Trustmark Corporation Announces First Quarter 2025 Financial Results

Trustmark Corporation Announces First Quarter 2025 Financial Results

Strong Performance reflects Continued Loan Growth, Stable Credit Quality, Expanded Fee Income, and Lower Noninterest Expense

JACKSON, Miss., April 22, 2025--(BUSINESS WIRE)--Trustmark Corporation (NASDAQGS:TRMK) reported net income of $53.6 million in the first quarter of 2025, representing diluted earnings per share of $0.88. Trustmark’s performance during the first quarter produced a return on average tangible equity of 13.13% and a return on average assets of 1.19%. The Board of Directors declared a quarterly cash dividend of $0.24 per share payable June 15, 2025, to shareholders of record on June 1, 2025.

Printer friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/20250422704139/en

First Quarter Highlights

Loans held for investment (HFI) increased 1.2% linked-quarter and represented 87.8% of total deposits at March 31, 2025 Credit quality remained stable, ACL coverage ratios expanded, net charge-offs represented 0.04% of average loans Deposits remained stable at $15.1 billion while cost of total deposits declined 15 basis points Noninterest income increased 4.0% linked-quarter, reflecting the strength of diversified business lines Noninterest expense decreased 0.3% linked-quarter, reflecting on-going expense management priorities

Duane A. Dewey, President and CEO, stated, "We continued to build upon the strong momentum from 2024 and are pleased with our solid performance in the first quarter of 2025. Our results reflect continued loan growth, stable credit quality, and an attractive core deposit base. In addition, we experienced continued growth in noninterest income while noninterest expense decreased. These accomplishments are the results of our continued efforts to expand customer relationships and diligently manage expenses. We are particularly pleased to have received a Community Reinvestment Act (CRA) rating of Outstanding, the highest rating possible. Our associates have done a tremendous job of serving customers, building relationships, and demonstrating the value Trustmark can provide as a trusted financial partner."

"We are operating in a dynamic and challenging economic environment that is ever-changing. With robust capital, liquidity, and profitability, Trustmark is well-positioned to help customers navigate this evolving landscape," said Dewey.

Balance Sheet Management

Loans HFI increased $151.5 million, or 1.2%, during the quarter and $183.5 million, or 1.4%, year-over-year Personal and commercial deposits totaled $12.9 billion at March 31, 2025, up $7.1 million, or 0.1%, from the prior quarter and $394.4 million, or 3.2%, year-over-year Maintained strong capital position with CET1 ratio of 11.63% and total risk-based capital ratio of 14.10%

Story Continues

Loans HFI totaled $13.2 billion at March 31, 2025, reflecting an increase of $151.5 million, or 1.2%, linked-quarter and $183.5 million, or 1.4%, year-over-year. The linked-quarter growth reflected increases in commercial real estate (CRE), other commercial loans and leases, and 1-4 family mortgage loans offset in part by a decrease in commercial and industrial loans. Trustmark’s loan portfolio remains well-diversified by loan type and geography.

Deposits totaled $15.1 billion at March 31, 2025, down $27.5 million, or 0.2%, from the prior quarter, driven by the decline in public deposits of $61.8 million. Year-over-year, deposits declined $257.9 million, or 1.7%, driven by targeted declines in public funds and brokered deposits of $343.2 million and $309.5 million, respectively. Trustmark continues to maintain a strong liquidity position as loans HFI represented 87.8% of total deposits at the end of the first quarter. Noninterest-bearing deposits represented 20.4% of total deposits at March 31, 2025. Interest-bearing deposit costs totaled 2.30% for the first quarter, a decrease of 21 basis points linked-quarter. The total cost of interest-bearing liabilities was 2.43% in the first quarter of 2025, a decrease of 18 basis points from the prior quarter.

During the first quarter, Trustmark repurchased $15.0 million, or approximately 423 thousand of its common shares. As previously announced, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2025, under which $100.0 million of Trustmark’s outstanding shares may be acquired through December 31, 2025. The repurchase program, which is subject to market conditions and management discretion, will continue to be implemented through open market repurchases or privately negotiated transactions. At March 31, 2025, Trustmark’s tangible equity to tangible assets ratio was 9.39%, while the total risk-based capital ratio was 14.10%. Tangible book value per share was $27.78 at March 31, 2025, an increase of 4.1% from the prior quarter and 26.1% from the prior year.

Credit Quality

Net charge-offs totaled $1.4 million, representing 0.04% of average loans in the first quarter Net provision for credit losses was $5.3 million in the first quarter Allowance for credit losses (ACL) represented 1.26% of loans HFI, up 4 basis points linked-quarter, and 296.41% of nonaccrual loans, excluding individually analyzed loans at March 31, 2025

Nonaccrual loans totaled $86.6 million at March 31, 2025, up $6.5 million from the prior quarter and a decrease of $11.7 million year-over-year. Other real estate totaled $8.3 million, reflecting increases of $2.4 million and $728 thousand from the prior quarter and prior year, respectively. Collectively, nonperforming assets totaled $95.0 million, representing 0.71% of loans HFI and held for sale (HFS) at March 31, 2025.

The provision for credit losses for loans HFI was $8.1 million in the first quarter and was primarily attributable to loan growth, changes in the macroeconomic forecast, and net adjustments to the qualitative factors. The provision for credit losses for off-balance sheet credit exposures was a negative $2.8 million in the first quarter, primarily driven by a reduction in unfunded CRE commitments and changes in the macroeconomic forecast. Collectively, the provision for credit losses totaled $5.3 million in the first quarter compared to $7.5 million in the prior quarter and $7.5 million in the first quarter of 2024.

Allocation of Trustmark’s $167.0 million ACL on loans HFI represented 1.11% of commercial loans and 1.76% of consumer and home mortgage loans, resulting in an ACL to total loans HFI of 1.26% at March 31, 2025, up 4 basis points from the prior quarter. Management believes the level of the ACL is commensurate with the credit losses currently expected in the loan portfolio.

Revenue Generation

Net interest income (FTE) totaled $154.7 million in the first quarter, down 2.3% linked-quarter Net interest margin totaled 3.75% in the first quarter, down 1 basis point from the prior quarter Noninterest income totaled $42.6 million, up 4.0% from the prior quarter, representing 21.9% of total revenue in the first quarter

Revenue in the first quarter totaled $194.6 million, a decrease of 1.1% from the prior quarter and an increase of 13.0% from the same quarter in the prior year. The linked-quarter decrease primarily reflects lower net interest income offset in part by higher noninterest income while the year-over-year increase is attributed to higher net interest income and noninterest income.

Net interest income (FTE) in the first quarter totaled $154.7 million, resulting in a net interest margin of 3.75%, down 1 basis point from the prior quarter. The net interest margin was relatively flat as the decrease in the cost of interest-bearing liabilities was offset by the decrease in yield for the loans HFI and held for sale portfolio.

Noninterest income in the first quarter totaled $42.6 million, an increase of $1.6 million, or 4.0%, from the prior quarter and $3.2 million, or 8.2%, year-over-year. The linked-quarter increases in other income net, mortgage banking, net, and wealth management revenue were offset in part by seasonal declines in bank card and other fees and service charges on deposit accounts. The growth in noninterest income year-over-year reflects increases in other income, net, wealth management revenue, and bank card and other fees, which were offset in part by declines in service charges on deposit accounts and mortgage banking, net.

Mortgage loan production in the first quarter totaled $318.8 million, down 14.4% from the prior quarter and up 16.4% year-over-year. Mortgage banking revenue totaled $8.8 million in the first quarter, an increase of $1.4 million, or 18.7%, linked-quarter and a decline of $144 thousand, or 1.6%, year-over-year. The linked-quarter increase was principally attributable to reduced servicing asset amortization and improvement in net hedge ineffectiveness. The year-over-year decrease was principally due to lower gain on sale of mortgage loans offset in part by improvement in net hedge ineffectiveness.

Wealth management revenue in the first quarter totaled $9.5 million, an increase of $224 thousand, or 2.4%, from the prior quarter and $591 thousand, or 6.6%, year-over-year. The linked-quarter growth reflected higher trust management revenue while the year-over-year growth reflected increased trust management revenue and brokerage revenue.

Other income, net totaled $6.0 million in the first quarter, up $1.7 million from the prior quarter and $2.9 million year-over-year. The linked-quarter increase includes a $2.4 million gain on the sale of a bank office facility. Service charges on deposit accounts totaled $10.6 million in the first quarter, reflecting a seasonal decrease of $592 thousand, or 5.3%, from the prior quarter and a decrease of $322 thousand, or 2.9%, year-over-year. Bank card and other fees totaled $7.7 million in the first quarter, down $1.1 million from the prior quarter due principally to lower customer derivative revenue and a seasonal decline in interchange income. Year-over-year, bank card and other fees increased $236 thousand.

