Trustmark Corporation Announces First Quarter 2026 Financial Results
TRMK
Performance reflects Continued Loan and Deposit Growth, Stable Credit Quality, Expanded Fee Income, and Disciplined Noninterest Expense Management
Published on 04/28/2026 at 04:32 pm EDT
Trustmark Corporation (NASDAQGS:TRMK) reported net income of $56.1 million in the first quarter of 2026, representing diluted earnings per share of $0.95. Trustmark’s performance during the first quarter produced a return on average tangible equity of 12.58% and a return on average assets of 1.20%. The Board of Directors declared a quarterly cash dividend of $0.25 per share payable June 15, 2026, to shareholders of record on June 1, 2026.
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First Quarter Highlights
Duane A. Dewey, President and CEO, stated, “We continued to build upon the strong momentum from our record earnings in 2025 and are pleased with our strong performance in the first quarter of 2026. 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 remained unchanged, reflecting our continued focus on expense management. Our associates have done a tremendous job of serving customers, building relationships, and demonstrating the value Trustmark can provide as a trusted financial partner.”
Balance Sheet Management
Loans HFI totaled $13.9 billion at March 31, 2026, reflecting an increase of $203.7 million, or 1.5%, linked-quarter and $636.5 million, or 4.8%, year-over-year. The linked-quarter growth primarily reflected increases in commercial and industrial loans, construction, land development and other land loans, and other loans and leases offset in part by declines in other real estate secured loans and nonfarm, nonresidential loans. Trustmark’s loan portfolio remains well-diversified by loan type and geography.
Deposits totaled $15.7 billion at March 31, 2026, an increase of $212.7 million, or 1.4%, from the prior quarter, driven by seasonal increases in public deposits. Year-over-year, deposits expanded $631.8 million, or 4.2%, driven by growth in personal and commercial deposits. Trustmark continues to maintain a strong liquidity position as loans HFI represented 88.3% of total deposits at the end of the first quarter. Noninterest-bearing deposits represented 19.7% of total deposits at March 31, 2026. Interest-bearing deposit costs totaled 2.02% for the first quarter, a decrease of 14 basis points linked-quarter, while the cost of total deposits was 1.63%, a decrease of 9 basis points from the prior quarter.
During the first quarter, Trustmark repurchased $19.8 million, or approximately 477 thousand common shares, which represented 0.8% of shares outstanding at year end 2025. As previously announced, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2026, under which $100.0 million of Trustmark’s outstanding shares may be acquired through December 31, 2026. The repurchase program, which is subject to market conditions and management discretion, will continue to be implemented through open market repurchases or privately negotiated transactions. At March 31, 2026, Trustmark’s tangible equity to tangible assets ratio was 9.62%, while the total risk-based capital ratio was 14.37%. Tangible book value per share was $30.58 at March 31, 2026, an increase of 1.0% from the prior quarter and 10.1% from the prior year.
Credit Quality
Nonaccrual loans totaled $96.7 million at March 31, 2026, up $12.3 million from the prior quarter primarily attributable to one commercial credit and $10.1 million year-over-year. Other real estate totaled $7.3 million, reflecting an increase of $359 thousand from the prior quarter and a decline of $1.0 million from the prior year. Collectively, nonperforming assets totaled $104.0 million, representing 0.73% of loans HFI and held for sale (HFS) at March 31, 2026.
The provision for credit losses for loans HFI was $4.7 million in the first quarter and was primarily attributable to loan growth, credit migration, and adjustments to the qualitative factors partially offset by changes in the macroeconomic forecast. The provision for credit losses for off-balance sheet credit exposures was a negative $1.9 million in the first quarter, primarily driven by a decrease in unfunded commitments and changes in the macroeconomic forecast partially offset by credit migration. Collectively, the provision for credit losses totaled $2.7 million in the first quarter compared to $1.2 million in the prior quarter and $5.3 million in the first quarter of 2025.
Allocation of Trustmark’s $160.4 million ACL on loans HFI represented 0.88% of commercial loans and 2.09% of consumer and home mortgage loans, resulting in an ACL to total loans HFI of 1.16% at March 31, 2026. Management believes the level of the ACL is commensurate with the credit losses currently expected in the loan portfolio.
Revenue Generation
Revenue in the first quarter totaled $202.9 million, a seasonal decrease of 0.6% from the prior quarter and an increase of 4.2% 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.
Net interest income (FTE) in the first quarter totaled $163.5 million, resulting in a net interest margin of 3.81%, unchanged from the prior quarter. The stable net interest margin reflected the linked-quarter decrease in the yield for the loans HFI and HFS portfolio which was offset by the increase in the yield on the securities portfolio and the decrease in the costs of interest-bearing liabilities.
Noninterest income in the first quarter totaled $42.3 million, an increase of $1.1 million, or 2.7%, from the prior quarter and a decrease of $239 thousand, or 0.6%, year-over-year. The linked-quarter increases in other, net and mortgage banking, net were offset in part by lower wealth management revenue and seasonal declines in bank card and other fees and service charges on deposit accounts.
