798		9,319		1,335		13.6	%		1,814		19.5	%
Other, net		2,745			2,382		4,298		363		15.2	%		(1,553	)	-36.1	%
Securities gains (losses), net		—			—		—		—		n/m			—		n/m
Total noninterest income (loss)		41,235			39,931		40,950		1,304		3.3	%		285		0.7	%
Salaries and employee benefits		75,079			71,508		69,223		3,571		5.0	%		5,856		8.5	%
Services and fees		27,369			28,777		26,692		(1,408	)	-4.9	%		677		2.5	%
Net occupancy-premises		7,835			7,774		7,195		61		0.8	%		640		8.9	%
Equipment expense		6,878			6,410		6,208		468		7.3	%		670		10.8	%
Other expense		15,011			16,464		15,112		(1,453	)	-8.8	%		(101	)	-0.7	%
Total noninterest expense		132,172			130,933		124,430		1,239		0.9	%		7,742		6.2	%
Income (loss) from continuing operations
(cont. ops) before income taxes and tax eq adj		73,674			72,531		67,502		1,143		1.6	%		6,172		9.1	%
Tax equivalent adjustment		2,940			2,777		2,596		163		5.9	%		344		13.3	%
Income (loss) from cont. ops before income taxes		70,734			69,754		64,906		980		1.4	%		5,828		9.0	%
Income taxes from cont. ops		12,860			12,967		8,594		(107	)	-0.8	%		4,266		49.6	%
Income (loss) from cont. ops		57,874			56,787		56,312		1,087		1.9	%		1,562		2.8	%
Income from discontinued operations
(discont. ops) before income taxes		—			—		—		—		n/m			—		n/m
Income taxes from discont. ops		—			—		—		—		n/m			—		n/m
Income from discont. ops		—			—		—		—		n/m			—		n/m
Net income	$	57,874		$	56,787	$	56,312	$	1,087		1.9	%	$	1,562		2.8	%
Per share data (1)
Basic earnings (loss) per share from cont. ops	$	0.97		$	0.94	$	0.92	$	0.03		3.2	%	$	0.05		5.4	%
Basic earnings per share from discont. ops	$	—		$	—	$	—	$	—		n/m		$	—		n/m
Basic earnings per share - total	$	0.97		$	0.94	$	0.92	$	0.03		3.2	%	$	0.05		5.4	%
Diluted earnings (loss) per share from cont. ops	$	0.97		$	0.94	$	0.92	$	0.03		3.2	%	$	0.05		5.4	%
Diluted earnings per share from discont. ops	$	—		$	—	$	—	$	—		n/m		$	—		n/m
Diluted earnings per share - total	$	0.97		$	0.94	$	0.92	$	0.03		3.2	%	$	0.05		5.4	%
Dividends per share	$	0.24		$	0.24	$	0.23	$	—		0.0	%	$	0.01		4.3	%
Weighted average shares outstanding
Basic		59,691,343			60,299,193		61,101,954
Diluted		59,950,488			60,540,158		61,367,825
Period end shares outstanding		59,012,423			60,126,376		61,008,023
(1) Due to rounding, earnings (loss) per share from continuing operations and discontinued operations may not sum to earnings per share from net income.
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2025
($ in thousands)
(unaudited)
	Quarter Ended									Linked Quarter					Year over Year
NONPERFORMING ASSETS	12/31/2025			9/30/2025			12/31/2024			$ Change			% Change		$ Change			% Change
Nonaccrual LHFI
Alabama	$	4,638		$	3,475		$	18,601		$	1,163		33.5	%	$	(13,963	)	-75.1	%
Florida		442			460			305			(18	)	-3.9	%		137		44.9	%
Mississippi (1)		73,045			62,502			42,203			10,543		16.9	%		30,842		73.1	%
Tennessee (2)		2,396			2,293			2,431			103		4.5	%		(35	)	-1.4	%
Texas		3,870			15,225			16,569			(11,355	)	-74.6	%		(12,699	)	-76.6	%
Total nonaccrual LHFI		84,391			83,955			80,109			436		0.5	%		4,282		5.3	%
Other real estate
Alabama		409			656			170			(247	)	-37.7	%		239		n/m
Mississippi (1)		5,621			5,843			2,407			(222	)	-3.8	%		3,214		n/m
Tennessee (2)		927			927			1,079			—		0.0	%		(152	)	-14.1	%
Texas		—			899			2,261			(899	)	-100.0	%		(2,261	)	-100.0	%
Total other real estate		6,957			8,325			5,917			(1,368	)	-16.4	%		1,040		17.6	%
Total nonperforming assets	$	91,348		$	92,280		$	86,026		$	(932	)	-1.0	%	$	5,322		6.2	%
LOANS PAST DUE OVER 90 DAYS
LHFI	$	5,097		$	4,853		$	4,092		$	244		5.0	%	$	1,005		24.6	%
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase)	$	98,939		$	77,859		$	71,255		$	21,080		27.1	%	$	27,684		38.9	%
	Quarter Ended									Linked Quarter					Year over Year
ACL LHFI	12/31/2025			9/30/2025			12/31/2024			$ Change			% Change		$ Change			% Change
Beginning Balance	$	165,242		$	168,237		$	157,929		$	(2,995	)	-1.8	%	$	7,313		4.6	%
PCL, LHFI		(550	)		1,390			6,960			(1,940	)	n/m			(7,510	)	n/m