Noninterest Expense

Total noninterest expense declined $419 thousand, or 0.3%, linked-quarter Salaries and employee benefits expense declined $731 thousand, or 1.1%, linked-quarter Total services and fees declined $445 thousand, or 1.7%, linked-quarter

Noninterest expense in the first quarter totaled $124.0 million, a decrease of $419 thousand, or 0.3%, from the prior quarter and an increase of $4.3 million, or 3.6%, year-over-year. Salaries and employee benefits expense totaled $68.5 million in the first quarter, a decline of $731 thousand, or 1.1%, linked-quarter and an increase of $3.0 million, or 4.6%, year-over-year. The linked-quarter decline reflected reductions in incentives, commissions and employee benefits which were offset in part by a seasonal increase in payroll taxes. Services and fees in the first quarter totaled $26.2 million, a decrease of $445 thousand, or 1.7%, from the prior quarter and an increase of $1.8 million, or 7.4%, year-over-year. The linked-quarter decline is attributable principally to lower professional fees and data processing expense. Total other expense was $15.6 million, an increase of $467 thousand, or 3.1%, linked-quarter and a decrease of $572 thousand, or 3.5%, year-over-year. The linked-quarter increase is attributable to other real estate expense, a valuation adjustment on branch property held for sale, and other miscellaneous expense offset in part by a decrease in FDIC assessment expense.

Additional Information

As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, April 23, 2025, at 8:30 a.m. Central Time to discuss the Corporation’s financial results. Interested parties may listen to the conference call by dialing (877) 317-3051 or by clicking on the link provided under the Investor Relations section of our website at www.trustmark.com. A replay of the conference call will also be available through Wednesday, May 7, 2025, in archived format at the same web address or by calling (877)344-7529, passcode 6656565.

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

Forward-Looking Statements

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

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

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

TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025  ($ in thousands)  (unaudited)  Linked Quarter  Year over Year QUARTERLY AVERAGE BALANCES 3/31/2025  12/31/2024  3/31/2024  $ Change  % Change  $ Change  % Change Securities AFS-taxable $ 1,726,291   $ 1,708,226   $ 1,927,619   $ 18,065   1.1 %  $ (201,328 )  -10.4 % Securities AFS-nontaxable  —    —    —    —   n/m    —   n/m  Securities HTM-taxable  1,325,185    1,346,141    1,418,476    (20,956 )  -1.6 %   (93,291 )  -6.6 % Securities HTM-nontaxable  —    —    340    —   n/m    (340 )  -100.0 % Total securities  3,051,476    3,054,367    3,346,435    (2,891 )  -0.1 %   (294,959 )  -8.8 % Loans (includes loans held for sale)  13,320,276    13,275,762    13,169,805    44,514   0.3 %   150,471   1.1 % Other earning assets  365,505    422,083    571,329    (56,578 )  -13.4 %   (205,824 )  -36.0 % Total earning assets  16,737,257    16,752,212    17,087,569    (14,955 )  -0.1 %   (350,312 )  -2.1 % Allowance for credit losses (ACL), loans held  for investment (LHFI)  (159,893 )   (157,659 )   (138,711 )   (2,234 )  -1.4 %   (21,182 )  -15.3 % Other assets  1,624,581    1,627,890    1,730,521    (3,309 )  -0.2 %   (105,940 )  -6.1 % Total assets $ 18,201,945   $ 18,222,443   $ 18,679,379   $ (20,498 )  -0.1 %  $ (477,434 )  -2.6 %  Interest-bearing demand deposits (1) $ 7,789,239   $ 7,789,318   $ 7,932,943   $ (79 )  0.0 %  $ (143,704 )  -1.8 % Savings deposits (1)  993,232    983,292    1,044,863    9,940   1.0 %   (51,631 )  -4.9 % Time deposits  3,160,134    3,265,358    3,321,601    (105,224 )  -3.2 %   (161,467 )  -4.9 % Total interest-bearing deposits  11,942,605    12,037,968    12,299,407    (95,363 )  -0.8 %   (356,802 )  -2.9 % Fed funds purchased and repurchases  405,189    357,798    428,127    47,391   13.2 %   (22,938 )  -5.4 % Other borrowings  344,040    218,244    463,459    125,796   57.6 %   (119,419 )  -25.8 % Subordinated notes  123,721    123,666    123,501    55   0.0 %   220   0.2 % Junior subordinated debt securities  61,856    61,856    61,856    —   0.0 %   —   0.0 % Total interest-bearing liabilities  12,877,411    12,799,532    13,376,350    77,879   0.6 %   (498,939 )  -3.7 % Noninterest-bearing deposits  3,055,333    3,192,358    3,120,566    (137,025 )  -4.3 %   (65,233 )  -2.1 % Other liabilities  277,647    257,990    505,942    19,657   7.6 %   (228,295 )  -45.1 % Total liabilities  16,210,391    16,249,880    17,002,858    (39,489 )  -0.2 %   (792,467 )  -4.7 % Shareholders' equity  1,991,554    1,972,563    1,676,521    18,991   1.0 %   315,033   18.8 % Total liabilities and equity $ 18,201,945   $ 18,222,443   ...

