TRUSTMARK CORP (TRMK)

CIK: 0000036146. SIC: 6021 National Commercial Banks. Latest 10-K as of: 2026-02-23.

SIC breadcrumb: Finance, Insurance, And Real Estate > Depository Institutions > SIC 6021 National Commercial Banks

SEC company page: https://www.sec.gov/edgar/browse/?CIK=36146. Latest filing source: 0001193125-26-064009.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000036146.json. Derived margins are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Missing metrics are omitted rather than fabricated.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000036146.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001193125-26-209195.

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high. Filing date: 2026-05-06. Report date: 2026-03-31.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following provides a narrative discussion and analysis of Trustmark Corporation’s (Trustmark) financial condition and results of operations. This discussion should be read in conjunction with the unaudited consolidated financial statements and the supplemental financial data included in Part I. Item 1. – Financial Statements of this report.

Description of Business

Trustmark, a Mississippi business corporation incorporated in 1968, is a bank holding company headquartered in Jackson, Mississippi. Trustmark’s principal subsidiary is Trustmark Bank (TB), a Mississippi-chartered banking corporation. 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). In addition, as a large provider of consumer financial services, TB remains subject to regulation, supervision, enforcement and examination by the Consumer Financial Protection Bureau (CFPB). 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. Dividends from TB are Trustmark’s principal source of cash. At March 31, 2026, TB had total assets of $18.985 billion, which represented 99.99% of the consolidated assets of Trustmark.

Through TB and its other subsidiaries, Trustmark operates as a financial services organization providing banking and other financial solutions through offices and 2,530 full-time equivalent associates (measured at March 31, 2026) 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 Segment and Wealth Management Segment. For a complete overview of Trustmark’s business, see the section captioned “The Corporation” included in Part I. Item 1. – Business of Trustmark’s Annual Report on Form 10-K for its fiscal year ended December 31, 2025 (2025 Annual Report).

Executive Overview

Trustmark's financial results for the first three months of 2026 reflected diversified growth in loans held for investment (LHFI), stable credit quality and cost-effective core deposit growth. Trustmark's capital position remained solid, reflecting the consistent profitability of its diversified financial services businesses. Trustmark continued to implement organic growth initiatives and make investments to capitalize on opportunities in its marketplace. With robust capital, liquidity and profitability, Trustmark is well-positioned to continue to compete in changing economic conditions and create long-term value for its shareholders. On April 28, 2026, Trustmark’s Board of Directors declared a quarterly cash dividend of $0.25 per share. The dividend is payable June 15, 2026, to shareholders of record on June 1, 2026. Trustmark’s payment of the dividend will be fully funded by a dividend from TB to Trustmark, which the MDBCF approved on April 28, 2026.

Recent Economic and Industry Developments

Economic activity during the first quarter of 2026 was characterized by a rebound in growth following a weak end to 2025, driven by robust artificial intelligence (AI) related business investments and consumer spending, though this was tempered by a significant geopolitical shock at the end of the quarter. While labor markets remained tight, escalating energy prices and geopolitical volatility, particularly in the Middle East, slowed momentum late in the quarter, forcing the Federal Reserve Board (FRB) to pause rate cuts it might have otherwise approved. 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, volatility in energy prices 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.

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. The FRB determined to leave the target federal funds rate and the rate it pays on reserves unchanged during the first three months of 2026, noting that while economic activity expanded at a solid pace and there was little change in the unemployment rate, inflationary concerns and implications of developments in the Middle East for the U.S. economy are uncertain. Prior period rate increases increased the competitive pressures on Trustmark's deposit cost of funds. While

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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.

In the February and April 2026 “Summary of Commentary on Current Economic Conditions by Federal Reserve District,” the twelve Federal Reserve Districts’ (Districts) reports suggested that during the reporting periods (covering the periods from January 6, 2026 through February 23, 2026 and February 24, 2026 through April 6, 2026) overall economic activity increased at a slight to modest pace in eight of the twelve Districts, while the remaining Districts reported economic activity was flat or declining. Reports by the twelve Districts noted the following during the reporting periods:

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On balance, consumer spending increased slightly despite harsh winter weather in some regions and higher fuel prices. Many Districts continued to report signs of consumer financial strain, increased price sensitivity and rising demand at food banks and other social service organizations, while spending among higher-income consumers was resilient. Auto sales were mostly down for Districts that report on them, with many citing affordability issues.