Wealth management revenue in the first quarter totaled $10.4 million, a decrease of $740 thousand, or 6.6%, from the prior quarter and an increase of $850 thousand, or 8.9%, year-over-year. The linked-quarter decline reflected reduced brokerage revenue offset in part by increased trust and investment management revenue. The year-over-year growth reflected increased trust management revenue and brokerage revenue.
Mortgage loan production in the first quarter totaled $375.1 million, down 4.6% from the prior quarter and up 17.7% year-over-year. Mortgage banking revenue totaled $8.9 million in the first quarter, an increase of $1.4 million, or 18.7%, linked-quarter and $163 thousand, or 1.9%, year-over-year. The linked-quarter increase was principally attributable to reduced servicing asset amortization and improvement in net hedge ineffectiveness.
Service charges on deposit accounts totaled $10.7 million in the first quarter, reflecting a seasonal decrease of $530 thousand, or 4.7%, from the prior quarter. Bank card and other fees totaled $8.0 million in the first quarter, down $658 thousand from the prior quarter due principally to a seasonal decline in interchange income as well as a decline in miscellaneous other bank fees. Year-over-year, bank card and other fees increased $324 thousand, reflecting increased customer derivative revenue offset in part by lower miscellaneous other bank fees.
Other, net totaled $4.4 million in the first quarter, an increase of $1.6 million from the prior quarter primarily attributable to higher partnership investment revenue. Year-over-year other, net declined $1.6 million due to a gain on the sale of a bank office facility of $2.4 million in the first quarter of 2025 offset in part by increased partnership investment revenue.
Noninterest Expense
Noninterest expense in the first quarter totaled $132.2 million, unchanged from the prior quarter and an increase of $8.1 million, or 6.6%, year-over-year. Salaries and employee benefits expense totaled $74.2 million in the first quarter, a decline of $837 thousand, or 1.1%, linked-quarter and an increase of $5.8 million, or 8.4%, year-over-year. The linked-quarter decline reflected reductions in incentives and commissions which were offset in part by increased employee benefits expense and a seasonal increase in payroll taxes.
Services and fees in the first quarter totaled $27.9 million, an increase of $575 thousand, or 2.1%, from the prior quarter and $1.7 million, or 6.5%, year-over-year. The linked-quarter increase is attributable principally to data processing, communications, and advertising expense offset in part by reduced outsourcing and professional fees. Total other expense was $15.1 million, an increase of $138 thousand, or 0.9%, linked-quarter and a decrease of $430 thousand, or 2.8%, year-over-year. The linked-quarter increase is attributable to other miscellaneous expense offset in part by lower other real estate expense, net and loan expense.
Additional Information
As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, April 29, 2026, at 8:30 a.m. Central Time to discuss the Corporation’s financial results. Interested parties may listen to the conference call by dialing (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 13, 2026, in archived format at the same web address or by calling (855) 669-9658, passcode 8841534.
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 and financial condition. Should one or more of these risks materialize, or should any such underlying assumptions prove to be significantly different, actual results may vary significantly from those anticipated, estimated, projected or expected.
Risks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, actions by the Board of Governors of the Federal Reserve System (FRB) that impact the level of market interest rates, local, state, national and international economic and market conditions, conditions in the housing and real estate markets in the regions in which Trustmark operates, conditions and changes, including volatility, in the credit and financial markets, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels, a slowdown in economic growth, changes in our ability to measure the fair value of assets in our portfolio, changes in the level and/or volatility of market interest rates, the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements, the demand for the products and services we offer, potential unexpected adverse outcomes in pending litigation matters, our ability to attract and retain noninterest-bearing deposits and other low-cost funds, competition in loan and deposit pricing, as well as the entry of new competitors into our markets through de novo expansion and acquisitions, changes in accounting standards and practices, including changes in the interpretation of existing standards, that affect our consolidated financial statements, changes in consumer spending, borrowings and savings habits, technological changes, changes in the financial performance or condition of our borrowers, greater than expected costs or difficulties related to the integration of acquisitions or new products and lines of business, cyber-attacks and other breaches which could affect our information system security, natural disasters, environmental disasters, pandemics or other health crises, acts of war or terrorism, potential market or regulatory effects of the current United States presidential administration’s policies, changes to the credit rating of U.S. Government securities and other risks described in our filings with the 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.