$ 18,679,379   $ (20,498 )  -0.1 %  $ (477,434 )  -2.6 %  (1) During the first quarter of 2025, Trustmark ceased the daily sweep between low transaction interest-bearing demand deposits to savings deposits. Prior periods have been reclassified accordingly.  n/m - percentage changes greater than +/- 100% are considered not meaningful   See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025  ($ in thousands)  (unaudited)   Linked Quarter  Year over Year PERIOD END BALANCES 3/31/2025  12/31/2024  3/31/2024  $ Change  % Change  $ Change  % Change Cash and due from banks $ 587,362   $ 567,251   $ 606,061   $ 20,111   3.5 %  $ (18,699 )  -3.1 % Fed funds sold and reverse repurchases  —    —    —    —   n/m    —   n/m  Securities available for sale  1,737,462    1,692,534    1,702,299    44,928   2.7 %   35,163   2.1 % Securities held to maturity  1,315,053    1,335,385    1,415,025    (20,332 )  -1.5 %   (99,972 )  -7.1 % Loans held for sale (LHFS)  188,689    200,307    172,937    (11,618 )  -5.8 %   15,752   9.1 % Loans held for investment (LHFI)  13,241,469    13,089,942    13,057,943    151,527   1.2 %   183,526   1.4 % ACL LHFI  (167,010 )   (160,270 )   (142,998 )   (6,740 )  -4.2 %   (24,012 )  -16.8 % Net LHFI  13,074,459    12,929,672    12,914,945    144,787   1.1 %   159,514   1.2 % Premises and equipment, net  231,202    235,410    232,630    (4,208 )  -1.8 %   (1,428 )  -0.6 % Mortgage servicing rights  134,395    139,317    138,044    (4,922 )  -3.5 %   (3,649 )  -2.6 % Goodwill  334,605    334,605    334,605    —   0.0 %   —   0.0 % Identifiable intangible assets  95    126    208    (31 )  -24.6 %   (113 )  -54.3 % Other real estate  8,348    5,917    7,620    2,431   41.1 %   728   9.6 % Operating lease right-of-use assets  33,861    34,668    34,324    (807 )  -2.3 %   (463 )  -1.3 % Other assets  650,672    677,230    744,821    (26,558 )  -3.9 %   (94,149 )  -12.6 % Assets of discontinued operations  —    —    73,093    —   n/m    (73,093 )  -100.0 % Total assets $ 18,296,203   $ 18,152,422   $ 18,376,612   $ 143,781   0.8 %  $ (80,409 )  -0.4 %  Deposits:  Noninterest-bearing $ 3,069,929   $ 3,073,565   $ 3,039,652   $ (3,636 )  -0.1 %  $ 30,277   1.0 % Interest-bearing  12,010,775    12,034,610    12,298,905    (23,835 )  -0.2 %   (288,130 )  -2.3 % Total deposits  15,080,704    15,108,175    15,338,557    (27,471 )  -0.2 %   (257,853 )  -1.7 % Fed funds purchased and repurchases  360,080    324,008    393,215    36,072   11.1 %   (33,135 )  -8.4 % Other borrowings  404,815    301,541    482,027    103,274   34.2 %   (77,212 )  -16.0 % Subordinated notes  123,757    123,702    123,537    55   0.0 %   220   0.2 % Junior subordinated debt securities  61,856    61,856    61,856    —   0.0 %   —   0.0 % ACL on off-balance sheet credit exposures  26,561    29,392    33,865    (2,831 )  -9.6 %   (7,304 )  -21.6 % Operating lease liabilities  37,917    38,698    37,792    (781 )  -2.0 %   125   0.3 % Other liabilities  179,286    202,723    207,583    (23,437 )  -11.6 %   (28,297 )  -13.6 % Liabilities of discontinued operations  —    —    15,581    —   n/m    (15,581 )  -100.0 % Total liabilities  16,274,976    16,190,095    16,694,013    84,881   0.5 %   (419,037 )  -2.5 % Common stock  12,651    12,711    12,747    (60 )  -0.5 %   (96 )  -0.8 % Capital surplus  143,001    157,899    160,521    (14,898 )  -9.4 %   (17,520 )  -10.9 % Retained earnings  1,914,277    1,875,376    1,736,485    38,901   2.1 %   177,792   10.2 % Accumulated other comprehensive  income (loss), net of tax  (48,702 )   (83,659 )   (227,154 )   34,957   41.8 %   178,452   78.6 % Total shareholders' equity  2,021,227    1,962,327    1,682,599    58,900   3.0 %   338,628   20.1 % Total liabilities and equity $ 18,296,203   $ 18,152,422   $ 18,376,612   $ 143,781   0.8 %  $ (80,409 )  -0.4 %  n/m - percentage changes greater than +/- 100% are considered not meaningful  See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025  ($ in thousands except per share data)  (unaudited)    Quarter Ended  Linked Quarter  Year over Year INCOME STATEMENTS 3/31/2025  12/31/2024  3/31/2024  $ Change  % Change  $ Change  % Change Interest and fees on LHFS & LHFI-FTE $ 201,929   $ 211,019  $ 209,456   $ (9,090 )  -4.3 %  $ (7,527 )  -3.6 % Interest on securities-taxable  26,056    26,196   15,634    (140 )  -0.5 %   10,422   66.7 % Interest on securities-tax exempt-FTE  —    —   4    —   n/m    (4 )  -100.0 % Other interest income  3,846    5,128   8,111    (1,282 )  -25.0 %   (4,265 )  -52.6 % Total interest income-FTE  231,831    242,343   233,205    (10,512 )  -4.3 %   (1,374 )  -0.6 % Interest on deposits  67,718    75,941   83,716    (8,223 )  -10.8 %   (15,998 )  -19.1 % Interest on fed funds purchased and repurchases  4,298    4,036   5,591    262   6.5 %   (1,293 )  -23.1 % Other interest expense  5,076    3,922   7,703    1,154   29.4 %   (2,627 )  -34.1 % Total interest expense  77,092    83,899   97,010    (6,807 )  -8.1 %   (19,918 )  -20.5 % Net interest income-FTE  154,739    158,444   136,195    (3,705 )  -2.3 %   18,544   13.6 % Provision for credit losses (PCL), LHFI  8,125    6,960   7,708    1,165   16.7 %   417   5.4 % PCL, off-balance sheet credit exposures  (2,831 )   502   (192 )   (3,333 )  n/m    (2,639 )  n/m  PCL, LHFI sale of 1-4 family mortgage loans  —    —   —    —   n/m    —   n/m  Net interest income after provision-FTE  149,445    150,982   128,679    (1,537 )  -1.0 %   20,766   16.1 % Service charges on deposit accounts  10,636    11,228   10,958    (592 )  -5.3 %   (322 )  -2.9 % Bank card and other fees  7,664    8,717   7,428    (1,053 )  -12.1 %   236   3.2 % Mortgage banking, net  8,771    7,388   8,915    1,383   18.7 %   (144 )  -1.6 % Wealth management  9,543    9,319   8,952    224   2.4 %   591   6.6 % Other, net  5,970    4,298   3,102    1,672   38.9 %   2,868   92.5 % Securities gains (losses), net  —    —   —    —   n/m    —   n/m  Total noninterest income (loss)  42,584    40,950   39,355    1,634   4.0 %   3,229   8.2 % Salaries and employee benefits  68,492    69,223   65,487    (731 )  -1.1 %   3,005   4.6 % Services and fees  26,247    26,692   24,431    (445 )  -1.7 %   1,816   7.4 % Net occupancy-premises  7,385    7,195   7,270    190   2.6 %   115   1.6 % Equipment expense  6,308    6,208   6,325    100   1.6 %   (17 )  -0.3 % Other expense  15,579    15,112   16,151    467   3.1 %   (572 )  -3.5 % Total noninterest expense  124,011    124,430   119,664    (419 )  -0.3 %   4,347   3.6 % Income (loss) from continuing operations  (cont. ops) before income taxes and tax eq adj  68,018    67,502   48,370    516   0.8 %   19,648   40.6 % Tax equivalent adjustment  2,684    2,596   3,365    88   3.4 %   (681 )  -20.2 % Income (loss) from cont. ops before income taxes  65,334    64,906   45,005    428   0.7 %   20,329   45.2 % Income taxes from cont. ops  11,701    8,594   6,832    3,107   36.2 %   4,869   71.3 % Income (loss) from cont. ops  53,633    56,312   38,173    (2,679 )  -4.8 %   15,460   40.5 % Income from discontinued operations  (discont. ops) before income taxes  —    —   4,512    —   n/m    (4,512 )  -100.0 % Income taxes from discont. ops  —    —   1,150    —   n/m    (1,150 )  -100.0 % Income from discont. ops  —    —   3,362    —   n/m    (3,362 )  -100.0 % Net income $ 53,633   $ 56,312  $ 41,535   $ (2,679 )  -4.8 %  $ 12,098   29.1 %  Per share data (1)  Basic earnings (loss) per share from cont. ops $ 0.88   $ 0.92  $ 0.62   $ (0.04 )  -4.3 %  $ 0.26   41.9 % Basic earnings per share from discont. ops $ —   $ —  $ 0.05   $ —   n/m   $ (0.05 )  -100.0 % Basic earnings per share - total $ 0.88   $ 0.92  $ 0.68   $ (0.04 )  -4.3 %  $ 0.20   29.4 %  Diluted earnings (loss) per share from cont. ops $ 0.88   $ 0.92  $ 0.62   $ (0.04 )  -4.3 %  $ 0.26   41.9 % Diluted earnings per share from discont. ops $ —   $ —  $ 0.05   $ —   n/m   $ (0.05 )  -100.0 % Diluted earnings per share - total $ 0.88   $ 0.92  $ 0.68   $ (0.04 )  -4.3 %  $ 0.20   29.4 %  Dividends per share $ 0.24   $ 0.23  $ 0.23   $ 0.01   4.3 %  $ 0.01   4.3 %  Weighted average shares outstanding  Basic  60,799,984    61,101,954   61,128,425  Diluted  61,049,120    61,367,825   61,348,364  Period end shares outstanding  60,718,411    61,008,023   61,178,366   (1) Due to rounding, earnings (loss) per share from continuing operations and discontinued operations may not sum to earnings per share from net income.  n/m - percentage changes greater than +/- 100% are considered not meaningful   See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025  ($ in thousands)  (unaudited)   Quarter Ended  Linked Quarter  Year over Year NONPERFORMING ASSETS 3/31/2025  12/31/2024  3/31/2024  $ Change  % Change  $ Change  % Change Nonaccrual LHFI  Alabama $ 18,633   $ 18,601   $ 23,261   $ 32   0.2 %  $ (4,628 )  -19.9 % Florida  391    305    585    86   28.2 %   (194 )  -33.2 % Mississippi (1)  49,107    42,203    59,059    6,904   16.4 %   (9,952 )  -16.9 % Tennessee (2)  2,339    2,431    1,800    (92 )  -3.8 %   539   29.9 % Texas  16,150    16,569    13,646    (419 )  -2.5 %   2,504   18.3 % Total nonaccrual LHFI  86,620    80,109    98,351    6,511   8.1 %   (11,731 )  -11.9 % Other real estate  Alabama  271    170    1,050    101   59.4 %   (779 )  -74.2 % Florida  —    —    71    —   n/m    (71 )  -100.0 % Mississippi (1)  4,837    2,407    2,870    2,430   n/m    1,967   68.5 % Tennessee (2)  979    1,079    86    (100 )  -9.3 %   893   n/m  Texas  2,261    2,261    3,543    —   0.0 %   (1,282 )  -36.2 % Total other real estate  8,348    5,917    7,620    2,431   41.1 %   728   9.6 % Total nonperforming assets $ 94,968   $ 86,026   $ 105,971   $ 8,942   10.4 %  $ (11,003 )  -10.4 %  LOANS PAST DUE OVER 90 DAYS  LHFI $ 4,355   $ 4,092   $ 5,243   $ 263   6.4 %  $ (888 )  -16.9 %  LHFS-Guaranteed GNMA serviced loans  (no obligation to repurchase) $ 71,720   $ 71,255   $ 56,530   $ 465   0.7 %  $ 15,190   26.9 %  Quarter Ended  Linked Quarter  Year over Year ACL LHFI 3/31/2025  12/31/2024  3/31/2024  $ Change  % Change  $ Change  % Change Beginning Balance $ 160,270   $ 157,929   $ 139,367   $ 2,341   1.5 %  $ 20,903   15.0 % PCL, LHFI  8,125    6,960    7,708    1,165   16.7 %   417   5.4 % PCL, LHFI sale of 1-4 family mortgage loans  —    —    —    —   n/m    —   n/m  Charge-offs, sale of 1-4 family mortgage loans  —    —    —    —   n/m    —   n/m  Charge-offs  (3,701 )   (7,730 )   (6,324 )   4,029   52.1 %   2,623   41.5 % Recoveries  2,316    3,111    2,247    (795 )  -25.6 %   69   3.1 % Net (charge-offs) recoveries  (1,385 )   (4,619 )   (4,077 )   3,234   70.0 %   2,692   66.0 % Ending Balance $ 167,010   $ 160,270   $ 142,998   $ 6,740   4.2 %  $ 24,012   16.8 %  NET (CHARGE-OFFS) RECOVERIES  Alabama $ (207 )  $ (3,608 )  $ (341 )  $ 3,401   94.3 %  $ 134   39.3 % Florida  (17 )   8    277    (25 )  n/m    (294 )  n/m  Mississippi (1)  (755 )   (1,319 )   (1,489 )   564   42.8 %   734   49.3 % Tennessee (2)  (301 )   (208 )   (179 )   (93 )  -44.7 %   (122 )  -68.2 % Texas  (105 )   508    (2,345 )   (613 )  n/m    2,240   95.5 % Total net (charge-offs) recoveries $ (1,385 )  $ (4,619 )  $ (4,077 )  $ 3,234   70.0 %  $ 2,692   66.0 %  (1) Mississippi includes Central and Southern Mississippi Regions.  (2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.    n/m - percentage changes greater than +/- 100% are considered not meaningful   See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025  ($ in thousands)  (unaudited)  Quarter Ended AVERAGE BALANCES  3/31/2025  12/31/2024  9/30/2024  6/30/2024  3/31/2024 Securities AFS-taxable  $ 1,726,291   $ 1,708,226   $ 1,658,999   $ 1,866,227   $ 1,927,619  Securities AFS-nontaxable   —    —    —    —    —  Securities HTM-taxable   1,325,185    1,346,141    1,368,943    1,421,246    1,418,476  Securities HTM-nontaxable   —    —    —    112    340  Total securities   3,051,476    3,054,367    3,027,942    3,287,585    3,346,435  Loans (includes loans held for sale)   13,320,276    13,275,762    13,379,658    13,309,127    13,169,805  Other earning assets   365,505    422,083    607,928    592,735    571,329  Total earning assets   16,737,257    16,752,212    17,015,528    17,189,447    17,087,569  ACL LHFI   (159,893 )   (157,659 )   (154,476 )   (143,245 )   (138,711 ) Other assets   1,624,581    1,627,890    1,646,241    1,740,307    1,730,521  Total assets  $ 18,201,945   $ 18,222,443   $ 18,507,293   $ 18,786,509   $ 18,679,379   Interest-bearing demand deposits (1)  $ 7,789,239   $ 7,789,318   $ 7,787,639   $ 7,845,195   $ 7,932,943  Savings deposits (1)   993,232    983,292    1,006,668    1,031,140    1,044,863  Time deposits   3,160,134    3,265,358    3,393,216    3,346,046    3,321,601  Total interest-bearing deposits   11,942,605    12,037,968    12,187,523    12,222,381    12,299,407  Fed funds purchased and repurchases   405,189    357,798    375,559    434,760    428,127  Other borrowings   344,040    218,244    339,417    534,350    463,459  Subordinated notes   123,721    123,666    123,611    123,556    123,501  Junior subordinated debt securities   61,856    61,856    61,856    61,856    61,856  Total interest-bearing liabilities   12,877,411    12,799,532    13,087,966    13,376,903    13,376,350  Noninterest-bearing deposits   3,055,333    3,192,358    3,221,516    3,183,524    3,120,566  Other liabilities   277,647    257,990    274,563    498,593    505,942  Total liabilities   16,210,391    16,249,880    16,584,045    17,059,020    17,002,858  Shareholders' equity   1,991,554    1,972,563    1,923,248    1,727,489    1,676,521  Total liabilities and equity  $ 18,201,945   $ 18,222,443   $ 18,507,293   $ 18,786,509   $ 18,679,379   (1) During the first quarter of 2025, Trustmark ceased the daily sweep between low transaction interest-bearing demand deposits to savings deposits. Prior periods have been reclassified accordingly.  