PCL, LHFI sale of 1-4 family mortgage loans		—			—			—			—		n/m			—		n/m
Charge-offs, sale of 1-4 family mortgage loans		—			—			—			—		n/m			—		n/m
Charge-offs		(9,892	)		(6,775	)		(7,730	)		(3,117	)	-46.0	%		(2,162	)	-28.0	%
Recoveries		2,271			2,390			3,111			(119	)	-5.0	%		(840	)	-27.0	%
Net (charge-offs) recoveries		(7,621	)		(4,385	)		(4,619	)		(3,236	)	-73.8	%		(3,002	)	-65.0	%
Ending Balance	$	157,071		$	165,242		$	160,270		$	(8,171	)	-4.9	%	$	(3,199	)	-2.0	%
NET (CHARGE-OFFS) RECOVERIES
Alabama	$	(426	)	$	(3,069	)	$	(3,608	)	$	2,643		86.1	%	$	3,182		88.2	%
Florida		204			2			8			202		n/m			196		n/m
Mississippi (1)		(1,468	)		(1,520	)		(1,319	)		52		3.4	%		(149	)	-11.3	%
Tennessee (2)		(82	)		(182	)		(208	)		100		54.9	%		126		60.6	%
Texas		(5,849	)		384			508			(6,233	)	n/m			(6,357	)	n/m
Total net (charge-offs) recoveries	$	(7,621	)	$	(4,385	)	$	(4,619	)	$	(3,236	)	-73.8	%	$	(3,002	)	-65.0	%
(1) Mississippi includes Central and Southern Mississippi Regions.
(2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2025
($ in thousands)
(unaudited)
	Quarter Ended															Year Ended
AVERAGE BALANCES	12/31/2025			9/30/2025			6/30/2025			3/31/2025			12/31/2024			12/31/2025			12/31/2024
Securities AFS-taxable	$	1,815,943		$	1,740,647		$	1,745,924		$	1,726,291		$	1,708,226		$	1,757,402		$	1,789,685
Securities HTM-taxable		1,236,827			1,279,020			1,303,195			1,325,185			1,346,141			1,285,795			1,388,531
Securities HTM-nontaxable		—			—			—			—			—			—			112
Total securities		3,052,770			3,019,667			3,049,119			3,051,476			3,054,367			3,043,197			3,178,328
Loans (includes loans held for sale)		13,861,953			13,702,038			13,543,505			13,320,276			13,275,762			13,608,688			13,283,829
Other earning assets		369,748			389,021			414,733			365,505			422,083			384,775			548,336
Total earning assets		17,284,471			17,110,726			17,007,357			16,737,257			16,752,212			17,036,660			17,010,493
ACL LHFI		(161,147	)		(167,775	)		(166,430	)		(159,893	)		(157,659	)		(163,826	)		(148,564	)
Other assets		1,609,123			1,627,362			1,605,786			1,624,581			1,627,890			1,616,700			1,685,971
Total assets	$	18,732,447		$	18,570,313		$	18,446,713		$	18,201,945		$	18,222,443		$	18,489,534		$	18,547,900
Interest-bearing demand deposits (1)	$	8,000,614		$	7,747,480		$	7,682,684		$	7,789,239		$	7,789,318		$	7,805,426		$	7,838,499
Savings deposits (1)		963,759			976,664			989,689			993,232			983,292			980,744			1,016,373
Time deposits		3,447,188			3,439,180			3,313,420			3,160,134			3,265,358			3,341,039			3,331,543
Total interest-bearing deposits		12,411,561			12,163,324			11,985,793			11,942,605			12,037,968			12,127,209			12,186,415
Fed funds purchased and repurchases		402,772			419,802			416,104			405,189			357,798			410,984			398,884
Other borrowings		178,487			283,629			431,861			344,040			218,244			308,980			388,266
Subordinated notes		160,786			123,831			123,779			123,721			123,666			133,106			123,584
Junior subordinated debt securities		61,856			61,856			61,856			61,856			61,856			61,856			61,856
Total interest-bearing liabilities		13,215,462			13,052,442			13,019,393			12,877,411			12,799,532			13,042,135			13,159,005
Noninterest-bearing deposits		3,185,575			3,194,587			3,171,796			3,055,333			3,192,358			3,152,297			3,179,641
Other liabilities		204,636			232,911			214,315			277,647			257,990			232,178			383,627
Total liabilities		16,605,673			16,479,940			16,405,504			16,210,391			16,249,880			16,426,610			16,722,273
Shareholders' equity		2,126,774			2,090,373			2,041,209			1,991,554			1,972,563			2,062,924			1,825,627
Total liabilities and equity	$	18,732,447		$	18,570,313		$	18,446,713		$	18,201,945		$	18,222,443		$	18,489,534		$	18,547,900
(1) During the first quarter of 2025, Trustmark ceased the daily sweep from low transaction interest-bearing demand deposits to savings deposits. Prior periods have been reclassified accordingly.
See Notes to Consolidated Financials