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13,215,462
12,877,411
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3,055,333
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-0.7
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204,636
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16,605,673
16,210,391
169,819
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2,126,774
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%
$
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$
18,732,447
$
18,201,945
$
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%
$
716,979
3.9
%
See Notes to Consolidated Financials
$
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$
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$
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$
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)
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)
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13,241,469
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134,395
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26,561
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)
-7.0
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37,917
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-2.9
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-4.4
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3.6
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-0.6
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-3.4
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%
168,027
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(13,625
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(13,811
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n/m
21,266
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$
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$
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$
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691,121
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See Notes to Consolidated Financials
Interest and fees on LHFS & LHFI-fully taxable
equivalent (FTE)
$
205,117
$
211,716
$
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$
(6,599
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-3.1
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1.6
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1.4
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)
-7.4
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)
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)
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%
4,817
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5,076
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)
-5.1
%
71,511
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77,092
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)
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)
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163,534
165,826
154,739
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)
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%
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%
160,794
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)
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18
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8,934
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$
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0.95
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-2.1
%
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8.0
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0.95
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8.0
%
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$
0.24
$
0.24
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0.01
4.2
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$
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4.2
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58,832,130
59,691,343
60,799,984
59,067,767
59,950,488
61,049,120
58,679,730
59,012,423
60,718,411
See Notes to Consolidated Financials
$
11,151
$
4,638
$
18,633
$
6,513
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$
(7,482
)
-40.2
%
553
442
391
111
25.1
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162
41.4
%
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73,045
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%
27,564
56.1
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2,396
2,339
146
6.1
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203
8.7
%
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3,870
16,150
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49.9
%
(10,348
)
-64.1
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96,719
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14.6
%
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11.7
%
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271
947
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5,621
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)
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%
196
4.1
%
927
927