See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025  ($ in thousands)  (unaudited)   PERIOD END BALANCES  3/31/2025  12/31/2024  9/30/2024  6/30/2024  3/31/2024 Cash and due from banks  $ 587,362   $ 567,251   $ 805,436   $ 822,141   $ 606,061  Fed funds sold and reverse repurchases   —    —    10,000    —    —  Securities available for sale   1,737,462    1,692,534    1,725,795    1,621,659    1,702,299  Securities held to maturity   1,315,053    1,335,385    1,358,358    1,380,487    1,415,025  LHFS   188,689    200,307    216,454    185,698    172,937  LHFI   13,241,469    13,089,942    13,100,111    13,155,418    13,057,943  ACL LHFI   (167,010 )   (160,270 )   (157,929 )   (154,685 )   (142,998 ) Net LHFI   13,074,459    12,929,672    12,942,182    13,000,733    12,914,945  Premises and equipment, net   231,202    235,410    236,151    232,681    232,630  Mortgage servicing rights   134,395    139,317    125,853    136,658    138,044  Goodwill   334,605    334,605    334,605    334,605    334,605  Identifiable intangible assets   95    126    153    181    208  Other real estate   8,348    5,917    3,920    6,586    7,620  Operating lease right-of-use assets   33,861    34,668    36,034    36,925    34,324  Other assets   650,672    677,230    685,431    694,133    744,821  Assets of discontinued operations   —    —    —    —    73,093  Total assets  $ 18,296,203   $ 18,152,422   $ 18,480,372   $ 18,452,487   $ 18,376,612   Deposits:  Noninterest-bearing  $ 3,069,929   $ 3,073,565   $ 3,142,792   $ 3,153,506   $ 3,039,652  Interest-bearing   12,010,775    12,034,610    12,098,143    12,309,382    12,298,905  Total deposits   15,080,704    15,108,175    15,240,935    15,462,888    15,338,557  Fed funds purchased and repurchases   360,080    324,008    365,643    314,121    393,215  Other borrowings   404,815    301,541    443,458    336,687    482,027  Subordinated notes   123,757    123,702    123,647    123,592    123,537  Junior subordinated debt securities   61,856    61,856    61,856    61,856    61,856  ACL on off-balance sheet credit exposures   26,561    29,392    28,890    30,265    33,865  Operating lease liabilities   37,917    38,698    39,689    40,517    37,792  Other liabilities   179,286    202,723    196,158    203,420    207,583  Liabilities of discontinued operations   —    —    —    —    15,581  Total liabilities   16,274,976    16,190,095    16,500,276    16,573,346    16,694,013  Common stock   12,651    12,711    12,753    12,753    12,747  Capital surplus   143,001    157,899    163,156    161,834    160,521  Retained earnings   1,914,277    1,875,376    1,833,232    1,796,111    1,736,485  Accumulated other comprehensive income (loss),  net of tax   (48,702 )   (83,659 )   (29,045 )   (91,557 )   (227,154 ) Total shareholders' equity   2,021,227    1,962,327    1,980,096    1,879,141    1,682,599  Total liabilities and equity  $ 18,296,203   $ 18,152,422   $ 18,480,372   $ 18,452,487   $ 18,376,612   See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025  ($ in thousands except per share data)  (unaudited)   Quarter Ended INCOME STATEMENTS  3/31/2025  12/31/2024  9/30/2024  6/30/2024  3/31/2024 Interest and fees on LHFS & LHFI-FTE  $ 201,929   $ 211,019  $ 220,433   $ 216,399   $ 209,456  Interest on securities-taxable   26,056    26,196   26,162    17,929    15,634  Interest on securities-tax exempt-FTE   —    —   —    1    4  Other interest income   3,846    5,128   8,302    8,126    8,111  Total interest income-FTE   231,831    242,343   254,897    242,455    233,205  Interest on deposits   67,718    75,941   86,043    83,681    83,716  Interest on fed funds purchased and repurchases   4,298    4,036   4,864    5,663    5,591  Other interest expense   5,076    3,922   5,971    8,778    7,703  Total interest expense   77,092    83,899   96,878    98,122    97,010  Net interest income-FTE   154,739    158,444   158,019    144,333    136,195  PCL, LHFI   8,125    6,960   7,923    14,696    7,708  PCL, off-balance sheet credit exposures   (2,831 )   502   (1,375 )   (3,600 )   (192 ) PCL, LHFI sale of 1-4 family mortgage loans   —    —   —    8,633    —  Net interest income after provision-FTE   149,445    150,982   151,471    124,604    128,679  Service charges on deposit accounts   10,636    11,228   11,272    10,924    10,958  Bank card and other fees   7,664    8,717   7,931    9,225    7,428  Mortgage banking, net   8,771    7,388   6,119    4,204    8,915  Wealth management   9,543    9,319   9,288    9,692    8,952  Other, net   5,970    4,298   2,952    7,461    3,102  Securities gains (losses), net   —    —   —    (182,792 )   —  Total noninterest income (loss)   42,584    40,950   37,562    (141,286 )   39,355  Salaries and employee benefits   68,492    69,223   66,691    64,838    65,487  Services and fees   26,247    26,692   25,724    24,743    24,431  Net occupancy-premises   7,385    7,195   7,398    7,265    7,270  Equipment expense   6,308    6,208   6,141    6,241    6,325  Other expense   15,579    15,112   17,316    15,239    16,151  Total noninterest expense   124,011    124,430   123,270    118,326    119,664  Income (loss) from continuing operations  (cont. ops) before income taxes and tax eq adj   68,018    67,502   65,763    (135,008 )   48,370  Tax equivalent adjustment   2,684    2,596   3,305    3,304    3,365  Income (loss) from cont. ops before  income taxes   65,334    64,906   62,458    (138,312 )   45,005  Income taxes from cont. ops   11,701    8,594   11,128    (37,707 )   6,832  Income (loss) from cont. ops   53,633    56,312   51,330    (100,605 )   38,173  Income from discontinued operations  (discont. ops) before income taxes   —    —   —    232,640    4,512  Income taxes from discont. ops   —    —   —    58,203    1,150  Income from discont. ops   —    —   —    174,437    3,362  Net income  $ 53,633   $ 56,312  $ 51,330   $ 73,832   $ 41,535   Per share data (1)  Basic earnings (loss) per share from cont. ops  $ 0.88   $ 0.92  $ 0.84   $ (1.64 )  $ 0.62  Basic earnings per share from discont. ops  $ —   $ —  $ —   $ 2.85   $ 0.05  Basic earnings per share - total  $ 0.88   $ 0.92  $ 0.84   $ 1.21   $ 0.68   Diluted earnings (loss) per share from cont. ops  $ 0.88   $ 0.92  $ 0.84   $ (1.64 )  $ 0.62  Diluted earnings per share from discont. ops  $ —   $ —  $ —   $ 2.84   $ 0.05  Diluted earnings per share - total  $ 0.88   $ 0.92  $ 0.84   $ 1.20   $ 0.68   Dividends per share  $ 0.24   $ 0.23  $ 0.23   $ 0.23   $ 0.23   Weighted average shares outstanding  Basic   60,799,984    61,101,954   61,206,599    61,196,820    61,128,425  Diluted   61,049,120    61,367,825   61,448,410    61,415,957    61,348,364  Period end shares outstanding   60,718,411    61,008,023   61,206,606    61,205,969    61,178,366   (1) Due to rounding, earnings (loss) per share from continuing operations and discontinued operations may not sum to earnings per share from net income.  See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025  ($ in thousands)  (unaudited)    Quarter Ended NONPERFORMING ASSETS  3/31/2025  12/31/2024  9/30/2024  6/30/2024  3/31/2024 Nonaccrual LHFI  Alabama  $ 18,633   $ 18,601   $ 25,835   $ 26,222   $ 23,261  Florida   391    305    111    614    585  Mississippi (1)   49,107    42,203    31,536    14,773    59,059  Tennessee (2)   2,339    2,431    3,180    2,084    1,800  Texas   16,150    16,569    13,163    599    13,646  Total nonaccrual LHFI   86,620    80,109    73,825    44,292    98,351  Other real estate  Alabama   271    170    170    485    1,050  Florida   —    —    —    —    71  Mississippi (1)   4,837    2,407    1,772    1,787    2,870  Tennessee (2)   979    1,079    —    86    86  Texas   2,261    2,261    1,978    4,228    3,543  Total other real estate   8,348    5,917    3,920    6,586    7,620  Total nonperforming assets  $ 94,968   $ 86,026   $ 77,745   $ 50,878   $ 105,971   LOANS PAST DUE OVER 90 DAYS  LHFI  $ 4,355   $ 4,092   $ 5,352   $ 5,413   $ 5,243   LHFS-Guaranteed GNMA serviced loans  (no obligation to repurchase)  $ 71,720   $ 71,255   $ 63,703   $ 58,079   $ 56,530    Quarter Ended ACL LHFI  3/31/2025  12/31/2024  9/30/2024  6/30/2024  3/31/2024 Beginning Balance  $ 160,270   $ 157,929   $ 154,685   $ 142,998   $ 139,367  PCL, LHFI   8,125    6,960    7,923    14,696    7,708  PCL, LHFI sale of 1-4 family mortgage loans   —    —    —    8,633    —  Charge-offs, sale of 1-4 family mortgage loans   —    —    —    (8,633 )   —  Charge-offs   (3,701 )   (7,730 )   (7,142 )   (5,120 )   (6,324 ) Recoveries   2,316    3,111    2,463    2,111    2,247  Net (charge-offs) recoveries   (1,385 )   (4,619 )   (4,679 )   (11,642 )   (4,077 ) Ending Balance  $ 167,010   $ 160,270   $ 157,929   $ 154,685   $ 142,998   NET (CHARGE-OFFS) RECOVERIES  Alabama  $ (207 )  $ (3,608 )  $ (3,098 )  $ 59   $ (341 ) Florida   (17 )   8    595    4    277  Mississippi (1)   (755 )   (1,319 )   (1,881 )   (9,112 )   (1,489 ) Tennessee (2)   (301 )   (208 )   (296 )   (122 )   (179 ) Texas   (105 )   508    1    (2,471 )   (2,345 ) Total net (charge-offs) recoveries  $ (1,385 )  $ (4,619 )  $ (4,679 )  $ (11,642 )  $ (4,077 )  (1) Mississippi includes Central and Southern Mississippi Regions. (2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.  See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION  March 31, 2025  (unaudited)   Quarter Ended FINANCIAL RATIOS AND OTHER DATA  3/31/2025  12/31/2024  9/30/2024  6/30/2024  3/31/2024 Return on average equity from continuing operations   10.92 %   11.36 %   10.62 %   -23.42 %   9.16 % Return on average equity from adjusted  continuing operations (1)   10.92 %   11.36 %   10.62 %   9.06 %   9.16 % Return on average equity - total   10.92 %   11.36 %   10.62 %   17.19 %   9.96 %  Return on average tangible equity from  continuing operations   13.13 %   13.68 %   12.86 %   -29.05 %   11.45 % Return on average tangible equity from adjusted  continuing operations (1)   13.13 %   13.68 %   12.86 %   11.14 %   11.45 % Return on average tangible equity - total   13.13 %   13.68 %   12.86 %   21.91 %   12.98 %  Return on average assets from continuing operations   1.19 %   1.23 %   1.10 %   -2.16 %   0.83 % Return on average assets from adjusted  continuing operations (1)   1.19 %   1.23 %   1.10 %   0.87 %   0.83 % Return on average assets - total   1.19 %   1.23 %   1.10 %   1.58 %   0.89 %  Interest margin - Yield - FTE   5.62 %   5.76 %   5.96 %   5.67 %   5.49 % Interest margin - Cost   1.87 %   1.99 %   2.27 %   2.30 %   2.28 % Net interest margin - FTE   3.75 %   3.76 %   3.69 %   3.38 %   3.21 % Efficiency ratio (2)   61.77 %   61.77 %   60.99 %   63.81 %   66.90 % Full-time equivalent employees   2,506    2,500    2,500    2,515    2,712   CREDIT QUALITY RATIOS  Net (recoveries) charge-offs (excl sale of  1-4 family mortgage loans) / average loans   0.04 %   0.14 %   0.14 %   0.09 %   0.12 % PCL, LHFI (excl PCL, LHFI sale of  1-4 family mortgage loans) / average loans   0.25 %   0.21 %   0.24 %   0.44 %   0.24 % Nonaccrual LHFI / (LHFI + LHFS)   0.64 %   0.60 %   0.55 %   0.33 %   0.74 % Nonperforming assets / (LHFI + LHFS)   0.71 %   0.65 %   0.58 %   0.38 %   0.80 % Nonperforming assets / (LHFI + LHFS  + other real estate)   0.71 %   0.65 %   0.58 %   0.38 %   0.80 % ACL LHFI / LHFI   1.26 %   1.22 %   1.21 %   1.18 %   1.10 % ACL LHFI-commercial / commercial LHFI   1.11 %   1.10 %   1.08 %   1.05 %   0.93 % ACL LHFI-consumer / consumer and  home mortgage LHFI   1.76 %   1.62 %   1.64 %   1.59 %   1.63 % ACL LHFI / nonaccrual LHFI   192.81 %   200.06 %   213.92 %   349.24 %   145.39 % ACL LHFI / nonaccrual LHFI  (excl individually analyzed loans)   296.41 %   341.20 %   497.27 %   840.20 %   235.29 %  CAPITAL RATIOS  Total equity / total assets   11.05 %   10.81 %   10.71 %   10.18 %   9.16 % Tangible equity / tangible assets   9.39 %   9.13 %   9.07 %   8.52 %   7.47 % Tangible equity / risk-weighted assets   11.23 %   10.86 %   10.97 %   10.18 %   8.83 % Tier 1 leverage ratio   10.11 %   9.99 %   9.65 %   9.29 %   8.76 % Common equity tier 1 capital ratio   11.63 %   11.54 %   11.30 %   10.92 %   10.12 % Tier 1 risk-based capital ratio   12.03 %   11.94 %   11.70 %   11.31 %   10.51 % Total risk-based capital ratio   14.10 %   13.97 %   13.71 %   13.29 %   12.42 %  STOCK PERFORMANCE  Market value-Close  $ 34.49   $ 35.37   $ 31.82   $ 30.04   $ 28.11  Book value  $ 33.29   $ 32.17   $ 32.35   $ 30.70   $ 27.50  Tangible book value  $ 27.78   $ 26.68   $ 26.88   $ 25.23   $ 22.03   (1) Adjusted continuing operations excludes significant non-routine transactions. See Note 7 - Non-GAAP Financial Measures in the Notes to the Consolidated Financials. (2) See Note 7 – Non-GAAP Financial Measures in the Notes to Consolidated Financials for Trustmark’s efficiency ratio calculation.  See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS March 31, 2025 ($ in thousands) (unaudited)  Note 1 - Significant Non-Routine Transactions  Trustmark completed the following significant non-routine transactions during the second quarter of 2024: On May 31, 2024, Trustmark National Bank closed the sale of its wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc., (FBBI) to Marsh & McLennan Agency LLC, consistent with the terms as previously announced on April 23, 2024. Trustmark National Bank is a wholly owned subsidiary of Trustmark Corporation. Trustmark recognized a gain on the sale of $228.3 million ($171.2 million, net of taxes) in income from discontinued operations. The operations of FBBI are also included in discontinued operations for the current and prior periods. Trustmark restructured its investment securities portfolio by selling $1.561 billion of available for sale securities with an average yield of 1.36%, which generated a loss of $182.8 million ($137.1 million, net of taxes) and was recorded to noninterest income in securities gains (losses), net. Trustmark purchased $1.378 billion of available for sale securities with an average yield of 4.85%. Trustmark sold a portfolio of 1-4 family mortgage loans that were three payments delinquent and/or nonaccrual at the time of selection totaling $56.2 million, which resulted in a loss of $13.4 million ($10.1 million, net of taxes). The portion of the loss related to credit totaled $8.6 million and was recorded as adjustments to charge-offs and the provision for credit losses. The noncredit-related portion of the loss totaled $4.8 million and was recorded to noninterest income in other, net. On April 8, 2024, Visa commenced an initial exchange offer expiring on May 3, 2024, for any and all outstanding shares of Visa Class B-1 common stock (Visa B-1 shares). Holders participating in the exchange offer would receive a combination of Visa Class B-2 common stock (Visa B-2 shares) and Visa Class C common stock (Visa C shares) in exchange for Visa B-1 shares that are validly tendered and accepted for exchange by Visa. TNB tendered its 38.7 thousand Visa B-1 shares, which was accepted by Visa. In exchange for each Visa B-1 share that was validly tendered and accepted for exchange by Visa, TNB 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 TNB were recognized at fair value, which resulted in a gain of $8.1 million ($6.0 million, net of taxes) and recorded to noninterest income in other, net during the second quarter of 2024. During the third quarter of 2024, TNB sold all of the Visa C shares for approximately the same carrying value at June 30, 2024. The Visa B-2 shares were recorded at their nominal carrying value.