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

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

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

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

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

Note 1 - Significant Non-Routine Transactions

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

On May 31, 2024, Trustmark Bank (TB) closed the sale of its wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc., (FBBI) to Marsh & McLennan Agency LLC, consistent with the terms as previously announced on April 23, 2024. TB is a wholly owned subsidiary of Trustmark Corporation (Trustmark). Trustmark recognized a gain on the sale of $228.3 million ($171.2 million, net of taxes) in income from discontinued operations. The operations of FBBI are also included in discontinued operations for the applicable periods presented.

Trustmark restructured its investment securities portfolio by selling $1.561 billion of available for sale securities with an average yield of 1.36%, which generated a loss of $182.8 million ($137.1 million, net of taxes) and was recorded to noninterest income in securities gains (losses), net. Trustmark purchased $1.378 billion of available for sale securities with an average yield of 4.85%.

Trustmark sold a portfolio of 1-4 family mortgage loans that were three payments delinquent and/or nonaccrual at the time of selection totaling $56.2 million, which resulted in a loss of $13.4 million ($10.1 million, net of taxes). The portion of the loss related to credit totaled $8.6 million and was recorded as adjustments to charge-offs and the provision for credit losses. The noncredit-related portion of the loss totaled $4.8 million and was recorded to noninterest income in other, net.