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%
(52
)
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2,261
—
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$
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$
94,968
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13.9
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-14.0
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(3,437
)
-42.3
%
(3,686
)
(9,892
)
(3,701
)
6,206
62.7
%
15
0.4
%
2,358
2,271
2,316
87
3.8
%
42
1.8
%
(1,328
)
(7,621
)
(1,385
)
6,293
82.6
%
57
4.1
%
$
160,431
$
157,071
$
167,010
$
3,360
2.1
%
$
(6,579
)
-3.9
%
$
(104
)
$
(426
)
$
(207
)
$
322
75.6
%
$
103
49.8
%
(35
)
204
(17
)
(239
)
n/m
(18
)
n/m
(626
)
(1,468
)
(755
)
842
57.4
%
129
17.1
%
7
(82
)
(301
)
89
n/m
308
n/m
(570
)
(5,849
)
(105
)
5,279
n/m
(465
)
n/m
$
(1,328
)
$
(7,621
)
$
(1,385
)
$
6,293
82.6
%
$
57
4.1
%
See Notes to Consolidated Financials
$
1,853,316
$
1,815,943
$
1,740,647
$
1,745,924
$
1,726,291
1,185,975
1,236,827
1,279,020
1,303,195
1,325,185
3,039,291
3,052,770
3,019,667
3,049,119
3,051,476
279,444
229,697
216,704
204,973
183,001
13,739,423
13,632,256
13,485,334
13,338,532
13,137,275
369,002
369,748
389,021
414,733
365,505
17,427,160
17,284,471
17,110,726
17,007,357
16,737,257
(156,485
)
(161,147
)
(167,775
)
(166,430
)
(159,893
)
1,648,249
1,609,123
1,627,362
1,605,786
1,624,581
$
18,918,924
$
18,732,447
$
18,570,313
$
18,446,713
$
18,201,945
$
8,088,668
$
8,000,614
$
7,747,480
$
7,682,684
$
7,789,239
976,267
963,759
976,664
989,689
993,232
3,498,295
3,447,188
3,439,180
3,313,420
3,160,134
12,563,230
12,411,561
12,163,324
11,985,793
11,942,605
429,778
402,772
419,802
416,104
405,189
280,608
178,487
283,629
431,861
344,040
171,998
160,786
123,831
123,779
123,721
61,856
61,856
61,856
61,856
61,856
13,507,470
13,215,462
13,052,442
13,019,393
12,877,411
3,032,730
3,185,575
3,194,587
3,171,796
3,055,333
235,292
204,636
232,911
214,315
277,647
16,775,492
16,605,673
16,479,940
16,405,504
16,210,391
2,143,432
2,126,774
2,090,373
2,041,209
1,991,554
$
18,918,924
$
18,732,447
$
18,570,313
$
18,446,713
$
18,201,945
See Notes to Consolidated Financials
$
526,593
$
668,007
$
732,826
$
634,402
$
587,362
1,913,835
1,876,830
1,814,245
1,782,092
1,737,462
1,159,676
1,207,454
1,268,459
1,290,572
1,315,053
291,122
278,789
228,141
219,649
188,689
13,877,971
13,674,233
13,548,156
13,464,780
13,241,469
(160,431
)
(157,071
)
(165,242
)
(168,237
)
(167,010
)
13,717,540
13,517,162
13,382,914
13,296,543
13,074,459
227,134
225,658
227,805
228,964
231,202
136,796
131,289
131,676
132,702
134,395
334,605
334,605
334,605
334,605
334,605
7,316
6,957
8,325
8,972
8,348
32,702
32,152
33,012
34,016
33,861
640,005
646,308
639,502
653,142
650,767
$
18,987,324
$
18,925,211
$
18,801,510
$
18,615,659
$
18,296,203
$
3,095,696
$
3,036,504
$
3,321,132
$
3,135,435
$
3,069,929
12,616,812
12,463,280
12,309,842
11,980,426
12,010,775
15,712,508
15,499,784
15,630,974
15,115,861
15,080,704
385,000
445,000
420,000
456,326
360,080
292,532
364,762
208,366
558,654
404,815
172,042
171,966
123,867
123,812
123,757
61,856
61,856
61,856
61,856
61,856
26,003
27,951
26,186
25,891
26,561
36,819
36,250
37,100
38,091
37,917
171,419
195,965
178,893
164,379
179,286
16,858,179
16,803,534
16,687,242
16,544,870
16,274,976
12,226
12,296
12,528
12,585
12,651
62,051
81,951
123,435
133,195
143,001
2,082,304
2,041,055
1,997,685
1,955,498
1,914,277
(27,436
)
(13,625
)
(19,380
)
(30,489
)
(48,702
)
2,129,145
2,121,677
2,114,268
2,070,789
2,021,227
$
18,987,324
$
18,925,211
$
18,801,510
$
18,615,659
$
18,296,203
See Notes to Consolidated Financials
$
205,117
$
211,716
$
214,636
$
209,077
$
201,929
26,781
26,587
26,625
26,269
26,056
3,147
3,967
4,233
4,734
3,846
235,045
242,270
245,494
240,080
231,831
62,719
67,696
71,065
68,177
67,718
3,975
4,089
4,626
4,513
4,298
4,817
4,659
4,585
5,982
5,076
71,511
76,444
80,276
78,672
77,092
163,534
165,826
165,218
161,408
154,739
4,688
(550
)
1,390
5,346
8,125
(1,948
)
1,765
295
(670
)
(2,831
)
160,794
164,611
163,533
156,732
149,445
10,654
11,184
11,251
10,585
10,636
7,988
8,646
8,318
8,754
7,664
8,934
7,527
8,182
8,602
8,771
10,393
11,133
9,798
9,638
9,543
4,376
2,745
2,382
2,311
5,970
42,345
41,235
39,931
39,890
42,584
74,242
75,079
71,508
68,298
68,492
27,944
27,369
28,777
26,998
26,247
7,826
7,835
7,774
7,507
7,385
6,998
6,878
6,410
6,206
6,308
15,149
15,011
16,464
16,105
15,579
132,159
132,172
130,933
125,114
124,011
70,980
73,674
72,531
71,508
68,018
2,975
2,940
2,777
2,652
2,684
68,005
70,734
69,754
68,856
65,334
11,890
12,860
12,967
13,015
11,701
$
56,115
$
57,874
$
56,787
$
55,841
$
53,633
$
0.95
$
0.97
$
0.94
$
0.92
$
0.88
$
0.95
$
0.97
$
0.94
$
0.92
$
0.88
$
0.25
$
0.24
$
0.24
$
0.24
$
0.24
58,832,130
59,691,343
60,299,193
60,462,578
60,799,984
59,067,767
59,950,488
60,540,158
60,693,515
61,049,120
58,679,730
59,012,423
60,126,376
60,401,684
60,718,411
See Notes to Consolidated Financials
$
11,151
$
4,638
$
3,475
$
8,422
$
18,633
553
442
460
437
391
76,671
73,045
62,502
54,015
49,107
2,542
2,396
2,293
2,232
2,339
5,802
3,870
15,225
15,894
16,150
96,719
84,391
83,955
81,000
86,620
1,356
409
656
772
271
5,033
5,621
5,843
4,860
4,837
927
927
927