Note 2 - Securities Available for Sale and Held to Maturity  The following table is a summary of the estimated fair value of securities available for sale and the amortized cost of securities held to maturity:  3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  SECURITIES AVAILABLE FOR SALE  U.S. Treasury securities  $ 212,463   $ 202,669   $ 202,638   $ 172,955   $ 372,424  U.S. Government agency obligations   49,325    38,807    19,335    —    5,594  Mortgage-backed securities  Residential mortgage pass-through securities  Guaranteed by GNMA   28,108    28,411    25,798    23,489    22,232  Issued by FNMA and FHLMC   1,090,137    1,070,538    1,105,310    1,060,869    1,129,521  Other residential mortgage-backed securities  Issued or guaranteed by FNMA, FHLMC, or GNMA   —    —    —    —    79,099  Commercial mortgage-backed securities  Issued or guaranteed by FNMA, FHLMC, or GNMA   357,429    352,109    372,714    364,346    93,429  Total securities available for sale  $ 1,737,462   $ 1,692,534   $ 1,725,795   $ 1,621,659   $ 1,702,299   SECURITIES HELD TO MATURITY  U.S. Treasury securities  $ 30,033   $ 29,842   $ 29,648   $ 29,455   $ 29,261  Obligations of states and political subdivisions   —    —    —    —    340  Mortgage-backed securities  Residential mortgage pass-through securities  Guaranteed by GNMA   15,726    16,218    17,773    17,998    18,387  Issued by FNMA and FHLMC   411,454    423,372    436,177    449,781    461,457  Other residential mortgage-backed securities  Issued or guaranteed by FNMA, FHLMC, or GNMA   116,969    123,685    131,348    138,951    146,447  Commercial mortgage-backed securities  Issued or guaranteed by FNMA, FHLMC, or GNMA   740,871    742,268    743,412    744,302    759,133  Total securities held to maturity  $ 1,315,053   $ 1,335,385   $ 1,358,358   $ 1,380,487   $ 1,415,025   At March 31, 2025, the net unamortized, unrealized loss included in accumulated other comprehensive income (loss) in the accompanying balance sheet for securities held to maturity transferred from securities available for sale totaled $44.1 million.  Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of 100.0% of the portfolio in U.S. Treasury securities, GSE-backed obligations and other Aaa rated securities as determined by 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 Federal Home Loan Bank of Dallas and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE.