In the second quarter of 2024, Visa and TB completed an exchange, offered by Visa, in which TB received Visa B-2 shares and Visa C shares for its Visa B-1 shares. The Visa C shares that were received by TB were recognized at fair value, which resulted in a gain of $8.1 million ($6.0 million, net of taxes) and recorded to noninterest income in other, net during the second quarter of 2024. During the third quarter of 2024, TB sold all of the Visa C shares for approximately the same carrying value at June 30, 2024. The Visa B-2 shares were recorded at their nominal carrying value.

Note 2 – Subordinated Notes Payable

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

The Notes are unsecured obligations and are subordinated in right of payment to all of Trustmark’s existing and future senior indebtedness, whether secured or unsecured. The Notes are obligations of Trustmark only and are not obligations of, and are not guaranteed by, any of its subsidiaries, including TB. The Notes qualify as Tier 2 capital for Trustmark. The Notes may be redeemed at Trustmark’s option under certain circumstances.

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

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

TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS December 31, 2025 ($ in thousands) (unaudited)
Note 3 - Securities Available for Sale and Held to Maturity
The following table is a summary of the estimated fair value of securities available for sale and the amortized cost of securities held to maturity:
	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities	$	208,948	$	208,269	$	215,679	$	212,463	$	202,669
U.S. Government agency obligations		70,849		70,535		65,800		49,325		38,807
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		38,535		35,806		34,070		28,108		28,411
Issued by FNMA and FHLMC		1,187,759		1,126,931		1,109,203		1,090,137		1,070,538
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		370,739		372,704		357,340		357,429		352,109
Total securities available for sale	$	1,876,830	$	1,814,245	$	1,782,092	$	1,737,462	$	1,692,534
SECURITIES HELD TO MATURITY
U.S. Treasury securities	$	30,615	$	30,421	$	30,226	$	30,033	$	29,842
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		13,154		14,353		14,750		15,726		16,218
Issued by FNMA and FHLMC		372,311		384,625		398,161		411,454		423,372
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		96,667		103,041		109,697		116,969		123,685
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		694,707		736,019		737,738		740,871		742,268
Total securities held to maturity	$	1,207,454	$	1,268,459	$	1,290,572	$	1,315,053	$	1,335,385
At December 31, 2025, the net unamortized, unrealized loss included in accumulated other comprehensive income (loss) in the accompanying balance sheet for securities held to maturity transferred from securities available for sale totaled $36.3 million.
Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of 100.0% of the portfolio in U.S. Treasury securities, direct obligations of government agencies and GSE-backed obligations. None of the securities owned by Trustmark are collateralized by assets which are considered sub-prime. Furthermore, outside of stock ownership in the Federal Home Loan Bank of Dallas and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE.

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

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

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

Note 5 – Yields on Earning Assets and Costs of Interest-Bearing Liabilities
The following table illustrates the yields on earning assets by category as well as the costs of interest-bearing liabilities on a tax equivalent basis. The cost of total deposits includes both interest-bearing deposits and noninterest-bearing deposits. The net interest margin, which equals reported net interest income-FTE, annualized, as a percent of average earning assets, is also presented in the table below.
	Quarter Ended															Year Ended
	12/31/2025			9/30/2025			6/30/2025			3/31/2025			12/31/2024			12/31/2025			12/31/2024
Securities – taxable		3.46	%		3.50	%		3.46	%		3.46	%		3.41	%		3.47	%		2.70	%
Securities – nontaxable		—			—			—			—			—			—			4.46	%
Securities – total		3.46	%		3.50	%		3.46	%		3.46	%		3.41	%		3.47	%		2.70	%
LHFI & LHFS		6.06	%		6.21	%		6.19	%		6.15	%		6.32	%		6.15	%		6.45	%
Other earning assets		4.26	%		4.32	%		4.58	%		4.27	%		4.83	%		4.36	%		5.41	%
Total earning assets		5.56	%		5.69	%		5.66	%		5.62	%		5.76	%		5.63	%		5.72	%
Interest-bearing deposits		2.16	%		2.32	%		2.28	%		2.30	%		2.51	%		2.26	%		2.70	%
Fed funds purchased & repurchases		4.03	%		4.37	%		4.35	%		4.30	%		4.49	%		4.26	%		5.05	%
Other borrowings		4.61	%		3.88	%		3.89	%		3.89	%		3.86	%		4.03	%		4.60	%
Total interest-bearing liabilities		2.29	%		2.44	%		2.42	%		2.43	%		2.61	%		2.40	%		2.86	%
Total Deposits		1.72	%		1.84	%		1.80	%		1.83	%		1.98	%		1.80	%		2.14	%
Net interest margin		3.81	%		3.83	%		3.81	%		3.75	%		3.76	%		3.80	%		3.51	%

TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS December 31, 2025 ($ in thousands) (unaudited)
Note 5 – Yields on Earning Assets and Costs of Interest-Bearing Liabilities (continued)
The net interest margin decreased two basis points when compared to the third quarter of 2025, totaling 3.81% for the fourth quarter of 2025, primarily due to the accelerated amortization of capitalized costs related to the 2020 subordinated debt issue refinanced during the quarter while decreases in the yields for the loans held for investment and held for sale and the securities portfolios were largely offset by the decrease in the costs of interest-bearing deposits.
Note 6 – Mortgage Banking
Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that offsets the changes in fair value of mortgage servicing rights (MSR) attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting under generally accepted accounting principles (GAAP). Changes in the fair value of these exchange-traded derivative instruments, including administrative costs, are recorded in noninterest income in mortgage banking, net and are offset by the changes in the fair value of the MSR. The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates. Ineffectiveness of hedging the MSR fair value is measured by comparing the change in value of hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions. The impact of this strategy resulted in a net negative hedge ineffectiveness of $582 thousand during the fourth quarter of 2025.
The following table illustrates the components of mortgage banking revenues included in noninterest income in the accompanying income statements:
	Quarter Ended															Year Ended
	12/31/2025			9/30/2025			6/30/2025			3/31/2025			12/31/2024			12/31/2025			12/31/2024
Mortgage servicing income, net	$	7,342		$	7,251		$	7,142		$	7,161		$	7,161		$	28,896		$	28,215
Change in fair value-MSR from runoff		(4,141	)		(3,441	)		(3,596	)		(2,062	)		(3,118	)		(13,240	)		(11,645	)
Gain on sales of loans, net		4,908			5,230			5,597			4,253			4,470			19,988			19,278
Mortgage banking income before hedge
ineffectiveness		8,109			9,040			9,143			9,352			8,513			35,644			35,848
Change in fair value-MSR from market changes		(445	)		(1,521	)		(1,946	)		(5,928	)		12,710			(9,840	)		5,801
Change in fair value of derivatives		(137	)		663			1,405			5,347			(13,835	)		7,278			(15,023	)
Net positive (negative) hedge ineffectiveness		(582	)		(858	)		(541	)		(581	)		(1,125	)		(2,562	)		(9,222	)
Mortgage banking, net	$	7,527		$	8,182		$	8,602		$	8,771		$	7,388		$	33,082		$	26,626

TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS December 31, 2025 ($ in thousands) (unaudited)
Note 7 – Other Noninterest Income and Expense
Other noninterest income consisted of the following for the periods presented:
	Quarter Ended															Year Ended
	12/31/2025			9/30/2025			6/30/2025			3/31/2025			12/31/2024			12/31/2025			12/31/2024
Partnership amortization for tax credit purposes	$	(2,380	)	$	(2,385	)	$	(2,137	)	$	(2,124	)	$	(1,992	)	$	(9,026	)	$	(7,627	)
Increase in life insurance cash surrender value		1,940			1,945			1,911			1,867			1,891			7,663			7,478
Loss on sale of 1-4 family mortgage loans		—			—			—			—			—			—			(4,798	)
Visa C shares fair value adjustment		—			—			—			—			—			—			8,056
Other miscellaneous income		3,185			2,822			2,537			6,227			4,399			14,771			14,704
Total other, net	$	2,745		$	2,382		$	2,311		$	5,970		$	4,298		$	13,408		$	17,813