1,079
979
—
—
899
2,261
2,261
7,316
6,957
8,325
8,972
8,348
$
104,035
$
91,348
$
92,280
$
89,972
$
94,968
$
3,745
$
5,097
$
4,853
$
3,854
$
4,355
$
116,395
$
98,939
$
77,859
$
75,564
$
71,720
$
157,071
$
165,242
$
168,237
$
167,010
$
160,270
4,688
(550
)
1,390
5,346
8,125
(3,686
)
(9,892
)
(6,775
)
(6,380
)
(3,701
)
2,358
2,271
2,390
2,261
2,316
(1,328
)
(7,621
)
(4,385
)
(4,119
)
(1,385
)
$
160,431
$
157,071
$
165,242
$
168,237
$
167,010
$
(104
)
$
(426
)
$
(3,069
)
$
(2,331
)
$
(207
)
(35
)
204
2
151
(17
)
(626
)
(1,468
)
(1,520
)
(1,647
)
(755
)
7
(82
)
(182
)
(258
)
(301
)
(570
)
(5,849
)
384
(34
)
(105
)
$
(1,328
)
$
(7,621
)
$
(4,385
)
$
(4,119
)
$
(1,385
)
See Notes to Consolidated Financials
10.62%
10.80%
10.78%
10.97%
10.92%
12.58%
12.82%
12.84%
13.13%
13.13%
1.20%
1.23%
1.21%
1.21%
1.19%
5.47%
5.56%
5.69%
5.66%
5.62%
1.66%
1.75%
1.86%
1.86%
1.87%
3.81%
3.81%
3.83%
3.81%
3.75%
63.25%
62.69%
61.98%
61.24%
61.77%
2,530
2,543
2,539
2,510
2,506
0.04%
0.22%
0.13%
0.12%
0.04%
0.14%
-0.02%
0.04%
0.16%
0.25%
0.68%
0.60%
0.61%
0.59%
0.64%
0.73%
0.65%
0.67%
0.66%
0.71%
0.73%
0.65%
0.67%
0.66%
0.71%
1.16%
1.15%
1.22%
1.25%
1.26%
0.88%
0.91%
1.00%
1.07%
1.11%
2.09%
1.94%
1.95%
1.83%
1.76%
165.87%
186.12%
196.82%
207.70%
192.81%
200.69%
209.18%
239.69%
272.20%
296.41%
11.21%
11.21%
11.25%
11.12%
11.05%
9.62%
9.61%
9.64%
9.50%
9.39%
11.44%
11.54%
11.66%
11.41%
11.23%
10.19%
10.18%
10.26%
10.15%
10.11%
11.70%
11.72%
11.88%
11.70%
11.63%
12.09%
12.11%
12.27%
12.09%
12.03%
14.37%
14.41%
14.33%
14.15%
14.10%
$ 42.14
$ 38.95
$ 39.60
$ 36.46
$ 34.49
$ 36.28
$ 35.95
$ 35.16
$ 34.28
$ 33.29
$ 30.58
$ 30.28
$ 29.60
$ 28.74
$ 27.78
See Notes to Consolidated Financials
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2026
($ in thousands)
(unaudited)
Note 1 – Subordinated Notes Payable
During the fourth quarter of 2025, Trustmark agreed to issue and sell $175.0 million aggregate principal amount of its 6.00% Fixed-to-Floating Rate Subordinated Notes (the Notes) due December 1, 2035. The Notes were sold at an underwriting discount of 1.1%, resulting in net proceeds to Trustmark of $173.1 million before deducting offering expenses. Trustmark used the net proceeds from the offering, after the payment of offering expenses, to repay the existing $125.0 million of aggregate principal amount of its outstanding 3.625% Fixed-to-Floating Rate Subordinated Notes due December 1, 2030 plus accrued interest, and for general corporate purposes.
The Notes are unsecured obligations and are subordinated in right of payment to all of Trustmark’s existing and future senior indebtedness, whether secured or unsecured. The Notes are obligations of Trustmark only and are not obligations of, and are not guaranteed by, any of its subsidiaries, including TB. The Notes qualify as Tier 2 capital for Trustmark. The Notes may be redeemed at Trustmark’s option under certain circumstances.
From and including the date of issuance to, but excluding, December 1, 2030 (unless redeemed prior to such date), the Notes bear interest at a rate of 6.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, commencing on June 1, 2026. From and including December 1, 2030 to, but excluding, the maturity date (unless redeemed prior to such date), the Notes will bear interest at a floating rate per year equal to the Three-Month Term Secured Overnight Financing Rate (SOFR), plus 260 basis points, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on March 1, 2031.
At March 31, 2026, the carrying amount of the Notes was $172.0 million.
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:
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities
$
221,733
$
208,948
$
208,269
$
215,679
$
212,463
U.S. Government agency obligations
70,255
70,849
70,535
65,800
49,325
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA
40,197
38,535
35,806
34,070
28,108
Issued by FNMA and FHLMC
1,214,980
1,187,759
1,126,931
1,109,203
1,090,137
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA
366,670
370,739
372,704
357,340
357,429
Total securities available for sale
$
1,913,835
$
1,876,830
$
1,814,245
$
1,782,092
$
1,737,462
SECURITIES HELD TO MATURITY
U.S. Treasury securities
$
30,804
$
30,615
$
30,421
$
30,226
$
30,033
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA
12,733
13,154
14,353
14,750
15,726
Issued by FNMA and FHLMC
359,768
372,311
384,625
398,161
411,454
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA
90,748
96,667
103,041
109,697
116,969
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA
665,623
694,707
736,019
737,738
740,871
Total securities held to maturity
$
1,159,676
$
1,207,454
$
1,268,459
$
1,290,572
$
1,315,053
At March 31, 2026, 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 $34.1 million.
Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of 100.0% of the portfolio in U.S. Treasury securities, direct obligations of government agencies and GSE-backed obligations. None of the securities owned by Trustmark are collateralized by assets which are considered sub-prime. Furthermore, outside of stock ownership in the Federal Home Loan Bank of Dallas and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE.