TRUSTMARK CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIALS

March 31, 2025

($ in thousands)

(unaudited)  Note 3 – Loan Composition   LHFI consisted of the following during the periods presented:   LHFI BY TYPE  3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  Loans secured by real estate:  Construction, land development and other land loans  $ 1,321,631   $ 1,417,148   $ 1,588,256   $ 1,638,972   $ 1,539,461  Secured by 1-4 family residential properties   2,973,978    2,949,543    2,895,006    2,878,295    2,891,481  Secured by nonfarm, nonresidential properties   3,532,842    3,533,282    3,582,552    3,598,647    3,543,235  Other real estate secured   1,876,459    1,633,830    1,475,798    1,344,968    1,384,610  Commercial and industrial loans   1,765,893    1,840,722    1,767,079    1,880,607    1,922,711  Consumer loans   154,623    151,443    149,436    153,316    156,430  State and other political subdivision loans   974,300    969,836    996,002    1,053,015    1,052,844  Other loans and leases   641,743    594,138    645,982    607,598    567,171  LHFI   13,241,469    13,089,942    13,100,111    13,155,418    13,057,943  ACL LHFI   (167,010 )   (160,270 )   (157,929 )   (154,685 )   (142,998 ) Net LHFI  $ 13,074,459   $ 12,929,672   $ 12,942,182   $ 13,000,733   $ 12,914,945

The following table presents the LHFI composition based upon the region where the loan was originated and reflects each region’s diversified mix of loans:  March 31, 2025  LHFI - COMPOSITION BY REGION Total   Alabama   Florida   Georgia   Mississippi
(Central and
Southern
Regions)   Tennessee
(Memphis,
TN and
NorthernMS
Regions)   Texas  Loans secured by real estate:  Construction, land development and other land loans $ 1,321,631   $ 513,367   $ 34,589   $ 155,936   $ 276,514   $ 46,857   $ 294,368  Secured by 1-4 family residential properties  2,973,978    156,707    62,267    —    2,627,767    86,791    40,446  Secured by nonfarm, nonresidential properties  3,532,842    968,991    188,318    86,682    1,518,669    127,092    643,090  Other real estate secured  1,876,459    896,353    1,472    —    477,674    930    500,030  Commercial and industrial loans  1,765,893    468,732    19,112    252,863    683,689    118,541    222,956  Consumer loans  154,623    23,671    7,863    —    91,336    14,115    17,638  State and other political subdivision loans  974,300    57,295    67,563    12,416    724,817    26,184    86,025  Other loans and leases  641,743    28,085    3,547    259,390    251,592    50,918    48,211  Loans $ 13,241,469   $ 3,113,201   $ 384,731   $ 767,287   $ 6,652,058   $ 471,428   $ 1,852,764   CONSTRUCTION, LAND DEVELOPMENT AND OTHER LAND LOANS BY REGION  Lots $ 61,516   $ 26,578   $ 5,792   $ —   $ 17,386   $ 1,903   $ 9,857  Development  107,402    58,256    —    —    19,108    13,232    16,806  Unimproved land  106,221    18,116    10,662    —    26,205    8,947    42,291  1-4 family construction  324,186    162,699    8,264    17,289    78,225    21,842    35,867  Other construction  722,306    247,718    9,871    138,647    135,590    933    189,547  Construction, land development and other land loans $ 1,321,631   $ 513,367   $ 34,589   $ 155,936   $ 276,514   $ 46,857   $ 294,368

TRUSTMARK CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIALS

March 31, 2025

($ in thousands)

(unaudited)  Note 3 – Loan Composition (continued)  March 31, 2025  Total   Alabama   Florida   Georgia   Mississippi
(Central and
Southern
Regions)   Tennessee
(Memphis,
TN and
NorthernMS
Regions)   Texas   LOANS SECURED BY NONFARM, NONRESIDENTIAL PROPERTIES BY REGION  Non-owner occupied:  Retail  $ 283,918   $ 75,230   $ 19,803   $ —   $ 100,542   $ 20,276   $ 68,067  Office   248,180    93,220    18,489    —    95,251    2,759    38,461  Hotel/motel   276,954    141,324    43,628    —    68,461    23,541    —  Mini-storage   158,111    40,410    1,561    12,882    91,013    604    11,641  Industrial   531,020    99,376    17,422    73,800    178,257    2,504    159,661  Health care   149,348    122,172    670    —    24,059    320    2,127  Convenience stores   22,040    2,590    393    —    12,677    195    6,185  Nursing homes/senior living   373,326    129,587    —    —    145,090    4,002    94,647  Other   108,694    27,792    8,632    —    56,598    7,529    8,143  Total non-owner occupied loans   2,151,591    731,701    110,598    86,682    771,948    61,730    388,932   Owner-occupied:  Office   139,762    48,209    33,853    —    32,536    8,549    16,615  Churches   48,141    11,055    3,657    —    28,149    2,931    2,349  Industrial warehouses   202,660    15,596    8,047    —    52,688    12,980    113,349  Health care   123,162    10,390    7,868    —    84,980    2,175    17,749  Convenience stores   104,929    10,439    2,084    —    56,730    —    35,676  Retail   79,018    8,257    12,253    —    43,637    7,085    7,786  Restaurants   54,385    3,127    2,682    —    28,033    16,297    4,246  Auto dealerships   39,289    3,792    167    —    20,676    14,654    —  Nursing homes/senior living   461,136    109,542    —    —    325,649    —    25,945  Other   128,769    16,883    7,109    —    73,643    691    30,443  Total owner-occupied loans   1,381,251    237,290    77,720    —    746,721    65,362    254,158  Loans secured by nonfarm, nonresidential properties  $ 3,532,842   $ 968,991   $ 188,318   $ 86,682   $ 1,518,669   $ 127,092   $ 643,090