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Manufacturing activity rose at a slight to moderate pace. Manufacturing contacts in many Districts reported increases in new orders, and several cited boosts in demand from data centers, and energy infrastructure. Energy activity was up slightly as oil prices rose, though many producers remained cautious about increasing drilling due to uncertainty about the persistence of higher prices. Agricultural and transportation activity were mixed across Districts.

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Banking sector activity was generally steady with loan demand stable to up moderately, with commercial lending being the primary area of strength. Housing market activity softened across several Districts as heightened uncertainty and rising mortgage rates dampened buyer demand. Commercial real estate markets improved, with strength in industrial properties, especially data center projects. Office markets saw solid demand for Class A space, but weaker demand for lower-tier properties. For most Districts, residential real estate and construction sales and activity decreased slightly, with low inventories and affordability remaining key issues.

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Business outlooks varied amid widespread uncertainty about future conditions. The conflict in the Middle East was cited as a major source of uncertainty that complicated decision-making around hiring, pricing and capital investment, with many firms adopting a "wait-and-see" posture.

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Employment levels were generally stable to up slightly and demand for labor was generally stable, with low turnover, minimal layoffs and hiring mostly for replacement. Several Districts noted increased demand for temporary or contract workers, as firms remained cautious about committing to permanent hires. Labor availability improved, although difficulty finding some skilled workers, especially in the skilled trades, persisted. While most Districts indicated that AI had not yet significantly impacted overall staffing levels, some noted that AI-driven productivity improvements had enable firms in certain segments to delay or reduce hiring. Wages generally continued to rise at a modest to moderate pace. Some Districts noted continued wage pressures for some roles in health care and the skilled trades, though overall wage competition remained muted.

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Price growth remained mostly moderate overall. Generally, input cost increases outpaced selling price growth, compressing margins. Energy and fuel prices rose sharply in all Districts, attributable to the Middle East conflict, leading to higher freight and shipping costs and higher prices for plastics, fertilizers and other petroleum-based products. Input cost pressures beyond energy-related increases were also widespread. Several Districts reported rising prices for metals due to tariffs, such as steel, copper and aluminum. Technology costs rose for both hardware and software. Insurance premiums and health care costs also continued to climb.

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 period as those discussed above. The Federal Reserve's Sixth District reported overall loan growth was moderate, most types of lending expanded with the exception of credit card lending, auto lending posted the largest percentage increase as higher vehicle prices prompted consumers to seek extended loan terms and commercial lending declined driven by a pullback in small business lending amid tighter lending standards, increased concerns over credit quality and new U.S. citizenship requirements for Small Business Administration (SBA) loans. The Federal Reserve’s Eighth District noted that banking activity remained unchanged, with some banking contacts reporting signs of improvement in the commercial loan pipeline largely fueled by opportunities in commercial real estate and ongoing business transactions, stable credit quality overall, though some early-stage weaknesses had emerged, particularly for small business borrowers whose risk is closely tied to input costs and fuel prices, and an uptick in overdraft frequency signaling that many households are facing tighter budgets and reduced discretionary spending. The Federal Reserve’s Eleventh District reported that loan volume and loan demand increased in March 2026, driven by commercial real estate loans, credit standards and terms tightened slightly, loan pricing continued to decline and loan performance ticked down. The Federal Reserve’s Eleventh District also noted that bankers reported general business activity declined and outlooks were less optimistic,

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Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high. Filing date: 2026-02-23. Report date: 2025-12-31.

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

36

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

39

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.

41

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.

42

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.

43

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.

44

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.

45

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.

46

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

47

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.

48

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.

49

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.

50

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

51

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.

52

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

53

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

54

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

55

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,

56

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.

57

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

58

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.

59

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.

60

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

61

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.