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2026
($ in thousands)
(unaudited)
Note 3 – Loan Composition
LHFI consisted of the following during the periods presented:
LHFI BY TYPE
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Loans secured by real estate:
Construction, land development and
other land loans
$
1,205,698
$
1,144,591
$
1,241,827
$
1,355,223
$
1,321,631
Secured by 1-4 family residential properties
3,059,727
3,056,189
3,054,869
3,057,362
2,973,978
Secured by nonfarm, nonresidential properties
3,289,115
3,304,523
3,299,819
3,478,932
3,532,842
Other real estate secured
2,079,222
2,124,272
2,055,712
1,918,341
1,876,459
Commercial and industrial loans
2,166,425
1,999,464
1,903,606
1,832,295
1,765,893
Consumer loans
154,787
159,158
151,287
149,395
154,623
State and other political subdivision loans
1,059,624
1,061,584
1,028,396
961,251
974,300
Other loans and leases
863,373
824,452
812,640
711,981
641,743
LHFI
13,877,971
13,674,233
13,548,156
13,464,780
13,241,469
ACL LHFI
(160,431
)
(157,071
)
(165,242
)
(168,237
)
(167,010
)
Net LHFI
$
13,717,540
$
13,517,162
$
13,382,914
$
13,296,543
$
13,074,459
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, 2026
LHFI - COMPOSITION BY REGION
Total
Alabama
Florida
Georgia
Mississippi (Central and Southern Regions)
Tennessee (Memphis, TN and Northern MS Regions)
Texas
Loans secured by real estate:
Construction, land development and
other land loans
$
1,205,698
$
432,221
$
24,466
$
190,492
$
284,460
$
44,329
$
229,730
Secured by 1-4 family residential properties
3,059,727
170,843
65,304
—
2,689,304
90,737
43,539
Secured by nonfarm, nonresidential properties
3,289,115
796,976
171,421
93,547
1,478,698
121,168
627,305
Other real estate secured
2,079,222
878,523
1,597
253,465
577,625
7,197
360,815
Commercial and industrial loans
2,166,425
620,026
25,474
366,067
761,833
122,146
270,879
Consumer loans
154,787
19,854
8,308
—
88,778
10,979
26,868
State and other political subdivision loans
1,059,624
53,719
56,720
4,690
826,262
24,172
94,061
Other loans and leases
863,373
26,726
5,551
481,676
251,052
53,458
44,910
Loans
$
13,877,971
$
2,998,888
$
358,841
$
1,389,937
$
6,958,012
$
474,186
$
1,698,107
CONSTRUCTION, LAND DEVELOPMENT AND OTHER LAND LOANS BY REGION
Lots
$
79,938
$
34,874
$
7,814
$
—
$
17,577
$
5,427
$
14,246
Development
76,513
43,136
—
—
17,087
12,806
3,484
Unimproved land
84,606
18,883
8,543
—
20,936
5,099
31,145
1-4 family construction
319,086
150,642
8,109
18,761
74,445
20,583
46,546
Other construction
645,555
184,686
—
171,731
154,415
414
134,309
Construction, land development
and other land loans
$
1,205,698
$
432,221
$
24,466
$
190,492
$
284,460
$
44,329
$
229,730
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2026
($ in thousands)
(unaudited)
Note 3 – Loan Composition (continued)
March 31, 2026
Total
Alabama
Florida
Georgia
Mississippi (Central and Southern Regions)
Tennessee (Memphis, TN and Northern MS Regions)
Texas
LOANS SECURED BY NONFARM, NONRESIDENTIAL PROPERTIES BY REGION
Non-owner occupied:
Retail
$
267,009
$
94,998
$
12,768
$
19,175
$
60,120
$
17,395
$
62,553
Office
189,305
45,547
17,312
—
84,458
2,668
39,320
Hotel/motel
233,168
124,179
35,644
—
51,837
21,508
—
Mini-storage
198,603
54,524
1,495
33,254
87,583
491
21,256
Industrial & warehouses
540,909
99,311
17,598
41,118
261,223
2,420
119,239
Health care
123,046
104,210
650
—
15,895
305
1,986
Convenience stores
17,595
1,370
365
—
9,895
147
5,818
Nursing homes/senior living
207,248
13,948
—
—
117,068
3,264
72,968
Other
117,528
24,643
8,099
—
51,310
4,305
29,171
Total non-owner occupied loans
1,894,411
562,730
93,931
93,547
739,389
52,503
352,311
Owner-occupied:
Office
149,050
48,029
27,825
—
40,408
10,162
22,626
Churches
42,453
9,506
3,345
—
23,785
2,586
3,231
Industrial & warehouses
236,278
16,402
7,058
—
70,500
9,668
132,650
Health care
118,612
4,633
14,248
—
90,002
2,093
7,636
Convenience stores
96,171
5,369
2,721
—
55,399
—
32,682
Retail
76,286
11,220
13,078
—
38,374
6,865
6,749
Restaurants
69,185
2,399
2,395
—
34,569
23,879
5,943
Auto dealerships
29,426
1,455
137
—
14,544
13,290
—
Nursing homes/senior living
450,762
119,421
—
—
305,562
—
25,779
Other
126,481
15,812
6,683
—
66,166
122
37,698
Total owner-occupied loans
1,394,704
234,246
77,490
—
739,309
68,665
274,994
Loans secured by nonfarm, nonresidential properties
$
3,289,115
$
796,976
$
171,421
$
93,547
$
1,478,698
$
121,168
$
627,305
Note 4 – Yields on Earning Assets and Costs of Interest-Bearing Liabilities
The following table illustrates the yields on earning assets by category as well as the costs of interest-bearing liabilities on a tax equivalent basis. The cost of total deposits includes both interest-bearing deposits and noninterest-bearing deposits. The net interest margin, which equals reported net interest income-FTE, annualized, as a percent of average earning assets, is also presented in the table below.