Note 4 – Yields on Earning Assets and Interest-Bearing Liabilities  The following table illustrates the yields on earning assets by category as well as the rates paid on interest-bearing liabilities on a tax equivalent basis:  Quarter Ended  3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  Securities – taxable   3.46 %   3.41 %   3.44 %   2.19 %   1.88 % Securities – nontaxable   —    —    —    3.59 %   4.73 % Securities – total   3.46 %   3.41 %   3.44 %   2.19 %   1.88 % LHFI & LHFS   6.15 %   6.32 %   6.55 %   6.54 %   6.40 % Other earning assets   4.27 %   4.83 %   5.43 %   5.51 %   5.71 % Total earning assets   5.62 %   5.76 %   5.96 %   5.67 %   5.49 %  Interest-bearing deposits   2.30 %   2.51 %   2.81 %   2.75 %   2.74 % Fed funds purchased & repurchases   4.30 %   4.49 %   5.15 %   5.24 %   5.25 % Other borrowings   3.89 %   3.86 %   4.53 %   4.91 %   4.78 % Total interest-bearing liabilities   2.43 %   2.61 %   2.94 %   2.95 %   2.92 %  Total Deposits   1.83 %   1.98 %   2.22 %   2.18 %   2.18 %  Net interest margin   3.75 %   3.76 %   3.69 %   3.38 %   3.21 %

TRUSTMARK CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIALS

March 31, 2025

($ in thousands)

(unaudited)  Note 4 – Yields on Earning Assets and Interest-Bearing Liabilities (continued)  Reflected in the table above are yields on earning assets and liabilities, along with the net interest margin which equals reported net interest income-FTE, annualized, as a percent of average earning assets.  The net interest margin remained relatively flat when compared to the fourth quarter of 2024, totaling 3.75% for the first quarter of 2025, as the decrease in the cost of interest-bearing liabilities was offset by the decrease in the yield for the loans held for investment and held for sale portfolio.  Note 5 – Mortgage Banking  Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that offsets the changes in fair value of mortgage servicing rights (MSR) attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting under generally accepted accounting principles (GAAP). Changes in the fair value of these exchange-traded derivative instruments, including administrative costs, are recorded in noninterest income in mortgage banking, net and are offset by the changes in the fair value of the MSR. The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates. Ineffectiveness of hedging the MSR fair value is measured by comparing the change in value of hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions. The impact of this strategy resulted in a net negative hedge ineffectiveness of $581 thousand during the first quarter of 2025.  The following table illustrates the components of mortgage banking revenues included in noninterest income in the accompanying income statements:  Quarter Ended  3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  Mortgage servicing income, net  $ 7,161   $ 7,161   $ 7,127   $ 6,993   $ 6,934  Change in fair value-MSR from runoff   (2,062 )   (3,118 )   (3,154 )   (3,447 )   (1,926 ) Gain on sales of loans, net   4,253    4,470    4,648    5,151    5,009  Mortgage banking income before hedge  ineffectiveness   9,352    8,513    8,621    8,697    10,017  Change in fair value-MSR from market changes   (5,928 )   12,710    (10,406 )   (1,626 )   5,123  Change in fair value of derivatives   5,347    (13,835 )   7,904    (2,867 )   (6,225 ) Net positive (negative) hedge ineffectiveness   (581 )   (1,125 )   (2,502 )   (4,493 )   (1,102 ) Mortgage banking, net  $ 8,771   $ 7,388   $ 6,119   $ 4,204   $ 8,915

TRUSTMARK CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIALS

March 31, 2025

($ in thousands)

(unaudited)  Note 6 – Other Noninterest Income and Expense  Other noninterest income consisted of the following for the periods presented:  Quarter Ended  3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  Partnership amortization for tax credit purposes  $ (2,124 )  $ (1,992 )  $ (1,977 )  $ (1,824 )  $ (1,834 ) Increase in life insurance cash surrender value   1,867    1,891    1,883    1,860    1,844  Loss on sale of 1-4 family mortgage loans   —    —    —    (4,798 )   —  Visa C shares fair value adjustment   —    —    —    8,056    —  Other miscellaneous income   6,227    4,399    3,046    4,167    3,092  Total other, net  $ 5,970   $ 4,298   $ 2,952   $ 7,461   $ 3,102

Trustmark invests in partnerships that provide income tax credits on a Federal and/or State basis (i.e., new market tax credits, low-income housing tax credits and historical tax credits). The income tax credits related to these partnerships are utilized as specifically allowed by income tax law and are recorded as a reduction in income tax expense.  Other noninterest expense consisted of the following for the periods presented:  Quarter Ended  3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  Loan expense  $ 2,792   $ 2,921   $ 2,824   $ 2,880   $ 2,955  Amortization of intangibles   31    27    28    27    28  FDIC assessment expense   4,160    4,815    5,071    4,816    4,509  Other real estate expense, net   452    (286 )   2,452    327    671  Other miscellaneous expense   8,144    7,635    6,941    7,189    7,988  Total other expense  $ 15,579   $ 15,112   $ 17,316   $ 15,239   $ 16,151

Note 7 – Non-GAAP Financial Measures  In addition to capital ratios defined by GAAP and banking regulators, Trustmark utilizes various tangible common equity measures when evaluating capital utilization and adequacy. Tangible common equity, as defined by Trustmark, represents common equity less goodwill and identifiable intangible assets. Trustmark’s Common Equity Tier 1 capital includes common stock, capital surplus and retained earnings, and is reduced by goodwill and other intangible assets, net of associated net deferred tax liabilities as well as disallowed deferred tax assets and threshold deductions as applicable.  Trustmark believes these measures are important because they reflect the level of capital available to withstand unexpected market conditions. Additionally, presentation of these measures allows readers to compare certain aspects of Trustmark’s capitalization to other organizations. These ratios differ from capital measures defined by banking regulators principally in that the numerator excludes shareholders’ equity associated with preferred securities, the nature and extent of which varies across organizations. In Management’s experience, many stock analysts use tangible common equity measures in conjunction with more traditional bank capital ratios to compare capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method in accounting for mergers and acquisitions.  These calculations are intended to complement the capital ratios defined by GAAP and banking regulators. Because GAAP does not include these capital ratio measures, Trustmark believes there are no comparable GAAP financial measures to these tangible common equity ratios. Despite the importance of these measures to Trustmark, there are no standardized definitions for them and, as a result, Trustmark’s calculations may not be comparable with other organizations. Also, there may be limits in the usefulness of these measures to investors. As a result, Trustmark encourages readers to consider its audited consolidated financial statements and the notes related thereto in their entirety and not to rely on any single financial measure.

TRUSTMARK CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIALS

March 31, 2025

($ in thousands except per share data)