Trustmark invests in partnerships that provide income tax credits on a Federal and/or State basis (i.e., new market tax credits, low-income housing tax credits and historical tax credits). The income tax credits related to these partnerships are utilized as specifically allowed by income tax law and are recorded as a reduction in income tax expense.
Other noninterest expense consisted of the following for the periods presented:
	Quarter Ended											Year Ended
	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024			12/31/2025		12/31/2024
Loan expense	$	3,425	$	3,287	$	3,377	$	2,792	$	2,921		$	12,881	$	11,580
Amortization of intangibles		32		31		32		31		27			126		110
FDIC assessment expense		3,546		3,935		4,064		4,160		4,815			15,705		19,211
Other real estate expense, net		501		1,932		159		452		(286	)		3,044		3,164
Other miscellaneous expense		7,507		7,279		8,473		8,144		7,635			31,403		29,753
Total other expense	$	15,011	$	16,464	$	16,105	$	15,579	$	15,112		$	63,159	$	63,818

Note 8 – Non-GAAP Financial Measures

In addition to capital ratios defined by GAAP and banking regulators, Trustmark utilizes various tangible common equity measures when evaluating capital utilization and adequacy. Tangible common equity, as defined by Trustmark, represents common equity less goodwill and identifiable intangible assets. Trustmark’s Common Equity Tier 1 capital includes common stock, capital surplus and retained earnings, and is reduced by goodwill and other intangible assets, net of associated net deferred tax liabilities as well as disallowed deferred tax assets and threshold deductions as applicable.

Trustmark believes these measures are important because they reflect the level of capital available to withstand unexpected market conditions. Additionally, presentation of these measures allows readers to compare certain aspects of Trustmark’s capitalization to other organizations. These ratios differ from capital measures defined by banking regulators principally in that the numerator excludes shareholders’ equity associated with preferred securities, the nature and extent of which varies across organizations. In Management’s experience, many stock analysts use tangible common equity measures in conjunction with more traditional bank capital ratios to compare capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method in accounting for mergers and acquisitions.

These calculations are intended to complement the capital ratios defined by GAAP and banking regulators. Because GAAP does not include these capital ratio measures, Trustmark believes there are no comparable GAAP financial measures to these tangible common equity ratios. Despite the importance of these measures to Trustmark, there are no standardized definitions for them and, as a result, Trustmark’s calculations may not be comparable with other organizations. Also, there may be limits in the usefulness of these measures to investors. As a result, Trustmark encourages readers to consider its audited consolidated financial statements and the notes related thereto in their entirety and not to rely on any single financial measure.

TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS December 31, 2025 ($ in thousands except per share data) (unaudited)
Note 8 – Non-GAAP Financial Measures (continued)
		Quarter Ended															Year Ended
		12/31/2025			9/30/2025			6/30/2025			3/31/2025			12/31/2024			12/31/2025			12/31/2024
TANGIBLE EQUITY
AVERAGE BALANCES
Total shareholders' equity		$	2,126,774		$	2,090,373		$	2,041,209		$	1,991,554		$	1,972,563		$	2,062,924		$	1,825,627
Less: Goodwill			(334,605	)		(334,605	)		(334,605	)		(334,605	)		(334,605	)		(334,605	)		(334,605	)
Identifiable intangible assets			(9	)		(49	)		(80	)		(113	)		(141	)		(62	)		(182	)
Total average tangible equity		$	1,792,160		$	1,755,719		$	1,706,524		$	1,656,836		$	1,637,817		$	1,728,257		$	1,490,840
PERIOD END BALANCES
Total shareholders' equity		$	2,121,677		$	2,114,268		$	2,070,789		$	2,021,227		$	1,962,327
Less: Goodwill			(334,605	)		(334,605	)		(334,605	)		(334,605	)		(334,605	)
Identifiable intangible assets			—			(32	)		(63	)		(95	)		(126	)
Total tangible equity	(a)	$	1,787,072		$	1,779,631		$	1,736,121		$	1,686,527		$	1,627,596
TANGIBLE ASSETS
Total assets		$	18,925,211		$	18,801,510		$	18,615,659		$	18,296,203		$	18,152,422
Less: Goodwill			(334,605	)		(334,605	)		(334,605	)		(334,605	)		(334,605	)
Identifiable intangible assets			—			(32	)		(63	)		(95	)		(126	)
Total tangible assets	(b)	$	18,590,606		$	18,466,873		$	18,280,991		$	17,961,503		$	17,817,691
Risk-weighted assets	(c)	$	15,483,472		$	15,262,807		$	15,215,021		$	15,024,476		$	14,990,258
NET INCOME (LOSS) ADJUSTED FOR INTANGIBLE AMORTIZATION
Net income (loss) from continuing operations		$	57,874		$	56,787		$	55,841		$	53,633		$	56,312		$	224,135		$	45,210
Plus: Intangible amortization net of tax
from continuing operations			24			24			24			24			20			96			81
Net income (loss) adjusted for
intangible amortization		$	57,898		$	56,811		$	55,865		$	53,657		$	56,332		$	224,231		$	45,291
Period end common shares outstanding	(d)		59,012,423			60,126,376			60,401,684			60,718,411			61,008,023
TANGIBLE COMMON EQUITY MEASUREMENTS
Return on average tangible equity from
continuing operations (1)			12.82	%		12.84	%		13.13	%		13.13	%		13.68	%		12.97	%		3.04	%
Tangible equity/tangible assets	(a)/(b)		9.61	%		9.64	%		9.50	%		9.39	%		9.13	%
Tangible equity/risk-weighted assets	(a)/(c)		11.54	%		11.66	%		11.41	%		11.23	%		10.86	%
Tangible book value	(a)/(d)*1,000	$	30.28		$	29.60		$	28.74		$	27.78		$	26.68
COMMON EQUITY TIER 1 CAPITAL (CET1)
Total shareholders' equity		$	2,121,677		$	2,114,268		$	2,070,789		$	2,021,227		$	1,962,327
CECL transition adjustment			—			—			—			—			6,500
AOCI-related adjustments			13,625			19,380			30,489			48,702			83,659
CET1 adjustments and deductions:
Goodwill net of associated deferred
tax liabilities (DTLs)			(320,754	)		(320,754	)		(320,755	)		(320,756	)		(320,756	)
Other adjustments and deductions
for CET1 (2)			(253	)		(111	)		(955	)		(2,175	)		(2,058	)
CET1 capital	(e)		1,814,295			1,812,783			1,779,568			1,746,998			1,729,672
Additional tier 1 capital instruments
plus related surplus			60,000			60,000			60,000			60,000			60,000
Tier 1 capital		$	1,874,295		$	1,872,783		$	1,839,568		$	1,806,998		$	1,789,672
Common equity tier 1 capital ratio	(e)/(c)		11.72	%		11.88	%		11.70	%		11.63	%		11.54	%
(1) Calculation = ((net income (loss) adjusted for intangible amortization/number of days in period)*number of days in year)/total average tangible equity. (2) Includes other intangible assets, net of DTLs, disallowed deferred tax assets (DTAs), threshold deductions and transition adjustments, as applicable.

TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS December 31, 2025 ($ in thousands) (unaudited)
Note 8 – Non-GAAP Financial Measures (continued)
Trustmark discloses certain non-GAAP financial measures because Management uses these measures for business planning purposes, including to manage Trustmark’s business against internal projected results of operations and to measure Trustmark’s performance. Trustmark views these as measures of our core operating business, which exclude the impact of the items detailed below, as these items are generally not operational in nature. These non-GAAP financial measures also provide another basis for comparing period-to-period results as presented in the accompanying selected financial data table and the audited consolidated financial statements by excluding potential differences caused by non-operational and unusual or non-recurring items. Readers are cautioned that these adjustments are not permitted under GAAP. Trustmark encourages readers to consider its consolidated financial statements and the notes related thereto in their entirety, and not to rely on any single financial measure.
The following table presents pre-provision net revenue (PPNR) during the periods presented:
			Quarter Ended										Year Ended
			12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024		12/31/2025		12/31/2024
Net interest income (GAAP)		(a)	$	162,886	$	162,441	$	158,756	$	152,055	$	155,848	$	636,138	$	584,421
Noninterest income (loss) (GAAP)				41,235		39,931		39,890		42,584		40,950		163,640		(23,419	)
Add:	Loss on sale of 1-4 family mortgage loans (incl in
	Other, net)			—		—		—		—		—		—		4,798
	Visa C shares fair value adjustment (incl in Other, net)			—		—		—		—		—		—		(8,056	)
	Securities (gains) losses, net			—		—		—		—		—		—		182,792
Noninterest income from adjusted continuing
operations (Non-GAAP)		(b)	$	41,235	$	39,931	$	39,890	$	42,584	$	40,950	$	163,640	$	156,115
Adjusted pre-provision revenue		(a)+(b)=(c)	$	204,121	$	202,372	$	198,646	$	194,639	$	196,798	$	799,778	$	740,536
Noninterest expense (GAAP)		(d)		132,172		130,933		125,114		124,011		124,430		512,230		485,690
PPNR (Non-GAAP)		(c)-(d)	$	71,949	$	71,439	$	73,532	$	70,628	$	72,368	$	287,548	$	254,846

TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS December 31, 2025 ($ in thousands except per share data) (unaudited)
Note 8 – Non-GAAP Financial Measures (continued)
The following table presents adjustments to net income (loss) from continuing operations and select financial ratios as reported in accordance with GAAP resulting from significant non-routine items occurring during the periods presented:
	Quarter Ended															Year Ended
	12/31/2025			9/30/2025			6/30/2025			3/31/2025			12/31/2024			12/31/2025			12/31/2024
Net income (loss) (GAAP) from continuing operations	$	57,874		$	56,787		$	55,841		$	53,633		$	56,312		$	224,135		$	45,210
Significant non-routine transactions (net of taxes):
PCL, LHFI sale of nonperforming 1-4 family		—			—			—			—			—			—			6,475
Loss on sale of 1-4 family mortgage loans		—			—			—			—			—			—			3,598
Visa C shares fair value adjustment		—			—			—			—			—			—			(6,042	)
Securities gains (losses), net		—			—			—			—			—			—			137,094
Net income adjusted for significant non-routine
transactions (Non-GAAP)	$	57,874		$	56,787		$	55,841		$	53,633		$	56,312		$	224,135		$	186,335
Diluted EPS from adjusted continuing operations	$	0.97		$	0.94		$	0.92		$	0.88		$	0.92		$	3.70		$	3.04
FINANCIAL RATIOS - REPORTED (GAAP)
Return on average equity from continuing operations		10.80	%		10.78	%		10.97	%		10.92	%		11.36	%		10.86	%		2.48	%
Return on average tangible equity from
continuing operations		12.82	%		12.84	%		13.13	%		13.13	%		13.68	%		12.97	%		3.04	%
Return on average assets from continuing operations		1.23	%		1.21	%		1.21	%		1.19	%		1.23	%		1.21	%		0.24	%
FINANCIAL RATIOS - ADJUSTED (NON-GAAP)
Return on average equity from adjusted
continuing operations	n/a			n/a			n/a			n/a			n/a			n/a				10.34	%
Return on average tangible equity from adjusted
continuing operations	n/a			n/a			n/a			n/a			n/a			n/a				12.71	%
Return on average assets from adjusted
continuing operations	n/a			n/a			n/a			n/a			n/a			n/a				1.01	%
n/a - not applicable

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