Quarter Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Securities – total
3.57
%
3.46
%
3.50
%
3.46
%
3.46
%
LHFI & LHFS
5.93
%
6.06
%
6.21
%
6.19
%
6.15
%
Other earning assets
3.46
%
4.26
%
4.32
%
4.58
%
4.27
%
Total earning assets
5.47
%
5.56
%
5.69
%
5.66
%
5.62
%
Interest-bearing deposits
2.02
%
2.16
%
2.32
%
2.28
%
2.30
%
Fed funds purchased & repurchases
3.75
%
4.03
%
4.37
%
4.35
%
4.30
%
Other borrowings
3.80
%
4.61
%
3.88
%
3.89
%
3.89
%
Total interest-bearing liabilities
2.15
%
2.29
%
2.44
%
2.42
%
2.43
%
Total Deposits
1.63
%
1.72
%
1.84
%
1.80
%
1.83
%
Net interest margin
3.81
%
3.81
%
3.83
%
3.81
%
3.75
%
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2026
($ in thousands)
(unaudited)
Note 4 – Yields on Earning Assets and Costs of Interest-Bearing Liabilities (continued)
The net interest margin remained flat when compared to the fourth quarter of 2025, totaling 3.81% for the first quarter of 2026, as the decrease in the yield for the loans held for investment and held for sale portfolio was offset by the increase in the yield on the securities portfolio and the decrease in the costs of interest-bearing liabilities.
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 $96 thousand during the first quarter of 2026.
The following table illustrates the components of mortgage banking revenues included in noninterest income in the accompanying income statements:
Quarter Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Mortgage servicing income, net
$
7,349
$
7,342
$
7,251
$
7,142
$
7,161
Change in fair value-MSR from runoff
(3,105
)
(4,141
)
(3,441
)
(3,596
)
(2,062
)
Gain on sales of loans, net
4,786
4,908
5,230
5,597
4,253
Mortgage banking income before hedge
ineffectiveness
9,030
8,109
9,040
9,143
9,352
Change in fair value-MSR from market changes
3,962
(445
)
(1,521
)
(1,946
)
(5,928
)
Change in fair value of derivatives
(4,058
)
(137
)
663
1,405
5,347
Net positive (negative) hedge ineffectiveness
(96
)
(582
)
(858
)
(541
)
(581
)
Mortgage banking, net
$
8,934
$
7,527
$
8,182
$
8,602
$
8,771
Note 6 – Other Noninterest Income and Expense
Other noninterest income consisted of the following for the periods presented:
Quarter Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Partnership amortization for tax credit purposes
$
(2,193
)
$
(2,380
)
$
(2,385
)
$
(2,137
)
$
(2,124
)
Increase in life insurance cash surrender value
1,872
1,940
1,945
1,911
1,867
Other miscellaneous income
4,697
3,185
2,822
2,537
6,227
Total other, net
$
4,376
$
2,745
$
2,382
$
2,311
$
5,970
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
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Loan expense
$
3,230
$
3,425
$
3,287
$
3,377
$
2,792
Amortization of intangibles
—
32
31
32
31
FDIC assessment expense
3,607
3,546
3,935
4,064
4,160
Other real estate expense, net
183
501
1,932
159
452
Other miscellaneous expense
8,129
7,507
7,279
8,473
8,144
Total other expense
$
15,149
$
15,011
$
16,464
$
16,105
$
15,579
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
March 31, 2026
($ in thousands)
(unaudited)
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, 2026
($ in thousands except per share data)
(unaudited)
Note 7 – Non-GAAP Financial Measures (continued)
Quarter Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
TANGIBLE EQUITY
AVERAGE BALANCES
Total shareholders' equity
$
2,143,432
$
2,126,774
$
2,090,373
$
2,041,209
$
1,991,554
Less: Goodwill
(334,605
)
(334,605
)
(334,605
)
(334,605
)
(334,605
)
Identifiable intangible assets
—
(9
)
(49
)
(80
)
(113
)
Total average tangible equity
$
1,808,827
$
1,792,160
$
1,755,719
$
1,706,524
$
1,656,836
PERIOD END BALANCES
Total shareholders' equity
$
2,129,145
$
2,121,677
$
2,114,268
$
2,070,789
$
2,021,227
Less: Goodwill
(334,605
)
(334,605
)
(334,605
)