(unaudited)  Note 7 – Non-GAAP Financial Measures (continued)  Quarter Ended  3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  TANGIBLE EQUITY  AVERAGE BALANCES  Total shareholders' equity    $ 1,991,554   $ 1,972,563   $ 1,923,248   $ 1,727,489   $ 1,676,521  Less: Goodwill     (334,605 )   (334,605 )   (334,605 )   (334,605 )   (334,605 ) Identifiable intangible assets     (113 )   (141 )   (168 )   (195 )   (224 ) Total average tangible equity    $ 1,656,836   $ 1,637,817   $ 1,588,475   $ 1,392,689   $ 1,341,692   PERIOD END BALANCES  Total shareholders' equity    $ 2,021,227   $ 1,962,327   $ 1,980,096   $ 1,879,141   $ 1,682,599  Less: Goodwill     (334,605 )   (334,605 )   (334,605 )   (334,605 )   (334,605 ) Identifiable intangible assets     (95 )   (126 )   (153 )   (181 )   (208 ) Total tangible equity  (a)  $ 1,686,527   $ 1,627,596   $ 1,645,338   $ 1,544,355   $ 1,347,786   TANGIBLE ASSETS  Total assets    $ 18,296,203   $ 18,152,422   $ 18,480,372   $ 18,452,487   $ 18,376,612  Less: Goodwill     (334,605 )   (334,605 )   (334,605 )   (334,605 )   (334,605 ) Identifiable intangible assets     (95 )   (126 )   (153 )   (181 )   (208 ) Total tangible assets  (b)  $ 17,961,503   $ 17,817,691   $ 18,145,614   $ 18,117,701   $ 18,041,799  Risk-weighted assets  (c)  $ 15,024,476   $ 14,990,258   $ 15,004,024   $ 15,165,038   $ 15,257,385   NET INCOME (LOSS) ADJUSTED FOR INTANGIBLE AMORTIZATION  Net income (loss) from continuing operations    $ 53,633   $ 56,312   $ 51,330   $ (100,605 )  $ 38,173  Plus: Intangible amortization net of tax from  continuing operations     24    20    21    20    20  Net income (loss) adjusted for intangible amortization  $ 53,657   $ 56,332   $ 51,351   $ (100,585 )  $ 38,193  Period end common shares outstanding  (d)   60,718,411    61,008,023    61,206,606    61,205,969    61,178,366   TANGIBLE COMMON EQUITY MEASUREMENTS  Return on average tangible equity from  continuing operations (1)     13.13 %   13.68 %   12.86 %   -29.05 %   11.45 % Tangible equity/tangible assets  (a)/(b)   9.39 %   9.13 %   9.07 %   8.52 %   7.47 % Tangible equity/risk-weighted assets  (a)/(c)   11.23 %   10.86 %   10.97 %   10.18 %   8.83 % Tangible book value  (a)/(d)*1,000  $ 27.78   $ 26.68   $ 26.88   $ 25.23   $ 22.03   COMMON EQUITY TIER 1 CAPITAL (CET1)  Total shareholders' equity    $ 2,021,227   $ 1,962,327   $ 1,980,096   $ 1,879,141   $ 1,682,599  CECL transition adjustment     —    6,500    6,500    6,500    6,500  AOCI-related adjustments     48,702    83,659    29,045    91,557    227,154  CET1 adjustments and deductions:  Goodwill net of associated deferred  tax liabilities (DTLs)   (320,756 )   (320,756 )   (320,757 )   (320,758 )   (370,205 ) Other adjustments and deductions  for CET1 (2)   (2,175 )   (2,058 )   (115 )   (847 )   (2,588 ) CET1 capital  (e)   1,746,998    1,729,672    1,694,769    1,655,593    1,543,460  Additional tier 1 capital instruments  plus related surplus   60,000    60,000    60,000    60,000    60,000  Tier 1 capital    $ 1,806,998   $ 1,789,672   $ 1,754,769   $ 1,715,593   $ 1,603,460   Common equity tier 1 capital ratio  (e)/(c)   11.63 %   11.54 %   11.30 %   10.92 %   10.12 %

(1)  Calculation = ((net income (loss) adjusted for intangible amortization/number of days in period)*number of days in year)/total average tangible equity. (2)  Includes other intangible assets, net of DTLs, disallowed deferred tax assets (DTAs), threshold deductions and transition adjustments, as applicable.

TRUSTMARK CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIALS

March 31, 2025

($ in thousands)

(unaudited)  Note 7 – Non-GAAP Financial Measures (continued)  Trustmark discloses certain non-GAAP financial measures because Management uses these measures for business planning purposes, including to manage Trustmark’s business against internal projected results of operations and to measure Trustmark’s performance. Trustmark views these as measures of our core operating business, which exclude the impact of the items detailed below, as these items are generally not operational in nature. These non-GAAP financial measures also provide another basis for comparing period-to-period results as presented in the accompanying selected financial data table and the audited consolidated financial statements by excluding potential differences caused by non-operational and unusual or non-recurring items. Readers are cautioned that these adjustments are not permitted under GAAP. Trustmark encourages readers to consider its consolidated financial statements and the notes related thereto in their entirety, and not to rely on any single financial measure.  The following table presents pre-provision net revenue (PPNR) during the periods presented: Quarter Ended  3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024   Net interest income (GAAP) (a) $ 152,055   $ 155,848   $ 154,714   $ 141,029   $ 132,830   Noninterest income (loss) (GAAP)   42,584    40,950    37,562    (141,286 )   39,355  Add: Loss on sale of 1-4 family mortgage loans (incl in Other, net)   —    —    —    4,798    —  Visa C shares fair value adjustment (incl in Other, net)   —    —    —    (8,056 )   —  Securities (gains) losses, net   —    —    —    182,792    —  Noninterest income from adjusted continuing  operations (Non-GAAP) (b) $ 42,584   $ 40,950   $ 37,562   $ 38,248   $ 39,355   Adjusted pre-provision revenue (a)+(b)=(c) $ 194,639   $ 196,798   $ 192,276   $ 179,277   $ 172,185   Noninterest expense (GAAP) (d) $ 124,011   $ 124,430   $ 123,270   $ 118,326   $ 119,664   PPNR (Non-GAAP) (c)-(d) $ 70,628   $ 72,368   $ 69,006   $ 60,951   $ 52,521

TRUSTMARK CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIALS

March 31, 2025

($ in thousands except per share data)

(unaudited)  Note 7 – Non-GAAP Financial Measures (continued)  The following table presents adjustments to net income (loss) from continuing operations and select financial ratios as reported in accordance with GAAP resulting from significant non-routine items occurring during the periods presented:  Quarter Ended  3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024   Net income (loss) (GAAP) from continuing operations $ 53,633   $ 56,312   $ 51,330   $ (100,605 )  $ 38,173   Significant non-routine transactions (net of taxes):  PCL, LHFI sale of nonperforming 1-4 family  —    —    —    6,475    —  Loss on sale of 1-4 family mortgage loans  —    —    —    3,598    —  Visa C shares fair value adjustment  —    —    —    (6,042 )   —  Securities gains (losses), net  —    —    —    137,094    —  Net income adjusted for significant non-routine  transactions (Non-GAAP) $ 53,633   $ 56,312   $ 51,330   $ 40,520   $ 38,173   Diluted EPS from adjusted continuing operations $ 0.88   $ 0.92   $ 0.84   $ 0.66   $ 0.62   FINANCIAL RATIOS - REPORTED (GAAP)  Return on average equity from continuing operations  10.92 %   11.36 %   10.62 %   -23.42 %   9.16 % Return on average tangible equity from continuing operations  13.13 %   13.68 %   12.86 %   -29.05 %   11.45 % Return on average assets from continuing operations  1.19 %   1.23 %   1.10 %   -2.16 %   0.83 %  FINANCIAL RATIOS - ADJUSTED (NON-GAAP)  Return on average equity from adjusted continuing operations  10.92 %   11.36 %   10.62 %   9.06 %   9.16 % Return on average tangible equity from adjusted  continuing operations  13.13 %   13.68 %   12.86 %   11.14 %   11.45 % Return on average assets from adjusted continuing operations  1.19 %   1.23 %   1.10 %   0.87 %   0.83 %

TRUSTMARK CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIALS

March 31, 2025

($ in thousands)

(unaudited)  Note 7 – Non-GAAP Financial Measures (continued)  The following table presents Trustmark’s calculation of its efficiency ratio for the periods presented:  Quarter Ended  3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024   Total noninterest expense (GAAP)  $ 124,011   $ 124,430   $ 123,270   $ 118,326   $ 119,664  Less: Other real estate expense, net   (452 )   286    (2,452 )   (327 )   (671 ) Amortization of intangibles   (31 )   (27 )   (28 )   (27 )   (28 ) Charitable contributions resulting in  state tax credits   (334 )   (300 )   (300 )   (300 )   (300 ) Adjusted noninterest expense (Non-GAAP) (a) $ 123,194   $ 124,389   $ 120,490   $ 117,672   $ 118,665   Net interest income (GAAP)  $ 152,055   $ 155,848   $ 154,714   $ 141,029   $ 132,830  Add: Tax equivalent adjustment   2,684    2,596    3,305    3,304    3,365  Net interest income-FTE (Non-GAAP) (b) $ 154,739   $ 158,444   $ 158,019   $ 144,333   $ 136,195   Noninterest income (loss) (GAAP)  $ 42,584   $ 40,950   $ 37,562   $ (141,286 )  $ 39,355  Add: Partnership amortization for tax credit purposes   2,124    1,992    1,977    1,824    1,834  Loss on sale of 1-4 family mortgage loans   —    —    —    4,798    —  Securities (gains) losses, net   —    —    —    182,792    —  Less: Visa C shares fair value adjustment   —    —    —    (8,056 )   —  Adjusted noninterest income (Non-GAAP) (c) $ 44,708   $ 42,942   $ 39,539   $ 40,072   $ 41,189   Adjusted revenue (Non-GAAP) (b)+(c) $ 199,447   $ 201,386   $ 197,558   $ 184,405   $ 177,384   Efficiency ratio (Non-GAAP) (a)/((b)+(c))  61.77 %   61.77 %   60.99 %   63.81 %   66.90 %

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422704139/en/

Contacts

Trustmark Investor Contacts: 
Thomas C. Owens
Treasurer and Principal Financial Officer
601-208-7853

F. Joseph Rein, Jr.
Executive Vice President
601-208-6898

Trustmark Media Contact: 
Melanie A. Morgan
Executive Vice President
601-208-2979

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