(334,605
)
(334,605
)
Identifiable intangible assets
—
—
(32
)
(63
)
(95
)
Total tangible equity
(a)
$
1,794,540
$
1,787,072
$
1,779,631
$
1,736,121
$
1,686,527
TANGIBLE ASSETS
Total assets
$
18,987,324
$
18,925,211
$
18,801,510
$
18,615,659
$
18,296,203
Less: Goodwill
(334,605
)
(334,605
)
(334,605
)
(334,605
)
(334,605
)
Identifiable intangible assets
—
—
(32
)
(63
)
(95
)
Total tangible assets
(b)
$
18,652,719
$
18,590,606
$
18,466,873
$
18,280,991
$
17,961,503
Risk-weighted assets
(c)
$
15,680,449
$
15,483,472
$
15,262,807
$
15,215,021
$
15,024,476
NET INCOME ADJUSTED FOR INTANGIBLE AMORTIZATION
Net income
$
56,115
$
57,874
$
56,787
$
55,841
$
53,633
Plus: Intangible amortization net of tax
—
24
24
24
24
Net income adjusted for intangible amortization
$
56,115
$
57,898
$
56,811
$
55,865
$
53,657
Period end common shares outstanding
(d)
58,679,730
59,012,423
60,126,376
60,401,684
60,718,411
TANGIBLE COMMON EQUITY MEASUREMENTS
Return on average tangible equity (1)
12.58
%
12.82
%
12.84
%
13.13
%
13.13
%
Tangible equity/tangible assets
(a)/(b)
9.62
%
9.61
%
9.64
%
9.50
%
9.39
%
Tangible equity/risk-weighted assets
(a)/(c)
11.44
%
11.54
%
11.66
%
11.41
%
11.23
%
Tangible book value
(a)/(d)*1,000
$
30.58
$
30.28
$
29.60
$
28.74
$
27.78
COMMON EQUITY TIER 1 CAPITAL (CET1)
Total shareholders' equity
$
2,129,145
$
2,121,677
$
2,114,268
$
2,070,789
$
2,021,227
AOCI-related adjustments
27,436
13,625
19,380
30,489
48,702
CET1 adjustments and deductions:
Goodwill net of associated deferred
tax liabilities (DTLs)
(320,753
)
(320,754
)
(320,754
)
(320,755
)
(320,756
)
Other adjustments and deductions
for CET1 (2)
(710
)
(253
)
(111
)
(955
)
(2,175
)
CET1 capital
(e)
1,835,118
1,814,295
1,812,783
1,779,568
1,746,998
Additional tier 1 capital instruments
plus related surplus
60,000
60,000
60,000
60,000
60,000
Tier 1 capital
$
1,895,118
$
1,874,295
$
1,872,783
$
1,839,568
$
1,806,998
Common equity tier 1 capital ratio
(e)/(c)
11.70
%
11.72
%
11.88
%
11.70
%
11.63
%
(1) Calculation = ((net income 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, 2026
($ 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
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Net interest income (GAAP)
$
160,559
$
162,886
$
162,441
$
158,756
$
152,055
Noninterest income (GAAP)
42,345
41,235
39,931
39,890
42,584
Adjusted pre-provision revenue
$
202,904
$
204,121
$
202,372
$
198,646
$
194,639
Noninterest expense (GAAP)
132,159
132,172
130,933
125,114
124,011
PPNR (Non-GAAP)
$
70,745
$
71,949
$
71,439
$
73,532
$
70,628
The following table presents Trustmark’s calculation of its efficiency ratio for the periods presented:
Quarter Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Total noninterest expense (GAAP)
$
132,159
$
132,172
$
130,933
$
125,114
$
124,011
Less:
Other real estate expense, net
(183
)
(501
)
(1,932
)
(159
)
(452
)
Amortization of intangibles
—
(32
)
(31
)
(32
)
(31
)
Charitable contributions resulting in
state tax credits
(375
)
(333
)
(334
)
(334
)
(334
)
Adjusted noninterest expense (Non-GAAP)
(a)
$
131,601
$
131,306
$
128,636
$
124,589
$
123,194
Net interest income (GAAP)
$
160,559
$
162,886
$
162,441
$
158,756
$
152,055
Add:
FTE adjustment
2,975
2,940
2,777
2,652
2,684
Net interest income-FTE (Non-GAAP)
(b)
$
163,534
$
165,826
$
165,218
$
161,408
$
154,739
Noninterest income (GAAP)
$
42,345
$
41,235
$
39,931
$
39,890
$
42,584
Add:
Partnership amortization for tax
credit purposes
2,193
2,380
2,385
2,137
2,124
Adjusted noninterest income (Non-GAAP)
(c)
$
44,538
$
43,615
$
42,316
$
42,027
$
44,708
Adjusted revenue (Non-GAAP)
(b)+(c)
$
208,072
$
209,441
$
207,534
$
203,435
$
199,447
Efficiency ratio (Non-GAAP)
(a)/((b)+(c))
63.25
%
62.69
%
61.98
%
61.24
%
61.77
%
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